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Banco Nacional Partners With INS
to Sell Insurance
Costa Rica's state and biggest
bank Banco Nacional (BN) has
formed a strategic alliance with
fellow state insurance company
Instituto Nacional de Seguros
(INS) to sell all types of INS
insurance products, the BN said
in a statement.
To date, BN has sold only INS
insurance products related to
credit activities through BN
Seguros.
In 2006, the bank reported
written premiums of ¢264million
colones (us$512.000), while the
number of policies sold totaled
9,044, up 15% from 2005,
according to the statement.
The partnership will come into
effect after the Contraloría
General de la Republica
(national comptroller's office)
gives the thumbs-up.
The existing legal framework for
Costa Rica's insurance market
establishes a government
monopoly through the INS. The
opening of the government
monopoly is required by
Tratado Libe de Comercio *TLC) -
free trade agreement with the
United States (CAFTA), which
will soon go before the
Legislative floor for discussion
by legislators.
Costa Rica's congressional
economy committee is currently
debating a bill that would end
the state insurance monopoly.
As of December 31, 2006, Banco
Nacional reported assets of
¢2.19 trillion colones,
performing loans of ¢904 billion
colones and equity of ¢193
billion colones.
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