(To read our prior post on the opening of the Costa Rican insurance market, please click here).
Tomas Soley, the new superintendent, reportedly indicated that the allegations would be investigated in due course, but did not provide a timetable for any resolution. Potential fines for illegal sales of foreign insurance (the definition of which includes marketing of foreign policies by phone, email or facsimile) can exceed $200,000 under the new insurance laws.
An INS representative reportedly stated that the INS became aware of the illegal activity based upon reports from consumers and further stated that the INS intends to file complaints against additional persons. The INS representative also reportedly commented that, although the INS has always been aware of illegal insurance sales activity, difficulties in making complaints and minor penalties provided no incentive to report such activities under the prior laws.
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