[Federal Register Volume 73, Number 226 (Friday, November 21, 2008)]
[Notices]
[Pages 70676-70677]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E8-27635]


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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 January 20, 2009.

ADDRESSES: Interested parties are invited to submit written comments 
regarding the information collection request and burden estimates to: 
G. Christopher Cosby, Office of Policy and Research, U.S. Department of 
Labor, Employee Benefits Security Administration, 200 Constitution 
Avenue, NW., Room N-5718, Washington, DC 20210. Telephone: (202) 693-
8410; Fax: (202) 219-4745. These are not toll-free numbers. Comments 
may also be submitted electronically to the following Internet e-mail 
address: [email protected].

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 March 31, 2009.

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;
     Enhance the quality, utility, and clarity of the 
information to be collected; and
     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;
     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:
    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.
    Estimated Total Burden Cost (Operating and Maintenance): 46,000.
    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.


[[Page 70677]]


    Dated: November 12, 2008.
Joseph S. Piacentini,
Director, Office of Policy and Research, Employee Benefits Security 
Administration.
 [FR Doc. E8-27635 Filed 11-20-08; 8:45 am]
BILLING CODE 4510-29-P