Insurance Regulation Simplification Proposal - CMF Chile Consultation
Summary
The Financial Market Commission of Chile published for public consultation a regulatory proposal amending insurance market regulations. The proposal streamlines compliance by repealing requirements for insurance and reinsurance companies to submit lists of authorized persons, notarized powers of attorney, and representative signature samples to the CMF, as this information is already available to the regulator. It also eliminates similar submission requirements for foreign reinsurers and replaces official notices on Discount Rate Vector, Market Rate, Adjustable Insurance Unit, and Discount Rate with website publications.
What changed
The CMF published a consultation proposing amendments to several insurance market regulatory texts to simplify their practical application and improve compliance efficiency. Key changes include repealing the issuance of Ordinary Official Notices related to the Discount Rate Vector and Circular Notices regarding Market Rate, Adjustable Insurance Unit, and Discount Rate, with information to be published on the CMF website instead. The proposal eliminates the requirement for foreign reinsurers to submit notarized copies of powers of attorney to their legal representative in Chile, and removes obligations for insurance and reinsurance companies to submit lists of authorized persons, notarized powers of attorney, and legal representative signature samples to the CMF.\n\nInsurance and reinsurance companies currently subject to these reporting obligations should review their internal compliance processes in anticipation of the changes. Foreign reinsurers operating in Chile will benefit from reduced administrative burden. Compliance teams should prepare to shift from submitting official rate notices to monitoring the CMF website for published information once the amendments take effect.
What to do next
- Access the Regulations Under Consultation section of the CMF website to review the regulatory proposal in detail
- Submit comments during the four-week consultation period
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Apr 21, 2026GovPing captured this document from the original source. If the source has since changed or been removed, this is the text as it existed at that time.
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CMF publishes for consultation regulatory proposal simplifying insurance market regulations
The proposal brings greater clarity and improves the efficiency of regulatory compliance processes.
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April 20, 2026 - The Financial Market Commission (CMF) published for consultation for the next four weeks a regulatory proposal amending several regulatory texts pertaining to the insurance market to simplify their practical application; strengthen legal certainty; and improve efficiency of regulatory compliance processes.
This initiative is part of the CMF's ongoing review and assessment of regulations to bring dispositions in line with the market's evolution, the best regulatory practices, and observations detected during the Commission's own supervisory processes. Its main elements are as follows:
- Modifies the way in which the CMF reports rates and other relevant insurance market figures:
- Repeals the issuance of Ordinary Official Notices related to the Discount Rate Vector, as well as Circular Notices regarding the Market Rate; the Adjustable Insurance Unit; and the Discount Rate.
- Information contained in said Notices will be published on the CMF website instead.
- Eliminates the requirement for foreign reinsurers to submit information to their legal representative in Chile. It proposes an amendment to General Rule No. 139 to eliminate the requirement to submit a notarized copy of the power of attorney granted to legal representatives since this information must already be available at the insurance companies for supervisory processes conducted by the CMF.
- Repeals the obligation for insurance and reinsurance companies to submit lists of authorized persons, copies of notarized powers of attorney, and samples of their legal representatives' signatures to the CMF since the CMF already has said information on file. Interested parties can access the Regulations Under Consultation section of the CMF website to review the regulatory proposal in detail. The Commission also makes available the corresponding Regulatory Report with its key elements.
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