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Open Markets in Costa Rica - Telecom and Insurance Sectors
In 2008 the CAFTA agreement was approved, opening the state's monopoly on the insurance, telecom and other markets. This category contains articles related to basic information and developments in these markets, the benefits and disadvantages of the agreement and its after-effects.
Introduction – Costa Rica's Initial Steps in the Insurance Sector and Background
- Friday, 15 October 2010 08:57
- Last Updated on Monday, 05 September 2011 12:08
- Written by Russ Martin
In 2007 Costa Rica ratified the CAFTA agreement, known locally as the TLC. It opens many sectors of the country's economy to competition and lowers protectionist tariffs on a number of items. While at the same time maintaining or increasing Central America's benefits on exports to the US initially given in the Caribbean Basin Initiative. One big area of the agreement was the opening of the insurance market to international (and local) companies. This article talks about INS and the market prior to its opening for competition.
Origin of SUGESE - Insurance Regulatory Agency
- Saturday, 16 October 2010 23:22
- Last Updated on Monday, 05 September 2011 12:12
- Written by Russ Martin
In Law #8653 – the Regulation of the Insurance Market – that deposed the INS monopoly, law makers introduced the SUGESE (literally the General Superintendency of Insurance) Recognizing that Costa Ricans do not have experience with multiple options in the insurance industry, they sought to avoid the sale of inadequate policies by companies that were not meeting high standards. The law established these objectives for SUGESE, “... regulate the stability and efficiency of the insurance market, as well as provide full information to the insured people. Therefore, it will authorize, regulate and supervise the individuals and companies that will participate in the activities related to insurance, re-insurance, public offering of insurance and the carrying out of the insurance business.” (Article 29)
Costa Rica's SUGESE - Regulatory Framework and Supervision
- Wednesday, 20 October 2010 10:19
- Last Updated on Monday, 05 September 2011 12:18
- Written by Russ Martin
SUGESE is the regulatory agency charged with supervising the insurance market in Costa Rica. They license companies that may operate here, and approve each policy the company offers. The company must show that it is an experienced insurer and that its Costa Rican operations will be professionally and prudently managed. The policies are analyzed to determine that they are viable and that the premiums are priced fairly. SUGESE does not monitor specific contracts related to the policy, so the consumer must ensure that the coverage is appropriate for their individual situation.
Detailed Breakdown of Regulatory Framework - IAIS Standards and SUGESE
- Wednesday, 20 October 2010 10:23
- Last Updated on Monday, 05 September 2011 12:30
- Written by Russ Martin
In October of 2010, Fijatevos.com attended a conference sponsored by the SUGESE over the status of the insurance market and its regulation. Following is an outline of what the agency will develop as a regulatory framework over the next year or two.
Current status of the insurance market - October 2010
- Wednesday, 27 October 2010 09:58
- Last Updated on Tuesday, 04 January 2011 10:05
- Written by Russ Martin
In 2007 Costa Rica ratified CAFTA, which opened the local market to insurance companies besides the INS. Now in October of 2010, what is the situation? Has competition evolved and are consumers enjoying new benefits, or purchasing insurance from new companies? The following article gives details of the market, how SUGESE is regulating it and sales figures for companies participating in the market.
Investment, Capital and Sales - Companies in the Costa Rican Market
- Wednesday, 27 October 2010 10:23
- Last Updated on Saturday, 06 November 2010 10:35
- Written by Russ Martin
Data as of August 31, 2010 - Insurers participating in the Costa Rican insurance market.
About ESPH - The Heredia Public Services Company
- Wednesday, 10 November 2010 16:42
- Last Updated on Wednesday, 10 November 2010 17:28
- Written by Russ Martin
The company was formed in 1949 as a public utility in order to distribute electricity to Heredia, and was called the City of Heredia Electrical Service Adminstration Council. Prior to this date, the company was involved in the construction of the Carillos Hydroelectric Plant. (full history available in Spanish PDF file https://www.esph-sa.com/pls/portal/url/ITEM/3967D8A1E32F565EE040A8C0040225CC )
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