The Imposition of a Resolution Period in Inclusive Insurance Lower than Established in the Law Which Regulates the Costa Rican Insurance Market: A Case of Breach of the Principle of Rule of Law?
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In Costa Rica, as in other LATAM legislations, the insurance market is regulated and supervised. As part of this characteristic, the Costa Rican Insurance Superintendent, under the direction of the National Council for Supervision of the Financial System, participates in the development of regulations that are incorporated into the regulatory framework applicable to the supervised entities. Based on the law which regulates the insurance market (Law No. 8653) and the Insurance Contract Regulatory Law (Law No. 8956), the scope of the regulator's regulatory power is analyzed from a critical and reflective perspective. Specifically, it addresses the legal feasibility of setting a legal period for the attention, resolution and payment of inclusive insurance claims, which diverges from the legally established term and its possible implications both in terms of legality, in accordance with the principles of hierarchy of rules and legal security, and in terms of affecting the development of the insurance market in the country.
regulatory powers of the regulatory authority, insurance market regulation, rule of lawpotestad reglamentaria de las superintendencias, regulación del mercado de seguros, principio de legalidad
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