Sec. 1243. national insurance development fund

386 words·~2 min read·/statute-compilations/comps-10343/sec-1243

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

## Sec. 1243 national insurance development fund **[**[12 U.S.C. 1749bbb–13](/us/usc/t12/s1749bbb–13)**]** ###

(a)To carry out the programs authorized under this title, the Director is authorized to establish a National Insurance Development Fund (hereinafter called the “fund”) which shall be available, without fiscal year limitations— ####

(1)to make such payments as may, from time to time, be required under reinsurance and direct insurance contracts under this title; ####

(2)to pay such administrative expenses as may be necessary or appropriate to carry out the purposes of this title; and ####

(3)to repay to the Secretary of the Treasury such sums, including interest thereon, as may be borrowed from him for purposes of such programs under section 520(b). ###

(b)The fund shall be credited with— ####

(1)reinsurance and direct insurance premiums, fees, and other charges which may be paid or collected in connection with reinsurance and direct insurance provided under parts B and C; ####

(2)interest which may be earned on investments of the fund; ####

(3)such amounts as may be advanced to the fund from appropriations in order to maintain the fund in an operative condition adequate to meet its liabilities; ####

(4)such amounts which are hereby authorized to be appropriated as may be necessary from time to time to reimburse the fund for losses and expenses (including administrative expenses) incurred in carrying out the program authorized under part C; ####

(5)receipts from any other source which may, from time to time, be credited to the fund; and ####

(6)funds borrowed by the Director under section 520(b) and deposited in the fund. ###

(c)If, after any amounts which may have been advanced to the fund from appropriations have been credited to the appropriation from which advanced (including interest thereon at the rate prescribed under section 520(b)), the Director determines that the moneys of the fund are in excess of current needs, he may request the investment of such amounts as he deems advisable by the Secretary of the Treasury in obligations issued or guaranteed by the United States. ###

(d)An annual business-type budget for the fund shall be prepared, transmitted to the Congress, considered, and enacted in the manner prescribed by sections 9103 and 9104 of title 31, United States Code, for wholly owned Government corporations.

Connections1 off-index

1 reference not yet in our index

12 USC 1749bbb–13

Citation graph

cites case law

Sec. 1243

national insurance development fund

Cite12 USC 1749bbb–13

Cites 1Cited by 0 across 0 sources