The Panamanian company had submitted its request to operate in Costa Rica back in July 22nd.

From Elfinancierocr.com: "A number of final requirements are still pending, like making a minimum operational deposit in the Central Bank, explained Insurance Superintendent Javier Cascante".

Source: elfinancierocr.com

More on this topic

Costa Rica: Mandatory Insurance Market Awaiting Regulations

November 2010

One month away from the opening of the mandatory insurance market, the laws which will regulate it are still pending.

These regulations will establish operational rules which will allow competition in mandatory car policies and labor risk policies.

On the regulations, Javier Cascante, Superintendent of Insurance said to Nacion.com: "It establishes how to proceed with registration procedures for insurance companies that want to offer these policies and the information to be given to the insured."

Costa Rica Authorizes Assa Insurer

April 2010

After being authorized by the Costa Rican Insurance Superintendence, the Panamanian insurer becomes the fifth company to enter this market.

“Assa Compañía de Seguros” will sell individual and general insurance in the country.

Insurance Superintendent Javier Cascante detailed that Assa plans to register 13 products.

Costa Rican Insurance Market Starts To Move

March 2010

The insurance companies authorized to operate in the country have made combined guarantee deposits for $33 million.

These deposit vary from insurer to insurer, depending on the range of products they intend to offer.

Nacion.com reported that companies offering individual and general insurance will have to deposit $8.8 million.

"Aseguradora Assa" to Operate in Costa Rica

August 2009

On July 22, the Panamanian Insurer made a formal request before the Insurance Superintendence to operate in the country.

The company requested authorization to operate an insurance company with mixed license, reported Eduardo Fábrega, manager of Assa Insurance Company.

"Fábrega didn't give details on which type of insurance they will focus on initially.