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Co-Authored-By: Claude Opus 4.8 <noreply@anthropic.com>
2026-07-06 10:51:44 -04:00

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LegalText 12 U.S.C. § 1747d Excess earnings used for amortization of original investment us united_states_code code_section 12 BANKS AND BANKING 13 NATIONAL HOUSING 1747d 12 U.S.C. § 1747d current 119-100 2026-06-26 official https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip /us/usc/t12/s1747d data/legal/raw/us/code/title-12/usc12.xml 68b54ed4f4cfb462cb13076f983b288620fe365235dbc9ae50a9573683b0dde4 e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa b2176292c0339fa34e7f56ebca44f2a427afd308ac5dd422d97d435d701c9e9b 2026-07-04 official
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12 U.S.C. § 1747d - Excess earnings used for amortization of original investment

Text

For all of the purposes of any insurance contract made pursuant to this subchapter, 50 per centum of the excess earnings, if any, for any operating year may be applied, in addition to the minimum annual return, to return on the outstanding investment but only to the extent that such application thereof does not result in an annual return of more than 5 per centum of the outstanding investment for such operating year, and the balance of any such excess earnings shall be applied, in addition to the minimum annual amortization charge, to amortization of the outstanding investment: Provided, That if in any preceding operating years the gross income shall have been less than the operating expenses, such excess earnings shall be applied to the extent necessary in whole or in part, first, to the reimbursement of the amount of the difference between such expenses (exclusive of any premium charges previously waived hereunder) and such income, and, second, to the payment of any premium charges previously waived hereunder.

(June 27, 1934, ch. 847, title VII, § 705, as added Aug. 10, 1948, ch. 832, title IV, § 401, 62 Stat. 1277.)