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102819 1 (1977-07-29)

handle is hein.gao/gaobadxuy0001 and id is 1 raw text is: DOCUMENT RESUME 02819 - [A2153243) Overseas Private Investment Corporati-n's Management of the Investment Insurance Program. Jujy 29, 1977. 6 pp. Testimony before the Senate Committee on Foreign Relations: Foreign Assistance Subcommittee; by J. K. Fasick, Director, International Div. Issue Area: International Economic and Military Programs (600) Contact: International Div. Budge-t Fcnction: International Affairs (150). Organization Concerned: Overseas Private Investbent Corp. Congressional Relevance: Senate Committee on Foreign Relations: Foreign Assistance Subcommittee. The management of the It',-r-stment Insurance Program by the Overseas Private Investment Corporation (OPEC) was reviewed by GAO. In es;ence. the OPIC has not met the 1974 legislative directives to increase private participation in the insurance program and hias mad-3 only limited improvement in reducing concentratio!A of coverage in certain countries and in large business concexrns. OPC's efforts to attract private insurance companies have been disappointing. The main reason for this failure, as reported by the compan'.es themselves, is their limited knowledge of political risk insurance. The congressional mandate to have the private insurance sector assume the direct insurance role by 1980 will probably not be met. Further, this mandate has placcd OPIC in the position of substantially reO cing its premium income and incurring large payments for reinsulance fees while only minimally reducing the risks for the bulk of its portfolio. Any alternative dction regarding privatization would require either repeal or amendment of existing legislation. Only limited, if any, improvement has been made by OPIC in its effoits to reduce concentration in certain countries and to increase the monetary coverage of firms in the medium- and small-business range. It is also doubtful that efforts to encourage investment in the lesser developed countries aill be successful. (DJM)

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