[Federal Register Volume 86, Number 184 (Monday, September 27, 2021)]
[Notices]
[Page 53350]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[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 www.reginfo.gov/public/do/PRAMain. 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 [email protected].

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