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.