Proposed Extension of Information Collection; Comment Request
Disclosures by Insurers to General Account Policyholders
[10/31/2005]
Volume 70, Number 209, Page 62341-62342
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DEPARTMENT OF LABOR
Employee Benefits Security Administration
Proposed Extension of Information Collection; Comment Request
Disclosures by Insurers to General Account Policyholders
ACTION: Notice.
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SUMMARY: In accordance with the Paperwork Reduction Act of 1995 (PRA
95) (44 U.S.C. 3506(c)(2)(A)), the Department of Labor (the Department)
conducts a preclearance consultation program to provide the general
public and Federal agencies with an opportunity to comment on proposed
and continuing collections of information. This program helps to ensure
that the data the Department gathers can be provided in the desired
format, that the reporting burden on the public (time and financial
resources) is minimized, that the public understands the Department's
collection instruments, and that the Department can accurately assess
the impact of collection requirements on respondents.
By this notice, the Department is soliciting comments concerning
the information collection provisions of the regulation pertaining to
section 401(c) of the Employee Retirement Income Security Act of 1974,
as amended (ERISA). The statute and the regulatory provisions codified
at 29 CFR 2550.401c-1 require insurers that issue certain types of
insurance policies to employee benefit plans to make specific one-time
and annual disclosures to such plans if assets of the plan are held in
the insurer's general account. A copy of the ICR may be obtained by
contacting the office listed in the ADDRESSES section of this notice.
DATES: Written comments must be submitted to the office shown in the
ADDRESSES section below on or before December 30, 2005.
ADDRESSES: Interested parties are invited to submit written comments
regarding the information collection request and burden estimates to:
Gerald B. Lindrew, Office of Policy and Research, U.S. Department of
Labor, Employee Benefits Security Administration, 200 Constitution
Avenue, NW., Room N-5647, Washington, DC 20210. Telephone: (202) 693-
8410; Fax: (202) 219-4745. These are not toll-free numbers.
SUPPLEMENTARY INFORMATION:
I. Background
Section 1460 of the Small Business Job Protection Act of 1996 (Pub.
L. 104-188) amended ERISA by adding Section 401(c), which clarified the
extent to which assets of an insurer's general account constitute
assets of an employee benefit plan when that insurer has issued
policies for the benefit of the plan and such policies are supported by
assets of the general account. Section 401(c) established certain
requirements and disclosures for insurance companies that offer and
maintain policies for employee benefit plans where the plans' assets
are held in the insurer's general account. Section 401(c) also required
the Secretary to provide guidance on the statutory requirements; such
guidance was issued as a final rulemaking on January 5, 2000 (65 CFR
614). The regulation includes information collection provisions
pertaining to one-time and annual disclosure obligations of insurers.
The information collection provisions in the final rulemaking were
submitted for review by the Office of Management and Budget (OMB) in an
information collection request (ICR) in connection with promulgation of
the final rulemaking and were approved by OMB under OMB Control No.
1210-0114. The ICR approval is scheduled to expire on January 31, 2006.
II. Desired Focus of Comments
The Department is particularly interested in comments that:
Evaluate whether the collections of information are
necessary for the proper performance of the functions of the agency,
including whether the information will have practical utility;
Evaluate the accuracy of the agency's estimate of the
burden of the collections of information, including the validity of the
methodology and assumptions used;
Enhance the quality, utility, and clarity of the
information to be collected; and
Minimize the burden of the collection of information on
those who are to respond, including through the use of appropriate
automated, electronic, mechanical, or other technological collection
techniques or other forms of information technology, e.g., permitting
electronic submission of responses.
III. Current Action
The Employee Benefits Security Administration (EBSA) is requesting
an extension of the currently approved ICR for the Disclosures by
Insurers to General Account Policyholders. EBSA is not proposing or
implementing changes to the regulation or to the existing ICR. A
summary of the ICR and the current burden estimates follows:
[[Page 62342]]
Type of Review: Extension of a currently approved collection of
information.
AGENCY: Employee Benefits Security Administration, Department of Labor.
Title: Disclosures by Insurers to General Account Policyholders.
OMB Number: 1210-0114.
Affected Public: Individuals or households; Business or other for-
profit; Not-for-profit institutions.
Respondents: 104.
Frequency of Response: One-time; Annual.
Responses: 123,500.
Estimated Total Burden Hours: 466,667.
Comments submitted in response to this notice will be summarized
and/or included in the request for OMB approval of the information
collection request; they will also become a matter of public record.
Dated: October 25, 2005.
Susan G. Lahne,
Senior Pension Law Specialist, Office of Policy and Research, ,
Employee Benefits Security Administration.
[FR Doc. 05-21597 Filed 10-28-05; 8:45 am]
BILLING CODE 4510-29-P
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