At a presentation during Fasecolda's International Congress Insurance for Sustainable Development 2026, the Financial Superintendence of Colombia set out the regulatory and supervisory steps it has taken to embed environmental, social and governance factors in Colombia's financial and insurance system. The update largely restated the authority's broader sustainability agenda, highlighting the adoption of the Colombia Green Taxonomy, guidance on sustainable bonds, and the progressive incorporation of ESG criteria into investment management, risk management and disclosures. A central milestone is External Circular 015 of 2025, which requires supervised entities to integrate environmental, social and climate factors into their risk management systems under a gradual implementation plan. For insurers, the framework requires firms to identify, measure, control and monitor environmental and social risks arising both from their operations and from the investments backing technical reserves. The authority also highlighted the main implementation challenges for firms, including stronger corporate governance, clear internal accountability, updated policies and procedures, stronger technical capabilities, and reliable information to measure ESG risks. In the same presentation, the insurance sector was described as playing a key role in convergence with IFRS S1 and IFRS S2, particularly on integrating ESG factors into business management and improving metrics, transparency and sustainability-related disclosures. The supervisor said it will accompany firms through work plans, supervisory processes and review of reported information. The timetable provides six months for entities to submit implementation plans and 18 months to execute them, while the authority also intends to integrate these factors into its institutional supervisory models and assess possible recognition mechanisms for entities that adopt best practices early.
Superintendencia Financiera de Colombia2026-07-08
Financial Superintendence of Colombia outlines phased implementation of ESG and climate risk rules for supervised entities
At a Fasecolda conference, the Financial Superintendence of Colombia outlined its existing regulatory agenda for integrating ESG and climate factors into the financial and insurance system, centered on External Circular 015 of 2025. The framework requires supervised entities, including insurers, to embed these factors in risk management, with six months to submit implementation plans and 18 months to carry them out. The supervisor said it will support the rollout through work plans, supervision and review of reported information.