A policy purchased under this chapter shall provide for an accounting to the Office of Personnel Management not later than 90 days after the end of each policy year. The accounting shall set forth, in a form approved by the Office-
An excess of the total of paragraph (1) of this section over the sum of paragraphs (2) and (3) of this section shall be held by the company issuing the policy as a special contingency reserve to be used by the company only for charges under the policy. The reserve shall bear interest at a rate determined in advance of each policy year by the company and approved by the Office as being consistent with the rates generally used by the company for similar funds held under other group life insurance policies. When the Office determines that the special contingency reserve has attained an amount estimated by it to make satisfactory provision for adverse fluctuations in future charges under the policy, any further excess shall be deposited in the Treasury of the United States to the credit of the Employees' Life Insurance Fund. When a policy is discontinued, any balance remaining in the special contingency reserve after all charges have been made shall be deposited in the Treasury to the credit of the Fund. The company may make the deposit in equal monthly installments over a period of not more than 2 years.
5 U.S.C. § 8712
HISTORICAL AND REVISION NOTE | ||
Derivation | U.S. Code | Revised Statutes and Statutes at Large |
5 U.S.C. 2097(d) . | Aug. 17, 1954, ch. 752, §8(d), 68 Stat. 741. |
EDITORIAL NOTES
AMENDMENTS1978- Pub. L. 95-454 substituted "Office of Personnel Management" and "Office" for "Civil Service Commission" and "Commission", respectively.
STATUTORY NOTES AND RELATED SUBSIDIARIES
EFFECTIVE DATE OF 1978 AMENDMENT Amendment by Pub. L. 95-454 effective 90 days after Oct. 13, 1978, see section 907 of Pub. L. 95-454 set out as a note under section 1101 of this title.