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house Bill H.R. 5993

SAVINGS Act of 2010

bill Progress


  • Not enacted
    The President has not signed this bill
  • The senate has not voted
      senate Committees
      Senate Committee on Veterans' Affairs
  • The house has not voted
      house Committees
      House Committee on Veterans' Affairs
    IntroducedJuly 30th, 2010

Bill Details

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Title

SAVINGS Act of 2010

Official Title

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.

Summary

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.

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