The payment of Insurance for your Savings is made when a financial cooperative registered in FOGACOOP is the object of liquidation by the supervising body of the registered cooperative: either the Superintendence of Solidarity Economy or the Superintendence of Finance of Colombia, according to the type of financial cooperative.
Once the acceptance of claims has been issued, following the board settlement ordering the liquidation of the registered financial cooperative, FOGACOOP will use various means to announce such an event, via the website and other means considered relevant, and will determine the amount of Insurance for your Savings that each depositor is entitled to, according to the information contained in the database of the audited financial cooperative, starting on the day when the liquidation process begins.
The saver will then need to file a claim for the corresponding payment of Insurance for your Savings by submitting the required documentation. The Fund will proceed to review the saver's information in the database provided by the financial cooperative institution's liquidator and will verify that the required documentation is provided. If everything is in order, FOGACOOP will proceed to schedule the payment within the established terms provided.
To make Insurance for your Savings known as a protection mechanism of the saver's trust in the financial cooperative sector, the Fund implements various initiatives via its main target groups, primarily through the participants, members and savers of financial cooperatives and their employees, particularly those who work in the customer service department of financial cooperatives; in other words, those who have direct contact with the public (generally those in charge of customer service, cashiers, etc.).
For this purpose, advertising strategies have been implemented in mass media formats, primarily through radio and digital strategies. The radio strategy has focused on reaching individuals through local and municipal radio stations throughout the Colombian territory, as well as through some radio stations with regional coverage. The digital strategy has advertised on virtual platforms, social networks such as Facebook, in Page Post Ad Format; through Google's "Search" browser; and through other platforms and scheduled ad purchases, among others.
Additionally, internal communication methods have also been used by financial cooperatives, as well as newspaper media, particularly by those in the solidarity sector. Likewise, by participating in events and fairs promoted by various organizations, sector associations and registered financial cooperative institutions, which spreads knowledge about Insurance for your Savings and is transmitted through various activities and virtual contests of knowledge.
185 cooperatives financial institutions are currently registered in the Fund, 180 of which are savings and credit financial cooperatives surveyed by the Superintendence of Solidarity Economy, and five institutions are financial cooperatives, supervised by the Superintendence of Finance of Colombia. See the directory and map of financial cooperatives in which all financial cooperatives registered in FOGACOOP are geographically displayed.
You can search the directory and map of the financial cooperatives registered on www.fogacoop.gov.co, by clicking on the "For Savers" section.
All financial cooperatives for savings and credit, multi-asset or comprehensive financial cooperatives (that have a savings and credit division) authorized to perform financial activities are required to register in FOGACOOP.
Regarding savings and credit, it is important that the individual is aware that the financial cooperative is authorized to collect savings by the relevant Superintendence and if it is registered in FOGACOOP.
In order to know if the savings are covered by Insurance for your Savings, you can search in the registered financial cooperative directory to verify that the financial cooperative in which the financial resources are deposited is registered in FOGACOOP and, therefore, is covered by the Insurance for your Savings.
Additionally, financial cooperatives registered in FOGACOOP, and therefore subject to FOGACOOP deposit insurance, are obliged to provide the seal of Insurance for your Savings, which must appear in their advertising material regarding savings services, both in virtual and printed media.
If the saver has saved his/her money in a financial cooperative registered in FOGACOOP, the Insurance for your Savings can be used in the event of an audit of the financial cooperative during its liquidation, performed by the surveilling institution.
The Insurance for your Savings has no cost for the savers of financial cooperatives registered in FOGACOOP. However, the resources that constitute the reserve managed by the Fund come from an additional payment made by the registered financial cooperatives, corresponding to 0.5% of the total insured deposits.
Savers of the financial cooperative registered in FOGACOOP do not have to follow any procedure to have the Insurance for your Savings. This is AUTOMATICALLY performed since it is a deposit. It's that easy!
No. Insurance for your Savings has no deductibles whatsoever. This implies that, in the event of a payment from Insurance for your Savings resulting from the liquidation of a registered financial cooperative, when the financial resources deposited do not exceed the maximum amount insured by FOGACOOP, the saver will be paid 100% of these resources, without applying any deductibles.
Social contributions are not covered by FOGACOOP's Insurance for your Savings since these contributions are part of the financial cooperative's assets and constitute venture capital.
For savings and credit cooperatives , multi-asset or comprehensive cooperatives with savings and credit services, surveyed by the Superintendence of Solidarity Economy, the maximum insured amount is 12 million pesos COP legal currency per person.
For cooperative surveyed by the Superintendence of Finance of Colombia, the maximum insured amount is 20 million pesos COP legal currency per person.
FOGACOOP guarantees the following deposits by savers at savings and credit cooperatives, multi-asset or comprehensive financial cooperatives (that have a savings and credit division) surveyed by the Superintendence of Solidarity Economy:
• Savings Deposits
• Certificates of Savings Deposits
• Deposits of Contractual Savings
• Deposits of Continuous Savings
FOGACOOP guarantees the following deposits by savers of the financial cooperatives supervised by the Superintendence of Finance of Colombia:
• Basic Deposits
• Certificates of Deposits
• Real Value Units Savings Accounts
• Specialty Saving Accounts
• Savings Certificates of Real Value Units
• Special Deposits
• Bank Collection Services
* 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.
The main benefit of FOGACOOP's Insurance for your Savings is that savers of registered financial cooperatives can have confidence that the financial resources* saved - a cap amount - will not be lost in the event that any of these registered financial cooperatives in the Fund are liquidated.
Insurance for your Savings is a mechanism guarantying that the money saved by savers in a financial cooperative registered in FOGACOOP- a cap amount - is insured. The saved funds can be accessed quickly and securely in the event that the financial cooperative institution has to be liquidated.
Through FOGACOOP's Insurance for your Savings, depositors and savers of financial cooperatives registered in the Fund can save their money with confidence and ease since the Colombian State supports both depositors and savers through FOGACOOP.
If it is a financial cooperative that is registered with FOGACOOP, such monitoring is carried out by FOGACOOP, in accordance with the provisions of Article 8, Section 4 of Decree Law 2206 of 1998.
Non-timely payments of Insurance for your Savings will result in the suspension and, ultimately, cancellation of such insurance.
This is a temporary measurement provided in Articles 114 to 116 of the Organic Statute of the Financial System, which aims at establishing:
1. If it is possible to place the cooperative in a position where it can adequately develop its corporate purpose.
2. If other transactions can be carried out to provide better conditions for depositors, savers and investors to obtain full or partial payment of their claims.
3. Whether the institution should be the object of liquidation.
The resources result from the additional payments made by the cooperatives registered in the Fund and from the profitability of its investment portfolio, which constitute the technical reserve of the institution.
Once the cooperative has been audited for liquidation, the liquidator will proceed according to the terms established in the law for those who have any claims, including those subject to the payment of Insurance for your Savings.
Afterwards, the saver must verify that his/her claim is accepted by the liquidator, so that, if applicable, within three days after the acceptance of payment claims the saved amount is paid.
For securities rights, the original certificate of the security must be submitted along with the form provided by the liquidation institution, at no cost.
In accordance with Article 23 of Decree 756 of 2000, the authorized special agent performs transitional public duties, where appropriate, by the rules of private law regarding the actions performed on behalf of the cooperative that is subject to liquidation.
For unregistered cooperatives, the special agent cannot revoke administrative acts issued within the liquidation process performed by the institution of surveillance and control, FOGACOOP or the Superintendence of Solidarity Economy, regarding the actions performed by the above institutions, according to the laws established.
In this situation, it is recommended that each owner requests the payment of Insurance for your Savings.
The saver is advised to query this information directly from the cooperative itself.
During the liquidation process, the compensation of liabilities corresponding to the audited cooperative does not apply; this assures equality for creditors in such a liquidation process, in accordance with Article 16 of Decree 756 of 2000.
The payment made by FOGACOOP will include the capital balance and current interest of the insured deposits until liquidation auditing begins, and up to the maximum insured amount, depending on the type of financial cooperative it is.
For a quantity that exceeds the amounts covered by Insurance for your Savings, a claim must be submitted to the financial cooperative's liquidating agent, who will announce the amounts to be paid and how they will be paid.
The Fund will make payments subsequent to the issuance of the claim acceptance settlement.
Payments are made via electronic funds transfer, check or cash, according to the preference of the saver, based on the information provided on the payment form.
The payment request may be sent via email to email@example.com; or delivered at the FOGACOOP headquarters in Bogota: Carrera 13 No. 32 - 93 Interior 3; or at the areas arranged by FOGACOOP for such purposes. It is important to be aware of the publications that FOGACOOP makes on its website: www.fogacoop.gov.co, or through the cooperative audited for liquidation.
In this event, the exceeding amount, which is not covered, must be claimed to the liquidating agent of the cooperative, when established by the liquidator during the liquidation process.
The objective of the follow-ups and visits that FOGACOOP performs at registered cooperatives is to identify the elements that affect exposure to risk and financial feasibility of such cooperatives and to formulate recommendations to mitigate said risks.
The purpose of the visits is to formulate an assessment of the overall situation of the registered cooperative and its effect on the cooperative's financial indicators and statements. It provides a more effective assistance to the control and administration process regarding financial risks such as credit, liquidity, operative and management risks, amongst others.
The main services that it provides to protect its savers' trust are:
* Monitoring and financial assessment of registered entities.
* Supporting management offices in relation to risk mitigation, in some cases through improvement agreements.
* Insurance for your Savings aims at firstly protecting small-scale savers by promptly delivering resources and mitigating risks of deposit runs.
* Financial support operations, subject to the regulations set forth in Decree 2206 from 1998 for registered financial cooperatives facing a crisis.
* Designation of a special agent for intervened cooperatives registered in the Fund.
* Designation of the liquidator and follow-up to liquidation process of registered entities that may face this situation.
You can find the telephone directory at the FOGACOOP website: www.fogacoop.gov.co under the "For Savers" section.
Yes, Insurance for your Savings has an annual cost of 0, 5% which is cashed out over annual total deposits. This amount is to be paid by the registered cooperative quarterly in arrears.
Yes, registering in FOGACOOP has a fee equivalent to 0.2 % of the cooperative's total assets.
Yes, all financial, savings and credit and multi-asset and comprehensive cooperatives (that have a savings and credit division) that are authorized to exercise financial activities are obliged to apply for registration in FOGACOOP.
The Board of Directors defined, by means of the Purpose Single Resolution (Resolución Única del Objeto), evaluation methodologies used to assess the financial feasibility of a cooperative. The cooperative’s registration at the Fund depends on the results of such assessment. Said methodologies include: CAME (Correct, Adapt, Maintain, Explore), MAT and Liquidity Gap.
Financial cooperatives are monitored by the Superintendence of Finance of Colombia (SuperFinanciera) while savings and credit or multi-asset and comprehensive cooperatives (that have a savings and credit division) are monitored by the Superintendence of Economic Solidarity (SuperSolidaria)
The characteristics of cooperatives that exercise financial activities are:
Financial cooperatives: These are specialized cooperative organizations whose main function consists on conducting financial activities, that is, to raise resources from the public to place them in credit active operations. Such cooperatives capture resources not only from their associates but from the general public.
Specialized savings and credit cooperatives: Their main function is to assist the financial needs of their associates and to conduct financial activities with them.
Comprehensive cooperatives with a savings and credit division: They assist needs related to and complementary of, production, distribution, consumption and provision of services to their associates; such services include financial activities.
Multi-asset cooperatives with a savings and credit division: They take into account the different needs of their associates; financial activities are exclusively exercised for them.
In Colombia, there are different kinds of cooperatives depending on their objective. There are for example, cooperatives that exercise financial activities; their purpose is to raise funds that will be used for credit active operations. There is also another type of cooperative that specializes, in general, in assisting the specific necessities of its associates, other than their financial necessities.
Within the group that exercises financial activities, financial cooperatives, cooperatives that specialize in savings and credit and multi-asset and comprehensive cooperatives (that have a savings and credit division) can be found.
Within the group that does not exercise financial activities, there are, for example, loan and credit cooperatives and others that target specific needs, such as multi-asset cooperatives, housing cooperatives, consumer cooperatives, associated work cooperatives, etc
When becoming associates of a cooperative, people can find advantages that neither the traditional financial sector nor the private commercial sector can offer such as loans to the most vulnerable communities; health, recreation, insurance, education, training, tourism, and construction related services; amongst others that can be subsidized or provided at a lower cost for the associate. Such services can be offered to the cooperative directly or through agreements depending on the entity’s social objective
A cooperative is a non-profit body that fulfills social interest goals. It conforms to a group of minimum twenty people who are called associates and contribute with monetary resources that make up the principal worth of the cooperative’s assets. The primary aim is to unite efforts for the common good
The main protection services provided by FOGACOOP in the financial cooperative sector are:
* Financial monitoring and diagnosis of registered financial cooperatives.
* Supporting areas of management regarding the mitigation of risks; in some cases this is performed through improvement agreements.
* The payment of Insurance for your Savings which primarily seeks to protect small-scale savers, quickly delivering resources and mitigating the risk of bank runs.
* Financial support operations subject to the provisions established in Decree 2206 of 1998 for registered financial cooperatives that undergo critical situations.
* Appointment of a special agent for audited financial cooperatives registered in the Fund.
* Appointment of the liquidator and follow-up of the liquidation processes of registered cooperatives which are audited.
No. FOGACOOP manages deposit insurances; therefore, its actions are NOT related to supervision, monitoring, inspection or surveillance; instead, they are aimed at identifying and mitigating risks associated to insurance activities.
FOGACOOP's main actions are preceded by the decisions adopted by the Superintendence carrying out the inspection, monitoring and surveillance of the corresponding cooperative. For instance, registration only takes place if the Superintendence has authorized exerting activities.
The insurance is only paid after the liquidation settlement has been issued by the supervisory body or the Superintendence.
Designation of the special agent, tax inspector, liquidator and controller is likewise preceded by the resolution from the same Superintendence.
Yes, FOGACOOP was created with the support of the National Government. The aforementioned is very important in order to build trust within the sector. FOGACOOP is an entity under the Ministry of Treasury and Public Credit.
Financial resources are obtained from investment profits and from premiums paid quarterly by registered cooperatives. Said resources are intended to increase the reserve fund to cover different risks associated to the economic activity of registered cooperatives and to carry out support operations as needed.
FOGACOOP is subject to the inspection and surveillance of the Superintendence of Finance of Colombia.
FOGACOOP is a legal entity, of a unique nature, subject to a special legal regime; it is organized as a financial entity under the Ministry of Treasury and Public Credit.
FOGACOOP was incorporated under Decree Law 2206 from October 29th, 1998 and began operations in March, 1999.
The financial crisis in the late nineties in Colombia affected an important number of cooperatives that provided financial services, as well as some cooperative banks. This situation led some savers to lose all their savings. The foresaid exposed the lack of a financial security network for financial cooperative activities. Consequently, the National Government issued Law 454 in 1998.
Such Law set the new institutional framework for the cooperative sector in Colombia by creating agencies such as the Superintendence of Solidarity Economy and DANCOOP, today solidary organizations. This Law also empowered the National Government to set the terms and modalities for financial, savings and credit cooperatives, multi-asset and comprehensive cooperatives (that have a savings and credit division) to access a Guarantee Fund. Thus, savers and depositors could meet their needs in the financial cooperative sector by depending on a technical entity through which the State was able to not only guarantee the stability of financial cooperative entities but also ensure that small-scale savers of the sector may retrieve their resources.
The Guarantee Fund for Cooperative Entities - FOGACOOP (Fondo de Garantías de Entidades Cooperativas) is the entity in charge of protecting the depositors and savers' trust in cooperatives registered by means of the Insurance for your Savings.
In order to fulfill its purpose, FOGACOOP will act as the administrator of reserves from the Deposit Insurance or Insurance for your Savings as well as of the rest of funds and reserves that are to be created with the aim of handling different risks associated to financial cooperative activities. Administration of such funds and bonds must be designated to the Fund and must not correspond by law to any other entity.
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