Costa Rica: Mandatory Insurance Market Awaiting Regulations

One month away from the opening of the mandatory insurance market, the laws which will regulate it are still pending.

Monday, November 29, 2010

These regulations will establish operational rules which will allow competition in mandatory car policies and labor risk policies.

On the regulations, Javier Cascante, Superintendent of Insurance said to Nacion.com: "It establishes how to proceed with registration procedures for insurance companies that want to offer these policies and the information to be given to the insured."

More on this topic

The New Insurance Market in Costa Rica

May 2012

Privatization has attracted several foreign insurers and consumers are already benefiting from freedom of choosing between different options.

From 1924 to 2008, insurance was a state monopoly. Although this scheme was useful to the country and society in the twentieth century, it was impossible to continue in this way in a globalized market.

Privatization of Compulsory Insurance in Costa Rica Delayed

January 2012

Until the constitutional motion filed with the Sala IV is resolved, private insurers have decided not to participate in this market.

An appeal lodged in February 2011, affects the rules for the opening of the market issued by the Superintendent of Insurance (Sugese).

Nacion.com outlines in an article, "also under question is article III of the Law Regulating the Insurance Market (8653 Act), which authorized such privatization.

Private Insurance in Costa Rica Not Taking Off

November 2011

Three years since the privatisation of the insurance sector, the state agency (INS) remains the main entity in the market.

The market dominance of the National Insurance Institute (INS), with 94% of total premium income, is, in the opinion of the Association of Private Insurance (AAP), a result of the supervision exercised by the Superintendency of Insurance (Sugese).

Insurer Assa Authorized to Operate in Costa Rica

November 2009

"ASSA Compañía de Seguros" was authorized to sell individual and general insurance.

The Panamanian company had submitted its request to operate in Costa Rica back in July 22nd.

From Elfinancierocr.com: "A number of final requirements are still pending, like making a minimum operational deposit in the Central Bank, explained Insurance Superintendent Javier Cascante".

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