Title 38 — Veterans’ Benefits
Part II · Chapter 19 — Insurance
§ 1920. National Service Life Insurance Fund
Statutory text
The National Service Life Insurance Fund heretofore created in the Treasury is continued as a permanent trust fund. Except as otherwise provided in this chapter, all premiums paid on account of National Service Life Insurance shall be deposited and covered into the Treasury to the credit of such fund, which, together with interest earned thereon, shall be available for the payment of liabilities under such insurance, including payment of dividends and refunds of unearned premiums, 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.
The Secretary is authorized to set aside out of such fund such reserve amounts 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 such fund, or any part thereof, in interest-bearing obligations of the United States or in obligations guaranteed as to principal and interest by the United States, and to sell such obligations for the purposes of such fund.
For each fiscal year for which this subsection is in effect, the Secretary shall, from the National Service 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.
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 National Service Life Insurance (and to the provision of any total disability income insurance added to the provision of such insurance).
This subsection shall be in effect only with respect to fiscal year 1996.
Legislative history
Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.
Pub. L. 85–857 · 72 Stat. 1105
Enacted · 38 U.S.C. § 1920
Pub. L. 85–857, Sept. 2, 1958, 72 Stat. 1154, § 720
Source evidence
Code source credit
Pub. L. 85–857, Sept. 2, 1958, 72 Stat. 1154, § 720Pub. L. 102–83 · 105 Stat. 378
Substituted · 38 U.S.C. § 1920
Pub. L. 102–83 renumbered section 720 of this title as this section and substituted “Secretary” for “Administrator” in two places
Source evidence
Code amendment note
Pub. L. 102–83 renumbered section 720 of this title as this section and substituted “Secretary” for “Administrator” in two places.Pub. L. 104–99 title II § 201(b) · 110 Stat. 26
Inserted · 38 U.S.C. § 1920(a)
Pub. L. 104–99 inserted “, and for the reimbursement of administrative costs under subsection (c)” after “unearned premiums”
Source evidence
Code amendment note
Subsec. (a). Pub. L. 104–99 inserted “, and for the reimbursement of administrative costs under subsection (c)” after “unearned premiums”.Enacted provision · exact public law section
(b) Such amounts as may be necessary under the authority and conditions provided in the applicable appropriations Act for the fiscal year 1995 for continuing projects or activities, except for those projects and activities provided for in Public Law 104–91 and Public Law 104–92, including the costs of direct loans and loan guarantees (not otherwise specifically provided for in this Act) at a rate for operations provided for in the conference report and joint explanatory statement of the Committee of Conference, House Report 104–384, on the Departments of Veterans Affairs and Housing and Urban Development, and Independent Agencies Appropriations Act, 1996 (H.R. 2099), as passed the House of Representatives on December 7, 1995: Provided, That Senate amendment 63 shall be disposed of in the manner passed by the House on December 7, 1995, as if enacted into law: Provided further, That, notwithstanding any other provision of this title of this Act, the rate for operations for the Corporation for National and Community Service, the Community Development Financial Institutions Fund, and the Office of Consumer Affairs may be increased up to a level of 75 per centum of the fiscal year 1995 level: Provided further, That, under the previous proviso, no new contracts or grants shall be awarded in excess of an amount that bears the same ratio to the rate for operations provided by the previous proviso as the number of days covered by this Act bears to 366: 38 USC 1920, 1923, 1955, 1982. Provided further, That the penultimate proviso under the heading “General Operating Expenses” and sections 107 and 109 under the heading “Administrative Provisions” in the Department of Veterans Affairs are effective to the extent and in the manner, notwithstanding any other provision of this Act, provided for in the conference report and joint explanatory statement of the Committee of Conference (House Report 104–384) on the Departments of Veterans Affairs and Housing and Urban Development, and Independent Agencies Appropriations Act, 1996 (H.R. 2099), as passed by the House of Representatives on December 7, 1995.Pub. L. 104–99 title II § 201(b) · 110 Stat. 26
Added · 38 U.S.C. § 1920(c)
Pub. L. 104–99 added subsec. (c)
Source evidence
Code amendment note
Subsec. (c). Pub. L. 104–99 added subsec. (c).Enacted provision · exact public law section
(b) Such amounts as may be necessary under the authority and conditions provided in the applicable appropriations Act for the fiscal year 1995 for continuing projects or activities, except for those projects and activities provided for in Public Law 104–91 and Public Law 104–92, including the costs of direct loans and loan guarantees (not otherwise specifically provided for in this Act) at a rate for operations provided for in the conference report and joint explanatory statement of the Committee of Conference, House Report 104–384, on the Departments of Veterans Affairs and Housing and Urban Development, and Independent Agencies Appropriations Act, 1996 (H.R. 2099), as passed the House of Representatives on December 7, 1995: Provided, That Senate amendment 63 shall be disposed of in the manner passed by the House on December 7, 1995, as if enacted into law: Provided further, That, notwithstanding any other provision of this title of this Act, the rate for operations for the Corporation for National and Community Service, the Community Development Financial Institutions Fund, and the Office of Consumer Affairs may be increased up to a level of 75 per centum of the fiscal year 1995 level: Provided further, That, under the previous proviso, no new contracts or grants shall be awarded in excess of an amount that bears the same ratio to the rate for operations provided by the previous proviso as the number of days covered by this Act bears to 366: 38 USC 1920, 1923, 1955, 1982. Provided further, That the penultimate proviso under the heading “General Operating Expenses” and sections 107 and 109 under the heading “Administrative Provisions” in the Department of Veterans Affairs are effective to the extent and in the manner, notwithstanding any other provision of this Act, provided for in the conference report and joint explanatory statement of the Committee of Conference (House Report 104–384) on the Departments of Veterans Affairs and Housing and Urban Development, and Independent Agencies Appropriations Act, 1996 (H.R. 2099), as passed by the House of Representatives on December 7, 1995.
2 of 4 references resolved to an enrolled provision · 2 partial
Editorial Notes
Codification
Amendment by Pub. L. 104–99 is based on section 107(1) of H.R. 2099, One Hundred Fourth Congress, as passed by the House of Representatives on , which was enacted into law by Pub. L. 104–99.
Amendments1991–1996 · 2 rounds
1996
Subsec. (a). Pub. L. 104–99 inserted “, and for the reimbursement of administrative costs under subsection (c)” after “unearned premiums”.
Subsec. (c). Pub. L. 104–99 added subsec. (c).
1991
Pub. L. 102–83 renumbered section 720 of this title as this section and substituted “Secretary” for “Administrator” in two places.
Credits
1958–1996 · 3 acts
- 1958Pub. L. 85–857, , 72 Stat. 1154, § 720
- 1991renumbered § 1920 and amended Pub. L. 102–83, §§ 4(b)(1), (2)(E), 5(a), , 105 Stat. 404–406
- 1996Pub. L. 104–99, title II, § 201(b), , 110 Stat. 36.
Show as published
(Pub. L. 85–857, , 72 Stat. 1154, § 720; renumbered § 1920 and amended Pub. L. 102–83, §§ 4(b)(1), (2)(E), 5(a), , 105 Stat. 404–406; Pub. L. 104–99, title II, § 201(b), , 110 Stat. 36.)