Regulator steps in

Last week, Chile’s Superintendency of Securities and Insurance (SVS) intervened in the liquidation of a small locally owned insurer, Compania de Seguros La Italia, appointing one of its officials as temporary administrator for a period of 60 days. The SVS can extend the term by a further 60 days. During this period, the SVS will take a detailed look at the company’s financial situation and publish a report.