Venezuela Sets 2.5% Special Contribution Rate for Insurance Sector

On 5 February 2016, Venezuela published Resolution No. 022 in the Official Gazette. The resolution, issued by the Ministry of the People's Power for Banking and Finance, sets a 2.5% special contribution payable by insurance and reinsurance companies, companies engaged in prepaid medicine for health plans, risk managers, and companies that finance insurance fees or premiums.

The special contribution is to finance the Superintendence of Insurance Activity, and is to be paid monthly based on th…