In order to comply with its free trade agreement with the United States, the Colombian legislature recently passed legislation revising various provisions of the nation’s insurance laws so as to allow certain cross-border insurance activities. As of the date of this post, the legislation still awaits the President’s signature, at which point it will immediately enter into effect.

Title VII (“De La Liberalizacion Comercial en Materia de Servicios Financieros”) of the new Ley No. 282 de 2008 (“Por El Cual Se Dictan Normas En Materia Financiera, De Seguros, Del Mercado De Valores Y Otras Disposiciones”) substantively modifies Article 39 of the Estatuto Organico del Sistema Financiero to permit certain cross-border insurance activities and further amends the language of various other provisions of the financial laws to conform thereto.

For a copy of the legislation, please click here.