CMF prohibits the sale of 39 insurance policies due to breach of new law

The Council of the Financial Market Commission (CMF) reported that it prohibited the sale of 39 insurance policies intended to provide customers with coverage against the risk of fraud due to the misuse of cards and electronic transfers. The new Law 21.234 establishes that financial institutions will be prevented from offering insurance to cover the misuse of cards in cases of robbery, loss or for fraud in electronic transactions. The coverage must now be assumed by the financial institutions themselves.

Source: EMOL