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Chile's regulator SVS creates norm that strengthens risk management and internal controls of insurers

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Chile's regulator SVS creates norm that strengthens risk management and internal controls of insurers

Chile's securities and insurance regulator SVS has created anorm that strengthens risk management and internal controls of insurancecompanies, according to an April 1 news release.   

The new rules are within the framework of a risk-based supervisionmodel and also provide corporate governance structure. They are a revisedversion of risk and control principles that were first issued by the regulatorin 2011.

The ruling requires that insurer's boards formalize thedefinition of the company's risk appetite, among other changes.

According to SVS' head, Carlos Pavez, the norms will helpfurther develop Chile's insurance sector with requirements and standards thatfollow the best international practices, which directly benefits both companiesand policyholders.