Funding

In accordance with paragraph 3 of the Principal Agreement with the Minister of Finance, the Fund collects a premium surcharge from all policy-holders (through their Insurers) which is determined in accordance with the from-time-to-time directions of the Minister of Finance, issued after consultation with the Fund and based on the Fund’s needs.

 

The percentage of the premium surcharge as from 1st January 2001 until to-day has been fixed at 5%.

 

The amounts collected by Insurance Companies are remitted to the Fund “within two calendar months from the end of each quarter”. (Internal Agreement, Paragraph 10).