The Board of the Chile Financial Market Commission (CMF) issued sanctions against Compañía de Seguros de Vida Consorcio Nacional de Seguros S.A. and Metlife Chile Seguros de Vida S.A., fining each company UF 100 for non-compliance with requirements governing the sale of insurance through registered intermediaries. Consorcio was penalised for selling insurance through sales agents not enrolled in the Registry of Insurance Sales Agents and through insurance brokers whose registration in the Registry of Insurance Trade Auxiliaries had been cancelled, breaching Articles 57 and 58 of Decree with Force of Law No. 251 (Insurance Law) and General Rule No. 471. Metlife was fined for selling insurance between June 2022 and June 2025 through sales agents not enrolled in the relevant registry, in breach of Article 57 of the Insurance Law and General Rule No. 471, and for failing to include a mandatory statement under Circular Letter No. 2,123 in some collective insurance enrolment proposals.
Chile Financial Market Commission 2026-03-06
Chile Financial Market Commission fines Consorcio and Metlife UF 100 each for breaches of insurance distribution rules
The Chile Financial Market Commission sanctioned Compañía de Seguros de Vida Consorcio Nacional de Seguros S.A. and Metlife Chile Seguros de Vida S.A., fining each UF 100 for non-compliance with insurance sales regulations. Consorcio was penalized for using unregistered sales agents and brokers, violating Articles 57 and 58 of the Insurance Law and General Rule No. 471. Metlife was fined for similar registry breaches and omitting a mandatory statement in proposals, contravening Article 57 and Circular Letter No. 2,123.