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Governance, Risk and Compliance – The Costa Rican Insurance Industry

Synopsis

Timetric’s 'Timetric’s Governance, Risk and Compliance – The Costa Rican Insurance Industry' report is the result of extensive research into the insurance regulatory framework in Costa Rica.

It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.

The report brings together Timetric’s research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.

Summary

The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in Costa Rica, including:

  • An overview of the insurance regulatory framework in Costa Rica.
  • The latest key changes, and changes expected in the country’s insurance regulatory framework.
  • Key regulations and market practices related to different types of insurance product in the country.
  • Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in Costa Rica.
  • Key parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations.
  • Details of the tax and legal systems in the country.
Scope

  • The report covers details of the insurance regulatory framework in Costa Rica.
  • The report contains details of the rules and regulations governing insurance products and insurance entities.
  • The report lists and analyzes key trends and developments pertaining to the country’s insurance regulatory framework.
  • The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.
  • The report provides details of taxation imposed on insurance products and insurance companies.
  • Reasons To Buy
    • Gain insights into the insurance regulatory framework in Costa Rica.
    • Track the latest regulatory changes, and expected changes impacting the Costa Rican insurance industry.
    • Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
    • Understand key regulations and market practices pertaining to various types of insurance product.
    Key Highlights
    • The insurance industry of Costa Rica is regulated by the Sugese.
    • Composite insurance is permitted in Costa Rica
    • 100% FDI is permitted in the Costa Rican insurance industry
    • The key classes of compulsory insurance include motor third-party liability and aviation third-party liability insurance
    • Non-admitted insurance is not permitted in Costa Rica.


    • INTRODUCTION
      • WHAT IS THIS REPORT ABOUT?
      • DEFINITIONS
        • Table INSURANCE INDUSTRY DEFINITIONS
    • GOVERNANCE, RISK AND COMPLIANCE
      • Table COSTA RICA - INSURANCE REGULATORY FRAMEWORK KEY FEATURES
      • LEGISLATION OVERVIEW AND HISTORICAL EVOLUTION
      • LATEST CHANGES IN REGULATION
      • LEGISLATION AND MARKET PRACTICE BY TYPE OF INSURANCE
        • LIFE INSURANCE
          • Table COSTA RICA - LIFE INSURANCE REGULATORY FRAMEWORK
        • PROPERTY INSURANCE
          • Table COSTA RICA - PROPERTY INSURANCE REGULATORY FRAMEWORK
        • MOTOR INSURANCE
          • Table COSTA RICA - MOTOR INSURANCE REGULATORY FRAMEWORK
        • LIABILITY INSURANCE
          • Table COSTA RICA - LIABILITY INSURANCE REGULATORY FRAMEWORK
        • MARINE, AVIATION AND TRANSIT INSURANCE
        • PERSONAL ACCIDENT AND HEALTH INSURANCE
      • COMPULSORY INSURANCE
        • MOTOR THIRD-PARTY LIABILITY INSURANCE
        • SOCIAL SECURITY INSURANCE
        • AVIATION THIRD-PARTY LIABILITY INSURANCE
        • LIABILITY INSURANCE FOR SHIPS WITH RESPECT TO OIL POLLUTION
        • OCCUPATIONAL DISEASES INSURANCE
      • SUPERVISION AND CONTROL
        • INTERNATIONAL ASSOCIATION OF INSURANCE SUPERVISORS
        • ASSOCIATION OF INSURANCE SUPERVISORS LATIN AMERICA
        • GENERAL INSURANCE SUPERINTENDENCE
      • NON-ADMITTED INSURANCE REGULATIONS
        • OVERVIEW
        • INTERMEDIARIES
        • MARKET PRACTICES
        • FINES AND PENALTIES
      • COMPANY REGISTRATION AND OPERATIONS
        • TYPE OF INSURANCE ORGANIZATION
        • ESTABLISHING A LOCAL COMPANY
        • FOREIGN OWNERSHIP
        • TYPES OF LICENSE
        • CAPITAL REQUIREMENTS
        • SOLVENCY MARGIN
          • Table COSTA RICA - REGULATORY CAPITAL FACTOR FOR LIFE INSURANCE
          • Table COSTA RICA - REGULATORY CAPITAL FACTOR FOR NON-LIFE INSURANCE
        • RESERVE REQUIREMENTS
        • INVESTMENT REGULATIONS
        • STATUTORY RETURN REQUIREMENTS
        • FEE STRUCTURE
      • TAXATION
        • INSURANCE PREMIUM OR POLICY TAXATION
        • WITHHOLDING TAXES ON PREMIUM PAID OVERSEAS
        • CORPORATE TAX
          • Table COSTA RICA - CORPORATE TAX RATES FOR THE FINANCIAL YEAR 2017
        • VAT
        • CAPTIVES
      • LEGAL SYSTEM
        • INTRODUCTION
        • ACCESS TO COURT
        • ALTERNATIVE DISPUTE RESOLUTION
    • APPENDIX
      • METHODOLOGY
      • CONTACT TIMETRIC
      • ABOUT TIMETRIC
      • Timetric's SERVICES
      • DISCLAIMER

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