38 U.S.C. § 1928 — Authority for payment of interest on settlements

FEDERAL · 38 U.S.C. · Chapter 19

Authority for payment of interest on settlements

Current through Pub. L. 119-102

Title 38 — Veterans' Benefits·Ch. 19 — INSURANCE·Subch. I

(a)Subject to subsection (b) of this section, the Secretary may pay interest on the proceeds of a participating National Service Life Insurance, Veterans' Special Life Insurance, and Veterans Reopened 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) of this section shall be at the rate that is established by the Secretary for dividends held on credit or deposit in policyholders' accounts under the insurance program i

Free access — add to your briefcase to read the full text and ask questions with AI

(a) Subject to subsection (b) of this section, the Secretary may pay interest on the proceeds of a participating National Service Life Insurance, Veterans' Special Life Insurance, and Veterans Reopened 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) of this section shall be at the rate that is established by the Secretary for dividends held on credit or deposit in policyholders' accounts under the insurance program involved.

38 U.S.C. § 1928 (Authority for payment of interest on settlements) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Source Credit

History

(Added Pub. L. 100–687, div. B, title XIV, §1401(a)(1), Nov. 18, 1988, 102 Stat. 4128, §728; renumbered §1928 and amended Pub. L. 102–83, §§4(b)(1), (2)(E), 5(a), Aug. 6, 1991, 105 Stat. 404–406.)

Editorial Notes

Editorial Notes

Amendments
1991—Pub. L. 102–83 renumbered section 728 of this title as this section and substituted "Secretary" for "Administrator" wherever appearing.

Statutory Notes and Related Subsidiaries

Effective Date
Pub. L. 100–687, div. B, title XIV, §1401(a)(3), Nov. 18, 1988, 102 Stat. 4129, provided that: "The amendments made by this subsection [enacting this section and section 763 [now 1963] of this title] shall take effect with respect to insurance policies maturing after the date of the enactment of this Act [Nov. 18, 1988]."