S. 3718 (111th): SAVINGS Act of 2010

Introduced:
Aug 05, 2010 (111th Congress, 2009–2010)
Sponsor:
Sen. Benjamin Cardin [D-MD]
Status:
Died (Referred to Committee)
See Instead:

H.R. 5993 (same title)
Passed House — Sep 29, 2010

The bill’s title was written by the bill’s sponsor. S. stands for Senate bill.

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Status

This bill was introduced on August 5, 2010, in a previous session of Congress, but was not enacted.

Progress
Introduced Aug 05, 2010
Referred to Committee Aug 05, 2010
Cosponsors
none
Committees

Senate Veterans' Affairs

The committee chair determines whether a bill will move past the committee stage.

Full Title

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.

Summary

No summaries available.

Text

Read Bill Text »

Last updated Aug 05, 2010.
6 pages

Primary Source

View on THOMAS (The Library of Congress)

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Citation

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

8/5/2010--Introduced.
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 advantages and disadvantages of maintaining such payment with the company versus a financial institution.
Prohibits a company from charging fees to a payee for maintaining such payment with the company.
Requires the insured to be given the option of specifying the manner of disbursement of insurance proceeds.
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.

House Republican Conference Summary

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.

No summary available.

House Democratic Caucus Summary

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The bill contains the following citations to other parts of U.S. law:

United States Code

The United States Code is the compilation of permanent laws enacted by Congress. Temporary and other non-permanent laws do not appear in the United States Code. (About half of the United States Code is the law itself, called positive law. The other half is merely a compilation of the laws but has no legal significance.)