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Governance, Risk and Compliance - The Chilean Insurance Industry

  • ID: 4592059
  • Report
  • Region: Chile
  • 65 pages
  • GlobalData
1h Free Analyst Time

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Governance, Risk and Compliance - The Chilean Insurance Industry

Summary

The Commission for the Financial Market Commission (Comisión para el Mercado Financiero - CMF), under the supervision of the Ministry of Finance regulates and supervises the Chilean insurance industry according to the rules and regulations stipulated in Book II of the Chilean Code of Commerce, the Insurance Law 1931 (Ley sobre Compañías de Seguros DFL 251) and the Supreme Decree 1055. The Ministry of Finance is responsible for developing and introducing regulations for the Chilean insurance industry, whereas CMF may develop and introduce certain technical regulations.

The regulatory framework ensures the protection of policyholders’ interests, and the CMF, under the Ministry of Finance, is the regulatory body responsible for overseeing all insurance and reinsurance companies and intermediaries. The Code of Commerce, which includes provisions for different insurance classes and is also controlled by the CMF, also regulates the Chilean insurance industry.

Key Findings
  • The Commission for the Financial Market and the Chilean Insurance Association regulates and supervises the Chilean insurance industry
  • The provisions of the Insurance Law 1931 and the Code of Commerce govern the life and non-life insurance businesses in Chile
  • Composite insurance is not permitted in Chile
  • Insurance for motor vehicles and workmen’s compensation are mandatory, as is insurance for pension fund administrators to guarantee performance
  • Non-admitted insurers and intermediaries are not permitted to operate in the Chilean insurance industry
The report “Governance, Risk and Compliance - The Chilean Insurance Industry” is the result of extensive research into the insurance regulatory framework in Chile. It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.

The report brings together research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.

The report “Governance, Risk and Compliance - The Chilean Insurance Industry” Provides -
  • An overview of the insurance regulatory framework in Chile
  • The latest key changes, and changes expected in the country’s insurance regulatory framework
  • Key regulations and market practices related to different types of insurance product in the country
  • Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in Chile
  • Key parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations
  • Details of the tax and legal systems in the country
Scope
  • The report covers details of the insurance regulatory framework in Chile.
  • The report contains details of the rules and regulations governing insurance products and insurance entities.
  • The report lists and analyzes key trends and developments pertaining to the country’s insurance regulatory framework.
  • The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.
  • The report provides details of taxation imposed on insurance products and insurance companies.
Reasons to Buy
  • Gain insights into the insurance regulatory framework in Chile.
  • Track the latest regulatory changes, and expected changes impacting the Chilean insurance industry.
  • Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
  • Understand key regulations and market practices pertaining to various types of insurance product.
Note: Product cover images may vary from those shown
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1 Introduction
1.1 What is this Report About?
1.2 Definitions

2 Governance, Risk And Compliance
2.1 Legislation Overview and Historical Evolution
2.2 Latest Changes in Regulation
2.3 Legislation and Market Practice by Type of Insurance
2.3.1 Life insurance
2.3.2 Property insurance
2.3.3 Motor insurance
2.3.4 Liability insurance
2.3.5 Marine, aviation and transit insurance
2.3.6 Personal accident and health insurance
2.4 Compulsory Insurance
2.4.1 Insurance for motor vehicles accidents
2.4.2 Compulsory fire insurance
2.4.3 Pension insurance
2.4.4 Clinical trials liability insurance
2.4.5 Health insurance
2.4.6 Workers’ compensation insurance
2.4.7 Professional indemnity insurance for foreign reinsurance brokers
2.4.8 Professional indemnity insurance for brokers and loss adjusters
2.4.9 Liability for ships with respect to oil pollution
2.5 Supervision and Control
2.5.1 International Association of Insurance Supervisors
2.5.2 Association of Insurance Supervisors Latin America
2.5.3 Commission for the Financial Market
2.5.4 Insurance Association of Chile
2.6 Non-Admitted Insurance Regulations
2.6.1 Overview
2.6.2 Intermediaries
2.6.3 Market practices
2.6.4 Fines and penalties
2.7 Company Registration and Operations
2.7.1 Type of insurance organization
2.7.2 Establishing a local company
2.7.3 Foreign ownership
2.7.4 Types of license
2.7.5 Capital requirements
2.7.6 Solvency margin
2.7.7 Reserve requirements
2.7.8 Investment regulations
2.7.9 Statutory return requirements
2.7.10 Fee structure
2.8 Taxation
2.8.1 Insurance premium or policy taxation
2.8.2 Withholding taxes on premium paid overseas
2.8.3 Corporate tax
2.8.4 VAT
2.8.5 Captives
2.9 Legal System
2.9.1 Introduction
2.9.2 Access to court
2.9.3 Alternative dispute resolution (ADR)

3 Appendix
3.1 Methodology
3.2 Contact Us
3.3 About the Author
3.4 Services
3.5 Disclaimer

List of Tables
Table 1: Insurance Industry Definitions
Table 2: Chile - Insurance Regulatory Framework Key Features
Table 3: Chile - Life Insurance Regulatory Framework
Table 4: Chile - Property Insurance Regulatory Framework
Table 5: Chile - Motor Insurance Regulatory Framework
Table 6: Chile - Liability Insurance Regulatory Framework
Table 7: Chile - Factors Used for Solvency Margin Calculation
Table 8: Chile - Corporate Tax Rates for the Financial Year 2019

List of Figures
Figure 1: Chile - Insurance Supervision and Control at Various Levels
Figure 2: Chile - Insurance Regulatory Frameworks for Company Registration and Operation
Note: Product cover images may vary from those shown
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