Jun
29
Pan-American Life Insurance Approved to Operate in Costa Rica
By Ben | Published June 29, 2010
Pan-American Life Insurance Group has received final approval from the Costa Rican insurance regulator, Superintendencia General de Seguros (SUGESE), for its subsidiary Pan-American Life Insurance de Costa Rica, S.A. to operate in the country.
Pan-American Life Insurance Group is already the first US insurer allowed into Costa Rica, and all that remains for them to do before commencing operations is receive final portfolio and product approval from SUGESE. Pan-American is planning on rolling out a portfolio that includes group accident, life and health insurance as well as individual health insurance plans. Their offerings will also include an international health insurance plan, which offers access to local healthcare providers and local health benefits as well as access to healthcare providers around the world including those in the United States. Pan-American is working closely with SUGESE to receive approval.
Jose S. Suquet, Chairman of the Board, President and CEO of Pan-American Life Insurance Group said “We are pleased that SUGESE approved Pan-American Life to operate in Costa Rica. This much anticipated moment marks a continued expansion in the execution of our regional strategic plan. The new competitive landscape in Costa Rica favors Pan-American Life, considering the company’s 99-year history and the Group’s deep-rooted experience throughout Latin America.”
Eugenio Magdalena, Pan-American’s Executive Vice President of International Markets added that “Our leading position in the region’s insurance industry commands high expectations for Pan-American Life in Costa Rica. We are committed to the opportunity to support the fulfillment of the health and life insurance needs of Costa Ricans.”
Insurance Company Mentioned:
Pan-American Life Insurance Group
The Pan-American Life Insurance Group was established in New Orleans in 1911 and now has operations in 47 U.S. states, as well Puerto Rico, Colombia, Guatemala, Panama, Ecuador, El Salvador, Honduras and the Cayman Islands. In Costa Rica, the company will offer term life insurance, universal life insurance, health and medical expense insurance and accident insurance.
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