Chile Insurance Industry – Governance, Risk and Compliance
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Chile Insurance Industry Regulation Overview
The Commission for the Financial Market (ComisiĆ³n para el Mercado Financiero – CMF) acts as the regulator of the Chile insurance industry while the International Association of Insurance Supervisors (IAIS), the Association of Insurance Supervisors Latin America (ASSAL), and the Insurance Association of Chile (AACH) acts as the other supervisors within the industry.
The Chile Insurance Industry governance regulation report provides a 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 establishing and operating insurance and reinsurance companies and intermediaries. The report also gives insurers access to information on prevailing insurance regulations and recent and upcoming changes in the country’s regulatory framework, taxation, and legal system. It includes the scope of non-admitted insurance in the country as well.
Key Regulators | Ā·Ā Ā Ā Ā Ā Ā Commission for the Financial Market (ComisiĆ³n para el Mercado Financiero – CMF)
Ā·Ā Ā Ā Ā Ā Ā International Association of Insurance Supervisors (IAIS) Ā·Ā Ā Ā Ā Ā Ā Association of Insurance Supervisors Latin America (ASSAL) Ā·Ā Ā Ā Ā Ā Ā Insurance Association of Chile (AACH) |
Compulsory Insurances | Ā·Ā Ā Ā Ā Ā Ā Motor Third-Party Liability Insurance
Ā·Ā Ā Ā Ā Ā Ā Aviation Liability Insurance Ā·Ā Ā Ā Ā Ā Ā Marine Liability Insurance Ā·Ā Ā Ā Ā Ā Ā Professional Indemnity Insurance Ā·Ā Ā Ā Ā Ā Ā Social Security Insurance |
Key Taxes | Ā·Ā Ā Ā Ā Ā Ā Tax on Insurance Premium
Ā·Ā Ā Ā Ā Ā Ā Corporate Income Tax Ā·Ā Ā Ā Ā Ā Ā Corporate Capital Gains Tax Ā·Ā Ā Ā Ā Ā Ā Value Added Tax |
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Chile Insurance Industry ā Key Regulators and Legislation
Commission for the Financial Market (ComisiĆ³n para el Mercado FinancieroĀ –Ā CMF): The CMF governs the Chilean insurance industry, under the Ministry of Finance. Insurance Law 1931 has been amended several times to develop the insurance industry and provide protection to policyholders. The CMF controls most regulations relating to the registration of insurance companies and intermediaries in Chile. The main functions of the regulator are the implementation of regulations, endorsing standardized terms and conditions, and promoting development strategies among others.
International Association of Insurance Supervisors (IAIS): The IAIS, established in 1994, is a global, membership-driven organization that represents insurance regulators and supervisors of more than 200 jurisdictions in more than 140 countries. The IAIS formulates and issues various global insurance principles, standards, and guidance. It also provides training and support on issues related to insurance supervision and organizes meetings and seminars for insurance supervisors. The primary objectives of IAIS are to contribute to global financial stability and promote effective and globally consistent supervision of the insurance industry, to develop and maintain fair, safe, and stable insurance markets for the benefit and protection of policyholders.
The key piece of legislation governing the Chile insurance industry is:
- Insurance Act 1931
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Chile Insurance Industry - Compulsory Insurance
A few of the key compulsory insurance required within the Chile insurance industry are motor third-party liability insurance, aviation liability insurance, marine liability insurance, professional indemnity insurance, and social security insurance. Insurance for motor vehicle accidents covering losses due to bodily injury or death of the policyholder is mandatory. The Insurance for Motor Vehicles Accidents (SOAP), Law No. 18,490 of 1986 stipulated rules and regulations governing insurance. SOAP does not cover damages caused to the motor vehicle.
Chile Insurance Industry Analysis by Compulsory Insurances
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Chile Insurance Industry - Company Registration and Operation
Article 4 of the Insurance Act, of 1931, states that insurersĀ and reinsurers need to getĀ authorization from the CMF to carry out business inĀ Chile. Companies must only incorporate as a special corporation or stock corporation limited by shares. It also must have a minimum of seven members within its board of directors to establish an insurance or reinsurance company in Chile. Foreign companies have no restrictions in operating insurance or reinsurance business in the country supervised by their country laws except concerning capital, projects, and shareholders requirements. Foreign insurance or reinsurance companies can be established in the form of a branch of a foreign organization, a corporation, or a limited liability company.
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Chile Insurance Industry ā Taxation
Tax is imposed upon insurance premium premiums within the insurance industry in Chile. The other taxes imposed in the Chile insurance industry are corporate income tax, corporate capital gains tax, and value-added tax.
Corporate income tax rate: Corporate income tax applies to the overall income of resident and non-resident corporate entities. The tax applies to the overall income earned by resident corporate entities in or outside of Chile. In the case of a non-resident insurance company, the tax applies to the income earned inside Chile. According to the income tax law of Chile, the tax also applies to compensation paid to non-resident insurers for services provided outside Chile is also taxable income. The taxable income does not include direct expenses of goods and services and other expenses in earning income.
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Scope
The report provides:
- Details of the insurance regulatory framework in Chile.
- Details of the rules and regulations governing insurance products and insurance entities.
- Lists and analysis of key trends and developments in the countryās insurance regulatory framework.
- Analysis of the rules and regulations of the establishment and operation of insurance businesses in the country.
- Details of the taxation imposed on insurance products and insurance companies.
Key Highlights
- The Commission for the Financial Market and the Chilean Insurance Association regulates and supervises the Chilean insurance industry.
- The provisions of the Insurance Act 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 workmenās 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.
Reasons to Buy
- Provides FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the country.
- Gain insights into the insurance regulatory framework in Chile.
- Track the latest regulatory changes and expected changes impacting the Chile 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 about various types of insurance products.
Table of Contents
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Frequently asked questions
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Which is the key regulator of the Chile insurance industry?
The Commission for the Financial Market (ComisiĆ³n para el Mercado Financiero – CMF) acts as the key regulator of the Chile insurance industry.
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Which are the other regulatory bodies overseeing operations in the Chile insurance industry?
The International Association of Insurance Supervisors (IAIS), the Association of Insurance Supervisors Latin America (ASSAL), and the Insurance Association of Chile (AACH) oversee the Chile insurance industry.
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Which are the compulsory insurances required within the Chile insurance industry?
A few of the key compulsory insurances required within the Chile insurance industry are motor third-party liability insurance, aviation liability insurance, marine liability insurance, professional indemnity insurance, and social security insurance.
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What are the taxes imposed in the Chile insurance industry?
Tax is imposed upon insurance premium premiums within the insurance industry in Chile. The other taxes imposed in the Chile insurance industry are corporate income tax, corporate capital gains tax, and value-added tax.
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