§ 2197. General provisions relating to insurance, guaranty, financing, and reinsurance programs

Footnotes

1. 1 See References in Text note below.

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1. 1969

   Pub. L. 87–195 · 75 Stat. 424

   Enacted · 22 U.S.C. § 2197

   Pub. L. 87–195, pt. I, § 237, as added Pub. L. 91–175, pt. I, § 105, Dec. 30, 1969, 83 Stat. 814

   Source evidence

   Code source credit
   Pub. L. 87–195, pt. I, § 237, as added Pub. L. 91–175, pt. I, § 105, Dec. 30, 1969, 83 Stat. 814

2. 1974

   Overseas Private Investment Corporation Amendments Act of 1974

   Pub. L. 93–390 § 2(4)(A) · 88 Stat. 764

   Inserted · 22 U.S.C. § 2197(a)(c)

   Pub. L. 93–390, § 2(4)(A)–(C), inserted references to reinsurance wherever appearing

   Source evidence

   Code amendment note
   Subsecs. (a) to (c). Pub. L. 93–390, § 2(4)(A)–(C), inserted references to reinsurance wherever appearing.

   Enacted provision · exact public law section
   (A) in subsection (a), strike out “and guaranties” and insert in lieu thereof a comma and “guaranties, and reinsurance”; and strike out “or guaranties” and insert in lieu thereof a comma and “guaranties, or reinsurance”;

3. 1974

   Overseas Private Investment Corporation Amendments Act of 1974

   Pub. L. 93–390 § 2(4)(D) · 88 Stat. 764

   Inserted · 22 U.S.C. § 2197(d)

   Pub. L. 93–390, § 2(4)(D), inserted provisions authorizing fees to be charged for reinsurance and reduction of reinsurance fees under existing contracts in the event fees charged for reinsurance are reduced

   Source evidence

   Code amendment note
   Subsec. (d). Pub. L. 93–390, § 2(4)(D), inserted provisions authorizing fees to be charged for reinsurance and reduction of reinsurance fees under existing contracts in the event fees charged for reinsurance are reduced.

   Enacted provision · exact public law section
   (D) strike out subsection (d) and insert in lieu thereof the following: “(d) Fees shall be charged for insurance, guaranty, and reinsurance coverage in amounts to be determined by the Corporation. In the event fees charged for investment insurance, guaranties, or reinsurance are reduced, fees to be paid under existing contracts for the same type of insurance, guaranties, or reinsurance and for similar guaranties issued under predecessor guaranty authority may be reduced.”;

4. 1974

   Overseas Private Investment Corporation Amendments Act of 1974

   Pub. L. 93–390 § 2(4)(E) · 88 Stat. 764

   Inserted · 22 U.S.C. § 2197(e)

   Pub. L. 93–390, § 2(4)(E), inserted reference to reinsurance

   Source evidence

   Code amendment note
   Subsec. (e). Pub. L. 93–390, § 2(4)(E), inserted reference to reinsurance.

   Enacted provision · exact public law section
   (E) in subsection (e), strike out “or guaranty” and insert in lieu thereof a comma and “guaranty, or reinsurance”;

5. 1974

   Overseas Private Investment Corporation Amendments Act of 1974

   Pub. L. 93–390 § 2(4)(F) · 88 Stat. 764

   Inserted · 22 U.S.C. § 2197(f)

   Pub. L. 93–390, § 2(4)(F), (G), inserted “reinsurance” before “or guaranty” wherever appearing and provisions relating to limitations on the amount of direct insurance or reinsurance

   Source evidence

   Code amendment note
   Subsec. (f). Pub. L. 93–390, § 2(4)(F), (G), inserted “reinsurance” before “or guaranty” wherever appearing and provisions relating to limitations on the amount of direct insurance or reinsurance.

   Enacted provision · exact public law section
   (F) in subsection (f), insert “, reinsurance,” after “insurance” in both places it occurs;

6. 1974

   Overseas Private Investment Corporation Amendments Act of 1974

   Pub. L. 93–390 § 2(4)(H) · 88 Stat. 764

   Inserted · 22 U.S.C. § 2197(g)

   Pub. L. 93–390, § 2(4)(H), inserted applicability to insurance and reinsurance

   Source evidence

   Code amendment note
   Subsec. (g). Pub. L. 93–390, § 2(4)(H), inserted applicability to insurance and reinsurance.

   Enacted provision · exact public law section
   (H) in subsection (g), after “guaranty”, insert a comma and “insurance, or reinsurance”;

7. 1974

   Overseas Private Investment Corporation Amendments Act of 1974

   Pub. L. 93–390 § 2(4)(I) · 88 Stat. 764

   Inserted · 22 U.S.C. § 2197(h)(k)

   Pub. L. 93–390, § 2(4)(I)–(K), inserted reference to reinsurance wherever appearing

   Source evidence

   Code amendment note
   Subsecs. (h) to (k). Pub. L. 93–390, § 2(4)(I)–(K), inserted reference to reinsurance wherever appearing.

   Enacted provision · exact public law section
   (I) in subsection (h), strike out “or guaranties” and insert in lieu thereof a comma and “guaranties, or reinsurance”;

8. 1978

   Overseas Private Investment Corporation Amendments Act of 1978

   Pub. L. 95–268 § 5 · 92 Stat. 213

   Inserted · 22 U.S.C. § 2197(f)

   Pub. L. 95–268, § 5, inserted provisions excepting from dollar amounts adjustments in the insured dollar amounts to reflect replacement cost of project assets, and provisions excepting from limitations loans by banks or other financial institutions to unrelated parties

   Source evidence

   Code amendment note
   Subsec. (f). Pub. L. 95–268, § 5, inserted provisions excepting from dollar amounts adjustments in the insured dollar amounts to reflect replacement cost of project assets, and provisions excepting from limitations loans by banks or other financial institutions to unrelated parties.

   Enacted provision · exact public law section
   Sec. 5. general provisions relating to insurance and guaranty program Section 237 (f) of the Foreign Assistance Act of 1961 is 22 USC 2197. amended— (1) by inserting before the period at the end of the first sentence a comma and the following: “except that the Corporation may provide for appropriate adjustments in the insured dollar value to reflect the replacement cost of project assets”; and (2) by inserting before the period at the end of the second sentence a comma and the following: “except that such limitation shall not apply to direct insurance or reinsurance of loans by banks or other financial institutions to unrelated parties”.

9. 1978

   Overseas Private Investment Corporation Amendments Act of 1978

   Pub. L. 95–268 § 6 · 92 Stat. 213

   Added · 22 U.S.C. § 2197(l)

   Pub. L. 95–268, § 6, added subsec. (l)

   Source evidence

   Code amendment note
   Subsec. (l). Pub. L. 95–268, § 6, added subsec. (l).

   Enacted provision · exact public law section
   Sec. 6. acts of bribery Section 237 of the Foreign Assistance Act of 1961 is amended by adding at the end thereof the following new subsection: “(l) (1) No payment may be made under any insurance or reinsurance which is issued under this title on or after the date of enactment of this subsection for any loss occurring with respect to a project, if the preponderant cause of such loss was an act by the investor seeking payment under this title, by a person possessing majority ownership and control of the investor at the time of the act, or by any agent of such investor or controlling person, and a court of the United States has entered a final judgment that such act constituted a violation under the Foreign Corrupt Practices Act of 1977. 15 USC 78a note. Regulations. “(2) Not later than 120 days after the date of enactment of this subsection, the Corporation shall adopt regulations setting forth appropriate conditions under which any person convicted under the Foreign Corrupt Practices Act of 1977 for an offense related to a project insured or otherwise supported by the Corporation shall be suspended, for a period of not more than five years, from eligibility to receive any insurance, reinsurance, guaranty, loan, or other financial support authorized by this title.”.

10. 1981

    Overseas Private Investment Corporation Amendments Act of 1981

    Pub. L. 97–65 § 6 · 95 Stat. 1021

    1. Substituted · 22 U.S.C. § 2197(f)

       Pub. L. 97–65 substituted “Compensation for insurance, reinsurance, or guaranties issued under this subpart shall not exceed the dollar value, as of the date of the investment, of the investment made in the project with the approval of the Corporation plus interest, earnings, or profits actually accrued on such investment to the extent provided by such insurance, reinsurance, or guaranty, except that the Corporation may provide that (1) appropriate adjustments in the insured dollar value be made to reflect the replacement cost of project assets, and (2) compensation for a claim of loss under insurance of an equity investment may be computed on the basis of the net book value attributable to such equity investment on the date of loss” for “No insurance, reinsurance, or guaranty issued under this subpart shall exceed the dollar value, as of the date of the investment, of the investment made in the project with the approval of the Corporation plus interest, earnings or profits actually accrued on said investment to the extent provided by such insurance, reinsurance, or guaranty, except that the Corporation may provide for appropriate adjustments in the insured dollar value to reflect the replacement cost of project assets”

    2. Struck · 22 U.S.C. § 2197(f)

       Pub. L. 97–65 struck out provision that the preceding sentence not apply to the extent not permitted by State law

    Source evidence

    Code amendment note
    Subsec. (f). Pub. L. 97–65 substituted “Compensation for insurance, reinsurance, or guaranties issued under this subpart shall not exceed the dollar value, as of the date of the investment, of the investment made in the project with the approval of the Corporation plus interest, earnings, or profits actually accrued on such investment to the extent provided by such insurance, reinsurance, or guaranty, except that the Corporation may provide that (1) appropriate adjustments in the insured dollar value be made to reflect the replacement cost of project assets, and (2) compensation for a claim of loss under insurance of an equity investment may be computed on the basis of the net book value attributable to such equity investment on the date of loss” for “No insurance, reinsurance, or guaranty issued under this subpart shall exceed the dollar value, as of the date of the investment, of the investment made in the project with the approval of the Corporation plus interest, earnings or profits actually accrued on said investment to the extent provided by such insurance, reinsurance, or guaranty, except that the Corporation may provide for appropriate adjustments in the insured dollar value to reflect the replacement cost of project assets”, and struck out provision that the preceding sentence not apply to the extent not permitted by State law.

    Enacted provision · exact public law section
    Sec. 6. general provisions relating to insurance and guaranty program (a) Section 237(f) of the Foreign Assistance Act of 1961 (22 U.S.C. 2197(f)) is amended by amending the first sentence to read as follows: “Compensation for insurance, reinsurance, or guaranties issued under this title shall not exceed the dollar value, as of the date of the investment, of the investment made in the project with the approval of the Corporation plus interest, earnings, or profits actually accrued on such investment to the extent provided by such insurance, reinsurance, or guaranty, except that the Corporation may provide that (1) appropriate adjustments in the insured dollar value be made to reflect the replacement cost of project assets, and (2) compensation for a claim of loss under insurance of an equity investment may be computed on the basis of the net book value attributable to such equity investment on the date of loss.”. (b) Such section is further amended by striking out the last sentence.

11. 1985

    Overseas Private Investment Corporation Amendments Act of 1985

    Pub. L. 99–204 § 6(b) · 99 Stat. 1669

    Added · 22 U.S.C. § 2197(f)

    Pub. L. 99–204, § 6(b), added cl. (3)

    Source evidence

    Code amendment note
    Subsec. (f). Pub. L. 99–204, § 6(b), added cl. (3).

    Enacted provision · exact public law section
    (b) Compensation for Loss.— Section 237(f) (22 U.S.C. 2197(f)) is amended in the first sentence— (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”.

12. 1985

    Overseas Private Investment Corporation Amendments Act of 1985

    Pub. L. 99–204 § 9(b)(2) · 99 Stat. 1669

    Inserted · 22 U.S.C. § 2197(f)

    Pub. L. 99–204, § 9(b)(2), inserted “or 2194b” after “section 2194”

    Target inherited from the preceding amendment note.

    Source evidence

    Code amendment note
    Pub. L. 99–204, § 9(b)(2), inserted “or 2194b” after “section 2194”.

    Enacted provision · exact public law section
    (2) Section 237(f) (22 U.S.C. 2197(f)) is amended in the last sentence by inserting “or 234A” after “234”.

13. 1985

    Overseas Private Investment Corporation Amendments Act of 1985

    Pub. L. 99–204 § 4(b) · 99 Stat. 1669

    Added · 22 U.S.C. § 2197(m)

    Pub. L. 99–204, § 4(b), added subsec. (m)

    Source evidence

    Code amendment note
    Subsec. (m). Pub. L. 99–204, § 4(b), added subsec. (m).

    Enacted provision · exact public law section
    (b) Notification of Countries of Environmental Restrictions on Certain Activities.— Section 237 (22 U.S.C. 2197) is amended by adding at the end thereof the following: “(m) (1) Before finally providing insurance, reinsurance, guarantees, or financing under this title for any environmentally sensitive investment in connection with a project in a country, the Corporation shall notify appropriate government officials of that country of— “(A) all guidelines and other standards adopted by the International Bank for Reconstruction and Development and any other international organization relating to the public health or safety or the environment which are applicable to the project; and “(B) to the maximum extent practicable, any restriction under any law of the United States relating to public health or safety or the environment that would apply to the project if the project were undertaken in the United States. The notification under the preceding sentence shall include a summary of the guidelines, standards, and restrictions referred to in subparagraphs (A) and (B), and may include any environmental impact statement, assessment, review, or study prepared with respect Infra. to the investment pursuant to section 239(g). “(2) Before finally providing insurance, reinsurance, guarantees, or financing for any investment subject to paragraph (1), the Corporation shall take into account any comments it receives on the project involved. “(3) On or before September 30, 1986, the Corporation shall notify appropriate government officials of a country of the guidelines, standards, and legal restrictions described in paragraph (1) that apply to any project in that country— “(A) which the Corporation identifies as potentially posing major hazards to public health and safety or the environment; and “(B) for which the Corporation provided insurance, reinsurance, guarantees, or financing under this title before the date of enactment of this subsection and which is in the Corporation’s portfolio on that date.”.

14. 1988

    Foreign Operations, Export Financing, and Related Programs Appropriations Act, 1989

    Pub. L. 100–461 title V § 555 · 102 Stat. 2268

    Inserted · 22 U.S.C. § 2197

    Pub. L. 100–461 inserted reference to financing in section catchline

    Source evidence

    Code amendment note
    Pub. L. 100–461 inserted reference to financing in section catchline.

    Enacted provision · exact public law section
    Sec. 555. authorization requirement Funds appropriated by this Act may be obligated and expended notwithstanding section 10 of Public Law 91–672 and section 15 of the State Department Basic Authorities Act of 1956: 22 USC 2321h. Provided, That section 514 of the Foreign Assistance Act of 1961 is amended by amending subsection (b)(2) to read as follows: “(2) The value of such additions to stockpiles in foreign countries shall not 22 USC 262p–4a—262p–4f, 262p–5, 286e–1k, 286hh–286jj, 290–14. 22 USC 2151 note, 2191, 2194, 2194b, 2195, 2197, 2199, 2200a. Securities. 22 USC 2194 note. 22 USC 2151 note, 2191, 2194, 2194b, 2195, 2197, 2199, 2200a. Securities. 22 USC 2194 note. exceed $77,000,000 for fiscal year 1989.”: Provided further, That the amendment in the nature of a substitute to the text of H.R. 4645, as ordered reported from the Committee on Banking, Finance and Urban Affairs on September 22, 1988, is hereby enacted into law: Provided further, That title I of H.R. 5263 as passed by the House of Representatives on September 20, 1988, is hereby enacted into law: Provided further, That purchases, investments or other acquisitions of equity by the fund created by section 104 of H.R. 5263 as hereby enacted are limited to such amounts as may be provided in advance in appropriations Acts: Provided further, 1 1Copy read “that”.That notwithstanding any other provision of this Act, titles 22Copy read “I,”. I and III of S. 2757 as reported by the Senate Committee on Foreign Relations on September 7, 1988, are hereby enacted into law: Provided further, That purchases, investments or other acquisitions of equity by the fund created by section 104 of S. 2757 as hereby enacted are limited to such amounts as may be provided in advance in appropriations 33Copy read “Acts”. Acts: Provided further, That section 901(a) of the Foreign Relations Authorization Act, Fiscal Years 1988 and 1989 (8 U.S.C. 1182 note) is amended to read as follows: 44Copy read “(a) IN GENERAL.—”“(a) General.— Notwithstanding any other provision of law, no nonimmigrant alien may be denied a visa or excluded from admission into the United States, or subject to deportation because of any past, current or expected beliefs, statements or associations which, if engaged in by a United States citizen in the United States, would be protected under the Constitution of the United 55Copy read “States:”. States.”: Provided further, That subsection 66Copy read “((b)”. (b) of section 901 of such Act is amended— (1) by inserting “to deny adjustment of status of,” after “deny issuance of a visa to,”; (2) by inserting in paragraph (1) before the semicolon, “, unless such alien is seeking issuance of a visa, adjustment of status, or admission to the United States as an 77Copy read “immigrant.” ”. immigrant.”: Provided further, That subsection (d) of section 901 of the Foreign Relations Authorization Act, Fiscal Years 1988 and 1989 (8 U.S.C. 1182 note) is amended to read as follows: 88Copy read “ “(d) Effective Period.—”.“(d) Effective Period.— Subsection (a) shall only apply to— “(1) applications for 99Copy read “non-immigrant”. nonimmigrant visas submitted before January 1, 1991; “(2) admissions sought before March 1, 1991; “(3) deportations based on activities occurring before January 1, 1991, or for which deportation proceedings (including judicial review with respect to such a proceeding) are pending at any time between December 31, 1987 and January 1, 1991.”: Provided further, That the amendment made in the 1010Copy read “proceeding”. preceding sentence 8 USC 1182 note. shall not require the deportation of aliens admitted for permanent resident status under section 901 of the Foreign Relations Authorization Act, Fiscal Years 1988 and 1989, as in effect before the date of enactment of this Act: Provided further, That title III of S. 2757 shall be in effect for fiscal years 1989 and 1990: Provided further, Reports. That the Comptroller General of the United States shall examine the use of nonimmigrant visas under section 101(a)(15)(J) of the Immigration and Nationality Act for current programs of educational and cultural exchange and shall, not later than 30 days before the end of fiscal year 1989, submit to the Committees on the Judiciary of the Senate and House of Representatives, a report on whether the participants in programs of cultural exchange receiving visas under that section are performing activities consistent with the congressional intent for the implementation of that section: Provided further, That notwithstanding section 208 of the United States Information Agency Authorization Act, Fiscal Years 1986 and 1987 and the second sentence of section 501 of the United States Information and Educational Exchange Act of 1948 (22 U.S.C. 1461)— (1) the Director of the United 1111Copy read “Sates”. States Information Agency Historic preservation. shall make available to the Archivist of the United States a master copy of the film entitled “Land of Enchantment”; and (2) upon evidence that necessary United States rights and Public information. licenses have been secured and paid for by the person seeking domestic release of the film, the Archivist shall reimburse the Director for any expenses of the Agency in making that master copy available, shall deposit that film in the National Archives of the United States, and shall make copies of that film available for purchase and public viewing within the United States. Any reimbursement to the Director pursuant to this section shall be credited to the applicable appropriation of the United States Information 1212Copy read “Agency”. Agency.

15. 1992

    Jobs Through Exports Act of 1992

    Pub. L. 102–549 § 105(a) · 106 Stat. 3651

    Amended · 22 U.S.C. § 2197(d)

    Pub. L. 102–549, § 105(a), amended subsec. (d) generally. Prior to amendment, subsec. (d) read as follows: “Fees shall be charged for insurance, guaranty, and reinsurance coverage in amounts to be determined by the Corporation. In the event fees charged for investment insurance, guaranties, or reinsurance are reduced, fees to be paid under existing contracts for the same type of insurance, guaranties, or reinsurance and for similar guaranties issued under predecessor guaranty authority may be reduced.”

    Source evidence

    Code amendment note
    Subsec. (d). Pub. L. 102–549, § 105(a), amended subsec. (d) generally. Prior to amendment, subsec. (d) read as follows: “Fees shall be charged for insurance, guaranty, and reinsurance coverage in amounts to be determined by the Corporation. In the event fees charged for investment insurance, guaranties, or reinsurance are reduced, fees to be paid under existing contracts for the same type of insurance, guaranties, or reinsurance and for similar guaranties issued under predecessor guaranty authority may be reduced.”

    Enacted provision · exact public law section
    (a) Fees.— Section 237(d) of the Foreign Assistance Act of 1961 (22 U.S.C. 2197(d)) is amended to read as follows: “(d) Fees.— “(1) In general.— Fees may be charged for providing insurance, reinsurance, financing, and other services under this title in amounts to be determined by the Corporation. In the event fees charged for insurance, reinsurance, financing, or other services are reduced, fees to be paid under existing contracts for the same type of insurance, reinsurance, financing, or services and for similar guarantees issued under predecessor guarantee authority may be reduced. “(2) Credit transaction costs.— Project-specific transaction costs incurred by the Corporation relating to loan obligations or loan guarantee commitments covered by the provisions of the Federal Credit Reform Act of 1990, including the costs of project-related travel and expenses for legal representation provided by persons outside the Corporation and other similar expenses which are charged to the borrower, shall be paid out of the appropriate finance account established pursuant to section 505(b) of such Act. “(3) Noncredit transaction costs.— Fees paid for the project-specific transaction costs and other direct costs associated with services provided to specific investors or potential investors pursuant to section 234 (other than those covered in paragraph (2)), including financing, insurance, reinsurance, missions, seminars, conferences, and other preinvestment services, shall be available for obligation for the purposes for which they were collected, notwithstanding any other provision of law.”.

16. 1992

    Jobs Through Exports Act of 1992

    Pub. L. 102–549 § 105(b) · 106 Stat. 3651

    Added · 22 U.S.C. § 2197(n); 22 U.S.C. § 2197(o)

    Pub. L. 102–549, § 105(b), (c), added subsecs. (n) and (o)

    Source evidence

    Code amendment note
    Subsecs. (n), (o). Pub. L. 102–549, § 105(b), (c), added subsecs. (n) and (o).

    Enacted provision · exact public law section
    (b) Penalties for Fraud.— Section 237 of such Act is amended by adding at the end the following: “(n) Penalties for Fraud.— Whoever knowingly makes any false statement or report, or willfully overvalues any land, property, or security, for the purpose of influencing in any way the action of the Corporation with respect to any insurance, reinsurance, guarantee, loan, equity investment, or other activity of the Corporation under section 234 or any change or extension of any such insurance, reinsurance, guarantee, loan, equity investment, or activity, by renewal, deferment of action or otherwise, or the acceptance, release, or substitution of security therefor, shall be fined not more than $1,000,000 or imprisoned not more than 30 years, or both.”.

17. 2018

    Better Utilization of Investments Leading to Development Act of 2018

    Pub. L. 115–254 div. F title VI § 1464(2) · 132 Stat. 3187

    Repealed · 22 U.S.C. § 2197(a)(f)(h)(k)(o)

    Pub. L. 115–254 repealed subsecs. (a) to (f), (h) to (k), and (o) which related to scope, protection of interest, guaranties as obligations backed by full faith and credit of United States, fees, maximum term of obligation, limitations on amounts, limits of obligation, claims settlement, presumption of compliance, balance of payments, and use of local currencies, respectively

    Source evidence

    Code amendment note
    Subsecs. (a) to (f), (h) to (k), (o). Pub. L. 115–254 repealed subsecs. (a) to (f), (h) to (k), and (o) which related to scope, protection of interest, guaranties as obligations backed by full faith and credit of United States, fees, maximum term of obligation, limitations on amounts, limits of obligation, claims settlement, presumption of compliance, balance of payments, and use of local currencies, respectively.

    Enacted provision · exact public law section
    (2) title IV of chapter 2 of part I of the Foreign Assistance Act of 1961 (22 U.S.C. 2191 et seq.) (other than subsections (g), (l), (m), and (n) of section 237 of that Act) 22 USC 2191–2200b. is repealed.

    Effective date note
    Amendment by Pub. L. 115–254 effective at the end of the transition period, as defined in section 9681 of this title, see section 9684 of this title.

17 of 18 references resolved to an enrolled provision · 1 partial