The National Insurance Institute (Instituto Nacional de Seguros) has established a technical standard on the conditions which companies must meet in relation to occupational insurance for their staff.
The National Insurance Institute of Costa Rica has ruled on the provisions of the Labour Code to ensure the provision of cash benefits, medical and health benefits and rehabilitation, as well as the financial strength of the regime.
The annual supervision and regulation rate will increase from $2500 to $50 000 for insurance companies and $75 000 for reinsurers.
The new insurance and reinsurance law brings with it several changes, among which is an increase in the rate charged by the Superintendency for overseeing businesses that offer insurance in the country.
A new insurance law which is under discussion in the Legislative Assembly provides for the creation of a Consumer Ombudsman's Office for Insurance.
This unit, within the Superintendency for Insurance, is responsible for representing insurance consumers from the public, creating guidelines for protection and providing legal representation when necessary.
As published in the Official Gazette, Law No. 8956 Regulating the Insurance Contract is applicable on policies taken out from today.
Among the new features of the new, approved by the Legislative Assembly on 2 June, are the updates of what is considered insurable interest, the minimum amount of fees, definition and general aspects of the premiums.
"With this new legislation, a classification of insurance type (damage, fire, transportation, liability, etc.) has been established and conditions defined for life insurance" writes Sergio Morales writes in his article in Elfinancierocr.com
The new law regarding the regulation of insurance contracts (Ley Reguladora del Contrato de Seguros) regulates policy contracts and establishes rights and obligations for insurers and consumers.
"Among the new features of this law are the updates of what is considered insurable interest, the minimum amount of contributions, definitions and general aspects of the premiums", reported Sergio Morales Chavarria in his article in Elfinancierocr.com.
Rules to be complied with in order to become an Insurance Broker have been set.
Javier Cascante, director of the Insurance Superintendence , said the new provisions allow the transformation of an insurance agency into an insurance brokerage firm will be more agile and expeditious.
The Insurance Superintendent added to newspaper La Nacion, "a broker is in the business of risk consulting, agencies are exclusive distribution channels."
The country's new insurance law restricts which products agents can sell but the restrictions do not apply to brokers.
Insurance agents, due to their contractual relationship with insurance companies, can only offer their products. However, they may do this with different insurers at the same time, provided that these companies' products belong to different categories.