Governance, Risk and Compliance – The Chilean Insurance Industry
Timetric’s 'Governance, Risk and Compliance – The Chilean Insurance Industry' report is the result of extensive research into the insurance regulatory framework in Chile.
It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.
The report brings together Timetric’s research, modeling and analysis expertise, giving insurers 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.
Reasons To Buy
- 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.
- 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.
- The Chilean insurance industry is regulated by the Superintendent of Security Markets and Insurance Companies (SVS) and the Chilean insurance association.
- Life and non-life insurance businesses in Chile are regulated by the provisions of the Insurance Act 1931.
- Members of the Chilean insurance association accounted for 99% of the overall industry gross written premium in 2011.
- 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.
- What is this Report About?
- Table Insurance Industry Definitions
- Governance, Risk and Compliance
- Table Chile - Insurance Regulatory Framework Key Features
- Legislation Overview and Historical Evolution
- Latest Changes in Regulation
- Legislation and Market Practice by Type of Insurance
- Life insurance
- Table Chile - Life Insurance Regulatory Framework
- Property insurance
- Table Chile - Property Insurance Regulatory Framework
- Motor insurance
- Table Chile - Motor Insurance Regulatory Framework
- Liability insurance
- Table Chile - Liability Insurance Regulatory Framework
- Marine, aviation and transit insurance
- Personal accident and health insurance
- Compulsory Insurance
- Insurance for motor vehicles accidents
- Pension insurance
- Health insurance
- Workmen's compensation insurance
- Professional indemnity insurance for insurance and reinsurance brokers and loss adjusters
- Liability for ships with respect to oil pollution
- Supervision and Control
- International Association of Insurance Supervisors
- Association of Insurance Supervisors Latin America
- Superintendent of Security Markets and Insurance Companies
- Insurance Association of Chile
- Non-Admitted Insurance Regulations
- Market practices
- Fines and penalties
- Company Registration and Operations
- Type of insurance organization
- Establishing a local company
- Foreign ownership
- Types of license
- Capital requirements
- Solvency margin
- Table Chile - Factors Used for Solvency Margin Calculation
- Reserve requirements
- Investment regulations
- Statutory return requirements
- Fee structure
- Insurance premium or policy taxations
- Withholding taxes on premium paid overseas.
- Corporate tax
- Table Chile - Corporate Tax Rates for the Financial Year 2016
- Legal System
- Access to court
- Alternative dispute resolution
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