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Governance, Risk and Compliance - The Colombian Insurance Industry

Governance, Risk and Compliance - The Colombian Insurance Industry

Summary

The Financial Superintendence of Colombia (Superintendencia Financiera de Colombia - SFC) regulates and governs the insurance industry. It functions under the Colombian Ministry of Finance and Public Credit, with legal, administrative, and financial autonomy. The SFC is instrumental in ensuring the stability and efficient functioning of the financial services in the country.

The rules and regulations to govern insurance companies, intermediaries and reinsurers are stipulated in the Estatuto Organico del Sistema Financiero (EOSF) Decree No 663 (1993) and the Code of Commerce. The law describes the definitions, licensing process, capital requirements, policy terms, and penalties for the offenders of the provisions.

The report “Governance, Risk and Compliance - Colombian Insurance Industry” is the result of extensive research into the insurance regulatory framework in Colombia. It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.

The report brings together research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.

About the report “Governance, Risk and Compliance - Colombian Insurance Industry” -

  • The report covers details of the insurance regulatory framework in Colombia
  • The report contains details of the rules and regulations governing insurance products and insurance entities
  • The report lists and analyzes key trends and developments pertaining to the country's insurance regulatory framework
  • The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country
  • The report provides details of taxation imposed on insurance products and insurance companies
Scope
  • Gain insights into the insurance regulatory framework in Colombia.
  • Track the latest regulatory changes, and expected changes impacting Colombian insurance industry.
  • Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
  • Understand key regulations and market practices pertaining to various types of insurance product.
Reasons to buy
  • The report covers details of the insurance regulatory framework in Colombia.
  • The report contains details of the rules and regulations governing insurance products and insurance entities.
  • The report lists and analyzes key trends and developments pertaining to the country's insurance regulatory framework.
  • The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.
  • The report provides details of taxation imposed on insurance products and insurance companies.


1 INTRODUCTION
1.1 What is this Report About?
1.2 Definitions
2 GOVERNANCE, RISK AND COMPLIANCE
2.1 Legislation Overview and Historical Evolution
2.2 Latest Changes in Regulation
2.3 Legislation and Market Practice by Type of Insurance
2.3.1 Life insurance
2.3.2 Property insurance
2.3.3 Motor insurance
2.3.4 Liability insurance
2.3.5 Marine, aviation and transit insurance
2.3.6 Personal accident and health insurance
2.4 Compulsory Insurance
2.4.1 Motor third-party liability insurance
2.4.2 Workers’ compensation insurance
2.4.3 Professional indemnity insurance for reinsurance brokers
2.4.4 Personal accident insurance for passengers of public vehicles
2.4.5 Liability insurance for Colombian Stock Exchange brokers
2.4.6 Liability insurance for ships with respect to oil pollution
2.4.7 Compulsory insurance for marine and fluvial transit
2.4.8 Civil liability insurance of liquid fuels and gases
2.4.9 Ecological insurance for producers of dangerous goods
2.4.10 Personal accident insurance for taxi drivers
2.5 Supervision and Control
2.5.1 International Association of Insurance Supervisors
2.5.2 Association of Insurance Supervisors Latin America
2.5.3 Financial Superintendence of Colombia
2.5.4 Federación de Aseguradores Colombianos (Fasecolda)
2.6 Non-Admitted Insurance Regulations
2.6.1 Overview
2.6.2 Intermediaries
2.6.3 Market practices
2.6.4 Fines and penalties
2.7 Company Registration and Operations
2.7.1 Type of insurance organization
2.7.2 Establishing a local company
2.7.3 Foreign ownership
2.7.4 Types of license
2.7.5 Capital requirements
2.7.6 Solvency margin
2.7.7 Reserve requirements
2.7.8 Investment regulations
2.7.9 Statutory return requirements
2.7.10 Fee structure
2.8 Taxation
2.8.1 Insurance premium or policy taxations
2.8.2 Withholding taxes on premium paid overseas
2.8.3 Corporate tax
2.8.4 VAT
2.8.5 Captives
2.9 Legal System
2.9.1 Introduction
2.9.2 Access to court
2.9.3 Alternative dispute resolution (ADR)
3 APPENDIX
3.1 Methodology
3.2 Contact GlobalData
3.3 About GlobalData
3.4 GlobalData’s Services
3.5 Disclaimer
List of Tables
Table 1: Insurance Industry Definitions
Table 2: Colombia - Insurance Regulatory Framework Key Features
Table 3: Colombia - Life Insurance Regulatory Framework
Table 4: Colombia - Property Insurance Regulatory Framework
Table 5: Colombia - Motor Insurance Regulatory Framework
Table 6: Colombia - Liability Insurance Regulatory Framework
Table 7: Colombia - Tariff Rates for SOAT (2019)
Table 8: Colombia - Ratings Required For Registration Of Reinsurance Business
Table 9: Colombia - Corporate Tax Rates for the Financial Year 2019
List of Figures
Figure 1: Immunoglobulin E (IgE) Allergy Blood Tests - Pipeline Products by Stage of Development
Figure 2: Immunoglobulin E (IgE) Allergy Blood Tests - Pipeline Products by Segment
Figure 3: Immunoglobulin E (IgE) Allergy Blood Tests - Pipeline Products by Territory
Figure 4: Immunoglobulin E (IgE) Allergy Blood Tests - Pipeline Products by Regulatory Path
Figure 5: Immunoglobulin E (IgE) Allergy Blood Tests - Pipeline Products by Estimated Approval Date

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