Despite the de-monopolization of the market four years ago, state institutions continue to obtain their insurance with the National Insurance Institute (INS).
An article in Nacion.com reports that "Although the Law Regulating the Insurance Market (LRMS) leaves open the possibility for public sector entities to buy private insurance policies, few enterprises have contracted their services."
The insurer is owned by a Panamanian company called “Riesgo e Inversiones Bolivar S.A.”, a member of corporate group “Grupo Empresarial Bolivar”.
Called “Seguros Bolívar Aseguradora Mixta S.A.”, the company will offer individual and general insurance, and could become the eight insurer authorized to operate in the country.
Costa Rica’s Insurance Superintendence (Sugese) announced that the company has already made a formal request for authorization to operate in the country.