Aseguradora Mundial, a Panamanian insurance company owned by regional conglomerate Grupo Mundial, recently became the first foreign company to receive preliminary authorization from Costa Rica’s interim insurance regulator, the Superintendency of Pensions, to offer insurance in the Central American country. Costa Rica’s government monopoly over the insurance and reinsurance industry was ended last Fall and Aseguradora Mundial filed for authorization as a foreign insurer in January of this year.

The preliminary authorization does not permit Aseguradora Mundial to immediately begin selling insurance, instead providing the company a four-month period to comply with certain additional regulatory requirements, such as deposit of minimum capital with the Costa Rican Central Bank, filing of an operations plan and satisfaction of certain physical infrastructure and technological security requirements. The company will then need to obtain registration of the policies it intends to sell in Costa Rica.

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