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Foreign Investment Insurance

Published on AidPage by IDILOGIC on Jun 24, 2005

Administered by:

US Federal Government Agency (see all agencies)
Overseas Private Investment Corporation
CFDA #: 70.003

Post assistance requirements...

Reports

Annual or semi-annual election of current coverage, annual or semi-annual payment of premiums, and such information as may be requested by OPIC to monitor the project or to make a determination in the case of a claim for compensation.

Note: This section indicates whether program reports, expenditure reports, cash reports or performance monitoring are required by the Federal funding agency, and specifies at what time intervals (monthly, annually, etc.) this must be accomplished.

Audits

Not applicable.

Note: This section discusses audits required by the Federal agency. The procedures and requirements for State and local governments and nonprofit entities are set forth in OMB Circular No. A-133. These requirements pertain to awards made within the respective State's fiscal year - not the Federal fiscal year, as some State and local governments may use the calendar year or other variation of time span designated as the fiscal year period, rather than that commonly known as the Federal fiscal year (from October 1st through September 30th).

Records

When claim for compensation is pending and after such payment is made, the investor has a duty to cooperate with OPIC in supplying all information requested pertaining to the claim. These responsibilities are clearly spelled out in each insurance contract.

Note: This section indicates the record retention requirements and the type of records the Federal agency may require. Not included are the normally imposed requirements of the General Accounting Office. For programs falling under the purview of OMB Circular No. A-102, record retention is set forth in Attachment C. For other programs, record retention is governed by the funding agency's requirements.