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 new law regarding the regulation of insurance contracts (Ley Reguladora del Contrato de Seguros) regulates policy contracts and establishes rights and obligations for insurers and consumers.
"Among the new features of this law are the updates of what is considered insurable interest, the minimum amount of contributions, definitions and general aspects of the premiums", reported Sergio Morales Chavarria in his article in Elfinancierocr.com.
Rules to be complied with in order to become an Insurance Broker have been set.
Javier Cascante, director of the Insurance Superintendence , said the new provisions allow the transformation of an insurance agency into an insurance brokerage firm will be more agile and expeditious.
The Insurance Superintendent added to newspaper La Nacion, "a broker is in the business of risk consulting, agencies are exclusive distribution channels."
The Insurance Superintendence proposes rules for commercialization, accounting supervision and customer service.
Javier Cascante, Insurance Superintendent, said that the proposed Insurance Contracts Law seeks to give customers more confidence when purchasing policies.
An article in Prensa Libre reported that: "... there will be guidelines regarding what information to tell customers..., a supervision of accounting regulations, and lastly, rules on customer services...".