As published in the Official Gazette, Law No. 8956 Regulating the Insurance Contract is applicable on policies taken out from today.
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 Elfinancierocr.com
The Chamber, through the alliance, will offer these insurance policies, which do not require any special study to be conducted, said William Constela, CEO of the INS.
Best Meridian Insurance Company (BMI) has entered the market by acquiring the license to operate from Aseguradora Mundial-Colectivos Empresariales.
BMI, is a company dedicated to the health, life, disability and financial services insurance and has a $7 billion portfolio of over 200 thousand customers.
The Central Bank of Honduras has increased the minimum amount of capital required for insurers and re-insurers by amounts ranging from 262,881 dollars to 788,643.
The demand for capital is independent of the request for higher reserves for insurers.
Panama's Interoceánica de Seguros reports that its auto insurance sales have increased by 85 percent so far this year compared with the same period of 2007.
Salvador Morales Baca, the company's general manager, said auto insurance was a risky though profitable business.
Panama-based insurance companies wrote US$236 million in premiums in the first quarter, a 31 percent increase on the same period of last year.
Mauricio De la Guardia, president of the Panamanian Insurance Association, said the rate of growth was likely to be maintained in the second quarter as well.
Legislation to end an 84-year insurance monopoly in Costa Rica recently received first reading in the Legislative Assembly. The bill includes several important changes for the insurance industry.
It would allow insurance operations to be carried out by approved companies, including cross-border insurance for several cases regulated by the legislation. These include re-insurance and the assignment of insurance risks to foreign companies.
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