The Chile Financial Market Commission has sanctioned Chubb Seguros Chile S.A. and Chubb Seguros de Vida Chile S.A. with fines of UF 150 each for breaching Article 12 of the Insurance Act and General Rule No. 470 after not replying to requests from the Insurance Inquiry System (SICS) for 19 consecutive days. SICS is a digital, real-time system that allows parties to check whether they or certain relatives are listed as policyholders or contracting parties under insurance policies, and it requires insurers to meet operational and information-availability requirements. Under Exempt Resolution No. 9,541, the two insurers failed to make their systems available during the relevant period.
Chile Financial Market Commission 2025-09-24
Chile Financial Market Commission fines Chubb Seguros Chile and Chubb Seguros de Vida UF 150 each for failing to respond to Insurance Inquiry System requests
The Chile Financial Market Commission fined Chubb Seguros Chile S.A. and Chubb Seguros de Vida Chile S.A. UF 150 each for violating Article 12 of the Insurance Act and General Rule No. 470. The sanctions were due to their failure to respond to the Insurance Inquiry System (SICS) requests for 19 consecutive days, as required under Exempt Resolution No. 9,541.