According to estimations made by legislator Ottón Solís, unifying the four financial superintendences that currently exist in a single one would generate a saving of $ 10 million per year (5,611 million colones at the current exchange rate). He proposed a bill on that regard.
The legislator introduced the initiative called F.U.S.I.O.N.A.R., which aims to unite the four superintendences in a new entity called Superintendence of Financial Markets (SUMEF).
The entities that would disappear are: General Superintendence of Financial Entities (SUGEF), Superintendence of Pensions (SUPEN), General Superintendence of Assets (SUGEVAL) and Superintendence of Insurance of Costa Rica (SUGESE).
It does not include the Superintendence of Telecommunications (SUTEL) because it is not a financial institution.
The new superintendence, according to the text, would be an agency attached to the Central Bank of Costa Rica (BCCR) and it would regulate the financial markets for intermediation, pensions, assets and insurance.
The main contents of the project are:
-To eliminate the figures of superintendents.
-To fully finance the new superintendence through regulated and supervised subjects.
-To eliminate audit from the National Council of Supervision of the Financial System (CONASSIF).
-The appointment of the new superintendent would be made through a public contest.
-The Superintendence would operate under the direction of CONASSIF.