Juan Carlos Zepeda will resign as of December 1 to take a private sector job, but remain involved with the CNH as external advisor.
The US$69mn project was originally awarded last year but the process was voided by the procurement authority.
The ratings agency saw 7% growth at Colombian life insurers in the first half of 2018, in an analysis released Tuesday, noting the downturn was a one-off impact and that double-digit premium growth would likely follow.
From now on, the US firm will only have one asset left in Brazil.
The tender could result in US$3.47bn in investments.
The document reportedly points out flaws and possible offenses, and calls for continued investigations.