The Newly Opened Costa Rican Insurance And Reinsurance Market: A Mini-Brazil?
Mondaq Business Briefing › Costa Rica Law Articles in English (2010)
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The Newly Opened Costa Rican Insurance And Reinsurance Market: A Mini-Brazil?
In August 2008, Costa Rican President Dr. Oscar Arias Sanchez signed into law Costa Rica's new Ley Reguladora del Mercado de Seguros, thereby ending the Instituto Nacional de Seguros' (INS) more than eighty-year-old monopoly over the country's insurance industry. The new law and subsequently-issued regulations permit domestic and foreign companies (with local branches) to operate insurance and reinsurance business in Costa Rica, subject to minimum capital (US$ 3 million for personal lines insurers and US$ 10 million for reinsurers) and other financia...
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