ARTICLE · 01 SEPTEMBER 2008

Chile Considers Legislation To Modernize Its Insurance And Reinsurance Laws

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The Chilean legislature was recently presented with a draft law designed to modernize the insurance and reinsurance provisions contained within Chile's Code of Commerce.

ChileInsurance

M. Millett

The Chilean legislature was recently presented with a draft law designed to modernize the insurance and reinsurance provisions contained within Chile's Code of Commerce. If enacted, the legislation would replace Chile's current laws concerning private insurance and reinsurance in their entirety. Several aspects of the proposed law are of particular note:

Article 513 (Definitions): The existing provisions' set of outdated and limited definitions are replaced with 22 new definitions that recognize certain modern realities and developments in the global insurance business. New definitions are provided for the terms "beneficiary," "deductible," "insurable interest" and "collective insurance."

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