Department of Veterans Affairs October 18, 2016 – Federal Register Recent Federal Regulation Documents

Veterans' Mortgage Life Insurance-Coverage Amendment
Document Number: 2016-25025
Type: Proposed Rule
Date: 2016-10-18
Agency: Department of Veterans Affairs
The Department of Veterans Affairs (VA) proposes to amend its 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 proposed rule would also amend 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. These additional amendments are necessary to conform the existing regulations to current statutory provisions.