IB 

Union Calendar No. 368 

111TH CONGRESS 

2D SESSION H. R. 5993 

[Report No. 111–628] 

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. 

IN THE HOUSE OF REPRESENTATIVES 

JULY 30, 2010 

Mrs. HALVORSON (for herself, Mr. FILNER, Mr. HALL of New York, and Ms. 

PINGREE of Maine) introduced the following bill; which was referred to 

the Committee on Veterans’ Affairs 

SEPTEMBER 28, 2010 

Additional sponsors: Ms. TITUS, Mr. GARAMENDI, Ms. SLAUGHTER, Mr. 

MICHAUD, and Mr. CUMMINGS

SEPTEMBER 28, 2010 

Reported with an amendment, committed to the Committee of the Whole 

House on the State of the Union, and ordered to be printed 

[Strike out all after the enacting clause and insert the part printed in italic] 

[For text of introduced bill, see copy of bill as introduced on July 30, 2010] 


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•HR 5993 RH

A BILL 

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. 


hsrobinson on DSK69SOYB1PROD with BILLS
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•HR 5993 RH

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

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Securing America’s Vet5 erans Insurance Needs and Goals Act of 2010’’ or the ‘‘SAV6 INGS Act of 2010’’. 

7 SEC. 2. FINANCIAL COUNSELING AND DISCLOSURE INFOR8 MATION FOR SERVICEMEMBERS’ GROUP LIFE 

9 INSURANCE BENEFICIARIES. 

10 (a) FINANCIAL COUNSELING AND DISCLOSURE INFOR11 MATION.— 

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

13 United States Code, is amended by adding at the end 

14 the following new subsection: 

15 ‘‘(e)(1) In order to be an eligible life insurance com16 pany under this section, a life insurance company shall— 

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

18 financial counseling to a beneficiary or other person 

19 otherwise entitled to payment upon the establishment 

20 of a valid claim under section 1970(a) of this title; 

21 and 

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

23 person entitled to payment establishes a valid claim 

24 under section 1970(a), provide to such beneficiary or 


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1 other person the disclosures described in paragraph 

2 (2). 

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

4 (1)(B) shall— 

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

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

7 payment of the claim, including— 

8 ‘‘(i) an explanation of the methods available 

9 to receive such payment, including— 

10 ‘‘(I) allowing the insurance company 

11 to maintain the payment; 

12 ‘‘(II) lump-sum payment; and 

13 ‘‘(III) any alternative methods; 

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

15 that is maintained by the life insurance com16 pany is not insured by the Federal Deposit In17 surance Corporation; 

18 ‘‘(iii) an explanation that interest earned 

19 on any such payment that is maintained by the 

20 life insurance company will be comparable to 

21 on-demand account interest rates; and 

22 ‘‘(iv) other relevant information. 

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

24 under this section, a life insurance company may not 

25 charge any fees to a beneficiary or other person otherwise 


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1 entitled to payment upon the establishment of a valid claim 

2 under section 1970(a) with respect to maintaining such 

3 payment with the company. 

4 ‘‘(4) The Secretary shall include in each annual per5 formance and accountability report submitted by the Sec6 retary to Congress information concerning— 

7 ‘‘(A) the number of individuals who received fi8 nancial counseling under paragraph (1)(A); 

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

10 disclosures under paragraph (1)(B); 

11 ‘‘(C) the information received by such individ12 uals during such counseling; and 

13 ‘‘(D) any recommendations, complaints, or other 

14 information with respect to such counseling that the 

15 Secretary considers relevant.’’. 

16 (2) REGULATIONS.—The Secretary of Veterans 

17 Affairs shall prescribe regulations to carry out section 

18 1966(e) of title 38, United States Code, as added by 

19 paragraph (1). 

20 (b) OFFICE OF SURVIVORS ASSISTANCE.— 

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

22 321 of such title is amended— 

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

24 ‘‘(1) The Office’’; and 

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


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1 ‘‘(2) The Director of the Office shall attend each meet2 ing of the Advisory Council on Servicemembers’ Group Life 

3 Insurance under section 1974 of this title.’’. 

4 (2) RESOURCES.—Subsection (d) of such section 

5 is amended— 

6 (A) by striking ‘‘The Secretary’’ and insert7 ing ‘‘(1) The Secretary’’; and 

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

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

10 shall ensure that the Office has the personnel necessary to 

11 serve as a resource to provide individuals described in para12 graph (1) and (2) of subsection (a) with information on 

13 how to receive the Servicemembers’ Group Life Insurance 

14 financial counseling pursuant to section 1966(e)(1) of this 

15 title.’’. 


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Union Calendar No. 368 

111TH CONGRESS 

2D SESSION H. R. 5993 

[Report No. 111–628] 

A BILL 

To amend title 38, United States Code, to ensure 

ments, and for other purposes. sure information regarding life insurance payInsurance receive financial counseling and disclothat beneficiaries of Servicemembers’ Group Life 

SEPTEMBER 28, 2010 

Reported with an amendment, committed to the Comand ordered to be printed mittee of the Whole House on the State of the Union, 


hsrobinson on DSK69SOYB1PROD with BILLS