Expansion of Department of Veterans Affairs life insurance program

(a) In general Section 1922B of title 38, United States Code, is amended— (1) in subsection (a)— (A) in paragraph (1), by striking service-disabled; (B) by striking paragraph (3); and (C) by redesignating paragraphs (4) through (6) as paragraphs (3) through (5), respsectively; and (2) in subsection (b), by striking the veteran has a service-connected disability and all that follows through the period at the end of paragraph (2) and inserting the following: the veteran submits an application for such insurance before the veteran attains 81 years of age. (b) Clerical amendment (1) Section heading Such section is further amended by striking the section heading and inserting the following: 1922B. Veterans life insurance. (2) Table of sections The table of sections at the beginning of chapter 19 of such title is amended by striking the item relating to section 1922B and inserting the following new item: 1922B. Veterans life insurance.. (c) Report Not later than two years after the date of the enactment of this Act, the Secretary of Veterans Affairs shall complete a study on the veterans life insurance program under section 1922B of such title (as amended by this Act) and submit to the Committees on Veterans Affairs of the House of Representatives and the Senate a report that includes, with respect to the period covered by the report— (1) the number of— (A) veterans enrolled in such program; (B) claims filed pursuant to such program; (C) insurance payments made by the Secretary to claimants pursuant to such program; (D) the total amount of insurance payments described in subparagraph (C); and (E) contracts or policies for insurance under chapter 19 of such title cancelled or voided by the Secretary pursuant to section 1910 of such title (as amended by this Act) due to administrative error (as defined in such section); (2) an evaluation of— (A) the solvency and financial stability of such program; and (B) the sufficiency of premiums under such program; and (3) a statement of the cost savings to the United States resulting from the cancellation or voiding by the Secretary, pursuant to section 1910 of such title (as amended by this Act), of contracts or policies of insurance due to administrative error (as defined in such section). (d) Effective date The amendments made by this section shall take effect on the date that is one year after the date of the enactment of this Act.