IIB 

111TH CONGRESS 

2D SESSION H. R. 5993 

IN THE SENATE OF THE UNITED STATES 

SEPTEMBER 29, 2010 

Received; read twice and referred to the Committee on Veterans’ Affairs 

AN ACT 

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. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 


smartinez on DSKB9S0YB1PROD with BILLS
2 

HR 5993 RFS

1 SECTION 1. SHORT TITLE. 

2 This Act may be cited as the ‘‘Securing America’s 

3 Veterans Insurance Needs and Goals Act of 2010’’ or the 

4 ‘‘SAVINGS Act of 2010’’. 

5 SEC. 2. FINANCIAL COUNSELING AND DISCLOSURE INFOR6 MATION FOR SERVICEMEMBERS’ GROUP LIFE 

7 INSURANCE BENEFICIARIES. 

8 (a) FINANCIAL COUNSELING AND DISCLOSURE IN9 FORMATION.— 

10 (1) IN GENERAL.—Section 1966 of title 38, 

11 United States Code, is amended by adding at the 

12 end the following new subsection: 

13 ‘‘(e)(1) In order to be an eligible life insurance com14 pany under this section, a life insurance company shall— 

15 ‘‘(A) make available, both orally and in writing, 

16 financial counseling to a beneficiary or other person 

17 otherwise entitled to payment upon the establish18 ment of a valid claim under section 1970(a) of this 

19 title; and 

20 ‘‘(B) at the time that such beneficiary or other 

21 person entitled to payment establishes a valid claim 

22 under section 1970(a) of this title, provide to such 

23 beneficiary or other person the disclosures described 

24 in paragraph (2). 

25 ‘‘(2) The disclosures provided pursuant to paragraph 

26 (1)(B) shall— 


smartinez on DSKB9S0YB1PROD with BILLS
3 

HR 5993 RFS

1 ‘‘(A) be provided both orally and in writing; and 

2 ‘‘(B) include information with respect to the 

3 payment of the claim, including— 

4 ‘‘(i) an explanation of the methods avail5 able to receive such payment, including— 

6 ‘‘(I) receipt of a lump-sum payment; 

7 ‘‘(II) allowing the insurance company 

8 to maintain the lump-sum payment; 

9 ‘‘(III) receipt of thirty-six equal 

10 monthly installments; and 

11 ‘‘(IV) any alternative methods; 

12 ‘‘(ii) an explanation that any such payment 

13 that is maintained by the life insurance com14 pany or paid in thirty-six equal monthly install15 ments by the company is not insured by the 

16 Federal Deposit Insurance Corporation; 

17 ‘‘(iii) an explanation of the interest rate 

18 earned on any such payment that is maintained 

19 by the life insurance company or paid in thirty20 six equal monthly installments by the company 

21 and how such rate compares to the interest rate 

22 earned by accounts at financial institutions, in23 cluding demand accounts; and 

24 ‘‘(iv) other relevant information. 


smartinez on DSKB9S0YB1PROD with BILLS
4 

HR 5993 RFS

1 ‘‘(3) In order to be an eligible life insurance company 

2 under this section, a life insurance company may not 

3 charge any fees to a beneficiary or other person otherwise 

4 entitled to payment upon the establishment of a valid 

5 claim under section 1970(a) of this title for any purpose, 

6 including for maintaining such payment with the com7 pany. 

8 ‘‘(4) The Secretary shall include in each annual per9 formance and accountability report submitted by the Sec10 retary to Congress information concerning— 

11 ‘‘(A) the number of individuals who received fi12 nancial counseling under paragraph (1)(A); 

13 ‘‘(B) the number of individuals who received the 

14 disclosures under paragraph (1)(B); 

15 ‘‘(C) the type of information received by such 

16 individuals during such counseling; and 

17 ‘‘(D) any recommendations, complaints, or 

18 other information with respect to such counseling 

19 that the Secretary considers relevant.’’. 

20 (2) REGULATIONS.—The Secretary of Veterans 

21 Affairs shall prescribe regulations to carry out sec22 tion 1966(e) of title 38, United States Code, as 

23 added by paragraph (1). 

24 (b) OFFICE OF SURVIVORS ASSISTANCE.— 


smartinez on DSKB9S0YB1PROD with BILLS
5 

HR 5993 RFS 

1 (1) ADVISORY ROLE.—Subsection (b) of section 

2 321 of such title is amended— 

3 (A) by striking ‘‘The Office’’ and inserting 

4 ‘‘(1) The Office’’; and 

5 (B) by adding at the end the following: 

6 ‘‘(2) The Director of the Office shall attend each 

7 meeting of the Advisory Council on Servicemembers’ 

8 Group Life Insurance under section 1974 of this title.’’. 

9 (2) RESOURCES.—Subsection (d) of such sec10 tion is amended— 

11 (A) by striking ‘‘The Secretary’’ and in12 serting ‘‘(1) The Secretary’’; and 

13 (B) by adding at the end the following: 

14 ‘‘(2) In carrying out paragraph (1), the Secretary 

15 shall ensure that the Office has the personnel necessary 

16 to serve as a resource to provide individuals described in 

17 paragraph (1) and (2) of subsection (a) with information 

18 on how to receive the Servicemembers’ Group Life Insur19 ance financial counseling pursuant to section 1966(e)(1) 

20 of this title.’’. 

Passed the House of Representatives September 29, 

2010. 

Attest: LORRAINE C. MILLER, 

Clerk. 


smartinez on DSKB9S0YB1PROD with BILLS