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COSTA RICA |
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INS
Takes Advantage To Sell Life Insurance With
Marchamo Without Notice; Practice Halted By
Supen
The Instituto Nacional de Seguros (INS) is
taking the opportunity to sell owners of
vehicles a life insurance policy with the
payment of the 2010 Marchamo.
The cost is ˘5.000 colones that provides
coverage of up to ˘3 million colones for the
death of each occupant in the vehicle
involved in a traffic accident, up to ˘6
million colones for the accident and the
vehicle. The policy also covers up to
˘200.000 for funeral services, to a maximum
of ˘400.000 per accident.
The "Su Vida" policy is completely voluntary
and it applies only to the insured vehicle
only.
The inclusion of the policy has become
controversial as the INS has decided to
include the policy as part of the online
payment. Vehicle owners who do not want the
police, must "uncheck" the Póliza Su Vida.
However, following a number of complaints,
the Superintendencia de Pensiones (Supen)
ordered the INS to "uncheck" the Su Vida
box, meaning property owners much "check"
the box if they want to purchase the police.
The change was made by 7:30pm Monday, an
hour after the Supen decision.
The superintendente de Pensiones, Javier
Cascante, ordered the change fearing that
customers were being forced to buy a policy
without their even being aware of it.
"The INS can keep the link offering the
policy, but not as a mandatory part of the
marchamo", said Cascante.
As of close of business Monday, the INS
reported that a total of 5.383 vehicle
owners paid their 2010 Marchamo in its first
day, of which 3.726 paid online.
A total of 1.1 million vehicle owners have
until December 31 to pay the 2010 marchamo on
their vehicle without incurring late fees
and penalties.
An extract of the costs and the Su Vida
policy included in the 2010 Marchamo
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