- The Jacinta Act doubles compensation amounts in case of death, disability, and medical expenses derived from a traffic accident, as well as reducing compensation payments in case of death from 10 to 7 business days.
- The regulation on compulsory insurance for accidents caused by vehicles with foreign license plates (SOAPEX) is also amended.
February 9, 2026 - After the publication of the Jacinta Act (Law No. 21,797) in the Official Gazette last Saturday, February 7, the Financial Market Commission (CMF) amended the regulations concerning the Compulsory Personal Accidents Insurance (SOAP, for its Spanish acronym) to include derived amendments to the Transit Act (Law No. 18.490).
Specifically, the Jacinta Act doubles compensation amounts in case of death, disability, and medical expenses derived from a traffic accident, as well as reducing compensation payments in case of death from 10 to 7 business days. As a result, the CMF added to its Policy Deposit the "Compulsory Insurance Policy for Personal Accidents Caused by Motor Vehicles (SOAP)", whose code is POL320260028; and the "Compulsory Insurance Policy for Personal Accidents Caused by Motor Vehicles with Foreign License Plates (SOAPEX)", whose code is POL320260029.
SOAP is compulsory insurance that provides coverage in case of death and bodily injury resulting directly from accidents involving insured vehicles. Meanwhile, SOAPEX is compulsory insurance for vehicles entering Chile on a temporary or provisional basis and covers them for the entire period they are in circulation within the country. It provides the same coverage as SOAP.
New SOAP and SOAPEX coverages are as follows:
- Death: UF 600 per person.
- Total Permanent Disability: UF 600 per person.
- Partial Permanent Disability: up to UF 400 per person.
- Hospital Medical Expenses: up to UF 600.
Therefore, the CMF also amended Circular Letters Nos. 1,459 and 2,121 on format and content of SOAP and SOAPEX certificates, respectively, to add the corresponding insurance policy codes.
Said amendments apply to all SOAP and SOAPEX insurance taken out as of today. However, it is important to clarify that pursuant to the provisions of the Jacinta Act, insurance policies contracted prior to the entry into force of the new Act shall remain valid, although maintaining the conditions (coverage and terms) agreed upon at the time of purchase. Thus, coverage under both types of policies shall coexist until March 2027.
Details of these new regulations are available in the Regulations section of the CMF website. General conditions of SOAP and SOAPEX policies are available on the Policy Deposit, and the SOAP policy will also be published in the Official Gazette. Once this is done, companies can sell insurance under the new conditions set forth in the Jacinta Act.
