PlainBillCongress, translated.Legislation. Context. Public interest.Read twice and referred to the Committee on Veterans' Affairs.
Congressional Research Service
Version 00 · Introduced in Senate · Aug 5, 2010
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.
People & committees
Sen. Cardin, Benjamin L. [D-MD] · D–MD
Legislative record
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Read twice and referred to the Committee on Veterans' Affairs.
Sponsor introductory remarks on measure. (CR S6890)
Introduced in Senate
Primary sources
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Source last updated: Aug 14, 2025. Consult Congress.gov for the current record.
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