Veterans’ Mortgage Life Insurance–Coverage Amendment
Final rule.
CFR Part: "38 CFR Part 8a"
RIN Number: "RIN 2900-AP49"
Citation: "82 FR 48630"
Page Number: "48630"
"Rules and Regulations"
SUMMARY: This document amends
EFFECTIVE DATE: Effective
FOR FURTHER INFORMATION CONTACT:
SUPPLEMENTARY INFORMATION:
The comment period for the proposed rule ended on
The final rule amends the regulations to reflect that the maximum coverage amount is currently
Unfunded Mandates
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 an expenditure by State, local, and tribal governments, in the aggregate, or by the private sector, of
Paperwork Reduction Act
This final rule contains no provisions constituting a collection of information under the Paperwork Reduction Act of 1995 (44 U.S.C. 3501-3521).
Executive Orders 12866 and 13563
Executive Orders 12866 and 13563 direct agencies to assess all 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. Executive Order 12886 (Regulatory Planning and Review) defines a "significant regulatory action," which requires review by the
The economic, interagency, budgetary, legal, and policy implications of this regulatory action have been examined, and it has been determined not to be a significant regulatory action under Executive Order 12866.
Regulatory Flexibility Act
The Secretary of
Catalog of Federal Domestic Assistance
The Catalog of Federal Domestic Assistance number and title for the program affected by this document is 64.103, Life Insurance for Veterans.
List of Subjects in 38 CFR Part 8a
Life insurance, Mortgage insurance, Veterans.
Signing Authority
The Secretary of
Dated:
Director,
For the reasons stated in the preamble,
PART 8a--VETERANS MORTGAGE LIFE INSURANCE
1. The authority citation for part 8a continues to read as follows:
Authority: 38 U.S.C. 501, and 2101 through 2106, unless otherwise noted.
2. Amend
a. In paragraph (a), remove "veteran" each place it appears and add in its place "individual";
b. In paragraph (b), remove "veterans" the second time it appears and add in its place "individuals";
c. Revise paragraph (c);
d. In paragraph (d) and paragraph (e) introductory text, remove "veteran" and add in its place "individual";
e. Add paragraph (f); and
f. Add an authority citation to the end of the section.
The revision and additions read as follows:
* * * * *
(c) The term initial amount of insurance means the amount of insurance selected by the insured, which may be less than the statutory maximum of
* * * * *
(f) The term eligible individual means a person who has been determined by the Secretary to be eligible for benefits pursuant to 38 U.S.C. chapter 21.
(Authority: 38 U.S.C. 501, 2101, 2101A, 2106)
3. Amend
a. In paragraph (a), remove "veteran" each place it appears and add in its place "individual"; add "an initial amount of insurance" between "authorized" and "up"; and remove "
b. Revise paragraph (b)(1);
c. In paragraphs (b)(2) through (6), remove "veteran" each place it appears and add in its place "individual";
d. In paragraph (b)(7), remove "veterans" each place it appears and add in its place "individuals";
e. In paragraph (b)(8), remove "veterans" and add in its place "individuals"; remove "(date of final publication)" and add in its place "
f. In paragraph (c), remove "veteran" and add in its place "individual"; and
g. Revise the authority citation at the end of section.
The revision reads as follows:
* * * * *
(b) * * *
(1)
* * * * *
(Authority: 38 U.S.C. 501, 2101, 2101A, 2106)
4. Amend
a. In paragraphs (a) and (b), remove "veteran" each place it appears and add in its place "individual";
b. In paragraph (c), remove "a veteran" and add in its place "an individual", and remove "the veteran" each place it appears and add in its place "the individual";
c. In paragraphs (d) and (e), remove "veteran" each place it appears and add in its place "individual"; and
d. Add an authority citation to the end of the section.
The addition reads as follows:
* * * * *
(Authority: 38 U.S.C. 501, 2101, 2101A, 2106)
5. Amend
a. In paragraph (b), remove "
b. In paragraph (c), remove "$90,000" and add in its place "
c. Revise the authority citation at the end of section.
The revision reads as follows:
* * * * *
(Authority: 38 U.S.C. 501, 2101, 2101A, 2106)
[FR Doc. 2017-22667 Filed 10-18-17;
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