CMF publica norma que regula las operaciones de reaseguro de Rentas Vitalicias con entidades reaseguradoras extranjeras

The rule follows two public consultations (April–August 2026) and reflects input from local insurers and international reinsurers. For compliance and actuarial teams, the immediate task is to map existing reinsurance arrangements against the new minimum requirements, confirm counterparty eligibility, and update reserving, capital, and risk-transfer documentation. Firms should also assess collateral, legal enforceability, and concentration risks, and prepare for CMF supervisory review.

The measure creates opportunities for more efficient long-term pension risk management, access to global reinsurance capacity, and potential capital relief. However, it introduces cross-border operational, counterparty, and regulatory-dependency risks. UK and other foreign reinsurers active in Chile should review local licensing, reporting, and governance expectations.

Insurers should engage with CMF early, run parallel calculations, and monitor any forthcoming implementation guidance. Overall impact is significant for Chilean annuity insurers and their reinsurance partners, with moderate urgency pending detailed compliance deadlines.