Colombia: Lloyd's representative office approved - Further guidance
The Colombian regulator, Superintedencia Financiera de Colombia (SFC), has approved Lloyd’s application to open a general representative office in the country.
Lloyd’s has been registered as a foreign reinsurer with the Colombian authorities since 1999 which enables Lloyd’s underwriters to write reinsurance from Colombia (i.e. on a cross-border basis). With Resolución 917/2015 , the SFC has granted Lloyd’s the authorisation to establish a representative office for foreign reinsurers in Colombia (oficina de representación de una entidad reaseguradora del exterior).
This umbrella authorisation for the representative office enables Lloyd’s managing agents to appoint individuals as their delegates locally in Colombia. Most of those local delegates will hold pure business development functions and will focus on marketing and promotion in Colombia. Some managing agents may, however, decide to grant underwriting authorities to their local delegates which will enable them to bind risks on behalf of the managing agent locally. Especially with regards to the latter case, Lloyd’s strongly recommends all managing agents to engage with local legal representation to establish their tax position and other potentially compulsory legal steps.
As a condition to the authorisation to open the representative office, the SFC mandates local delegates to co-locate with the Lloyd’s general representative office in the capital, Bogotá. A preliminary office space has been secured (see address below) and Lloyd’s plans to provide a permanent location by mid-2016.
Juan Carlos Realphe G. has been appointed as Lloyd’s first General Representative in Colombia to head up the representative office and support Lloyd’s managing agents in developing their business in Colombia.
Prior to their appointment, managing agents’ local delegates must be approved by Lloyd’s centrally. Applications will be reviewed by Lloyd’s Delegated Authorities department, in consultation with Lloyd’s General Representative. The applicant will be interviewed by the Head of Delegated Authorities prior to Lloyd's approval. It is further required to register appointed local delegates with the SFC which will be undertaken by Lloyd’s Colombia as part of the internal approval process.
Contact details of Lloyd’s General Representative Office in Colombia:
Floors 5, Urban Plaza Building
90 Street No. 11- 13
Urban Plaza Complex