Change comes to Costa Rica's national insurance company

Costa Rica's passage of the Law to Regulate the Insurance Market has brought the National Insurance Company to a new stage, under which it gives up monopoly status at home but is allowed to enter foreign markets.

Thursday, July 24, 2008

As a first stage of the internationalization of operations, the company is proposing to expand into Nicaragua over the next six months, and in 2009 it plans to enter the Panamanian marketplace.
The end of the local monopoly, as one of the conditions for Costa Rica's entry into the Central American Free Trade Agreement with the U.S., will allow foreign insurers into the local market.
However, the firm can now direct its resources of capital and talent into new market areas.

More on this topic

Costa Rica's New Insurance Market

September 2009

Local company "Seguros del Magisterio", and two panamanian corporations, "Mundial" and "Assa", are the first new players in the market.

Costa Rica's insurance market is the largest in Central America. This can be analyzed by comparing the assets of the state-owned National Insurance Institute of Costa Rica, with the other insurance companies of the region.

Costa Rica's INS speeds up its entrance to Central America

August 2008

The entity hopes to enter Nicaragua before the end of the year and the rest of Central America by next year.

INS (National Insurance Institute) will offer its products by acquiring an already established insurance firm in each of the countries or directly under the name of the "INS Internacional" corporation.

Congress votes to remove state insurance monopoly

July 2008

Costa Rica's Congress approved a bill that will remove the state's monopoly of the insurance market.

As stipulated by the Constitutional Court, the bill was passed by a simple majority on a second reading. The bill also includes measures to strengthen the state insurance sector.

Costa Rica's insurance market opening up

June 2008

A bill to change the regulatory environment of the insurance industry in Costa Rica appears to have the 38 votes needed to pass second reading.

There appears to be no serious opposition to the Regulatory Law of the Insurance Market, and it looks as though it will have smooth sailing in Congress.

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