38 U.S.C. § 1961 — Authority for higher interest rates for amounts payable to beneficiaries

FEDERAL · 38 U.S.C. · Chapter SUBCHAPTER II—UNITED STATES GOVERNMENT LIFE INSURANCE

Authority for higher interest rates for amounts payable to beneficiaries

38 U.S.C. § 1961

ChapterSUBCHAPTER II—UNITED STATES GOVERNMENT LIFE INSURANCE

This text of 38 U.S.C. § 1961 (Authority for higher interest rates for amounts payable to beneficiaries) is published on Counsel Stack Legal Research, covering United States primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

38 U.S.C. § 1961.

Text

Notwithstanding section 1944(b) of this title, if the beneficiary of an insurance policy issued under the provisions of this subchapter receives the proceeds of such policy under a settlement option under which such proceeds are paid in equal monthly installments over a limited period of months, the interest that may be added to each such installment may be at a rate that is higher than the interest rate prescribed in such section. The Secretary may from time to time establish a higher interest rate under the preceding sentence only in accordance with a determination that such higher rate is administratively and actuarially sound. Any such higher interest rate shall be paid on the unpaid balance of such monthly installments.

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Notwithstanding section 1944(b) of this title, if the beneficiary of an insurance policy issued under the provisions of this subchapter receives the proceeds of such policy under a settlement option under which such proceeds are paid in equal monthly installments over a limited period of months, the interest that may be added to each such installment may be at a rate that is higher than the interest rate prescribed in such section. The Secretary may from time to time establish a higher interest rate under the preceding sentence only in accordance with a determination that such higher rate is administratively and actuarially sound. Any such higher interest rate shall be paid on the unpaid balance of such monthly installments.

Source Credit

History

(Added Pub. L. 96–128, title III, §303(a), Nov. 28, 1979, 93 Stat. 986, §761; renumbered §1961 and amended Pub. L. 102–83, §§4(b)(1), (2)(E), 5(a), (c)(1), Aug. 6, 1991, 105 Stat. 404–406.)

Editorial Notes

Editorial Notes

Amendments
1991—Pub. L. 102–83, §5(a), renumbered section 761 of this title as this section.
Pub. L. 102–83, §5(c)(1), substituted "1944(b)" for "744(b)".
Pub. L. 102–83, §4(b)(1), (2)(E), substituted "Secretary" for "Administrator".

Statutory Notes and Related Subsidiaries

Effective Date
Section effective Nov. 28, 1979, see section 601(b) of Pub. L. 96–128, set out as an Effective Date of 1979 Amendment note under section 1114 of this title.

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38 U.S.C. § 1961, Counsel Stack Legal Research, https://law.counselstack.com/usc/38/1961.