Chile Financial Market Commission consults on changes to Disability and Survivors’ Insurance technical reserve methodology

The Chile Financial Market Commission has opened a one-month consultation on proposed amendments to General Rule No. 243 governing technical reserves for Disability and Survivors’ Insurance (SIS). The package would revise how SIS technical reserves are calculated to better reflect the coverage provided and strengthen consistency with economic commitments linked to the insurance, while moving toward practices aligned with international standards such as IFRS and Solvency II. Key elements include changes to the approach used for premium sufficiency tests, consistency improvements to reserve models for claims in the process of settlement, and methodological adjustments to the reserve for incurred and unreported survival claims. Stakeholders can review the proposal and the accompanying Regulatory Report, including its impact assessment, via the CMF’s “Regulations under Consultation” section and submit feedback during the consultation window.