Supreme Court and the insurers’ duty of due diligence

In a recent 2025 judgment, the Colombian Supreme Court of Justice (hereinafter, the “SCJ”) ruled on a constitutional proceeding (acción de tutela) filed against a second-instance decision issued by the Civil Chamber of the Bogotá Superior Tribunal. The dispute arose from an insurer’s refusal to pay the indemnity under a group debtor life insurance policy,
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What does the SFC say about coverholders registered in REACOEX?

Colombian regulator clarifies rules for foreign reinsurers’ underwriting agencies (coverholders) In a legal opinion issued in May 2025, the Colombian Superintendence of Finance (the “SFC”, for its acronym in Spanish) addressed the applicable regulations and the permitted activities of underwriting agencies acting on behalf of foreign reinsurers registered in Colombia. Below are some of the
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Insurers’ duty of due diligence to verify the nature of the risk

Insurers’ duty of due diligence to verify the nature of the risk In a recent ruling issued in 2025, the Colombian Constitutional Court (hereinafter, the “Court”) ruled on key aspects of life insurance and reiterated certain principles relevant to the insurance sector. Specifically, the Court addressed the scope of insurers’ duty of due diligence during
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Indemnity under performance bond insurance for loss of opportunity

In a recent 2025 ruling, the Council of State (the “CS”) clarified that, for an insured party covered under a performance bond to claim compensation for loss of opportunity, it is necessary to prove both the amount of the loss and the occurrence of actual damage. A public entity, as the insured under a performance
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Streamlining Environmental Permitting is Part of White House AI Action Plan

The Takeaway A cornerstone of the White House’s new AI Action Plan is to remove regulatory barriers and streamline environmental permitting for the infrastructure needed to implement the Plan. Overall Goals of the Plan On July 23, 2025, the White House released its new AI Action Plan. The purpose of the Plan is clear from
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Bancassurance: Bank sanctioned for breach of duty of due diligence

In a recent 2025 sanction, the Colombian Financial Superintendence (the “SFC”, for its acronym in Spanish) imposed a penalty on a bank for deficiencies in the management and safekeeping of insurance declarations in group life insurances associated with credit products offered by the bank. Background The sanction arose from an inspection by the SFC conducted
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California Supreme Court enforces forum selection clauses

Businesses often include forum selection clauses in contracts, which restrict where the parties to the contract may sue each other. California has a strong public policy in favor of the right to a jury trial. Earlier this week the California Supreme Court held that just because there was no right to a jury trial in
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Colombia enacted Law 2475 to guarantee the inclusion and non-discrimination of cancer survivors

On July 9, 2025, Colombia enacted Law 2475, which (i) seeks to guarantee the inclusion and non-discrimination of cancer survivors within the framework of insurance contracting, and (ii) modifies Article 1058 of the Commercial Code. The new law introduces the following relevant changes for the insurance sector: 1. Exception to the duty to disclose the
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New Corporate Governance Rules in the Insurance Sector

The Superintendence of Insurance and Reinsurance of Panama recently approved Regulation No. 3-2025 of June 19, 2025. This marks the third regulatory instrument addressing and regulating good corporate governance for entities operating within the Panamanian insurance market. The first such regulation dates back to 2008 and constituted a hybrid framework combining elements of anti-money laundering
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Insuralex launches “Insuralex Academy”

Insuralex is proud to launch “Insuralex Academy”, a platform for training and learning about insurance law and related fields exclusively for Insuralex firms and their members. Insuralex Academy will deliver webinars on a variety of hot topics in our field presented by our very own experts from across the globe. The first webinar will be:
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