46 U.S.C. § 53909 — War risk insurance revolving fund

submitted 20 years ago by Pub. L. 109-304 to r/title-46-SHIPPING · 176 words · no verdicts yet

in plain englishAI-generated · not legal advice

The Treasury keeps a war risk insurance revolving fund, fed by appropriations and money collected under this chapter. It pays returned premiums, losses, settlements, and judgments tied to this insurance program. Unneeded money can be invested in government securities, with earnings returned to the fund.

(a) In General. There's a war risk insurance revolving fund kept in the Treasury. (b) Deposits. Money appropriated to carry out this chapter, and money received while carrying it out, goes into the fund. (c) Payments. The fund pays for things like returned premiums, losses, settlements, judgments, and every other liability the government takes on under this chapter. (d) Investment. The Secretary of Transportation can ask the Secretary of the Treasury to invest whatever part of the fund isn't currently needed. The Treasury Secretary invests that money in U.S. government public debt securities, choosing maturities that fit the fund's needs and setting interest rates based on current market yields on comparable outstanding government securities. Interest and other earnings from those investments go back into the fund.

the actual law source: uscode.house.gov ↗public domain

(a)In General.—

There is a war risk insurance revolving fund in the Treasury.

(b)Deposits.—

There shall be deposited in the fund amounts appropriated to carry out this chapter and amounts received in carrying out this chapter.

(c)Payments.—

There shall be paid from the fund amounts for return premiums, losses, settlements, judgments, and all liabilities incurred by the United States Government under this chapter.

(d)Investment.—

The Secretary of Transportation may request the Secretary of the Treasury to invest such portion of the fund as is not, in the judgment of the Secretary of Transportation, required to meet the current needs of the fund. These investments shall be made by the Secretary of the Treasury in public debt securities of the Government, with maturities suitable to the needs of the fund, and bearing interest rates determined by the Secretary of the Treasury, taking into consideration current market yields on outstanding marketable obligations of the Government of comparable maturity. Interest and benefits from the securities shall be deposited in the fund.

Source credit: (Pub. L. 109–304, § 8(c), Oct. 6, 2006, 120 Stat. 1630; Pub. L. 109–364, div. C, title XXXV, § 3510(a)(1), Oct. 17, 2006, 120 Stat. 2520; Pub. L. 110–181, div. C, title XXXV, § 3526(g), Jan. 28, 2008, 122 Stat. 602.)

history & why it existsrecord from the source credit

2006Enacted · Pub. L. 109-304 · 120 Stat. 1630
2006Amended · Pub. L. 109-364 · 120 Stat. 2520
2008Amended · Pub. L. 110-181 · 122 Stat. 602

A history note hasn’t been published yet. The record shows enactment by Pub. L. 109-304 on 2006-10-06.

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