Tradeka’s sickness fund is an employer’s fund that provides benefits to its members. Basic benefits are paid per the Health Insurance Act and additional benefits per fund rules.
If you are an employee with an open-ended employment contract, you are approved as a member after a trial period. Following the trial period, you receive a new Kela card with the employer’s fund number 48015 on the back. If you are an employee with a fixed-term employment contract of six months or more, your membership is also subject to a trial period. Membership requires a minimum of 10 working hours per week.
Tradeka’s sickness fund membership expires as your employment ends. Kela then sends you a new card. Once your membership has ended, you are not allowed to use the Kela card imprinted with the employer’s fund number 48015.
According to fund rules, your membership fee is 0,75% of your salary, up to a total of €420 over a calendar year.
Tradeka’s sickness fund is administered by a representative body and a board of directors. The representative body consists of 14 representatives with their respective vice representatives. The representatives are selected by electoral districts (former national provinces) for a term of four years.
The board of directors is formed by three members selected by fund stakeholders and three members selected by fund members. All members of the board have their respective alternates.
Kela supervises the fund for the benefits it pays out. The solvency of sickness funds is generally supervised by the FIN-FSA (Financial Supervisory Authority).
Operations of the sickness fund are regulated by law.
- Act on insurance funds (Vakuutuskassalaki 948/2021)
- Accounting Act (1336/1997)
- Accounting Ordinance (1339/1997)
- Ordinance by the Ministry of Social Affairs and Health on the financial statements of insurance funds and pension funds (Sosiaali- ja terveysministeriön asetus vakuutuskassan ja eläkesäätiön tilinpäätöksestä 1336/2002)
- Health Insurance Act (1224/2004)
- Act on rehabilitation benefits and daily cash rehabilitation benefits of The Social Insurance Institution of Finland (Laki Kansaneläkelaitoksen kuntoutusetuuksista ja kuntoutusrahaetuuksista 566/2005)
Tradeka’s sickness fund rules
The insurance fund is called Tradekan sairauskassa (Tradeka’s Sickness Fund).
Its registered office is in Helsinki.
The purpose of the fund is to provide benefits per the Health Insurance Act and additional benefits subject to these rules. The fund is an employer’s fund as defined in the Health Insurance Act (1224/2004).
In addition to these rules, the operation of the fund is regulated by the act on insurance funds (Laki eläkesäätiöistä ja eläkekassoista 946/2021) and the Act on insurance funds (Vakuutuskassalaki 948/2021).
FIN-FSA (Financial Supervisory Authority) is responsible for the general supervision of the fund. The Social Insurance Institution of Finland is responsible for supervision of operations under the Health Insurance Act.
A minimum of 300 members is required for the fund.
Eligibility and membership
The fund comprises of anyone employed by the companies or organisations named in the stakeholder list and anyone employed by this sickness fund. In these rules, a company is referred to as a stakeholder. However, those with a temporary, short-term employment contract, or who work in a minor capacity, are not eligible.
The stakeholder list is public and available on Tradeka’s sickness fund’s website.
Any changes to the stakeholder list shall be communicated to the FIN-FSA without delay.
All eligible employees automatically become insured fund members. Membership is obligatory. The board of directors is tasked to verify that the prerequisites for joining are fulfilled. However, becoming an insured member is voluntary for those employed by a stakeholder at the time said stakeholder becomes eligible for the fund or at a time a company is incorporated into a stakeholder by way of a sale of business. The insured membership must commence within six months of becoming eligible.
The board of directors may, by way of a time-limited special decision, allow membership application also to those employed by a stakeholder who have not previously joined the fund as insured members.
Fund rules are sent to the insured members at the start of the membership.
Insured members are notified of any regulations and rule changes on the fund’s website.
Revoking membership and termination
Fund membership is automatically revoked after a member is no longer eligible.
A member’s fund membership cannot be terminated.
A stakeholder relinquishes their fund membership once they are no longer eligible or with a written advance notice of at least six months.
Once they have left the fund, a member or a stakeholder is not entitled to any assets of the fund.
Membership fee is 0,75 percent of the member’s salary paid by a stakeholder or this fund under the Tax Prepayment Act (1118/1996), up to a total of 420 euros over a calendar year. If employment ends, no membership fee is charged for the paid-out holiday allowances and bonuses. The annual membership fee may be adjusted in the November meeting of the representative body to match the current general salary level.
Each stakeholder pays the fund a support payment of 0.22% of the salaries paid to their members under the Tax Prepayment Act.
In addition, Tradeka-Yhtiöt Oy pays an additional support payment of 0.55 % of the salaries paid to the members of companies they own under the Tax Prepayment Act.
Stakeholder withholds the membership fee from a member’s salary and pays it to the fund on pay day.
Stakeholder pays the support payment to the sickness fund monthly by the 10th day of the month following the pay day.
Tradeka-Yhtiöt Oy’s additional support payment is charged monthly by the fund.
The board of directors of the fund may reduce or increase stakeholders’ insurance fees and insured members’ insurance fee by a maximum of 25% if the economic state of the fund so requires. However, if the adjustment is in effect for more than six months, it must be incorporated in the rules.
Stakeholder’s consent is required before implementing any changes to insurance payments or additional insurance payments.
Pay-outs stipulated in the Health Insurance Act
According to the Health Insurance Act and its regulations, an insured fund member is entitled to the following:
1) reimbursement for the costs of health care needed to care for an illness;
2) daily allowance for incapacity to work due to illness;
3) reimbursement for the inherent costs of pregnancy and childbirth;
4) pregnancy allowance, special pregnancy allowance and parental allowance
5) daily allowance as defined in § 18 of the Act on the Medical Use of Human Organs,
Tissues and Cells (101/2001).
Any benefits outlined in the Health Insurance Act, the volume and limitations thereof, start and end of an insurance period, applying for and paying out benefits, any petitions of appeal, and any assignments related to activities outlined in the Health Insurance Act are defined in the Health Insurance Act and in any regulations and decrees issued as per the Act.
The sickness fund is entitled to funds needed to provide the legal benefits, paid out by the Social Insurance Institution of Finland’s health insurance fund. Tradeka’s fund is also entitled to reimbursement for any administration costs per the Health Insurance Act and the government decree on the Act on the Implementation of the Health Insurance Act (1335/2004).
The fund reimburses its members for costs related to health care provided by an occupational health care service provider or a public health care provider for necessary treatment by a doctor, dentist or other professionally trained person for the promotion and maintenance of health or due to illness, pregnancy, or childbirth. However, costs related to eye doctor, dental care, physiotherapy, psychotherapy and massages are not reimbursed. Costs are reimbursed for the amount that the care would have cost avoiding any unnecessary costs.
Assisted reproductive technology, or fertility treatment, is not reimbursed. For the purpose of these rules, a dentist is considered a doctor. Any reimbursements, before they are paid out, are subject to a deduction per § 19.
For cancer treatments, the sickness fund only reimburses costs accumulated through public health care services.
Costs are reimbursed for the amount that the care would have cost avoiding any unnecessary costs but without compromising the member’s health. Assisted reproductive technology, or fertility treatment, is not reimbursed. For the purpose of these rules, a dentist is considered a doctor. Any reimbursements, before they are paid out, are subject to a deduction per § 17.
- Doctor’s fees
80% of the doctor’s fee
- the treatment is reimbursable according to the Health Insurance Act
- costs for a procedure or surgery are in line with the recommendations for medically approved good practices (Käypä hoito, Terveyskirjasto, Ministry of Social Affairs and Health – Yhtenäiset kiireettömän hoidon perusteet 2019).
- Occupational health care service provider’s treatment and examination
- 80% of laboratory and radiology tests
- psychologist examinations prescribed by physician
- laboratory and imaging examinations prescribed by psychiatrist
- Public healthcare
80% of public sector client charges, excluding dental care. Additional benefit reimbursements are paid up to the maximum amounts stipulated in the Decree on Client Charges in Social Welfare and Healthcare (912/1992).
- Health center fee
- Outpatient clinic fee
- However, daily hospital fees are reimbursed as an additional benefit of €34 per day and for a maximum of 60 days during a calendar year.
80% of the costs for medication, clinical nutritional products, equivalent products and basic creams prescribed by a physician, dentist or health care professional with restricted rights to prescribe, in cases where reimbursements are also made as per the Health Insurance Act. Reimbursement is calculated based on the reference price.
No reimbursement is made for the annual initial deductible stipulated in the Health Insurance Act.
- Physiotherapy and massage therapy
- 80% of massage when the treatment provider is listed as a trained massage therapist (“koulutettu hieroja”), physiotherapist (“fysioterapeutti”) or manual therapist (“kuntohoitaja”) in the central register of professionals, maintained by the Finnish National Supervisory Authority for Welfare and Health (Valvira)
- 80% of physiotherapy and physiotherapy examination and massage therapy as an additional benefit with maximum reimbursement of €375 per calendar year
- Psychotherapy and psychologist treatment & care
80% of psychotherapy, short-term psychotherapy, psychologist’s treatment and examination, for up to a total of €1,000 per calendar year
- Dental care
80% of dentist, dental technician, dental assistant or dental hygienist fees. Members with a minimum of one year of uninterrupted membership are eligible for the fund’s additional benefit reimbursement. The maximum reimbursement for additional benefits is €500 per member per calendar year.
For insured members with a minimum of one year of membership, 80% of the price of eyeglasses or contacts prescribed by a doctor or an optician, once every two or more years, with a maximum reimbursement of €250. This reimbursement only applies to corrective lenses.
- Arch supports
As an aid reimbursement, 40% of the price of uniquely fitted, customised arch supports over two calendar years, up to €30.
80% of surgeries and similar procedures, provided that costs are in line with the recommendations for medically approved good practices (Käypä hoito, Terveyskirjasto, Ministry of Social Affairs and Health – Yhtenäiset kiireettömän hoidon perusteet 2019). The maximum reimbursement for additional benefits is €1,000 per insured member per calendar year. Costs of infertility treatment are not eligible for reimbursement.
Any reimbursement paid out based on these rules is subject to the following prerequisites:
1) examination has been performed or treatment given by a doctor or another person with relevant professional education registered in the central register for health care professionals maintained by the National Supervisory Authority for Welfare and Health (Valvira)
2) if the examination or treatment has been provided by a private health care provider, the providing unit must comply with the rules set out in the Health Insurance Act (Chapter 3, § 3, subsection 1).
Any treatment of illness or health improvement or maintenance provided per medically approved good practices is considered necessary treatment and examination. Members are not entitled to a reimbursement without a valid medical certificate. The application period for the reimbursement is one year from the date of the certificate. One medical certificate can be used to reimburse a maximum of 15 examinations and treatments if they have been taken or given within a year of the certificate date. Medications, clinical nutritional products, and basic ointments are reimbursed for up to three months’ treatment at any one time.
Costs are assumed to be accumulated at the time of treatment or examination. When reviewing annual reimbursement totals, the grounds for compensation are determined by the time of treatment. The time of payment is not relevant.
There is no reimbursement for institutional and surgical theatre fees. Treatment given abroad is reimbursed up to the amount of what the treatment would have cost in Finland. Travel expenses abroad are not reimbursed.
The maximum amounts described above in subsections 2, 4, 5, 6 of section 2 may be adjusted in the November meeting of the representative body to match the current cost level.
The insured member is reimbursed in accordance with these rules for the daily allowance periods as per the stipulations in the Health Insurance Act.
In case of death, the funeral allowance is 1,700 euros. The funeral allowance may be adjusted in the November meeting of the representative body to match the current pricing level for the upcoming year.
The funeral allowance is paid to the salary account of the deceased.
The fund pays out the benefits specified above in § 14 and § 17 only if they exceed the equivalent reimbursements paid per the Health Insurance Act, and only for the exceeding part. If the fund member is entitled to reimbursements under other acts than the Health Insurance Act, the member is eligible for reimbursement only for the part exceeding the reimbursement under said other act.
The funeral allowance is paid to the salary account of the deceased.
The fund becomes responsible for additional benefits at the start of membership and ceases to be responsible for additional benefits as the membership ends. The fund only reimburses costs that have been accumulated while the membership has been valid.
LIMITATIONS ON ADDITIONAL BENEFITS
If a member becomes ill while away from work due to a stoppage of work or a furlough or any reason other than illness or childbirth, and the member is not paid a salary for this period, the additional benefit stipulated under § 14 of these rules is not paid to the member for the period in question.
However, in situations described above in section 1, the board of directors may at their discretion pay a reimbursement per § 14 using the operating fund.
If a member has under false pretences provided the fund with incorrect or insufficient information that has impact on their eligibility for the additional benefit or the amount of additional benefit due, the benefit may be revoked or reasonably reduced considering the circumstances.
The fund has no responsibility to provide additional benefits for members or other beneficiaries that have deliberately caused an insured event.
If a member or other beneficiary has caused an insured event due to gross negligence, the benefit may be revoked or reasonably reduced or the pay-out of an already granted benefit may be suspended depending on the circumstances.
The regulations in subsection 2 are also applied if a member deliberately hinders their recovery or refuses an examination or treatment prescribed by a fund-appointed clinician without an acceptable reason, with the exception of a procedure that may be a serious hazard to the member’s health.
The board of directors is entitled to provide general instructions that outline which doctor or which properly trained person as per § 14, subsection 3, or which treatment or care facility or pharmacy is to be used for treatment that is reimbursed as an additional benefit under these rules.
At the request of the board of directors and at the fund’s expense, a fund member is obliged to see a board-designated doctor or visit a board-designated treatment or care facility to clarify any issues with their eligibility for reimbursement.
If a member does not comply with the request by the board of the fund under subsection 1 or 2, the reimbursement may be fully or partially revoked.
Additional benefits: application and pay-out
Any benefit outlined in these rules must be applied for in writing. The application is presented to the board of directors of the fund. The application must include a medical certificate or an equivalent report with sufficient details.
The reimbursement application must be sent within six months of the cost accumulation. Costs are assumed to be accumulated at the time of treatment or examination. When reviewing annual reimbursement totals, the grounds for compensation are determined by the time of treatment. The time of payment is not relevant.
If the reimbursement application has not been submitted within the time limit specified in subsection 2, the benefit may be granted partially or fully by the discretion of the board of directors. This assumes that revoking the benefit would be unreasonable.
The board of directors processes all reimbursement applications as urgent. Any delays are subject to regulations in § 91 of the Act on insurance funds.
Any reimbursement can be paid out in full according to § 14 and § 17 of these rules regardless of the stipulations in § 19, if the delay outlined in the latter chapter is due to a reason unrelated to the fund member and if the member agrees to repay the fund, equal to the amount paid out by the fund, out of the reimbursement received under an act other than the Health Insurance Act.
If a fund member or another beneficiary receives an additional benefit that exceeds the amount they are entitled to, the undue benefit is recovered.
An unduly paid additional benefit may be left partially or fully unrecovered if this can be considered reasonable and if the payment has not been made due to fraudulent activity by the member or the beneficiary or a representative thereof, or if the recoverable amount is minor.
An unduly paid additional benefit may also be recovered by subtracting it from future benefit pay-outs.
Appealing a decision on an additional benefit
If you are not satisfied with the decision related to an additional benefit, you may request the Finnish Financial Ombudsman Bureau to provide a recommendation for resolution.
The fund runs a contingency fund and an operating fund.
The contingency fund must be accumulated annually with at least 20% of the surplus stated in the financial statement, after subtracting the deficit from preceding fiscal years. If the value of the contingency fund equals the average total accumulated insurance payment income of the current fiscal year and two preceding fiscal years, it is not necessary to transfer assets to the contingency fund.
The reserve in the contingency fund may only be decreased, by a decision of the board of directors, to a level that covers the deficit indicated in the audited balance sheet.
Notwithstanding the stipulations in subsection 3, the FIN-FSA (Financial Supervisory Authority) may grant the fund permission to decrease the reserve in the contingency fund on special grounds, however, typically not to an amount lower than the set full amount of the contingency fund.
Any surplus not transferred into the contingency fund must be transferred into the operating fund.
The operating fund may be used for the following:
1) primarily, to cover a deficit indicated in the financial statement;
2) by discretion of the board of directors, to add additional benefits for the remainder of the current calendar year as stipulated in the fund rules in § 14, subsection 2, items 5–10.
3) for the purpose outlined in § 21, subsection 2.
If the operating fund exceeds 20% of the full contingency fund amount, the fund must take measures to either provide more additional benefits as per these rules or to reduce fees.
The technical reserves of the fund is the outstanding claims reserve that corresponds to payable additional benefit reimbursements due to insurance events, unpaid at the end of the fiscal year. The outstanding claims reserve is calculated using the basis of calculation regulated by the FIN-FSA (Financial Supervisory Authority).
Financial statement and annual report
The fund’s fiscal year equals the calendar year.
For each fiscal year, the fund must provide a financial statement according to an ordinance by the Ministry of Social Affairs and Health (1336/2002) and to regulations issued by the FIN-FSA (Financial Supervisory Authority) regarding financial statements, including the profit and loss account and the balance sheet with relevant appendixes. The financial statement must include an annual report. The financial statement and the annual report must be presented to auditors a minimum of one month before the regular meeting of the representative body.
If the operating fund is not sufficient to cover deficit, the contingency fund is used.
The fund is not obliged to observe the additional payment obligation outlined in the Act on insurance funds (§ 76).
The fund must have one auditor, selected for a calendar year at a time. The auditor may be a natural person or an approved audit firm. A natural person must have an alternate auditor. No alternate auditor is required for an audit firm.
The auditor and the alternate auditor must fulfil the requirements set out in the Auditing Act (1141/2015). The auditor and the alternate auditor are selected by the regular meeting of the representative body. The representative body may not select a person who is 70 years old or older.
The ultimate authority lies with the regular meeting of the representative body, i.e. the fund meeting.
The term of the representative body is 4 calendar years.
The meeting of the representative body must be held at the registered office of the fund.
Fund members elect one representative and one alternate representative in their electoral district for each 500 members. The electoral districts are divided on a national level by the Regional State Administrative Agency. The division came into effect on January 1st, 2010 and may have been amended since. Notwithstanding the above, the representative body must always include a minimum of 10 representatives. Only fund members may stand for election.
Detailed regulations concerning the electoral procedures are available in the electoral system description attached to these rules.
Representatives must be fund members. The right to represent ends as the fund membership ends.
Each representative has one vote in the regular meeting of the representative body. A representative may not be represented by an advocate in a meeting. No assistants are allowed in meetings.
The number of votes represented by stakeholders in a meeting equals the combined number of votes of the member representatives present at the meeting. The person using the vote of a stakeholder must present a dated, individualised power of attorney.
The combined number of votes of the stakeholders is split among the stakeholders in relation to the number of fund members at their service at the end of the preceding year.
The representative body holds two annual regular meetings. The first one is held no later than in April and the second no later than in November.
The meeting held no later than in April has the following agenda:
1) presentation of financial statement and audit report;
2) decision on confirmation of profit and loss account and balance sheet;
3) decision on discharge to the board of directors and the fund manager;
4) decision on using the surplus or covering the deficit;
5) decision on other actions required based on the preceding year and the financial statement; and
6) any other items in the meeting invitation.
The meeting held no later than in November has the following agenda:
1) setting of fees for the chairperson of the board and for other members and auditors;
2) selection of members and their alternates for outgoing board members and alternates;
3) selection of auditors and their alternates; and
4) any other items in the meeting invitation.
The representative body is required to hold an extraordinary meeting if the board of directors deems it necessary.
An extraordinary meeting must also be held if a stakeholder or at least one tenth of member-elected representatives, the FIN-FSA (Financial Supervisory Authority), or the fund’s auditor requires it in writing for a matter of their interest.
The meeting invitation must be delivered within 14 days of presenting the request per subsection 2.
Invitation to a regular meeting of the representative body must be delivered not earlier than four weeks and no later than one week before the meeting. If the decision on a matter taken up in the meeting of the representative body is postponed to a later meeting, a new invitation must be sent if the later meeting cannot be organised within four weeks.
Invitations to meetings of the representative body must be sent by mail or by e-mail to members of the representative body and stakeholders. For other fund related matters, simple notifications are sufficient.
The meeting invitation must include all matters on the agenda.
If the financial statement is on the agenda of the meeting of the representative body, all documents and their copies must be made available to members entitled to vote at the meeting at the fund office for a minimum of one week before the meeting. This procedure is to be observed also if the meeting of the representative body will process a matter related to changing fund rules. The availability of the documents must be stated in the meeting invitation.
If changing fund rules is on the agenda of the meeting of the representative body, the principal content of the change must be included in the meeting invitation.
A person selected by the meeting presides over the meeting of the representative body.
Unless otherwise stipulated by law or by these rules, a decision by the meeting of the representative body is the opinion seconded by over 50% of votes or, should the voting result in a tie, the opinion of the chairperson. In an election, the elective is the one receiving the most votes. Should the vote be a tie, a draw will be held for the result.
Any decision on changing fund rules is valid only if those entitled to vote that hold two thirds of the votes represented at the meeting second the change. The same applies for liquidation and its termination of the fund in cases that are not legally required, and for the approval of a fund merger agreement.
If there is a matter that has not been included in the meeting invitation or any documents related to the matter have not been made available according to applicable legislation or these rules, no decision can be made without the consent of those affected by this neglect. If the law or these rules require that a matter be discussed in the meeting, the regular meeting of the representative body may decide on the matter even if it has not been included in the meeting invitation. The regular meeting of the representative body also has the authority to call for an extraordinary meeting to discuss a certain matter.
Members and stakeholders are entitled to include a matter for handling at the regular meeting of the representative body if the matter is presented to the board of directors in writing in due time for it to be included in the meeting invitation.
The meeting of the representative body is required to keep minutes of the meeting with the following items recorded: all entitled to vote in attendance and their vote total, decisions made at the meeting, decisions requiring a vote, results of votes. The minutes must be reviewed and signed by the chairperson of the board and at least one specifically named person entitled to vote and in attendance of the meeting. The minutes are to be made available to members and stakeholders at the fund office within two weeks of the meeting.
Board of directors
The board of directors of the fund consists of six full members with each a personal alternate member.
The board is selected by the representative body. Fund members select three full members and their alternate members. A stakeholder selects three full members and their alternate members. The resignation age of board members and alternates is 70 years.
Member term is three calendar years. One fund member-selected board member and their alternate and one stakeholder-selected board member and their alternate must resign from the board of directors each year.
The board of directors represents the fund and sees to the appropriate governance and operation of the fund.
The board specifically:
1) names and dismisses the fund manager, fund employees, and expert doctors and sets the conditions for their operation;
2) provides the fund manager with instructions and regulations necessary for the administration and other operations of the fund;
3) sees to the appropriate organisation of accounting and financial management of the fund;
4) decides on investing fund assets and taking out loans as outlined in § 52;
5) decides on granting benefits unless the board has entitled the fund manager or fund employees to do so;
6) summons the meeting of the representative body and prepares the agenda and makes a suggestion in its annual report on what to do with the surplus or the deficit indicated in the financial statement; and
7) provides the authority to sign for the fund per § 51.
The board of directors selects a chairperson and a vice-chairperson each year.
The board convenes by invitation of the chairperson or, if the chairperson is prevented from doing so, by invitation of the vice-chairperson.
The chairperson must convene the board of directors if a board member so requires.
The board has quorum when the meeting is attended by the chairperson or the vice-chairperson and a minimum of 3 other members.
A decision by the meeting of the board of directors is the opinion seconded by over 50% of the attendees or, should the voting result in a tie, the opinion of the chairperson.
A board member or the fund manager may not take part in the discussion of a matter involving their relation to the fund or otherwise their private interest.
Minutes must be kept in a board meeting. The minutes are signed by the chairperson of the meeting and the recording secretary. The minutes are reviewed by at least one board member, selected specifically for each meeting by the board. Board members and the fund manager have the right to have their differing opinion recorded in the minutes. The minutes must be sequentially numbered and stored securely.
The minutes must include the following:
1) meeting date, start time, end time, and location;
2) board member attendees and other attendees;
3) matters discussed, decisions made, votes taken and dissenting opinions; and
4) disqualifications and any other matters deemed important.
The fund manager is the managing director of the fund, with the responsibility to see to the routine administration of the fund according to instructions and regulations provided by the board of directors. The fund manager must ensure that the accounting of the fund is organised according to legislation and that its financial management is secure. The fund manager is entitled to represent the fund in matters that are in their domain according to the Act on insurance funds (§ 33).
The fund must enlist at least one expert doctor with the role to provide medical expertise to the fund.
Authority to sign
The authority to sign for the fund requires two of the following people: a board member, the fund manager, or a board-appointed fund employee.
Investing assets and lending and borrowing
The fund must invest its assets securely and profitably, keeping the fund’s liquidity in mind. Fund assets may not be used for a purpose that is clearly foreign to the fund’s operation.
The fund may take out a loan only if the prerequisites outlined in the Act on insurance funds (§ 7, subsection 2) are fulfilled. However, the combined total of loans taken may not exceed one tenth of the insurance fee income of the preceding fiscal year without an authorisation from the FIN-FSA (Financial Supervisory Authority).
Amendments to stakeholder responsibilities
If a stakeholder wants to amend the support payment outlined in § 8, subsection 2 or revoke other stakeholder obligations outlined in these rules, the fund must be informed of this in writing no later than six months before the amendment is to take place.
If a stakeholder withdraws their authorisation regarding required membership per the Act on insurance funds (§ 15), it remains valid for six months following the receipt of the notice of withdrawal by the fund.
Upon receipt of the notice outlined in subsection 1 or 2, the fund must take measures to make the necessary rule amendments without delay. This also applies if a stakeholder revokes their membership with a notice per § 6, subsection 1.
The fund may not be demerged per the regulation in the Act on insurance funds, section 13.
The fund must be liquidated and terminated per the regulation in section 11 of the Act on insurance funds in the event of the following:
1) the fund has not reached enough members within the past two calendar years to fulfil the minimum amount regulated in § 3 and it is not probable that the fund will get enough new members in the next four months to reach this number;
2) the financial statement of the fund is in deficit and this is not covered in the next two fiscal years; and
3) the representative body has made a decision to terminate the fund.
Upon termination, the remaining assets are shared among those who were members at the start of liquidation. Assets are shared relative to membership fees paid over the 60 months preceding the start of liquidation. If the amount to be shared is minor, the regular meeting of the representative body may decide on two thirds majority vote that the assets are used for some other appropriate purpose or for the public good.
Fiva December 3rd, 2020