5 U.S.C. § 8714 : US Code - Section 8714: Employees' Life Insurance Fund

Search 5 U.S.C. § 8714 : US Code - Section 8714: Employees' Life Insurance Fund

(a) The amounts withheld from employees under section 8707 of
this title and the sums contributed from appropriations and funds
under section 8708 of this title shall be deposited in the Treasury
of the United States to the credit of the Employees' Life Insurance
Fund. The Fund is available without fiscal year limitation for - 
(1) premium payments under an insurance policy purchased under
this chapter; and
(2) expenses incurred by the Office of Personnel Management in
the administration of this chapter within the limitations that
may be specified annually by appropriation acts.
(b) The Secretary of the Treasury may invest and reinvest any of
the money in the Fund in interest-bearing obligations of the United
States, and may sell these obligations for the purposes of the
Fund. The interest on and the proceeds from the sale of these
obligations, and the income derived from dividend or premium rate
adjustments from insurers, become a part of the Fund.
(c)(1) No tax, fee, or other monetary payment may be imposed or
collected by any State, the District of Columbia, or the
Commonwealth of Puerto Rico, or by any political subdivision or
other governmental authority thereof, on, or with respect to, any
premium paid under an insurance policy purchased under this
chapter.
(2) Paragraph (1) of this subsection shall not be construed to
exempt any company issuing a policy of insurance under this chapter
from the imposition, payment, or collection of a tax, fee, or other
monetary payment on the net income or profit accruing to or
realized by that company from business conducted under this
chapter, if that tax, fee, or payment is applicable to a broad
range of business activity.