The Chile Financial Market Commission has sanctioned Orsan Seguros de Crédito y Garantía S.A. with a fine of UF 8,000 for failing to comply with the defining features of first demand guarantee insurance policies. The breach arose from the insurer's failure to pay amounts claimed under policies issued in favor of the Superintendence of Casinos to secure obligations linked to casino development, despite a request for payment. Under Article 583 of the Code of Commerce and CMF Circular Letter No. 972, insurers must pay compensation under first demand guarantee policies within the period set in the contract upon the insured's mere request and cannot invoke exceptions to defer or condition payment. Exempt Resolution No. 5,179 found that Orsan did not meet that obligation, and the sanction expressly takes into account the company's repeated breach of the rules.
Chile Financial Market Commission2026-05-27
Chile Financial Market Commission fines Orsan Seguros UF 8000 for repeated failures to pay first demand guarantee claims on demand
The Chile Financial Market Commission fined Orsan Seguros de Crédito y Garantía S.A. UF 8,000 for failing to comply with the defining features of first demand guarantee insurance policies. The insurer did not pay amounts claimed under policies issued in favor of the Superintendence of Casinos to secure casino development obligations, contrary to Article 583 of the Code of Commerce and CMF Circular Letter No. 972, and the sanction reflects repeated breaches.