Insurance Contract Law Comes into Effect

As published in the Official Gazette, Law No. 8956 Regulating the Insurance Contract is applicable on policies taken out from today.

Tuesday, September 13, 2011

Among the new features of the new, approved by the Legislative Assembly on 2 June, are the updates of what is considered insurable interest, the minimum amount of fees, definition and general aspects of the premiums.

"With this new legislation, a classification of insurance type (damage, fire, transportation, liability, etc.) has been established and conditions defined for life insurance" writes Sergio Morales writes in his article in

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New Rules for Insurance Companies in Costa Rica

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The new law regarding the regulation of insurance contracts (Ley Reguladora del Contrato de Seguros) regulates policy contracts and establishes rights and obligations for insurers and consumers.

"Among the new features of this law are the updates of what is considered insurable interest, the minimum amount of contributions, definitions and general aspects of the premiums", reported Sergio Morales Chavarria in his article in

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