As we previously discussed here, Costa Rican president Oscar Arias Sanchez this year signed into law a bill ending the more than 80-year government monopoly over the country's insurance industry. Although no private companies have yet applied for licensing, the Costa Rican authorities have begun cracking down on sales of foreign insurance (please click here) and several companies have publicly indicated an interest in the market, including Grupo Mundial of Panama, which has indicated that it is preparing to enter the Costa Rican market in 2009.
We have now obtained copies of the final version of the new insurance law, as well as the regulations issued to date.
For a copy of the final law as passed (Ley Reguladora del Mercado de Seguros), please click here.
For a copy of the regulations governing solvency requirements for insurers and reinsurers (Reglamento Sobre la Solvencia de Entidades de Seguros y Reaseguros), please click here.
For a copy of the regulations governing authorization, registration and operation requirements for insurers and reinsurers (Reglamento Sobre Autorizaciones, Registros y Requisitos de Funcionamiento de Entidades Supervisadas por la Superintendencia General de Seguros), please click here.