Page:United States Statutes at Large Volume 99 Part 2.djvu/562

 99 STAT. 1672

22 USC 2194b. Contracts.

Ante, p. 1669.

PUBLIC LAW 99-204—DEC. 23, 1985

(1) by striking out "and (2)" and inserting in lieu thereof "(2)"; and (2) by inserting immediately before the period at the end of the sentence the following: ", and (3) compensation for loss due to business interruption may be computed on a basis to be determined by the Corporation which reflects amounts lost". SEC. 7. MAXIMUM CONTINGENT LIABILITY FOR INVESTMENT GUARANTEES. Section 234(b) (22 U.S.C. 2194(b)) is amended in the last proviso by striking out "10" and inserting in lieu thereof "15". SEC. 8. POOLING AND RISK-SHARING AGREEMENTS. Section 234(f)(2) (22 U.S.C. 2194(fK2)) is amended by striking out "other national or". SEC. 9. FACULTATIVE REINSURANCE PROGRAM. (a) ESTABLISHMENT.—Title IV of chapter 2 of part I is amended by inserting after section 234 (22 U.S.C. 2194) the following new section: "SEC. 234A. FACULTATIVE REINSURANCE PROGRAM. "(a) ESTABLISHMENT.—In Order,to encourage greater availability of political risk insurance for eligible investors, the Corporation shall establish, not later than one year after the date of the enactment of the Overseas Private Investment Corporation Amendments Act of 1985, a pilot program of facultative reinsurance. The program shall provide reinsurance to insurance companies, financial institutions, other persons, or groups thereof, with respect to insurance issued by such companies, institutions, persons, or groups for new investments, and expansions of existing investments, by eligible investors, in excess of limits which the Corporation would otherwise normally apply for its exposure to such investments. Contracts of reinsurance issued under the program shall be on equitable terms. The program, and any project covered by reinsurance under the program, shall be consistent with the provisions of this title. "(b) PERSONS ELIGIBLE FOR THE PROGRAM.—An insurance company, financial institution, or other person shall be eligible to participate in the facultative reinsurance program established under subsection (a) if that company, institution, or other person is an eligible investor under this title. The Corporation shall take steps to encourage equitable participation in the program by all eligible persons. "(c) MAXIMUM EXPOSURE.—The exposure of the Corporation under the facultative reinsurance program at any one time may not exceed $150,000,000 or, with respect to any one country, $50,000,000. "(d) ADVISORY GROUP.—

"(1) ESTABLISHMENT AND MEMBERSHIP.—The Corporation shall establish a group to advise the Corporation on the development and implementation of the program of facultative reinsurance under this section. The group shall be composed of nine members as follows: "(A) Three officers or employees of the Corporation designated by the Board. "(B) Four persons appointed by the Board, of whom at least one shall represent an insurance company, one a reinsurance brokerage firm, and one an underwriter, a financial institution, or other person or entity eligible for

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