Disclosures by Insurers to General Account Policyholders

ICR 202107-1210-005

OMB: 1210-0114

Federal Form Document

Forms and Documents
Document
Name
Status
Supplementary Document
2021-09-27
Supplementary Document
2021-09-27
Supplementary Document
2021-09-27
Supporting Statement A
2021-07-19
IC Document Collections
IC ID
Document
Title
Status
13479
Modified
ICR Details
1210-0114 202107-1210-005
Received in OIRA 201805-1210-003
DOL/EBSA
Disclosures by Insurers to General Account Policyholders
Extension without change of a currently approved collection   No
Regular 09/27/2021
  Requested Previously Approved
36 Months From Approved 11/30/2021
26,981 27,009
114,670 114,789
10,792 10,128

Section 1460 of the Small Business Job Protection Act of 1996 (Pub. L. 104-188) added a new Section 401(c) to ERISA to establish requirements for "Transition Policies" issued before December 31, 1998, to employee benefit plans, under which plan assets are held in the insurer's general account. The regulation at 29 CFR 2550-.401(c)requires financial information to be provided to the plan policyholder when the policy is first issued, annually, and upon request.

US Code: 29 USC 1104(c) Name of Law: Employee Retirement Income Security Act of 1974
  
None

Not associated with rulemaking

  86 FR 16787 03/31/2021
86 FR 53350 09/27/2021
No

1
IC Title Form No. Form Name
Disclosures by Insurers to General Account Policyholders

  Total Request Previously Approved Change Due to New Statute Change Due to Agency Discretion Change Due to Adjustment in Estimate Change Due to Potential Violation of the PRA
Annual Number of Responses 26,981 27,009 0 0 -28 0
Annual Time Burden (Hours) 114,670 114,789 0 0 -119 0
Annual Cost Burden (Dollars) 10,792 10,128 0 0 664 0
No
No
The hour and cost burdens have been adjusted based on updated information about the numbers of existing Transition Policies, and an increase in wage rates. More specifically, Form 5500 data suggest the number of policy holders who would receive these notices has dropped from 27,009 to 26,981.

$0
No
    No
    No
No
No
No
No
James Butikofer 202 693-8434 Butikofer.James@dol.gov

  No

On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
 
 
 
 
 
 
 
    (i) Why the information is being collected;
    (ii) Use of information;
    (iii) Burden estimate;
    (iv) Nature of response (voluntary, required for a benefit, or mandatory);
    (v) Nature and extent of confidentiality; and
    (vi) Need to display currently valid OMB control number;
 
 
 
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
09/27/2021


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