Public Law 89–40

By placing a period after the word “basis” in clause (8) of subsection (b) and striking all of the remainder of such clause.

By substituting a period for the semicolon at the end of clause (7) of subsection (c) and striking all of the remainder of the subsection.

By amending subsection (d)(1) to read as follows:

“(d)“(d)

(1)(1)

All premiums and collections on insurance issued pursuant to this section and any total disability income provision attached thereto shall be credited to the Veterans Reopened Insurance Fund, a revolving fund established in the Treasury of the United States, and all payments on such insurance and any total disability provision attached thereto shall be made from that fund. For actuarial and accounting purposes, the assets and liabilities (including liabilities for repayment of advances hereinafter authorized, and adjustment of premiums) attributable to the insured groups established under this section shall be separately determined. Such amounts in the Veterans

Initial capital.

Special Term Insurance Fund in the Treasury, not exceeding $1,650,000 in the aggregate, as may hereafter be determined by the Administrator to be in excess of the actuarial liabilities of that fund, including contingency reserves, shall be available for transfer to the Veterans Reopened Insurance Fund as needed to provide initial capital. Any amounts so transferred shall be repaid to the Treasury over a reasonable period of time with interest as determined by the Secretary of the Treasury taking into consideration the average yield on all marketable interest-bearing obligations of the United States of comparable maturities then forming a part of the public debt.”

#

#

By striking the words “subsection (b) of” wherever they appear in subsection (d)(2).

By striking the following words from subsection (d)(3): “or the National Service Life Insurance appropriation, as appropriate,”.