Article 11. Assessment of contributions

Any of the Association's expenses that are not covered by the membership fee determined pursuant to Article 10 shall be apportioned between the ordinary members proportionately to each company's gross premium due for direct marine insurance for the financial year (including any co-insurance received). The apportionment shall be based on the premium revenues declared to the public authorities in the member's home country for the previous financial year.

The General Meeting may decide that the premium revenues for various types of marine insurance shall be weighted differently when contributions are assessed. On the proposal of the Board of Directors, the General Meeting may also exempt members from their obligation to pay a contribution.

The Board of Directors shall levy contributions in accordance with the decision of the General Meeting. If necessary to secure funds for running the Association, the Board of Directors may levy contributions on account. Assessed contributions and contributions payable on account shall fall due 30 days after demand for payment has been made.