Regulation

• December 2026

  Ley 21.719, Chile

  Chile updates its personal data protection law, published on 13 December 2024: automated decisions, the right to an explanation, and portability. It applies from December 2026, unless the pending postponement passes. An agent that decides about a policyholder will have to prove what it did and why.

• 2013

  Ley 20.667, Chile

  The Insurance Contract Act, in force since 1 December 2013: the insurer gives the contract’s information in writing, and the declaration of the risk answers what the insurer asks.

• 2011

  Norma de Carácter General 309, Chile

  Corporate governance and risk management and internal control principles for insurers, issued in 2011 by the Superintendency of Securities and Insurance (SVS), today the Financial Market Commission (CMF), in force at once: the board oversees risk management, internal control and reinsurance policies.

• 2021

  Norma de Carácter General 454, Chile

  The CMF’s 2021 rule on operational risk and cybersecurity management: periodic self-assessments, reporting of operational incidents to the CMF, and the board’s responsibility.

• 2021

  Norma de Carácter General 460, Chile

  The CMF’s 2021 rule on insurance sold with credit products: a voluntary insurance must be ratified by the customer within 30 days, by an auditable means, or it is void.

• 2021

  Resolución SBS 01147-2021, Peru

  Amends, in 2021, the Insurance Market Conduct Regulation (Reglamento de Gestión de Conducta de Mercado del Sistema de Seguros): express consent to the optional cover of credit life insurance (desgravamen) must be recorded in the policy file.

• 2 December 2027

  The EU AI Act

  From 2 December 2027 the obligations for high-risk systems apply: event logging, human oversight and explanation. A European group’s policies extend them to its subsidiaries outside Europe.

Dates are projections of the current development plan, not commitments.