Canada    FinTech Guide    Chapter 13    Colombia

13. InsurTech
Colombia  Colombia

Social and political climate regarding online insurance activity is positive as individuals are getting used to online banking and this trend would most likely be followed by InsurTech.

Legal Affairs

InsurTech services have not been specifically regulated in Colombia. Thus, the general regulation for insurance activities applies to InsurTech.

Insurance brokers do not need an authorization to operate from the Colombian Finance Superintendence . Yet, they must register themselves with such Superintendence.

On the other hand, insurance companies require an authorization from the Colombian Finance Superintendence . Insurance companies must comply, in general, with the following requirements to obtain the relevant an authorization from the Colombian Finance Superintendence:

  • Company´s by-laws which state the company´s social objective to provide insurance services.
  • A certificate stating the amount of capital they hold correspond to at least a sum of COP$ 7.861.000.000 (approx. 3 million USD).
  • CV of the administrators that allows the Superintendence to see the responsibility and suitability of the person.
  • A feasible study of the company that must have the technological and administrative infrastructure that will be used to develop the social object.

Economic Conditions

There are no official figures as to online insurance activity. Yet, FASECOLDA (the insurers guild) issued the following chart which shows the growth of insurance industry between May 2018 and May 2019: (this chart shows the amounts in COP, 1 USD = 3206 COP):

A study published by the Banca de Oportunidades, Fasecolda and the Colombian Financial Superintendence 2018, stated that 90.3% of Colombian households have some type of protection or insurance scheme against risks.

Contributing Authors

Parra Rodríguez Abogados S.A.S.

Alvaro Parra Gómez
Bogota, Colombia

Bernardo Rodríguez Ossa
Bogota, Colombia

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Chapter Index:

1. Payment Services / Mobile Payment

2. Asset and Portfolio Management

3. Consulting and Broking Services / Robo-advisory / Auto-trading

4. Trading Platforms / Social Trading Platforms / Signal Following

5. Crowdfunding / Crowdinvesting / Crowdlending

6. Virtual Currency - Bitcoin

7. Loan Services / Factoring / Loan Broking / Finetrading

8. Online Banking Services

9. Analytics and Research / Data Management / Risk Management

10. Accounting

11. Identification

12. Online-pawning

13. InsurTech

14. RegTech

15. Initial Coin Offerings (ICOs)

The information in this guide provides a general overview at the time of publication and is not intended to be a comprehensive review of all legal developments nor should it be taken as opinion or legal advice on the matters covered. It is for general information purposes only and readers should take legal advice from a Multilaw member firm.

Publication Date: 1 August 2019