Notice2021-20954
Agency Information Collection Activities; Submission for OMB Review; Comment Request; Disclosures by Insurers to General Account Policyholders
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
September 27, 2021
Issuing agencies
Labor Department
Abstract
The Department of Labor (DOL) is submitting this Employee Benefits Security Administration (EBSA)-sponsored information collection request (ICR) to the Office of Management and Budget (OMB) for review and approval in accordance with the Paperwork Reduction Act of 1995 (PRA). Public comments on the ICR are invited.
Full Text
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<title>Federal Register, Volume 86 Issue 184 (Monday, September 27, 2021)</title>
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[Federal Register Volume 86, Number 184 (Monday, September 27, 2021)]
[Notices]
[Page 53350]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2021-20954]
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DEPARTMENT OF LABOR
Agency Information Collection Activities; Submission for OMB
Review; Comment Request; Disclosures by Insurers to General Account
Policyholders
ACTION: Notice of availability; request for comments.
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SUMMARY: The Department of Labor (DOL) is submitting this Employee
Benefits Security Administration (EBSA)-sponsored information
collection request (ICR) to the Office of Management and Budget (OMB)
for review and approval in accordance with the Paperwork Reduction Act
of 1995 (PRA). Public comments on the ICR are invited.
DATES: The OMB will consider all written comments that agency receives
on or before October 27, 2021.
ADDRESSES: Written comments and recommendations for the proposed
information collection should be sent within 30 days of publication of
this notice to <a href="http://www.reginfo.gov/public/do/PRAMain">www.reginfo.gov/public/do/PRAMain</a>. Find this particular
information collection by selecting ``Currently under 30-day Review--
Open for Public Comments'' or by using the search function.
Comments are invited on: (1) Whether the collection of information
is necessary for the proper performance of the functions of the
Department, including whether the information will have practical
utility; (2) if the information will be processed and used in a timely
manner; (3) the accuracy of the agency's estimates of the burden and
cost of the collection of information, including the validity of the
methodology and assumptions used; (4) ways to enhance the quality,
utility and clarity of the information collection; and (5) ways to
minimize the burden of the collection of information on those who are
to respond, including the use of automated collection techniques or
other forms of information technology.
FOR FURTHER INFORMATION CONTACT: Mara Blumenthal by telephone at 202-
693-8538, or by email at <a href="/cdn-cgi/l/email-protection#0743484b58575546585752454b4e444763686b29606871"><span class="__cf_email__" data-cfemail="bafef5f6e5eae8fbe5eaeff8f6f3f9faded5d694ddd5cc">[email protected]</span></a>.
SUPPLEMENTARY INFORMATION: Section 1460 of the Small Business Job
Protection Act of 1996 (Pub. L. 104-188) (SBJPA) amended the Employee
Retirement Income Security Act of 1974 (ERISA) by adding a new section
to the statute, 401(c). Regulation section 29 CFR 2550.401(c)-1 imposes
specific requirements on insurers that are parties to Transition
Policies in order to ensure that the fiduciaries acting on behalf of
plans have adequate information and understanding of how the Transition
Policies work. Certain of these requirements constitute information
collections. Specifically, an insurer that issues and maintains a
Transition Policy to or for the benefit of an employee benefit plan
must disclose to the plan fiduciary, initially upon issuance of the
policy and on an annual basis, to the extent that the policy is not a
guaranteed benefit policy: (1) The methods by which income and expenses
of the insurer's general account are allocated to the policy, the
actual annual return to the plan, and other pertinent information; (2)
the extent to which alternative arrangements supported by the assets of
the insurer's separate accounts are available; (3) any rights under the
policy to transfer funds to a separate account and the terms governing
such right; and (4) the extent to which support by assets of the
insurer's separate accounts might pose differing risks to the plan. For
additional substantive information about this ICR, see the related
notice published in the Federal Register on March 31, 2021 (86 FR
16787).
This information collection is subject to the PRA. A Federal agency
generally cannot conduct or sponsor a collection of information, and
the public is generally not required to respond to an information
collection, unless the OMB approves it and displays a currently valid
OMB Control Number. In addition, notwithstanding any other provisions
of law, no person shall generally be subject to penalty for failing to
comply with a collection of information that does not display a valid
OMB Control Number. See 5 CFR 1320.5(a) and 1320.6.
DOL seeks PRA authorization for this information collection for
three (3) years. OMB authorization for an ICR cannot be for more than
three (3) years without renewal. The DOL notes that information
collection requirements submitted to the OMB for existing ICRs receive
a month-to-month extension while they undergo review.
Agency: DOL-EBSA.
Title of Collection: Disclosures by Insurers to General Account
Policyholders.
OMB Control Number: 1210-0114.
Affected Public: Private Sector--Businesses or other for-profits.
Total Estimated Number of Respondents: 353.
Total Estimated Number of Responses: 26,981.
Total Estimated Annual Time Burden: 114,670 hours.
Total Estimated Annual Other Costs Burden: $10,792.
Authority: 44 U.S.C. 3507(a)(1)(D).
Dated: September 21, 2021.
Mara Blumenthal,
Senior PRA Analyst.
[FR Doc. 2021-20954 Filed 9-24-21; 8:45 am]
BILLING CODE 4510-29-P
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