Regulator proposes cutting insurance settlement period

A new regulation reducing the settlement period for Chile's insurance providers is expected to be approved shortly, Chile's securities and insurance regulator SVS head Fernando Coloma was quoted as saying by local paper Estrategia. The new regulation, currently under analysis by the comptroller general's office, would cut the insurance settlement period to 45 days from the current 90 days. This new regulation is expected to be applicable for all insurance products, including P&C and life, though there will be a special period in the case of catastrophe insurance. In related news, global securities regulators from 33 countries are meeting this week in Chile at the annual meeting of the International Organization of Securities Commissions (IOSCO). Topics to be discussed include benchmarks, the development of the derivatives market in emerging markets, barriers to development and regulatory priorities for members of IOSCO's emerging markets committee EMC. The EMC has 80 members from Latin America, Europe, Africa, the Middle East and Asia.