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Federal Register / Vol. 86, No. 195 / Wednesday, October 13, 2021 / Proposed Rules
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Files/Research/Exp-Study/research2013-gisi-study.pdf last visited Aug. 5, 2021. Thus, we propose to amend 8.2c to require policyholders receiving future issue of SDVI to submit premiums on the policy monthly due date or in advance on an annual basis. Veterans who were previously insured under SDVI will retain the option of paying premiums on a monthly basis or in advance on a quarterly, semi-annual, or annual basis.
The proposed amendment is consistent with 38 CFR 8.4, which allows Veteran policyholders to pay premiums by a monthly deduction from disability compensation or certain other payments due from VA. The proposed rule would also apply to Veteran policyholders who become insured under 38 U.S.C.
1922Ba1. On January 1, 2023, VA
will begin issuing policies under a new service-disabled Veterans insurance program, authorized by section 2004a1 of the Johnny Isakson and David P. Roe, M.D. Veterans Health Care and Benefits Improvement Act of 2020, Pub. L. 116315, and codified at 38
U.S.C. 1922B. In addition, we would add a paragraph in 8.2c to make clear that NSLI, VSLI, and VRI policyholders, as well as current SDVI policyholders, may continue to pay premiums on a monthly basis or in advance on an annual, semi-annual, or quarterly basis.
2. Adjust Policy Loan Amounts and Interest Rates Section 1906 of title 38, U.S.C., provides VA discretion to provide reasonable and practicable provisions pertaining to cash and loan values by publishing regulations. In 38 CFR
8.13a, VA states that the United States will lend to the insured . . . any amount which will not exceed 94
percent of the policys reserve.
Standard insurance industry practice allows policyholders access to the full cash value of their policies. To align with standard insurance industry practice, VA proposes to provide Veteran policyholders with access to the full cash value that policies accrue over the time period in which Veteran policyholders pay premiums for life insurance coverage. Thus, VA proposes to remove from 8.13a the 94 percent limit on the amount that Veteran policyholders may borrow.
In addition, managing multiple loans for a single policyholder is administratively complex and costly.
Furthermore, it would be cost prohibitive to modify current technology to support multiple loans for one policyholder. Thus, VA proposes to amend 8.13d to require Veteran policyholders with existing fixed-rate
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loans who want to apply for additional loans on their policies to refinance these existing fixed-rate loans into new variable-rate loans subject to a new loan rate equal to variable loan rates available from VA at the time of the loan application. This practice is acceptable within the insurance industry and would allow VA to offer loans against the remaining available cash value of Veterans life insurance coverage, and reduce administrative complexity and costs associated with managing multiple loans for a single policyholder.
Executive Orders 12866 and 13563
Executive Orders 12866 and 13563
direct agencies to assess the costs and benefits of available regulatory alternatives and, when regulation is necessary, to select regulatory approaches that maximize net benefits including potential economic, environmental, public health and safety effects, and other advantages;
distributive impacts; and equity.
Executive Order 13563 Improving Regulation and Regulatory Review emphasizes the importance of quantifying both costs and benefits, reducing costs, harmonizing rules, and promoting flexibility. The Office of Information and Regulatory Affairs has determined that this rule is not a significant regulatory action under Executive Order 12866. The Regulatory Impact Analysis associated with this rulemaking can be found as a supporting document at www.regulations.gov.
Regulatory Flexibility Act The Secretary hereby certifies that this proposed rule would not have a significant economic impact on a substantial number of small entities as they are defined in the Regulatory Flexibility Act, 5 U.S.C. 601612. This proposed rule would directly affect only individuals and would not directly affect any small entities. Therefore, pursuant to 5 U.S.C. 605b, the initial and final regulatory flexibility analysis requirements of 5 U.S.C. 603 and 604 do not apply.
Unfunded Mandates
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tribal governments, or on the private sector.
Paperwork Reduction Act This proposed rule contains no provisions constituting a collection of information under the Paperwork Reduction Act of 1995 44 U.S.C. 3501
3521.
Catalog of Federal Domestic Assistance The Catalog of Federal Domestic Assistance numbers and titles for the programs affected by this document are 64.030, Life Insurance for Veterans Face Amount of New Life Insurance Policies Issued, and 64.031-Life Insurance for VeteransDirect Payments for Insurance.
List of Subjects in 38 CFR Part 8
Disability benefits, Life insurance, Loan programsveterans, Military personnel, Veterans.
Signing Authority Denis McDonough, Secretary of Veterans Affairs, approved this document on September 14, 2021, and authorized the undersigned to sign and submit the document to the Office of the Federal Register for publication electronically as an official document of the Department of Veterans Affairs.
Jeffrey M. Martin, Assistant Director, Office of Regulation Policy & Management, Office of the Secretary, Department of Veterans Affairs.

For the reasons stated in the preamble, the Department of Veterans Affairs proposes to amend 38 CFR part 8 as set forth below:
PART 8NATIONAL SERVICE LIFE
INSURANCE
1. The authority citation for part 8
continues to read as follows:

Authority: 38 U.S.C. 501, 19011929, 19811988.

2. Amend 8.2 by revising paragraph c2 and adding paragraph c3 to read as follows:

8.2

Payment of premiums.

The Unfunded Mandates Reform Act of 1995 requires, at 2 U.S.C. 1532, that agencies prepare an assessment of anticipated costs and benefits before issuing any rule that may result in the expenditure by State, local, and tribal governments, in the aggregate, or by the private sector, of $100 million or more adjusted annually for inflation in any one year. This proposed rule would have no such effect on State, local, and
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c

2 Policyholders may pay premiums in advance on an annual basis.
3 Policyholders insured as of EFFECTIVE DATE OF THE FINAL
RULE may pay premiums in advance on an annual, semi-annual, or quarterly basis.

3. Amend 8.13:

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