Nicaragua’s banking and financial institutions regulator (Siboif) denied an application by Costa Rica’s insurer, the Instituto Nacional de Seguros (INS) to operate in that country.

The news, revealed by INS chief executive Sergio Alfaro in an interview with La Nación, comes after a process which began in 2012 under the previous management.

Alfaro said he was at a loss as to the reasons for the rejection, noting, “I don’t have an official reason as to why it has been rejected. We’ve searched for documents that explain what has happened in Nicaragua but haven’t found any as yet.

Alfaro also reiterated that the company is still interested in competing in Central America, adding that further feasibility studies are required with conservative, up-to-date projections.

Source: Business News Americas

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