(a)The Secretary is authorized, without regard to section
6101(b) to (d) of title
41, 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.
2011—Subsec. (a). Pub. L. 111–350substituted “section
6101(b) to (d) of title
41” for “section 3709 of the Revised Statutes, as amended (41 U.S.C. 5)”.
1991—Pub. L. 102–83renumbered section
766 of this title as this section and substituted “Secretary” for “Administrator” wherever appearing.
1986—Subsec. (c). Pub. L. 99–576, § 701(36)(A), substituted “the Administrator” for “him”.
Subsec. (d). Pub. L. 99–576, § 701(36)(B), substituted “the Administrator” for “he”.
1982—Subsec. (a). Pub. L. 97–295substituted “percent” for “per centum”.
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
An empty table indicates that we see no relevant changes listed in the classification tables. If you suspect that our system may be missing something, please double-check with the Office of the Law Revision Counsel.