Title 38 — Veterans’ Benefits
Part II · Chapter 19 — Insurance
§ 1928. Authority for payment of interest on settlements
Statutory text
Subject to subsection (b) of this section, the Secretary may pay interest on the proceeds of a participating National Service Life Insurance, Veterans’ Special Life Insurance, and Veterans Reopened 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.
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.
Interest paid under subsection (a) of this section shall be at the rate that is established by the Secretary for dividends held on credit or deposit in policyholders’ accounts under the insurance program involved.
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.
Veterans’ Benefits Improvement Act of 1988
Pub. L. 100–687 div. B title XIV § 1401(a)(1) · 102 Stat. 4105
Enacted · 38 U.S.C. § 1928
Added Pub. L. 100–687, div. B, title XIV, § 1401(a)(1), Nov. 18, 1988, 102 Stat. 4128, § 728
Source evidence
Code source credit
Added Pub. L. 100–687, div. B, title XIV, § 1401(a)(1), Nov. 18, 1988, 102 Stat. 4128, § 728Enacted provision · exact public law section
(1) Subchapter I of chapter 19 is amended by adding at the end the following new section: “§ 728. Authority for payment of interest on settlements “(a) Subject to subsection (b) of this section, the Administrator may pay interest on the proceeds of a participating National Service Life Insurance, Veterans’ Special Life Insurance, and Veterans Reopened 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 Administrator may pay interest under subsection (a) of this section only if the Administrator determines that the payment of such interest is administratively and actuarially sound for the settlement option involved. “(2) Interest paid under subsection (a) of this section shall be at the rate that is established by the Administrator for dividends held on credit or deposit in policyholders’ accounts under the insurance program involved.”.Pub. L. 102–83 · 105 Stat. 378
Substituted · 38 U.S.C. § 1928
Pub. L. 102–83 renumbered section 728 of this title as this section and substituted “Secretary” for “Administrator” wherever appearing
Source evidence
Code amendment note
Pub. L. 102–83 renumbered section 728 of this title as this section and substituted “Secretary” for “Administrator” wherever appearing.
1 of 2 references resolved to an enrolled provision · 1 partial
Editorial Notes
Amendments
1991—Pub. L. 102–83 renumbered section 728 of this title as this section and substituted “Secretary” for “Administrator” wherever appearing.
Statutory Notes and Related Subsidiaries
Effective Date
Pub. L. 100–687, div. B, title XIV, § 1401(a)(3), , 102 Stat. 4129, provided that: “The amendments made by this subsection [enacting this section and section 763 [now 1963] of this title] shall take effect with respect to insurance policies maturing after the date of the enactment of this Act [].”
Credits
1988–1991 · 2 acts
- 1988Added Pub. L. 100–687, div. B, title XIV, § 1401(a)(1), , 102 Stat. 4128, § 728
- 1991renumbered § 1928 and amended Pub. L. 102–83, §§ 4(b)(1), (2)(E), 5(a), , 105 Stat. 404–406.
Show as published
(Added Pub. L. 100–687, div. B, title XIV, § 1401(a)(1), , 102 Stat. 4128, § 728; renumbered § 1928 and amended Pub. L. 102–83, §§ 4(b)(1), (2)(E), 5(a), , 105 Stat. 404–406.)