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CMF attended the 21st ASSAL-IAIS Conference on Insurance Regulation and Supervision in Latin America

During the meeting, Chile was ratified as one of the Vice-Presidents of the Association of Insurance Supervisors of Latin America.

May 10, 2023 - The Financial Market Commission (CMF) attended the 21st Conference on Insurance Regulation and Supervision in Latin America, organized by the Association of Insurance Supervisors of Latin America (ASSAL) and the International Association of Insurance Supervisors (IAIS).

During the Conference, held between May 2 and 3 in San José, Costa Rica, CMF Commissioner Augusto Iglesias made a presentation on recent changes in insurance regulation in Chile and moderated a round table discussion titled "Trends in Regulation: Recent Changes in Regulation and Supervision in Ibero-America."

Later, on May 4, Iglesias participated in a high-level meeting on insurance supervision alongside representatives of ASSAL, IAIS, and the Financial Stability Institute (FSI) of the Bank for International Settlements (BIS). During this event, the Commissioner spoke on the "Impact of Macroeconomic Developments on the Latin American Insurance Industry and Regional Priorities" panel and led another discussion on "Insurers in Trouble: How to Prepare for Effective Recovery and Resolution."

These sessions addressed topics such as the resilience of the insurance industry; climate risks and sustainable development; risk-based supervision; Insurtech; privacy and data protection; cybersecurity; and recovery and resolution of insurance companies.

Augusto Iglesias valued these meetings and pointed out that "these are very valuable opportunities for discussion and exchange of information between regulators and supervisors, in a context of many common challenges for regulation and supervision of the insurance industry".

On Friday 5, Commissioner Iglesias took part in ASSAL's Annual Assembly, which elected its Board of Directors for the next two years, re-electing the President of said body, Tomás Soley of Costa Rica, and the respective Vice-Presidents of Mexico and Chile. It also approved a Declaration on Climate Change.

Uruguay will host the next ASSAL Annual Assembly during the second quarter of 2024.

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