Costa Rica: Banks expedite procedures for the sale of insurance

In February, the period for banks to get authorization from the Insurance Superintendence to continue selling insurance policies will end.

Friday, January 30, 2009

According to the new Insurance Law, as reported by Nacion.com: "Banks have to set up a company exclusively for the sale of insurance, and it has to be accredited with the Superintendence.

The three state banks: The National Bank, Bancredito and the Bank of Costa Rica, reported that they have already presented their request to the Superintendence."

More on this topic

Solidarity Insurance Market in Costa Rica is Open

December 2012

The Constitutional Chamber of the Supreme Court has rejected an appeal that opposed the opening of the market, which includes Occupational Risks and Compulsory Auto Insurance.

This constitutional ruling completes the insurance market opening which started four years ago. The end of monopolization of this type of insurance was scheduled for January 1, 2011, but was stopped because of a constitutional motion filed on December 21, 2010.

Results of Insurance De Privatization in Costa Rica

July 2012

Four years after the de-monopolization of the market, the National Institute of Insurance holds 91.5% of insurance premiums and 12 private insurance companies have won the remaining 8.5%.

An analysis of the topic made by Juan Pablo Arias in his article in Nacion.com, shows that the main benefit of the new competitive environment is growth of the sector in terms of policies issued, which increased by 24% from the date of de-monopolization, with growth attributed to the lowered rates.

State Insurance Domination Starts to Crumble

July 2011

Three years after removal of the monopoly in Costa Rica, sales by private insurers are growing, although the state insurer, INS, still maintains more than 90% of market share.

Although the National Insurance Institute (INS) still retains most of the market, private insurers have gradually increased their presence.

Bancrédito Costa Rica Can Sell INS Insurance

March 2009

Arnoldo Trejos, assistant manager at Bancrédito, announced that the Superintendent of Pensions (SUPEN) authorized the bank to sell INS (National Insurance Institute) policies.

The assistant manager informed Nacion.com: "We are presenting the Supen resolution to the board of directors as part of the last legal procedures for the subsequent registration of the society with the National Registry.

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