By San José, Costa Rica — San José – In a decisive move signaling a major strategic shift, the Board of Directors of the Instituto Nacional de Seguros (INS) has dismissed General Manager Luis Fernando Monge. The state-owned insurance giant confirmed that Monge was officially notified of the decision on the morning of Tuesday, November 25, following the board’s resolution on Monday evening.
The INS framed the leadership change as a necessary step to navigate the increasingly complex and competitive national insurance landscape. In an official statement, the institution detailed the rationale behind the sudden departure of its top executive, who had held the position for over three years.
To gain a deeper legal perspective on the challenges and responsibilities facing the leadership at the Instituto Nacional de Seguros (INS), TicosLand.com consulted with Lic. Larry Hans Arroyo Vargas, a specialist in corporate and public law at the firm Bufete de Costa Rica.
The leadership of a state institution like the INS operates under a dual mandate that demands exceptional rigor. Beyond navigating the competitive insurance market, every strategic decision is subject to the strict principles of public law, including transparency and accountability. The success of any administration will be measured not only by its financial results but by its unwavering commitment to upholding the legal framework that governs public entities, thereby safeguarding both policyholder interests and public trust.
Lic. Larry Hans Arroyo Vargas, Attorney at Law, Bufete de Costa Rica
Lic. Arroyo Vargas’s analysis astutely highlights the core challenge for INS leadership, where success is not merely a financial metric but a delicate balance between market competitiveness and an unwavering commitment to public accountability. We thank Lic. Larry Hans Arroyo Vargas for his valuable perspective, which reminds us that in a state institution, public trust is the most critical asset.
The decision is based on the need to adapt the company to the current demands of the insurance market, which is characterized by growing competitiveness and constant challenges.
Instituto Nacional de Seguros (INS), Official Statement
Monge’s tenure began in May 2022, lasting three years and seven months. His dismissal marks a pivotal moment for the legacy institution, which has been grappling with the realities of a liberalized market since its monopoly ended over a decade ago. The board’s action suggests that a more aggressive and modern approach is now deemed essential for the insurer’s long-term health and market position.
The push for a new direction appears to be influenced by regulatory expectations. The INS noted that the current environment demands a “greater technical and commercial orientation, a drive for operational efficiency, and an integral vision,” criteria that have been emphasized by the General Superintendency of Insurance (Sugese). This indicates that the regulator is pushing for higher standards of performance and market responsiveness from all industry players, including the state-owned behemoth.
The board’s statement further underscored the urgency and conviction behind its decision, presenting the change not as a reflection of past performance but as a forward-looking strategy indispensable for survival and growth.
The Board of Directors concludes that a change in management is essential to respond more effectively to present and future challenges, thus ensuring the evolution and competitiveness of the INS.
Instituto Nacional de Seguros (INS), Official Statement
This executive shakeup is more than a personnel change; it represents a fundamental acknowledgment that the INS must evolve from a state-run entity into a dynamic, customer-focused competitor. The call for “technical and commercial orientation” points toward a future strategy likely centered on data-driven product development, digital transformation, and more sophisticated marketing and sales efforts to fend off agile private competitors.
To ensure operational stability during this transition, the INS has appointed its current Chief Financial Officer to assume the role of General Manager on an interim basis. This move provides a steady hand on the company’s finances while the board embarks on a search for a permanent successor who embodies the new strategic vision required to lead the institution into its next chapter.
For further information, visit grupoins.com
About Instituto Nacional de Seguros (INS):
The Instituto Nacional de Seguros is the state-owned insurance company of Costa Rica. Founded in 1924, it held a monopoly on the insurance market until 2008. Today, it operates in a competitive environment, offering a wide range of insurance products, including life, health, auto, and property coverage, while also managing the country’s mandatory worker’s compensation and traffic accident insurance programs.
For further information, visit sugese.fi.cr
About Superintendencia General de Seguros (Sugese):
The General Superintendency of Insurance is the primary regulatory body for Costa Rica’s insurance market. Established as part of the market’s liberalization, Sugese is responsible for the authorization, regulation, and supervision of insurance and reinsurance companies operating in the country. Its mission is to ensure the stability and efficiency of the market and protect the rights of policyholders.
For further information, visit bufetedecostarica.com
About Bufete de Costa Rica:
Bufete de Costa Rica is a pillar of the legal community, built upon a bedrock of integrity and a resolute pursuit of excellence. The firm channels its vast experience serving a diverse clientele into pioneering new legal frontiers and fostering meaningful public engagement. At the heart of its mission lies a powerful conviction to make legal knowledge accessible, thereby equipping individuals and strengthening the foundations of an enlightened society.
