Venezolana (VNE, Maracaibo) president, William Posada, says his airline will resume international flights before resuming local operations once its insurance premiums amounting USD3.4million have been paid in full. The airline was forced to suspend operations by Venezuela's National Institute of Civil Aviation (Instituto Nacional de Aeronáutica Civil - INAC) after it failed to insure its sole operational aircraft, an MD-82, YV514T (msn 49511). However, according to Mr Posada, RAVSA is awaiting a response from the Commission for the Administration of Currency Exchange (Comisión de Administración de Divisas - CADIVI) regarding the disbursement of foreign currency to cover the premiums. "We have currently suspended operations owing to a lack of insurance coverage which could last until March 23. Unfortunately we have been waiting for a response in writing from CADIVI, which is all we need to resume operations," he told La Verdad. Posada went on to state that once payments have been settled, RAVSA would likely operate from Maracaibo to Panamá City Tocumen International and Santo Domingo Las Américas where demand is greatest.