Pub. L. 103-354, tit. I, sec. 110

FUNDING.

EnactedYear: 1994Length: 468 wordsOfficial source
SEC. 110. FUNDING. Section 516 (7 U.S.C. 1516) is amended to read as follows: “SEC. 516. FUNDING. “(a) Authorization of Appropriations.— “(1) Discretionary expenses.— There are authorized to be appropriated for each of fiscal years 1995 through 2001 such sums as are necessary to cover— “(A) the salaries and expenses of the Corporation; and “(B) the administrative and operating expenses of the Corporation for the sales commissions of agents. “(2) Mandatory expenses.— There are authorized to be appropriated such sums as are necessary to cover— “(A) in the case of each of the 1995 through 1997 reinsurance years, the administrative and operating expenses of the Corporation for the sales commissions of agents, consistent with subsection (b)(1); “(B) premium subsidies, including the administrative and operating expenses of an approved insurance provider for the delivery of policies with additional coverage; and “(C) payments for noninsured assistance losses under section 519. “(b) Payment of Expenses.— “(1) Administrative and operating expenses.— “(A) In general.— Except as provided in subparagraph (B), in the case of each of the 1995 through 1997 reinsurance years, the Corporation is authorized to pay from the 108 STAT. 3199insurance fund established under subsection (c), the administrative and operating expenses of an approved insurance provider, including expenses covered by subsection (a)(1)(B). “(B) Sales commissions for 1997 reinsurance year.— In the case of the 1997 reinsurance year, the amount of the payments from the insurance fund established under subsection (c) for the expenses of the Corporation for the sales commissions of agents may not exceed 8.5 percent of the total amount of premiums paid for additional coverage for the 1997 reinsurance year. “(2) Other expenses.— The Corporation is authorized to pay from the insurance fund established under subsection (c)— “(A) all other expenses of the Corporation (other than expenses covered by subsection (a)(1)), including all premium subsidies, noninsured assistance benefits, and indemnities; “(B) subject to paragraph (1)(B), in the case of each of the 1995 through 1997 reinsurance years, all administrative and expense reimbursements due under a reinsurance agreement with an approved insurance provider, and “(C) to the extent necessary, expenses incurred by the Corporation to carry out research and development. “(c) Insurance Fund.— “(1) In general..— There is established an insurance fund, for the deposit of premium income and amounts made available under subsection (a)(2), to be available without fiscal year limitation. “(2) Commodity credit corporation funds.— If at any time the amounts in the insurance fund are insufficient to enable the Corporation to carry out subsection (b), to the extent the funds of the Commodity Credit Corporation are available— “(A) the Corporation may request the Secretary to use the funds of the Commodity Credit Corporation to carry out subsection (b); and “(B) the Secretary may use the funds of the Commodity Credit Corporation to carry out subsection (b).”.
Pub. L. 103-354, tit. I, sec. 110: FUNDING. | Justis AI