Opening of insurance market in Costa shrouded by crisis

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.

Monday, September 22, 2008

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.
Will he take charge of putting the market in order or will he leave it to the insurance superintendent that will be named?
There is a great risk with putting one person in charge of such an important and delicate task.

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Progress in Opening Insurance Monopoly in Costa Rica

April 2009

Three foreign insurance companies are requesting permission to enter the market.

Because the law governing the insurance market, it is not possible to know their names or their origin, reported Javier Cascante, superintendent of pensions.

In an interview with journalist Mercedes Agüero of, the superintendent said: "Two companies are in the initial stage of the registration process.

Costa Rica approves regulations for the entrance of insurance companies

September 2008

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

The first, which deals with authorizations, established basic guidelines so that insurers can operate in the country based on the new insurance law.

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.

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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Magnalex Abogados is a Costa Rican Law Firm with extensive experience in a broad spectrum of legal services. For over 28 years, our Law Firm has been committed to providing top-quality legal advice.
Operates in Panama, Nicaragua, Honduras, Guatemala, El Salvador and Costa Rica
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