- The new Law on Housing Co-ownership requested the CMF to issue a regulation governing the contracting, renovation, and cancellation of fire insurance for condominiums.
December 12, 2025 - The Financial Market Commission (CMF) issued today General Rule No. 556 on fire insurance for condominiums and General Rule No. 557, which amends mortgage insurance tenders.
Among other things, these regulations aim to avoid co-owners from making double payments by allowing them to take out insurance including a policy for common property and facilities along with another for individual units and presenting it to loan-granting entities. Co-owners can also present the condominium's insurance policy to loan-granting entities if said policy coverage is at least equivalent to that of insurance tendered by the entity.
Furthermore, an incorporated legal provision states that compensation payments for partial damage suffered by a unit covered by the policy taken out in a mortgage loan shall be used first to repair the insured property rather than settle the outstanding balance owed to the mortgage lender for that unit.
The Law on Housing Co-ownership also allows mortgage insurance to be submitted by the condominium's co-owners, replacing the requirements of individual units' insurance.
Interested parties can access the Regulation Search section of the CMF website to check the new regulations in detail. The Commission also makes available the corresponding Regulatory Report with their core elements and impact assessments.
