The Chile Financial Market Commission (CMF) has published, for a second consultation, a draft regulation setting instructions on service externalization for insurance and reinsurance companies. The proposal sets principles and minimum requirements for firms to identify, assess, monitor, and control risks arising from outsourcing. Following a first consultation held between 14 August and 30 September 2025, the CMF revised the draft after reviewing industry and stakeholder feedback. The updated text is intended to clarify certain requirements and apply proportionality based on each entity’s size, complexity, and risk profile, while keeping the original objectives of managing outsourcing-related risks, protecting policyholders, and maintaining prudential standards. The regulation would also strengthen the CMF’s supervisory framework for service externalization and complements General Rule No. 454 on operational risk management and cybersecurity issued in May 2021. The CMF has set a six-week period for comments on the consultation draft.
Chile Financial Market Commission 2026-01-26
Chile Financial Market Commission opens second consultation on service externalization requirements for insurance and reinsurance companies
The Chile Financial Market Commission has released a revised draft regulation for a second consultation, detailing principles and requirements for insurance and reinsurance companies on service externalization. The proposal clarifies requirements, applies proportionality based on entity size, complexity, and risk profile, enhances the supervisory framework, and aligns with General Rule No. 454 on operational risk management and cybersecurity.