Veterans' Mortgage Life Insurance-Coverage Amendment, 48630-48632 [2017-22667]
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48630
Federal Register / Vol. 82, No. 201 / Thursday, October 19, 2017 / Rules and Regulations
group’s income, deductions, gain, loss,
basis, or other items.
(3) Manner of making election. An
Institution or consolidated group makes
the election provided by this paragraph
(c) by including a written statement as
a part of the taxpayer’s or consolidated
group’s first annual federal income tax
return filed on or after October 19, 2017.
The statement must contain the
following legend at the top of the page:
‘‘THIS IS AN ELECTION UNDER
§ 1.597–7(c),’’ and must contain the
name, address, and taxpayer
identification number of the taxpayer or
agent for the group making the election.
The statement must include a
declaration that ‘‘TAXPAYER AGREES
TO EXTEND THE STATUTE OF
LIMITATIONS ON ASSESSMENT FOR
THREE YEARS FROM THE DATE OF
THE FILING OF THIS ELECTION
UNDER § 1.597–7(c), IF THE
LIMITATIONS PERIOD WOULD
EXPIRE EARLIER WITHOUT SUCH
EXTENSION, FOR ANY ITEMS
AFFECTED IN ANY TAXABLE YEAR
BY THE FILING OF THIS ELECTION,’’
and a declaration that either
‘‘AMENDED RETURNS WILL BE FILED
FOR ALL TAXABLE YEARS AFFECTED
BY THE FILING OF THIS ELECTION
WITHIN 180 DAYS OF MAKING THIS
STATEMENT, UNLESS SUCH
REQUIREMENT IS WAIVED IN
WRITING BY THE INTERNAL
REVENUE SERVICE’’ or ‘‘ALL
RETURNS PREVIOUSLY FILED ARE
CONSISTENT WITH THE PROVISIONS
OF §§ 1.597–1 THROUGH 1.597–6.’’ An
election with respect to a consolidated
group must be made by the agent for the
group, not an Agency, and applies to all
members of the group.
Kirsten Wielobob,
Deputy Commissioner for Services and
Enforcement.
Approved: August 22, 2017.
David J. Kautter,
Assistant Secretary for Tax Policy.
[FR Doc. 2017–21129 Filed 10–18–17; 8:45 am]
BILLING CODE 4830–01–P
DEPARTMENT OF VETERANS
AFFAIRS
38 CFR Part 8a
rmajette on DSKBCKNHB2PROD with RULES
RIN 2900–AP49
Veterans’ Mortgage Life Insurance—
Coverage Amendment
Department of Veterans Affairs.
Final rule.
AGENCY:
ACTION:
This document amends
Department of Veterans Affairs (VA)
SUMMARY:
VerDate Sep<11>2014
14:12 Oct 18, 2017
Jkt 244001
regulations governing the Veterans’
Mortgage Life Insurance (VMLI)
program in order to provide VMLIeligible individuals the option to lower
their premiums by purchasing less than
the minimum coverage amount required
under current VA regulations. The final
rule also amends current VA regulations
to reflect that the statutory maximum
amount of coverage available under the
VMLI program was previously increased
to $200,000, to define the term ‘‘eligible
individual,’’ and to clarify that
eligibility for VMLI coverage has been
extended to include servicemembers as
well as veterans.
DATES: Effective October 19, 2017.
FOR FURTHER INFORMATION CONTACT:
Jeanne King, Department of Veterans
Affairs Regional Office and Insurance
Center (310/290B), 5000 Wissahickon
Avenue, P.O. Box 8079, Philadelphia,
PA 19101, (215) 842–2000, ext. 4839
(this is not a toll-free number).
SUPPLEMENTARY INFORMATION: The
Veterans’ Mortgage Life Insurance
(VMLI) program was established in
1971, to provide mortgage protection
insurance to service-disabled veterans
who receive Specially Adapted Housing
Grants from VA. Section 2106(g) of title
38 of the United States Code mandates
that the amount of VMLI in force shall
be the amount necessary to pay the
covered mortgage indebtedness in full,
except as limited by section 2106(b) or
‘‘regulations prescribed by the Secretary
under this section.’’ Section 2106(b)
currently limits the amount of VMLI
available to $200,000. VA has
prescribed a regulation to reduce the
amount of VMLI coverage required.
Until VA exercised this regulatory
authority, program participants were
required to carry an amount of
insurance equal to the lesser of $200,000
or the unpaid principal of their
mortgage. This requirement caused
some eligible individuals to forego any
VMLI protection. Therefore, VA
amended its regulations to permit
program participants to carry VMLI in
an amount less than both the $200,000
statutory maximum and the amount
necessary to pay the covered mortgage
indebtedness in full.
The comment period for the proposed
rule ended on December 19, 2016, and
VA received one comment. The
commenter recommended that VA
mandate a minimum amount of
coverage that insureds should be
required to purchase, in order to
decrease the likelihood that the balance
of the mortgage still owed after death
would be burdensome for the insured’s
survivors. VA believes that it is
preferable for veterans to participate in
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Frm 00022
Fmt 4700
Sfmt 4700
the VMLI program to the extent they can
financially, rather than potentially
foregoing coverage entirely because they
cannot afford the mandatory-minimum
amount required by VA. If an eligible
individual opts out of the program
because the cost to carry a mandated
minimum amount of coverage was too
costly, his or her survivors could
ultimately be forced to assume an even
greater indebtedness than if the
individual carried some VMLI coverage.
Therefore, the final rule is being
adopted as is without any changes, and
provides that VMLI insureds may select
a level of coverage that is most
appropriate in addressing their own
unique financial circumstances.
The final rule amends the regulations
to reflect that the maximum coverage
amount is currently $200,000. It also
provides a definition for the term
‘‘eligible individual’’ and clarifies that
both servicemembers and veterans are
entitled to apply for coverage under the
program. Additionally, the final rule
provides for one technical change to 38
CFR 8a.2(b)(8).
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 $100 million or more
(adjusted annually for inflation) in any
one year. This final rule would have no
such effect on State, local, and tribal
governments or on the private sector.
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
E:\FR\FM\19OCR1.SGM
19OCR1
Federal Register / Vol. 82, No. 201 / Thursday, October 19, 2017 / Rules and Regulations
review by the Office of Management and
Budget (OMB), unless OMB waives such
review, as ‘‘any regulatory action that is
likely to result in a rule that may: (1)
Have an annual effect on the economy
of $100 million or more or adversely
affect in a material way the economy, a
sector of the economy, productivity,
competition, jobs, the environment,
public health or safety, or State, local,
or tribal governments or communities;
(2) Create a serious inconsistency or
otherwise interfere with an action taken
or planned by another agency; (3)
Materially alter the budgetary impact of
entitlements, grants, user fees, or loan
programs or the rights and obligations of
recipients thereof; or (4) Raise novel
legal or policy issues arising out of legal
mandates, the President’s priorities, or
the principles set forth in this Executive
Order.’’
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. VA’s impact analysis can be
found as a supporting document at
www.regulations.gov, usually within 48
hours after the rulemaking document is
published. Additionally, a copy of the
rulemaking and its impact analysis are
available on VA’s Web site at
www.va.gov/orpm/, by following the
link for ‘‘VA Regulations Published
From FY 2004 Through Fiscal Year to
Date.’’
Regulatory Flexibility Act
The Secretary of Veterans Affairs
hereby certifies that this final 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. 601–
612. This final rule would directly affect
only individuals and would not directly
affect any small entities. Therefore,
pursuant to 5 U.S.C. 605(b), this
rulemaking is exempt from the initial
and final regulatory flexibility analysis
requirements of sections 603 and 604.
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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 Veterans Affairs, or
designee, approved this document and
authorized the undersigned to sign and
VerDate Sep<11>2014
14:12 Oct 18, 2017
Jkt 244001
submit the document to the Office of the
Federal Register for publication
electronically as an official document of
the Department of Veterans Affairs. Gina
S. Farrisee, Deputy Chief of Staff,
Department of Veterans Affairs,
approved this document on August 24,
2017, for publication.
Dated: October 16, 2017.
Michael Shores,
Director, Office of Regulation Policy &
Management, Office of the Secretary,
Department of Veterans Affairs.
For the reasons stated in the
preamble, VA amends 38 CFR part 8a as
set forth below:
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
‘‘December 24, 1987’’; and remove
‘‘veteran’’ and add in its place
‘‘individual’’.
■ 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:
■
§ 8a.2
PART 8a—VETERANS MORTGAGE
LIFE INSURANCE
48631
Maximum amount of insurance.
1. The authority citation for part 8a
continues to read as follows:
*
*
*
(b) * * *
(1) $200,000.
*
*
*
*
Authority: 38 U.S.C. 501, and 2101
through 2106, unless otherwise noted.
(Authority: 38 U.S.C. 501, 2101, 2101A,
2106)
■
2. Amend § 8a.1 as follows:
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:
■
■
§ 8a.1
Definitions.
*
*
*
*
*
(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 $200,000 and less than the
amount necessary to pay the mortgage
indebtedness in full.
*
*
*
*
*
(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 § 8a.2 as follows:
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
‘‘$90,000’’ and add in its place
‘‘$200,000’’.
■ b. Revise paragraph (b)(1);
■ c. In paragraphs (b)(2) through (6),
remove ‘‘veteran’’ each place it appears
and add in its place ‘‘individual’’;
■
■
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Frm 00023
Fmt 4700
Sfmt 4700
*
*
*
4. Amend § 8a.3 as follows:
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:
■
■
§ 8a.3
*
Effective date.
*
*
*
*
(Authority: 38 U.S.C. 501, 2101, 2101A,
2106)
5. Amend § 8a.4 as follows:
a. In paragraph (b), remove ‘‘$90,000’’
each place it appears and add in its
place ‘‘$200,000’’; remove ‘‘available to’’
each place it appears and add in its
place ‘‘selected by’’; and remove
‘‘veteran’’ each place it appears and add
in its place ‘‘individual’’;
■ b. In paragraph (c), remove ‘‘$90,000’’
and add in its place ‘‘$200,000’’; remove
‘‘available to’’ and add in its place
‘‘selected by’’; remove ‘‘eligible veteran’’
each place it appears and add in its
place ‘‘eligible individual’’; and remove
‘‘a veteran’’ and add in its place ‘‘an
individual’’; and
■ c. Revise the authority citation at the
end of section.
The revision reads as follows:
■
■
§ 8a.4
*
E:\FR\FM\19OCR1.SGM
Coverage.
*
*
19OCR1
*
*
48632
Federal Register / Vol. 82, No. 201 / Thursday, October 19, 2017 / Rules and Regulations
(Authority: 38 U.S.C. 501, 2101, 2101A,
2106)
[FR Doc. 2017–22667 Filed 10–18–17; 8:45 am]
BILLING CODE 8320–01–P
POSTAL REGULATORY COMMISSION
39 CFR Part 3020
[Docket Nos. MC2010–21 and CP2010–36]
Update to Product Lists
Postal Regulatory Commission.
Final rule.
AGENCY:
ACTION:
The Commission is updating
the product lists. This action reflects a
publication policy adopted by
Commission order. The referenced
policy assumes periodic updates. The
updates are identified in the body of
this document. The product lists, which
are re-published in its entirety, include
these updates.
DATES: Effective date: October 19, 2017.
For applicability dates, see
SUPPLEMENTARY INFORMATION.
FOR FURTHER INFORMATION CONTACT:
David A. Trissell, General Counsel, at
202–789–6800.
SUPPLEMENTARY INFORMATION:
SUMMARY:
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Applicability Dates
July 13, 2017, Priority Mail & FirstClass Package Service Contract 47
(MC2017–154 and CP2017–218); July
17, 2017, Parcel Select Contract 22
(MC2017–155 and CP2017–219); July
19, 2017, Priority Mail Contract 332
(MC2017–156 and CP2017–220); July
20, 2017, Priority Mail Contract 333
(MC2017–157 and CP2017–221); July
20, 2017, Transferring First-Class Mail
Parcels to the Competitive Product List
(MC2015–7); July 24, 2017, Priority Mail
Contract 334 (MC2017–158 and
CP2017–222); July 31, 2017, Priority
Mail Express, Priority Mail & First-Class
Package Service Contract 20 (MC2017–
159 and CP2017–223); August 7, 2017,
Priority Mail Contract 335 (MC2017–161
and CP2017–226); August 7, 2017,
Priority Mail & First Class Package
Service Contract 48 (MC2017–160 and
CP2017–225); August 8, 2017, Priority
Mail Contract 337 (MC2017–163 and
CP2017–228); August 8, 2017, Priority
Mail & First-Class Package Service
Contract 49 (MC2017–164 and CP2017–
229); August 14, 2017, Priority Mail
Contract 338 (MC2017–166 and
CP2017–246); August 14, 2017, Priority
Mail & First-Class Package Service
Contract 50 (MC2017–165 and CP2017–
245); August 15, 2017, Priority Mail
Contract 336 (MC2017–162 and
CP2017–227); August 17, 2017, Priority
VerDate Sep<11>2014
14:12 Oct 18, 2017
Jkt 244001
Mail Contract 339 (MC2017–167 and
CP2017–260); August 17, 2017, Priority
Mail Express, Priority Mail & First-Class
Package Service Contract 21 (MC2017–
168 and CP2017–261); August 18, 2017,
Priority Mail Contract 340 (MC2017–169
and CP2017–262); August 29, 2017,
Priority Mail Contract 341 (MC2017–171
and CP2017–272); August 29, 2017,
First-Class Package Service Contract 78
(MC2017–172 and CP2017–273); August
29, 2017, Priority Mail & Frist-Class
Package Service Contract 51 (MC2017–
173 and CP2017–274); August 30, 2017,
Priority Mail Express, Priority Mail &
First-Class Package Service Contract 22
(MC2017–177 and CP2017–278); August
30, 2017, Priority Mail & First-Class
Package Service Contract 52 (MC2017–
174 and CP2017–275); August 30, 2017,
Priority Mail & First-Class Package
Service Contract 53 (MC2017–175 and
CP2017–276); August 30, 2017, Priority
Mail Contract 342 (MC2017–176 and
CP2017–277); August 31, 2017, Priority
Mail Contract 343 (MC2017–178 and
CP2017–279); August 31, 2017, Priority
Mail Contract 344 (MC2017–179 and
CP2017–280); September 8, 2017,
Priority Mail Contract 345 (MC2017–180
and CP2017–281); September 8, 2017,
Priority Mail Contract 346 (MC2017–181
and CP2017–282); September 8, 2017,
Priority Mail Contract 347 (MC2017–182
and CP2017–283); September 19, 2017,
Priority Mail Contract 348 (MC2017–184
and CP2017–285); September 19, 2017,
Priority Mail Contract 349 (MC2017–185
and CP2017–286); September 19, 2017,
Priority Mail Contract 350 (MC2017–186
and CP2017–287); September 19, 2017,
Priority Mail Contract 351 (MC2017–187
and CP2017–288); September 19, 2017,
Priority Mail Contract 352 (MC2017–188
and CP2017–289); September 20, 2017,
Priority Mail & First-Class Package
Service Contract 54 (MC2017–192 and
CP2017–293); September 20, 2017, FirstClass Package Service Contract 79
(MC2017–193 and CP2017–294);
September 20, 2017, Priority Mail
Contract 353 (MC2017–189 and
CP2017–290); September 20, 2017,
Priority Mail Express Contract 50
(MC2017–190 and CP2017–291);
September 20, 2017, Priority Mail
Express & Priority Mail Contract 50
(MC2017–191 and CP2017–292);
September 21, 2017, First-Class Package
Service Contract 80 (MC2017–194 and
CP2017–295); September 21, 2017,
Priority Mail & First-Class Package
Service Contract 55 (MC2017–195 and
CP2017–296); September 21, 2017,
Priority Mail Contract 354 (MC2017–196
and CP2017–297); September 21, 2017,
Priority Mail Contract 355 (MC2017–197
and CP2017–298); September 21, 2017,
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Frm 00024
Fmt 4700
Sfmt 4700
Priority Mail & First-Class Package
Service Contract 56 (MC2017–198 and
CP2017–299); September 22, 2017,
Priority Mail Contract 356 (MC2017–199
and CP2017–302); September 22, 2017,
Priority Mail Contract 357 (MC2017–200
and CP2017–303); September 22, 2017,
Priority Mail & First-Class Package
Service Contract 57 (MC2017–201 and
CP2017–304); September 22, 2017,
Priority Mail Express & Priority Mail
Contract 51 (MC2017–202 and CP2017–
305); September 26, 2017, First-Class
Package Service Contract 81 (MC2017–
203 and CP2017–310); September 27,
2017, Global Expedited Package
Services 8 (MC2017–183 and CP2017–
284).
This document identifies updates to
the market dominant and the
competitive product lists, which appear
as 39 CFR Appendix A to Subpart A of
Part 3020—Market Dominant Product
List and 39 CFR Appendix B to Subpart
A of Part 3020—Competitive Product
List, respectively. Publication of the
updated product lists in the Federal
Register is addressed in the Postal
Accountability and Enhancement Act
(PAEA) of 2006.
Authorization. The Commission
process for periodic publication of
updates was established in Docket Nos.
MC2010–21 and CP2010–36, Order No.
445, April 22, 2010, at 8.
Changes. The product lists are being
updated by publishing replacements in
their entirety of 39 CFR Appendix A to
Subpart A of Part 3020—Market
Dominant Product List and 39 CFR
Appendix B to Subpart A of Part 3020—
Competitive Product List. The following
products are being added, removed, or
moved within the product lists:
Market Dominant Product List
1. Transferring First-Class Mail
Parcels to the Competitive Product List
(MC2015–7) (Order No. 4009), moved
July 20, 2017.
Competitive Product List
1. Priority Mail & First-Class Package
Service Contract 47 (MC2017–154 and
CP2017–218) (Order No. 3998), added
July 13, 2017.
2. Parcel Select Contract 22 (MC2017–
155 and CP2017–219) (Order No. 4004),
added July 17, 2017.
3. Priority Mail Contract 332
(MC2017–156 and CP2017–220) (Order
No. 4007), added July 19, 2017.
4. Priority Mail Contract 333
(MC2017–157 and CP2017–221) (Order
No. 4008), added July 20, 2017.
5. Transferring First-Class Mail
Parcels to the Competitive Product List
(MC2015–7) (Order No. 4009), moved
July 20, 2017.
E:\FR\FM\19OCR1.SGM
19OCR1
]]>Agencies
[Federal Register Volume 82, Number 201 (Thursday, October 19, 2017)]
[Rules and Regulations]
[Pages 48630-48632]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-22667]
=======================================================================
-----------------------------------------------------------------------
DEPARTMENT OF VETERANS AFFAIRS
38 CFR Part 8a
RIN 2900-AP49
Veterans' Mortgage Life Insurance--Coverage Amendment
AGENCY: Department of Veterans Affairs.
ACTION: Final rule.
-----------------------------------------------------------------------
SUMMARY: This document amends Department of Veterans Affairs (VA)
regulations governing the Veterans' Mortgage Life Insurance (VMLI)
program in order to provide VMLI-eligible individuals the option to
lower their premiums by purchasing less than the minimum coverage
amount required under current VA regulations. The final rule also
amends current VA regulations to reflect that the statutory maximum
amount of coverage available under the VMLI program was previously
increased to $200,000, to define the term ``eligible individual,'' and
to clarify that eligibility for VMLI coverage has been extended to
include servicemembers as well as veterans.
DATES: Effective October 19, 2017.
FOR FURTHER INFORMATION CONTACT: Jeanne King, Department of Veterans
Affairs Regional Office and Insurance Center (310/290B), 5000
Wissahickon Avenue, P.O. Box 8079, Philadelphia, PA 19101, (215) 842-
2000, ext. 4839 (this is not a toll-free number).
SUPPLEMENTARY INFORMATION: The Veterans' Mortgage Life Insurance (VMLI)
program was established in 1971, to provide mortgage protection
insurance to service-disabled veterans who receive Specially Adapted
Housing Grants from VA. Section 2106(g) of title 38 of the United
States Code mandates that the amount of VMLI in force shall be the
amount necessary to pay the covered mortgage indebtedness in full,
except as limited by section 2106(b) or ``regulations prescribed by the
Secretary under this section.'' Section 2106(b) currently limits the
amount of VMLI available to $200,000. VA has prescribed a regulation to
reduce the amount of VMLI coverage required. Until VA exercised this
regulatory authority, program participants were required to carry an
amount of insurance equal to the lesser of $200,000 or the unpaid
principal of their mortgage. This requirement caused some eligible
individuals to forego any VMLI protection. Therefore, VA amended its
regulations to permit program participants to carry VMLI in an amount
less than both the $200,000 statutory maximum and the amount necessary
to pay the covered mortgage indebtedness in full.
The comment period for the proposed rule ended on December 19,
2016, and VA received one comment. The commenter recommended that VA
mandate a minimum amount of coverage that insureds should be required
to purchase, in order to decrease the likelihood that the balance of
the mortgage still owed after death would be burdensome for the
insured's survivors. VA believes that it is preferable for veterans to
participate in the VMLI program to the extent they can financially,
rather than potentially foregoing coverage entirely because they cannot
afford the mandatory-minimum amount required by VA. If an eligible
individual opts out of the program because the cost to carry a mandated
minimum amount of coverage was too costly, his or her survivors could
ultimately be forced to assume an even greater indebtedness than if the
individual carried some VMLI coverage. Therefore, the final rule is
being adopted as is without any changes, and provides that VMLI
insureds may select a level of coverage that is most appropriate in
addressing their own unique financial circumstances.
The final rule amends the regulations to reflect that the maximum
coverage amount is currently $200,000. It also provides a definition
for the term ``eligible individual'' and clarifies that both
servicemembers and veterans are entitled to apply for coverage under
the program. Additionally, the final rule provides for one technical
change to 38 CFR 8a.2(b)(8).
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 $100 million or more (adjusted annually for
inflation) in any one year. This final rule would have no such effect
on State, local, and tribal governments or on the private sector.
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
[[Page 48631]]
review by the Office of Management and Budget (OMB), unless OMB waives
such review, as ``any regulatory action that is likely to result in a
rule that may: (1) Have an annual effect on the economy of $100 million
or more or adversely affect in a material way the economy, a sector of
the economy, productivity, competition, jobs, the environment, public
health or safety, or State, local, or tribal governments or
communities; (2) Create a serious inconsistency or otherwise interfere
with an action taken or planned by another agency; (3) Materially alter
the budgetary impact of entitlements, grants, user fees, or loan
programs or the rights and obligations of recipients thereof; or (4)
Raise novel legal or policy issues arising out of legal mandates, the
President's priorities, or the principles set forth in this Executive
Order.''
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. VA's impact analysis can be found as a
supporting document at www.regulations.gov, usually within 48 hours
after the rulemaking document is published. Additionally, a copy of the
rulemaking and its impact analysis are available on VA's Web site at
www.va.gov/orpm/, by following the link for ``VA Regulations Published
From FY 2004 Through Fiscal Year to Date.''
Regulatory Flexibility Act
The Secretary of Veterans Affairs hereby certifies that this final
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. 601-612. This final rule would directly
affect only individuals and would not directly affect any small
entities. Therefore, pursuant to 5 U.S.C. 605(b), this rulemaking is
exempt from the initial and final regulatory flexibility analysis
requirements of sections 603 and 604.
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 Veterans Affairs, or designee, approved this
document 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. Gina S.
Farrisee, Deputy Chief of Staff, Department of Veterans Affairs,
approved this document on August 24, 2017, for publication.
Dated: October 16, 2017.
Michael Shores,
Director, Office of Regulation Policy & Management, Office of the
Secretary, Department of Veterans Affairs.
For the reasons stated in the preamble, VA amends 38 CFR part 8a as
set forth below:
PART 8a--VETERANS MORTGAGE LIFE INSURANCE
0
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.
0
2. Amend Sec. 8a.1 as follows:
0
a. In paragraph (a), remove ``veteran'' each place it appears and add
in its place ``individual'';
0
b. In paragraph (b), remove ``veterans'' the second time it appears and
add in its place ``individuals'';
0
c. Revise paragraph (c);
0
d. In paragraph (d) and paragraph (e) introductory text, remove
``veteran'' and add in its place ``individual'';
0
e. Add paragraph (f); and
0
f. Add an authority citation to the end of the section.
The revision and additions read as follows:
Sec. 8a.1 Definitions.
* * * * *
(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 $200,000 and less than the amount necessary to pay the
mortgage indebtedness in full.
* * * * *
(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)
0
3. Amend Sec. 8a.2 as follows:
0
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 ``$90,000'' and add in
its place ``$200,000''.
0
b. Revise paragraph (b)(1);
0
c. In paragraphs (b)(2) through (6), remove ``veteran'' each place it
appears and add in its place ``individual'';
0
d. In paragraph (b)(7), remove ``veterans'' each place it appears and
add in its place ``individuals'';
0
e. In paragraph (b)(8), remove ``veterans'' and add in its place
``individuals''; remove ``(date of final publication)'' and add in its
place ``December 24, 1987''; and remove ``veteran'' and add in its
place ``individual''.
0
f. In paragraph (c), remove ``veteran'' and add in its place
``individual''; and
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g. Revise the authority citation at the end of section.
The revision reads as follows:
Sec. 8a.2 Maximum amount of insurance.
* * * * *
(b) * * *
(1) $200,000.
* * * * *
(Authority: 38 U.S.C. 501, 2101, 2101A, 2106)
0
4. Amend Sec. 8a.3 as follows:
0
a. In paragraphs (a) and (b), remove ``veteran'' each place it appears
and add in its place ``individual'';
0
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'';
0
c. In paragraphs (d) and (e), remove ``veteran'' each place it appears
and add in its place ``individual''; and
0
d. Add an authority citation to the end of the section.
The addition reads as follows:
Sec. 8a.3 Effective date.
* * * * *
(Authority: 38 U.S.C. 501, 2101, 2101A, 2106)
0
5. Amend Sec. 8a.4 as follows:
0
a. In paragraph (b), remove ``$90,000'' each place it appears and add
in its place ``$200,000''; remove ``available to'' each place it
appears and add in its place ``selected by''; and remove ``veteran''
each place it appears and add in its place ``individual'';
0
b. In paragraph (c), remove ``$90,000'' and add in its place
``$200,000''; remove ``available to'' and add in its place ``selected
by''; remove ``eligible veteran'' each place it appears and add in its
place ``eligible individual''; and remove ``a veteran'' and add in its
place ``an individual''; and
0
c. Revise the authority citation at the end of section.
The revision reads as follows:
Sec. 8a.4 Coverage.
* * * * *
[[Page 48632]]
(Authority: 38 U.S.C. 501, 2101, 2101A, 2106)
[FR Doc. 2017-22667 Filed 10-18-17; 8:45 am]
BILLING CODE 8320-01-P
