News Briefs
Reminder: Please review payment transition schedule prior to making payments to TICO
Earlier this year, TICO announced a new funding framework and fee model. The transition process is currently underway.
Prior to making a Compensation Fund payment to TICO, please review the transition schedule based on your company’s year-end to ensure the correct period and rate are being applied. Additionally, kindly use the updated Form 1 that is emailed to you, rather than previous versions you may have in your files. Click here to view the payment transition schedule.
If your company’s year-end is on or after October 1, 2024, you do not need to file a mid-year Compensation Fund assessment. Instead, you will file one annual assessment at the same time as your yearly registration renewal. To verify your payment date and amount, please click here. A reminder will be sent ahead of your filing deadline.
Late filing fees are in effect
As of April 1, 2024, TICO instituted new late filing fees to encourage timely submission of required documentation and payment for registration renewals, Compensation Fund contributions (Form 1) and verification statement/financial statement filings.
The introduction of late fees was part of the comprehensive funding framework and fee review that TICO conducted last year.
Late fees allow TICO to ensure efficient processing without the need for extensive reminders and individual follow-ups.