Notice2024-20624
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 12, 2024
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 89 Issue 177 (Thursday, September 12, 2024)</title>
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[Federal Register Volume 89, Number 177 (Thursday, September 12, 2024)]
[Notices]
[Pages 74292-74293]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-20624]
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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 the agency
receives on or before October 15, 2024.
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.
FOR FURTHER INFORMATION CONTACT: Michael Howell by telephone at 202-
693-6782, or by email at <a href="/cdn-cgi/l/email-protection#e9ada6a5b6b9bba8b6b9bcaba5a0aaa98d8685c78e869f"><span class="__cf_email__" data-cfemail="52161d1e0d0200130d0207101e1b1112363d3e7c353d24">[email protected]</span></a>.
SUPPLEMENTARY INFORMATION: Section 1460 of the Small Business Job
Protection Act of 1996 (Pub. L. 104-188) (SBJPA) amended ERISA by
adding section 401(c). This section requires the Department to
promulgate a regulation providing guidance, applicable only to
insurance policies issued on or before December 31, 1998, to or for the
benefit of employee benefit plans, to clarify the extent to which
assets held in an insurer's general account under such contracts are
``plan assets'' within the meaning of ERISA, because the policies are
not ``guaranteed benefit policies'' within the meaning of section
401(b) of ERISA. SBJPA further directed the Department to set standards
for how insurers should manage the specified insurance policies (called
Transition Policies). Pursuant to the authority and direction given
under SBJPA, the Department promulgated a final rule on January 5, 2000
(65 FR 714) that is codified at 29 CFR 2550.401c-1.
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. This information collection requires that 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 February 5,
2024 (89 FR 7732).
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) 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; (3) ways to enhance the quality,
utility and clarity of the information collection; and (4) 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.
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)
[[Page 74293]]
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, Business or other for profits.
Total Estimated Number of Respondents: 316.
Total Estimated Number of Responses: 26,470.
Total Estimated Annual Time Burden: 112,498 hours.
Total Estimated Annual Other Costs Burden: $960.
(Authority: 44 U.S.C. 3507(a)(1)(D)).
Michael Howell,
Senior Paperwork Reduction Act Analyst.
[FR Doc. 2024-20624 Filed 9-11-24; 8:45 am]
BILLING CODE 4510-29-P
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