SAVINGS Act of 2010

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 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.

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Timeline

1. 5 August 2010

   Introduced

   Read twice and referred to the Committee on Veterans' Affairs.

   Source: IntroReferral

2. 5 August 2010

   Introduced

   Sponsor introductory remarks on measure. (CR S6890)

   Source: IntroReferral

3. 5 August 2010

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 5 August 2010 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 5 August 2010

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 5 August 2010

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 5 August 2010

  Open at official source

Sponsors

• Rep. Cardin, Benjamin L. [D-MD-3] · D · Sponsor
• · ssva00 · Standing

Related records

• related to → SAVINGS Act of 2010