Colombia Insurance Industry – Governance, Risk and Compliance
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Colombia Insurance Industry Government Regulation Report Overview
The Colombia insurance industry is regulated mainly by the SFC. Other bodies that oversee the industry are IAIS, the Association of Insurance Supervisors Latin America (ASSAL), and Federación de Aseguradores Colombianos (Fasecolda).
The Colombia insurance industry research report provides a 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. It also gives insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation, and legal system in the country. Moreover, it includes the scope of non-admitted insurance in the country.
Key Regulators | · SFC
· International Association of Insurance Supervisors (IAIS) · Association of Insurance Supervisors Latin America (ASSAL) · Federación de Aseguradores Colombianos (Fasecolda) |
Compulsory Insurances | · Motor Third-Party Liability Insurance
· Aviation Liability Insurance · Marine Liability Insurance · Professional Indemnity Insurance · Social Security Insurance |
Key Taxes | · Tax on Insurance Premium
· Corporate Income Tax · Corporate Capital Gains Tax · Value Added Tax |
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Colombia Insurance Industry – Key Regulators and Legislation
Financial Superintendence of Colombia (Superintendencia Financiera de Colombia – SFC): The industry is supervised and regulated by the SFC. The SFC was created because of the merger of the Banking Superintendence of Colombia and the Securities Superintendence. It is instrumental in bringing financial stability, checking market behavior, combating illegal practices, and protecting the consumer. It functions under the Ministry of Finance, with legal, administrative, and financial autonomy.
International Association of Insurance Supervisors (IAIS): The IAIS represents regulators and supervisors of 190 jurisdictions in more than 140 countries. It formulates and issues various global principles, standards, and guidance provides training and support on issues related to supervision, and organizes meetings and seminars for supervisors. The primary objectives of the IAIS are to promote effective and globally consistent supervision of the industry to develop and maintain a fair, safe, and stable market for the benefit and protection of policyholders, and to contribute to global financial stability.
The key laws and regulations in the Colombia insurance industry are as follows:
- Law 1328/2009 on non-admitted insurers
- Law 1480/2011 on general consumer protection
- Title V of Book 4 of the Commercial Code
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Colombia Insurance Industry - Compulsory Insurance
Some of the key compulsory insurances required within the Colombia insurance industry are:
- Motor Third-Party Liability Insurance
- Aviation Liability Insurance
- Marine Liability Insurance
- Professional Indemnity Insurance
- Social Security Insurance
Colombia Insurance Industry Analysis by Compulsory Insurances
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Colombia Insurance Industry - Company Registration and Operation
A license is required to operate in the Colombia insurance industry. Article 38 of the EOSF Decree 663, insurers, reinsurers, and intermediaries are required to obtain a license and authorization from the SFC to carry out business in Colombia.
Article 1347 of the Colombian Commercial Code states that insurance intermediaries or such organizations can establish themselves as commercial, collective, or limited liability companies and operate insurance intermediation activities in the country.
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Colombia Insurance Industry - Taxation
The different types of taxes in the Colombia insurance industry are tax on insurance premiums, corporate income tax, corporate capital gains tax, and value-added tax.
Corporate Income Tax: Taxation is administered and supervised by The National Tax and Customs Office (DIAN). The DIAN is responsible for achieving an effective, efficient, transparent, and taxpayer-oriented tax administration in the country. Rules and regulations related to taxation in the country are outlined in the Security Tax Code, which covers income, assets, stamp taxes, and value-added tax (VAT). The rules for other types of taxes are covered under special laws, decrees, and local ordinances.
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Scope
- 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 in the country’s insurance regulatory framework.
- The report analyzes the rules and regulations about the establishment and operation of insurance businesses in the country.
- The report provides details of taxation imposed on insurance products and insurance companies.
Key Highlights
- The SFC regulates the Colombian insurance industry.
- Non-admitted insurance is prohibited in Colombia, but there are few exceptions.
- A free trade agreement between the United States and Colombia, CTPA, was entered into force on May 15, 2012.
- There is no insurance premium tax (IPT) in Colombia.
Reasons to Buy
- Provides FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the country.
- Gain insights into the insurance regulatory framework in Colombia.
- Track the latest regulatory changes and expected changes impacting the Colombia 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 products.
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Frequently asked questions
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Who is the key regulator of the Colombia insurance industry?
The Colombia insurance industry is regulated mainly by the SFC.
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Which other bodies oversee the Colombia insurance industry?
Other bodies that oversee the Colombia insurance industry are IAIS, Association of Insurance Supervisors Latin America (ASSAL), and Federación de Aseguradores Colombianos (Fasecolda).
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What are the compulsory insurances in the Colombia insurance industry?
Some of the compulsory insurances required within the Colombia insurance industry are motor third-party liability insurance, aviation liability insurance, marine liability insurance, professional indemnity insurance, and social security insurance.
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What are the types of taxes imposed in the Colombia insurance industry?
The different types of taxes in the Colombia insurance industry are tax on insurance premiums, corporate income tax, corporate capital gains tax, and value added tax.
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