§1966 — Title 38 Veterans' Benefits | U.S. Code

Summary

The Secretary can buy one or more group life insurance policies without following section 6101(b)–(d) of title 41. Each insurer chosen must be licensed to sell life insurance in each of the fifty States and in the District of Columbia, and must, as of the most recent December 31 for which information is available to the Secretary, hold at least 1 percent of the total group life insurance in the United States. The issuing insurer(s) must open an administrative office at the place and under the name the Secretary decides. The Secretary will have the issuing insurer(s) arrange reinsurance of parts of the coverage with other insurers that meet the Secretary’s rules and agree to participate. The Secretary may cancel any purchased policy or policies at any time.

Title 38, §1966

Veterans' Benefits — Source: USLM XML via OLRC

(a)The Secretary is authorized, without regard to section 6101(b) to (d) of title 41, to purchase from one or more life insurance companies a policy or policies of group life insurance to provide the benefits specified in this subchapter. Each such life insurance company must (1) be licensed to issue life insurance in each of the fifty States of the United States and in the District of Columbia, and (2) as of the most recent December 31 for which information is available to the Secretary, have in effect at least 1 percent of the total amount of group life insurance which all life insurance companies have in effect in the United States.

(b)The life insurance company or companies issuing such policy or policies shall establish an administrative office at a place and under a name designated by the Secretary.

(c)The Secretary shall arrange with the life insurance company or companies issuing any policy or policies under this subchapter to reinsure, under conditions approved by the Secretary, portions of the total amount of insurance under such policy or policies with such other life insurance companies (which meet qualifying criteria set forth by the Secretary) as may elect to participate in such reinsurance.

(d)The Secretary may at any time discontinue any policy or policies which the Secretary has purchased from any insurance company under this subchapter.

Notes & Related Subsidiaries

Editorial Notes

Amendments

2011—Subsec. (a). Pub. L. 111–350 substituted “section 6101(b) to (d) of title 41” for “section 3709 of the Revised Statutes, as amended (41 U.S.C. 5)”. 1991—Pub. L. 102–83 renumbered section 766 of this title as this section and substituted “Secretary” for “Administrator” wherever appearing. 1986—Subsec. (c). Pub. L. 99–576, § 701(36)(A), substituted “the Administrator” for “him”. Subsec. (d). Pub. L. 99–576, § 701(36)(B), substituted “the Administrator” for “he”. 1982—Subsec. (a). Pub. L. 97–295 substituted “percent” for “per centum”.

§1966 Eligible insurance companies

Summary

Title 38, §1966

Notes & Related Subsidiaries

Editorial Notes

Amendments

Citations & Metadata