Contribution to the Guarantee Fund

Intermediaries registered under section B of RUI must join the Guarantee fund for insurance an reinsurance brokers set up within CONSAP ("Broker Fund").

The function of the Fund is to pay compensation for financial damage to policyholders and insurance or reinsurance undertakings arising from the exercise of the activity of insurance or reinsurance broker, which has not been paid by the intermediary or through the professional indemnity insurance policy that the intermediary is obliged to take out.

The Fund is financed by the contributions paid by the intermediaries registered under section B of the RUI, established each year by decree of the Minister of Economic Development, after hearing the opinion of IVASS and of the Management committee, and must not exceed 0.50% of annual commissions.

Non-payment of the supervisory fee constitutes grounds for removal from the RUI.

For further information please visit the website of CONSAP.