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.

More on this topic

Panama: New Rules for Insurers

August 2015

The new regulations approved includes measures to prevent money laundering and the obligation to submit a monthly report to the Financial Analysis Unit.

From the agreement published by the Superintendency of Insurance and Reinsurance:

Article 1. Object. This regulation sets minimum criteria which should be sought by all natural and legal persons authorized by the Superintendency to practice the insurance and reinsurance business in or from Panama, hereinafter obligated the insurance sector in order to prevent, detect and mitigate operational risks that could encourage, assist, aid or provide cooperation in the commission of crimes of BC / FT / FPADM.

More Facilities to Finance Infrastructure

July 2014

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.

An article on Nacion.com reports that "... A comprehensive reform of the stock market and financial regulation of the country aims to pave the way for funding of public and private infrastructure. "

Changes in Banking Regulations in Costa Rica

February 2014

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 2013 the General Superintendence of Financial Entities (Sugef) began a process of regulatory changes for banks to continue during 2014. Tighter analysis of customers and better control of risk when granting loans are some of the changes being contemplated.

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.

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