Federal Register / Vol. 60, No. 90 / Wednesday, May 10, 1995 / Notices 24961

the same separate account to fund both

types of policies should not prejudice

the owners of any of the Contracts.

Applicants also argue that the increased

pooling, diversification, and economies

of scale realized from the use of an

Account should benefit the owners of

the Contracts.

4. Applicants believe that the terms of

the relief with respect to Contracts

funded by Account L, MONY Account

L or the Other Accounts are consistent

with the standards enumerated in

Section 6(c) of the 1940 Act. Without

the requested relief, Applicants state

that they would have to request and

obtain exemptive relief in connection

with the Contracts to the extent

required. Any such additional requests

for exemption, Applicants submit,

would present no issues under the 1940

Act not already addressed in the

application.

5. Applicants submit that the

requested relief from Rules 6e–2(a)(2)

and 6e–2(b)(15) is appropriate in the

public interest because the relief will

promote competitiveness in the variable

life insurance market by eliminating the

need for the Companies to file

redundant exemptive applications,

thereby reducing the Companies’

administrative expenses and

maximizing the efficient use of

resources. Applicants argue that the

delay and expense involved in having to

repeatedly seek exemptive relief would

impair the ability of the Companies to

take advantage effectively of business

opportunities as those opportunities

arise. Applicants further submit that the

requested relief is consistent with the

purposes of the 1940 Act and the

protection of investors for the same

reasons. Thus, Applicants believe that

the requested exemptions are

appropriate in the public interest and

consistent with the protection of

investors and the purposes fairly

intended by the policy and provisions of

the 1940 Act.

Conclusion

Applicants submit that, for the

reasons and upon the facts set forth

above, the requested exemptions from

Section 27(c)(2) of the 1940 Act and

Rules 6e–2(c)(4)(v), 6e–3(T)(c)(4)(v), 6e–

2(a)(2) and 6e–2(b)(15) thereunder to: (a)

permit the Companies to deduct 1.25%

of premium payments under the

Contracts; and (b) to permit any of the

Accounts to derive its assets from

flexible premium, single premium and

scheduled premium variable life

insurance policies, and to nevertheless

qualify as a variable life insurance

separate account for the purposes of

Rule 6e–2, meet the standards set forth

in Section 6(c) of the 1940 Act. In this

regard, Applicants assert that granting

the relief requested in the application

would be appropriate in the public

interest and consistent with the

protection of investors and the purposes

fairly intended by the policy and

provisions of the 1940 Act.

For the Commission, by the Division of

Investment Management, pursuant to

delegated authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 95–11513 Filed 5–9–95; 8:45 am]

BILLING CODE 8010–01–M

SOCIAL SECURITY ADMINISTRATION

1994–95 Advisory Council on Social

Security; Meeting

AGENCY: Social Security Administration.

ACTION: Notice of public meeting.

SUMMARY: In accordance with the

Federal Advisory Committee Act, this

notice announces a meeting of the

1994–95 Advisory Council on Social

Security (the Council).

DATES: Friday, May 19, 1995, 9:00 a.m.

to 5:00 p.m. and Saturday, May 20,

1995, 9:00 a.m. to 3:00 p.m.

ADDRESSES: National Rural Electric

Cooperative Association, 1800

Massachusetts Avenue, N.W.,

Washington, D.C. 20036, (202) 857–

9500.

FOR FURTHER INFORMATION CONTACT: By

mail—Dan Wartonick, 1994–95

Advisory Council on Social Security,

Suite 705, 1825 Connecticut Avenue,

NW, Washington, DC 20009; By

telephone—(202) 482–7117; By

telefax—(202) 482–7123.

SUPPLEMENTARY INFORMATION:

I. Purpose

Under section 706 of the Social

Security Act (the Act), the Secretary of

Health and Human Services (the

Secretary) appoints the Council every 4

years. The Council examines issues

affecting the Social Security Old-Age,

Survivors, and Disability Insurance

(OASDI) programs, as well as the

Medicare program and impacts on the

Medicaid program, which were created

under the Act.

In addition, the Secretary has asked

the Council specifically to address the

following:

• social Security financing issues,

including developing recommendations

for improving the long-range financial

status of the OASDI programs;

• General program issues such as the

relative equity and adequacy of Social

Security benefits for persons at various

income levels, in various family

situations, and various age cohorts,

taking into account such factors as the

increased labor force participation of

women, lower marriage rates, increased

likelihood of divorce, and higher

poverty rates of aged women.

In addressing these topics, the

Secretary suggested that the Council

may wish to analyze the relative roles of

the public and private sectors in

providing retirement income, how

policies in both sectors affect retirement

decisions and the economic status of the

elderly, and how the disability

insurance program provisions and the

availability of health insurance and

health care costs affect such matters.

The Council is composed of 12

members in addition to the chairman:

Robert Ball, Joan Bok, Ann Combs,

Edith Fierst, Gloria Johnson, Thomas

Jones, George Kourpias, Sylvester

Schieber, Gerald Shea, Marc Twinney,

Fidel Vargas, and Carolyn Weaver. The

chairman is Edward Gramlich.

The Council met previously on June

24–25 (59 FR 30367), July 29, 1994 (59

FR 35942), September 29–30 (59 FR

47146), October 21–22 (59 FR 51451),

November 18–19 ( 59 FR 55272),

January 27 (60 FR 3416), February 10–

11 (60 FR 5433), March 8–9 (60 FR

10091), March 10–11 (60 FR 10090) and

April 21–22 (60 FR 18419).

II. Agenda

The following topics will be

presented and discussed:

• Options for ensuring the long-term

financing of the Social Security

program;

• Changes to Social Security benefits

to ensure relative equity and adequacy;

and

• Relative roles of the public and

private sectors in providing retirement

income.

The meeting is open to the public to

the extent that space is available.

Interpreter services for persons with

hearing impairments will be provided.

A transcript of the meeting will be

available to the public on an at-cost-of

duplication basis. The transcript can be

ordered from the Executive Director of

the Council.

(Catalog of Federal Domestic Assistance

Program Nos. 93.802, Social Security—

Disability Insurance; 93.803, Social

Security—Retirement Insurance; 93.805,

Social Security—Survivors Insurance.)

Dated: May 2, 1995.

David C. Lindeman,

Executive Director, 1994–95 Advisory Council

on Social Security.

[FR Doc. 95–11428 Filed 5–9–95; 8:45 am]

BILLING CODE 4190–29–P