Law 69 of 1993 - Agricultural Insurance and National Agricultural Risk Fund

Law establishing Agricultural Insurance in Colombia as an instrument to encourage and protect agricultural, forestry, fisheries and aquaculture production, protect producers investments and contribute to the economic improvement of the sector. The insurance covers losses caused by natural meteorological, geological, biological and anthropogenic risks, as well as market, commercialization and transportation risks and other extraordinary and uncontrollable factors. The Law also creates the National Agricultural Risk Fund, administered by FINAGRO, which may subsidize insurance premiums, finance the technical strengthening of Agricultural Insurance and provide subsidies, support or incentives for risk management instruments. It also contains provisions concerning special agricultural credit lines.