[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5993 Engrossed in House (EH)]
111th CONGRESS
2d Session
H. R. 5993
_______________________________________________________________________
AN ACT
To amend title 38, United States Code, to ensure that beneficiaries of
Servicemembers' Group Life Insurance receive financial counseling and
disclosure information regarding life insurance payments, and for other
purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Securing America's Veterans
Insurance Needs and Goals Act of 2010'' or the ``SAVINGS Act of 2010''.
SEC. 2. FINANCIAL COUNSELING AND DISCLOSURE INFORMATION FOR
SERVICEMEMBERS' GROUP LIFE INSURANCE BENEFICIARIES.
(a) Financial Counseling and Disclosure Information.--
(1) In general.--Section 1966 of title 38, United States
Code, is amended by adding at the end the following new
subsection:
``(e)(1) In order to be an eligible life insurance company under
this section, a life insurance company shall--
``(A) make available, both orally and in writing, financial
counseling to a beneficiary or other person otherwise entitled
to payment upon the establishment of a valid claim under
section 1970(a) of this title; and
``(B) at the time that such beneficiary or other person
entitled to payment establishes a valid claim under section
1970(a) of this title, provide to such beneficiary or other
person the disclosures described in paragraph (2).
``(2) The disclosures provided pursuant to paragraph (1)(B) shall--
``(A) be provided both orally and in writing; and
``(B) include information with respect to the payment of
the claim, including--
``(i) an explanation of the methods available to
receive such payment, including--
``(I) receipt of a lump-sum payment;
``(II) allowing the insurance company to
maintain the lump-sum payment;
``(III) receipt of thirty-six equal monthly
installments; and
``(IV) any alternative methods;
``(ii) an explanation that any such payment that is
maintained by the life insurance company or paid in
thirty-six equal monthly installments by the company is
not insured by the Federal Deposit Insurance
Corporation;
``(iii) an explanation of the interest rate earned
on any such payment that is maintained by the life
insurance company or paid in thirty-six equal monthly
installments by the company and how such rate compares
to the interest rate earned by accounts at financial
institutions, including demand accounts; and
``(iv) other relevant information.
``(3) In order to be an eligible life insurance company under this
section, a life insurance company may not charge any fees to a
beneficiary or other person otherwise entitled to payment upon the
establishment of a valid claim under section 1970(a) of this title for
any purpose, including for maintaining such payment with the company.
``(4) The Secretary shall include in each annual performance and
accountability report submitted by the Secretary to Congress
information concerning--
``(A) the number of individuals who received financial
counseling under paragraph (1)(A);
``(B) the number of individuals who received the
disclosures under paragraph (1)(B);
``(C) the type of information received by such individuals
during such counseling; and
``(D) any recommendations, complaints, or other information
with respect to such counseling that the Secretary considers
relevant.''.
(2) Regulations.--The Secretary of Veterans Affairs shall
prescribe regulations to carry out section 1966(e) of title 38,
United States Code, as added by paragraph (1).
(b) Office of Survivors Assistance.--
(1) Advisory role.--Subsection (b) of section 321 of such
title is amended--
(A) by striking ``The Office'' and inserting ``(1)
The Office''; and
(B) by adding at the end the following:
``(2) The Director of the Office shall attend each meeting of the
Advisory Council on Servicemembers' Group Life Insurance under section
1974 of this title.''.
(2) Resources.--Subsection (d) of such section is amended--
(A) by striking ``The Secretary'' and inserting
``(1) The Secretary''; and
(B) by adding at the end the following:
``(2) In carrying out paragraph (1), the Secretary shall ensure
that the Office has the personnel necessary to serve as a resource to
provide individuals described in paragraph (1) and (2) of subsection
(a) with information on how to receive the Servicemembers' Group Life
Insurance financial counseling pursuant to section 1966(e)(1) of this
title.''.
Passed the House of Representatives September 29, 2010.
Attest:
Clerk.
111th CONGRESS
2d Session
H. R. 5993
_______________________________________________________________________
AN ACT
To amend title 38, United States Code, to ensure that beneficiaries of
Servicemembers' Group Life Insurance receive financial counseling and
disclosure information regarding life insurance payments, and for other
purposes.