Detailed assessment of observance of the IAIS Insurance Core Principles in the Republic of Costa Rica published

The IAIS has published a detailed assessment of observance of the IAIS Insurance Core Principles (ICPs) in the Republic of Costa Rica through its Member Assessment Programme.  

The regulatory and supervisory framework in Costa Rica is assessed as having a good overall level of observance of the ICPs. Half of the ICPs, including those on supervision and corrective actions, are assessed as either Observed or Largely Observed, reflecting an extensive, broadly risk-based framework. 

The MAP is an in-depth assessment of one member’s implementation of all current ICPs. It includes a review of the legal structure and jurisdictional regulations, as well as supervisory policies and practices using an evidence-based approach. 

The assessment was a positive experience for all parties involved and benefited from strong engagement from the General Superintendency of Insurance in Costa Rica (Sugese), the National Supervisory Council for the Financial System (Conassif) and industry stakeholders in Costa Rica during the on-site visit in San José.  

IAIS assessment activities aim to demonstrate implementation of the ICPs, which provide the globally accepted foundation of standards for the supervision of the insurance sector. The IAIS has completed six MAPs since 2019 with further assessments currently being planned. 

Read the report here.  

Sugese has prepared an unofficial Spanish language version of the assessment report for greater accessibility here.

To learn more about the IAIS’ comprehensive assessment activities visit our website.