§ 2277a-5. Certification of premiums

(a) Filing certified statement

Annually, on a date to be determined in the sole discretion of the Board of Directors, each insured System bank that became insured before the beginning of the year shall file with the Corporation a certified statement showing—

(1) the annual average principal outstanding on loans made by the bank that are in accrual status, including the nonguaranteed portions of government-guaranteed loans and Government Sponsored Enterprise-guaranteed loans (as defined in section 2277a–4 (a)(4) of this title);

(2) the annual average principal outstanding on the guaranteed portion of Federal Government-guaranteed loans (as defined in section 2277a–4 (a)(3) of this title) that are in accrual status;

(3) the annual average principal outstanding on State government-guaranteed loans (as defined in section 2277a–4 (a)(3) of this title) that are in accrual status;

(4) the annual average principal outstanding on the guaranteed portions of Government Sponsored Enterprise-guaranteed loans (as defined in section 2277a–4 (a)(4) of this title) that are in accrual status;

(5) the annual average principal outstanding on loans that are in nonaccrual status; and

(6) the amount of the premium due the Corporation from the bank for the year.

(b) Contents and form of statement

The certified statement required to be filed with the Corporation under subsection (a) of this section shall be in such form and set forth such supporting information as the Board of Directors shall prescribe, and shall be certified by the president of the bank or any other officer designated by its board of directors that to the best of the person’s knowledge and belief the statement is true, correct, complete, and has been prepared in accordance with this part and all regulations issued thereunder.

Each System bank shall pay to the Corporation the amount of the initial premium it is required to certify under subsection (a) of this section as soon as practicable after January 1, 1990, based on the application of section 2277a–4 of this title to the accruing loan volume of the bank for calendar year 1989.

(d) Subsequent premium payments

The premium payments required from insured System banks under subsection (a) of this section shall be made not less frequently than annually in such manner and at such time or times as the Board of Directors shall prescribe, except that the amount of the premium shall be established not later than 60 days after filing the certified statement setting forth the amount of the premium.

(e) Regulations

The Board of Directors shall prescribe all rules and regulations necessary for the enforcement of this section. The Board of Directors may limit the retroactive effect, if any, of any of its rules or regulations.