---
kind: "section"
citation: "38 U.S.C. § 1955"
title: "38"
title_heading: "Veterans’ Benefits"
number: "1955"
heading: "United States Government Life Insurance Fund"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/38/1955"
units:
  - "Part II — General Benefits"
  - "Chapter 19 — Insurance"
  - "Subchapter II — United States Government Life Insurance"
---

# §1955. United States Government Life Insurance Fund

- (a) All premiums paid on account of United States Government life [insurance](/usc/38/1901.md?p=1) shall be deposited and covered into the Treasury to the credit of the United States Government Life [Insurance](/usc/38/1901.md?p=1) Fund and shall be available for the payment of losses, dividends, refunds, and other benefits provided for under such [insurance](/usc/38/1901.md?p=1), including such liabilities as shall have been or shall hereafter be reduced to judgment in a district court of the United States or the United States District Court for the District of Columbia, and for the reimbursement of administrative costs under [subsection (c)](#c). Payments from this fund shall be made upon and in accordance with awards by the [Secretary](/usc/38/101.md?p=1).
- (b) The [Secretary](/usc/38/101.md?p=1) is authorized to set aside out of the funds so collected such [reserve](/usc/38/101.md?p=26) funds as may be required, under accepted actuarial principles, to meet all liabilities under such [insurance](/usc/38/1901.md?p=1); and the [Secretary](/usc/38/101.md?p=1) of the Treasury is authorized to invest and reinvest the said United States Government Life [Insurance](/usc/38/1901.md?p=1) Fund, or any part thereof, in interest-bearing obligations of the United States or bonds of the Federal farm-loan banks and to sell said obligations of the United States or the bonds of the Federal farm-loan banks for the purposes of such Fund.
- (c)
  - (1) For each fiscal year for which this subsection is in effect, the [Secretary](/usc/38/101.md?p=1) shall, from the United States Government Life [Insurance](/usc/38/1901.md?p=1) Fund, reimburse the “General operating expenses” account of the [Department](/usc/38/101.md?p=1) for the amount of administrative costs determined under [paragraph (2)](#c-2) for that fiscal year. Such reimbursement shall be made from any surplus earnings for that fiscal year that are available for dividends on such [insurance](/usc/38/1901.md?p=1) after claims have been paid and actuarially determined [reserves](/usc/38/101.md?p=26) have been set aside. However, if the amount of such administrative costs exceeds the amount of such surplus earnings, such reimbursement shall be made only to the extent of such surplus earnings.
  - (2) The [Secretary](/usc/38/101.md?p=1) shall determine the administrative costs to the [Department](/usc/38/101.md?p=1) for a fiscal year for which this subsection is in effect which, in the judgment of the [Secretary](/usc/38/101.md?p=1), are properly allocable to the provision of United States Government Life [Insurance](/usc/38/1901.md?p=1) (and to the provision of any total [disability](/usc/38/1701.md?p=1) income [insurance](/usc/38/1901.md?p=1) added to the provision of such [insurance](/usc/38/1901.md?p=1)).
  - (3) This subsection shall be in effect only with respect to fiscal year 1996.

## Source credit

(Pub. L. 85–857, Sept. 2, 1958, 72 Stat. 1161, § 755; renumbered § 1955 and amended Pub. L. 102–83, §§ 4(b)(1), (2)(E), 5(a), Aug. 6, 1991, 105 Stat. 404–406; Pub. L. 104–99, title II, § 201(b), Jan. 26, 1996, 110 Stat. 36.)

## Notes

### Editorial Notes

### Codification

Amendment by Pub. L. 104–99 is based on section 107(3) of H.R. 2099, One Hundred Fourth Congress, as passed by the House of Representatives on Dec. 7, 1995, which was enacted into law by Pub. L. 104–99.

### Amendments

1996—Subsec. (a). Pub. L. 104–99 inserted “, and for the reimbursement of administrative costs under subsection (c)” after “District of Columbia”.

Subsec. (c). Pub. L. 104–99 added subsec. (c).

1991—Pub. L. 102–83 renumbered section 755 of this title as this section and substituted “Secretary” for “Administrator” in subsecs. (a) and (b).