Long Distance Sales of Financial Products

Distance marketing of financial products is a business alternative with great potential in Costa Rica.

Monday, March 11, 2013

Elfinancierocr.com reports that "distance marketing of financial products and insurance in particular, is an alternative for both for business insurers as well as intermediaries. However, when insurance mediation activity is regulated by the risk involved, it deserves special attention by the Superintendent of Insurance. "

"The Insurance Marketing Regulation provides in Article 33, the possibility of taking out insurance by means of distance communication. However, this regulation does not define that term, but only refers to the rules of the Commercial Code and the Civil Code, as well as the rules and regulations that can be set by the National Financial Supervision System " .

"The existence of clear rules on this in particular would benefit all market players, since it would prevent abuses that have been committed against consumers, but also the unscrupulous use of insurance by the public ...".

"... Distance marketing is a useful and inexpensive mechanism for developing the sale of insurance. With a moderate effort on the part of the market, insurance intermediaries, consumers and the Superintendent of Insurance, this market need could be addressed and increase insurance penetration putting Costa Rica at the cutting edge in comparison with other countries in the area .. . ".

More on this topic

Insurance in Central America: 2015 Outlook

January 2015

Fitch Ratings expects moderate growth in premiums in Costa Rica, increased interest in personal insurance in Guatemala, and stable performance in Nicaragua and Honduras.

From the report "Outlook 2015: Central American Insurance Sector":

Costa Rica:

Moderate growth in premiums

Consumer Protection Regulations for Insurance

November 2012

The Central Bank of Costa Rica is putting to public consultation the Regulation for Defence and Consumer Protection Insurance.

The regulation will be under consultation until 27 December.
Nacion.com reports that "According to this regulation, all natural or legal persons who are properly identified can make complaints or appeals with insurance firms provided these requests relate to their interests or legally recognized rights."

Costly Superintendencies in Costa Rica

October 2012

The operations of the supervisory agencies for financial institutions, pensions companies, the stock market, and insurance market, has an annual cost of $48 million.

The government of Costa Rica is trying to organize it so that the institutions regulated by these superintendents, assume a greater share of these costs, 80% of which so far are paid by the Central Bank.

Costa Rica: Venture Capital Funds

July 2011

The connection between entrepreneurs with good ideas and sophisticated investment professionals results in venture capital funds.

For years, experts in this type of investment have tried to promote the development of a format that will allow the participation of several sophisticated investors in the financing of enterprises that require resources for their development.

 close (x)

Receive more news about Business and Investment

Suscribe FOR FREE to CentralAmericaDATA EXPRESS.
The most important news of Central America, every day.

Type in your e-mail address:

* Al suscribirse, estará aceptando los terminos y condiciones

Gluten-free food business for sale

Operating Company dedicated to the manufacture of gluten-free and sugar-free products, OHNE brand.
The OHNE brand has 8 product lines: square bread, sweet...

Stock Indexes

(Apr 6)
Dow Jones
S&P 500


(Jun 23)
Brent Crude Oil
Coffee "C"