83 FR 213 pgs. 55209-55210 - Proposed Collection; Comment Request

Next Article Next

Type: NOTICEVolume: 83Number: 213Pages: 55209 - 55210

Docket number: [SEC File No. 270-446, OMB Control No. 3235-0503]

FR document: [FR Doc. 2018-23958 Filed 11-1-18; 8:45 am]

Agency: Securities and Exchange Commission

Official PDF Version: PDF Version

Pages: 55209, 55210

[top]

SECURITIES AND EXCHANGE COMMISSION

[SEC File No. 270-446, OMB Control No. 3235-0503]

Proposed Collection; Comment Request

Upon Written Request, Copies Available From: Securities and Exchange Commission, Office of FOIA Services, 100 F Street NE, Washington, DC 20549-2736

Extension:

Form N-6

Notice is hereby given that, pursuant to the Paperwork Reduction Act of 1995 (44 U.S.C. 3501 et seq. ), the Securities and Exchange Commission (the "Commission") is soliciting comments on the collection of information summarized below. The Commission plans to submit this existing collection of information to the Office of Management and Budget for extension and approval.

The title for the collection of information is "Form N-6 (17 CFR 239.17c and 274.11d) under the Securities Act of 1933 (15 U.S.C. 77a et seq. ) and under the Investment Company Act of 1940 (15 U.S.C. 80a-1 et seq. ) registration statement of separate accounts organized as unit investment trusts that offer variable life insurance policies." Form N-6 is the form used by insurance company separate accounts organized as unit investment trusts that offer variable life insurance contracts to register as investment companies under the Investment Company Act of 1940 and/or to register their securities under the Securities Act of 1933. The primary purpose of the registration process is to provide disclosure of financial and other information to investors and potential investors for the purpose of evaluating an investment in a security. Form N-6 also requires separate accounts organized as unit investment trusts that offer variable life insurance policies to provide investors with a prospectus and a statement of additional information ("SAI") covering essential information about the separate account when it makes an initial or additional offering of its securities.

[top] The Commission estimates that approximately 388 registration statements (8 initial registration statements plus 380 post-effective

amendments) are filed on Form N-6 annually. The estimated hour burden per portfolio for preparing and filing an initial registration statement on Form N-6 is 770.25 hours. The estimated annual hour burden for preparing and filing initial registration statements is 6,162 hours (8 initial registration statements annually times 770.25 hours per registration statement). The Commission estimates that the hour burden for preparing and filing a post-effective amendment on Form N-6 is 67.5 hours. The total annual hour burden for preparing and filing post-effective amendments is 25,650 hours (380 post-effective amendments annually times 67.5 hours per amendment). The frequency of response is annual. The total annual hour burden for Form N-6, therefore, is estimated to be 31,812 hours (6,162 hours for initial registration statements plus 25,650 hours for post-effective amendments).

The Commission estimates that the cost burden for preparing an initial Form N-6 filing is $26,169 per portfolio and the current cost burden for preparing a post-effective amendment to a previously effective registration statement is $9,493 per portfolio. The Commission estimates that, on an annual basis, 8 portfolios will be referenced in an initial Form N-6 and 380 portfolios will be referenced in a post-effective amendment of Form N-6. Thus, the total cost burden allocated to Form N-6 would be $3,816,692.

The information collection requirements imposed by Form N-6 are mandatory. Responses to the collection of information will not be kept confidential. Estimates of average burden hours are made solely for the purposes of the Paperwork Reduction Act, and are not derived from a comprehensive or even a representative survey or study of the costs of Commission rules and forms. An agency may not conduct or sponsor, and a person is not required to respond to a collection of information unless it displays a currently valid control number.

Written comments are invited on: (a) 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; (b) the accuracy of the agency's estimate of the burden of the collection of information; (c) ways to enhance the quality, utility, and clarity of the information collected; and (d) ways to minimize the burden of the collection of information on respondents, including through the use of automated collection techniques or other forms of information technology. Consideration will be given to comments and suggestions submitted in writing within 60 days of this publication.

Please direct your written comments to Charles Riddle, Acting Director/Chief Information Officer, Securities and Exchange Commission, C/O Candace Kenner, 100 F Street NE, Washington, DC 20549; or send an email to: PRA_Mailbox@sec.gov.

Dated: October 29, 2018.

Eduardo A. Aleman,

Assistant Secretary.

[FR Doc. 2018-23958 Filed 11-1-18; 8:45 am]

BILLING CODE 8011-01-P