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.
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.
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.
Pub. L. 100–687, div. B, title XIV, § 1401(a)(2)102 Stat. 4128Pub. L. 102–83105 Stat. 404–406(Added , , , § 763; renumbered § 1963 and amended , §§ 4(b)(1), (2)(E), 5(a), , .)
Editorial Notes
Amendments
Pub. L. 102–83section 763 of this title1991— renumbered as this section and substituted “Secretary” for “Administrator” wherever appearing.
Statutory Notes and Related Subsidiaries
Effective Date
section 1401(a)(3) of Pub. L. 100–687section 1928 of this titleSection effective with respect to insurance policies maturing after , see , set out as a note under .