Papeleo Adicional para Seguros

My kind readers may have heard on the radio pleas from banks, which are asking their clients to come forward and fill out some forms - or else! This is in observance of Law No. 8204 “Estupefacientes, Sustancias Psicotrópicas, Drogas de Uso No Autorizado, Actividades Conexas, Legimitación de Capitales y Financiamiento al Terrorismo” (the anti money-laundering law), which requires that financial institutions complete a dossier on clients whose financial movements exceed $10,000.

In July 2008, when laws were changed to allow insurance companies other than INS to operate in Costa Rica, Law No. 8204 was also changed to encompass insurance companies, based on the fact that they are indeed financial institutions.

INS – which is still the only insurance company operating in this country - has integrated a Compliance Office, with a full-time staff to make sure of full compliance, because the consequences are expensive if a financial institution is found to be in non-compliance!

INS is now getting serious. Their first objective is to improve, update and complete a data base of its clients, known as Base Unificada de Clientes, or “BUC”. To do this, it has ruled that as of July 1st, 2009, applications for new insurance or applications to modify existing policies must attach a form “Información del Cliente”, without which INS simply will not process applications. Excepted are the simpler one-shot policies, such as Flight insurance, Students’ insurance, Traveller’s Accident insurance, etc.

The form is detailed, and requires from the client the usual identity and contact information. If the client is a corporation, the information is required of the corporation itself and also of the person representing the corporation (“apoderado”), whose power-of-attorney (“personería”) must be attached.

The form must be signed by the client or the legal representative, if a corporation. Must attach:

- Copies of the client’s and signer’s ID’s.

- Proof of address (light, phone, or water bill)

- Proof of income and sources of income.

- “Personería” of the signer (for corporations.)

Once a client has complied by filling out the “Información del Cliente” form and providing the additional info, there will be no more disclosure requirements from that client for two years – after which the information in the BUC is considered obsolete, and the form, etc. has to be done again. Otherwise, it is said, INS will not renew that client’s insurance policies.

These requirements are fairly stringent, and we assume that, initially, they will have to be fully complied with: “A new broom sweeps clean” and although everyone is used to bureaucracy, disclosure is indeed a new ballgame for INS.

NOTES:

1- The forms must be sent in with ORIGINAL signatures. No Faxes. No Scanning. No Fotos. Only Snail Mail or similar service.

2- If you need help translating your data from English to Spanish, we're glad to help. Just send a copy of the Client Info Forms BLANK with original signature, and another with your data in English, as explained in the example forms.