
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 23, 2000]
[Document not affected by Public Laws enacted between
  January 23, 2000 and December 4, 2001]
[CITE: 38USC1928]

 
                      TITLE 38--VETERANS' BENEFITS
 
                        PART II--GENERAL BENEFITS
 
                          CHAPTER 19--INSURANCE
 
              SUBCHAPTER I--NATIONAL SERVICE LIFE INSURANCE
 
Sec. 1928. Authority for payment of interest on settlements

    (a) Subject to subsection (b) of this section, the Secretary may pay 
interest on the proceeds of a participating National Service Life 
Insurance, Veterans' Special Life Insurance, and Veterans Reopened 
Insurance policy from the date the policy matures to the date of payment 
of the proceeds to the beneficiary or, in the case of an endowment 
policy, to the policyholder.
    (b)(1) The Secretary may pay interest under subsection (a) of this 
section only if the Secretary determines that the payment of such 
interest is administratively and actuarially sound for the settlement 
option involved.
    (2) Interest paid under subsection (a) of this section shall be at 
the rate that is established by the Secretary for dividends held on 
credit or deposit in policyholders' accounts under the insurance program 
involved.

(Added Pub. L. 100-687, div. B, title XIV, Sec. 1401(a)(1), Nov. 18, 
1988, 102 Stat. 4128, Sec. 728; renumbered Sec. 1928 and amended Pub. L. 
102-83, Secs. 4(b)(1), (2)(E), 5(a), Aug. 6, 1991, 105 Stat. 404-406.)


                               Amendments

    1991--Pub. L. 102-83 renumbered section 728 of this title as this 
section and substituted ``Secretary'' for ``Administrator'' wherever 
appearing.


                             Effective Date

    Section 1401(a)(3) of Pub. L. 100-687 provided that: ``The 
amendments made by this subsection [enacting this section and section 
763 [now 1963] of this title] shall take effect with respect to 
insurance policies maturing after the date of the enactment of this Act 
[Nov. 18, 1988].''
