§ 1963. Authority for payment of interest on settlements

208 words·~1 min read·/usc/title-38/section-1963

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(a)Subject to subsection

(b)of this section, the Secretary may pay interest on the proceeds of a United States Government Life 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.

(1)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.

(2)Interest paid under subsection

(a)shall be at the rate that is established by the Secretary for dividends held on credit or deposit in policyholders’ accounts.

(Added Pub. L. 100–687, div. B, title XIV, § 1401(a)(2), Nov. 18, 1988, 102 Stat. 4128, § 763; renumbered § 1963 and amended Pub. L. 102–83, §§ 4(b)(1), (2)(E), 5(a), Aug. 6, 1991, 105 Stat. 404–406.)

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U.S. Code

Authority for payment of interest on settlements
§ 1928

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Pub. L. 100–687, div. B, title XIV, § 1401(a)(2)
102 Stat. 4128
Pub. L. 102–83
105 Stat. 404–406
section 763 of this title
section 1401(a)(3) of Pub. L. 100–687

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§ 1963

Authority for payment of interest on settlements

U.S.C.§ 1928

Pub. L.Pub. L. 100–687, div. B, title XIV, § 1401(a)(2)

Stat.102 Stat. 4128

Pub. L.Pub. L. 102–83

Stat.105 Stat. 404–406

Citesection 763 of this title

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