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The Comptroller General or Contraloría (CGR) have agreed with our direct revocation request in the Institute for Urban Development (IDU) matter.
In our previous article, Fiscal liability proceedings in Colombia, we discussed how the recent decisions of the office of the Comptroller General or Contraloría (CGR), the autonomous governmental agency in charge of monitoring public fund use, have caused great concern among (re)insurers globally due to their departure of long established market principles.
We are pleased to announce that the Chambers Latin America 2020 results were published this week and we’ve seen some great success for our colleagues in Chile, Colombia, Peru, and our Miami regional hub.
In recent years, the amount of fiscal liability proceedings have increased substantially. Insurance companies have been called into those proceedings, this has resulted in many awards against insurers some of which have ignored the rules and principles of insurance contracts, and decisions by the Council of State and Supreme Court.