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Federal Register / Vol. 86, No. 109 / Wednesday, June 9, 2021 / Rules and Regulations home.treasury.gov/policy-issues/
financial-markets-financial-institutionsand-fiscal-service/federal-insuranceoffice/terrorism-risk-insurance-program.

DEPARTMENT OF VETERANS
AFFAIRS

10. Amend 50.90 by revising paragraph c to read as follows:

50.90 Mandatory and discretionary recoupment.

Extension of Veterans Group Life Insurance VGLI Application Periods in Response to the COVID19 Public Health Emergency

AGENCY:

c If the Secretary imposes a federal terrorism policy surcharge as provided in paragraph a of this section, then the required amounts, based upon the extent to which payments for the Federal Share of Compensation have been made by the collection deadlines in section 103e7E of the Act, shall be collected in accordance with such deadlines:
1 For any act of terrorism that occurs on or before December 31, 2022, the Secretary shall collect all required amounts by September 30, 2024;
2 For any act of terrorism that occurs between January 1, 2023 and December 31, 2023, the Secretary shall collect 35%
of any required amounts by September 30, 2024, and the remainder by September 30, 2029; and 3 For any act of terrorism that occurs on or after January 1, 2024, the Secretary shall collect all required amounts by September 30, 2029.
11. Amend 50.103 by revising paragraph a as to read as follows:

50.103 Procedure for requesting approval of proposed settlements.

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a Submission of notice. Insurers must request advance approval of a proposed settlement by submitting a notice of the proposed settlement and other required information in writing to the Terrorism Risk Insurance Program Office or its designated representative.
The address where notices are to be submitted will be available at https
home.treasury.gov/policy-issues/
financial-markets-financial-institutionsand-fiscal-service/federal-insuranceoffice/terrorism-risk-insurance-program following any certification of an act of terrorism pursuant to section 1021 of the Act.

Dated: June 3, 2021.
Steven E. Seitz, Director, Federal Insurance Office, performing the Delegable Duties of the Assistant Secretary for Financial Institutions.
FR Doc. 202112014 Filed 6821; 8:45 am BILLING CODE 481025P

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38 CFR Part 9
RIN 2900AR24

ACTION:

Department of Veterans Affairs.
Interim final rule.

The Department of Veterans Affairs VA is issuing this interim final rule to extend the deadline for former members insured under Servicemembers Group Life Insurance SGLI to apply for VGLI coverage following separation from service in order to address the inability of former members directly or indirectly affected by the 2019 Novel Coronavirus COVID
19 public health emergency to purchase VGLI. This rule will be in effect until December 11, 2021.
DATES: This interim final rule is effective June 9, 2021.
Comment date: Comments must be received on or before July 9, 2021.
ADDRESSES: Comments may be submitted through www.Regulations.gov or mailed to Director, VA Insurance Service 29, 5000 Wissahickon Avenue, Philadelphia, PA 19144. Please note that due to circumstances associated with the COVID19 pandemic, VA
discourages the submission of comments by mail. Comments should indicate that they are submitted in response to RIN 2900AR24 Interim Final RuleExtension of VGLI
Application Periods in Response to the COVID19 Public Health Emergency.
Comments received will be available at regulations.gov for public viewing, inspection or copies.
FOR FURTHER INFORMATION CONTACT: Paul Weaver, Department of Veterans Affairs Insurance Service 310/290B, 5000
Wissahickon Avenue, Philadelphia, PA
19144, 215 8422000, ext. 4263. This is not a toll-free number.
SUPPLEMENTARY INFORMATION: Section 1977 of title 38, United States Code, authorizes the VGLI program, which provides former members separating from service with the option of converting existing SGLI coverage into renewable, 5-year term group life insurance coverage in amounts ranging from $10,000 to $400,000 based upon the amount of SGLI coverage. See 38
U.S.C. 1967a, 1968b1A, 1977a, b. Section 9.2 of title 38, Code of Federal Regulations, provides the effective dates of VGLI coverage and SUMMARY:

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application requirements. VGLI
coverage may be granted if an application, the initial premium, and evidence of insurability are received within 1 year and 120 days following termination of duty. 38 CFR 9.2c.
Evidence of insurability is not required during the initial 240 days following termination of duty. Id.
On October 7, 2020, VA published a final rule in the Federal Register 85 FR
63208 that amended 38 CFR 9.2 by adding new paragraph f1 to extend by 90 days the time periods under 38
CFR 9.2c during which former members may apply for VGLI. Thus, former members who submit a VGLI
application and the initial premium within 330 days following separation from service will not be required to submit evidence of insurability. Former members who do not apply for VGLI
within 330 days following separation from service may still receive VGLI
coverage if they apply for the coverage within 1 year and 210 days following separation from service and submit the initial premium and evidence of insurability. The 90-day extensions for former members to apply for VGLI are in effect from June 11, 2020, through June 11, 2021. Between June 11, 2020
and March 31, 2021, 14,855 former members utilized these 90-day extensions to purchase VGLI coverage.
The rationale for applying the rule for one year was that VA is obligated to manage VGLI according to sound and accepted actuarial principles see 38
U.S.C. 1977c, f, g, and that VA
would be able to utilize this one-year time period to gather and analyze data on VGLI claims experience to determine if it would be actuarially sound to further extend the applicability date.
VGLI is funded by premiums from insured Veterans, and VA has determined that current premium amounts that insured Veterans pay for VGLI coverage are sufficient to absorb the cost of any additional VGLI claims that would be paid due to VA extending that application deadline period for an additional six months. Considering the continuing challenges involved with obtaining necessary medical records brought about by the COVID19
pandemic, and that VA has determined that it would be actuarially sound to extend VGLI application deadlines, VA
will be extending the deadline for VGLI
applications received between June 12, 2021 and December 11, 2021. This interim final rulemaking will continue to provide separating service members an additional 90 days to apply for VGLI
during the COVID19 pandemic and is intended to ease some of the financial consequences of the COVID19

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