[Federal Register Volume 84, Number 125 (Friday, June 28, 2019)]
[Notices]
[Page 31114]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-13807]



[[Page 31114]]

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DEPARTMENT OF LABOR

Office of the Secretary


Agency Information Collection Activities; Submission for OMB 
Review; Comment Request; Insurance and Annuity Contracts and Mutual 
Fund Principal Underwriters (PTE 1984-24)

ACTION: Notice of availability; request for comments.

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SUMMARY: The Department of Labor (DOL) is submitting the Employee 
Benefits Security Administration (EBSA) sponsored information 
collection request (ICR) revision titled, ``Insurance and Annuity 
Contracts and Mutual Fund Principal Underwriters (PTE 1984-24),'' to 
the Office of Management and Budget (OMB) for review and approval for 
use in accordance with the Paperwork Reduction Act (PRA) of 1995. 
Public comments on the ICR are invited.

DATES: The OMB will consider all written comments that agency receives 
on or before July 29, 2019.

ADDRESSES: A copy of this ICR with applicable supporting documentation; 
including a description of the likely respondents, proposed frequency 
of response, and estimated total burden may be obtained free of charge 
from the RegInfo.gov website at http://www.reginfo.gov/public/do/PRAViewICR?ref_nbr=201906-1210-004 (this link will only become active 
on the day following publication of this notice) or by contacting 
Frederick Licari by telephone at 202-693-8073, TTY 202-693-8064, (these 
are not toll-free numbers) or sending an email to 
[email protected].
    Submit comments about this request by mail to the Office of 
Information and Regulatory Affairs, Attn: OMB Desk Officer for DOL-EBSA 
Office of Management and Budget, Room 10235, 725 17th Street NW, 
Washington, DC 20503; by Fax: 202-395-5806 (this is not a toll-free 
number); or by email: [email protected]. Commenters are 
encouraged, but not required, to send a courtesy copy of any comments 
by mail or courier to the U.S. Department of Labor--OASAM, Office of 
the Chief Information Officer, Attn: Departmental Information 
Compliance Management Program, Room N1301, 200 Constitution Avenue NW, 
Washington, DC 20210; or by email: [email protected].

FOR FURTHER INFORMATION CONTACT: Frederick Licari by telephone at 202-
693-8073, TTY 202-693-8064, (these are not toll-free numbers) or 
sending an email to [email protected].

SUPPLEMENTARY INFORMATION: This ICR seeks approval under the PRA for 
revisions to the Insurance and Annuity Contracts and Mutual Fund 
Principal Underwriters (PTE 1984-24). PTE 84-24, as amended, provides 
an exemption for insurance agents, insurance brokers and pension 
consultants to receive a sales commission from an insurance company in 
connection with the purchase, with plan or IRA assets, of an insurance 
or annuity contract. Relief is also provided for a principal 
underwriter for an investment company registered under the Investment 
Company Act of 1940 to receive a sales commission in connection with 
the purchase, with plan or IRA assets, of securities issued by the 
investment company. In order to ensure that the class exemption is not 
abused, that the rights of the participants and beneficiaries are 
protected, and that the exemption's conditions are being complied with, 
the Department often requires minimal information collection pertaining 
to the affected transactions. This information collection is a revision 
because the Department is renewing the information collections 
contained in PTE 75-1 that had been in place prior to 2016. Section 408 
of the Employee Retirement Income Security Act of 1974 (``ERISA'') 
authorizes this information collection. See U.S.C. 1108.
    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, under the PRA, 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 Control Number. See 5 CFR 1320.5(a) and 
1320.6. The DOL obtains OMB approval for this information collection 
under Control Number 1210-0158. The current approval is scheduled to 
expire on June 30, 2019; however, the DOL notes that existing 
information collection requirements submitted to the OMB will receive a 
month-to-month extension while they undergo review. New requirements 
would only take effect upon OMB approval. For additional substantive 
information about this ICR, see the related notice published in the 
Federal Register on April 5, 2019 (84 FR 13719).
    Interested parties are encouraged to send comments to the OMB, 
Office of Information and Regulatory Affairs at the address shown in 
the ADDRESSES section within thirty (30) days of publication of this 
notice in the Federal Register. In order to help ensure appropriate 
consideration, comments should mention OMB Control Number 1210-0158. 
The OMB is particularly interested in comments that:
     Evaluate whether the proposed collection of information is 
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 proposed collection 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.
    Agency: DOL-EBSA.
    Title of Collection: Insurance and Annuity Contracts and Mutual 
Fund Principal Underwriters (PTE 1984-24).
    OMB Control Number: 1210-0158.
    Affected Public: Private Section; Business or other for-profits, 
Not-for-profits.
    Total Estimated Number of Respondents: 2,789.
    Total Estimated Number of Responses: 227,068.
    Total Estimated Annual Time Burden: 18,948 hours.
    Total Estimated Annual Other Costs Burden: $92,377.

    Authority: 44 U.S.C. 3507(a)(1)(D).

     Dated: June 21, 2019.
Frederick Licari,
Departmental Clearance Officer.
[FR Doc. 2019-13807 Filed 6-27-19; 8:45 am]
 BILLING CODE 4510-29-P