Whereby Articles 1036 And 1046 Of The Commercial Code Are Modified

Original Language Title: Por la cual se modifican los artículos 1036 y 1046 del Código de Comercio

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now for only USD$20 per month, or Get a Day Pass for only USD$4.99.
LAW 389 1997
(July 18)
Official Gazette No. 43091 of July 24, 1997
Whereby Articles 1036 and 1046 of the Commercial Code are modified.

THE CONGRESS OF COLOMBIA DECREES:
ARTICLE 1o. Article 1036 of the Commercial Code shall read as follows: "Insurance is a consensual, bilateral, onerous, random and sequential execution contract

Article 2. Paragraph of Article 1047 of the Commercial Code shall remain as follows.. .
PARAGRAFO where not appear expressly agreed conditions shall be as those of the policy contract or annex to the deposit insurer in the Banking Superintendency for the same branch, protection, type of contract and type of .. risk

Article 3. Article 1046 of the Commercial Code shall read as follows: "the insurance contract shall be tested in writing or by confession.
With only evidentiary purposes, the insurer is obligated to deliver on its original, the policyholder, within the transaction date the document containing fifteen days of the insurance contract, which is called policy, which should written in Castilian and signed by the insurer.
The Banking Superintendency shall establish branches and the kind of contracts that are drafted in a foreign language.
PARAGRAFO. The insurer is also required to deliver request and expense of the policyholder, the insured or the beneficiary or duplicate copies of the policy.
ARTICLE 4.
. On the safe management and financial risks and the liability coverage may be limited to the discovery of losses during the term, in the first, and the claims made by the victim to the insured or the company during the term, in the second, so in the case of events occurring prior to its initiation.
It also can be defined as covered the facts which they occur during the term of liability insurance provided the claim of the injured party the insured or the insurer is made within the period stipulated in the contract, which shall not be less than two years. Effective Jurisprudence


PARAGRAFO. The Government, for reasons of general interest, extend the provisions of this article to other insurance lines that merit.

The 5th ARTICLE. Insurance companies, capitalization companies and insurance intermediaries may, by contract paid, using the network of credit institutions for the promotion and management of operations authorized to the user network entity and under the responsibility of the latter .
For this purpose, the network user entity shall take the necessary measures to ensure that the public clearly identified as a separate and independent legal entity of the credit institution whose network uses and fulfill other conditions stipulated with the Banking Superintendency in order to ensure compliance with this obligation.
They are part of the network, among others, offices, employees and information systems of credit institutions.
PARAGRAFO 1o. Mode network usage provided for in Article 93 of the Organic Statute of the Financial System remain in force.
PARAGRAFO 2o. Without prejudice to the provisions of Article 6. of this law, the Government may generally or specifically extend the provisions to other products and services entities supervised by the Superintendency of Banking and Securities, other than insurance contracts and capitalization securities. It may also extend such powers promotion and management entities supervised by the Superintendencia de Valores.
ARTICLE 6.
. They are considered suitable for marketing through the mechanism to which article 5 refers. of this law, only those insurance lines that prior general authorization of the National Government comply with the characteristics of universality, simplicity and standardization, they are capable of mass marketing not require specific conditions in relation to persons or insurable interest, as appropriate, other than the main elements to take the risks inherent under the policy.

Article 7. From the entry into force of this law insurance brokers are authorized to offer, promote and renew capitalization securities as intermediaries between the subscriber and the company capitalization.
ARTICLE 8.
. This law repeals all provisions that are contrary and articles on the 1st., 2nd. and 3o. They will apply from six months after its enactment.
The President of the honorable Senate,
LUIS FERNANDO LONDOÑO CAPURRO.

The Secretary General of the honorable Senate,
PUMAREJO PEDRO VEGA.
The President of the honorable House of Representatives,
GIOVANNI LAMBOGLIA Mazilli.
The Secretary General of the honorable House of Representatives, DIEGO VIVAS
TAFUR.
REPUBLIC OF COLOMBIA - NATIONAL GOVERNMENT
published and execute.
Given in Santa Fe de Bogota, DC, 18 July 1997.

Ernesto Samper Pizano Minister of Justice and Law, Almabeatriz
RENGIFO LOPEZ.
The Minister of Economic Development, CABRALES
ORLANDO JOSE MARTINEZ.