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).

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