Keywords
debtais
default
insolvency
guarantee
credit insurance
financial insurance
How to Cite
Abstract
The official opinion with respect to the legal viability of a product in which an
insurance company agrees to grant a policy for guaranteeing a credit financial
entity against the default of its debtor, its contained in the Concept 1999002103-1 issued by the Colombian Superintendency of Banks, dated as of February 18th,1999. Pursuant to the aforementioned concept, insurance policies that cover debtor’s insolvency are prohibited in Colombia. In this paper we analyze the opinion of the Superintendency of Banks (currently, Financial Superintendency), taking into consideration the legislative background of credit insurance products in Colombia, to conclude that insurances guaranteeing debtor’s insolvency in credits granted by financial entities are legally permitted pursuant to Colombian Regulation.
In view of the above, we propose a comparative analysis of financial credit
insurance with respect to other products that are intended to protect creditors´
economic interests and that may be similar to the above-indicated insurance. In
such way, this paper aims to provide a general overview, in order to establish if
the proposed scope of the financial credit insurance may be addressed to attend
segments of the market currently unattended by the publicly available products.
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