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Chile Insurance Industry Governance, Risk and Compliance Report 2019 - ResearchAndMarkets.com

October 18, 2019

DUBLIN--(BUSINESS WIRE)--Oct 18, 2019--

The “Governance, Risk and Compliance - The Chilean Insurance Industry” report has been added to ResearchAndMarkets.com’s offering.

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 Commission for the Financial Market Commission (Comisin 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 Compaas 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.

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.

Key Findings

The report Governance, Risk and Compliance - The Chilean Insurance Industry Provides -

Scope

Key Topics Covered:

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

For more information about this report visit https://www.researchandmarkets.com/r/m7jgmj

View source version on businesswire.com:https://www.businesswire.com/news/home/20191018005361/en/

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KEYWORD: SOUTH AMERICA CHILE

INDUSTRY KEYWORD: INSURANCE PROFESSIONAL SERVICES

SOURCE: Research and Markets

Copyright Business Wire 2019.

PUB: 10/18/2019 10:32 AM/DISC: 10/18/2019 10:32 AM

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