Chile’s Financial Market Commission has amended the rules and standard policy conditions for the Compulsory Personal Accidents Insurance (SOAP) and the compulsory insurance for vehicles with foreign licence plates (SOAPEX) to implement changes introduced by the Jacinta Act to Chile’s Transit Act, including higher statutory compensation and faster death benefit payments. The updated coverages set death and total permanent disability benefits at UF 600 per person, partial permanent disability at up to UF 400 per person, and hospital medical expenses at up to UF 600. The CMF added new standard policies to its Policy Deposit (SOAP POL320260028 and SOAPEX POL320260029) and updated Circular Letters Nos. 1,459 and 2,121 on SOAP and SOAPEX certificate format and content to include the corresponding policy codes. The amendments apply to newly taken-out SOAP and SOAPEX policies, while policies contracted before the new Act entered into force remain valid under their original coverage and terms, with both regimes coexisting until March 2027. The CMF also noted that the SOAP policy will be published in the Official Gazette and that, once this occurs, companies can sell insurance under the new conditions set out in the Jacinta Act.
Chile Financial Market Commission 2026-02-09
Chile Financial Market Commission amends SOAP and SOAPEX compulsory accident insurance to double benefits and shorten death payments to seven business days
Chile's Financial Market Commission revised rules for Compulsory Personal Accidents Insurance (SOAP) and insurance for vehicles with foreign plates (SOAPEX) to align with the Jacinta Act, enhancing compensation and expediting death benefit payments. New policies set benefits for death and total permanent disability at UF 600 per person, partial disability at up to UF 400, and hospital expenses at up to UF 600. Amendments apply to new policies, with existing ones valid until March 2027.