
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: 38USC1961]

 
                      TITLE 38--VETERANS' BENEFITS
 
                        PART II--GENERAL BENEFITS
 
                          CHAPTER 19--INSURANCE
 
         SUBCHAPTER II--UNITED STATES GOVERNMENT LIFE INSURANCE
 
Sec. 1961. Authority for higher interest rates for amounts 
        payable to beneficiaries
        
    Notwithstanding section 1944(b) of this title, if the beneficiary of 
an insurance policy issued under the provisions of this subchapter 
receives the proceeds of such policy under a settlement option under 
which such proceeds are paid in equal monthly installments over a 
limited period of months, the interest that may be added to each such 
installment may be at a rate that is higher than the interest rate 
prescribed in such section. The Secretary may from time to time 
establish a higher interest rate under the preceding sentence only in 
accordance with a determination that such higher rate is 
administratively and actuarially sound. Any such higher interest rate 
shall be paid on the unpaid balance of such monthly installments.

(Added Pub. L. 96-128, title III, Sec. 303(a), Nov. 28, 1979, 93 Stat. 
986, Sec. 761; renumbered Sec. 1961 and amended Pub. L. 102-83, 
Secs. 4(b)(1), (2)(E), 5(a), (c)(1), Aug. 6, 1991, 105 Stat. 404-406.)


                               Amendments

    1991--Pub. L. 102-83, Sec. 5(a), renumbered section 761 of this 
title as this section.
    Pub. L. 102-83, Sec. 5(c)(1), substituted ``1944(b)'' for 
``744(b)''.
    Pub. L. 102-83, Sec. 4(b)(1), (2)(E), substituted ``Secretary'' for 
``Administrator''.


                             Effective Date

    Section effective Nov. 28, 1979, see section 601(b) of Pub. L. 96-
128, set out as an Effective Date of 1979 Amendment note under section 
1114 of this title.
