Law 2178 through which legal and financial security is granted to agricultural insurance and other provisions are issued in favor of agriculture in Colombia

This law is intended to encourage and protect agricultural, forestry, fishing, and aquaculture production. This legislation seeks to economically improve these sectors and promote their organization and comprehensive development as a strategy to contribute to the overall development of the country. In addition, Agricultural Insurance is introduced as a mechanism to protect investments in the sector, whether financed by credit from the National Credit System Agricultural or producers' own resources. This insurance can cover both emerging damage and lost profits or expected income, contemplating a differential territorial approach. Parametric or index insurance is promoted, facilitating access to incentives and defining insurability conditions. In addition, the National Agricultural Risk Fund (FNRA) is established, without legal status, administered by FINAGRO, to subsidize insurance premiums, finance the technical strengthening of agricultural insurance, and provide subsidies for risk management. The resources of the FNRA are specified, including items from the General Budget of the Nation and percentages of premiums paid for agricultural insurance.