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 bene-
ficiaries of Servicemembers’ Group Life Insurance receive 
financial counseling and disclosure information regarding 
life insurance payments, and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
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’’. 
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SEC. 2. FINANCIAL COUNSELING AND DISCLOSURE INFOR-
MATION FOR SERVICEMEMBERS’ GROUP LIFE 
INSURANCE BENEFICIARIES. 
(a) FINANCIAL COUNSELING AND DISCLOSURE IN-
FORMATION.— 
(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 com-
pany under this section, a life insurance company shall 
provide financial counseling to a beneficiary or other per-
son otherwise entitled to payment upon the establishment 
of a valid claim under section 1970(a) of this title. 
‘‘(2) The financial counseling provided pursuant to 
paragraph (1) shall— 
‘‘(A) be provided both orally and in writing; and 
‘‘(B) include full disclosure with respect to the 
payment of the claim, including, at a minimum— 
‘‘(i) a comparison of the advantages and 
disadvantages of maintaining such payment 
with the life insurance company and maintain-
ing such payment with a financial institution; 
‘‘(ii) a comparison of the rate of interest 
bearing to such payment if the payment is 
maintained with the life insurance company and 
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if the payment is maintained with a financial 
institution; 
‘‘(iii) an explanation of whether maintain-
ing such payment with the life insurance com-
pany results in the payment not being insured 
by the Federal Deposit Insurance Corporation; 
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) with respect to maintaining 
such payment with the company. 
‘‘(4) The Secretary shall include in each annual per-
formance and accountability report submitted by the Sec-
retary to Congress information concerning— 
‘‘(A) the number of individuals who received fi-
nancial counseling under paragraph (1); 
‘‘(B) the information received by such individ-
uals during such counseling; and 
‘‘(C) any recommendations, complaints, or 
other information with respect to such counseling 
that the Secretary considers relevant.’’. 
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(2) REGULATIONS.—The Secretary of Veterans 
Affairs shall prescribe regulations to carry out sec-
tion 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 sec-
tion is amended— 
(A) by striking ‘‘The Secretary’’ and in-
serting ‘‘(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 Insur-
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ance financial counseling pursuant to section 1966(e)(1) 
of this title.’’. 
Æ 
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