§ 1920. National Service Life Insurance Fund
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/usc/title-38/section-1920A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)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.
(b)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.
(1)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.
(2)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).
(3)This subsection shall be in effect only with respect to fiscal year 1996.
(Pub. L. 85–857, Sept. 2, 1958, 72 Stat. 1154, § 720; renumbered § 1920 and amended Pub. L. 102–83, §§ 4(b)(1), (2)(E), 5(a), Aug. 6, 1991, 105 Stat. 404–406; Pub. L. 104–99, title II, § 201(b), Jan. 26, 1996, 110 Stat. 36.)
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Cited by 15 sections
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- Public Law 105–64
- Public Law 106–377Making appropriations for the Departments of Veterans Affairs and Housing and Urban Development, and for sundry independent agencies, boards, commissions, corporations, and offices for the fiscal year ending September 30, 2001, and for other purposes
- Public Law 108–199Making appropriations for Agriculture, Rural Development, Food and Drug Administration, and Related Agencies for the fiscal year ending September 30, 2004, and for other purposes
- Public Law 110–329Making appropriations for the Department of Homeland Security for the fiscal year ending September 30, 2008, and for other purposes
- Public Law 104–99Making appropriations for fiscal year 1996 to make a downpayment toward a balanced budget, and for other purposes
- Public Law 107–73Making appropriations for the Departments of Veterans Affairs and Housing and Urban Development, and for sundry independent agencies, boards, commissions, corporations, and offices for the fiscal year ending September 30, 2002, and for other purposes
- Public Law 108–7
- Public Law 108–447Making appropriations for foreign operations, export financing, and related programs for the fiscal year ending September 30, 2005, and for other purposes
- Public Law 104–204Making appropriations for the Departments of Veterans Affairs and Housing and Urban Development, and for sundry independent agencies, boards, commissions, corporations, and offices for the fiscal year ending September 30, 1997, and for other purposes
- Public Law 109–114Making appropriations for military quality of life functions of the Department of Defense, military construction, the Department of Veterans Affairs, and related agencies for the fiscal year ending September 30, 2006, and for other purposes
- Public Law 106–74Making appropriations for the Departments of Veterans Affairs and Housing and Urban Development, and for sundry independent agencies, boards, commissions, corporations, and offices for the fiscal year ending September 30, 2000, and for other purposes
- Public Law 105–276Making appropriations for the Departments of Veterans Affairs and Housing and Urban Development, and for sundry independent agencies, boards, commissions, corporations, and offices for the fiscal year ending September 30, 1999, and for other purposes
- Public Law
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8 references not yet in our index
- Pub. L. 85–857
- 72 Stat. 1154
- Pub. L. 102–83
- 105 Stat. 404–406
- Pub. L. 104–99, title II, § 201(b)
- 110 Stat. 36
- Pub. L. 104–99
- section 720 of this title
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§ 1920
National Service Life Insurance Fund
Stat.×13
Fed. Reg.×1
U.S.C.×1
Pub. L.Pub. L. 85–857
Stat.72 Stat. 1154
Pub. L.Pub. L. 102–83
Stat.105 Stat. 404–406
Pub. L.Pub. L. 104–99, title II, § 201(b)
Cites 8 · showing 5Cited by 15 across 3 sources