Consumer Protection Regulations for Insurance

The Central Bank of Costa Rica is putting to public consultation the Regulation for Defence and Consumer Protection Insurance.

Friday, November 30, 2012

The regulation will be under consultation until 27 December.
Nacion.com reports that "According to this regulation, all natural or legal persons who are properly identified can make complaints or appeals with insurance firms provided these requests relate to their interests or legally recognized rights."

The regulatory text comes four years after privatization of the insurance market in Costa Rica.

The new law states that insurance companies must address and resolve issues involving its proceedings, ancillary services on their networks and accredited insurance intermediaries.



More on this topic

Demonopolization of Mandatory Auto Insurance

January 2015

The Superintendency of Insurance in Costa Rica is planning to start the process of opening up the market for compulsory automobile insurance in the first quarter.

In order to liberalize the market for compulsory automobile insurance, there first needs to be a review and approval of a decree which will focus on the regulation of the sale of insurance from the National Insurance Institute (INS) to private companies.

Good year for Insurance Industry in Costa Rica

December 2013

In the last interannual period personal insurance increased by 11%, general by 5% and compulsory by 9%.

From a bulletin on the Insurance Sector in November 2013 by the Superintendency of Insurance:

BASIC INDICATORS
The total amount of direct premiums collected reached c436,3 billion in November 2013. The involvement of voluntary insurance equaled the average of the last four annual periods - Nov 20l0-Nov 20l3), 73%.

El Salvador: Usury Act Regulations Under Consultation

March 2013

The Banco Central de Reserva is receiving public comments and observations on the Technical Standards to facilitate the implementation of the law against usury, up until 15 March.

A space has been opened for comments and observations from the public on the Technical Standards to facilitate the implementation of the law against usury.

Insurance Market in Costa Rica in 2012

February 2013

A report by SUGESE contains information on Basic Indicators, Market Structure and Participants and Products.

December 2012 Bulletin from the Superintendent of Insurance (SUGESE):

Basic Indicators

The total amount of direct premiums was ¢466.2 billion in 2012, with 69% of that amount corresponding to voluntary insurance.

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