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CMF publishes for consultation a regulation on modifications to information about investments made by insurance companies

The proposal aims to strengthen the supervision of financial risks related to insurance companies’ investment portfolios and safeguard the proper functioning of the insurance market.

August 1, 2023 - The Financial Market Commission (CMF) published for consultation today a regulation that amends Circular Letter No. 1,835 on instructions related to the form and content of information about investments made by insurance companies. The proposal aims to:

  • Obtain detailed information on loans granted by insurance companies, strengthening the supervision of provisions constituted for these portfolios.
  • Complement the information on leased real estate, as well as on arrears of endorsable mortgage loans and leasing contracts, to strengthen the supervision of vacancy and arrears.
  • Complement the information currently available on collateral posted and received due to derivative transactions.
  • Systematize the sending of information on the durations of fixed-income portfolio instruments, which is used to prepare the discount rate vector applicable to the technical reserves of life annuities.
  • Adjust current information files to complement and improve the information available, e.g., typology of investment and real estate funds.
  • Make the incorporation of future changes in the information requested due to legal or regulatory amendments more flexible. To this end, the annexes of Circular Letter No. 1,835 will be transferred to a Technical Annex available in the SEIL module of the CMF website.

These amendments will strengthen the Commission's supervisory work regarding financial risks that could affect the correct functioning of the insurance market by allowing the CMF to have more and better information to supervise risks related to insurance companies' investment portfolios.

Interested parties can access the Draft Rules and Norms section of the CMF website until August 31, 2023 to check the regulatory proposal in detail and submit their feedback. The Commission also makes available the corresponding Regulatory Report and Technical Annexes.

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