Costa Rica: Labor Insurance Opening Halted
The Constitutional Court admitted an appeal against the opening of labor risk insurance.
Thursday, February 10, 2011
By accepting the appeal made by Congressman José María Villalta, the court stopps the entry of new firms in order to analyze the appeal.
The total exclusivity requirement imposed by the National Institute of Insurance on agencies who sell their insurance, is an anticompetitive mechanism that is making it difficult for the market to open up.
Privatization has attracted several foreign insurers and consumers are already benefiting from freedom of choosing between different options.
Three years since the privatisation of the insurance sector, the state agency (INS) remains the main entity in the market.
In Costa Rica, 4 years after the opening up of the sector, the 10 private insurance companies have a 9.8% market share.
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