The regional freight sector has agreed to purchase insurance to protect accident victims.
Prensalibre.com.gt reports that "The government of El Salvador and cargo transport unions in Central America, agreed yesterday in "supporting" a legal reform which alleviates them from the payment of a tax on those who already pay insurance to cover against any accidents, an official said. "
Fitch Rating's Special Report: "Insurance Industry Costa Rica: End of the State's Monopoly"
Costa Rica's insurance industry had been dominated by a state-owned monopoly until the new Insurance Law of 2008; up to December 2008 it is the largest and fastest growing market in Central America (excluding Panama). Total premiums by the end of 2008 summed $611.5 million, with the region's largest year-on-year growth (19.4%).
The Costa Rican Superintendent of Insurance issued a technical note to set limits on the marketing of insurance by foreign companies.
Following the adoption of DR-CAFTA, foreign insurers can market insurance for shipping, commercial aviation and goods in transit in Costa Rica, without being formally established in the country. It is enough to register with the Superintendent of Insurance (SUGESE) and obtain approval for each product marketed.
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