Costa Rica approves regulations for the entrance of insurance companies

The National Council for the Supervision of the Financial System (Conassif) approved the first of two sets of regulations yesterday.

Friday, September 19, 2008

The first, which deals with authorizations, established basic guidelines so that insurers can operate in the country based on the new insurance law.
The rules include legal, formal, accounting, administrative and operational requirements.

More on this topic

Opening of insurance market in Costa shrouded by crisis

September 2008

In the next 18 months the current Pension Superintendent, Javier Cascante, will be responsible for the opening of the market. He already has two laws and two set of regulations in his favor.

Steps are being taken with great fanfare, but the international situation is calling for cautious steps. "Insurance legislation (in the US) have shown us not what to do," he said.

Change comes to Costa Rica's national insurance company

July 2008

Costa Rica's passage of the Law to Regulate the Insurance Market has brought the National Insurance Company to a new stage, under which it gives up monopoly status at home but is allowed to enter foreign markets.

As a first stage of the internationalization of operations, the company is proposing to expand into Nicaragua over the next six months, and in 2009 it plans to enter the Panamanian marketplace.

Congress votes to remove state insurance monopoly

July 2008

Costa Rica's Congress approved a bill that will remove the state's monopoly of the insurance market.

As stipulated by the Constitutional Court, the bill was passed by a simple majority on a second reading. The bill also includes measures to strengthen the state insurance sector.

Costa Rica's insurance market opening up

June 2008

A bill to change the regulatory environment of the insurance industry in Costa Rica appears to have the 38 votes needed to pass second reading.

There appears to be no serious opposition to the Regulatory Law of the Insurance Market, and it looks as though it will have smooth sailing in Congress.

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