Colombia Insurance Industry - Governance, Risk and Compliance

Colombia Insurance Industry - Governance, Risk and Compliance

Summary

GlobalData’s ‘Colombia Insurance Industry - Governance, Risk, and Compliance’ report 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 GlobalData’s 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.

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.
- Foreign investors are allowed to have 100% ownership in the insurance companies of Colombia.

The report provides insights into the governance, risk, and compliance framework pertaining to the insurance industry in Colombia, including -
- An overview of the insurance regulatory framework in Colombia.
- The latest key changes, and changes expected in the country’s insurance regulatory framework.
- Key regulations and market practices related to different types of insurance product in the country.
- Rules and regulations pertaining to key classes of compulsory insurance, and the Scope of non-admitted insurance in Colombia.
- Key parameters including licensing requirements permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations.
- Details of the tax and legal systems in the country

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 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.

Reasons to Buy

- Gain insights into the insurance regulatory framework in Colombia.
- Track the latest regulatory changes, and expected changes impacting the 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

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 taxation
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 (2020)
Table 8: Colombia - Ratings Required For Registration Of Reinsurance Business
Table 9: Colombia - Corporate Tax Rates for the Financial Year 2020

List Of Figures

Figure 1: Colombia - Insurance Supervision and Control at Various Levels
Figure 2: Colombia - Insurance Regulatory Frameworks for Company Registration and Operation

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