12 U.S.C. § 1749bbb-13
Section 1749bbb-13 · National Insurance Development Fund
Amended 6 times on record
To carry out the programs authorized under this subchapter, 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 subchapter;
(2) to pay such administrative expenses as may be necessary or appropriate to carry out the purposes of this subchapter; 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 1735d(b) of this title.
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 1735d(b) of this title and deposited in the fund.
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 1735d(b) of this title), 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.
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 for wholly owned Government corporations.
Editorial notes U.S. Code · Office of the Law Revision Counsel
Amendments
1988—Subsec. (d). Pub. L. 100–242 substituted “sections 9103 and 9104 of title 31” for “law (sections 102, 103, and 104 of the Government Corporation Control Act (31 U.S.C. 847–849))”. See 1984 Amendment note below.
1984—Subsec. (d). Pub. L. 98–479 substituted “sections 9103 and 9104 of title 31” for “law (sections 102, 103, and 104 of the Government Corporation Control Act (31 U.S.C. 847–849))”. Directory language of Pub. L. 98–479 should have provided for amendment of section 1243(d) of act June 27, 1934 (the National Housing Act) rather than amendment of the Urban Property Protection and Reinsurance Act of 1968 (Pub. L. 90–448), which added this section. See 1988 Amendment note above.
1983—Subsecs. (a), (b)(6), (c). Pub. L. 98–181, substituted “Director” for “Secretary”.
1970—Subsec. (a)(1). Pub. L. 91–609, §602(j)(1), provided for payments under direct insurance contracts.
Subsec. (b)(1). Pub. L. 91–609, §602(j)(1), (2), provided the fund with a credit for direct insurance premiums and in connection with direct insurance and inserted reference to part C, respectively.
Subsec. (b)(4) to (6). Pub. L. 91–609, §602(j)(3), added cl. (4) and redesignated former cls. (4) and (5) as (5) and (6), respectively.