50a U.S. Code Rule - Policy restrictions

(a) Dividends
While a policy is protected under this title [sections 541 to 549 of this Appendix], a dividend or other monetary benefit under a policy may not be paid to an insured or used to purchase dividend additions without the approval of the Secretary of Veterans Affairs. If such approval is not obtained, the dividends or benefits shall be added to the value of the policy to be used as a credit when final settlement is made with the insurer.
(b) Specific restrictions
While a policy is protected under this title [sections 541 to 549 of this Appendix], cash value, loan value, withdrawal of dividend accumulation, unearned premiums, or other value of similar character may not be available to the insured without the approval of the Secretary. The right of the insured to change a beneficiary designation or select an optional settlement for a beneficiary shall not be affected by the provisions of this title.

Source

(Oct. 17, 1940, ch. 888, title IV, § 405, as added Pub. L. 108–189, § 1,Dec. 19, 2003, 117 Stat. 2853.)
Prior Provisions

A prior section 545, acts Oct. 17, 1940, ch. 888, art. IV, § 405,54 Stat. 1184; Oct. 6, 1942, ch. 581, § 13,56 Stat. 775; Pub. L. 102–12, § 9(16),Mar. 18, 1991, 105 Stat. 40, related to deduction of unpaid premiums upon settlement of policies maturing during protection, prior to the general amendment of this Act by Pub. L. 108–189. See section 546 of this Appendix.

The table below lists the classification updates, since , 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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50aa USCDescription of ChangeSession YearPublic LawStatutes at Large

 

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