Travieso Evans Arria Rengel & Paz

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Contribution by the regulated entities to SUDEASEG’s patrimony

Resolution No. 076 of July 25, 2018, issued by the Ministry of the Popular Power for Economy and Finance, was published in Official Gazette No. 41.447 of July 26, 2018 (“the Resolution”). Said Resolution fixes at 2.5% the amount of the contribution to be paid by the regulated entities to the patrimony of the Superintendence of the Insurance Activity, for financial year 2018, which rate shall be applied to the total of:

 

1. The net premiums charged for insurance contracts, the consideration for issue of bonds, and the income obtained as remuneration for related trust agreements in the area of insurance and risk management agreements;

2. The amounts charged in health plan services or contracts, executed by the companies engaged in prepaid medicine;

3. The net income for interest charged in the financing granted to the insurance policyholders or prepaid medicine contracts, in the cases of companies that finance premiums or quotas; and

4. The net premiums charged by the insurance companies and reinsurance companies for businesses accepted from foreign ceding companies, net of cancellation, return, and accepted reinsurance, as appropriate. 

The Resolution established that the special contribution during the aforementioned economic year will be  calculated and paid on a monthly basis, according to Ruling No. FSAA-002684 of December 29, 2014, published in  Official Gazette No. 40.593 of February 2, 2015, through which the guidelines applicable to the payment of the special contribution by the regulated  entities of the Insurance Activity were issued.

 

In order to access the Resolution, please click here.

 

 

 

 “NOTE: THIS INFORMATION SHOULD NOT BE CONSTRUED AS LEGAL ADVICE ON ANY SPECIFIC MATTER AND ITS CONTENT ARE INTENDED AS A MANAGEMENT ALERT AS TO CURRENT DEVELOPMENTS IN VENEZUELA, ANY SPECIFIC LEGAL QUESTIONS REGARDING THE POSSIBLE APPLICATION OF NEW OR PROPOSED LEGISLATION TO PARTICULAR SITUATIONS SHOULD BE ADDRESSED TO TRAVIESO EVANS ARRIA RENGEL & PAZ.”