As previously discussed here, the Costa Rican (re)insurance market has undergone a slow but profound transformation in the last six months as the former government monopoly has been removed.

In a further step in this process, Popular Sociedad Agencia de Seguros S.A., a Banco Popular subsidiary, has now obtained authorization from the Costa Rican regulator to market all lines of insurance offered by the Instituto Nacional de Seguros (INS). The authorization was granted by the Pension Superintendency, which serves as Costa Rica’s interim insurance regulator until the Insurance Superintendency is fully operational, will become effective upon publication in the official daily La Gaceta.

Upon publication, Banco Popular will be permitted to market all lines offered by the INS, including insurance for automobiles, electronic equipment, life insurance, fire insurance and credit protection.