Governance, Risk and Compliance – The Colombian Insurance Industry

Date: 2015-12

“• The Colombian insurance industry is regulated by the Financial Superintendence of Colombia.

• Non-admitted insurance is prohibited in Colombia but there are few exceptions.

• A free trade agreement between 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.”

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