Chile's government has announced it will lift a capital gains tax applied on foreign insurers, endowments and sovereign wealth funds that operate in Chile.
The regulation will be sent to the country's comptroller general this week, the finance and economy ministries said in a joint statement.
The decision was part of a series of measures announced by both the finance and economy ministries to the tune of US$850mn to keep credit markets flowing and ease access to financing for local exporters and SMEs.
There were 28 life insurance companies operating in Chile as of June 30, with 1.17tn pesos (US$2.25bn at the time) in premium volume. Twenty two P&C insurers recorded premium volume of 561bn pesos as of that same date.
