INS Will Compete Outside of Costa Rica
The state-owned Costa Rican insurer will be able to market all its products abroad, after receiving approval by the Comptroller's Office.
Friday, August 14, 2009
Guillermo Constela, executive president of the entity, informed that they will first expand in the Central American market, specially Panama.
The Costa Rican Chamber of Commerce will sell ‘autoexpedibles’ (self-issuing) insurance policies from the National Insurance Institute (INS).
The Comptroller General ruled that the National Insurance Institute can form a partnership with companies outside Costa Rica but not own them.
In the newly privatised insurance market, companies are competing with the National Insurance Institute (INS in Spanish) to increase their portfolios.
Costa Rica's state insurer, Instituto de Seguros de Costa Rica (INS), could sell insurance in other countries by creating a corporation.
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