The Chile Financial Market Commission has issued an amendment to General Rule No. 243 on technical reserves for Disability and Survivors' Insurance (SIS), updating the calculation methodology to improve technical consistency and better align with international standards. The changes adjust the approach to premium sufficiency tests, refine reserve models for claims in the process of settlement, and introduce methodological updates to reserves for incurred and unreported survival claims, among other elements. The final regulation incorporates feedback from the public consultation held between 3 July and 4 August 2025, and is accompanied by a Regulatory Report setting out core elements and an impact assessment.
Chile Financial Market Commission 2025-11-11
Chile Financial Market Commission amends technical reserve rules for Disability and Survivors' Insurance to align methodology with IFRS and Solvency II
The Chile Financial Market Commission amended General Rule No. 243 on technical reserves for Disability and Survivors' Insurance, updating calculation methodologies to enhance consistency and align with international standards. Key changes include adjustments to premium sufficiency tests, reserve models for claims in settlement, and methodologies for incurred and unreported survival claims. The final regulation reflects public consultation feedback and is detailed in an accompanying Regulatory Report.