Paragraph 3
The Treasury shall collect the export levy in accordance with the provisions of Article 2, and the receipts shall be distributed as follows:
| 1. for payment of insurance premiums for fishing vessels in accordance with rules issued by the Ministry of Fisheries | 82·0 % |
| 2. to the Fisheries Loan Fund of Iceland | 11·4 % |
| 3. to the Fisheries Fund | 3·1 % |
| 4. to the building of vessels for ocean and fishery research | 1·8 % |
| 5. for the building of Fisheries Research Institutes | 0·7 % |
| 6. to the Federation of Icelandic Fishing Vessels Owners | 0·5 % |
| 7. to seamen's unions in accordance with rules issued by the Ministry of Fisheries | 0·5 % |
Payment of the insurance premiums for fishing vessels referred to in item 1 may be subject to the condition that the insurance company concerned be a member of the Underwriters' Reinsurance Union and be required to apply certain rules concerning calculation of premium rates, insurance terms and hull values.
Whalers may be exempted from these conditions and are then entitled to reimbursement of their contribution to the Fishing Vessels' Insurance Fund instead of the insurance premiums.