In Circular Letter 028 of 2012, the Superintendency of Finance reminded insurers of their obligation to supply comprehensible information and transparent, clear, true and timely advertising regarding the products and services they provide in relation to health insurances. Before the execution or renewal of the insurance contract, consumers must be informed of: (i) the price, (ii) the reasons and (iii) the events on which rate changes are based, among other obligations. Breach of the duties set forth in Law 1328 of 2009, Law 1480 of 2011 and External Circular Letter 38 of 2009 (unfair clauses and practices) will result in the penalties set forth in articles 208 and 209 of the Organic Statute of the Financial System.

Superintendency of Finance of Colombia. Circular Letter 28. April 24, 2012.