Any member, who has paid its membership dues for three months, has the right to receive a grant or support from the Sickness Fund.
All grants from the Fund are taxed, and the amount is deducted before paying each grant.
In March of each year, the fund pays a general sickness grant to all those who have contributed to the fund over the preceding year. The fund retains an amount that is equal to ISK 30.000 per member on February 2010 (amount is linked to the consumer price index and changes accordingly), as described in article 7.5 in the Fund’s regulations. The rest is paid out in ratio to each member’s payment, according to article 7.6 and 7.7. The Sickness Fund does not gather funds except to cover basic operational cost and sickness payment to members on a regular basis.
Due to the previously mentioned general sickness grant, paid out in March each year, the board of the Sickness Fund has decided that other grants are only provided if a member is dealing with a long-term illness, or has suffered a serious accident or shock from which significant cost has resulted. It is hard to quantify exactly what the Fund supports and what not, but the board usually looks to see if the grant could help the member to keep his/her flight certificate or can regain it after losing it.