New Insurance Company Authorized in Costa Rica

Sagicor has been authorized by the Superintendent of Insurance to sell personal and general policies.

Thursday, February 21, 2013

According to an article in Elfinancierocr.com, Sagicor "... is originally from Barbados and was founded 172 years ago. Sagicor belongs to Sagicor Financial Corporation, an entity which was founded in 2002 and is listed on the stock exchanges of Jamaica , Barbados, Trinidad & Tobago and London. "

Currently, the company operates in 23 countries including the English-speaking Caribbean, Panama, 45 U.S. states and in Europe, where it participates in the largest reinsurance market in the world.

As outlined on the company’s website, "insurer Sagicor Costa Rica, SA was granted a license to operate in the country as an A12 mixed insurer on February 20, 2013 as per resolution SGS-DES-O-0347-2013. Previously the company gained conditional approval to operate in the Costa Rican insurance market as mixed insurer in April 2012 as per authorizing resolution SGS-DES-R-765-2012. "



More on this topic

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.

Costa Rica: Insurance Agents vs. Brokers

August 2010

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.

Pan American Life Authorized to Operate in Costa Rica

March 2010

Pan American Life Insurance Costa Rica S.A. was authorized to operate by Sugese, the Insurance Superintendence.

The insurance company requested authorization on September 2009, and has now become the sixth to enter the Costa Rican market.

“The authorization does not imply its immediate operation, it must sill comply with other requisites established in the Insurance Market Law”, reported Elfinancierocr.com.

Costa Rica approves regulations for the entrance of insurance companies

September 2008

The National Council for the Supervision of the Financial System (Conassif) approved the first of two sets of regulations yesterday.

The first, which deals with authorizations, established basic guidelines so that insurers can operate in the country based on the new insurance law.

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