To amend title 38, United States Code, to ensure that beneficiaries of Servicemembers' Group Life Insurance receive financial counseling and disclosure information regarding life insurance payments, and for other purposes.

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;
                    ``(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.''.

            Passed the House of Representatives September 29, 2010.

            Attest:

                                            LORRAINE C. MILLER,

                                                                 Clerk.

Summary: Securing America's Veterans Insurance Needs and Goals Act of 2010 or SAVINGS Act of 2010 - Requires a life insurance company, in order to provide life insurance for veterans under the Servicemembers' Group Life Insurance program, to: (1) provide financial counseling to the beneficiary or other person entitled to payment upon the establishment of a valid claim. And (2) include full disclosure with respect to such payment, including specified information with respect to interest payable and the various methods of receiving payment(s). Prohibits a company from charging fees to a payee for maintaining such payment with the company. Directs the Secretary of Veterans Affairs (VA) to include in each annual performance and accountability report submitted to Congress information concerning individuals receiving the counseling and disclosures required under this Act. Requires: (1) the Director of the VA's Office of Survivor Assistance to attend each meeting of the Advisory Council on Servicemembers' Group Life Insurance. And (2) the Secretary to ensure that such Office has the necessary personnel to provide information on the receipt of such counseling.