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103514 1 (1977-09-08)

handle is hein.gao/gaobadxvs0001 and id is 1 raw text is: DOCUMENT RESUME 03514 - [A2!73707) Legislation Extending and Revising the Authority of the Overseas Private Investment Corporation. September 8, 1977. 10 pp. Testimony before the House Committee on International Relations: International Ecoolamic Policy and Trade Subcommittee; by J. K. Fasick, Director, International Div. Issue Area: International 2concfic and Military Programs (600). Contact: International Div. Budget Function: International Affairs: Foreign Economic and Financial Assistance (151). Organizaticn Concerned: Overseas Private Investment Corp. Congressional Relevance: House Committee on International Relations: International Economic Policy and Trade Subcommittee. Authority: foreign Assistance Act of 19u1, sec. 231(1), as amended. Overseas Private Investment Corporation Amendments Act of 1974. Only limited success has been made by the Overseas Private Investment Corporation (OPIC) to increase private participation in its insurance programs. The private participaticn mandate established by the 1974 legislatlvL probably cannot be attained. The 1974 lqgislation provdes for OPIC's political risk insurance programs, which include expropriation, inconvertibility, and war risk, to be fully transferred to the private sector by December 31, 1980, with OPIC remaining solely as a reinsurer. The mandate established by the Cverseas Private Investment Corporation Amendments Act of 1974 has placed CEIC in an unfavorable negotiating position, resulting in reduced premium income through redistribution to the private sector of substantial payments in reinsurance fees, w:. OPIC still remaining liable, as a reinsurer, for the bulk of its portfolio. The future of OPIC's political risk insurance program invclves consideration of four alternatives: (1) continue to try fcr complete privatization, but provide deadlines more realistic than 1980; (2) modify the private participation provisions by recognizing the unlikelihood of eve= being able to achieve 100% privatization; (3) abandon private participation; and (4) dissolve OPIC. Each of these actions would require either the repeal or amendment of the existing legislation. The dissolution of OPIC would also' require that the existing contracts be assigned to another agency for liquidation. (SC)

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