Monday 10 November
2008, San José, Costa
Rica
Long TLC Debate
Ends Tomorrow
Insurance
Superintendancy Investigating Illegal
Insurance Policies
Manufacture of Weapons
Arias Image Improving
Zapote Fair Licenses Set
Record
Universal On The
Expansion
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Insurance
Superintendancy
Investigating Illegal
Insurance Policies
The recently created
Superintendencia General
de Seguros (Sugese)
which regulates the
insurance industry in
the country following
the passing of the law
that ended the insurance
monopoly held by the
Instituto Nacional de
Seguros (INS), says it
is investigating 15
individuals for offering
"illegal" insurance
policies.
Tomás Soley, the
intendente de Seguros
(Insurance
Superintendent), says
that these are people
who are offering
insurance policies of
foreign insurers who are
not registered with
Sugese. Investigated are
insurance agencies and
insurers.
Soley added that
violators expose
themselves to a fine
equivalent to 1.000
basis salaries or ¢120
million colones today.
The superintendent says
the policies are being
offered over the
telephone or internet
and the investigation is
based on a complaint
made by the INS.
The INS complaint
includes names and
telephone numbers of the
individuals or insurers
violating the new
insurance regulations,
however, Soley added
that in few cases do
they have a physical
address.
INS officials say the
learned of the violators
following calls by INS
customers asking
questions about the
offers made to them. In
the majority of the
cases the callers did
not offer any written
documentation on the
offers, prompting the
calls to INS.
Illegal insurance offers
are not new in Costa
Rica. The INS has
constantly had to fight
off the practice, but
due complications very
few if any complaints
were ever filed. In
addition violation to
the Ley del Monopolio de
Seguros was only
punishable by a
laughable fine like
¢30.000, according to
Leopoldo Peña, subjefe
de la Dirección de
Mercadeo del INS.
However, with the break
of the insurance
monopoly and the
creation of Sugese, the
panorama changed. In
place now is a mechanism
of control of illegal
insurance practices and
stiff fines and
penalties.
The goal is that all
insurers register with
Sugese.
At the present time,
although the insurance
monopoly held by the INS
has ended, the INS is
the only authorized
insurer. |
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