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                            LIFAR
                            PART 2132 - CONTRACT FINANCING
        
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LIFARPart Number: 2132
        
                  

                                
                  
        Life Insurance Federal Acquisition Regulations
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PART 2132 - CONTRACT FINANCING       Authority:                            5 U.S.C. 8716; 40 U.S.C. 486(c); 48 CFR 1.301.          Source:                            58 FR 40379, July 28, 1993, unless otherwise noted.                                       Subpart 2132.1 - General                                                         2132.170 Recurring premium payments to Contractors.                                                            2132.171 Contract clause.                                                                             Subpart 2132.6 - Contract Debts                                                         2132.607 Tax credit.                                                            2132.617 Contract clause.                                                                             Subpart 2132.7 - Contract Funding                                                         2132.770 Insurance premium payments and special contingency reserve.                                                            2132.771 Non-commingling of FEGLI Program funds.                                                            2132.772 Contract clause.                                                                             Subpart 2132.8 - Assignment of Claims                                                         2132.806 Contract clause.    **Parent topic:**  SUBCHAPTER E - GENERAL CONTRACTING REQUIREMENTSSubpart 2132.1 - General    2132.170 Recurring premium payments to Contractors.       (a) OPM will make payments on a letter of credit (LOC) basis. OPM and the Contractor will concur on an estimate of benefits and administrative costs plus the fixed service or risk charge for the forthcoming contract year, as specified in the contract. The annual premium to the Contractor, based on this estimate, will be credited to the Contractor's LOC account in 12 equal monthly installments due on the first business day of each month and available for drawdown. OPM will credit the Contractor's LOC account for the December payment no later than the last business day of each calendar year. Following the close of the contract year, a reconciliation of premiums, benefits, and other costs will be performed as a limited cost redetermination. In addition, interest distribution payments will be made available for Contractor drawdown from the LOC account. The Contractor will use the LOC account in accordance with guidelines issued by OPM.          (b) Withdrawals from the LOC account for benefit costs of $5,000 or more will be made on a claims-paid basis. Withdrawals from the LOC account for benefit costs of less than $5,000 and other FEGLI Program disbursements will be made on a checks-presented basis. Under a checks-presented basis, drawdown on the LOC is delayed until the checks issued for FEGLI Program disbursements are presented to the Contractor's bank for payment.          (c) Nothing in this chapter will affect the ability of the Contractor to hold the special contingency reserve established and maintained in accordance with the terms of 5 U.S.C. 8712.2132.171 Contract clause.       The clause at 2152.232-70 shall be inserted in all FEGLI Program contracts.Subpart 2132.6 - Contract Debts    2132.607 Tax credit.       FAR 32.607 has no practical application to FEGLI Program contracts. The statutory provisions at 5 U.S.C. 8707 and 8708 authorize joint enrollee and Government contributions to the Employees' Life Insurance Fund. Because the Fund is comprised of contributions by enrollees as well as the Government, contractors may not offset debts to the Fund by a tax credit that is solely a Government obligation.2132.617 Contract clause.       The clause at FAR 52.232-17 is modified in FEGLI Program contracts to exclude the parenthetical phrase “(net of any applicable tax credit under the Internal Revenue Code (26 U.S.C. 1481)).”Subpart 2132.7 - Contract Funding    2132.770 Insurance premium payments and special contingency reserve.       Insurance premium payments and a special contingency reserve are made available to FEGLI Program contractors in accordance with 5 U.S.C. 8712 and 8714.2132.771 Non-commingling of FEGLI Program funds.       (a) FEGLI Program funds must be maintained in such a manner as to be separately identifiable from other assets of the Contractor. Cash and investment balances reported on the FEGLI Program Annual Financial Report must be supported by the Contractor's books and records.          (b) This requirement may be modified by the Contracting Officer in accordance with the clause at 2152.232-71 of this chapter when adequate accounting and other controls are in effect. If the requirement is modified, such modification will remain in effect until rescinded by OPM.2132.772 Contract clause.       The clause at 2152.232-71 shall be inserted in all FEGLI Program contracts.Subpart 2132.8 - Assignment of Claims    2132.806 Contract clause.       The clause set forth in 2152.232-72 shall be inserted in all FEGLI Program contracts.
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