The Financial Market Commission (CMF) announced this Monday that its board of directors has decided to impose a fine of 150 UF (Unidad de Fomento) on Renta Nacional Compañía de Seguros Generales S. A. after detecting violations related to the sale of insurance policies through agents and brokers who did not have valid licenses.
The sanction is detailed in Resolution No. 4606, where the regulatory body explained that the company violated the Insurance Law and General Standard No. 471, following the verification of irregularities that occurred between October 2021 and January 2025.
According to the CMF, during the period under investigation, the insurance company marketed policies through sales agents who were not registered in the Registry of Sales Agents and Insurance Brokers.
Furthermore, the regulator found that some transactions were carried out through brokers whose registrations had previously been canceled from the Registry of Commerce Auxiliaries.
According to the regulatory body, these practices violated articles 57 and 58 of Decree No. 251, which corresponds to the Insurance Law, as well as provisions contained in General Standard No. 471.
The resolution emphasizes that insurance companies have a legal obligation to verify that brokers and those involved in the sale of policies maintain their registration and licensing in the official registries.
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Headline: Regulator Detects Irregularities
The regulatory body detected irregularities between 2021 and 2025, including operations carried out by individuals not registered in the official records required by regulations.
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The Financial Market Commission (CMF) announced this Monday that its board decided to impose a fine of 150 UF (Unidad de Fomento, a Chilean currency unit) on Renta Nacional Compañía de Seguros Generales S.A. after detecting non-compliance related to the sale of insurance through agents and brokers who did not have valid credentials.
The sanction was established in Resolution No. 4606, where the regulatory body detailed that the company violated the Insurance Law and General Standard No. 471, after verifying irregularities that occurred between October 2021 and January 2025.
According to the CMF, during the investigated period, the insurance company sold policies through sales agents who were not registered in the Registry of Sales Agents and Insurance Brokers.
Furthermore, the regulator detected that some operations were carried out through brokers whose registrations had previously been canceled from the Registry of Commerce Auxiliaries.
According to the regulatory body, these practices violated articles 57 and 58 of Decree-Law No. 251, corresponding to the Insurance Law, in addition to provisions contained in General Standard No. 471.
The resolution emphasizes that insurance companies have a legal obligation to verify that brokers and those involved in the sale of policies maintain their registration and credentials in the official records administered by the CMF itself.
"Insurance companies have a duty to verify in the Registry that those acting as brokers hold that status at the time of selling the policies," the regulatory body stated in the resolution.
The CMF added that companies in the sector are subject to the requirement of selling insurance only through authorized brokers, a situation that, according to the statement, was not properly fulfilled by the sanctioned company.
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