Colombia is among the world's most dynamic and competitive insurance markets. During the past few years, the industry has grown at a strong pace supported by the country's general economic expansion, a growing middle class, product development and the entry of new participants. Despite the economic downturn faced by other economies in the region, Colombia continues to enjoy growth at an annual rate of 2.7 per cent and it is estimated to grow in 2019 at a rate of between 3.5 per cent and 4 per cent.2 The insurance sector is growing at a rate above the national average: it increased by 4.9 per cent during 2018.
The Colombian legal system remains challenging but it is constantly improving. A gradual review of financial regulation has been advanced, including measures to lower the barriers for foreign insurers and brokers entering the market; strong consumer protection laws; a regulatory sandbox to test new financial products; and easier complaints procedures. All of these reforms will lift the industry's domestic reputation and stimulate local demand.3 The market also continues to attract new entrants – in 2018, Zurich acquired QBE's operation in Colombia; Youse, a Brazilian-based online insurer, was authorised by the Colombian insurance regulator; and HDI took over Generali's operations.
i The insurance regulator
Insurers, reinsurers and brokers operating in Colombia are supervised by the Financial Superintendency (FS), an independent body attached to the Colombian Ministry of Finance and Public Credit.4
The main regulatory framework is contained in the Organic Statute of the Financial System (EOSF),5 and other regulations including:
- Decree 2555/2010, which sets reserve and minimum asset requirements and contains the regime applicable to insurance intermediaries;
- Law 1328/2009, which regulates access to the Colombian market by foreign non-domiciled insurers and contains consumer protection rules specific to financial products;
- Law 1480/2011 on general consumer protection;
- Law 1870/2017 on the regulation of financial conglomerates;
- Part I of External Circular 029/2014 of the FS, which establishes the regime applicable to general insurance operations, some special lines of insurance, solvency requirements, risk management procedures and the registration rules for foreign non-domiciled insurers and reinsurers. Part 2 regulates brokers and agents; and
- the Commercial Code.
ii Position of non-admitted insurers
Unregulated insurance and reinsurance activity is prohibited.6 Contracts made with unauthorised entities are void and the unauthorised insurer may be required to return all premiums received.7 It may also be subject to further sanctions in the form of fines, compulsory dissolution and disqualification.
Colombian residents are generally free to purchase insurance outside Colombia, in which case the contract will fall outside the scope of Colombian regulation. Colombian insurers may cede 100 per cent of their written risks abroad by way of reinsurance. However, the following policies must be purchased from a regulated entity within Colombia:8
- insurance that is compulsory under Colombian law or is contingent upon compulsory coverage;
- insurance in the nature of social security such as life insurance, annuities and employers' liability insurance; and
- insurance issued to state entities.
iii Requirements for authorisation of insurers
Colombian law provides four options for insurance entities wishing to do business in Colombia: incorporated insurance or reinsurance companies; branch offices of foreign insurers; registered foreign insurers or reinsurers; and representative offices of foreign reinsurers.
Incorporated insurance and reinsurance companies
Insurers or reinsurers wishing to incorporate in Colombia require prior authorisation from the FS. The principal requirements for authorisation are as follows:
- the proposed entity must be structured as a limited company or a cooperative association;9
- the proposed entity must satisfy a minimum capital requirement, of which 50 per cent is paid at the point of incorporation and the remainder within 12 months;10 and
- in addition to its minimum capital, the proposed entity must maintain assets,11 a solvency margin12 and minimum reserves13 according to law.
Upon receipt of an application, the FS institutes a short period of public consultation. If no objections are received, and the FS is satisfied with the proposed entity, authorisation will be granted and incorporation may proceed.
Branch offices of foreign insurers
Foreign insurers (not including reinsurers) are able to access the Colombian market by establishing branch offices. These are treated as an extension of the parent company and are free from the strict requirements of incorporation. However, branches are treated as regulated entities within the jurisdiction of the FS and they must comply with the same regulations that apply to incorporated entities.
Branch offices are subject to the following additional requirements:14
- minimum capital, which must be paid immediately upon the establishment of the branch office;
- minimum assets located in Colombia; and
- the presence of a permanent local representative with professional credentials and moral standing.
Registered foreign insurers and reinsurers
Limited classes of insurance and reinsurance may be marketed in Colombia by foreign entities that are not regulated by the FS, on condition that they obtain local registration.
Marine and aviation transport insurance
Foreign insurers may issue transportation policies (marine and aviation transport (MAT) insurance), in respect of goods, vessels and associated liabilities arising in the course of international transportation by air and sea, including space launch.15
A foreign insurer wishing to issue MAT policies must apply to the FS for a place on the Register of Foreign Insurers offering Marine and Aviation Transport. The principal requirements are a minimum rating of BBB- by Standard & Poor's or equivalent and minimum capital, solvency levels and asset levels equal to those that are required of incorporated Colombian insurers.16
Foreign insurers may also issue agricultural insurance policies17 by applying to the FS for a place on the Register of Foreign Insurers and Brokers of Agricultural Insurance. The principal requirements are similar to those that apply to MAT insurers, as set out above.18 The government subsidises between 60 per cent and 80 per cent of individual agricultural insurance premiums and up to a certain limit per hectare through Finagro, Colombia's rural development bank.19 The government is currently exploring the reforms that would be required to promote the use of parametric insurance.
Foreign entities may transact reinsurance business in Colombia.20 Foreign reinsurers should apply to the FS for a place on the Register of Foreign Reinsurers and Reinsurance Brokers (REACOEX) and demonstrate compliance with requirements that are very similar to those that apply to MAT insurers.21
Representative offices and subscription agencies of foreign reinsurers
A reinsurer that is included on the REACOEX register may also open a representative office in Colombia. Applications are made to the FS and require extensive documentation to be served in support.22 Representative offices are subject to the control and supervision of the FS. Since November 2018, foreign reinsurers may also carry out business through subscription agencies that are in charge of placing reinsurance on behalf of foreign reinsurers. Subscription agencies must be registered in REACOEX and set out the business lines available through the agent.23
iv Position of brokers
To operate in Colombia, insurance and reinsurance brokers must be authorised and regulated by the FS.24
If a broker wishes to incorporate in Colombia, it must satisfy the following principal requirements:
- If the proposed entity is an insurance broker, it must be incorporated as a limited company or general partnership.25 If a reinsurance broker, the proposed entity may be structured differently.26
- The managing directors and administrators of the proposed entity must be approved by the FS and possess a minimum level of qualifications and personal standing. A candidate is presumed to be suitable if he or she can show they have sufficient experience in the brokerage industry and good business management records.27
- The proposed entity must satisfy a minimum capital requirement.28
Registered foreign brokers
Foreign brokers wishing to market agricultural insurance or reinsurance products in Colombia without establishing a local office may apply to the FS for inclusion on the relevant register. Registration for MAT brokers is effected through the relevant MAT insurer.
v Regulation of individuals employed by insurers
The names of the directors and senior management of an insurance entity must be disclosed to the FS as part of the authorisation process.29 Those individuals must demonstrate that they are fit and proper persons, and authorisation may be denied if they have criminal convictions or sanctions for breach of duty.
The directors and senior management of regulated entities are also subject to a code of conduct requiring that they act within the law, in good faith and in the advancement of the public interest.30
vi The distribution of products
Regulated entities must submit their policy wording, including any schedules, amendments and premium models to the FS whenever they begin writing a new line of business.31
The FS may disallow the use of wording that does not comply with Colombian insurance law and regulation or is insufficiently clear.32 The FS may also prohibit the sale of a product if it determines that the proposed premium is unfair or unjustified by statistical evidence.
vii Compulsory insurance
There are more than 50 types of compulsory insurance, including various forms of motor liability, employers' liability, transportation liability, environmental liability and credit insurance in transactions involving international trade and state entities. Unfortunately, there is no single point of reference and it is beyond the scope of this chapter to list them all. However, reinsurance brokers are among a very small number of professions that are required to carry professional indemnity and fidelity insurance.33 The legislature frequently adds new mandatory insurance requirements affecting different sectors. Developments in recent years include a bill requiring compulsory building guarantee insurance and liability policies for certain types of dangerous dogs.34
viii Compensation and dispute resolution regimes within the financial services context
Law 1328/2009 requires regulated entities to set up (at their own expense) a customer complaints procedure known as a Consumer Attention System (SAC) and to offer the services of an independent adjudicator.35 In theory, the procedure applies to all disputes involving any type of customer, line of business and magnitude of the claim. However, the adjudicator's decision will be binding only if the statutes of the regulated entity make provision for binding determination and prior agreement has been reached with the customer.
If the SAC fails to resolve the dispute, the customer can either refer it to the FS or pursue a claim in court. The FS has jurisdiction over all contractual claims brought against regulated entities.36
The law does not provide for a statutory fund of last resort for customers of insurance or reinsurance firms. The solvency and reserving practices of these institutions are kept under continuous review by the FS.
ix Other notable regulated aspects of the industry
The FS must be notified of any proposed merger or acquisition involving a regulated entity;37 or transaction by which an investor will acquire 10 per cent or more of a regulated entity.38 The FS may object to such transactions for technical reasons39 or for the protection of the public interest. A transaction made without the approval of the FS is void.
III INSURANCE and REINSURANCE LAW
i Sources of law
Colombian law is a civilian system with codified laws and a written political constitution.
The courts are subject to codified law but are allowed to use, at their discretion, ancillary tools such as jurisprudence, custom, doctrine, general principles of law and equity.40 Although the lower courts are expected to follow the decisions of higher courts, there is no absolute doctrine of precedent and judges frequently depart from previous rulings on questions of law.
The basic rules of Colombian contract law are set out in the Civil Code and those that are specific to insurance law are contained in the Commercial Code.41 The law has been supplemented by consumer protection legislation, some of which is specific to insurance contracts and some of which is of a more general nature.42
ii Making the contract
Essential ingredients of an insurance contract
The essential elements of a valid insurance contract are as follows:
- an insurable interest, namely any lawful interest that can be subject to pecuniary valuation.43 The courts have approached the question of insurable interest by asking whether the insured risk event would directly or indirectly affect the wealth of the policyholder;44
- an insurable risk – non-fortuitous or impossible events do not constitute risks and are therefore uninsurable.45 Wilful misconduct, gross negligence46 and deliberate acts of the beneficiary are also uninsurable;47
- the agreement on the part of the insured to pay a premium in exchange for the transfer of risk to the insurer; and
- the agreement on the part of the insurer to pay an indemnity upon the occurrence of an insured event.
Utmost good faith
Insurance contracts are subject to the duty of utmost good faith at inception. The insured is obliged to declare sincerely all facts and circumstances that are material to the risk.48 Material facts are those that, if known to the insurer, would have prevented it from entering the contract or caused it to apply more onerous terms.
The duty of disclosure applies in all cases. However, the insurer's remedy depends upon whether a proposal form is used – if it is, any incomplete or inaccurate answers result in the policy becoming voidable. If no proposal form is used, the policy is voidable if the insured gives incomplete or inaccurate information by reason of negligence or fraud. If the insured acts innocently, the policy is not voidable but a proportional remedy applies. In other words, if the misrepresentation or non-disclosure leads to the insured paying only 50 per cent of the correct premium, the insurer is required to pay only 50 per cent of the claim.
The law is silent on the question of severability. Directors' and officers' (D&O) insurers are therefore free to include severability provisions to address non-disclosure or misrepresentation on the part of individual directors. Provided the declarations are made on their own behalf and not on behalf of the company, there is no reason to prevent insurers from pursuing the partial avoidance of the policy.
No remedy will be granted if the undisclosed or misrepresented facts were known to the insurer, or ought to have been known to the insurer, at the date of inception.
The duty of good faith continues throughout the duration of the contract. The insured must notify the insurer in writing of any material increase in risk, whereupon the insurer may cancel the policy or vary its terms.49 If the risk has decreased, the insurer is legally obliged to reduce the premium.50 If no notification is made, the contract is terminated automatically upon the increase in risk.
Recording of the contract
Insurers must issue written policy documentation within 15 days of concluding the agreement.51 In the absence of any express terms and conditions, the standard wording that the insurer has deposited with the FS will be deemed to apply.52
The proposal form and any attachments to it are considered part of the policy.53
Consumer insurance policies are subject to a series of formal requirements. The policy document must be written using plain language and a clear typeface. In addition to the policy documents, the consumer must also be given a clear explanation of the cover. Failure to comply with these requirements is considered an abusive practice and may result in sanctions and penalties being imposed by the FS.54
iii Interpreting the contract
General rules of interpretation
Insurance contracts are subject to the rules of interpretation set out in Articles 1618 to 1624 of the Civil Code, which apply to contracts generally.55 The law operates even-handedly between the insurer and the insured: if the parties are of equal commercial strength they are treated as equal before the law.
The overriding principle is that the intention of the parties, when clearly known, will prevail over the literal meaning of the words in the contract.56 Therefore, a high degree of emphasis is placed upon the evidence of those involved in the contracting process and the correspondence exchanged at the time of contracting. The parties' prior conduct may also be taken into account if they have entered into similar contracts or acted in a manner that is relevant to the contract under review.
The contract is interpreted in its entirety, such that each clause will be given the meaning that is most appropriate for the functioning of the contract as a whole. There is a presumption against any part of the contract being redundant, so preference is given to interpretations that produce effect.
The interpretation of the above principles might differ depending on the forum in which the claim is being heard. For instance, an insurance dispute might be heard before the administrative courts where principles of public law will be read into the contract. Equally, regulators such as the Office of the Controller General (the Controller's Office),59 a public body with discretion to commence quasi-judicial proceedings against private and public officials or entities involved in the management of public funds, might join their liability and bond insurers on the basis of inapplicable wording or multiple policy periods.
The parties to an insurance contract enjoy relatively wide freedom to set the terms of the agreement, subject to the limits of public policy and the mandatory rules of Colombian law.60 Colombian law recognises two types of mandatory rule: those from which no departure is allowed and those that can be modified only in the insured's favour. A contract term that violates a mandatory rule will be declared void.61
The list of mandatory rules is not closed. A rule may be declared mandatory either because it is expressed to be mandatory or a mandatory nature may be inferred from the general character of the rule.
The most important mandatory rules at the pre-contractual stage are as follows:
- the insured is under a general duty of good faith in the manner set out above;62
- if a policy is issued for the benefit of multiple insured parties with different interests (e.g., a D&O policy), non-disclosure by one insured party will not affect the validity of the coverage issued to others;63 and
- if the insured purchases a limit of indemnity in excess of its real interest, with a view to defrauding insurers, the policy is void.64
The most important mandatory rules affecting the operation of a policy are as follows:
- a policy (other than a life policy) may provide for automatic termination in the event that premium is paid late. In such cases, the insurer is entitled to claim from the insured the amount of premium for the risk incurred, together with its expenses and interest at a punitive 'moratorium' rate;65
- the insured is under a continuing duty to inform the insurer of any material increases in risk, and the insurer is obliged to reduce the premium if the insured gives notice of a reduction in the risk;66
- the insured is under a duty to inform the insurer of any double insurance within 10 days of the duplicate cover being taken out. If the insured fails to give notice, the policy will be terminated automatically;67 and
- either party may effect cancellation by giving notice in writing, although, in the case of cancellation by the insurer, 10 days' notice is required.68 Following cancellation by either party, the insurer must return the unused part of the premium.69
The most important mandatory rules affecting the claims process are as follows:
- the insurer may not characterise any claims condition as a condition precedent to its liability under the policy. The insurer's only remedy for breach of a claims condition is a claim in damages to the extent that prejudice has been caused;70
- the insurer may not impose a notification requirement that is less than three days from the date on which the insured discovered, or ought reasonably to have discovered, the loss;71
- in the case of double insurance, each insurer is required to pay a rateable proportion if the insured has acted in good faith;72 and
- the insured will forfeit its right to indemnity if it acts in bad faith during the claims process.73
The most important mandatory rules affecting the settlement of claims are as follows:
- the insurer must pay the indemnity within a month of the insured having proved its loss, failing which interest applies at the punitive moratorium rate;74
- if the insured incurs genuine mitigation costs, the insurer is required to pay the costs even if they exceed the sum insured;75 and
- in the case of liability policies, the two-year limitation period that applies to the insured's claim against the insurer does not begin to run until the third party makes a claim against the insured.76
Colombian law does not use the language of conditions precedent. It neither prohibits nor endorses them. The effect of clauses that are expressed as conditions precedent must therefore be approached on an individual basis, in the context of the mandatory rules explained above.
The law may be summarised as follows:
- Some conditions precedent are prohibited by mandatory rules. For example, there is a general prohibition on expressing claims conditions as conditions precedent to an insurer's liability. Except in the case of fraud, the only remedy for breach of a claims condition is a claim in damages to the extent that the insurer has suffered prejudice.77
- Some conditions precedent are positively reinforced by mandatory rules. For example, Article 1068 of the CCo contemplates that an insurer may make the payment of premium a condition precedent to its liability.
- Other conditions precedent are not touched upon by the law. If an insurer wishes to impose a condition precedent that does not contravene one of the mandatory rules, Colombian law will not prevent it. An example of a clause falling into this category would be a reasonable precautions clause or an unoccupancy condition.
The law defines a warranty as:
[A] promise by virtue of which the insured is obliged to do or not to do a certain thing, or to comply with a certain requirement, or by which [the insured] confirms or denies the existence of a factual situation.78
To be valid, a warranty must be clearly expressed and indicate an unequivocal intention to impose a strict duty of compliance.
The insurer may rely upon a breach of warranty to terminate the policy from the date of breach, irrespective of its materiality to the risk or the eventual loss.
The integrity of the policy limit
It is important to be aware that claims under insurance policies will often be put at a level that exceeds the limit of indemnity. Two particular arguments are made.
The first is that insureds occasionally seek indexation of the policy limit. For example, if the rate of national inflation is 5 per cent, a policy limit of 500 million pesos issued in 2014 would be worth less than 400 million pesos in 'real' terms by 2020. Since litigation can take several years to resolve, the insured will sometimes ask a judge to make an award that reflects the real value of the original policy limit. This is generally regarded as heresy, and, in 2009, the Supreme Court held that indexation of a premium would involve an illegitimate re-authoring of the policy. However, insurers and reinsurers should be aware of a small number of cases where Colombian courts have allowed the indexation of limits.
A second argument is that the defence costs of an insured under a liability policy are payable in addition to the limit, regardless of the wording of the policy. As mentioned above, the law requires that insurers pay reasonable mitigation costs in excess of the limit,79 and it is said that the costs of defending a third-party claim may be brought within this rule. The courts have yet to make any authoritative pronouncement on this important question.
iv Intermediaries and the role of the broker
There are four types of insurance intermediary: agents, brokers, Bancassurance and correspondents. Agents are contractors or employees of the insurer and act on the insurer's behalf. Unless they are especially large, agents are regulated by the FS as part of the insurer for whom they act. Their precise rights and obligations depend upon the extent of their delegated authority, although all agents have power to collect money, inspect the physical risk and assist in arranging the policy. Some agents have delegated underwriting and claims authority. Increased scrutiny has led the regulator to tighten regulation for agents. As of July 2017, all agents are required to register with the Insurance Intermediaries Registry80 and undertake a training course before they are allowed to offer their services to the public.81
A broker, on the other hand, is formally independent of either party to the transaction. Their role is defined in the following terms:
A broker is a person who, by reason of his special knowledge of the markets, operates as an independent intermediary for the purpose of bringing together two or more persons to enter a commercial contract, without being linked to the parties by way of collaboration, dependency, mandate or representation.82
As a result of this privileged legal status, claims against brokers are rare. Only reinsurance brokers are required to carry professional indemnity insurance.83
Most recently, the FS promoted alternative intermediation methods, including bancassurance, to increase the availability of insurance in the mass market. It also extends to other retailers acting as correspondents with allowances to offer consumer products, such as mandatory vehicle insurance or basic life insurance.84
Code of conduct
All brokers and agents are subject to the same code of conduct that applies to regulated entities in general.85 The specific duties of intermediaries include prohibitions on:
- misrepresenting the scope of cover or the terms of the contract;
- paying commission to the insured;
- interfering with the business of other brokers;
- competing unfairly; and
- acting without instructions.86
A sufficiently serious breach of the code of conduct may result in the intermediary's authorisation being withdrawn.
In exchange for the services rendered, the broker is entitled to a commission, which will be freely determined between the parties and paid by the insurer.87 The commission falls due as soon as the insurance contract is signed.88
The parties to an insurance contract may agree upon whichever rules of notification they choose, subject to two mandatory rules as set out above. First, an insured must be given at least three days from the date of discovery to notify a loss.89 Second, duties of notification cannot be made conditions precedent to an insurer's liability.90
The general limitation period for a claim by an insured against an insurer is two years from the date on which the insured knew or ought to have discovered the facts giving rise to the claim, up to a maximum of five years from the date when the cause of action arose.91 The Controller's Office applies a five-year limitation period based on its own procedural rules.
Good faith and the claims process
The duty of good faith subsists throughout the contract. In the claims context, the duty of good faith is reflected in Articles 1074 and 1079 of the CCo, which oblige the insured to mitigate loss92 and oblige the insurer to meet the reasonable costs of mitigation, even if they exceed the eventual limit of indemnity.93 Save in the case of subrogation,94 the law does not impose on the insured any specific duties to cooperate with their insurers in the defence or adjustment of claims.
In practice, these rules can leave insurers with only limited control of claims. However, if an insured commits bad faith in the claims process, it will forfeit the right to indemnity.95
Claims by parties other than the insured
A liability insurer may be drawn into underlying proceedings in one of two ways. Either a third party with a claim against the insured may bring direct proceedings against the insurer,96 or the insured or a regulator may bring the insurer into litigation by issuing a form of third-party notice known as a 'call-in-warranty'. The Controller's Office has the discretion to draw liability and bond insurers into a form of recovery proceedings as guarantors of their insured's potential liabilities.
In contrast, a reinsurer can be sued only by the reinsured: it is not legitimate for a third party or an original insured or a regulator to bring proceedings directly against a reinsurer.97
Payment of indemnity
After receiving proof of loss, the insurer is legally required to pay the indemnity within a month, failing which interest applies at the punitive moratorium rate.98
However, for policies with a sum insured in excess of a determined threshold (currently US$3.9 million) the payment period can be extended by agreement up to 60 working days.99 If the insurer fails to make payment within the appropriate time, liability for interest is extremely onerous. The moratorium rate is 150 per cent of the commercial lending rate and is sometimes assessed on a compound basis.
Insurers and reinsurers benefit from a general right of subrogation, supported by a positive duty that is imposed on the insured to assist the insurer in pursuing its rights of recovery.100 However, the law imposes certain limitations upon the scope of subrogation rights arising from personal lines insurance. For example, an insurer is not entitled to subrogate against relatives of the insured.101
IV DISPUTE RESOLUTION
i Jurisdiction, choice of law and arbitration clauses
Policies issued in Colombia are subject to the mandatory application of Colombian law and jurisdiction.102 Policies issued outside Colombia may be subject to foreign law and jurisdiction.
The judicial system is divided into four jurisdictions: ordinary, administrative, constitutional and special.103 The roles of the courts follow this division according to subject matter:
- The courts of the ordinary jurisdiction hear commercial, civil, labour, family and criminal cases. This jurisdiction is headed by the Supreme Court. The conduct of proceedings is regulated by the General Procedure Code enacted in 2012 and fully in force since January 2016.104
- The courts of the administrative jurisdiction attend to cases related to the responsibilities of the state or involving state entities or agents, and they exercise judicial supervision over administrative acts and delegated legislation. The highest administrative court is the Council of State and the conduct of proceedings is regulated by the Administrative Procedure Code.105
- The constitutional jurisdiction is overseen by the Constitutional Court, which decides upon the constitutionality of laws and decisions taken by other tribunals.
- Special jurisdictions include tribunals set up for the determination of indigenous rights, the supervision of the judiciary, military functions, and for the enforcement of the peace agreement with the Revolutionary Armed Forces of Colombia.
Insurance disputes may be heard in either the ordinary or administrative jurisdiction, according to the identity of the insured. Cases are heard by professional judges appointed by an independent government agency. Juries are not used in Colombia.
Traditionally, the court system has suffered badly from delays; the World Bank ranks the speed of Colombian justice at 177th in a survey of 190 countries.106 In practice, a commercial case proceeding in the ordinary jurisdiction takes an average of three-and-a-half years to reach a first instance decision. Appeals can add a further three years. Administrative proceedings last substantially longer: it is not uncommon for a case before the courts of the administrative jurisdiction to run for more than a decade. Strikes are common every couple of years; for example, during 2014 and the beginning of 2015, the judiciary went on strike for over 90 days. In 2018, the lower court judges suspended activities on demand for higher salaries and reduced workload.
Commercial cases follow a particular sequence. The typical components of an action before the courts of the ordinary jurisdiction are explained below. This is a detailed explanation because in many respects it is also representative of the procedure followed in domestic arbitration and in the administrative jurisdiction:
- Before a claim is submitted, Colombian law requires the parties to participate in a mediation hearing, which suspends the statute of limitations.107
- If mediation is unsuccessful, the claimant must file a formal complaint108 within the limitation period. If the claim is formally valid, it is admitted by the judge and personal service is made on the defendant. The defendant has 20 days to answer the claim and detail any 'previous exceptions', such as lack of jurisdiction or breach of an arbitration clause.109
- Once the claim has been answered, the judge decides the 'previous exceptions', if any. If the exceptions are successful, the claim is returned to the claimant, otherwise a date is set for the initial hearing.
- Once pleadings have closed, the claimant may amend the pleadings on one occasion only. The defendant has no right to amend other than in response to a complaint by the claimant.
- The pleadings must include reference to any evidence that the party wishes to volunteer as part of its case. By virtue of a legislative reform in 2012,110 parties can adduce their own expert evidence.
- During the initial hearing, the judge makes concrete proposals that are intended to encourage a settlement between the parties. If no agreement is possible, the judge will seek to establish the disputed facts and order the evidence in the case. The types of admissible evidence include statements of the parties, confessions, oaths, witnesses, experts' opinions, judicial inspections, documents, circumstantial evidence and reports.111 The evidence is not limited to material that the parties have requested: judges often order additional factual or expert evidence of their own accord.
- At the initial hearing, the parties may request the other side to disclose documents that are described by category. Disclosure takes place by the order of the judge. There are no developed rules governing legal professional privilege but parties commonly withhold documents containing legal advice on the basis of their constitutional right to a fair trial.
- Witness evidence is usually heard in person, without the use of witness statements. Courts may summon reluctant witnesses with the assistance of the Colombian police. Witnesses based abroad who are unwilling to travel to Colombia can be examined by video conference112 in their local Colombian consulate by a procedure involving letters rogatory. However, this is an intricate process, which can take several months to negotiate.
- If expert evidence is required, the judge will normally appoint a single expert from an official court list. The expert's evidence is received in writing and the cost is met either by the party that requested the evidence or by the parties jointly, as appropriate. Since the General Procedure Code became fully enforceable in 2016, expert evidence may also be received verbally.
- Once the evidence is complete, the case moves to the conclusion hearing, at which the attorneys for each party have 20 minutes to make oral closing statements. The judge will take a decision in the case either immediately or at a separate judgment hearing.
Funding and costs
The costs of proceedings consist of an official tariff, lawyers' fees, and miscellaneous costs such as expert evidence, administrative expenses and witnesses' expenses.
Contingency fees, conditional fees and third-party funding are all permitted by law. The law makes no obvious provision for security for costs.
The judge may order the losing party to pay the winner's fees and legal costs, although the amount is subject to a cap. In the case of commercial disputes, the losing party should not be required to pay more than 20 per cent of the judgment sum in costs.113
Rights of appeal
The law guarantees that judicial decisions have two instances: a first instance decision and a right of appeal.114
An appeal must be notified either orally at the judgment hearing or in writing within three days after service of the first instance decision.115 In exceptional circumstances, a direct right of appeal to the Supreme Court or the Council of State may exist.116
Duration of proceedings
As mentioned above, delays in the court system are a significant and continuing problem. The General Procedure Code states that cases before the courts of the ordinary jurisdiction should take no more than a year to be resolved at first instance and no more than a further six months on appeal.117 It remains to be seen whether this objective will be achieved.
Arbitration is a well-established and relatively sophisticated mechanism of dispute resolution in Colombia. Arbitration clauses can be agreed in consumer contracts if the consumer expressly agrees to submit a dispute to arbitration, although arbitration clauses in standard consumer contracts are likely to be struck down as abusive.
Separate rules apply to domestic and international arbitrations. Both sets of rules are found in Law 1563/2012, which came into force in October 2012. The domestic rules are closely modelled on the procedural rules that apply in the Colombian courts, while the international rules derive from the UNCITRAL Model Law.
Format of insurance arbitrations
The arbitration agreement
The arbitration agreement must be in writing and may be incorporated in the policy as a clause or in a separate document that identifies the parties and the policy to which it applies.118 The parties may also submit an active dispute to arbitration by way of a submission agreement.119
The relevant elements to take into account when drafting an arbitration clause or a submission agreement are as follows:
- whether the arbitration is a domestic or international arbitration and, if the latter, the applicable law and jurisdiction;
- whether the arbitration will be ad hoc or institutional and, if the latter, which arbitration centre should be used;
- the number of arbitrators and the method of appointment; and
- whether the tribunal should decide according to law or equity.
Jurisdiction and choice of law
As indicated, Colombian insurance policies are subject to the mandatory application of Colombian law120 and an arbitration involving a Colombian policy will always be of a domestic nature. For this reason, international arbitrations will mainly be relevant to reinsurers, whose policies may be subject to different jurisdiction and law.121
An arbitration will be international if any of the following conditions are met:122
- at the time of entering the arbitration agreement, the parties had their places of business in different states;
- the matters in dispute relate to international trade;
- a substantial part of the contract is performed outside the state in which the parties have their places of business; or
- the subject matter of the dispute is most closely connected with a place that is outside the state in which the parties have their places of business.
Ad hoc and institutional arbitration
Unless the arbitration agreement provides expressly to the contrary, domestic arbitrations are deemed to be institutional,123 that is to say that they are administered by one of the many arbitration centres that exist across the country. Colombia has more than 100 arbitral institutions, although the majority of domestic arbitrations are heard in the Chambers of Commerce of Bogotá, Medellín, Barranquilla and Cali.
The arbitration centres have convenient locations and a generally high standard of facilities. The costs are generally set by reference to the sum in dispute.
The parties may agree to an ad hoc arbitration, which operates on a different costs scale and can be more cost-effective. However, ad hoc arbitration is not available in disputes involving state entities.124 Moreover, the procedural rules of ad hoc arbitration are the same as those that apply to institutional arbitration.125
For those reasons, the vast majority of arbitrations are carried out on an institutional basis.
Appointment of arbitrators
Unless provided for in the arbitration agreement, the law presumes that three arbitrators will hear a dispute. If the value of the claim is less than US$100,000, it will be heard by one arbitrator.126
In domestic arbitration, each of the arbitrators must be a Colombian-qualified lawyer with a valid practising certificate.127 Party-appointed arbitrators are not permitted, and the parties must agree upon the choice of arbitrators. If no agreement is reached, the parties may delegate the selection to a third party or the arbitration centre, in which case the selection will be made by reference to the centre's list of registered arbitrators.128 Ultimately, the decision may be referred to the civil circuit judge.
International arbitration allows greater flexibility in the selection of arbitrators. Party arbitrators are permitted and the arbitrators may be of any nationality and background.129
Procedural steps of a domestic arbitration
As stated, the format of a domestic arbitration is closely modelled on the general civil procedure explained above. The principal differences are as follows:
- Mediation is not compulsory before the commencement of a claim.
- The process of commencing an arbitration involves some additional steps beyond those that are necessary to commence court proceedings. The arbitration procedure begins with the claimant filing the claim at the chosen arbitration centre or at the defendant's place of business. The claim must be accompanied by proof of the arbitration clause.130 Once the claim is filed and notified to the defendant, the arbitration centre calls the parties for a meeting to appoint the arbitrators. This can be a drawn-out process as both parties look for tactical advantage in the negotiations. After the parties reach an agreement, the arbitrators meet for an installation hearing to nominate the president and appoint a secretary. At the first formal hearing, the arbitrators formally confirm their jurisdiction over the dispute.131
- If the defendant to the arbitration is a state entity, the arbitration centre must notify the Agency for the Defence of the State132 of the existence of the claim.133 The Agency is entitled to intervene in the process as an interested party.
- The arbitrators' fees are fixed during the early hearing when the parties are encouraged to reach a resolution.134
Rights of appeal
The factual determinations of arbitration tribunals cannot be challenged on appeal. However, appeals on points of law can be made in the ordinary or administrative jurisdictions on any of the following grounds:135
- the invalidity or unenforceability of the arbitration award;
- lapse of limitation prior to issuing the claim;
- lack of jurisdiction on the part of the arbitration tribunal;
- the unlawful constitution of the arbitration tribunal;
- the failure of the tribunal to order or collect evidence requested by the parties;
- the failure of the tribunal to clarify the award in response to a question from the parties within the relevant time limits;
- an award that is wrongly based on equity and not rules of law;
- arithmetical errors in the decision;
- the failure of the tribunal to adjudicate solely on the points of dispute; or
- a technical defect in the service of the claim or the appointment of representation.
Some of these grounds are valid only if the appellant raised an objection in good time during the arbitration proceedings.
The procedure to be followed for making an appeal is to ask the tribunal to clarify the perceived errors136 and then to ask the tribunal itself to annul the award137 before approaching the relevant court.138
A party may also petition the Constitutional Court for an order quashing an arbitration award if it feels that the tribunal infringed its rights to a fair hearing.
The arbitrators will determine the fees and expenses of the tribunal in accordance with the amount claimed. The maximum amount allowed by law to be charged by an arbitrator is currently US$260,000 and up to half of this for the secretary's fees.139 In theory, the parties can agree the fees between themselves and inform the arbitrators of what has been decided when they are designated. However, that option is not always open if the list of available candidates is short.
There are additional costs relating to the functioning of the tribunal in an arbitration centre. These are usually a fixed percentage of the sum in dispute. The arbitrators' fees and the sum paid to the centre are subject to a new 2 per cent arbitral tax for the financing of the ordinary courts.140
iv Alternative dispute resolution
Mediation and third-party adjudication are both recognised by law.141 As mentioned in subsection ii, 'Litigation stages', mediation is a mandatory step before accessing the courts. Agreements obtained through alternative dispute resolution (ADR) are binding on the parties and enforceable before a judge.
v Other forums
Insurance disputes may also be heard before the Controller's Office, which has discretion to adjudicate on matters involving negligent or fraudulent misconduct on the part of public and private entities or individuals trusted with the management of public funds.
If it has grounds to suspect that public funds have been misused, the Controller's Office may pursue a recovery action, known as a fiscal liability proceeding (FLP), against any relevant entity or individual. It does not impose fines or penalties but seeks restitution, hence its relevance to insurers: not only does an investigation trigger defence costs but awards against individual or corporate entities may attract indemnity under D&O insurance, professional indemnity insurance, crime or bond policies. Insurers are frequently called to FLP proceedings to guarantee the obligations of their insureds.142 The Controller's Office has no jurisdiction over insurers based abroad or reinsurers.143 Insurers have the same rights of defence as their principals. The Controller's Office has its own procedural rules, set out in Law 610/2000. They involve a two-stage process whereby the Controller's Office first carries out an audit and later presents charges via FLP proceedings. A final decision must be reached within five years of commencement of the FLP144 (overriding the usual Colombian rules of limitation) and payment becomes enforceable within five days of a final decision. Liability is commonly imposed on a joint and several basis among the principals, and severally across their insurers. Policy limits tend to be observed but little regard is given to the policy wording or the nature of the cover. For example, it is not uncommon to see various claims-made policy periods involved on the basis that the irregularities occurred for a prolonged period of time.
The decisions of the Controller's Office may be challenged through judicial review before the administrative jurisdiction. In the event of a successful judicial review, any amounts paid to the Controller's Office will be returned.
V YEAR IN REVIEW
The most significant feature of 2018 was the accession of Colombia to the Organisation for Economic Co-operation and Development in May, making the country more attractive for foreign investment.145 One of the conditions to enter the organisation was to demonstrate the necessary conditions to increase insurance penetration. Also in May, the FS established a regulatory sandbox to test new financial and insurance products and services that can be accessed by incumbent and new market entrants.146 In June 2018, the FS issued the Cybersecurity Circular, which imposes strict cybersecurity requirements to financial institutions and companies with online businesses.147 The Ministry of Agriculture issued Decree No. 2458 of 28 December 2018, which sets out the basic rules for parametric insurance for crops.
The insurance market has continued to grow despite deceleration of the economy owing to the uncertainty created by the general elections. The internal regulatory regime continues gearing up to face international shocks through strict capital and reserving rules, and the gradual implementation of risk-based regulation as set out by international organisations.148 The regulator has also simplified the procedures for consumers to file complaints online.
The local insurance market has benefited from increased competition from local and foreign companies, and abundant reinsurance options. However, industry profitability has been under constant pressure because of competition and local currency devaluation. Market consolidation continued to take place during 2018. Zurich, which entered the market in 2016 from a standing start, acquired QBE's operations in Latin America; in March 2018 US insurer BMI was authorised to offer life and health insurance; Bupa signed an agreement with Seguros Bolívar to offer international health insurance plans;149 Seguros Santalucia from Spain entered into an alliance with a local player to offer funerary and health insurance; China Minsheng Group international purchased the operations of Old Mutual in Colombia; the FS authorised Youse, a joint venture by French insurer CNP Assurances and Caixa Seguridade from Brazil, as the first online insurer in Colombia offering mandatory insurance and other consumer products;150 and HDI started operating after acquiring Generali's business in 2017.
The stability of compulsory vehicle liability insurance is seriously compromised as a result of chronic evasion, fraud and high accident rates on Colombian roads. This line of business represents approximately 13 per cent of total premiums in the market; however, it could be almost US$900 million higher because of the current evasion rate of 42 per cent and an exponential increase in losses in certain regions. Insurers are seeking a change in the regulation to allow for more flexibility in the pricing of this type of insurance.
The rate of growth of 4.9 per cent in premium sales was led by commercial and regulated lines (6.6 per cent), and life and health insurance (3.3 per cent).151
VI OUTLOOK AND CONCLUSIONS
On a technical level, the main areas of focus in 2019 and beyond are likely to be:152
- the continued efforts of the FS to meet international standards and consolidate risk-based supervision methodologies through the gradual implementation of EU Solvency II regulations and International Financial Reporting Standards;153
- pension and social security reform will be high on the agenda of the new government to reduce the impact of social spending on the public budget and increase individual savings;
- cost standardisation of payments under the mandatory vehicle insurance (SOAT) to reduce fraud and a mandatory third-party liability insurance in addition to SOAT;
- delegated legislation for the implementation of the mandatory building insurance;
- widening of the consumer base and financial inclusion of the lower-income population and remote areas of the country previously inaccessible owing to the internal conflict;
- the 2019 government budget for agriculture insurance has increased by 128 per cent from US$15.2 million to US$27 million;154
- implementation by financial institutions and online businesses of the new cybersecurity requirements (see Section V) will prompt businesses to request cyber insurance; and
- professional indemnity and product liability will be highly important for Colombian small and medium-sized enterprises as they continue to grow in line with the general economy and start competing in global markets.
Commercially, the challenge remains to persuade Colombian consumers that insurance is more than a luxury.155 Insurers, intermediaries and the government are working hard to raise the profile of consumer rights, highlight the advantages of insurance cover, and implement technological solutions to facilitate claims and the purchase of insurance. It is estimated that, currently, only 30 per cent of Colombian households have non-mandatory products.156
In the meantime, the market continues on its upward curve, fuelled by a combination of growth in areas such as personal lines, professional indemnity and the insurance of major one-off infrastructure projects already underway.
The Colombian market is still dominated by compulsory insurance, workers' compensation and life insurance, which will continue to grow with the increase of formal employment. Although commercial lines are relatively undeveloped, liability and construction are significantly outperforming other sectors of the market. The constant expansion of compulsory insurance requirements is a major source of business for the sector, including commercial lines such as building guarantees and other sorts of construction insurance. New trends include lines such as fintech and the digital economy. Cyber coverage will likely be an important source of business in the next few years; according to reports, Colombia is the country with the most ransomware attacks in Latin America with reported losses in 2017 of US$65 million (non-reported losses are estimated to be higher).157
The insurance sector will continue to benefit from stable economic growth, and it is expected to outpace the general economy.
1 Neil Beresford is a partner, Raquel Rubio is a senior associate and Andrés García is an associate at
Clyde & Co LLP.
2 Ministry of Finance and Public Credit, press release, 27 December 2018.
3 For example, the adoption of International Financial Reporting Standards and Law 1870 of 21 September 2017, which regulates the regulation and supervision of financial conglomerates.
4 Article 325, Decree 663/93 EOSF.
5 Decree 663/1993, EOSF.
6 Articles 39 and 108, EOSF.
7 Article 108.3, EOSF.
8 Article 39, EOSF.
9 Article 53, EOSF.
10 Articles 80 and 81, EOSF.
11 Article 184.108.40.206.1, Decree 2555/2010.
12 Title IV, Part 2 of External Circular 029/2014.
13 Article 186, EOSF and Title 1, Chapter 2, Book 31 of Decree 2555/2010 (as modified by Decree 2954 of 2010).
14 Articles 65 and 66, Law 1328/2009.
15 Article 61, Law 1328/2009.
16 Chapter V, Title II of Part I of External Circular 029/2014.
17 Article 74, Law 1450/2011.
18 Chapter IV, Title II of Part I of External Circular 029/2014.
19 Agricultural Insurance Incentive, https://www.finagro.com.co/incentivo-al-seguro-agropecuario-isa.
20 Article 94, EOSF.
21 Chapter III, Title II of Part I of External Circular 029/2014.
22 The list is specified in Article 220.127.116.11.4, Decree 2555/2010.
23 External Circular No. 20 of 3 October 2018, which creates Articles 18.104.22.168, 22.214.171.124 and modified Article 3.1 of the Basic Legal Circular.
24 Article 1351, Commercial Code.
25 Article 1347, Commercial Code.
26 Article 44.1, EOSF.
27 Article 126.96.36.199.3, Decree 2555/2010, modified by Decree 2123 of 2018.
28 Chapter III, Title IV of Part II of External Circular 029/2014.
29 Article 53, EOSF.
30 Article 72, EOSF.
31 Article 184.1, EOSF.
32 Article 184.4, EOSF.
33 Article 188.8.131.52.4, Decree 2555/2010.
34 Law 1796 of 2014 and Article 127, Law 1801 of 2016.
35 Articles 8 and 13, Law 1328/2009.
36 See Article 57, Law 1480/2011 and Article 24, Law 1564/2012.
37 Article 56, EOSF and Article 184.108.40.206.4, Decree 2555/2010, Ministry of Finance and Public Credit.
38 Article 88, EOSF.
39 See Articles 58 and 88.1, EOSF.
40 Article 230, Colombian Constitution.
41 Article 1036 et seq. for non-marine, Article 1703 et seq. for marine and Article 1900 et seq. for aviation insurance.
42 Laws 1328/2009 and 1480/2011.
43 Article 1083, Commercial Code (CCo). With the exception of one's own life in cases of life insurance (Article 1137).
44 Supreme Court, decision of 21 March 2003, exp. 6642, magistrate César Julio Valencia Copete.
45 Article 1054, CCo.
46 With the exception of liability insurance (Article 1127, CCo).
47 Article 1055, CCo.
48 Article 1058, CCo.
49 Article 1060, CCo.
50 Article 1065, CCo.
51 Article 1046, CCo as amended by Article 3, Law 389/1997.
52 Article 1047, CCo as amended by Article 2, Law 389/1997.
53 Article 1048, CCo.
54 Articles 7 and 9 to 12, Law 1328/2009 and Articles 9 and 10, Chapter 6, Title 1 of External Circular 007/1996.
55 Article 822, CCo.
56 Article 1618, Civil Code.
57 Article 1624, Civil Code.
58 Supreme Court, decision of 27 August 2008, exp. 1997-14171. Magistrate William Namén Vargas. See also Article 34, Law 1480/2011.
59 Law 610 of 2000 and Law 1474 of 2011.
60 The rules made mandatory by the Commercial Code are listed in Article 1162.
61 Article 899, CCo.
62 Article 1058, CCo.
63 Article 1064, CCo.
64 Article 1091, CCo.
65 Article 1068, CCo. Note that different rules are applicable to life insurance policies, pursuant to
Article 1151, CCo.
66 Article 1065, CCo.
67 Article 1093, CCo.
68 Article 1071.
70 Article 1078, CCo.
71 Article 1075, CCo.
72 Article 1092, CCo.
73 Article 1078, CCo.
74 Article1080, CCo, although Article 185.1, EOSF provides that the period can be extended by agreement up to 60 working days provided that the insured is a company and the sum insured exceeds approximately US$4.5 million.
75 Articles 1074, 1079 and 1089, CCo.
76 Article 1131, CCo.
77 Article 1078, CCo.
78 Article 1061, CCo.
79 Articles 1074, 1079 and 1089, CCo.
80 Circular No. 50 of 28 December 2015.
81 Section 7, Chapter II, Title IV, Part II of Circular 029 of 2014. As modified by Circular No. 50 of 2015.
82 Article 1340 CCo.
83 Article 220.127.116.11.4 of Decree 2555/2010.
84 Articles 18.104.22.168.17 and 22.214.171.124.78 of Decree 2555 of 2010 as modified by Decree 2123 of 2018.
85 Article 72, EOSF.
86 Article 207.3, EOSF.
87 Article 126.96.36.199.4, Decree 2555/2010.
88 Article 1341, CCo.
89 Article 1075, CCo.
90 Article 1078, CCo.
91 Article 1081, CCo.
92 Article 1074, CCo.
93 Article 1079, CCo.
94 Article 1098, CCo.
95 Article 1078, CCo.
96 Article 1133, CCo.
97 Article 1135, CCo.
98 Article 1080, CCo.
99 Article 185.1, EOSF.
100 Article 1096, CCo.
101 Article 1099, CCo.
102 Article 869, CCo.
103 Article 11, Law 270/1996.
104 Law 1564/2012. Implemented through agreement PSAA1510442 of the Judicial Branch Administrative Council.
105 Law 1437/2011.
106 World Bank Group, Doing Business 2019, Colombia, http://www.doingbusiness.org/en/data/exploreeconomies/colombia#DB_ec.
107 Article 35, Law 640/2001. A similar requirement now applies in many administrative cases by virtue of Law 1285/2009 and Law 1437/2011.
108 Articles 82 to 84, Law 1564/2012.
109 The content of the answer is determined by Article 96, Law 1564/2012.
110 Article 227, Law 1564/2012.
111 Article 165, Law 1564/2012.
112 Articles 171 and 182, Law 1564/2012.
113 Agreement 1887/2003 (modified by Agreements 2222/2003 and 139943/2013).
114 Article 9, Law 1564/2012.
115 Article 322, Law 1564/2012.
116 For the ordinary jurisdiction, see Article 333–351, Law 1564/2012. For the administrative jurisdiction, see Law 1437/2011.
117 Law 1395/2010 and Article 121, Law 1564/2012.
118 Article 4, Law 1563/2012.
119 Article 6, Law 1563/2012.
120 Article 869, CCo.
121 Articles 92 and 101, Law 1563/2012.
122 Article 62, Law 1563/2012.
123 Article 2, Law 1563/2012.
124 Article 2, Law 1563/2012.
125 Article 57, Law 1563/2012.
126 Articles 2 and 7, Law 1563/2012.
128 Article 8, Law 1563/2012.
129 Article 73, Law 1563/2012.
130 Article 12, Law 1563/2012.
131 Article 30, Law 1563/2012.
133 Article 12, Law 1563/2012.
134 Article 25, Law 1563/2012.
135 Article 41, Law 1563/2012.
136 Article 39, Law 1563/2012.
137 Articles 40 to 43, Law 1563/2012.
138 Article 45, Law 1563/2012.
139 Article 26, Law 1563/2012.
140 Articles 16 to 22, Law 1743/2014.
141 Decree 1818/1998.
142 Article 44, Law 610 of 2000.
143 Article 1135, CCo.
144 Article 9, Law 610 of 2000.
146 'Superfinanciera lanza un espacio para el desarrollo de Fintech', Portafolio, 25 April 2018,
https://www.portafolio.co/negocios/superfinanciera-lanza-un-espacio-para-el-desarrollo-de-fintech-516613. Two tests have been carried out in the sandbox and five are being developed to be tested. None of the applicants have been insurance-related.
147 Circulars 29, 42 and 25 and Cybersecutiry Circular SFC 007 of 5 June 2018.
148 Organisation for Economic Co-operation and Development, Association of Supervisors of Banks of the Americas, International Organization of Securities Commissions, Financial Stability Board and International Association of Insurance Supervisors. Decree 2973/2013, modifying Decree 2555/2010. Ernst and Young, 2017, Latin American Insurance Outlook, https://www.ey.com/Publication/vwLUAssets/ey-2017-latin-american-insurance-outlook/$FILE/ey-2017-latin-american-insurance-outlook.pdf.
149 'Aseguradoras internacionales siguen llegando a Colombia', Portafolio, 20 August 2018,
150 'Superintendencia Financiera dio autorización a nueva firma de seguros100% digital', La República, 2 October 2018, https://www.larepublica.co/finanzas/superfinanciera-financiera-dio-autorizacion-a-nueva-firma-de-seguros-de-100-digital-2777311.
151 Fasecolda, Presentation of Industry Figures, 2018. http://www.fasecolda.com/files/5615/5197/7910/Cifras_diciembre_2018.pdf.
152 'Agenda de la Industria Aseguradora para el Gobierno Entrante', Fasecolda Magazine,
155 Eafit University, 'Razones para que en Colombia se vendan pocos seguros', 31 January 2018.
156 FS, Fasecolda and Banca de Oportunidades, Estudio de Demanda de Seguros, 2018,
157 'Colombia, el país con más secuestro de datos en América Latina, según reporte', Dinero,