Section 1
SECTION 1. Each and every life insurance policy issued by the Government Service Insurance System to its members which was in force as of December thirty-first, nineteen hundred and forty-one, is hereby considered and declared in force notwithstanding the nonpayment of premiums, and any policy which matured by death or otherwise shall become payable to the insured or his beneficiaries: Provided, That all premiums, interests and other obligations due and payable to the Government Service Insurance System shall be collected: And provided, further, That in the case of an optional policy or of a membership policy the continuance of which is no longer compulsory, the policy shall not continue in force after the expiration of sixty days from the date of the approval of this Act, unless it has sufficient cash value or the insured pays at least the amounts necessary to continue said policy in accordance with the provisions thereof and/or the regulations of the Government Service Insurance Board.