Overseas Private Investment Corporation Amendments Act of 1981

(Senate agreed to House amendment with an amendment)

Overseas Private Investment Corporation Amendments Act of 1981 - Amends the Foreign Assistance Act of 1961 to increase the maximum per capita income which qualifies a less developed country for preferential consideration by the Overseas Private Investment Corporation (OPIC). Increases the minimum per capita income level in a country at which OPIC must restrict its activities. Directs OPIC to support developmental projects having trade benefits for the United States.

Directs OPIC to refuse to insure, reinsure, or finance an investment which is subject to conditions which reduce significantly the positive trade benefits to the United States.

Increases the number of members of OPIC's Board of Directors. Authorizes OPIC to insure approved projects against the risks of civil strife. Limits OPIC's share of insurance liability for multilateral investments to the proportionate participation of eligible investors in the projects. Directs OPIC to report to the appropriate Congressional committees before issuing civil strife insurance for the first time and before issuing insurance where the risk is significantly enlarged.

Limits the amount of investment insurance and guaranties issued to a single investor to a certain percentage of the maximum contingent liability of such insurance and guaranties which OPIC is permitted to have outstanding.

Deletes the prohibition against OPIC entering certain direct insurance underwriting agreements with other insurance companies. Deletes the limitation on the amount of OPIC's annual reinsurance liabilities.

Extends the authority of OPIC to issue investment insurance and guaranties until September 1985.

Requires OPIC to transfer to the Direct Investment Fund in fiscal year 1982 and each following fiscal year: (1) at least ten percent of OPIC's net income for the preceding fiscal year; and (2) all repayments of loans and interest made from the Fund during the preceding fiscal year. Directs OPIC to use the transferred funds to make project loans through the Fund. Limits the amounts of such loans to amounts appropriated in advance of the loans.

Authorizes computation of a claim of loss under equity investment insurance on the basis of net book value attributable to such equity investment on the date of loss. Abolishes the provision which permits a State to prohibit OPIC from requiring an investor to be insured for ten percent of an investment otherwise insured by OPIC.

Authorizes OPIC to collect or compromise any obligations assigned to or held by it. Authorizes the Inspector General of the Agency for International Development to review, investigate, and inspect OPIC's activities.

Abolishes: (1) OPIC's Advisory Council; (2) certain limitations on OPIC's financial support for new or expanded copper exploration or extraction projects; and (3) the prohibitions on OPIC financial support for projects involving production or processing of palm oil, sugar, or citrus crops for export.

Requires OPIC to report to Congress on methods used for estimating the probability that an investment will be made even without OPIC support.

Requires OPIC to repay the Treasury for appropriations received before January 1, 1975. Sets forth the method of repayment.