Costa Rica: OECD Endorses Insurance and Pension Policy

The OECD Consumer Policy Committee has approved policies on insurance and private pensions, and recommended improving risk-based supervision and promoting the participation of more insurers.

Wednesday, January 31, 2018

From a statement issued by the Ministry of Foreign Trade:

San José, January 31, 2018. After a technical review of the regulations in the insurance and private pension sectors (supplementary and voluntary pension schemes), the Private Insurance and Pensions Committee of the Organization for Economic Co-operation and Development (OECD) has issued a favorable ruling for the entry of Costa Rica to said Organization.
 
This positive decision was issued after an assessment of the compliance of Costa Rica's policies and practices with respect to the best OECD policies and practices in that area.  These include the possibility of the country ensuring adequate supervision, guaranteeing the rights of consumers of insurance services and private pensions; as well as promoting market development and effective competition.

Read full release (in Spanish).

More on this topic

Costa Rica: OECD Endorses Consumer Protection Policy

November 2017

The OECD Consumer Policy Committee approved the policy for the sector, but there are pending improvements in financial consumer protection, extending the guarantee period and improving conditions in order to apply it.

From a statement issued by the Ministry of Economy:

OECD Endorses Costa Rica's Agricultural Policy

May 2017

The OECD Committee on Agriculture has approved a policy for the sector, but warned of the need to raise productivity and reduce excessive agricultural institutions.

With the approval of the Agriculture Committee of the Organization for Economic Co-operation and Development (OECD), the agricultural sector becomes the third of 22 sectors to obtain the necessary approval to complete the process of incorporating the country into the bloc.  The OECD has already endorsed public policies on trade and health. 

Panama and the Automatic Exchange of Tax Information

July 2016

The government has informed the OECD of its intention to join the Convention on Mutual Administrative Assistance in Tax Matters.

From a statement issued by the Ministry of Foreign Affairs in Panama:

After a thorough analysis of international expectations regarding the best national interests and extensive consultation with members of the private sector that are involved in CANDSIF, Panama informed the Organisation for Economic Co-operation and Development (OECD) of its intention to be part of the Convention on Mutual Administrative Assistance in Tax Matters (known as "MAC"). 

Costa Rica and the OECD: Benefits Are In The Requirements

May 2013

Businessman point to the great effort that is needed to meet the requirements for the country to join the Organization for Economic Cooperation and Development.

Elfinancierocr.com reports that the Costa Rican Union of Chambers and Associations of Private Enterprise (Uccaep) sees several aspects of the eventual accession to the OECD as positive, "OECD countries have improved public policy issues such as legal certainty, modernization of the state, promoting competitiveness and transparency through rigorous evaluations and comparisons with countries with which we are competing globally. "

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