Chile's Financial Market Commission (CMF) opened a four-week consultation on proposed amendments to several insurance market regulatory texts designed to simplify their practical application, strengthen legal certainty and improve the efficiency of compliance processes. The proposal would change how the CMF disseminates rates and other relevant insurance market figures by repealing Ordinary Official Notices for the Discount Rate Vector and Circular Notices covering the Market Rate, the Adjustable Insurance Unit and the Discount Rate, with the same information to be published on the CMF website. It also removes selected documentation filings by eliminating the requirement for foreign reinsurers to provide information to their legal representative in Chile, and proposes changes to General Rule No. 139 to stop requiring submission of a notarized copy of powers of attorney for legal representatives. In addition, it would repeal insurance and reinsurance companies’ obligations to file lists of authorized persons, copies of notarized powers of attorney and signature specimens of legal representatives where the CMF already holds the information. The full proposal and an accompanying Regulatory Report are available via the CMF website’s “Regulations Under Consultation” section for stakeholder feedback during the consultation period.
Chile Financial Market Commission 2026-04-20
Chile's Financial Market Commission launches four-week consultation to simplify insurance market reporting and documentation requirements
The Chile Financial Market Commission has launched a consultation on amendments to multiple insurance regulations aimed at simplifying application, enhancing legal certainty and improving compliance efficiency. The proposal would shift publication of key insurance market rates and figures to the Commission’s website, remove certain documentation and filing requirements for foreign reinsurers and legal representatives, and repeal duplicative obligations for insurers and reinsurers.