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38 U.S.C. § 1955 — United States Government Life Insurance Fund
Federal law — U.S. Code and appendices · legal_authorities
**(a)** All premiums paid on account of United States Government life insurance shall be deposited and covered into the Treasury to the credit of the United States Government Life Insurance Fund and shall be available for the payment of losses, dividends, refunds, and other benefits provided for under such insurance, including such liabilities as shall have been or shall hereafter be reduced to judgment in a district court of the United States or the United States District Court for the District of Columbia, and for the reimbursement of administrative costs under subsection (c). Payments from this fund shall be made upon and in accordance with awards by the Secretary.
**(b)** The Secretary is authorized to set aside out of the funds so collected such reserve funds as may be required, under accepted actuarial principles, to meet all liabilities under such insurance; and the Secretary of the Treasury is authorized to invest and reinvest the said United States Government Life Insurance Fund, or any part thereof, in interest-bearing obligations of the United States or bonds of the Federal farm-loan banks and to sell said obligations of the United States or the bonds of the Federal farm-loan banks for the purposes of such Fund.
**(c)**
(1) For each fiscal year for which this subsection is in effect, the Secretary shall, from the United States Government Life Insurance Fund, reimburse the “General operating expenses” account of the Department for the amount of administrative costs determined under paragraph (2) for that fiscal year. Such reimbursement shall be made from any surplus earnings for that fiscal year that are available for dividends on such insurance after claims have been paid and actuarially determined reserves have been set aside. However, if the amount of su
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Source location: Title 38, Chapter 19, § 1955; chapter-019-insurance.md
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**(a)** All premiums paid on account of United States Government life insurance shall be deposited and covered into the Treasury to the credit of the United States Government Life Insurance Fund and shall be available for the payment of losses, dividends, refunds, and other benefits provided for under such insurance, including such liabilities as shall have been or shall hereafter be reduced to judgment in a district court of the United States or the United States District Court for the District of Columbia, and for the reimbursement of administrative costs under subsection (c). Payments from this fund shall be made upon and in accordance with awards by the Secretary.
**(b)** The Secretary is authorized to set aside out of the funds so collected such reserve funds as may be required, under accepted actuarial principles, to meet all liabilities under such insurance; and the Secretary of the Treasury is authorized to invest and reinvest the said United States Government Life Insurance Fund, or any part thereof, in interest-bearing obligations of the United States or bonds of the Federal farm-loan banks and to sell said obligations of the United States or the bonds of the Federal farm-loan banks for the purposes of such Fund.
**(c)**
(1) For each fiscal year for which this subsection is in effect, the Secretary shall, from the United States Government Life Insurance Fund, reimburse the “General operating expenses” account of the Department for the amount of administrative costs determined under paragraph (2) for that fiscal year. Such reimbursement shall be made from any surplus earnings for that fiscal year that are available for dividends on such insurance after claims have been paid and actuarially determined reserves have been set aside. However, if the amount of such administrative costs exceeds the amount of such surplus earnings, such reimbursement shall be made only to the extent of such surplus earnings.
(2) The Secretary shall determine the administrative costs to the Department for a fiscal year for which this subsection is in effect which, in the judgment of the Secretary, are properly allocable to the provision of United States Government Life Insurance (and to the provision of any total disability income insurance added to the provision of such insurance).
(3) This subsection shall be in effect only with respect to fiscal year 1996.
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Federal law — U.S. Code and appendices · legal_authorities
**(a)** The following programs shall be exempt from sequestration or reduction under part C of the Balanced Budget and Emergency Deficit Control Act of 1985 ([2 U.S.C. 901](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title2-section901&num=0&edition=prelim) et seq.) or any other sequestration law and shall not be included in any report specifying reductions in Federal spending:
(1) Benefits under chapter 21 of this title, relating to specially adapted housing and mortgage-protection life insurance for certain veterans with service-connected disabilities.
(2) Benefits under [section 2307 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title38-section2307&num=0&edition=prelim), relating to burial benefits for veterans who die as the result of a service-connected disability.
(3) Benefits under chapter 39 of this title, relating to automobiles and adaptive equipment for certain disabled veterans and members of the Armed Forces.
(4) Assistance and services under chapter 31 of this title, relating to training and rehabilitation for certain veterans with service-connected disabilities.
(5) Benefits under chapter 35 of this title, relating to educational assistance for survivors and dependents of certain veterans with service-connected disabilities.
(6) Benefits under subchapters I, II, and III of chapter 37 of this title, relating to housing loans for certain veterans and for the spouses and surviving spouses of certain veterans.
**(b)** The following accounts of the Department shall be exempt from sequestration or reduction under part C of the Balanced Budget and Emergency Deficit Control Act of 1985 ([2 U.S.C. 901](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title2-section901&num=0&edition=prelim) et seq.) o
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Federal law — U.S. Code and appendices · legal_authorities
Page 523
TITLE 38—VETERANS’ BENEFITS
§ 1955
Pub. L. 97–66, title IV, § 403(b), Oct. 17, 1981, 95
Stat. 1031; Pub. L. 99–576, title VII, § 701(32), Oct.
28, 1986, 100 Stat. 3293; renumbered § 1952 and
amended Pub. L. 102–83, §§ 4(b)(1), (2)(E), 5(a),
Aug. 6, 1991, 105 Stat. 404–406; Pub. L. 108–183,
title I, § 103(b), Dec. 16, 2003, 117 Stat. 2655; Pub.
L. 117–313, § 2(b), Dec. 27, 2022, 136 Stat. 4399.)
Editorial Notes
AMENDMENTS
2022—Subsec. (c)(1)(A). Pub. L. 117–313, § 2(b)(1), sub-
stituted ‘‘one year’’ for ‘‘two years’’.
Subsec. (c)(1)(B). Pub. L. 117–313, § 2(b)(2), substituted
‘‘two years’’ for ‘‘four years’’.
2003—Subsec. (c). Pub. L. 108–183 added subsec. (c).
1991—Pub. L. 102–83 renumbered section 752 of this
title as this section and substituted ‘‘Secretary’’ for
‘‘Administrator’’ in subsecs. (a) and (b).
1986—Subsec. (a). Pub. L. 99–576 substituted ‘‘the
right’’ for ‘‘his right’’ in two places.
1981—Subsec. (a). Pub. L. 97–66 inserted provision em-
powering beneficiaries, in the case of insurance matur-
ing after Sept. 30, 1981, and for which the insured has
not exercised the right of election of the insured as pro-
vided in this subchapter, to elect to receive payment of
the insurance in one sum.
1970—Pub. L. 91–291 designated existing provisions as
subsec. (a) and added subsec. (b).
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE OF 2022 AMENDMENT
Amendment by Pub. L. 117–313 applicable with re-
spect to the death of an insured person occurring on or
after the date that is two years before Dec. 27, 2022, see
section 2(c) of Pub. L. 117–313, set out as a note under
section 1917 of this title.
EFFECTIVE DATE OF 2003 AMENDMENT
Amendment by Pub. L. 108–183 effective Oct. 1, 2004,
see section 103(c) of Pub. L. 108–183, set o
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