Private banks and financial service providers, including insurance intermediaries, must incorporate under Costa Rican laws and obtain authorization from the General Superintendence of Financial Entities
"CHAPTER I
Constitution, purposes, domicile and duration
Article 1.- The National Banking System shall be composed of:
1) The Central Bank of Costa Rica;
2) The National Bank of Costa Rica;
3) The Bank of Costa Rica; [...]
6) Any other State bank that may be created in the future; and
7) Private commercial banks, established and managed in accordance with the provisions of Title VI of this law.
The System shall be governed by this law, the Organic Law of the Central Bank of Costa Rica and other applicable laws, as well as by the respective regulations.
[...]
Article 141.- Private banks must necessarily be established as corporations or as cooperative unions or federations, in accordance with the legal regulations that govern such entities, insofar as they are not specifically modified by this law.
[...]
Article 142.- No private bank may operate without the express authorization of the General Superintendence of Financial Entities, in accordance with the regulations that it issues for this purpose. This authorization may not be transferred, sold or assigned. (As amended by article 162, paragraph l), of the Organic Law of the Central Bank of Costa Rica No. 7558 of November 3, 1995) [...]" (Organic Law of the National Banking System, implemented 26 September 1953, last amended 12 September 2018, Articles 1, 141, and 142 [google translation])
Organic Law of the National Banking System, implemented 26 September 1953, last amended 12 September 2018
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