Through Resolution No. 62 of January 27, 2020, the Financial Superintendence ordered an individual to immediately suspend the promotion in Colombia of life insurance policies issued by a foreign insurer that was not authorized to carry out the insurance activity in Colombia.
Precautionary measure for non-authorized insurance commercialization

By means of Resolution 62/2020, the Financial Superintendence imposed the precautionary measure of immediate suspension to an individual who marketed insurance policies in Colombia from a foreign insurance company.

Particularly, said individual acted as an independent commercial agent of a foreign insurance company by offering in Colombian territory life insurances, in diverse modalities, and receiving commissions for that insurance placement. 

Likewise, through a commercial establishment and a web page, said person invited other people to be linked to the foreign insurer, as "agents" to offer the same products.

The Superintendence recalled the public interest nature of the insurance activity in Colombia under article 335 of the Political Constitution and stressed that, in accordance with articles 39 and 108 of the Organic Statute of the Financial System and articles and of Decree 2555 of 2010, the insurance activity in Colombia can only be undertaken by the entities that are expressly authorized to do so. Such regulations expressly prohibit foreign insurance companies from offering insurance policies in Colombian territory, unless they are duly registered in the RAISAX, to offer agricultural insurance, and / or in the RAIMAT to offer insurance associated with international maritime and air freight transport and to space launch and transport, including satellites.

In accordance with the foregoing, the Financial Superintendence established that neither the foreign insurance company nor the commercial establishment used were registered as authorized entities to promote, offer and underwrite insurance contracts in the national territory.

Therefore, the illegal exercise of the insurance activity by the investigated person was configured and demonstrated and, consequently, the Financial Superintendence ordered the immediate suspension of said activity.

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