Through legal opinion 2019115422-000 dated October 2, 2019, the Financial Superintendence of Colombia stated that banks can procure collective insurances on behalf of their clients, provided they have signed a network use agreement (bancassurance agreement) with the insurer and the insurance is one of those authorized by Decree 2555 of 2010 to market through that channel.
The Financial Superintendence, through legal opinion 2019115422-000 dated October 2, 2019, stated that the entities under its supervision, mainly banking establishments, can procure collective insurances to provide coverage to their debtor and non-debtor clients.
For the abovementioned, a network use agreement (bancassurance agreement) between the insurer and the banking establishment is required, and the insurance must be one of those authorized by article 2.31.2.2.2 of Decree 2555 of 2010 to market through that channel.
The opinion clarified doubts that arose from the Superintendence’s previous opinions, where it was stated that the banks were only able to procure insurances to insure their own interests.
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