[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5993 Introduced in House (IH)]

111th CONGRESS
  2d Session
                                H. R. 5993

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.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             July 30, 2010

Mrs. Halvorson (for herself, Mr. Filner, Mr. Hall of New York, and Ms. 
Pingree of Maine) introduced the following bill; which was referred to 
                   the Committee on Veterans' Affairs

_______________________________________________________________________

                                 A BILL


 
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 provide 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.
    ``(2) The financial counseling provided pursuant to paragraph (1) 
shall--
            ``(A) be provided both orally and in writing; and
            ``(B) include full disclosure with respect to the payment 
        of the claim, including, at a minimum--
                    ``(i) a comparison of the advantages and 
                disadvantages of maintaining such payment with the life 
                insurance company and maintaining such payment with a 
                financial institution;
                    ``(ii) a comparison of the rate of interest bearing 
                to such payment if the payment is maintained with the 
                life insurance company and if the payment is maintained 
                with a financial institution;
                    ``(iii) an explanation of whether maintaining such 
                payment with the life insurance company results in the 
                payment not being insured by the Federal Deposit 
                Insurance Corporation; 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) with respect to 
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);
            ``(B) the information received by such individuals during 
        such counseling; and
            ``(C) 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.''.
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