Governance, Risk and Compliance - The Colombian Insurance Industry

2019-11-08
Price :
Published : Nov-2019
No. of Pages : 67
Table of Contents
1 INTRODUCTION
1.1 What is this Report About?
1.2 Definitions
2 GOVERNANCE, RISK AND COMPLIANCE
2.1 Legislation Overview and Historical Evolution
2.2 Latest Changes in Regulation
2.3 Legislation and Market Practice by Type of Insurance
2.3.1 Life insurance
2.3.2 Property insurance
2.3.3 Motor insurance
2.3.4 Liability insurance
2.3.5 Marine, aviation and transit insurance
2.3.6 Personal accident and health insurance
2.4 Compulsory Insurance
2.4.1 Motor third-party liability insurance
2.4.2 Workers' compensation insurance
2.4.3 Professional indemnity insurance for reinsurance brokers
2.4.4 Personal accident insurance for passengers of public vehicles
2.4.5 Liability insurance for Colombian Stock Exchange brokers
2.4.6 Liability insurance for ships with respect to oil pollution
2.4.7 Compulsory insurance for marine and fluvial transit
2.4.8 Civil liability insurance of liquid fuels and gases
2.4.9 Ecological insurance for producers of dangerous goods
2.4.10 Personal accident insurance for taxi drivers
2.5 Supervision and Control
2.5.1 International Association of Insurance Supervisors
2.5.2 Association of Insurance Supervisors Latin America
2.5.3 Financial Superintendence of Colombia
2.5.4 FederaciĆ³n de Aseguradores Colombianos (Fasecolda)
2.6 Non-Admitted Insurance Regulations
2.6.1 Overview
2.6.2 Intermediaries
2.6.3 Market practices
2.6.4 Fines and penalties
2.7 Company Registration and Operations
2.7.1 Type of insurance organization
2.7.2 Establishing a local company
2.7.3 Foreign ownership
2.7.4 Types of license
2.7.5 Capital requirements
2.7.6 Solvency margin
2.7.7 Reserve requirements
2.7.8 Investment regulations
2.7.9 Statutory return requirements
2.7.10 Fee structure
2.8 Taxation
2.8.1 Insurance premium or policy taxations
2.8.2 Withholding taxes on premium paid overseas
2.8.3 Corporate tax
2.8.4 VAT
2.8.5 Captives
2.9 Legal System
2.9.1 Introduction
2.9.2 Access to court
2.9.3 Alternative dispute resolution (ADR)
3 APPENDIX
3.1 Methodology
3.2 Contact GlobalData
3.3 About GlobalData
3.4 GlobalData's Services
3.5 Disclaimer

List of Tables
Table 1: Insurance Industry Definitions
Table 2: Colombia - Insurance Regulatory Framework Key Features
Table 3: Colombia - Life Insurance Regulatory Framework
Table 4: Colombia - Property Insurance Regulatory Framework
Table 5: Colombia - Motor Insurance Regulatory Framework
Table 6: Colombia - Liability Insurance Regulatory Framework
Table 7: Colombia - Tariff Rates for SOAT (2019)
Table 8: Colombia - Ratings Required For Registration Of Reinsurance Business
Table 9: Colombia - Corporate Tax Rates for the Financial Year 2019

List of Figures
Figure 1: Colombia - Insurance Supervision and Control at Various Levels
Figure 2: Colombia - Insurance Regulatory Frameworks for Company Registration and Operation
Filed in: Banking & Finance
Publisher : GlobalData