On Jun. 10, CHL CMF proposed changes re information requirements.
CHL CMF issued, for public consultation, a regulation that amends Circular 2.275 to request monthly financial and solvency information from the insurance companies.
The regulatory consultation includes documents such as the regulatory project, financial statement tables, drafted version of Circular 2.275, and the taxonomy table.
Highlights
The objective is to improve the supervision and prudential analysis process of insurance companies, to comply with the commitments they have with policyholders.
Systematization of current information requirements re the projection of solvency, to incorporate the requirement into the current monthly financial statements' circular.
Incorporation of the new accounts into the monthly financial information that is currently required, as well as the opening of the Brief Reasoned Analysis table.
The incorporation of monthly prospective information will allow the generation of more preventive supervision and the anticipation of unfavorable scenarios that may occur.
Consultation
Comments must be submitted on or before Jul. 10, 2024.
Aug. 27, 2024 CHL CMF Final Rules
On Aug. 27, 2024, CHL CMF issued Circular 2357 on regulatory monthly requirement for insurance and reinsurance entities to report financial and solvency information.
CHL CMF published Resolution 7765 approving changes to Circular 2275 per above.
The modifications will come into effect on Dec. 1, 2024, and apply to the information corresponding to the end of said month, which must be submitted to the CMF timely.
The information must be submitted to CHL CMF no later than Jan. 31, 2025.
Further, Official Letter No. 16.618 will become void as of the same date.
