legislation: 93-hr-13973
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| 93-hr-13973 | 93 | hr | 13973 | Overseas Private Investment Corporation Amendments Act | Foreign Trade and International Finance | 1974-04-04 | 1974-05-16 | Measure laid on table in House, S. 2957 passed in lieu. | House | Rep. Culver, John C. [D-IA-2] | IA | D | C000979 | 7 | (LATEST SUMMARY) Overseas Private Investment Corporation Amendments Act - States that some of the major purposes of the Overseas Private Investment Corporation are: (1) to give preferential considerations in its investment insurance, financing, and reinsurance activities (to the maximum extent practicable consistent with the Corporation's purposes) to investment projects involving businesses of not more than $2,500,000 net worth or with not more than $7,500,000 in total assets; (2) to the maximum extent practicable, to give preferential consideration in the Corporation's investment insurance, financing, and reinsurance activities to investment projects in the less developed friendly countries which have per capita incomes of $450 or less in 1973 United States dollars; and (3) to identify foreign investment opportunities in less developed friendly countries and areas, and to bring information concerning such opportunities to the attention of potential eligible investors in such countries or areas. Provides that it is the intention of Congress that the Corporation should achieve participation by private insurance companies, multilateral organizations, or others in at least 24 percent of liabilities incurred in respect to risks under contracts issued on and after January 1, 1978. Stipulates that it is the intention of Congress that the Corporation should not participate as insurer under insurance policies issued after December 31, 1980, in respect of the risks referred to in this Act. Sets forth investment insurance functions of the corporation, including: (1) to enter into pooling or other risk-sharing arrangements with other national or multinational insurance or financing agencies or groups of such agencies; and (2) to hold an ownership interest in any association or other entity established for the purposes of sharing risks under investment insurance. Provides that the amount of reinsurance of liabilities under this title which the Corporation may issue shall not exceed $600,000,000 in any one year, and the amount of such reinsurance shall not in the aggregate exceed at any one time an amount equal to the amount authorized for the maximum contingent liability outstanding at any one time. Authorizes appropriations to the Corporation of such sums as may be necessary from time to time to replenish or increase the insurance and guaranty fund, to discharge the liabilities under insurance, reinsurance, or guarantees issued by the Corporation, or to discharge obligations of the Corporation purchased by the Secretary of the Treasury. Directs the Corporation to submit to the Congress not later than January 1, 1976, an analysis of the possibilities of transferring all of its activities to private insurance companies, multilateral organizations and institutions, or other entities. Extends the life of the OPIC Advisory Council through December 31, 1977. | 2025-09-03T12:48:25Z |