DON JUAN CARLOS I, KING OF SPAIN

TO ALL THAT PRESENT AND UNDERSTAND,

SABED: THAT THE GENERAL COURTS HAVE APPROVED AND I COME TO SANCTION THE FOLLOWING LAW:

FIRST ARTICLE

ONE. THE REINSURANCE OF THE COMMERCIAL RISKS OF EXPORT CREDIT INSURANCE ON THE PART OF THE INSURANCE COMPENSATION CONSORTIUM, IN ACCORDANCE WITH THE PROVISIONS OF ARTICLE 7 OF THE LAW DECIM/A THOUSAND NINE HUNDRED AND SEVENTY FOUR OF JULY, SHALL BE ON BEHALF OF THE STATE IN EXCESS OF THE COVERAGE CAPACITY OF THAT BODY AND WITHIN THE LIMITS THAT ARE INDICATED IN ACCORDANCE WITH THE NUMBER THREE OF THIS ARTICLE.

TWO. THE RESOURCES OF THE INSURANCE COMPENSATION CONSORTIUM FOR THE HEDGES IT GRANTS IN SUCH REINSURANCE SHALL BE MADE UP OF THE PREMIUMS COLLECTED, THE CLAIMS FOR CLAIMS, THE RESERVES SET UP FOR THAT PURPOSE AND THE INCOME THEREOF.

THREE. THE CONSORTIUM GOVERNING BOARD SHALL DETERMINE THE LIMITS OF ITS COVERAGE CAPACITY IN THE REINSURANCE OF COMMERCIAL RISKS IN ACCORDANCE WITH THE NATURE OF THE VARIOUS OPERATIONS. THE GOVERNMENT, ACTING ON A PROPOSAL FROM THE MINISTER OF FINANCE AND FOLLOWING THE REPORT OF THE EXPORT CREDIT INSURANCE COMMITTEE, SHALL PERIODICALLY FIX THE MAXIMUM EXPORT LIMITS, AND SHALL PERIODICALLY FIX THE MAXIMUM LIMITS FOR THE COVERAGE OF THE EXPORT CREDIT INSURANCE COMMITTEE. REINSURANCE, WHICH MAY BE GRANTED BY THE INSURANCE COMPENSATION CONSORTIUM ON BEHALF OF THE STATE.

ARTICLE SECOND.

ONE. THE GENERAL BUDGET OF THE STATE SHALL STATE THE APPROPRIATIONS NECESSARY TO DEAL WITH THE COMPENSATION WHICH MAY BE BORNE BY THE STATE IN THE COVER OF COMMERCIAL RISKS WHEN IT EXCEEDS ALL THE RESERVES. FORMED ON THEIR OWN IN THE INSURANCE COMPENSATION CONSORTIUM.

TWO. THE GOVERNMENT, ON A PROPOSAL FROM THE FINANCE AND ECONOMIC MINISTERS, MAY AUTHORIZE THE OPENING OF CREDIT ACCOUNTS IN THE BANCO DE ESPAÑA IN FAVOR OF THE INSURANCE COMPENSATION CONSORTIUM TO RESOLVE THE TEMPORARY CASH PROBLEMS THAT MAY ARISE. TO BE PRESENT IN EXPORT CREDIT INSURANCE, BOTH FOR COMMERCIAL RISK COVER, AS WELL AS FOR POLITICAL AND EXTRAORDINARY RISKS.

ARTICLE THIRD.

THE EXPORT CREDIT INSURANCE COMMITTEE SHALL BE CHAIRED BY THE MINISTRY OF FINANCE ' S DEPUTY SECRETARY FOR BUDGETS AND PUBLIC EXPENDITURE AND SHALL BE COMPOSED OF:

A) THE DIRECTOR GENERAL OF BUDGETS OF THE MINISTRY OF FINANCE AND THE DIRECTOR GENERAL OF EXPORT OF THE MINISTRY OF COMMERCE, IN THE CONDITION OF VOWELS.

B) TWO REPRESENTATIVES OF THE EXPORTING COMPANIES DESIGNATED BY THE MINISTER OF COMMERCE AND TOURISM, PRIOR TO THE REPORT OF THE HIGHER COUNCIL OF CHAMBERS OF COMMERCE, INDUSTRY AND NAVIGATION.

C) A REPRESENTATIVE OF EACH OF THE MINISTRIES OF FOREIGN AFFAIRS, INDUSTRY AND ENERGY, AGRICULTURE, TRADE AND TOURISM AND FINANCE.

D) THE PRESIDENT OF THE "SPANISH EXPORT CREDIT INSURANCE COMPANY, S.A.".

E) TWO REPRESENTATIVES OF PRIVATE INSURANCE ENTITIES, UNGINNED BY THE MINISTER OF FINANCE.

F) A REPRESENTATIVE OF PRIVATE BANKING, APPOINTED BY THE BANK ' S BOARD OF DIRECTORS, AND ANOTHER REPRESENTATIVE OF THE SAVINGS BANKS, APPOINTED BY THE SPANISH CONFEDERATION OF SAVINGS BANKS, AND A REPRESENTATIVE OF THE BANK EXTERIO DE SPAIN AND ANOTHER OF THE OFFICIAL BANKS.

G) A SECRETARY, BELONGING TO THE TECHNICAL BODY FOR INSPECTION OF INSURANCE AND SAVINGS, APPOINTED BY THE MINISTER OF FINANCE.

BY TANT,

I COMMAND ALL SPANIARDS, INDIVIDUALS AND AUTHORITIES, TO KEEP AND KEEP THIS LAW.

ROYAL PALACE OF MADRID, TO TWENTY OF OCTOBER OF A THOUSAND NINE HUNDRED AND EIGHTY.-JUAN CARLOS R.-THE PRESIDENT OF THE GOVERNMENT, ADOLFO SUAREZ GONZALEZ.