The Financial Superintendence of Colombia (SFC) initiated the publication of some results of supervision actions with the impact on the financial consumer.
(Read: the criteria to identify a ‘poor’ person in Colombia, according to the DANE).
Through these actions, The entity seeks to raise the standards of fair treatment for users.
This first content is related to insurance that is marketed under the scheme of “Banaseguros”, in which credit establishments and insurers share the same channel.
Findings
As a result, 10 behaviors were identified that affect consumers of insurance products, among which are the collection of premiums and the linking or renewal of policies without the user having previously requested or authorized; The inadequate information supply to prevent early cancellations by the insurance buyer, as well as the completion of the request for insurance or declaration of insurance by the commercial advisors, without having provided adequate information about the conditions of the financial consumer insurance .
(Also: public order, safety and humanitarian aid, the axis of the Decree of Interior shock).
Orders
Consequently, from the SFC the suspension of abusive practices consisting of initiating or renewing a policy without express request or authorization and its consequent collection was achieved; condition access to one product with the acquisition of another not necessary; Diligenciate insurance requests from the commercial force and not allow unilateral cancellation within the first 90 days of entry into force of the policy.
Other actions that They were derived from the findings made were the verification of the sales made by the telephone channel and the return of premiums charged by supposedly mandatory policiesas well as the strengthening of controls to guarantee the supply of clear, complete and timely information to financial consumers by credit establishments that market insurance policies, among others.
Where to consult the guide
It should be noted that the contents derived from this type of supervision exercises may be consulted on the institutional website www.superfinanciera.gov.co entering the blue button monitored and then in the section “Thematic reviews”.
(Here: Government issued Decree of Internal Shock for the crisis in the Catatumbo).
TECHNICAL SHEET: The supervision exercise carried out between 2022 and 2024 focused on life insurance products (personal accidents, life debtor group and individual life) and general insurance (subtraction, home and unemployment), by obtaining travel tests, requirements of Information, review of the root causes that generate consumers’ disagreements through random sampling, as well as pronouncements of financial consumer defenders, directive joints, senior management and control bodies.
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