On Aug. 1, CHL CMF published rule change re investment information.
CHL CMF published amendment to Circular 1835, with instructions regarding the form and content of information on investments made by insurance companies.
Proposed Changes
Amendments will strengthen financial risk supervision, require detailed information on loans granted by insurers, address delinquency of mutual mortgages/leasing contracts.
Complement existing info about guarantees from operations of derivative instruments.
Systemize duration of fixed income instruments for annuity reserves, and adjust current information files related to the typology of real estate and investment funds.
Proposal will complement and improve information on investments that insurance/ reinsurance companies must report to System for sending information online (SEIL).
Transferring the annexes from the Circular to a Technical Annex as available in the SEIL module of the CMF's website, will allow for quicker amendments in the future.
Consultation
Comments on proposed changes must be submitted by Aug. 31, 2023.
Effectiveness
Rule effective as of Apr. 30, 2024, applicable information to be sent by May 15, 2024.
Feb. 2024 CHL CMF Second Consultation
On Feb. 7, 2024, CHL CMF published 2nd consultation on rule modifying Circular 1835.
Adjustments were introduced to the regulatory proposal following analysis of comments on first consultation, to strengthen supervisory work for financial risks.
Complements current information related to real estate investment, with emphasis on ongoing real estate developments; clarifies definitions; incorporates additional fields.
Adjusts entry into force of the regulatory modification, which will apply to information corresponding to the month of Nov. 2024, to be reported on Dec. 15 of current year.
Comments on the second consult of draft regulations due on or before Apr. 8, 2024.
Modified information requirements on investments made by insurance companies.
CHL CMF issued Circular 2354 setting forth the amendments made to existing rules.
The new standard will enter into force on Dec. 1, 2024 and will be applicable beginning with the information for Dec. 2024, which must be filed no later than Jan. 15, 2025.
