(a)Subject to subsection (b) of this section, the Secretary may pay interest on the proceeds of a United States Government Life 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.
(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) shall be at the rate that is established by the Secretary for dividends held on credit or deposit in policyholders’ accounts.
1991—Pub. L. 102–83renumbered section
763 of this title as this section and substituted “Secretary” for “Administrator” wherever appearing.
Section effective with respect to insurance policies maturing after Nov. 18, 1988, see section 1401(a)(3) ofPub. L. 100–687, set out as a note under section
1928 of this title.
The table below lists the classification updates, since Jan. 3, 2012, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.
The most recent Classification Table update that we have noticed was Tuesday, August 13, 2013
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Description of Change
Statutes at Large
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