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Other Liabilities

12 Months Ended

Dec. 31, 2019

Miscellaneous liabilities [abstract]

26.

Other Liabilities:

As of December 31, 2018 and 2019, other liabilities are detailed as follows:

	2018		2019
	MCh$		MCh$

Accounts and notes payable		176,826		231,465
Securities unliquidated		106,071		134,253
Income received in advance (*)		5,743		125,418
Documents intermediated (**)		53,492		80,190
Cobranding		36,081		30,186
VAT payable		—		4.523
Insurance payments		992		1,157
Outstanding transactions		616		792
Others		18,984		23,683
Total		398,805		631,667

(*)

On January 28, 2019, Banco de Chile and its subsidiary Banchile Corredores de Seguros Ltda. informed that they have entered into a strategic alliance with the insurance companies Chubb Seguros Chile S.A. and Chubb Seguros de Vida Chile S.A. The framework of the strategic alliance establishes the general terms and conditions pursuant to which the Bank will grant, for a period of 15 years, exclusive access to the Companies to provide insurances to clients via face-to-face and digital channels of the Bank, through Banchile, as well as, granting access to existing clients of the Bank, subject to the exceptions agreed upon by the parties.

The aforementioned Agreement included an initial payment on the date of the signing of the contracts, in accordance with the terms and conditions thereof, and annual payments subject to compliance with insurance sales objectives during the agreement lifetime.

On June 4, 2019, Banco de Chile received the payment from the Insurance Companies for an amount of Ch$149,061 million, which was recorded according to IFRS 15. The related income is recognized at the time of providing access to existing clients to the Insurance Companies and over time, depending on compliance with the associated performance obligations.

(**)

This item mainly includes financing of simultaneous operations performed by subsidiary Banchile Corredores de Bolsa S.A.