Chile's Financial Market Commission launches SOAP information campaign highlighting Jacinta Act coverage increases and faster death payouts

Chile's Financial Market Commission (CMF) has launched an information campaign on Compulsory Personal Accidents Insurance (SOAP), focusing on higher benefits and shorter compensation timeframes introduced under the Jacinta Act, which took effect on 7 February 2026. The CMF reiterated that SOAP is mandatory for vehicle purchases and for renewing the vehicle circulation permit, and encouraged consumers to compare prices across insurers. Under the new rules, maximum coverage for death and total permanent disability rises from UF 300 to UF 600, partial permanent disability increases from UF 200 to UF 400, and medical, hospital and rehabilitation expenses increase from UF 300 to UF 600. The deadline for paying death compensation is reduced from 10 to 7 business days after the required documentation is submitted. Policies issued before the Jacinta Act remain valid under their existing terms, with both policy types coexisting until March 2027. The CMF also publishes weekly SOAP price comparisons by vehicle type, and, based on insurers’ online channels as of 11 February 2026, reported prices reaching up to CLP 12,130 for cars and CLP 81,200 for motorcycles. The campaign will publish educational materials during February and March 2026 via the CMF Educa website and the CMF’s social media channels, with a call to take out SOAP before 31 March in line with the deadline to obtain the 2026 Vehicle Circulation Permit.