Chile Watch: Contempora; risk-based supervision; data protection; infra fund

Financial services firm Contempora wants to launch a P&C insurer by the end of the year.

The company will focus on commercial clients and invest heavily in technology, local paper el Mercurio reported Contempora lawyer Elías de la Cruz as saying.

The insurer, which has filed documents with watchdog CMF, will start by offering fire, earthquake and civil liability insurance as well as surety lines, he said.

Contempora offers services in areas including factoring, leasing and stockbroking.

The company did not immediately respond to a request for comment when contacted by BNamericas.

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Senators have revived a bill that establishes a risk-based supervision framework for insurance companies.

The senate's finance committee this week debated the draft legislation, which was first submitted in 2011, during President Sebastián Piñera's first term in office.

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Piñera said the country's transparency council will be the entity tasked with protecting personal data.

An associated amendment to a data protection bill currently in congress was submitted, the finance ministry said in a statement.

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Financial services firm LarraínVial has joined forces with local infrastructure fund administrator CMB Prime with the aim of establishing new funds focused on the sector in Chile and the rest of Latin America.

Target segments include ports, highways and hospitals, LarraínVial said.

CMB Prime administers three funds which together account for more than US$150mn in assets.