Costa Rica: 3 Car Insurers Offer Policies

As of December 1st Assa, Mapfre and the INS will compete for the auto insurance market.

Tuesday, November 23, 2010

Assa Insurance received on Friday approval to market its auto insurance policy.

"So, with the effective date of transit permits due and December around the corner, the three insurers will dispute the preference of car owners," writes Juan Pablo Arias from La Nación.

More on this topic

Compulsory Vehicle Insurance Opened Up to Competition

November 2015

Rules have been published in Costa Rica which must be followed by any private insurance company willing to sell mandatory vehicle insurance, which until now could only be issued by the state run insurance company.

MOPT regulation number 39.303 published in the Official Newspaper, La Gaceta, establishes maximum profit margins, the conditions to be met by insurance companies who sell Compulsory Vehicle Insurance (SOA by its initials in Spanish) and other considerations.

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.

Costa Rica: Competition for Obligatory Insurance

October 2010

Starting January 2011 the market opens for obligatory car insurance and work injuries.

The rules which will regulate the market are being analyzed and will be approved next November, said Superintendent of Insurance, Javier Cascante.

Cascante told Nacion.com, "... it is expected that transition to open competition allows for companies to provide additional coverage.

Mapfre-Mundial Starts Selling Insurance in Costa Rica

May 2010

Insurance company Mapfre-Mundial will start selling vehicle insurance this week; its product is called “Póliza Lider” (Spanish for Leader Policy).

It is the first to compete directly with the National Insurance Institute (INS) in the general insurance segment.

“In its first stage, the company will sell through its own sales force and two insurance brokers”, reported Elfinancierocr.com.

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