Colombia: Lloyd's authorised for MAT
In addition to existing reinsurance trading rights, Lloyd’s underwriters are now authorised to write marine, aviation and transport (MAT) insurance business from Colombia.
Following extensive collaboration and liaison with the Colombian insurance regulator, Lloyd’s has now concluded a process to register to write marine, aviation and transport (MAT) insurance business from Colombia, this registration had immediate effect from 25 April 2014.
Lloyd’s underwriters are not permitted to appoint coverholders in Colombia at present so this business must be written cross-border, although non-Colombian domiciled coverholders may utilise Lloyd’s registration.
Please see Market Bulletin Y4797 for further details.
The liberalised Colombian regime permits foreign insurers, such as Lloyd’s, to offer insurance products associated with international maritime transport, international commercial aviation, and space launch and transportation (including satellites), that may cover risks in relation to:
- Loss, damage and liability in respect of both goods being transported (including international transit), and the vehicle transporting the goods;
- Space launch, space transportation, satellites; and
- Terrorism related risks in respect of the above.
Activities performed by port authorities, port operators and freight forwarders cannot be insured under this registration.
In addition to the above, Lloyd’s underwriters are already authorised to write all reinsurance classes from Colombia. For further information on Lloyd’s trading rights, please refer to Crystal.
Colombia has been identified as a priority market as part of Vision 2025 and Lloyd’s will continue its efforts to improve its local trading rights in this and other fast growing markets.
If you require additional information or wish to discuss this matter in more detail, please contact LITA:
Lloyd's International Trading Advice
Primary point of contact for advice and information on Lloyd's trading status worldwide.