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 Vet-
erans Insurance Needs and Goals Act of 2010’’ or the ‘‘SAV-
INGS Act of 2010’’. 
SEC. 2. FINANCIAL COUNSELING AND DISCLOSURE INFOR-
MATION FOR SERVICEMEMBERS’ GROUP LIFE 
INSURANCE BENEFICIARIES. 
(a) FINANCIAL COUNSELING AND DISCLOSURE INFOR-
MATION.— 
(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— 
‘‘(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), provide to such beneficiary or 
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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) allowing the insurance company 
to maintain the payment; 
‘‘(II) lump-sum payment; and 
‘‘(III) any alternative methods; 
‘‘(ii) an explanation that any such payment 
that is maintained by the life insurance com-
pany is not insured by the Federal Deposit In-
surance Corporation; 
‘‘(iii) an explanation that interest earned 
on any such payment that is maintained by the 
life insurance company will be comparable to 
on-demand account interest rates; 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 
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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)(A); 
‘‘(B) the number of individuals who received the 
disclosures under paragraph (1)(B); 
‘‘(C) the information received by such individ-
uals 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: 
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‘‘(2) The Director of the Office shall attend each meet-
ing 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 insert-
ing ‘‘(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 para-
graph (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.’’. 
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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 
that beneficiaries of Servicemembers’ Group Life 
Insurance receive financial counseling and disclo-
sure information regarding life insurance pay-
ments, and for other purposes. 
SEPTEMBER 28, 2010 
Reported with an amendment, committed to the Com-
mittee of the Whole House on the State of the Union, 
and ordered to be printed 
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