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B-173240 1 (1975-06-16)

handle is hein.gao/gaobadchx0001 and id is 1 raw text is: ~~ THE COMPTk.ILLER GENERAL DECISION OF THE UNITED STATES WASHINGTON. D. C. 20542 FILE: B-173240 ..DATE: June 16,1975 MATTER OF: Overseas Private Investment Corporation DIGEST: Overseas Private Investment Corporation's proposed program for sharing insurance and reinsurance risks of inconvertibility and expropriation with private insurance industry pursuant to Public Law 93-390 involves con- tractual arrangements which are in the nature of coop- erative agreements. Inasmuch as those agreements are not contracts for the procurement or supply of personal property or nonpersonal services, they are not subject to the Federal Property and Administrative Services Act or its implementing regulations. By letter dated January 6, 1975, the Overseas Private Investment Corporation (OPIC) requests an advance decision regarding the applicability of Federal procurement statutes and regulations to its proposal to form an unincorporated group, including itself and members of the private insurance industry, for the purpose of pooling risks under OPIC's program of foreign investment insurance. OPIC is a wholly owned Government corporation created in 1969 by amendment to the Foreign Assistance Act of 1961 to carry on certain programs formerly administered by the Agency for International Development and predecessor Federal agencies. One of the principal programs administered by OPIC is the program of foreign investment insurance authorized under section 234(a) of the Foreign Assistance Act of 1969, Pub. L. 91-175, 83 Stat. 805, 22 U. S. C. 2194(a) (1970) under which OPIC insures U. S. investors in less developed friendly countries against losses due to three kinds of risks: currency inconvertibility; expropriation; and war, revolution and insurrection. In the 1969 legislation that created OPIC, Congress directed OPIC to conduct its insurance operations with due regard to prin- ciples of risk management including, when appropriate, efforts to share its insurance risks. In 1973, the House Subcommittee on Foreign Economic Policy and the Senate Subcommittee on Multi- national Corporations reviewed OPIC's operations, as a result of -1-

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