Regulation No. 147/1998 on payment intermediation within the fisheries sector.

This regulation establishes a payment intermediation system within Iceland’s fisheries sector, requiring fish processors, buyers, agents, and certain vessel operators to pay a fixed percentage of fish value into special accounts. These funds are then redistributed mainly to vessel insurance accounts, seafarers’ pension funds, and relevant fisheries or seafarers’ organisations, with separate rules for small boats under 10 tonnes. It also sets out reporting requirements, monthly distribution of funds, oversight by the Seafarers’ Pension Fund and fisheries organisations, auditing by the National Audit Office, interest on late payments, and procedures for resolving disputes over the division of funds through arbitration.