Insurance Lawyers in Colombia

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Insurance lawyers in Colombia

The insurance contract is the one in which the insurance company undertakes to pay an indemnity to the policyholder in the event of a loss or event covered in the policy contracted.

The policyholder, in turn, is obliged to pay a premium to the insurance company.

The regulation of insurance law in Colombia is found in Law 45 of 1990, which establishes the bases of the insurance contract and the obligations of the parties.

There are also other complementary rules that regulate specific aspects of the insurance contract, such as Law 1480 of 2011, which establishes consumer protection rules in contractual relations, and the Code of Commerce, which regulates marine and transport insurance.

In Colombia, insurance companies must obtain prior authorization from the Superintendencia Financiera de Colombia to operate in the insurance market.

The Superintendency is the agency in charge of supervising and controlling the insurance market, ensuring the protection of consumer rights and market stability.

How do I make an application?

Regarding the application for insurance, the policyholder may apply to an insurance company for a policy to cover a certain risk.

The insurance company, in turn, evaluates the risk and establishes the policy conditions, including the amount of the premium and the coverages offered.

In the event of a claim, the policyholder must notify the insurance company, which will initiate the process of evaluation and verification of the claim.

If it is determined that the event is covered by the policy, the insurance company must pay the corresponding indemnity to the policyholder.

A lawyer is not required for this process.

However, having a specialized insurance lawyer can be of great help in making sure that all the necessary requirements and procedures for filing a claim and defending the insured’s rights in the event that the insurance company does not fulfill its obligations are fulfilled.

In Colombia, there are law firms such as Servicio Legal SAS, which are specialists in insurance law.

In conclusion

Insurance law in Colombia regulates the relationship between the insurance company and the policyholder within the framework of an insurance contract.

Regulation is found in Law 45 of 1990 and other complementary norms, and the Financial Superintendency of Colombia is in charge of supervising and controlling the insurance market.

Taking out insurance involves paying a premium and obtaining a policy that covers a certain risk, and in the event of a claim, the insurance company must pay the corresponding indemnity.