Insurance companies (including initial calls) offer different types of insurance coverage; They can liquidate their claims and ensure the risks taken by other general insurance companies (except for credit risk).
Admission: Insurance and reinsurance business requires approval of CMF for development of this activity.
Minimum Capital: Insurance companies and VWs need a minimum capital to act. For General insurance, 90 000 is UF.
Risks that coincide: loss or deterioration of things or assets, and credit risks.
Credit risk is an exclusive rotation.
Role in the insurance market
- Insurance offers.
- Comparison of complaints.
Some obligations of the general insurance companies:
Consider the responsible risk they take.
- ssuance of insurance policies and delivery to insured persons in individual insurance.
- Respond to presentations, complaints, and complaints. In the event of any damage, the insured person informs the respondent of his/her resolution through the cover and gives the correct compensation to his/her beneficiaries.
Relation to CMF
Registration: General Insurers must be registered in CMF.
Monitoring and control: this commission may, among other things, require the company to report its activities, evaluate its offices, review documentation, books
Reports: Insurance and reinsurance, including periodic, are obliged to submit the financial statements (FECU) to the Commission and other technical, financial and Business reports.
Penalties: If a company violates the law or regulations, CMF may impose sanctions against mistrust, punishment, suspend administration for up to six months, suspend all or some of the operations for up to six months and revoke empowerment Existence.