Agency Rejects Request To Hike Auto Insurance

November 21, 2008

The Superintendence of Pension Funds (SUPEN) this week rejected a request to increase car insurance.

The request by the National Insurance Institute (INS) would have affected all mandatory insurance rates. The vehicle registration, called the marchamo, would have increased by 14 percent.

SUPEN officials said earlier this week that the “information given by INS was insufficient,” the daily La Nación reported.

Apparently, the INS included on its petition car accident statistics dating back 10 years. SUPEN officials said they could not approve the request to increase car insurance rates because they needed to examine more recent data.

Mandatory auto insurance will cover ¢3 million (about $5,500) per each person who is killed or injured in an accident beginning Jan. 1, said INS’s Web site.

Earlier this year, the Legislative Assembly approved laws opening the insurance market to competition. The auto insurance market, over which INS has held an 84-year monopoly, will not allow open market competition until 2011.

–Vanessa I. Garnica

 

Facebook Comments

You may be interested

Alajuelense eliminated in the Costa Rican Clausura
Soccer
3 views
Soccer
3 views

Alajuelense eliminated in the Costa Rican Clausura

AFP and The Tico Times - April 21, 2019

Liga Deportiva Alajuelense tied 2-2 against the reigning champion, Club Sport Herediano, and was eliminated from the semifinals of the…

Costa Rica bets on ending fossil fuel use by 2050
Climate Change
30 views
Climate Change
30 views

Costa Rica bets on ending fossil fuel use by 2050

Marco Sibaja / AFP - April 21, 2019

Eric Orlich and his wife Gioconda Rojas own two electric vehicles, which they charge at home in the garage thanks…

Pic of the Day: Costa Rica’s Isla Nublar (aka Cocos Island)
Pic of the Day
98 views
Pic of the Day
98 views

Pic of the Day: Costa Rica’s Isla Nublar (aka Cocos Island)

Alejandro Zúñiga - April 18, 2019

Isla Nublar, the setting for much of the "Jurassic Park" series, is unfortunately not a real Costa Rican island. Cocos…

Do NOT follow this link or you will be banned from the site!