38-U.S.C.-1963
§1963 – Authority For Payment of Interest On Settlements
Pathway
Title 38 > Part II > Chapter 19 > Subchapter II > Section 1963
Details
- Reference: Section 1963
- Legend: §1963 – Authority For Payment of Interest On Settlements
- USCode Year: 2013
Provision Content
(a) Subject to subsection (b) of this section, the Secretary may pay interest on the proceeds of a United States Government Life 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) shall be at the rate that is established by the Secretary for dividends held on credit or deposit in policyholders’ accounts.
(Added Pub. L. 100–687, div. B, title XIV, §1401(a)(2), Nov. 18, 1988, 102 Stat. 4128, §763; renumbered §1963 and amended Pub. L. 102–83, §§4(b)(1), (2)(E), 5(a), Aug. 6, 1991, 105 Stat. 404–406.)
Amendments
1991—Pub. L. 102–83 renumbered section 763 of this title as this section and substituted Secretary for Administrator wherever appearing.
Effective Date
Section effective with respect to insurance policies maturing after Nov. 18, 1988, see section 1401(a)(3) of Pub. L. 100–687, set out as a note under section 1928 of this title.
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