S.L. 371.9 Art. 29Obligation to pay Contributions.

(1) A member shall pay to the Scheme its:

(a) Compensation Contribution; and

(b) Management Expenses Contribution.

(2) A member’s contribution shall be due on, and payable within, thirty days of the date of the notice of an assessment pursuant to regulation 27(2).

(3) Where a member requests a reconsideration or files an appeal against an assessment of the contribution or any relevant risk factor, such request or appeal shall not delay the payment deadlines set out in sub-regulation (2). Such member shall be entitled to a refund from the Scheme of any amount of contribution paid in excess of the amount which is agreed in accordance with regulation 27(7), or where such assessment has been appealed, of the amount which is finally determined as due by a decision of the Financial Services Tribunal or the Court of Appeal which has become a res judicata.

(4) If a member ceases, for any reason, to be a member part way through a financial year of the scheme, it will remain liable for any unpaid contributions.

(5) If a member does not pay the total amount of its contribution, before the end of the date on which it is due, it shall pay an additional amount to the Scheme as follows:

(a) if the contributions was not paid in full before the end of the due date, an administrative fee of five hundred euro (€500); and

(b) interest on any unpaid part of the contribution at the rate of 12% per annum, accruing on a daily basis from the date on which the amount concerned became due.

(6) Where the Scheme decides to sue for the recovery of a contribution, administrative fee or interest due to it by a member under these regulations, the Chairperson or an officer of the Scheme duly authorised by the Scheme to act on its behalf may make a declaration on oath before the Court Registrar or before any other officer authorised to administer the oath in judicial matters, wherein he states the nature of the debt and the name of the member and confirm that it is due.

(7) Saving the provisions of regulation 27(12), the declaration referred to in sub-regulation (6) shall be served upon the member by means of a judicial act and it shall have the same effect as a final judgement of the competent court unless the member shall, within a period of twenty days from service upon him of the said declaration, oppose the claim by filing an application stating precisely the reasons for such opposition and demanding that the court declare the claim unfounded.

(8) The application filed in terms of sub-regulation (7) shall be served upon the Scheme, which shall be entitled to file a reply within a period of twenty days. The court shall appoint the application for hearing on a date after the lapse of that period.

(9) Any action by the Scheme for the payment of any contribution due by a member shall be barred by the lapse of a period of prescription of two years from the date on which the contribution was due.