
From the U.S. Code Online via GPO Access
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[Laws in effect as of January 23, 2000]
[Document not affected by Public Laws enacted between
  January 23, 2000 and December 4, 2001]
[CITE: 38USC1955]

 
                      TITLE 38--VETERANS' BENEFITS
 
                        PART II--GENERAL BENEFITS
 
                          CHAPTER 19--INSURANCE
 
         SUBCHAPTER II--UNITED STATES GOVERNMENT LIFE INSURANCE
 
Sec. 1955. United States Government Life Insurance Fund

    (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.

(Pub. L. 85-857, Sept. 2, 1958, 72 Stat. 1161, Sec. 755; renumbered 
Sec. 1955 and amended Pub. L. 102-83, Secs. 4(b)(1), (2)(E), 5(a), Aug. 
6, 1991, 105 Stat. 404-406; Pub. L. 104-99, title II, Sec. 201(b), Jan. 
26, 1996, 110 Stat. 36.)

                          Codification

    Amendment by Pub. L. 104-99 is based on section 107(3) of H.R. 2099, 
One Hundred Fourth Congress, as passed by the House of Representatives 
on Dec. 7, 1995, which was enacted into law by Pub. L. 104-99.


                               Amendments

    1996--Subsec. (a). Pub. L. 104-99 inserted ``, and for the 
reimbursement of administrative costs under subsection (c)'' after 
``District of Columbia''.
    Subsec. (c). Pub. L. 104-99 added subsec. (c).
    1991--Pub. L. 102-83 renumbered section 755 of this title as this 
section and substituted ``Secretary'' for ``Administrator'' in subsecs. 
(a) and (b).

                  Section Referred to in Other Sections

    This section is referred to in sections 113, 1982 of this title.
