Costa Rica: Regulations for Insurance Brokers

Rules to be complied with in order to become an Insurance Broker have been set.

Thursday, October 21, 2010

Javier Cascante, director of the Insurance Superintendence , said the new provisions allow the transformation of an insurance agency into an insurance brokerage firm will be more agile and expeditious.

The Insurance Superintendent added to newspaper La Nacion, "a broker is in the business of risk consulting, agencies are exclusive distribution channels."

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The existence of 26 active brokerage companies confirms the confidence that this marketing channel continues to earn in the insurance market.

Since the opening up of the Costa Rican insurance market in 2010, momentum has gained in the activity of insurance brokers, going from one single company to 26 companies. Added to this are two entities with conditional authorization given by the Superintendent of Insurance (SUG): Innova Sociedad Corredora de Seguros and Akros Corredores de Seguros, while another two have recently filed applications, and are in the stage of reviewing regulatory documents, according Elfinancierocr.com.

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