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Governance, Risk and Compliance - The Chilean Insurance Industry

Governance, Risk and Compliance - The Chilean Insurance Industry

Summary

Governance, Risk and Compliance - The Chilean Insurance Industry, is a comprehensive source of analysis of the insurance regulatory framework for life, property, motor, liability, personal accident and health, marine, aviation and transit insurance in Chile. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.

The report provides insurers with access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.

The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in Chile, including -

  • An overview of the insurance regulatory framework in Chile.
  • The latest key changes, and changes expected in the country’s insurance regulatory framework.
  • Key regulations and market practices related to different types of insurance product in the country.
  • Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in Chile.
  • Key parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations.
  • Details of the tax and legal systems in the country.
    • Some of the Key Takeaway’s of the report are -
      • The Commission for the Financial Market and the Chilean Insurance Association regulates and supervises the Chilean insurance industry.
      • The provisions of the Insurance Act 1931 and the Code of Commerce govern the life and non-life insurance businesses in Chile.
      • Composite insurance is not permitted in Chile.
      • Insurance for motor vehicles and workmen’s compensation are mandatory, as is insurance for pension fund administrators to guarantee performance.
      • Non-admitted insurers and intermediaries are not permitted to operate in the Chilean insurance industry.
        • Scope
          • The report covers details of the insurance regulatory framework in Chile.
          • The report contains details of the rules and regulations governing insurance products and insurance entities.
          • The report lists and analyzes key trends and developments pertaining to the country’s insurance regulatory framework.
          • The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.
          • The report provides details of taxation imposed on insurance products and insurance companies.
          Reasons to buy
          • Gain insights into the insurance regulatory framework in Chile.
          • Track the latest regulatory changes, and expected changes impacting the Chilean insurance industry.
          • Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
          • Understand key regulations and market practices pertaining to various types of insurance product.


    1 INTRODUCTION
    1.1 What is this Report About?
    1.2 Definitions
    2 GOVERNANCE, RISK AND COMPLIANCE
    2.1 Legislation Overview and Historical Evolution
    2.2 Latest Changes in Regulation
    2.3 Legislation and Market Practice by Type of Insurance
    2.3.1 Life insurance
    2.3.2 Property insurance
    2.3.3 Motor insurance
    2.3.4 Liability insurance
    2.3.5 Marine, aviation and transit insurance
    2.3.6 Personal accident and health insurance
    2.4 Compulsory Insurance
    2.4.1 Insurance for motor vehicles accidents
    2.4.2 Pension insurance
    2.4.3 Health insurance
    2.4.4 Workmen’s compensation insurance
    2.4.5 Professional indemnity insurance for foreign reinsurance brokers
    2.4.6 Professional indemnity insurance for brokers and loss adjusters
    2.4.7 Liability for ships with respect to oil pollution
    2.5 Supervision and Control
    2.5.1 International Association of Insurance Supervisors
    2.5.2 Association of Insurance Supervisors Latin America
    2.5.3 Commission for the Financial Market
    2.5.4 Insurance Association of Chile
    2.6 Non-Admitted Insurance Regulations
    2.6.1 Overview
    2.6.2 Intermediaries
    2.6.3 Market practices
    2.6.4 Fines and penalties
    2.7 Company Registration and Operations
    2.7.1 Type of insurance organization
    2.7.2 Establishing a local company
    2.7.3 Foreign ownership
    2.7.4 Types of license
    2.7.5 Capital requirements
    2.7.6 Solvency margin
    2.7.7 Reserve requirements
    2.7.8 Investment regulations
    2.7.9 Statutory return requirements
    2.7.10 Fee structure
    2.8 Taxation
    2.8.1 Insurance premium or policy taxations
    2.8.2 Withholding taxes on premium paid overseas
    2.8.3 Corporate tax
    2.8.4 VAT
    2.8.5 Captives
    2.9 Legal System
    2.9.1 Introduction
    2.9.2 Access to court
    2.9.3 Alternative dispute resolution
    3 APPENDIX
    3.1 Methodology
    3.2 Contact GlobalData
    3.3 About GlobalData
    3.4 GlobalData’s Services
    3.5 Disclaimer
    List of Tables
    Table 1: Insurance Industry Definitions
    Table 2: Chile - Insurance Regulatory Framework Key Features
    Table 3: Chile - Life Insurance Regulatory Framework
    Table 4: Chile - Property Insurance Regulatory Framework
    Table 5: Chile - Motor Insurance Regulatory Framework
    Table 6: Chile - Liability Insurance Regulatory Framework
    Table 7: Chile - Factors Used for Solvency Margin Calculation
    Table 8: Chile - Corporate Tax Rates for the Financial Year 2018
    List of Figures
    Figure 1: Chile - Insurance Supervision and Control at Various Levels
    Figure 2: Chile - Insurance Regulatory Frameworks for Company Registration and Operation

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