Costa Rica's Insurance Regulator, Sugese, recently included Aseguradora Mundial on its list of authorized insurers, making Grupo Mundial of Panama the first foreign company with permission to conduct insurance business in the country's newly liberalized market.
Aseguradora Mundial was granted an A0-3 license on February 19, allowing it to sell property loss and damage policies. The company has said it will initially target the auto insurance market.
As discussed here, Grupo Mundial recently agreed to form a joint venture with Spain's Mapfre uniting the two companies' operations in six Central American countries.
Another Panamanian company planning to enter the Costa Rican market, ASSA Compañía de Seguros, recently received initial approval to operate after fulfilling the capital requirements set out by Sugese. ASSA will now need to comply with various technical requirements in order to obtain final approval.