Insuralex Colombian NewsFlash: Finance Superintendence authorized reinsurance underwriting agencies
Brigard Urrutia, Insuralex Colombian announcement:
By means of Directive 020 dated October 3rd, 2018, the Finance Superintendence of Colombia (SFC) authorized the foreign reinsurers registered before the Registry of Foreign Reinsurers and Reinsurance Brokers – REACOEX – to act in the Colombian market through underwriting agencies.
For this purpose, foreign reinsurers must submit to the SFC certain information of the authorized underwriting agencies and keep it updated, under penalty of their registry cancellation in the REACOEX.
Furthermore, underwriting agencies that are authorized in their country of origin to act as reinsurance brokers, shall apply for registration in the REACOEX as a foreign reinsurance broker.