Special Contribution Intended to Finance SUDEASEG Operation
Resolution No. 497, of August 1, 2017, issued by the Ministry of the Popular Power for Economy and Finance, was published in Official Gazette No. 41. 205 of August 2, 2017 (the “Resolution”). The Resolution fixes the amount of the contribution that the regulated entities must deliver to the patrimony of the Superintendence of the Insurance Activity (Superintendencia de la Actividad Aseguradora - “SUDEASEG”).
Pursuant to the Law of the Insurance Activity, upon the proposal of the Superintendent of the Insurance Activity, the amount of the contribution that the regulated entities must deliver to the patrimony of SUDEASEG is fixed at 2.5%; said rate will be applied to the total of the net premiums charged for insurance contracts, the consideration on account of issue of bonds, and the income obtained as remuneration for trust agreements and risk management contracts; the amounts charged in health plan contracts or services, executed by the companies engaged in prepaid medicine, and net income for interest charged in the financing granted to policyholders or prepaid medicine contracts, in the cases of companies that finance premiums, corresponding to economic year 2017, net of cancellation, return, and reinsurance accepted, as appropriate, as well as the net premiums charged by the insurance companies and reinsurance companies for businesses accepted from foreign ceding companies.
The special contribution during said economic year will be calculated and paid on a monthly basis, pursuant to Ruling No. FSAA-002684 of December 29, 2014, published in Official Gazette No. 40.593 of February 2, 2015, which contains the guidelines applicable to the payment of the special contribution that the regulated entities of the Insurance Activity have to make.
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.”