Chile Financial Market Commission fines Tanner and BCI and Chubb insurers UF 19,250 for late and unadjusted refunds of unearned premiums

The Board of the Chile Financial Market Commission (CMF) sanctioned Tanner Corredora de Seguros Limitada, BCI Seguros Vida S.A., BCI Seguros Generales S.A., Chubb Seguros Chile S.A., and Chubb Seguros de Vida Chile S.A. with total fines of UF 19,250 for delays in refunding paid, unearned insurance premiums and for refunding amounts without the required UF readjustment. Under CMF Circular Letter No. 2,114, unearned premiums must be refunded no later than 10 business days after termination is notified and must be readjusted using the UF value on the date of effective payment. The CMF fined Tanner UF 10,000 for failing to assist clients in receiving timely UF-adjusted refunds and for not informing changes of attorneys-in-fact within required timeframes. Individual fines for the insurers were UF 5,000 for BCI Seguros Vida, UF 1,000 for BCI Seguros Generales, UF 2,000 for Chubb Seguros de Vida Chile, and UF 1,250 for Chubb Seguros Chile; the CMF characterised the non-compliance as severe because it concerns money belonging to clients.