The Law decimal/thousand nine hundred and seventy, of four of July, developed by the Decree three thousand hundred and thirty-eight/thousand nine hundred and seventy-one, of twenty-two of December, restructured the Insurance of Credit to the Export, and to from the moment that the instruments provided for in that Law were put into practice, the Consortium of Insurance Compensation ceased to carry out the direct insurance of the political risks and also the commercial risks that had been entrusted to it on a transitional basis.

The activity of this Agency in the said insurance is focused on the reinsurance of the commercial risks and the administration on behalf of the State of the political risks, as well as to finalize the liquidation of the portfolios formed at the time when direct insurance was entrusted to him. Since it is not necessary to carry out the concrete study of each policy, with its background and information, no such broad representation is necessary in the Governing Board as it was previously, which allows the old two Sections to be recast. existed in the Agency, one for commercial risks and one for political risks, and also the corresponding Government Boards, which had been regulated in Articles twenty and twenty-one of the Decree of ten of November of a thousand nine hundred Sixty-six and in the ministerial order of twenty-eight February of a thousand nine hundred and seventy respectively.

The Decree three thousand one hundred and thirty-eight/thousand nine hundred and seventy-one, of twenty-two December, repealed the Decree and Ministerial Order of late mentioned, but did not regulate the privileges of the Board, which were in the Twenty-one of the repealed Decree of ten November of one thousand nine hundred and sixty-six, therefore, it is necessary to regulate in the present Royal Decree the competence of the said Board.

In its virtue, with the approval of the Presidency of the Government as provided for in article one hundred and thirty-two of the Law of Administrative Procedure, on the proposal of the Minister of Finance and after deliberation of the Council of Ministers at their meeting on the twenty-sixth of January of a thousand nine hundred and seventy-nine,

DISPONGO:

Article first.

The "Special Section of Export Credit Insurance" and the "Special Section of Export Risks" existing in the Insurance Compensation Consortium are recast into a single Section to be called "Export Credit Insurance Section". Likewise, the "Government Board of the Special Section for Export Credit Insurance" and the "Committee Rector of the Special Section for Export Risks of Export" are recast into a single Board, hereinafter referred to as "the Board of Directors of the Special Section for Export Credit Insurance". Government of the Export Credit Insurance Section. "

Article 2.

The Government Board of the Export Credit Insurance Section will be chaired by the Director General of Insurance and integrated by:

-Four representatives from the Ministry of Finance; three representatives from the Ministry of Commerce and Tourism, and one from each of the Ministries of Foreign Affairs, Agriculture, Industry and Energy, Economy, and Transport and Communications.

-A representative of the Banco de España.

-A Secretary, with a voice but no vote, who will be the Head of the Insurance Insurance Section Export Credit Insurance Section.

-The Consortium Director will attend the meetings with voice but no vote.

Vowels may delegate their representation to officials of their respective Centers, in accordance with the provisions in force.

Third item.

One. The Board referred to in the previous Article shall have the following powers:

(a) Determine the limits of acceptance in reinsurance of commercial risks, in accordance with the economic and financial capacity of the Agency.

b) Approve the conditions of the reinsurance contracts to be established with the Spanish Export Credit Insurance Company.

c) Agree on the disposal of goods and securities to the Section, as well as acquisitions of a value exceeding one million pesetas.

d) Agree to the special and extraordinary expenses that are necessary for the control of operations.

e) Resolve the claims files for direct insurance whose amount exceeds one million pesetas.

Two. The President shall hold the representation of the Export Credit Insurance Section and, on his behalf, have full powers to acquire, administer and in general to award contracts in which the Agency is to be a party and which does not are reserved for the competence of the Board. You will also be entitled to appear on behalf of the Export Credit Insurance Section before any jurisdiction, authority or agency of the Administration.

The President may delegate his or her duties to the Director or to the Secretary-General of the Insurance Compensation Consortium, and may also evoke for himself the knowledge of any matter attributed to the Organs of the dependents.

Three. The Director shall be responsible for the management and management of all matters falling within the competence of the Section referred to above, and the resolution of those not attributed to the decision of other bodies. In its virtue:

a) It will take care of the perfect functioning of the Agency, being able to organize its services and to dictate rules of internal regime.

(b) Forms relevant proposals for the resolution of matters falling within the competence of the Governing Board or the President.

c) Report to the Governing Board, on a regular basis, on the economic situation of the Section.

d) Communicate to the President, without delay, any matter that requires the convening of the Board or because its importance must be known to the Board.

Given in Madrid to twenty-six of January thousand nine hundred and seventy-nine.

JOHN CARLOS

The Minister of Finance,

FRANCISCO FERNANDEZ ORDONEZ