On Oct. 30, 2025, CHL CMF extended the public consultation period for the regulations governing condominium fire insurance and mortgage bidding rules until Nov. 13, 2025.
On Sep. 29, CHL CMF proposed changes re condominiums, mortgage.
CHL CMF proposed changes to fire insurance in condominiums, mortgage bidding rules.
New condominium law mandated CHL CMF to issue regulation on contracting, renewal, termination of condominium fire insurance, complying with CHL Law 21.442.
In addition, published regulatory report with its core elements and impact assessment.
Proposal Highlights
Main objective is to regulate fire insurance for condominiums, as set in Article 43.
By taking out insurance that includes a policy for common property and facilities, along with another for respective units, co-owners can present policy to lending institutions.
In order to establish mechanisms to avoid double insurance payments by them.
Proposed amendment to General Regulation 469, on bidding for insurance associated with mortgage loans, aims to allow co-owners to present policy to lending institutions.
Payment of compensation for partial damage suffered by unit covered, in the event of mortgage transaction, is to repair insured property, not to pay outstanding balance.
Furthermore, the Co-ownership Law also allows for mortgage insurance to be filed by the co-owner in the condominium, replacing the requirement for insurance on the unit.
Consultation
Comments must be submitted on or before Oct. 27, 2025.
Oct. 2025 CHL CMF Consultation Period Extended
On Oct. 30, 2025, CHL CMF extended the public consultation period for the regulations governing condominium fire insurance and mortgage bidding rules until Nov. 13, 2025.
