council direct ec harmonis main provis export credit insur transact medium long term cover council european union regard treati establish european commun articl thereof regard propos commiss medium long term export credit insur plai crucial role intern trade constitut major commerci polici instrument medium long term export credit insur plai import part trade develop countri foster integr world economi object commun develop polici differ offici medium long term export credit insur system oper member state regard main constitu cover premium cover polici result distors competit enterpris commun measur provid direct achiev object harmonis ensur export polici base uniform principl competit enterpris commun distort order lessen exist distors competit desir offici export credit insur system harmonis envisag articl treati basi uniform principl form integr part common commerci polici provis govern special institut control govern export credit guarante insur programm premium rate inadequ cover long term oper cost loss programm classifi prohibit export subsidi agreement subsidi countervail measur conclud framework uruguai round multilater trade negoti articl paragraph annex thereto premium charg credit insur correspond risk insur harmonis foster cooper credit insur act behalf state state support enhanc cooper enterpris commun envisag articl treati harmonis cooper major crucial factor competit commun export commun market commiss white paper complet intern market adopt european council june stress import environ conduc cooper enterpris commun decis date septemb council set polici coordin group credit insur credit guarante financi credit polici coordin group mandat expert member state time singl market expert group submit report set propos march june februari decis eec council implement commun law oecd arrang guidelin offici support export credit council direct eec octob adopt common credit insur polici medium long term transact public buyer council direct eec octob adopt common credit insur polici medium long term transact privat buyer replac direct initi harmonis export credit insur consid step converg system member state adopt direct articl scope direct appli cover transact relat export good servic origin member state support provid directli indirectli account support member state involv total risk period year repay period includ manufactur period direct appli cover bid advanc payment perform retent bond appli cover risk relat construct equip materi local perform commerci contract articl oblig member state member state ensur institut provid cover directli indirectli form export credit insur guarante refinanc account member state support member state repres govern control act author govern provid cover hereinaft refer insur cover transact relat export good servic accord provis set annex destin countri commun financ buyer credit supplier credit paid cash term articl implement decis decis refer point annex commiss accord procedur laid articl articl committe commiss assist committe compos repres member state chair repres commiss repres commiss submit committe draft measur committe deliv opinion draft time limit chairman lai urgenc matter opinion deliv major laid articl treati case decis council requir adopt propos commiss vote repres member state committe weight manner set articl chairman vote commiss adopt measur appli immedi measur accord opinion committe commun commiss council forthwith event commiss defer applic measur decid period exce month date commun council act qualifi major decis time limit refer indent articl report review commiss submit report council decemb experi gain converg achiev appli provis laid direct articl relationship procedur procedur laid direct supplement establish decis eec articl repeal direct eec direct eec repeal articl transposit member state bring forc law regul administr provis compli direct april forthwith inform commiss thereof member state adopt measur refer direct accompani refer occas offici public method make refer laid member state articl entri forc direct enter forc dai public offici journal european commun articl addresse direct address member state brussel council presid beckett oj oj oj decis amend decis ec oj oj direct amend act access oj direct amend act access oj decis amend decis eec oj annex common principl export credit insur chapter constitu cover section gener principl definit scope common principl common principl laid annex appli cover supplier credit transact public privat buyer cover buyer credit transact public privat borrow common principl appli cover risk defin point insur decid individu case limit cover risk oblig privat debtor wholli uncondition guarante entiti consid public accord point annex common principl public debtor appli annex term debtor mean buyer borrow refer point guarantor regard insur transact characterist supplier credit term supplier credit appli commerci contract provid export good servic origin member state supplier buyer buyer undertak pai supplier cash term credit term cover provis supplier credit appli cover enterpris establish member state accord articl treati commerci contract financ mean buyer credit financ arrang cover export commerci contract follow provis cover supplier credit characterist buyer credit term buyer credit appli loan agreement financi institut borrow financ commerci contract provid export good servic origin member state lend institut undertak pai supplier underli transact cash term behalf buyer borrow buyer borrow reimburs lend institut credit term cover provis buyer credit appli cover financi institut irrespect place establish registr provid buyer credit constitut uncondit oblig borrow repai debt irrespect perform commerci contract financ cover provis buyer credit appli cover financi institut respect negoti instrument properli held financi institut payabl buyer pursuant arrang financ commerci contract definit risk involv commerci risk privat debtor determin point polit risk privat debtor determin point public debtor point manufactur risk determin point credit risk determin point statu debtor entiti form repres public author judici administr declar insolv consid public debtor sovereign debtor entiti repres full faith credit state ministri financ central bank subordin public entiti region municip parastat author public institut assess statu debtor insur account legal statu debtor real effect legal action debtor debtor sourc financ revenu account fact public debtor discharg debt sourc relat central govern fund revenu rais local taxat provid public servic degre influenc control debtor exercis host countri govern debtor public aforement criteria principl consid privat section scope cover cover risk cover risk risk loss aris manufactur credit risk loss aris manufactur risk materialis perform contractu oblig policyhold manufactur good order suspend period consecut month provid suspens caus directli exclus occurr cover loss list point loss aris credit risk materialis policyhold unabl obtain payment amount due relev commerci contract loan agreement period month due date provid payment caus directli exclus occurr cover loss list point risk relat buyer credit guarante uncondition insur follow principl procedur laid point extent cover cover manufactur risk includ limit contract amount cost incur policyhold perform contractu oblig manufactur good subject contract provid cost properli attribut perform contract cover manufactur risk includ cost incur respect good servic cover credit risk effect amount paid policyhold call bond issu respect cover contract prevent insur cover risk scope direct amount penalti damag paid policyhold debtor cover credit risk includ amount princip interest ow buyer commerci contract borrow loan agreement includ interest accru due date post matur interest cover credit risk exclud amount penalti damag paid policyhold debtor percentag cover percentag cover basi determin maximum amount indemn insur liabl expressli laid credit insur polici issu insur insur cover percentag higher follow principl procedur laid point uninsur percentag prejudic provis point policyhold retain account uninsur percentag insur decid policyhold wholli partial lai uninsur percentag cover transact foreign currenc transact provid payment financ foreign currenc cover currenc foreign suppli subcontract parti member state automat includ cover accord council decis eec decemb rule applic field export guarante financ export subcontract parti member state member countri effect date cover case buyer credit cover effect date entri forc loan agreement provid condit preced stipul credit insur polici loan agreement met case supplier credit cover manufactur risk effect date entri forc commerci contract provid condit preced stipul credit insur polici commerci contract met cover credit risk effect date full complet contractu oblig policyhold entitl payment provid condit preced stipul credit insur polici commerci contract met cover credit risk effect date partial deliveri partial dispatch provid policyhold term contract entitl payment fix definit amount good servic deliv dispatch section loss exclus liabil liabil insur insur liabl loss directli exclus attribut cover loss laid point insolv insolv privat debtor guarantor de jure de facto default default debtor guarantor arbitrari repudi refus decis buyer supplier credit interrupt cancel commerci contract refus accept good servic entitl decis countri measur decis govern countri countri insur countri policyhold includ measur decis public author deem constitut govern intervent prevent perform loan agreement commerci contract moratorium gener moratorium decre govern countri debtor countri payment respect loan agreement commerci contract effect prevent delai transfer fund polit event econom difficulti legisl administr measur occur countri insur prevent delai transfer fund paid respect loan agreement commerci contract legal provis debtor countri legal provis adopt countri debtor declar payment made debtor local currenc valid discharg debt notwithstand result fluctuat exchang rate payment convert currenc commerci contract loan agreement longer cover amount debt date transfer fund decis countri insur policyhold measur decis govern countri insur policyhold includ measur decis european commun relat trade member state countri ban export effect cover govern concern forc majeur case forc majeur occur countri insur includ war includ civil war revolut riot civil disturb cyclon flood earthquak volcan erupt tidal wave nuclear accid effect insur gener exclus liabil insur entitl declin liabil loss directli indirectli attribut action omiss policyhold person act behalf provis restrict policyhold right includ loan agreement commerci contract document includ document relat guarante secur arrang involv agreement policyhold debtor conclus loan agreement commerci contract prevent delai payment debt case supplier credit failur subcontractor contractor supplier perform oblig provid failur consequ polit event loss list point section provis indemnif claim claim wait period claim wait period correspond period time set cover risk materialis laid point claim wait period appli case privat debtor payment due debtor insolv de jure de facto case bilater intergovernment debt restructur agreement indemnif assign policyhold entitl indemnif end claim wait period defin point provid condit preced insur indemnif fulfil claim legal valid policyhold manag risk due dilig insur entitl assign policyhold right loan agreement commerci contract secur oblig debtor oblig policyhold secur mean guarante secur policyhold measur requir polici ensur guarante secur valid enforc enforc secur calcul claim prejudic provis point insur calcul payment claim pai policyhold amount exceed actual amount total loss exceed amount policyhold entitl receiv borrow loan agreement buyer commerci contract payment claim claim paid delai latest month end claim wait period provid insur notifi promptli occurr claim receiv inform document evid order establish valid claim good time case cover manufactur risk claim paid month end claim wait period date receipt expert report relev date agreement policyhold insur amount claim whichev disput relat claim loss subject applic indemnif policyhold relat right disput insur defer payment claim disput settl favour policyhold court arbitr bodi provid loan agreement commerci contract bilater intergovernment debt restructur agreement cover loan agreement commerci contract subject bilater intergovernment debt restructur agreement policyhold follow condit restructur agreement respect insur uninsur portion loan agreement commerci contract policyhold give assist insur perform restructur agreement insur amount includ bilater intergovernment debt restructur agreement insur waiv month period provid point bilater agreement effect addit cost addit cost result action minimis avoid loss cover proportion percentag cover credit insur polici provid approv insur addit cost includ cost court action legal expens minimis avoid loss exclud cost establish valid claim cost relat amount matur cover insur attribut proportion insur uninsur amount matur chapter ii premium gener principl set premium premium converg end premium charg export credit insur correspond risk countri sovereign public privat risk cover adequ reflect scope qualiti cover grant inadequ cover long term oper cost loss qualiti cover determin qualiti cover mention point insur duli account percentag cover condition cover condit affect qualiti cover countri risk assess level premium charg countri countri categori base countri risk assess creditworthi debtor set premium rate insur appropri creditworthi debtor includ statu set point account risk period calcul premium insur account total risk period repay profil interest chargeabl amount premium paid chargeabl amount base minimum premium benchmark benchmark express percentag refer premium collect full date insur guarante credit risk refer amount princip loan financ portion commerci contract manufactur risk total contract minu downpay case manufactur risk chargeabl amount reduc expect maximum loss payment premium total premium amount due date credit insur polici guarante contract loan agreement fulli effect premium paid instal ad spread interest rate provid correspond net present term premium amount refer point chapter iii countri cover polici determin countri cover polici insur light size structur econom constraint base countri cover polici assess risk countri total outstand exposur countri composit countri risk portfolio set countri cover polici insur account debtor countri classif insur free stop limit insur busi countri countri classif definit total outstand exposur total outstand exposur limit percentag cover determin basi amount medium long term busi defin articl direct countri risk group countri constitut risk insur principl set restrict cover polici countri insur set restrict cover polici insur principl offer cover countri group countri exception cover transact reason bilater polici nation interest suffici freeli convert foreign exchang transact question countri refer point insur set risk limit cumul altern manner total outstand exposur countri total offer cover contract cover maximum amount cover transact insur increas applic premium risk limit countri principl limit cover polici specif condit countri cover case insur routin appli countri irrespect countri categori cover condit payment transfer guarante central bank financ ministri relev countri irrevoc letter credit bank guarante extens claim wait period reduct cover percentag restrict cover sector activ type project chapter iv notif procedur scope notif procedur insur appli procedur common principl set chapter ii iii procedur supplement establish council decis eec decemb consult inform procedur matter credit insur credit guarante financi credit type notif procedur type notif procedur destin commiss insur annual notif inform notif decis ant notif inform post notif inform data provid disclos parti annual notif inform end year latest april year insur report insur commiss activ previou year retrospect basi report cover debtor countri countri total amount cover insur offer total outstand exposur defin point premium earn amount recoveri made amount claim paid begin year latest januari insur report insur commiss cover polici includ type level ceil condit insur intend routin impos cover envisag applic year notif decis case compet offer commun export bank insur involv respond promptli request inform insur involv statu debtor transact question defin point case disagr statu debtor insur involv make inform insur bid settl mutual agre statu insur agre statu debtor work dai request inform insur involv bring matter relev inform attent commiss decis accord procedur laid articl direct ant notif inform insur intend derog provis annex give favour cover condit transact set transact sector sector countri countri system notifi insur commiss intent work dai decis effect state reason intend derog match intern competit premium rate charg insur intend charg lower premium set annual notif accord point notifi insur commiss intent work dai decis effect insur insur notif accord point intend give favour condit initi notifi notifi insur commiss intent work dai decis effect state premium rate intend charg insur accord point intend cover transact debtor countri offer cover notifi insur commiss intent work dai decis effect state premium rate intend charg post notif inform insur decid derog provis annex give favour cover condit transact set transact sector sector countri countri system latest januari notifi insur commiss preced calendar year insur decid adjust element countri cover polici set annual notif accord point promptli notifi insur commiss insur notif accord point decid give condit initi notifi promptli notifi insur commiss insur promptli give detail repli request insur commiss clarif inform activ electron mail system notif made electron mail system mean instant written commun oj oj decis amend act access