Page:United States Statutes at Large Volume 54 Part 1.djvu/1046

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PUBLIC LAWS-CH. 757-OCT. 8, 1940 Payments. National Service Life Insurance Fund. Payments. Reserve amounts. Cost of administra- tion. Funds available. Ante, p. 139. Excess mortality cost, etc. Benefits where death traceable to extra hazard of serv- ice. Transfer of sums. Transfer of amounts to cover waiver of premiums. Ante, p. 1011. Authority of Ad- ministrator. Veterans' Adminis- tration employees. liabilities under National Service Life Insurance. Payments from this appropriation shall be made upon and in accordance with awards by the Administrator. SEC. 605. (a) There is hereby created in the Treasury a permanent trust fund to be known as the National Service Life Insurance Fund. All premiums paid on account of National Service Life Insurance shall be deposited and covered into the Treasury to the credit of such fund, which, together with interest earned thereon, shall be available for the payment of liabilities under such insurance, including payment of dividends and refunds of unearned premiums. Payments from this fund shall be made upon and in accordance with awards by the Administrator. (b) The Administrator is authorized to set aside out of such fund such reserve amounts as may be required under accepted actuarial principles, to meet all liabilities under such insurance; and the Secre- tary of the Treasury is hereby authorized to invest and reinvest such fund, or any part thereof, in interest-bearing obligations of the United States or in obligations guaranteed as to principal and interest by the United States, and to sell such obligations for the purposes of such fund. SEC. 606. The United States shall bear the cost of administration in connection with this part, including expenses for medical examina- tions, printing and binding, and for such other expenditures as are necessary in the discretion of the Administrator. The appropriations made for the Veterans' Administration for the fiscal year 1941 for administrative expenses shall be available for the payment of such costs of administration under this part. SEC. 607. (a) The United States shall bear the excess mortality cost and the cost of waiver of premiums on account of total disability traceable to the extra hazard of military or naval service, as such hazard may be determined by the Administrator. (b) Whenever benefits under such insurance become payable because of the death of the insured as the result of disease or injury traceable to the extra hazard of military or naval service, as such hazard may be determined by the Administrator, the liability for payment of such benefits shall be borne by the United States in an amount which, when added to the reserve of the policy at the time of death of the insured, will equal the then value of such benefits under such policy. The Administrator is authorized and directed to trans- fer from time to time from the National Service Life Insurance appro- priation to the National Service Life Insurance Fund such sums as may be necessary to carry out the provisions of this section. (c) Whenever the premiums under such insurance are waived as provided in section 602 (n) because of the total disability of the insured as the result of disease or injury traceable to the extra hazard of military or naval service, as such hazard may be determined by the Administrator, the premiums so waived shall be paid by the United States and the Administrator is authorized and directed to transfer from time to time an amount equal to the amount of such premiums from the National Service Life Insurance appropriation to the National Service Life Insurance Fund. SEC. 608 . The Administrator, subject to the general direction of the President, shall administer, execute and enforce the provisions of this part, shall have power to make such rules and regulations, not incon- sistent with the provisions of this part, as are necessary or appropriate to carry out its purposes, and shall decide all questions arising here- under. All officers and employees of the Veterans' Administration shall perform such duties in connection with the administration of this part as may be assigned to them by the Administrator. All official [54 STAT. 1012