August 27, 2024 - The Financial Market Commission (CMF) issued today an amendment to Circular Letter No. 2,275, which establishes a monthly requirement for financial and solvency information applicable to insurance and reinsurance companies. Said Circular is amended to:
- Systematize the current quarterly information requirement related to solvency projection, established via Official Communication No. 16,618 of February 22, 2022, and incorporate it into the current monthly Financial Statements Circular Letter.
- Incorporate new accounts in currently required monthly financial information, as well as making an opening in the Brief Reasoned Analysis section.
These amendments intend to strengthen and perfect the process of supervision and prudential analysis of insurance and reinsurance companies to adequately safeguard their solvency and the fulfillment of commitments they assume with policyholders. They incorporate prospective information allowing for a more preventive supervision and anticipating unfavorable scenarios that may affect companies.
The amendments become effective on December 1, 2024, so they will apply to information as of the end of that month, which must be submitted to the CMF no later than January 31, 2025. Accordingly, Official Communication No 16,618 will be repealed on the same date. The new version of the taxonomy linked to this regulation is available on the XBRL Insurance Market section of the CMF website.
