Magisterio Authorized To
Sell Insurance, Competition For The INS
The insurance monopoly in Costa Rica held by the Instituto Nacional
de Seguros (INS) is definitely at an end with the decision yesterday
by the Superintendencia de Pensiones (Supen) to allow the Seguros
del Magisterio S.A. to offer life and medical insurance, as well as
vehicle and home insurance policies.
The Ley Reguladora del Mercado de Seguros approved last year by the
Legislative Assembly allows insurers other than the INS to enter the
market, regulated by the Supen.
Until yesterday, and though the monopoly had been broken months ago,
the INS was the only insurance provider in the country.
The opening of the market will mean that more insurance companies
will be offering their services in the future as long as they meet
the requirements of the Superintendencia General de Seguros.
The superintendent of Pensiones, Javier Cascante, said yesterday
that in addition to the Magisterio there are two other foreing
insurers interested in setting up shop in Costa Rica, though he did
not mention the names.
The Magisterio now has one month from yesterday to comply with a
number of regulations, that includes among other things, the
presentation of a "Manual de Políticas y Procedimientos" approved by
the Magisterio board, and deposit the minimum required capital with
the Banco Central de Costa Rica, as well as publish in the official
government daily, La Gaceta, an extract of the incorporation of the
business.
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