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38 U.S.C. § 1972 — Benefit certificates

Federal law — U.S. Code and appendices · legal_authorities

38 U.S.C. § 1972 — Benefit certificates

The Secretary shall arrange to have each member insured under a policy purchased under [section 1966 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title38-section1966&num=0&edition=prelim) receive a certificate setting forth the benefits to which the member is entitled thereunder, to whom such benefit shall be payable, to whom claims should be submitted, and summarizing the provisions of the policy principally affecting the member. Such certificate shall be in lieu of the certificate which the insurance company or companies would otherwise be required to issue.

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Source location: Title 38, Chapter 19, § 1972; chapter-019-insurance.md

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Federal law — U.S. Code and appendices · legal_authorities

38 U.S.C. § 1966 — Eligible insurance companies

**(a)** The Secretary is authorized, without regard to section 6101(b) to (d) of title 41, to purchase from one or more life insurance companies a policy or policies of group life insurance to provide the benefits specified in this subchapter. Each such life insurance company must (1) be licensed to issue life insurance in each of the fifty States of the United States and in the District of Columbia, and (2) as of the most recent December 31 for which information is available to the Secretary, have in effect at least 1 percent of the total amount of group life insurance which all life insurance companies have in effect in the United States. **(b)** The life insurance company or companies issuing such policy or policies shall establish an administrative office at a place and under a name designated by the Secretary. **(c)** The Secretary shall arrange with the life insurance company or companies issuing any policy or policies under this subchapter to reinsure, under conditions approved by the Secretary, portions of the total amount of insurance under such policy or policies with such other life insurance companies (which meet qualifying criteria set forth by the Secretary) as may elect to participate in such reinsurance. **(d)** The Secretary may at any time discontinue any policy or policies which the Secretary has purchased from any insurance company under this subchapter.

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Federal law — U.S. Code and appendices · legal_authorities

38 U.S.C. § 1972 — Benefit certificates

Page 545 TITLE 38—VETERANS’ BENEFITS § 1973 retary during any policy year upon request by the insurance company or companies issuing the policy, if experience indicates that the assump- tions made in determining the tentative average premium rate for that policy year were incor- rect. (d) Each policy so purchased shall contain a provision stipulating the maximum expense and risk charges for the first policy year, which charges shall have been determined by the Sec- retary on a basis consistent with the general level of such charges made by life insurance companies under policies of group life insurance issued to large employers. Such maximum charges shall be continued from year to year, except that the Secretary may redetermine such maximum charges for any year either by agree- ment with the insurance company or companies issuing the policy or upon written notice given by the Secretary to such companies at least one year in advance of the beginning of the year for which such redetermined maximum charges will be effective. (e) Each such policy shall provide for an ac- counting to the Secretary not later than ninety days after the end of each policy year, which shall set forth, in a form approved by the Sec- retary, (1) the amounts of premiums actually ac- crued under the policy from its date of issue to the end of such policy year, (2) the total of all mortality and other claim charges incurred for that period, and (3) the amounts of the insurers’ expense and risk charge for that period. Any ex- cess of the total of item (1) over the sum of items (2) and (3) shall be held by the insurance company or companies issuing the policy as a special contingency reserve to be used by such insurance company or companies for charges under such policy on

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