Amends Decree Law No. 3,500 Of 1980 And The Law N ° S. 18.398, 18.646, 18.933 And 18.768

Original Language Title: MODIFICA EL DECRETO LEY N° 3.500, DE 1980 Y LAS LEYES N°S. 18.398, 18.646, 18.933 Y 18.768

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Article 1.-Introducense the following |! | amendments to the Decree Law No. 3,500, 1980: 1-replace item 4 ° by the following: "article 4.-shall be entitled to invalidity pension members not retired by this law without the requirements of age for old-age pension, and as a result of disease or impairment of physical or intellectual forces, suffering from a permanent impairment of their ability to work" ((, according to the following: a) Pension for total disability, to affiliate with a loss of their ability to work, at least two-thirds, and b) partial disability Pension, for affiliates with a loss of his work capacity equal or superior to 50% and less than two-thirds.

The medical committees referred to in article 11, shall, against an application for invalidity of the affiliate, verify compliance with the requirements set forth in the preceding paragraph and issue a first ruling of invalidity which shall grant the right of total or partial disability pension following the date declared inability, or deny it , as appropriate.
Three years after the date from which was issued the first opinion of invalidity which originated the right to pension, the medical commissions, through the administrators must quote to the affiliate invalid and give a second opinion that ratify or modify the right to total or partial disability pension, or leave him without effect, according to the fulfilment of the requirements laid down in the first paragraph of this article. In the event that the affiliate invalid comply with the legal age for retirement for old age within a period of three years, it may ask the Medical Commission respective, through the administrator to which they were affiliated, that give the second opinion to the fulfillment of the legal age.
The citation must be written together with the payment of the three prior to the expiration of the period referred to in the preceding paragraph. If Affiliate does not is submitted within the time limit of three months from the date on which was cited, the payment of your pension will be suspended. |!| If it is not submitted within the period of six months in the same way, means that the disability has ceased.
Without limiting the foregoing, affiliate declared partial disabled that has not been welcomed to old-age pension and who do not meet the age requirements set out in subsection first item 3 ° shall be entitled to total disability pension, provided that they comply with the letter a) of this article.
The medical commissions may, by resolution founded, quote during the period stated in the third paragraph, members whose first report of disability generated entitlement to pension, in order to request new exams in relation to its quality of invalid and issue if he is coming, the second opinion. Citation shall be in writing together with the payment of the three prior to the date of the summons, under penalty of the suspension of the pension or rescind the first opinion, in the way that designates the fourth subparagraph. ";

2.-Introducense the following amendments to article 11: to) replacements first and second subparagraphs by the following: article 8 "(La invalidez a que se refiere el artículo 4° y la de las personas señaladas en el artículo 7° y en la letra c) shall be qualified, in accordance with the"rules for the evaluation and qualification of the degree of disability of workers affiliated to the new pension system"" , according to point it to the respective regulations, by a Commission of three surgeons who will operate in each Region, appointed by the Superintendent of pension funds, in the form provided for the regulation of this law. You can designate more than one Commission in regions that require it, because the number of workers that they work or the distance of their towns.
The pension funds must manage and finance together, in the proportion that corresponds according to the number of members requesting disability pension in each of them, the regional medical commissions and Central Medical Commission, excluding the costs of hiring medical staff. The regulations will regulate the Organization, the functions of the commissions and the regime applicable to physicians of these, which will not be dependent of the Superintendency workers and must be hired, fees. ";

((b) replace the letter d) of the fifth by the following paragraph: "d) the Central Medical Commission will have a period of ten working days, from the date on which it receives the new tests or analysis, or that receives the claim, if any, to issue its ruling, which may confirm or revoke the ruling by the Regional Committee and will be forwarded to this so appropriate to notify the reglamante;" (,) and (c) add the following seventh paragraph, passing current subparagraphs seventh, eighth, ninth, tenth, eleventh, twelfth and thirteenth to be, eighth, Nove, tenth, eleventh, twelfth, thirteenth and fourteenth, respectively: "with all exams specialty, analyses and reports and costs of transportation that requires the application of the affiliate, to obtain the right to disability pension that is stated in the third paragraph of article 4 , will be financed entirely by the administrator of pension funds that is affiliated. ";

3 Add the following article 11 bis: "the"norms for evaluation and qualification of the degree of disability of workers affiliated to the new pension system"(to that referred to in the previous article, they will be approved by a Commission technique consisting of the following persons: to) the Superintendent of pension funds, who will preside over it;"
(b)) the President of the Commission Central medical;
(c) a representative of the pension funds chosen by them;
((d) a representative of the insurance companies referred to in article 59, chosen by them, and e) the Dean of a Faculty of medicine, appointed by the Council of Rectors.

The Superintendency of pension funds for additional draft amendments to the rules outlined above, carrying the pension funds, insurance companies referred to in article 59, the President of a medical Commission of those that referred to in the preceding article, or propose its own amendments and submit them to the approval of the technical Commission.
This Commission will be held with the attendance of all its members and adopt agreements by an absolute majority. An official of the Superintendency of pension funds will act as Secretary of the Committee and will have the quality of Minister of faith with respect to their performances, discussions and agreements.
The deliberations of the Committee shall be secret until the publication of the final agreement, which must be in the official journal at the latest the first working day of the month following the adoption of the agreement. ";

4. Add the following second paragraph to article 12: "Also, the invalidity pensions which sets this legal body will be incompatible with benefits for incapacity for work.";

5 replace subsection first article 14 with the following: "the definite means remuneration in article 40 of the labour code, without prejudice as provided in the second paragraph of article 18 of this law.";

6 article 18 replaced by the following: "article 18.-each worker, may be, in addition, in your individual capitalization account, voluntary contributions."
May the worker, also, deposit individual capitalization account sums that been agreed with your employer with the sole objective of increasing the capital required to finance an early pension, as provided in article 68, or to increase the amount of the pension. These sums, as long as they are deposited in the aforementioned account, shall not constitute remuneration for any legal matter, are not considered as income for tax purposes and article 19 shall apply to them.
Contributions and deposits laid down in the preceding subparagraphs shall not be considered in the determination of the right to State guarantee of minimum pension referred to in Title VII, or for the calculation of the additional contribution referred to in article 53. ";

7 replace the second paragraph of article 20 with the following: "increases in experiencing the quotas of pension funds shall not constitute income for purposes of the income tax act. However, the pensions granted in accordance with this law, |! | they will be affected to the income tax that would tax the pensions, wages and salaries. ';

8 replace the fourth subparagraph of article 21 with the following:
"Members may be up to four free withdrawals surcharge to its voluntary savings account in each calendar year. The funds in this account, in addition, check-in as savings in money in housing systems that operate through services of housing and urbanization in the form determined by the regulation, which will also set the terms and conditions on which it may be withdrawals referred to apply to that purpose. ";

9 Add the following third subparagraph to article 35: "the average value of a Fund share is determined, for a calendar month, as the sum of the values of share every day, divided by the number of days in that month.";

10 replace article 36 with the following: "article 36.-refers to nominal profitability for the last twelve months of a Fund, the percentage of variation of the mean value of the quota of one month of the Fund concerned, regarding the monthly average value of this in the same month of the previous year."
The nominal return on the last twelve months average of all funds shall be determined by calculating the weighted average of the return on all of them, the proportion which represents the total value of shares each, in relation to the value of the shares of all funds, the last day of the previous month. In any case, the above proportion may not exceed the result of division two by the number of existing funds. If one or more funds exceeded the result designated above, the sum of these remnants will be proportionally distributed among the other funds, in proportion to the total value of the share of each of them, excluding the funds exceeded. If foregoing a fund exceeds the result it must be repeated the procedure, as many times as necessary.
Means real in the last twelve months of a background and average return of all funds, the nominal profitability established in first and second paragraphs respectively, discounted the variation that experiment the index of prices to the consumer, from the National Institute of statistics in the same period. ";

11 replacements first and second subparagraphs of article 37 for the following: "(En cada mes, las Administradoras serán responsables de que la rentabilidad real de los últimos doce meses, de su Fondo no sea menor a la que resulte inferior entre: a) (the real profitability of the last twelve months average of all funds, less two percentage points, and b) fifty per cent of the real return of the last twelve months average of all funds."

Does not apply to the provisions of the preceding paragraph to the administrators who have less than 12 months of operation. ";

12 replace article 39 with the following: "article 39.-the fluctuation reserve of profitability will be formed with the excesses of real return of the last twelve months of the respective fund exceeding the real return of the last twelve months average of all funds in more than two points or more than fifty per cent of the return in a month" using the amount that is greater between the two. This reserve will be expressed in the respective pension fund shares.
The balance of the reserve of fluctuation of profitability will only have the following destinations: 1. cover the difference between minimum profitability defined in article 37 and the real in the last twelve months of the Fund return, where the latter is less;
2.-, the opportunity provided by the administrator, increase the profitability of the Fund in a given month up to the higher amount between: a) the real profitability of the last twelve months average of all funds plus two points, and b) the real profitability of the last twelve months average of all funds over fifty percent.

This application can be done only by the amounts that the fluctuation reserve of profitability exceeding one percent of the value of the Fund;

3. when the resources accumulated in the reserve of fluctuation of profitability exceed by more than two years the one per cent of the value of the Fund, the excess over that percentage must be compulsorily paid to individual affiliate accounts, irrespective of the profitability, or 4.-pay to fund the balance of the reservation, the date of liquidation or dissolution of the administrator. ";

13 replace first subparagraph article 42 with the following: "where the real in the last twelve months of a fund return is, in a deteminado month, less than the minimum yield referred to in article 37, and this difference may not be covered with the fluctuation reserve of profitability, the administrator must find the difference within a period of five days.";

14 replace article 45 with the following: "article 45.-investments that are carried out with the resources of a pension fund must have only targeted obtaining of |! |" adequate profitability and safety. All other goal that is intended to attach to such investments shall be deemed contrary to the interests of pension funds.
The resources of the Fund, without prejudice to the current account deposits referred to in |! | ((article 46, must be invested in: a) securities issued by the General Treasury of the Republic or by the Central Bank of Chile and letters of credit issued by the regional services and metropolitan housing and urbanization: b) term deposits and other titles representative of captures of financial institutions;
(c) securities guaranteed by financial institutions;
(d) letters of credit issued by financial institutions;
(e) public and private bonds;
(f) contributions of other pension funds;
(g) shares of open joint-stock companies subject to Title XII, adopted previously by the risk rating agency Commission, as provided for in article 106;
((h) shares of real estate companies open, approved previously by the risk rating agency Commission, pursuant to article 106 however the above, during the first five years of existence, these societies may be closed, under the control of the Superintendence of securities and insurance, in which case does not apply them to the letters b) ((, c) and (d)) of article 45 bis of this law. During the aforementioned period not governed the reduction of the investment limits arranged in the eighth tenth paragraph of article 47 of this law, when such reduction is as a cause than any director, Executive or shareholder of any administrator may be appointed director or Executive of a real estate Corporation. After the period of five years, these companies must have the quality of open joint-stock company, and the provisions of article 45 bis and 47 of this law; shall apply fully
(i) shares of open joint-stock companies not subject to the provisions of title XII of this Act, approved previously by the risk rating agency Commission, as provided for in article 106;
j) fees of investment funds, referred to in law No. 18.815, adopted previously by the risk rating agency Commission, pursuant to article 106;
k) effects of trade representative of bills of Exchange or promissory notes with maturity not exceeding one year from the registration in the register of securities, non-renewable, and l) credits, securities or effects of trade, issued or guaranteed by foreign States, central banks or banks foreign or international approved by the risk rating agency Commission that they possibly daily in the international markets, and that they at least meet with characteristics that indicate the regulation.

((Financial institutions referred to in the letters b), c) and (d)) shall be legally constituted in Chile or authorized to operate in the country; ((((((the companies referred to in the letters e), g), h), i) and k), as also investment funds referred to in the letter j), must be legally constituted in Chile. All the instruments mentioned in the letters b), c), d), e) and k), shall be classified in any category from those listed in article 104.
The letters b instruments) and c) which are serial and those listed in the letters e), g); ((h), i), j) and k) must be registered, in accordance with the law N ° 18,045, in the respective register of values |! | take the Superintendency of securities and insurance or banks and financial institutions, as appropriate.
Titles showing the investments of the Fund shall be issued or transferred with the clause "to the Pension Fund", preceded by the name of the corresponding administrator. Equal evidence shall be required in systems referred to in the final paragraph of article 12 of the law N ° 18,046.
The certificates representing shares of a pension fund which are issued to be acquired by another administrator will be nominative, non-negotiable and must be paid by the issuer within five days from the request.
The Central Bank of Chile shall determine the diversification of investments among different generic types of them and the weighted average term of investments than with resources of the funds are carried out in fixed income instruments.
Notwithstanding the provisions of the preceding paragraph, the Central Bank of Chile not may establish minimum limits for investments referred to in the second paragraph. Only may fix ceilings on investment, which may not be less than the following: thirty per cent for the sum of the investments listed in the letters b) and (c)), when your deadline is not more than one year, which can be increased to forty percent, if at least one quarter of this is invested in instruments whose maturity period exceeding one year; forty percent for investments of the letter e); twenty percent for investments of the letter f); twenty percent for investments of the letters g), h), e i) altogether and 10 percent for each one of them individually; ten percent for investments of the letter j) and ten percent for investments of the letter k).
However, the sum of the investments carried out with the resources of a Fund in instruments mentioned in the letter to) may not exceed of the forty five per cent of the total value of the Fund Investor. ((In addition, investments in instruments of letters g), h) e i) altogether, may not exceed forty per cent of the total value of the pension fund investor. ((However, the investment instruments of the letters g), h) e i) individually, may not exceed thirty per cent of the value of the Fund. (Finalmente, las inversiones que se realicen con recursos de un Fondo de Pensiones en cuotas de fondos de inversión de la letra j) not exceed twenty percent of the value of the pension fund investor, and investments in |! | (instruments of the letter l) may not exceed 10%. ";

15 Introducense the following amendments to article 45 bis;

(a) replace paragraph first with the following: "the resources of the pension funds may not be invested in shares of pension funds, insurance companies, managers of mutual funds or investment funds managers of. May not be invested in shares issued by corporations referred to in letters g) and h) of article 45 in the following cases: to) when society consolidated net accounting capital represent, such as production of its consolidated assets, less than eighty percent, except in the case of financial institutions, which in any case shall comply permanently with the requirements laid down in the General banking law;
(b) when a person directly or through other related persons, concentrated more than fifty percent of the shares subscribed;
(c) when you have less than ten percent of its shares held by minority shareholders;
(d) when it does not comply with the requirement that at least fifteen per cent of the shares are subscribed for more than a hundred shareholders not related to each other, each of which shall be owner of a minimum equivalent to 100 Unidades de Fomento in accionesm according to the value that is set in the last balance sheet (, or e) in the case of real estate corporations that have more than one year since its founding, with assets invested in real estate authorized in article 98 and mutual mortgage clause the order represent, altogether, less than seventy per cent of the total assets, whereas the average of the last twelve months.
During the period corresponding to the first six months of the second year of operation of the society, however, this requirement shall be measured only on the basis of the months elapsed so far, from the seventh month since its Constitution. "(, y b) replacements eighth subparagraphs and ninth by the following:"(Las Administradoras deberán concurrir a las Juntas de Accionistas de las sociedades señaladas en las letras g) and (h) of article 45 and the assemblies of "" contributors of investment funds mentioned in the letter j) article 45, whose shares, or quotas have been acquired with resources of the respective fund, represented by their managers or by special agents appointed by its Board of Directors, not being able managers nor the special leaders act with powers other than those conferred to them by the administrator. In such meetings and assemblies must always decide regarding agreements adopted and it must record their votes in the respective proceedings. Contraventions of the administering these requirements shall be punished in the manner prescribed in number 8 of article 94.
Administrators must perform all the steps that are necessary and diligence ordinarily employed in their own businesses, for precautionary management companies and investment funds that will have invested resources of pension funds, in order to ensure the proper return on investment, responding to blame slight damages that would result in non-compliance with this to the Fund under its administration. ";

16 added after the dot (.) end of the third subparagraph of article 46, which happens to be dot (.) followed, the following:. ";

17 replace article 47 with the following: A multiple unique for all financial institutions set by the Central Bank of Chile; "
b) ratio that represents the heritage of that financial institution with respect to the sum of the assets of all financial institutions, and (c)) the factor of average risk weighted to the originating institution concerned.
in any case, the sum of investments in a single financial entity shall not exceed the product between the ratio that represents the value of the pension fund with respect to the sum of the value of all the pension funds and three times the assets of the financial institution concerned.

This last value will be replaced by twice the assets of the entity concerned over one-third of the issued letters of credit for it, provided that the result of this sum exceeds three times the assets of the same institution and that only invest in letters of credit or be deposited in the accounts of that institution. The sum of investment in a single financial entity may not represent more than fifteen per cent of the total value of the respective fund.
Investments with a Fund in effects of trade issued by the same company may not exceed the difference between the product of the factors indicated below and the amount invested with resources of this effects of trade, issued by subsidiaries of the company. Such factors are: a) a multiple unique, for all the issuing companies of effects of trade set by the Central Bank of Chile;
(b) the consolidated net equity of the issuer. Where the issuer is a company whose turn is to perform leasing operations, this factor shall correspond to twice the consolidated net equity of the issuer;
((c) the ratio that represents the value of the pension fund with respect to the sum of the value of all pension funds, and d) factor weighted average risk of the company concerned.

Without limiting the foregoing, the effects of trade investment may not exceed twenty per cent of the issue.
Similarly, investments with a Fund in bonds issued by the same company may not exceed the difference between the product of the factors indicated below and the amount invested with the Fund in bonds issued by subsidiaries of the company. Such factors are: a) a multiple unique for all the companies issuing bonds set by the Central Bank of Chile;
(b) the consolidated net equity of the issuer. Where the issuer is a company whose turn is to perform leasing operations, this factor shall correspond to twice the consolidated net equity of the issuer;
((c) the ratio that represents the value of the pension fund with respect to the value of all pension funds, and d) factor weighted average risk of the company concerned.

Without limiting the foregoing, the investment in bonds of the same series may not exceed twenty per cent of it.
Still the limits defined above, the sum of investments funded by pension funds in bonds and effects of trade of a single company and its affiliates, shall not exceed the product of the factors indicated below: a) the sum of the unique multiple fixed by the Central Bank of Chile for the stations effects of trade societies and companies issuing bonds;
(b) the consolidated net equity of the issuer. Where the issuer is a company whose turn is to perform leasing operations, this factor shall correspond to twice the consolidated net equity of the issuer;
((c) the ratio that represents the value of the pension fund with respect to the value of all pension funds, and d) factor weighted average risk of the company concerned.

In any case a fund investment may be in instruments classified in classes D and E, referred to in article 104.
Investments that are made in other pension funds, with resources from a fund may not exceed five per cent of the total value of the Fund Investor.
Investments with a fund shares ordinary or preferred of a society of those listed in the letter g) article 45, may not exceed the amount less the product of the concentration factor and the seven per cent of the total of the shares subscribed for such companies and the product of the concentration factor and the seven per cent of the total value of the respective fund. In the case of investments in shares ordinary or preferred of a society of those listed in the letter h) article 45, these may not exceed the amount less the product of the concentration factor and twenty per cent of the total of the shares subscribed for such companies and the product of the concentration factor and the seven per cent of the total value of the respective fund. (In addition, the limit of investment resources from a fund into shares of a new issue, shall be equal to the product between the concentration factor and the seven per cent of the amount to subscribe for shares of the letter g) of article 45, and the product between the concentration factor and twenty percent of the amount to subscribe for shares of the letter h) article 45 , which, in both cases, to the extent that any shares subscribed, at least fifty percent must be paid.
In addition, investments with a Fund in the ordinary or preferred shares indicated in the letter i) article 45, may not exceed the lesser amount between one per cent of the total number of subscribed shares in these companies and one per cent of the total value of the respective fund. In addition, the limit of investment resources from a fund into shares of a new issue will be equal to one percent of the amount to subscribe, which to the extent that any shares subscribed, at least fifty percent must be paid.
In the case of banking or financial companies, the stock percentage referred to in the tenth subparagraph shall be two and a half per cent. Investments with a Fund in shares of an investment fund of the referred in the letter j) article 45, may not exceed the lesser amount between 10% of subscribers of such investment fund quotas and the five per cent of the value of the Pension Fund. However, the total investment of a pension fund venture capital investment fund shares may not exceed five per cent of the value of the Pension Fund. Investments funded by a pension fund in instruments mentioned in the letter l) article 45, by the same body, may not exceed the half per cent of the value of the Fund.
The concentration factor referred to in the tenth subparagraph shall be determined according to the degree of |! | maximum concentration of ownership permitted by the permanent rules of the statutes of the society concerned. In this way, the concentration factor will be: 1 for those societies in any |! | person, directly or through the medium of |! | other related persons, can concentrate |! | more than twenty percent of the property;
0.8 to those societies in which concentration |! | maximum permissible exceeding of twenty by |! | cent and less than or equal to 30 per cent;
0.6 to those societies in which concentration |! | permitted maximum is greater than thirty percent |! | and less than or equal to 40 per cent;
0.4 for those societies in which concentration |! | maximum permissible exceeding forty by |! | cent and less than or equal to forty five by |! | percent, and 0.3 for those societies in which concentration |! | permitted maximum greater than forty-five |! | percent and less than or equal to fifty per cent.

In the case of open corporations |! | referred to in the second paragraph of article 45 bis, the |! | concentracionse factor determined only based on the |! | concentration allowed various stakeholders of the |! | Treasury.
If the right to subscribe shares of payment a |! | new issue was born of the quality of that shareholder |! | have the background, the maximum amount to subscribe, to the |! | (acciones de las letras g) and h) of rule 45, be |! | equal to the product between the concentration factor and the |! | 7% and 20%, |! | respectively, of the total of such issuance. In the case |! | Article 45, the amount (de las acciones de la letra i) |! | maximum to subscribe shall be equal to one per cent of the |! | the emission total. In the case of funds |! | (de inversión de las definidas en la letra j) of the |! | Article 45, if the right to subscribe shares a |! | new issue was born contributor to quality |! | have the background, the maximum subscription amount will equal |! | ten percent of the total of such issuance.
In any case, the sum of investments in bonds, |! | effects of trade and ordinary or preferred shares |! | of a society, may not represent more than the |! | seven per cent of the total value of the respective fund.
With the resources of a fund investment in |! | financial instruments issued in accordance to a |! | commitment to devolution of those to be |! | They concern the articles 123 and following of this Act, be |! | They considered to be within the margin of investment established |! | for the issuer of the shares which can be |! | purchase under this commitment.
The investment in institutions limits |! | financial, companies or corporations open to |! | preceding subparagraphs, referring to a |! | determined Pension Fund, lower half |! | in the case of corporate shareholders more |! | of one percent of the total number of shares subscribed for |! | the funds of pension or persons administering |! | related directly or indirectly with the |! | shareholders, directors or executives of the |! | The Fund Administrator. In the same case, the limit |! | (para las inversiones de la letra h) of article 45 shall be |! | the less the product of the concentration factor and |! | the three eat five per cent of the total shares |! | subscribed for the society and the product of the factor of |! | concentration and the three eat five per cent of the value |! | total of the respective fund. The investment limits in |! | investment funds will lower half when between |! | administering society's investment fund and the |! | of the pension fund be set relations |! | outlined above. When two or more funds of |! | Pensions are managed by related companies |! | together, means that these limits apply to the |! | sum of all funds investments |! | managed by related companies. Without prejudice |! | of the foregoing, may not invest resources in a |! | Fund in shares in a company shareholder in more of the |! | one per cent of the total number of shares subscribed in the |! | The Fund Administrator.
In the event that, for any reason, a |! | investment resources of the Pension Fund |! | exceeds the limits or requirements to stop |! | established for their origin, the excess should be |! | posted in a special fund account |! | affected and the corresponding administrator cannot |! | making new investments in the same instruments |! | as long as this situation remains. The above is without |! | prejudice the powers of the Superintendent for |! | apply administrative sanctions that the in-kind |! | proceed. The regulations will establish the procedure and |! | deadlines to sell or keep the excesses of |! | unauthorized, according to whether investment the |! | breach of limits or requirements affects all |! | the funds of pension, or any of them in |! | particular, whether due to a variation in the |! | qualifying practice the sorter Commission de |! | Risk or the reduction of a fixed amount limit or |! | percentage; or the magnitude of the breach, to its |! | transience or permanence; or Finally, attending a |! | its causes and, in the latter case, whether the |! | failure to comply with the limits specified is due to |! | behavior of the issuer.
(El múltiplo único a que se refiere la letra a) of the |! | subsection first may not less than two nor more to |! | 6. Also, only multiple referred the |! | (letra a) of the third subsection may not be less than 0.2 |! | not more than 0.5 and the only multiple referred |! | (la letra a) of the fifth paragraph shall be not less to |! | not more than 1.0 0.3. The Central Bank never |! | Chile may set a lower value single multiple |! | existing at the date of modification of these.
The Superintendency of banks and institutions |! | Financial will provide to the Superintendency of |! | Pension funds monthly, the |! | calculation of the heritage of each financial institution |! | subject to its control and on a quarterly basis, the calculation |! | heritage and the net equity of each |! | company issuing bonds or effects of trade that is |! | subsidiary of banks and is subject to its control.
The Superintendency of securities and insurance must |! | provide on a quarterly basis to the Superintendency of |! | Pension funds the calculation of the |! | heritage and by company net stockholders |! | issuing of bonds or effects of trade, or society |! | anonymous open whose shares can be acquired with |! | a pension fund resources.
The percentages established for the fixing of the |! | (límites de inversión en acciones de las letras g), h) e |! | i) article 45, indicated in subparagraphs tenth, |! | Eleventh, fifteenth, and sixteenth this |! | Article, may be increased by the Central Bank of |! | Chile up to the following maximum values, shaped |! | individual or joint, for investments in shares |! | each of these letters: twenty-five percent |! | of the shares subscribed, of the amount to be signed or the |! | total emission, as appropriate, in the case of |! | (las inversiones de las letras g) or h) article 45; |! | ten per cent of the subscribed shares, the amount |! | to subscribe or total emission, according to |! | appropriate, in the case of share investments |! | (de la letra i) of article 45, and ten percent |! | the value of the respective pension fund for the |! | ((inversiones en las acciones de las letras g), h) or i) |! | Article 45. At the same time, the investment limit for |! | the sum of investment in bonds, effects of Commerce |! | and ordinary or preferred shares same |! | society, may be increased up to a maximum of ten |! | per cent of the total value of the Pension Fund.
Similarly, the Central Bank, will increase the |! | investment in shares of banking companies limit |! | or financial referred to in subsection desimosegundo |! | up to a maximum of 15 percent of the |! | shares subscribed or the amount to be signed, according to |! | appropriate, and up to ten percent of the value of the |! | Respective pension fund.
In addition, the Central Bank of Chile may increase |! | the percentages referred to in subparagraphs |! | twelfth and decimiquinto of this article for the |! | investment in investment funds, up to a |! | maximum of twenty per cent of the subscribed shares or |! | of shares issued, as appropriate, of every background |! | ten percent of the value of the Fund and investment |! | respective pension.
Notwithstanding the foregoing, in no event the Bank |! | Central de Chile will reduce some of the limits |! | that pursuant to subparagraphs |! | twenty, twenty-fourth and twenty-fifth this |! | Article has increased. "."

18 replace the second paragraph of article 48 |! | by the following: ' without prejudice to the provisions of subsection |! | " earlier, with funds resources |! | pension you can purchase the |! | (instrumentos a que se refieren las letras a), |! | ((((e), g), h), i), j) and k) and the serial |! | (comprendidos en las letras b) and c) of the article |! | 45, in the formal primary market defined |! | in this article, when these |! | instruments has not been traded |! | above. ";

19 the following second paragraph added to article |! | 51: "without prejudice to the foregoing, pensions |! |" granted full and partial invalidity |! | According to the first opinion, affiliates which |! | are in some designated cases |! | in article 54, will be financed by the |! | Administrator to which the worker is |! | find affiliate and the State guaranty |! | referred to in Title VII when |! | appropriate. ";

20 article 52 replaced by the following: "article 52.-respect to pensions for old age, the balance of the individual capitalization account shall consist of the capital accumulated by the Member including the contribution referred to in article 53 and, where appropriate the bond of recognition and the complement of this in cases referred to in the title XIII and transfers making affiliate from its voluntary savings account" , pursuant to article 22.
With respect to disability and survival pensions, the individual capitalization account balance will be constituted by capital accumulated by the Member including the contribution referred to in article 53 and, where applicable, recognition bonus and the complement of this in the cases referred to in Title XIII, the additional contribution required by the administrator in accordance with article 54 and transfers the Member made from your account of voluntary savings, as set out in article 22. ';

21 replaced article 53 by the following: "article 53.-additional contribution means the amount, expressed in Unidades de Fomento, which the second opinion of invalidity resulting from the difference between the capital needed to finance the pensions of reference and the sum of the capital accumulated by the affiliate and bond of recognition, the date on which the member dies or is executed." When the difference is negative, the additional contribution shall be equal to zero.
For the calculation of the additional contribution of members declared partial invalid, shall not be considered as capital accumulated by affiliate retained balance referred to in article 65 bis.
Contribution means the amount representative of contributions that affiliate would have accumulated in your account of individual capitalization, if any quoted in this account 10% of disability pensions paid according to the first opinion, and its value, expressed in Unidades de Fomento, is determined as the product resulting between the amount of the invalidity pension and the number of months during which this was perceived to be divided by nine. For all purposes, once aware contribution shall be part of the capital accumulated by the Member. ';

22 replace article 54 with the following: affiliates who are quoting it. " Presumed right affiliate was quoting, if his death or declaration of invalidity according to the first opinion, the time that provided services, if it's a dependent affiliate occurs, or if it has been quoted in the calendar month prior to such claims, if it's an independent affiliate, and b) affiliated worker subsidiaries that have ceased to provide services by term or suspension of these whose death or declaration of invalidity according to the first opinion, occurs within the period of twelve months from the last day of the month that have stopped providing services or these have been suspended. In addition, these workers must be registered at least six months from cotizacionez in the year prior to the last day of the month that have stopped providing services or these have been suspended.
Also, in the case of members pensioned disability within the period of three years or the period of six months referred to in item 4 °, or whose second report is pending, the administrator will be exclusively responsible for and obliged to learn about the additional contribution that corresponds to such affiliates if they die or acquire the right to the payment of pensions for invalidity in accordance with the second opinion ((, provided that the letter was les applicable a) or b) of the preceding paragraph. In the event that these affiliates are delivers an opinion that reimagines the invalidity or transcurriere the period of six months referred to in the fourth subparagraph of article 4 without affiliate is introduced to the citation, the administrator must learn the contribution referred to in article 53, unless the right to disability pension has ceased for death. ";

23.-replaced the lyrics to) Article 55 by the following: "to) all pensions reference that generates Affiliate responsible for him and his family group according to articles 4 ° and 5 °, counting from the moment in which the death occurs or is executed the second opinion of invalidity and until the extinction of the right to pension of the deceased and of each of the accredited beneficiaries ,
y";

24 Article 56 replaced by the following: (seventy per cent of the income base, in the case of workers in the letter to) article 54 that die or are entitled to receive full disability pension; "
(b () fifty per cent of the income base, for workers of the letter a) of article 54, entitled to receive partial disability pension;
(((c) fifty per cent of the income base, in the case of the letter b-dependent workers) article 54, that die or are entitled to receive full disability pension, or d) thirty-five percent of the income base, in the case of the letter b-dependent workers) of article 54, entitled to receive partial disability pension. ";

25.-Introducense the following amendments to article 57: to) Replace subparagraph first with the following: "for the purposes of this law refers to income base amount resulting from dividing by one hundred twenty the sum of perceived taxable wages and incomes declared in the last ten years prior to the month in which death occurs or is declared invalid by the first opinion as appropriate" updated in the way established in the second paragraph of article 63. ";

(b) Insert the following fourth subparagraph passing the current quarter to be fifth: "for those workers that in the period of calculation of income base have received invalidity pensions shall be regarded as taxable compensation during the period that affiliate perceived them, the sum of these pensions and taxable earnings or declared incomes. In any case, the sum will be maximum income base that gave rise to the primitive invalidity pensions. For the above purposes, such invalidity pensions, will be expressed in pesos using the value of the Unidad de Fomento to the last day of the month in which they were paid. "(, y c) add the following sixth paragraph:"the income base, will be expressed in Unidades de Fomento to the value of the last day of the month preceding the date of the death or declaration of invalidity according to the first opinion.";"

26 be replaced with article 58 the following: 60 per cent for the spouse or the total invalid spouse and forty-three percent for partial invalid spouse " It is provided that the invalid spouse in any of the cases referred to in article 7;
(b) 50 per cent for the spouse or the total invalid spouse and 36 per cent for the partial invalid spouse, with children who are entitled to pension, provided that the invalid spouse is in one of the cases referred to in article 7 °). This percentage will rise to sixty and forty-three percent, respectively, when these children no longer have the right to a pension;
(c) thirty-six per cent for the mother of natural children recognized by the deceased;
(d) 30% for the mother of natural children recognized by the originator, with children who are entitled to pension. This percentage will rise to 36 percent when these children no longer have the right to a pension;
e) fifty percent for parents who qualify pointing to article 10), and (f) Fifteen per cent for each child who meets the requirements set out in article 8. This percentage will be reduced to 11 per cent for children declared partial disabled twenty-four years of age.

If two or more persons invocaren the quality of spouse or mother's natural son of the deceased, the date of death, the percentage that corresponds to each one of them will be divided by the number of spouses or mothers of natural children that, respectively, with right to enhance each other.
If at the time of the death of a deceased, this or this not have spouse entitled to pension, pensions for reference of the children will increase the percentage being distributed equally |! | established in) (b) of the first subparagraph.
The foregoing except for children who have a mother with entitlement to pension established in d) precedent. ";

27 be replaced with article 59 the following: pensions of members declared invalid by the first opinion; "
((b) additional contributions corresponding to designated members in the letter to) above, when they acquire the right to receive pensions for invalidity in accordance with the second opinion;
((c) the additional contributions that should find out when members indicated in the letter to) previous generate survival pensions;
((d) additional contributions that need to learn for affiliates pensioners not generating survival pensions, and e) contribution referred to in the third subparagraph of article 53 which should find out when members indicated in the letter to) above, does not acquire the right to pensions for invalidity by the second opinion.

The insurance contract does not exempt, in any form, the administering of the responsibilities and obligations referred to in article 54.
In the event of bankruptcy or dissolution of the administrator and the duration of the liquidation process, discounts that practice to the accounts of individual concept of commissions, according to article 29, capitalization will be used, first, to the payment of the premium of the insurance contract which designates first subparagraph of this article, and shall be unattachable in the part that corresponds to this payment. On the other hand, will remain the obligation of the insurance company to finance pensions for disability caused by the first opinion and the respective additional contributions or contributions, as appropriate, to the administrator in liquidation or the administrator involved members are incorporated. The funds received by the administrator in liquidation by these concepts shall be unattachable. ";

28 be replaced with article 60 the following: ' article 60.-in case of declaring itself the |! | " disability by the first opinion and always |! | that the affiliate is in any of the |! | (situaciones que señalan las letras a) or b) of the |! | Article 54, the administrator will initiate payment |! | as disability pensions thing |! | sets the article 65 bis. This pension is |! | It accrued from the date of Declaration of |! | disability and will be required to tell of the |! | time at which the first opinion becomes |! | enforceable until the second opinion |! | It is executed or until the expiry of the period of three months referred to in the fourth subparagraph of article 4.
In the case of declared invalid by the second opinion or occur |! | the death of the Member, and whenever you may be applicable article 54, the administering |! | find out, in the individual capitalization affiliate account, the additional contribution that corresponds. This obligation will be payable from the date in which the second opinion declaring the invalidity is executed or |! | from the moment that prompted the benefit in case of death.
Once heard the additional contribution referred to in the preceding paragraph, they may not accredited new beneficiaries for the purposes of the calculation of the additional contribution, notwithstanding that they will keep their quality of pension beneficiaries. The administrator must find in the individual capitalization account affiliate contribution referred to in article 53 of the date in which the second opinion which rejects the invalidity is executed, the date on which expires the period of six months referred to in the fourth subparagraph of article 4. ';

29 replaced the first paragraph of article 61 with the following: "members who meet the requirements |! |" referred to in article 3° and affiliates |! | declared disabled, once executed the |! | second opinion, can provide the balance of |! | your individual capitalization account with the |! | object of setting up a pension. The |! | Administrator shall verify the compliance of |! | These requirements, will recognize the benefit and |! | will issue the corresponding certificate. ';

30 replaced the eighth paragraph of the article |! | 62 by the following: "to members who opted for |! |" hire a life annuity with the same |! | Insurance company obliged to the payment of the contribution |! | in accordance with article 60, this |! | It will be obligated to sign the contract and a |! | pay a life annuity not less to the |! | hundred percent of the pensions of reference |! | set out in article 56. Means |! | that the affiliate chooses to hire an income |! | lifetime with the same insurance company that |! | You may have to pay additional inside input of |! | the ninety days following the Declaration |! | disability not contracted with another company |! | This annuity or opt for any of the |! | other modalities that contemplates the article |! | 61. ";

31 replace the first subparagraph of article 63 by |! | the following: "average wages, to be |! |" concerns the sixth paragraph of the previous article, |! | It is the result of dividing percent |! | twenty the sum of all remuneration |! | taxable perceived and declared income in the |! | last ten years prior to the month in which are |! | welcomed to old-age pension or was declared |! | invalid according to the first opinion, according to |! | appropriate. If during these years affiliate |! | any perceived pension according to a |! | first opinion of invalidity, shall apply thing |! | established in the fourth subparagraph of article 57, |! | without considering the limit indicated in the said |! | article. ";

32 replace the denomination of the 4th paragraph of the |! | Title VI by the following: "The pension of disability";

33 be added in paragraph 4 ° of title VI the |! | following article 65 bis: "article 65 bis-members declared disabled persons who are in any of the |! |" (situaciones descritas en las letras a) and b) of article 54, shall be entitled to perceive |! | pension of invalidity according to the first opinion, the amount of which will be expressed in |! | Promotion unit and shall be equal to the % |! | per cent of the reference pension |! | established in article 56. In the event a |! | This is less than the amount of the pension |! | minimal pointing article 73, affiliate |! | You can choose that your pension be adjusted to the |! | minimum using funds from its account of |! | individual capitalization.
Trying to affiliate that they are not in some of the situations mentioned in the |! | Article 54, shall have the right to receive right |! | According to the first opinion of invalidity pensions |! | under the modality of scheduled withdrawals, the |! | that will not be subject to the above-mentioned committees |! | in the second paragraph of article 29. In case |! | total disability, the pension shall be equal to the |! | hundred percent certain removal in |! | compliance with stated in article 65 |! | and in the case of partial invalidity, the pension |! | It shall be equal to seventy per cent of such a withdrawal. However, the affiliate not may elect to remove |! | surplus of freely available while your |! | disability pension is not paid according to a |! | second opinion.
Members declared partial disabled, |! | Once enforceable the second opinion, may |! | qualify for any of the modalities of pension |! | that designates the article 61. However, for the |! | funding of the pension, may not |! | consider the retained balance, which are |! | It will allocate to recalculate the amount of the pension |! | that the affiliate is perceiving or |! | a new pension fund according to thing |! | established in the sixth paragraph of article 69, |! | When the invalidity is declared total, the |! | Affiliate meets the age indicated in the article |! | 3 °, or avails of pension insurance in conformity |! | to article 68. Retained balance means |! | thirty percent of the account balance of |! | individual capitalization date that |! | was the second opinion, included final |! | the bond of recognition and its complement, Yes |! | appropriate.
Members declared partial disabled |! | with a right to the payment of pensions in accordance with a |! | second opinion, may withdraw surplus |! | unrestricted, according to subsection nommés |! | sixth article 62, the sixth paragraph of the |! | Article 64 and fifth and sixth paragraphs of the |! | Article 65, unless you make use of your balance |! | retained as stated in the third paragraph |! | This article, in which case it must finance |! | a total pension that is equal to or superior to the |! | Seventy per cent of the income base that was |! | concerns article 57. ";

34 antepóne is to article 66 the name |! | the 5th paragraph of title VI and replace it with the following: "Of the pensions of survival";

35 replace subparagraph first of article 66 with the following: "the survival pension beneficiaries caused during active membership may make them effective on some of the arrangements referred to in article 61."
In any case, to opt for the modalities of immediate life annuity, or rent with |! | income deferred vitalicia there must be agreement of all of the beneficiaries. While it has not exercised the option beneficiaries |! | they will be subject to the form of retreats |! | scheduled.
The administrator will find out in the account of |! | individual capitalization affiliate |! | cause the additional contribution referred |! | Article 60, when the Member deceased |! | has been found in any of the |! | (situaciones de las letras a) or b) of the |! | Article 54. ";

36 Article 67 replaced by the following: "article 67.-produced the death of a member of pensioner for old-age or invalidity |! |" that has been receiving pensions of |! | According to a second opinion, its beneficiaries, |! | referred to in article 5, shall accrue the |! | right to survival pension.
If the affiliate has been pensioned from |! | agreement with the form of annuity, |! | the beneficiaries must communicate the |! | death to the insurance company than |! | It is paying the respective pension, with the |! | order that it pay the pensions of |! | survival that corresponds.
If the deceased has been pensioned according to the modality of rent with |! | annuity deferred, will proceed from the |! | (follows, as applicable: a) If Affiliate has been receiving temporary income, beneficiaries must notify the administering death, so this put the balance of the account at your disposal so they choose, consent of all of them, by anticipating the deferred annuity or distribute the rent of the deceased as noted in the fourth of the preceding article subsection. If there were no agreement between the beneficiaries will continue to distribute temporary income of the deceased.
If extinguished once the right to pension beneficiaries will still stay balance in the deceased individual capitalization account, this remnant will increase the mass of the deceased.
The expired temporary income the insurance company starts to pay pensions for survival for any place, or b) if the affiliate has been receiving deferred annuity, beneficiaries the death must notify the respective insurance company, so this proceed to the payment of pensions of survival that correspond.

If the affiliate has been receiving retreat set in the administrator, the |! | beneficiaries must notify that entity |! | the death; in order that this check |! | the quality of beneficiaries of those who claim |! | the benefit and proceed to recognize the right to |! | respective pensions by issuing the |! | corresponding certificate. Then the |! | Administrator will put at the disposal of the |! | beneficiaries the balance of the account and is |! | proceed according to the provisions of the article |! | 66.
In the case of the death of an affiliate granted partial disability that |! | State receiving pensions for invalidity in accordance with the second opinion, the retained balance will be used to increase pensions for survival of beneficiaries, in any of the forms referred to in this law, as set out in article 66, while appropriate in this case the additional contribution |! | This referred to.
Produced the death of a member of pensioned disability totally or partially according to the first opinion that you applied the letter a) or b) of article 54, the administrator must find the additional contribution laid down in that article, whereas the percentages indicated in article 58 on the pensions of reference laid down in letters to) and c) of article 56 , as appropriate. If the Member was not applied the letter a) or b) of article 54, the administrator will put at the disposal of the beneficiaries the individual capitalization account balance and will proceed according to the provisions of article 66. ";

37 replace the second paragraph of article 68 by the following: "for the purposes of the provisions of the preceding paragraph, members who have rights to the bond of recognition and its complement, if appropriate, and may fund the pension with the amount of this or these more individual capitalization account balance, may transfer their rights to these documents by simple endorsement in the form determined by the regulation. In these cases, such documents shall only be paid in due dates indicated on them. ';

38.-Introducense the following amendments to article 69: to) Replace subparagraph first with the following: "the greatest affiliate of sixty-five years of age if it is man or greater than sixty, if female, or that which has been received within this system to pension age or total disability caused by a second opinion, and I will continue working as a dependent employee (you must quote for health referred to in article 84, shall be exempt from the obligation to make contributions established in article 17,"and b) Agreganse paragraphs following second and third, passing the current second, third and fourth to be fourth, fifth and sixth, respectively:" the affiliate welcomed a partial disability pension, the affiliate welcomed pension for total disability caused by a first opinion and the member declared invalid which finds it within the time limit of " six months referred to in the fourth subparagraph of article 4, who will continue working as a dependent must be the price of health referred to in article 84 and the contribution referred to in article 17.
Contributions to the Pension Fund by the partial invalid which is receiving pension due to a second opinion and that I will continue working, increase the retained balance, which may be used by the latter to increase the amount of the pension, as designated in article 65 bis. ";

39. replace article 74 by the following: ' article 74.-the guarantee of the State referred to in the previous article, with respect to those persons benefiting from the regime of withdrawals from their accounts of individual capitalization, through scheduled removal and temporary income patterns, will operate once exhausted are these accounts and resources in the case of persons benefiting from the mode of life annuity " When the agreed income changes to be less than the minimum pension. For members welcomed to partial invalidity in accordance with a second opinion, the State guarantee will operate once the retained balance is exhausted. Also, being affiliates received a disability pension pursuant to a first opinion, have been found in any of the situations the letter a) or b) of article 54, the State guarantee will operate once the balance is accounted.
The regulation shall regulate the form of operation and payment of the Government guarantee. ";

40 article 76 replaced by the following: "article 76.-the twenty years of contributions necessary to enjoy the minimum old-age pension and the ten years necessary to enjoy the minimum pension of disability and survivors laid down in articles 75, 77 and 78 respectively, will be completed by paying the periods in which the affiliate has enjoyed severance allowance which they accumulate, and may not exceed, altogether, for three years. Also credited to those years of contributions the periods in which the affiliate has perceived invalidity caused by a first opinion having subsequently ceased invalidity. ";

41 be replaced with article 77 the following: do not qualify for the State guarantee of the minimum old-age pension " (,) and (b) register quotes two years minimum in any of the social security systems during the five years prior to the time that is declared invalid, or be quoting at the moment in which it is declared should occur as a result of an accident, and provided that this happened after their affiliation to the system , or completing ten years of effective taxation on any welfare system. ";

42 article 79 replace with the following: "(Artículo 79.-Las pensiones mínimas de sobrevivencia serán equivalentes a los siguientes porcentajes de la pensión mínima de vejez señalada en el artículo 73: a) sixty percent for the spouse or the total invalid spouse and forty-three per cent for the invalid spouse partial invalid spouse is in one of the cases referred to in article 7;"
(b) fifty per cent for the spouse or the total invalid spouse and thirty-six per cent for the partial invalid spouse, with children who are entitled to pension, provided that the invalid spouse is in one of the cases referred to in article 7.
This percentage will rise to sixty and forty-three percent, respectively, when these children no longer have the right to a pension;
(c) thirty-six per cent for the mother of natural children recognized by the deceased;
(d) 30% for the mother of natural children recognized by the originator, with children who are entitled to pension.
This percentage will rise to 36 percent when these children no longer have the right to a pension;
e) fifty percent for the father or mother who are beneficiaries of pension of survival in accordance with article 10), and (f) Fifteen per cent for each child who meets the requirements set out in article 8. This percentage will be reduced to 11 per cent for children declared partial disabled twenty-four years of age.

If two or more persons invocaren the quality of spouse or mother of natural children of a deceased, the date of death, the percentage that corresponds to each one of them will be divided by the number of spouses or mothers of natural children that, respectively, with right to enhance each other. ';

(43 Introducense the following amendments to article 82: a) replace paragraph first with the following: "(Otórga_se la garantía deel Estado a los aportes adicionales y a la contribución, señalados en el artículo 53, a las rentas vitalicias señaladas en las letras a)) and (b) of article 61, to invalidity pensions originated by a first opinion mentioned in article 54" , and the mortuary fee referred to in article 88. ";

(b) replace the second by the following paragraph: "the amount of the State guarantee will be equivalent to 100% of the difference that fails to complete the additional contribution, the contribution and pensions for disability caused by a first opinion, where by default or declaration of bankruptcy of an administrator liable to the payment of such benefits they may not be aware or paid promptly, and total circumstances that must be certified by the Superintendent of pension funds administrators and provided that the insurance company liable to its financing not fact. There is one "(, y c) replace the fourth subparagraph by the following:"the State guarantee referred to in the preceding paragraphs will cover part of the additional contribution " , contribution and pensions for disability caused by the first opinion, not paid by the administrator or the annuity not paid by the insurance company, as appropriate. ";

44 article 90 replace by the following: "article 90-the monthly taxable income is that which the person concerned declares monthly to the administrator in which you enroll, which may not be less than a revenue minimum or more than the equivalent of sixty UF.";

45.-replaced the letter i) article 98 with the following:
"i) related people: those defined in title XV of the law N ° 18,045.";

46 article 99 replace with the following: "(Artículo 99.-Créa_se una Comisión Clasificadora de Riesgo, en adelante Comisión Clasificadora, que tendrá las siguientes funciones: a) (approve, modify or reject projects classification of instruments indicated in the letters b) (, c)(, d), e) (and k) article 45, in one of the categories that has article 104;"
(((b) give its approval to the actions of open joint-stock companies, indicated in letters g), h) e i) article 45 and investment funds quotas mentioned in the letter j) article 45, which can be acquired with resources of the pension funds;
(c) establishing the characteristics of the categories of risk referred to in article 104 and procedures of risk classification of financial instruments that can be acquired with the resources of the pension funds. It shall also be you approve or reject amendments which in this matter propusieren the Administrators or some of its members;
((((d) establish equivalences between the classifications of the titles mentioned in the letter l) article 45, made by foreign organizations and published in the official journal pursuant to article 48 of the law N ° 18.840, and risk categories defined in article 104 and e) approve, modify or reject classifications practiced by foreign agencies to the instruments mentioned in the letter l) article 45 , pursuant to article 104. ";

47 replaced article 100 by the following: "(Artículo 100.-La Comisión Clasificadora de Riesgo estará integrada por las siguientes personas: a) the Superintendent of pension funds;"
b) the Superintendent of banks and financial institutions;
((c) the Superintendent of securities and insurance, and (d)) four representatives of the pension funds, chosen by them.

The sorter Commission President shall be appointed by the majority of the attendees to the respective session, by secret ballot, from among the above-mentioned members and will last in such cargo a year, and may be reelected.
The sorter Commission with the assistance of at least four of its members to be held and agreements shall be adopted by absolute majority of the respective session attendees. Its President will settle ties that may occur.
However the provisions of the preceding subparagraph, agreements to approve or maintain the approval of investment in shares referred subparagraphs second and third article 45 bis, as well as also the agreements to approve and modify the characteristics of the categories of classification of risk referred to in article 104 and classification procedures , they should be adopted with the favourable vote of at least two representatives of the pension funds. ";

48 article 102 replace with the following: "article 102.-the sorter Commission will have an administrative secretariat functions will be which entrusted you this law and those specific which refer you the sorter Commission."
The sorter Commission shall appoint a person who shall act as Secretary of the same, will have the quality of Minister of faith with respect to their performances, discussions and agreements, and represented judicially and extrajudicially to the administrative secretariat.
The sorter Commission, agreed a regulation that will regulate everything related to the operation and administrative secretariat staff.
Expenditures that requires the operation of the sorter Commission and the administrative secretariat will be financed by the pension funds in proportion to the value of the pension fund administered by each one of them. ";

49 replace article 104 with the following: "(article 104-establishment the following categories in which financial instruments referred to in the letters b be classified)(, c) (,)(, e) d and k) article 45, in consideration of the probability of failure to pay the principal and interest agreed, the characteristics of the instrument, the solvency of the issuer and the liquidity of the instrument on the market;" and the factors which in each case are |! | they indicate: 1. category A with factor 1 / 0 (one);
2. category B with factor 0.8 (zero point eight);
3 category C with factor 0.4 (zero point four);
4 category 0 (zero), and 5-factor D-factor 0 (zero), no information available to classify category E.

Category A is more at risk, which increases progressively up to category D, which will be the highest risk.
The sorter Commission will establish the characteristics of each category and classification procedures of designated financial instruments, by means of an agreement which will be published in the official journal, which made will take effect.
The agreements of modification of the characteristics of the categories of risk and classification procedures shall be founded.
The fundamentals of these agreements are indicated in the minutes of the respective session and shall be also published in the official journal.
The administrative secretariat shall be available to the sorter Commission proposals of modification of the characteristics of the categories of risk and classification procedures that do you get the Administrators or members of the Committee.
(Los instrumentos señalados en la letra l) of article 45, are classified, at the request of |! | any administrator, depending on the classification that international agencies have made and that the Central Bank of Chile has been published in the official journal according to article 48 of the law N ° 18.840.
The sorter Commission shall establish equivalences between the categories of classification international and those identified in subsection first of this article, without prejudice that may establish additional adverse factors that could alter the final classification. ";

50 article 105 replaced by the following: "article 105-qualifying practice the sorter Commission will be indicative of risk and its resolutions will be considered for the purpose only of determining the |! |" diversification of the investments carried out with the resources of the Pension Fund in accordance with this law. Such classification shall be on all instruments that are of a public offering.
The shares of the corporations identified in the letters g) and h) of article 45 and shares of investment funds mentioned in the letter j) article 45 shall be subject only to the approval of the sorter Commission in cases in which their issuer voluntarily requested by. Meanwhile, shares in the companies mentioned in the letter i) article 45, will be subjected to approval if any pension funds administrator requests it. Once an instrument rated or approved the actions of a society of those indicated in letters g) or h) article 45, or a mutual fund shares, the issuer will be required to continue providing all the necessary information for classification or approval will continue to perform, while some Fund's resources are spent in the respective instrument. In the event that the issuer does not make it so its |! | instruments will be classified in category E or their shares or quotas will be deprecated, as the case may be.
Without limiting the foregoing, the issuers that have filed shares or quotas to be approved for the first time, unless these have been, may withdraw his presentation, which will not be published by the sorter Commission. In the event that, subsequent to the acquisition of an instrument funded by pension funds, an issuer with the exception of the letter i) article 45, it refuses to provide the required information or do so in a false, misleading, or their legal representatives shall be liable to penalties of presidio in their degrees minimum to medium. ";

51 replace subparagraph first of article 106 by the following:
"Shares that can be purchased with the funds must be approved by the sorter Commission in consideration of the risk of the expected return and preferably according to the characteristics of the title, the soundness and stability of the issuer and the liquidity and the presence of the instrument on the market." Without limiting the foregoing, the shares of real estate companies that have less than five years of existence, must be approved by the sorter Commission of risk in consideration of the risk of these which will depend on the participation of the various components of the company's assets. Thus, in the case of investment in real estate, the risk depends on the diversification by type of real estate, by value of these and by tenant, and the rate of unemployment of the property owned by the company. In the case of investment in mutual mortgage clause to the order, the risk will be given to diversification by nominal amount the mutual fund, the delinquency rate and the amount of the guarantees associated with this type of instruments. Also fees of investment funds must be approved by Commission rating risk Agency due to the type of investment fund concerned and a weighting of the amounts and the risks associated with different values instruments and goods components of portfolio investment of them. ";

52 section 107 replaced by the following: " ((((, c), d), e) and k) of article 45. In the project expressed principles of classification only with respect to those instruments that have not been included in previous projects and modifications which, in the opinion of the administrators, need to alter the existing classification.
Within the same time limit shall pronounce on actions and fees already classified or in process of classification by the risk rating agency Commission.
The managers of pension funds and the members of the sorter Commission may submit proposals for urgent modifications to the existing agreement, at any time, whenever that extraordinary circumstances required to reclassify an instrument or disapprove of an action or fee.
Laws of the pension funds or third party representatives that the members of the administrative secretariat or members of the sorter Commission, to intervene in the development of projects, and also the officials of the Superintendency of pension funds administrators, maliciously present or difundieren false or tendentious news with respect to the instruments that must be classified or approve , they will suffer the penalties of lower grades in presidio minimum to medium, unless they probaren that these records have been provided by the issuer, in which case this criminally liable notwithstanding the civil actions that correspond. ";

53 article 108 replace by the following: "article 108.-the administrative secretariat shall notify each issuer, within ten days following the expiration of the time limit in the previous article, the classification that have been its financial instruments in the draft submitted by the pension funds." The affected person may provide additional background on the projects of classification of the pension funds within five working days of having been notified. Copy of such records must be sent by the Administrative Secretary to the Superintendency of pension funds within 24 hours of receiving them.
Met earlier deadlines, the Administrative Secretary will send to the sorter Commission all background information that has been received so that it resolves.
The sorter Commission must substantiate their final agreement with respect to all the instruments that change classification and those that contradict with any of the projects presented by the pension funds.
The deliberations of the sorter Commission will be secret until the publication of the final agreement, which must be in the official journal at the latest the first working day of the month following the adoption of the agreement. The publication shall contain the main foundations that led to a change of classification.
The sorter Commission proceedings and other background that has led to adopt the final agreement shall be made available to the public requesting them. ";

54 article 110 replace by the following: in article 45, should provide the necessary information for classification to the administering. " Such information will always be public and may not be different from that required by the respective audit Superintendence of issuers, without prejudice that broadcasters own societies may voluntarily provide additional information for public use, which facilitates a better evaluation.
In addition, the sorter Commission may periodically require of the Superintendency of securities and insurance and the banking and financial institutions, as appropriate, information about the institutions under their control, to them provided that they deem relevant to a better classification of the instruments. This information shall be sent to the administrators. ";

55 be replaced with paragraph first article 117 the expression "point h)", "letter i)";

56 the following second paragraph added to article 130: "real estate corporations that this subtitle is not may invest in shares of other companies more than ten percent of its total assets.";

57.-replaced by the letter a) of article 4 of title XIII, transitional provisions, the "64" figure by "63";

58 replaced the subsection first item 5 °, title XIII, transitional provisions, by the following: "If the Member considers that the remuneration obtained by it during the period established |! |" (in the letter to) of the first subparagraph of article 4 ° transitional, have been lower than the average of annual remuneration obtained by him during the 60 months prior to June 1979, may request the institution that must grant recognition, the replacement in the calculation made in article 4 transitional value of earnings obtained during this period of measurement , in the amount of taxable compensation obtained during the 60 months prior to June 1979, |! | updated in accordance with article 63 and divided by five. ", and 59-article 11 of title XIII, transitional provisions, be replaced by the following:" article 11.-the bond of recognition will be issued on behalf of the respective worker by means of a document that has the characteristics necessary to prevent their falsification; "" It will be non-transferable, except in the situation referred to in the second subparagraph of article 68; you will indicate your expiration date, which will correspond to the one that the worker meets the ages indicated in article 3; be delivered by the issuing institution to the |! | Administrator that you are affiliated and can only be collected in the manner provided in the following article.
If the affiliate is cambiare administrator, this, together with transfer funds, must make delivery of the bond to the new entity.
Granted pensions and which are granted in the future by a social security institution of existing regimes on the date of enactment |! | of this decree law and recognition bonus, enjoy the State guarantee.
The pension institution responsible for payment shall be subject to the rules of Decree Law No. 1.263 of 1975, when the State paid under the warranty set forth in the preceding paragraph, and for that purpose shall be given the corresponding Supreme Decree.
Recognition bonus, once issued, |! | may not be recalculated by the respective |! | institution of the regime, except in the |! | cases referred to in article 5 transitional |! | Law N ° 18.646, and must be paid within |! | of the period of sixty days from the date |! | in that the applicant makes payment. By each |! | day of delay in payment, said bonus accrued |! | a penal interest equivalent to the interest rate |! | power adjustable currency transactions |! | National within the meaning of article 6 of the |! | Law N ° 18.010, increased in a 1950 by |! | cent. ";

60 replaced subsection first article 12 |! | Title XIII, transitional provisions, by the following:
(B) of article 54, or according to a second opinion " , and they credited to the account of individual capitalization affiliate kept on the administrator or will be paid to the person or entity to which the document according to the provisions of article 68 has been endorsed. ";

61 article 17 of title XIII, transitional provisions, replaced by the following: ' article 17.-persons who are found |! | " pensioners or that pensionaren future |! | in any institution of the old regime, |! | You can join the system established in this |! | law, but will not enjoy the State guarantee |! | designated in Title VII.
The members referred to in subsection |! | earlier, with an affiliation to the new time |! | at least five years, which, under System |! | some of the pension procedure laid down |! | in article 61, obtained a pension such that |! | added to the pension which were perceiving a |! | through the old welfare system, be |! | equal to or greater than fifty percent of the |! | average taxable wages, |! | perceived pensions and incomes declared in the |! | ten years calculated according to thing |! | established in article 63, may retirement |! | before the middle ages laid down in article 3.
For the purpose of removing surpluses of freely distributable in accordance with subparagraphs of article 62, sixth of the article 64 sixth and fifth and |! | sixth article 65, members referred to in this article should get a pension |! | such that, in addition to pension that are perceived through the old system |! | pension, is equal to or superior to seventy per cent of the average remuneration |! | taxable, received pensions and incomes |! | declared in the last ten years, calculated |! | in accordance with article 63.
For the purposes of the calculation referred to in |! | Article 63, perceived through the old system pensions will be included during |! | the period under consideration.
The members referred to in subparagraphs |! | second and third of this article, you will not be |! | (exigible el requisito establecido en la letra b) |! | Article 68, when they pensionen |! | advance, as either, that the |! | resulting pension is greater than or equal to the % |! | Twenty per cent of the minimum old-age pension |! | referred to in article 73, in the event that |! | opt to withdraw free surplus |! | provision. "."

62 added in Title XIII, provisions |! | Transient, following article 18: "(Artículo 18.-Durante el primer año de vigencia de lo dispuesto en la letra l) of the |! |" Article 45, the Central Bank of Chile may not |! | set a limit for investment instruments |! | referred to in that provision more than one |! | per cent. This percentage may be increased in a |! | one per cent for each following year until |! | complete five. Five years since |! | its validity may apply the designated limit |! | in the ninth paragraph of article 45. "."