
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: 38USC1966]

 
                      TITLE 38--VETERANS' BENEFITS
 
                        PART II--GENERAL BENEFITS
 
                          CHAPTER 19--INSURANCE
 
          SUBCHAPTER III--SERVICEMEMBERS' GROUP LIFE INSURANCE
 
Sec. 1966. Eligible insurance companies

    (a) The Secretary is authorized, without regard to section 3709 of 
the Revised Statutes, as amended (41 U.S.C. 5), 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.

(Added Pub. L. 89-214, Sec. 1(a), Sept. 29, 1965, 79 Stat. 880, 
Sec. 766; amended Pub. L. 97-295, Sec. 4(29), Oct. 12, 1982, 96 Stat. 
1307; Pub. L. 99-576, title VII, Sec. 701(36), Oct. 28, 1986, 100 Stat. 
3293; renumbered Sec. 1966 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 766 of this title as this 
section and substituted ``Secretary'' for ``Administrator'' wherever 
appearing.
    1986--Subsec. (c). Pub. L. 99-576, Sec. 701(36)(A), substituted 
``the Administrator'' for ``him''.
    Subsec. (d). Pub. L. 99-576, Sec. 701(36)(B), substituted ``the 
Administrator'' for ``he''.
    1982--Subsec. (a). Pub. L. 97-295 substituted ``percent'' for ``per 
centum''.

                  Section Referred to in Other Sections

    This section is referred to in sections 1965, 1967, 1969, 1970, 
1971, 1972, 1977 of this title.
