10 U.S.C. § 12531 Purchase of Insurance

• Library: United States Statutes
• Edition: 2023 Edition
• Currency: Current through P.L. 118-13 (published on www.congress.gov on 08/07/2023),Current through P.L. 118-19 (published on www.congress.gov on 10/06/2023)
• Year: 2023
• Citation: 10 U.S.C. § 12531

(a) PURCHASE AUTHORIZED.-The Secretary may, instead of or in addition to underwriting the insurance program through the Fund, purchase from one or more insurance companies a policy or policies of group insurance in order to provide the benefits required under this chapter. The Secretary may waive any requirement for full and open competition in order to purchase an insurance policy under this subsection.

(b) ELIGIBLE INSURERS.-In order to be eligible to sell insurance to the Secretary for purposes of subsection (a), an insurance company shall-

(1) be licensed to issue insurance in each of the 50 States and in the District of Columbia; and

(2) as of the most recent December 31 for which information is available to the Secretary, have in effect at least one percent of the total amount of insurance that all such insurance companies have in effect in the United States.

(c) ADMINISTRATIVE PROVISIONS.-

(1) An insurance company that issues a policy for purposes of subsection (a) shall establish an administrative office at a place and under a name designated by the Secretary.