[ad_1]
The Commission for the Financial Market (CMF) sanctioned 10 insurance companies with joint fines amounting to 12,300 UF, almost 353 million pesos according to the current value of the currency.
The regulator reported that after concluding the sanctioning procedure carried out by the Investigation Unit, its Council resolved to sanction Metlife, Consorcio, Confuturo-Corpseguros, Sura, Security, Renta Nacional, CN Life, BTG Pactual, Euroamerica and Ohio National “for breaches related to the process of contracting life annuities through the System of Consultations and Offers of Pension Amounts (SCOMP).
🔵Now: Commission for the Financial Market applies sanctions to 10 insurance companies for violating regulations to contract annuities.
The fines as a whole reach 12 thousand UF. This is the detail 👇 @Cooperative pic.twitter.com/qTDwTLNWZy
– Felipe Gallegos (@ FelipeGallegos7) September 11, 2020
In this case, originating in 2018, the irregular use of copies of SCOMP offer certificates, and cases in which those certificates were adulterated, in order to advance the acceptance of offers by the pensioner; the CMF also specified that “the copies of the certificates were adulterated by changing their identification from ‘Copy’ to ‘Original'”.
“The sanctioned Insurers violated the regulatory framework, since for the acceptance of a pension offer the standard requires the Original Offer Certificate issued by SCOMP”, since “this source of information is a way to guarantee that pensioners have direct access and independent of the offers of the system, so that they can reflect and select the modality that best suits their needs, without exposing themselves to the risk that the information may be handled or altered by third parties “, explains the Commission.
“Indeed, the lack of the original SCOMP Certificate or its duplicate and, instead, the use of an adulterated, incomplete document or a copy, restricts the possibility of the consultant or pensioner to reflect, analyze and weigh all the elements necessary to make their decision“, complements the sanction.
The sanctioning process had its origin in a joint inspection process of a group of pension advisers – who were finally sanctioned – carried out by the CMF and the Superintendency of Pensions in 2018.
Specifically, the CMF sanctioned Metlife, Consorcio, Confuturo-Corpseguros, Security, Renta Nacional, CN Life, BTG Pactual, Euroamerica and Ohio National for violation of the obligation set forth in General Regulation No. 218, because “they did not have suitable mechanisms for verifying compliance with the regulations governing the bid acceptance process, since acceptances of the pension offer were made without the use of Original SCOMP Offer Certificates or its Duplicate “.
At the same time, it punished Metlife, Consorcio, Confuturo-Corpseguros, Sura and Security for violating the advisory obligation contained in the Commercial Code: “In the pension processes carried out by their sales agents or managed directly by the Company, the entities did not properly advise the affiliate, since the Offer Acceptance process was carried out without having the Original SCOMP Offer Certificate or its Duplicate “.
The Commission sanctioned for breaches in the procedures for accepting the pension offer, advisory obligations, information duties and restrictions on commissions. More details here … https: //t.co/TfFkF7NlC5 pic.twitter.com/myGzoRx4gk
– CMF Chile (@cmfchile_) September 11, 2020
Metlife was also sanctioned for “implementing a system of incentives or bonuses to its sales agents, for sales of life annuities, the cost of which was not consigned in the respective policies, in its nature of remuneration or commission, as required by the norm, “despite the fact that all those payments were thanks to” its intervention in the marketing or sale of life annuities “.
Another sanction against Metlife and Sura was for “entering the address of a Sales Agent of the Company instead of that of the pensioner, in some requests for pension offers accepted in said companies, conduct expressly prohibited” by the aforementioned regulation 218.
All in all, the fines against each company were as follows:
- Metlife: 3,000 UF
- Consortium: 2,000 UF
- Confuture-Corpses: 2,000 UF
- Sura: 1,000 UF
- Security: 900 UF
- National Income: 800 UF
- CN Life: 800 FU
- BTG Pactual: 600 UF
- Euro America: 600 UF
- Ohio National: 600 UF
[ad_2]
