In Chile, the National Prize for Literature (Premio Nacional de Literatura) was created by Law No.
7,368 during the presidency of Juan Antonio Ríos on 8 November 1942.
It consists of a lump-sum monetary prize (16 million Chilean pesos, about US$30K) and a lifetime monthly stipend (20 UTM, about US$17K/year).
It was originally awarded every year until the amendments introduced by Law No.
Winners are selected on the overall quality of their works, regardless of genre.