Public consultations to be held on regulations for insurance companies in Costa Rica
These will be the first guidelines that will be used to regulate the insurance market that up to now has been monopolized by the National Insurance Institute (INS).
Tuesday, August 19, 2008
The Connassif (the Financial Regulatory Body in Costa Rica) approved the regulations for insurance companies and will hold public consultations for ten days. Javier Cascante, Pension Superintendent, explained that the regulations establish the requirements for insurance companies, as mandated by the Insurance Superintendence, so that they can operate in the country. This includes legal, formal, accounting, administrative, and operational requirements.
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 new regulations approved includes measures to prevent money laundering and the obligation to submit a monthly report to the Financial Analysis Unit.
Tighter analysis of customers and better control of risk in lending are part of the changes that are being prepared by the financial regulator.
In Costa Rica a proposal has been made to relax the rules on access to financial and stock markets in order to channel savings and local investment into public infrastructure.
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