Law No. 34 - Creates agricultural insurance and the Agricultural Insurance Institute

The Law establishes the creation of Agricultural Insurance and the Agricultural Insurance Institute (ISA). Its main objective is to offer basic protection against uncontrolled accidental losses in agricultural investments, guaranteeing compensation for those affected. The insurance will be offered by the public sector through the ISA, which will act independently or in association with private insurers. In addition, it is responsible for the administration of agricultural insurance, functioning as an autonomous entity with legal personality and its own assets, regulated by the Ministry of Agricultural Development and supervised by the Superintendence of Insurance and Reinsurance of the Ministry of Commerce and Industries. The capital is made up of contributions from the Central Government, operating surpluses, donations, and funds obtained from financing or bond issuance.