The Chamber of Insurance Companies (Canecos) is preparing for this new market, and will change its name and statutes to allow the new breeds of commercialization agents that will appear once the new insurance market regulating law comes into effect.
Jorge Salas Quirós, president of Canecos, was quoted in Elfinancierocr.com: "The chamber must review its position and think not only in a relationship with a sole provider, as was the case with INS, but to analyze, with partners and insurance intermediares, scenarios for developing a more professional activity, that will make them more competitive. Canecos will change its name and will consolidate this professionalism; for it to be a profession rather than just selling policies, as it has been commonly misinterpreted. The adviser must know his client, its needs, to analyze the risk and offer options from all the insurance companies in the country".
The number of insurance intermediary companies grew by 75% from 8 to 14 in the last twelve months.
The number of insurance brokers in Costa Rica is now 14, a significant increase, up 75% from March 2011 to March 2012. While the number of intermediaries has increased, the number of insurance companies in decreased to nine during the same period, a reduction of 11.4%.
The country's new insurance law restricts which products agents can sell but the restrictions do not apply to brokers.
Insurance agents, due to their contractual relationship with insurance companies, can only offer their products. However, they may do this with different insurers at the same time, provided that these companies' products belong to different categories.
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