The Superintendency of Finance ordered Sinapsis Trading Colombia S.A.S. and Compañía de Créditos y Afianzamiento Crediafianzar S.A.S. to immediately suspend the activities related to insurance contracts for which they did not have prior authorization from such Superintendency. The former company offered wrap of luggage and compensation in case of damage or loss; the latter offered issuance of surety insurance policies (seguros de cumplimiento) and tort liability insurance policies under the heading of “Unique guarantee surety contract for State entities and damages to third parties”. In both cases, the Superintendency analyzed the nature of the services provided and concluded that they were insurance operations for which they were not authorized to perform. Under this argument, the Superintendency ordered the progressive and rapid liquidation of the operations illegally performed by both companies.

Superintendency of Finance: Resolution 667, May 15, 2012 and Resolution 982, 28 June, 2012.