Soat 2023: coercive and compulsory collection, how does it work? - Personal Finance

The compulsory insurance policy is what is known in popular jargon as â€˜check payableâ€™.

The compulsory insurance policy is what is known in popular jargon as a ‘check payable’.

The Minister of Transportation, Guillermo Reyes, was the one who made the announcement.

The national government with Guillermo Reyes as Minister of Transportation announced that it will implement the ‘coercive charge’ to the owners of the cars that circulate with the Mandatory Traffic Accident Insurance (SOAT) expired.

In addition, it is indicated that it is the task of the insurers to notify the owners of the vehicles, a few days before, when this insurance will expire so that they can renew it in a timely manner.

«We are going to look for the insurers to let the citizens know that the SOATso that they update them and those who do not update it or do not have it in force, we are going to start a coercive collection process,» said Reyes.

Howevera coercive collection, in terms of mobility, is what the secretaries can make on the debtors subpoenas or obligations, such as traffic violations.

What the Transit Secretary does is communicate with those responsible and inform them about the debts they present. After this notification they give you 10 business days to show and solve your problem before the corresponding entity.

Finally, if the person ignores the indication, the entities will carry out an investigation on the assets that they have in their name and The embargo will be proceeded as the case may be.