(a)
All
premiums paid on account of United States Government life insurance shall be
deposited and covered into the Treasury to the credit of the United States
Government Life Insurance Fund and shall be available for the payment of
losses, dividends, refunds, and other benefits provided for under such
insurance, including such liabilities as shall have been or shall hereafter be
reduced to judgment in a district court of the United States or the United
States District Court for the District of Columbia, and for the reimbursement
of administrative costs under subsection (c). Payments from this fund shall be
made upon and in accordance with awards by the Secretary.
(b)
The
Secretary is authorized to set aside out of the funds so collected such reserve
funds as may be required, under accepted actuarial principles, to meet all
liabilities under such insurance; and the Secretary of the Treasury is
authorized to invest and reinvest the said United States Government Life
Insurance Fund, or any part thereof, in interest-bearing obligations of the
United States or bonds of the Federal farm-loan banks and to sell said
obligations of the United States or the bonds of the Federal farm-loan banks
for the purposes of such Fund.
1. For each fiscal year for which this
subsection is in effect, the Secretary shall, from the United States Government
Life Insurance Fund, reimburse the “General operating expenses” account of the
Department for the amount of administrative costs determined under paragraph
(2) for that fiscal year. Such reimbursement shall be made from any surplus
earnings for that fiscal year that are available for dividends on such
insurance after claims have been paid and actuarially determined reserves have
been set aside. However, if the amount of such administrative costs exceeds the
amount of such surplus earnings, such reimbursement shall be made only to the
extent of such surplus earnings.
2. The Secretary shall determine the
administrative costs to the Department for a fiscal year for which this
subsection is in effect which, in the judgment of the Secretary, are properly
allocable to the provision of United States Government Life Insurance (and to
the provision of any total disability income insurance added to the provision
of such insurance).
3. This subsection shall be in effect only with
respect to fiscal year 1996.
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Source
(Pub.
L. 85–857, Sept. 2, 1958, 72 Stat. 1161, § 755; renumbered § 1955 and amended
Pub. L. 102–83, §§ 4(b)(1), (2)(E), 5(a),Aug. 6, 1991, 105 Stat. 404–406; Pub.
L. 104–99, title II, § 201(b),Jan. 26, 1996, 110 Stat. 36.)
Codification
Amendment
by Pub. L. 104–99is based on 107(3) of H.R. 2099, One Hundred Fourth Congress,
as passed by the House of Representatives on Dec. 7, 1995, which was enacted
into law by Pub. L. 104–99.
Amendments
1996—Subsec.
(a). Pub. L. 104–99inserted “, and for the reimbursement of administrative
costs under subsection (c)” after “District of Columbia”.
Subsec.
(c). Pub. L. 104–99added subsec. (c).
1991—Pub.
L. 102–83renumbered section 755 of this title as this section and substituted
“Secretary” for “Administrator” in subsecs. (a) and (b).
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U.S.
Code › Title 38 › Part II › Chapter 19 › Subchapter II › § 1955
38
U.S. Code § 1955 - United States Government Life Insurance Fund