From its creation in 1979 until April 2009, the management, administration and representation of the Association was the responsibility of an Executive Committee, which was headed by the President of the Association.
On April 21, 2009, ASSAL obtained legal personality through Exempt Decree No. 1515 of the Chilean Ministry of Justice as "Association of Insurance Supervisors of Latin America Corporation, (Corporación Asociación de Supervisores de Seguros de América Latina), ASSAL" . Thus, the creation of the Corporation was perfected and its legal existence began.
Thereafter, a Directory is appointed as the governing body of the Corporation, which replaces the Executive Committee.
In accordance with the legal statutes, the Directory is elected by the General Assembly every two years. From among the members of the Directory, a President and two Vice Presidents are appointed. It is also the responsibility of the Directory to appoint a Secretary and a Treasurer.
On May 05, 2023, in accordance with the Bylaws of the new Association of Insurance Supervisors of Latin America Corporation,
The Directory, which replaced the Board of Directors that led the Association from November 2021 to April 2023, was appointed.
The new Directory will be in effect from May 2023 to April 2025, and is composed of the following members:
It is composed of three members who serve a two-year term. They perform a list of functions, these are:
- Review on a quarterly basis and when the situation warrants it, the accounting books and the receipts and disbursements vouchers that the Treasurer and the Secretary must show him/her, as well as inspect the bank and savings accounts.
- To see that the Members are up to date in the payment of their dues and to represent the Treasurer when any member is in arrears so that the cause may be investigated and the member is brought up to date in his payments.
- To report in Ordinary or Extraordinary Assembly on the progress of the Treasury and the state of the finances and to give an account of any irregularity he/she may notice.
- To submit to the Annual Ordinary Assembly a written report on the finances of the Institution, on the way the Treasury has been managed during the year and on the balance sheet of the annual fiscal year prepared by the Treasurer, recommending to the Assembly the total or partial approval or rejection thereof.
- To verify the accuracy of the inventory.
For the period 2021-2023, the Audit Committee is composed of:
It is composed of three members who serve for two years and may be reelected indefinitely.
Its functions are to investigate the facts and propose a sanction provided for in the bylaws to the Directory, under the terms set forth in article twenty-six of the same.
For the period 2021-2023, the Disciplinary Tribunal is composed of: