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.



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Change comes to Costa Rica's national insurance company

July 2008

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.

As a first stage of the internationalization of operations, the company is proposing to expand into Nicaragua over the next six months, and in 2009 it plans to enter the Panamanian marketplace.

Congress votes to remove state insurance monopoly

July 2008

Costa Rica's Congress approved a bill that will remove the state's monopoly of the insurance market.

As stipulated by the Constitutional Court, the bill was passed by a simple majority on a second reading. The bill also includes measures to strengthen the state insurance sector.

Costa Rica's insurance market opening up

June 2008

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.

There appears to be no serious opposition to the Regulatory Law of the Insurance Market, and it looks as though it will have smooth sailing in Congress.

Costa Rica's insurance opening delayed by snafu in legislature

June 2008

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.

The Constitutional Court, which has to approve the measure, says the minutes of a session of the assembly's special insurance commission are missing from the file that the court was given.

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