New Company Enters Costa Rican Insurance Market

The regulator (abbreviated SUGESE in Spanish) has given authorization for Best Meridian Insurance Company (BMI) to begin operations.

Thursday, September 9, 2010

The US insurer is the tenth to be granted authorization to enter the Costa Rican market and specializes in personal insurance such as health, life and incapacity policies.

According to the country's insurance regulators, SUGESE, "the company's authorization is conditional on it complying with additional requirements over the next four months as well as registering the policies it plans to sell," reports Elfinancierocr.com.

More on this topic

Another Insurer in Costa Rica

July 2012

Oceánica de Seguros, founded on Venezuelan capital, is the tenth insurance company to be incorporated into the Costa Rican market after its de-monopolization in 2008.

The superintendent of insurance, Javier Cascante, said the company, which is the eleventh to join the insurance market after its opening, will have a joint operating license, for personal and general policies.

Pan American Life Authorized to Operate in Costa Rica

March 2010

Pan American Life Insurance Costa Rica S.A. was authorized to operate by Sugese, the Insurance Superintendence.

The insurance company requested authorization on September 2009, and has now become the sixth to enter the Costa Rican market.

“The authorization does not imply its immediate operation, it must sill comply with other requisites established in the Insurance Market Law”, reported Elfinancierocr.com.

Bancrédito Costa Rica Can Sell INS Insurance

March 2009

Arnoldo Trejos, assistant manager at Bancrédito, announced that the Superintendent of Pensions (SUPEN) authorized the bank to sell INS (National Insurance Institute) policies.

The assistant manager informed Nacion.com: "We are presenting the Supen resolution to the board of directors as part of the last legal procedures for the subsequent registration of the society with the National Registry.

Insurance companies from Panama study possibility of setting up in Costa Rica

September 2008

The opening of the insurance market in Costa Rica is in full process, and this sounds like music to the ears of the three main Panamanian insurance firms.

Aseguradora Mundial (Worldwide Insurance), ASSA Compañía de Seguros (ASSA Insurance Company) and Compañía Internacional de Seguros (International Insurance Company) which rank at first, second and third place in the Panama market, are analyzing entering Costa Rica's market.

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