Overseas Private Investment Corporation Amendments Act of 1985

Summary

Overseas Private Investment Corporation Amendments Act of 1985 - Amends the Foreign Assistance Act of 1961 to change the per capita income requirements for countries receiving Overseas Private Investment Corporation (OPIC) projects and investments from 1979 dollars to 1983 dollars. Requires OPIC, in determining whether to provide insurance, financing, or reinsurance for a project, to ensure that the project is consistent with the provisions of the Foreign Assistance Act of 1961 relating to the environment and natural resources of, and biological diversity in, developing countries. Requires OPIC to refuse to insure, reinsure, guarantee, or finance any investment in connection with a project that will pose an unreasonable or major environmental, health, or safety hazard or will result in significant degradation of protected areas. Authorizes OPIC to insure, reinsure, guarantee, or finance a project only if the country in which the project is undertaken is taking steps to extend internationally recognized worker rights to workers in that country. Provides for annual hearings on such questions. Authorizes OPIC to insure against loss due to business interruption caused by: (1) inability to convert into U.S. dollars other currencies; (2) an act of expropriation or confiscation by a foreign government; and (3) war, revolution, insurrection, or civil strife. Requires OPIC before issuing insurance for the first time for loss due to business interruption to submit to the Congress an explanation of the underwriting basis upon which the insurance is to be offered. Increases the percentage of the maximum contingent liability of OPIC's investment guaranties that may be issued to a single investor. Authorizes OPIC to enter into pooling or other risk-sharing arrangements with multilateral insurance or financing agencies or groups of such agencies. Directs OPIC to establish, within one year of enactment of this Act, a pilot program of facultative insurance providing reinsurance for insurers who issue insurance for new investments by eligible investors in excess of limits which OPIC would otherwise normally apply for its exposure to such investments. Limits OPIC's exposure under such program. Directs OPIC to establish a group to advise OPIC on the development and implementation of the program of facultative reinsurance. Requires OPIC to report to the Congress within 18 months of enactment of this Act on the implementation of the facultative reinsurance program. Extends OPIC's authority to issue investment insurance through September 30, 1989. Authorizes OPIC to determine the basis for computing loss due to business interruption. Directs OPIC, before finally providing insurance, guarantees, or financing for any environmentally sensitive investment, to notify the country where the investment project is located of: (1) certain guidelines relating to the public health or safety or the environment which are applicable to the project; and (2) any U.S. health, safety, or environmental restrictions that would apply to the project if the project were undertaken in the United States. Provides for an independent audit of OPIC at least once every three years. Makes certain requirements relating to environmental impact statements and assessments applicable to any investment which OPIC insures, reinsurers, guarantees, or finances. Exempts OPIC from all taxation. Directs OPIC to publish and make available to applicants for OPIC assistance OPIC's policy guidelines. Deletes the provision requiring OPIC to return to the Treasury funds appropriated to OPIC before January 1, 1975. Amends the Federal criminal code to prohibit the use of the words "Overseas Private Investment," "Overseas Private Investment Corporation," or "OPIC" as part of a private business.

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Documents

3 official files

• Passed House amended

  summary · EN · 23 September 1985

  Open at official source

• Reported to House with amendment(s)

  summary · EN · 23 September 1985

  Open at official source

• Introduced in House

  summary · EN · 1 August 1985

  Open at official source

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