Us Code § 1963 - Authority for payment of interest on settlements
Full text of Us Code United States Code § 1963 — Authority for payment of interest on settlements, with citation guidance and answers to common questions.
§ 1963. Authority for payment of interest on settlements
(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.)
Editorial Notes
Amendments
1991—Pub. L. 102–83 renumbered section 763 of this title as this section and substituted "Secretary" for "Administrator" wherever appearing.
Statutory Notes and Related Subsidiaries
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.
SUBCHAPTER III—SERVICEMEMBERS' GROUP LIFE INSURANCE
Editorial Notes
Amendments
1996—Pub. L. 104–275, title IV, §405(b)(2)(A), Oct. 9, 1996, 110 Stat. 3339, substituted "SERVICEMEMBERS' GROUP" for "SERVICEMEN'S GROUP".
About This Section
38 U.S.C. § 1963 is part of Title 38 of the United States Code. The United States Code is the official codification of federal statutes maintained by the Office of the Law Revision Counsel of the U.S. House of Representatives. Congress amends the Code through new public laws, which are eventually incorporated into the relevant title.
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