The Superintendency of Securities has authorized the National Insurance Institute (INS) to create a securitization trust based on future flows to raise the necessary funds to build two mega fire stations for the fire department. The titles will be placed in the local market by the brokerage firm used by the INS.

Elian Villegas, CEO of INS said the investment will amount to ¢13,750 million ($25,652,027) and that there is great interest in the market. "... 'We have a lot of institutional investors interested in acquiring these titles, especially pension operators'. Emissions will be canceled within a period of five years by the Fire Department. Each insurer transfers per year, 4% of insurance premiums sold. "

Nacion.com reports that "...Hector Chaves, director of the Fire Department said that the new stations will be Metropolitan North and Metropolitan South. The first will be in the current Traube building, by the bus stop for the Caribbean and the second near the bus station for the Pacific in San José. "

Source: Nacion.com

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