The cooperative insurance activity in Colombia
Abstract
The article analyzes cooperative insurance activity in Colombia from its constitutional, legal, and jurisprudential foundations, emphasizing that the concept of insurance activity is broader than that of the insurance contract and is characterized by the collective assumption of risks through mutuality mechanisms. Based on this approach, two main forms of exercising this activity within the cooperative sphere are identified: cooperative insurance companies and mutual welfare, assistance, and solidarity funds. Cooperative insurers carry out insurance activity through insurance contracts under a technical and prudential regime comparable to that of commercial insurers, although with particularities derived from their legal nature, especially regarding capitalization, governance, and surplus distribution, which generate competitive disadvantages. Mutual funds, in turn, constitute collective resources administered by cooperatives that cover risks without forming an insurance contract, as there is no premium nor transfer of risk, but rather solidarity-based coverage among members. Their regulation is fragmented and imprecise, which hinders their development. The article concludes that cooperative insurance activity requires regulatory updating that recognizes its specific characteristics and enables its adequate participation in the insurance market.
Received: 7 October 2025
Accepted: 17 January 2026
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