or Login to see your representatives.

Access Candidates' and Representatives' Biographies, Voting Records, Interest Group Ratings, Issue Positions, Public Statements, and Campaign Finances

Simply enter your zip code above to get to all of your candidates and representatives, or enter a name. Then, just click on the person you are interested in, and you can navigate to the categories of information we track for them.

Public Statements

Securing America's Veterans Insurance Needs and Goals Act of 2010

Floor Speech

By:
Date:
Location: Washington, DC

BREAK IN TRANSCRIPT

Mr. FILNER. Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 5993) to amend title 38, United States Code, to ensure that beneficiaries of Service members' Group Life Insurance receive financial counseling and disclosure information regarding life insurance payments, and for other purposes, as amended.

The Clerk read the title of the bill.

The text of the bill is as follows:
H.R. 5993

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the ``Securing America's Veterans Insurance Needs and Goals Act of 2010'' or the ``SAVINGS Act of 2010''.

SEC. 2. FINANCIAL COUNSELING AND DISCLOSURE INFORMATION FOR SERVICEMEMBERS' GROUP LIFE INSURANCE BENEFICIARIES.

(a) Financial Counseling and Disclosure Information.--

(1) IN GENERAL.--Section 1966 of title 38, United States Code, is amended by adding at the end the following new subsection:

``(e)(1) In order to be an eligible life insurance company under this section, a life insurance company shall--

``(A) make available, both orally and in writing, financial counseling to a beneficiary or other person otherwise entitled to payment upon the establishment of a valid claim under section 1970(a) of this title; and

``(B) at the time that such beneficiary or other person entitled to payment establishes a valid claim under section 1970(a) of this title, provide to such beneficiary or other person the disclosures described in paragraph (2).

``(2) The disclosures provided pursuant to paragraph (1)(B) shall--

``(A) be provided both orally and in writing; and

``(B) include information with respect to the payment of the claim, including--

``(i) an explanation of the methods available to receive such payment, including--

``(I) receipt of a lump-sum payment;

``(II) allowing the insurance company to maintain the lump-sum payment;

``(III) receipt of thirty-six equal monthly installments; and

``(IV) any alternative methods;

``(ii) an explanation that any such payment that is maintained by the life insurance company or paid in thirty-six equal monthly installments by the company is not insured by the Federal Deposit Insurance Corporation;

[Page: H7021] GPO's PDF

``(iii) an explanation of the interest rate earned on any such payment that is maintained by the life insurance company or paid in thirty-six equal monthly installments by the company and how such rate compares to the interest rate earned by accounts at financial institutions, including demand accounts; and

``(iv) other relevant information.

``(3) In order to be an eligible life insurance company under this section, a life insurance company may not charge any fees to a beneficiary or other person otherwise entitled to payment upon the establishment of a valid claim under section 1970(a) of this title for any purpose, including for maintaining such payment with the company.

``(4) The Secretary shall include in each annual performance and accountability report submitted by the Secretary to Congress information concerning--

``(A) the number of individuals who received financial counseling under paragraph (1)(A);

``(B) the number of individuals who received the disclosures under paragraph (1)(B);

``(C) the type of information received by such individuals during such counseling; and

``(D) any recommendations, complaints, or other information with respect to such counseling that the Secretary considers relevant.''.

(2) REGULATIONS.--The Secretary of Veterans Affairs shall prescribe regulations to carry out section 1966(e) of title 38, United States Code, as added by paragraph (1).

(b) Office of Survivors Assistance.--

(1) ADVISORY ROLE.--Subsection (b) of section 321 of such title is amended--

(A) by striking ``The Office'' and inserting ``(1) The Office''; and

(B) by adding at the end the following:

``(2) The Director of the Office shall attend each meeting of the Advisory Council on Servicemembers' Group Life Insurance under section 1974 of this title.''.

(2) RESOURCES.--Subsection (d) of such section is amended--

(A) by striking ``The Secretary'' and inserting ``(1) The Secretary''; and

(B) by adding at the end the following:

``(2) In carrying out paragraph (1), the Secretary shall ensure that the Office has the personnel necessary to serve as a resource to provide individuals described in paragraph (1) and (2) of subsection (a) with information on how to receive the Servicemembers' Group Life Insurance financial counseling pursuant to section 1966(e)(1) of this title.''.

BREAK IN TRANSCRIPT


Source:
Back to top