[Federal Register Volume 61, Number 216 (Wednesday, November 6, 1996)]
[Notices]
[Pages 57497-57498]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-28458]


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SECURITIES AND EXCHANGE COMMISSION
[Rel. No. IC-22306; File No. 811-7796]


ILI Endeavor Variable Annuity Account

October 30, 1996.
AGENCY: Securities and Exchange Commission (``SEC'' or ``Commission'').

ACTION: Notice of Application for an order under the Investment Company 
Act of 1940 (``1940 Act'').

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APPLICANT: ILI Endeavor Variable Annuity Account.

RELEVANT 1940 ACT SECTION: Order requested under Section 8(f) of the 
1940 Act.

SUMMARY OF APPLICATION: Applicant seeks an order declaring that it has 
ceased to be an investment company as defined by the 1940 Act.

FILING DATE: The application was filed on July 7, 1996.

HEARING OR NOTIFICATION OF HEARING: An order granting the application 
will be issued unless the Commission orders a hearing. Interested 
persons may request a hearing by writing to the Secretary of the SEC 
and serving Applicant with a copy of the request, in person or by mail. 
Hearing requests should be received by the SEC by 5:30 p.m. on November 
25, 1996, and should be accompanied by proof of service on Applicant in 
the form of an affidavit or, for lawyers, a certificate of service. 
Hearing requests should state the nature of the requestor's interest, 
the reason for the request, and the issues contested. Persons may 
request notification of a hearing by writing to the Secretary of the 
SEC.

ADDRESSES: Secretary, Securities and Exchange Commission, 450 5th 
Street, N.W., Washington, D.C. 20549. Applicant, Frank A. Camp, Esq., 
International Life Investors Insurance Company, 4333 Edgewood Road 
N.E., Cedar Rapids, Iowa 52499.

FOR FURTHER INFORMATION CONTACT: Patrice M. Pitts, Branch Chief, or 
Michael Koffler, Law Clerk, Office of Insurance Products (Division of 
Investment Management), at (202) 942-0670.

SUPPLEMENTARY INFORMATION: Following is a summary of the application; 
the complete application is available for a fee from the Public 
Reference Branch of the SEC.

Applicant's Representations

    1. Applicant, a unit investment trust, is a separate account of 
International Life Investors Insurance Company (``ILI'') designed as a 
funding medium for variable annuity contracts (``Contracts''). On June 
14, 1993, Applicant filed with the Commission a notification of 
registration as an investment company on Form N-8A, and a registration 
statement under Section 8(b) of the 1940 Act and under the Securities 
Act of 1933 (File No. 33-64414) registering an indefinite amount of 
securities (i.e., the Contracts). The registration statement was 
declared effective, August 12, 1993, and Applicant began offering 
Contracts on August 12, 1993.
    2. The boards of directors of ILI and AUSA Life Insurance Company 
(``AUSA Life'') authorized the adoption of an ``Assumption Reinsurance 
Agreement'' on September 27, 1994. Contractholders were given the right 
to reject the assumption of their Contracts by AUSA Life, as required 
by the law of the State of New York, via a solicitation dated December 
1, 1994. No contractholders rejected the assumption of their Contracts 
pursuant to the terms of the solicitation.
    3. The Assumption Reinsurance Agreement, dated as of December 31, 
1994, providef for the transfer of the in force variable annuity 
business of ILI to AUSA Life, as of January 1, 1995. Effective January 
1, 1995, ILI ceded and transferred to ASUA Life all variable insurance 
contracts issued by ILI in connection with its variable annuity 
business.

[[Page 57498]]

    AUSA Life agreed to assume the rights, obligations and liabilities 
of ILI in respect of such variable insurance contracts. Upon the 
transfer of the variable insurance contracts and assumption of the 
separate account liabilities under the Contracts, ILI transferred to 
AUSA Endeavor Variable Annuity Account a pro rata portion of the assets 
within each subaccount of the Applicant with a statutory carrying value 
to ILI equal to the statutory reserves held by ILI in support of the 
separate account liabilities.
    4. Applicant currently has no assets, no liabilities and no 
security holders.
    5. Applicant is not a party to any litigation or administrative 
proceeding, and is not now engaged, nor does it intend to engage, in 
any business activities other than those necessary for winding up its 
affairs.
    6. The expenses incurred in implementing the Assumption Reinsurance 
Agreement were borne by ILI and had no impact on Contractholders.
    7. Within the last 18 months, Applicant has not transferred any of 
its assets to a separate trust.
    8. ILI intends to merge with ASUA Life during 1996, and intends to 
file, pursuant to state law, such merger agreements or other documents 
as may be required by the law of the State of New York.

    For the Commission, by the Division of Investment Management, 
pursuant to delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 96-28458 Filed 11-5-96; 8:45 am]
BILLING CODE 8010-01-M