15 May SFC – Convergence to international solvency standards in the Insurance Industry
May 15, 2020 – The SFC issued External Circular 018 through which it establishes modifications to the current regulation regarding the patrimonial regime of insurance entities, with the objective of converging to international solvency standards. Therefore, the Regulator established measures in relation to the treatment of extreme claims and the components of the technical heritage, as well as the creation of a specific format for these effects, that is, report 407 (Proforma F.3000-94 ” Declaration of the control of adequate equity law – Insurance ”).
Jurisdictions affected: Colombia
For more information, visit Superintendecia Financiera de Colombia.