Changes in the Costa Rican insurance industry
Legislation to end an 84-year insurance monopoly in Costa Rica recently received first reading in the Legislative Assembly. The bill includes several important changes for the insurance industry.
Monday, May 5, 2008
It would allow insurance operations to be carried out by approved companies, including cross-border insurance for several cases regulated by the legislation. These include re-insurance and the assignment of insurance risks to foreign companies.
A bill to change the regulatory environment of the insurance industry in Costa Rica appears to have the 38 votes needed to pass second reading.
Costa Rica's passage of the Law to Regulate the Insurance Market has brought the National Insurance Company to a new stage, under which it gives up monopoly status at home but is allowed to enter foreign markets.
Costa Rica's Congress approved a bill that will remove the state's monopoly of the insurance market.
The opening of Costa Rica's insurance market has been delayed – possibly by a month - by an error in the bill passed by the Legislative Assembly.
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