American Life Insurance Company (Alico) recently received conditional authorization to operate in Costa Rica.  The company will now have 120 days to conform with further regulatory requirements, including the development of acceptable technological and marketing controls.

If it receives final authorization, Alico Costa Rica will be permitted to sell personal lines of insurance in the country, including life, health and accident insurance.  The new entity has two investors, Chilean entities Inversiones Interamericana and Interamericana de Seguros de Vida.  The new Costa Rican entity will be part of the larger Alico conglomerate, a multinational insurance group operating in more than 50 countries including Argentina, Chile, Colombia, Mexico, Panama, Peru, Uruguay and Venezuela.

Alico becomes the second foreign insurance company to receive conditional authorization to market insurance in Costa Rica, following Aseguradora Mundial of Panama.  Tomas Soley, director of Costa Rica’s fledgling insurance regulator recently stated that four other foreign insurance companies have indicated an interest in entering the nation’s insurance market.  Those companies reportedly include Atlantic Southern Insurance of Puerto Rico and ASSA Compania de Seguros of Panama.

For our further coverage regarding the Costa Rican insurance market, please click here.

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