When faced with the eventual liquidation of a cooperative registered in FOGACOOP, you as a saver will be able to claim your Insurance for your Savings. In this section you can find out what to keep in mind in case you ever need to claim your Insurance for your Savings.
The Insurance for your Savings payment is carried out when a cooperative, registered at FOGACOOP, is subject to seizing of possessions and liquidation measures by the registered cooperative’s supervising body, be it the Superintendence of Solidarity Economy or the Superintendence of Finance of Colombia, depending on the type of cooperative. Once the settlement for claim acknowledgment has been issued, after the settlement that orders the liquidation of the registered cooperative, FOGACOOP will use different means to disclose said eventuality such as the website and others that may be considered pertinent and could determine the Insurance for your Savings amount the depositor has the right to claim in accordance with the depositors’ information archived in the database of the entity in question, up until the day when it is seized for liquidation. The saver then has fill out a form in order to claim payment for the Insurance for your Savings and attach the necessary documentation. The Fund will proceed to check whether the saver appears on the database supplied by the cooperative’s liquidator. The fund will also verify that the necessary information is annexed. If everything is in order, FOGACOOP will proceed to program the payment within the terms provided.
Those who save at cooperatives that are registered in FOGACOOP can claim their Insurance for your Savings in the case of an intervention for the liquidation of the cooperative by the supervising body. Take into account that the Superintendence of Finance of Colombia has the right to exercise supervision over financial cooperatives and the Superintendence of Solidarity Economy has the right to exercise supervision over savings, savings and credit, multi-asset and comprehensive cooperatives (that have a savings and credit division).
What amount does it cover?
For the Savings and Credit cooperatives that are supervised by the Superintendence of Solidarity Economy, the maximum insured value is 12 million COP per person. For Financial Cooperatives authorized and supervised by the Superintendence of Finance of Colombia, the maximum insured value is 20 million COP per person.
* FOGACOOP’s Insurance for your Savings does not cover social contributions as these are part of the cooperative’s assets and they are considered venture capital.
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