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Chilean insurers gun for regulatory changes before year-end

Chilean insurers are pushing for securities regulator SVS to publish two regulatory changes before year-end, Pulso reported.

The reforms include the issuance of a standard on derivatives accompanying the regulatory change made previously by SVS, which increased the limit of investments of companies abroad to 30% from 20%.

The other change is related to the limits on insurers' participation in a public fund. Currently, an insurer can only account for 20% of the issue, requiring them to partner with four other financiers.

According to Juan Luis Diaz, director of investments for Metlife, insurers have been working with SVS to raise the limit to 30%, with the intention that three companies could finance a syndicated loan.

SVS is set to be replaced by CMF, the new financial markets commission, which will start operating in early-to-mid December.