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38 U.S.C. § 1963 — Authority for payment of interest on settlements

submitted 38 years ago by Pub. L. 100-687 to r/title-38-VETERANS-BENEFITS · 113 words · no verdicts yet

in plain englishAI-generated · not legal advice

The Secretary may pay interest on proceeds of a United States Government Life Insurance policy between maturity and payment if the payment is administratively and actuarially sound. The interest rate is the rate set for policyholder dividends held on credit or deposit.

(a) Subject to subsection (b), the Secretary may pay interest on United States Government Life Insurance policy proceeds from the policy’s maturity date until the beneficiary receives the proceeds, or, for an endowment policy, until the policyholder receives them. (b)(1) The Secretary may pay this interest only if the Secretary finds that doing so is administratively and actuarially sound for the settlement option involved. (2) The rate must be the rate the Secretary establishes for dividends held on credit or deposit in policyholder accounts.
the actual law source: uscode.house.gov ↗public domain
(a)

Subject to subsection (b) of this section, the Secretary may pay interest on the proceeds of a United States Government Life Insurance policy from the date the policy matures to the date of payment of the proceeds to the beneficiary or, in the case of an endowment policy, to the policyholder.

(b)
(1)

The Secretary may pay interest under subsection (a) of this section only if the Secretary determines that the payment of such interest is administratively and actuarially sound for the settlement option involved.

(2)

Interest paid under subsection (a) shall be at the rate that is established by the Secretary for dividends held on credit or deposit in policyholders’ accounts.

Source credit: (Added Pub. L. 100–687, div. B, title XIV, § 1401(a)(2), Nov. 18, 1988, 102 Stat. 4128, § 763; renumbered § 1963 and amended Pub. L. 102–83, §§ 4(b)(1), (2)(E), 5(a), Aug. 6, 1991, 105 Stat. 404–406.)

history & why it existsrecord from the source credit
  • 1988Enacted · Pub. L. 100-687 · 102 Stat. 4128
  • 1991Amended · Pub. L. 102-83 · 105 Stat. 404

A history note hasn’t been published yet. The record shows enactment by Pub. L. 100-687 on 1988-11-18.

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