Chile's Financial Market Commission (CMF) opened a four-week consultation on amendments to several insurance-market regulatory texts designed to simplify practical application, strengthen legal certainty, and improve the efficiency of compliance processes. The proposal would change how the CMF communicates rates and other key insurance-market figures by repealing certain Ordinary Official Notices and Circular Notices, including those covering the Discount Rate Vector, Market Rate, Adjustable Insurance Unit, and Discount Rate, with the underlying information instead published on the CMF website. It also aims to reduce documentation requirements by removing the obligation for foreign reinsurers to provide information to their legal representative in Chile, including an amendment to General Rule No. 139 to eliminate submission of notarized powers of attorney, and by repealing insurance and reinsurance companies’ obligations to submit lists of authorised persons, notarized powers of attorney, and signature samples for legal representatives when the CMF already holds the information. The draft and a supporting regulatory report are available via the CMF website’s Regulations Under Consultation section during the consultation window.
Chile Financial Market Commission 2026-04-20
Chile Financial Market Commission launches four-week consultation on insurance rule changes to cut filings and move rate notices online
The Chile Financial Market Commission has proposed amendments to several insurance-market regulations to simplify application, enhance legal certainty, and improve compliance efficiency. Key changes include shifting publication of rates and other figures from official notices to the CMF website and reducing documentation requirements for foreign reinsurers and insurance and reinsurance companies, notably by eliminating certain notarized powers of attorney and duplicative submissions already held by the CMF.