Securing America's Veterans Insurance Needs and Goals Act of 2010 or SAVINGS Act of 2010 - Requires a life insurance company, in order to provide life insurance for veterans under the Servicemembers' Group Life Insurance program, to: (1) provide financial counseling to the beneficiary or other person entitled to payment upon the establishment of a valid claim; and (2) include full disclosure with respect to such payment, including specified information with respect to interest payable and the various methods of receiving payment(s). Prohibits a company from charging fees to a payee for maintaining such payment with the company. Directs the Secretary of Veterans Affairs (VA) to include in each annual performance and accountability report submitted to Congress information concerning individuals receiving the counseling and disclosures required under this Act.
Requires: (1) the Director of the VA's Office of Survivor Assistance to attend each meeting of the Advisory Council on Servicemembers' Group Life Insurance; and (2) the Secretary to ensure that such Office has the necessary personnel to provide information on the receipt of such counseling.
[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5993 Introduced in House (IH)]
111th CONGRESS
2d Session
H. R. 5993
To amend title 38, United States Code, to ensure that beneficiaries of
Servicemembers' Group Life Insurance receive financial counseling and
disclosure information regarding life insurance payments, and for other
purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
July 30, 2010
Mrs. Halvorson (for herself, Mr. Filner, Mr. Hall of New York, and Ms.
Pingree of Maine) introduced the following bill; which was referred to
the Committee on Veterans' Affairs
_______________________________________________________________________
A BILL
To amend title 38, United States Code, to ensure that beneficiaries of
Servicemembers' Group Life Insurance receive financial counseling and
disclosure information regarding life insurance payments, and for other
purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Securing America's Veterans
Insurance Needs and Goals Act of 2010'' or the ``SAVINGS Act of 2010''.
SEC. 2. FINANCIAL COUNSELING AND DISCLOSURE INFORMATION FOR
SERVICEMEMBERS' GROUP LIFE INSURANCE BENEFICIARIES.
(a) Financial Counseling and Disclosure Information.--
(1) In general.--Section 1966 of title 38, United States
Code, is amended by adding at the end the following new
subsection:
``(e)(1) In order to be an eligible life insurance company under
this section, a life insurance company shall provide financial
counseling to a beneficiary or other person otherwise entitled to
payment upon the establishment of a valid claim under section 1970(a)
of this title.
``(2) The financial counseling provided pursuant to paragraph (1)
shall--
``(A) be provided both orally and in writing; and
``(B) include full disclosure with respect to the payment
of the claim, including, at a minimum--
``(i) a comparison of the advantages and
disadvantages of maintaining such payment with the life
insurance company and maintaining such payment with a
financial institution;
``(ii) a comparison of the rate of interest bearing
to such payment if the payment is maintained with the
life insurance company and if the payment is maintained
with a financial institution;
``(iii) an explanation of whether maintaining such
payment with the life insurance company results in the
payment not being insured by the Federal Deposit
Insurance Corporation; and
``(iv) other relevant information.
``(3) In order to be an eligible life insurance company under this
section, a life insurance company may not charge any fees to a
beneficiary or other person otherwise entitled to payment upon the
establishment of a valid claim under section 1970(a) with respect to
maintaining such payment with the company.
``(4) The Secretary shall include in each annual performance and
accountability report submitted by the Secretary to Congress
information concerning--
``(A) the number of individuals who received financial
counseling under paragraph (1);
``(B) the information received by such individuals during
such counseling; and
``(C) any recommendations, complaints, or other information
with respect to such counseling that the Secretary considers
relevant.''.
(2) Regulations.--The Secretary of Veterans Affairs shall
prescribe regulations to carry out section 1966(e) of title 38,
United States Code, as added by paragraph (1).
(b) Office of Survivors Assistance.--
(1) Advisory role.--Subsection (b) of section 321 of such
title is amended--
(A) by striking ``The Office'' and inserting ``(1)
The Office''; and
(B) by adding at the end the following:
``(2) The Director of the Office shall attend each meeting of the
Advisory Council on Servicemembers' Group Life Insurance under section
1974 of this title.''.
(2) Resources.--Subsection (d) of such section is amended--
(A) by striking ``The Secretary'' and inserting
``(1) The Secretary''; and
(B) by adding at the end the following:
``(2) In carrying out paragraph (1), the Secretary shall ensure
that the Office has the personnel necessary to serve as a resource to
provide individuals described in paragraph (1) and (2) of subsection
(a) with information on how to receive the Servicemembers' Group Life
Insurance financial counseling pursuant to section 1966(e)(1) of this
title.''.
<all>
Introduced in House
Introduced in House
Referred to the House Committee on Veterans' Affairs.
Committee Consideration and Mark-up Session Held.
Ordered to be Reported (Amended) by Voice Vote.
Reported (Amended) by the Committee on Veterans' Affairs. H. Rept. 111-628.
Reported (Amended) by the Committee on Veterans' Affairs. H. Rept. 111-628.
Placed on the Union Calendar, Calendar No. 368.
Mr. Filner moved to suspend the rules and pass the bill, as amended.
Considered under suspension of the rules. (consideration: CR H7020-7027)
DEBATE - The House proceeded with forty minutes of debate on H.R. 5993.
At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
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Considered as unfinished business. (consideration: CR H7258)
Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 358 - 66 (Roll no. 552).(text: CR 9/28/2010 H7020-7021)
Roll Call #552 (House)On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 358 - 66 (Roll no. 552). (text: CR 9/28/2010 H7020-7021)
Roll Call #552 (House)Motion to reconsider laid on the table Agreed to without objection.
Received in the Senate and Read twice and referred to the Committee on Veterans' Affairs.