I 

111TH CONGRESS 

2D SESSION H. R. 5993 

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 

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. 

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 

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

6 ‘‘SAVINGS Act of 2010’’. 


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1 SEC. 2. FINANCIAL COUNSELING AND DISCLOSURE INFOR2 MATION FOR SERVICEMEMBERS’ GROUP LIFE 

3 INSURANCE BENEFICIARIES. 

4 (a) FINANCIAL COUNSELING AND DISCLOSURE IN5 FORMATION.— 

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

7 United States Code, is amended by adding at the 

8 end the following new subsection: 

9 ‘‘(e)(1) In order to be an eligible life insurance com10 pany under this section, a life insurance company shall 

11 provide financial counseling to a beneficiary or other per12 son otherwise entitled to payment upon the establishment 

13 of a valid claim under section 1970(a) of this title. 

14 ‘‘(2) The financial counseling provided pursuant to 

15 paragraph (1) shall— 

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

17 ‘‘(B) include full disclosure with respect to the 

18 payment of the claim, including, at a minimum— 

19 ‘‘(i) a comparison of the advantages and 

20 disadvantages of maintaining such payment 

21 with the life insurance company and maintain22 ing such payment with a financial institution; 

23 ‘‘(ii) a comparison of the rate of interest 

24 bearing to such payment if the payment is 

25 maintained with the life insurance company and 


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1 if the payment is maintained with a financial 

2 institution; 

3 ‘‘(iii) an explanation of whether maintain4 ing such payment with the life insurance com5 pany results in the payment not being insured 

6 by the Federal Deposit Insurance Corporation; 

7 and 

8 ‘‘(iv) other relevant information. 

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

10 under this section, a life insurance company may not 

11 charge any fees to a beneficiary or other person otherwise 

12 entitled to payment upon the establishment of a valid 

13 claim under section 1970(a) with respect to maintaining 

14 such payment with the company. 

15 ‘‘(4) The Secretary shall include in each annual per16 formance and accountability report submitted by the Sec17 retary to Congress information concerning— 

18 ‘‘(A) the number of individuals who received fi19 nancial counseling under paragraph (1); 

20 ‘‘(B) the information received by such individ21 uals during such counseling; and 

22 ‘‘(C) any recommendations, complaints, or 

23 other information with respect to such counseling 

24 that the Secretary considers relevant.’’. 


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1 (2) REGULATIONS.—The Secretary of Veterans 

2 Affairs shall prescribe regulations to carry out sec3 tion 1966(e) of title 38, United States Code, as 

4 added by paragraph (1). 

5 (b) OFFICE OF SURVIVORS ASSISTANCE.— 

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

7 321 of such title is amended— 

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

9 ‘‘(1) The Office’’; and 

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

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

12 meeting of the Advisory Council on Servicemembers’ 

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

14 (2) RESOURCES.—Subsection (d) of such sec15 tion is amended— 

16 (A) by striking ‘‘The Secretary’’ and in17 serting ‘‘(1) The Secretary’’; and 

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

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

20 shall ensure that the Office has the personnel necessary 

21 to serve as a resource to provide individuals described in 

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

23 on how to receive the Servicemembers’ Group Life InsurVerDate Mar 15 2010 21:59 Aug 02, 2010 Jkt 089200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6201 E:\BILLS\H5993.IH H5993

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1 ance financial counseling pursuant to section 1966(e)(1) 

2 of this title.’’. 

Æ 


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