Chile Insurance Industry Governance, Risk and Compliance Report 2019 – ResearchAndMarkets.com
Governance, Risk and Compliance - The Chilean Insurance Industry is the result of extensive research into the insurance regulatory framework in
The regulatory framework ensures the protection of policyholders' interests, and the CMF, under the Ministry of Finance, is the regulatory body responsible for overseeing all insurance and reinsurance companies and intermediaries. The Code of Commerce, which includes provisions for different insurance classes and is also controlled by the CMF, also regulates the Chilean insurance industry.
The report brings together 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.
Key Findings
-
The Commission for the Financial Market and theChilean Insurance Association regulates and supervises the Chilean insurance industry - The provisions of the Insurance Law 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
The report Governance, Risk and Compliance - The Chilean Insurance Industry Provides -
- 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
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.
Key Topics Covered:
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
2.4.1 Insurance for motor vehicles accidents
2.4.2 Compulsory fire insurance
2.4.3 Pension insurance
2.4.4 Clinical trials liability insurance
2.4.5 Health insurance
2.4.6 Workers' compensation insurance
2.4.7 Professional indemnity insurance for foreign reinsurance brokers
2.4.8 Professional indemnity insurance for brokers and loss adjusters
2.4.9 Liability for ships with respect to oil pollution
2.5 Supervision and Control
2.5.1
2.5.2
2.5.3
2.5.4
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
2.8 Taxation
2.8.1 Insurance premium or policy taxation
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 (ADR)
3 Appendix
For more information about this report visit https://www.researchandmarkets.com/r/m7jgmj
View source version on businesswire.com: https://www.businesswire.com/news/home/20191018005361/en/
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