After having completed nine of the 22 steps between 2015 and 2017, the Commission of Insurance and Private Pensions of the Organization for Economic Cooperation and Development (OECD) has also given its approval. This decision takes place after the aforementioned sector was assessed, in order to ensure that the country is complying with the political and practical improvements established by the agency in this matter.
Observers have highlighted the Costa Rican capacity to ensure an adequate supervision, protect consumer rights of these services, promote market development and effective competition. The organization has been able to verify the existence of regulations and effective surveillance of insurers. It also issued several recommendations for future improvements, which were appreciated by the General Insurance Superintendence (Superintendencia General de Seguros – Sugese). This institution aims to stabilize the market and make benefits more transparent.
Regarding private pensions, Costa Rica complies with the Fundamental Principles of the Regulation of Private Pensions and OECD made clear their expectations of future positive development. In this way, due to the favorable opinion issued by the OECD, the mixed pension system in force is consolidated. The Minister of Foreign Trade, Alexander Mora, who is in charge of coordinating the process, highlighted Costa Rica’s normative stability together with the work of institutions such as the General Insurance Superintendence (Sugese) or the Superintendence of Pensions (Superintendencia de Pensiones – Supen).
The Central American state still has 12 other stages ahead (having already completed ten of the 22 required), as detailed in the Accession Program of Costa Rica. The purpose of this integration is to improve the economic and social welfare of people, sharing experiences with other administrations in order to access to common and global solutions.