SSVMN recognised as a Praiseworthy Institution by Costa Rican government

Wednesday, 03 June 2020

Costa Rican ICMIF member Sociedad de Seguros de Vida del Magisterio Nacional (SSVMN or National Teachers’ Life Insurance Society in English) has become the first institution of its kind to be given the distinction of being “Praiseworthy of the Homeland” or “Benemérita de la Patria" (in Spanish) by the Costa Rica government. The title “Benemérita de la Patria” is a distinction given to people or organisations by the Legislative Assembly of Costa Rica as a tribute to those who, due to their merits or their works, have become worthy of recognition for their efforts to support the “Homeland” and its people. So, why SSVMN?

The mutual insurance company headquartered in San José with 13 branches throughout the country   was founded in 1920 by a teacher named Alejandro Rodriguez, who was also the initiator of the Law of Mutual Assistance of Teachers in Costa Rica, providing economic support to retired teachers based on the principles of mutuality.

This initiative was particularly needed at the time when the country was facing an economic crisis induced by WW1.

This recognition for SSVMN comes at the same time as the organisation celebrates its one hundredth anniversary in 2020. It is an acknowledgement of its solidarity with members and Costa Rican communities that has been developed over the course of a century, providing economic protection to thousands of families in the country’s education system, equating to 179,000 members today.  

General Manager and Chair of the ICMIF/Americas Regional Association, Georgina Díaz Sánchez (pictured), says “the National Teachers’ Life Insurance Society is a long-lived teaching institution in the country, characterized by transparent, orderly management; adherence to standards; loyalty; solidarity; and mutual support.”

“This is also a recognition to the administrators, boards of directors and workers, who have held the reins of the institution in a responsible, orderly and transparent manner, watching over the well-being of members and their families,” she added.

“This distinction is for the Life Insurance Society, but above all for the more than 179 thousand associates who work for education in Costa Rica. This recognition pleases us and encourages us to continue providing quality services.

“This achievement confirms the importance of solidarity, the company’s reason for being. The socioeconomic well-being of Costa Rican families has been and will continue to be one of our purposes.” She adds.

Following a strategy of sustainability, SSVMN has environmental and social certifications that demonstrate its commitment to rigorous procedures within the organisation which, in turn, demonstrates the commitment of all employees of the institution.

In these very challenging and uncertain times, Georgina Diaz Sánchez believes the Costa Rican life insurer and the promotion of its mutual values is needed more than ever among the younger generations.

SSVMN will host the 2021 ICMIF/Americas Annual Conference.