Federal Register / Vol. 66, No. 85 / Wednesday, May 2, 2001 / Notices 22055

SECURITIES AND EXCHANGE

COMMISSION

Submission for OMB Review;

Comment Request

[Extension: Proposed Form N–6; SEC

File No. 270–446; OMB Control No.

3235–0503]

Upon written request, copies available

from: Securities and Exchange

Commission, Office of Filings and

Information Services, Washington, DC

20549.

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

(‘‘Commission’’) has submitted to the

Office of Management and Budget a

request for an extension of the

previously approved collection of

information discussed below.

The title for the collection of

information is ‘‘Form N–6 Under the

Investment Company Act of 1940 and

the Securities Act of 1933, Registration

Statement of Variable Life Insurance

Separate Accounts Registered as Unit

Investment Trusts.’’

On March 13, 1998, the Securities and

Exchange Commission proposed a new

Form N–6 for insurance company

separate accounts that are registered as

unit investment trusts that offer variable

life insurance policies. The form would

be used by these separate accounts to

register under the Investment Company

Act of 1940 and to offer their securities

under the Securities Act of 1933. For

these registrants, the proposed form

would replace Form N–8B–2, currently

used by all unit investment trusts to

register under the Investment Company

Act, and Form S–6, currently used by all

unit investment trusts to offer their

securities under the Securities Act.

Forms S–6 and N–8B–2 were not

designed for variable life insurance

registrants and do not reflect

fundamental improvements that the

Commission has made to other

investment company registration forms,

including Forms N–1A and N–4, which

facilitate clearer and more concise

disclosure. If adopted, proposed Form

N–6 would:

• Eliminate requirements in the

current registration forms that are not

relevant to variable life insurance and

include items that are specifically

addressed to variable life insurance;

• Streamline variable life prospectus

disclosure by adopting a two-part format

consisting of a simplified prospectus,

designed to contain essential

information, and a Statement of

Additional Information, containing

more extensive information that

investors could obtain upon request;

and

• Provide variable life separate

accounts a single, integrated form for

Investment Company Act and Securities

Act registration, thereby eliminating

unnecessary paperwork and duplicative

reporting.

The Commission estimates that there

are approximately 200 separate accounts

registered as unit investment trusts and

offering variable life insurance policies

that would file registration statements

on proposed Form N–6. The

Commission estimates that there will be

as many as 50 initial registration

statements on proposed Form N–6 filed

annually. The Commission estimates,

therefore, that approximately 250

registration statements (200 posteffective amendments plus 50 initial

registration statements) will be filed on

Form N–6 annually.

The Commission estimates that the

hour burden for preparing and filing a

post-effective amendment on proposed

Form N–6 will be 100 hours. Thus, the

total annual hour burden for preparing

and filing post-effective amendments

would be 20,000 hours (200 posteffective amendments annually times

100 hours per amendment). The

Commission estimates that the hour

burden for preparing and filing an

initial registration statement on

proposed Form N–6 will be 800 hours.

Thus, the annual hour burden for

preparing and filing initial registration

statements would be 40,000 hours (50

initial registration statements annually

times 800 hours per registration

statement). The total annual hour

burden for proposed Form N–6,

therefore, is estimated to be 60,000

hours (20,000 hours for post-effective

amendments plus 40,000 hours for

initial registration statements).

The Commission estimates that the

cost burden for preparing and filing a

post-effective amendment on proposed

Form N–6 will be $7,500. Thus, the total

annual cost burden for preparing and

filing post-effective amendments would

be $1,500,000 (200 post-effective

amendments annually times $7,500 per

amendment). The Commission estimates

that the cost burden for preparing and

filing an initial registration statement on

proposed Form N–6 will be $20,000.

Thus, the annual cost burden for

preparing and filing initial registration

statements would be $1,000,000 (50

initial registration statements annually

times $20,000 per registration

statement). The total annual cost burden

for proposed Form N–6, therefore, is

estimated to be $2,500,000 ($1,500,000

for post-effective amendments plus

$1,000,000 for initial registration

statements).

The hour and cost burdens would be

offset by a decrease in the burdens

attributable to Forms N–8B–2 and S–6

because separate accounts registering on

Form N–6 would no longer be required

to register on Forms N–8B–2 and S–6.

The Commission expects that the

aggregate burden imposed by Forms N–

6, S–6, and N–8B–6 after Form N–6 is

adopted will be no greater, and may be

less, than the burden currently imposed

by Forms S–6 and N–8B–2.

Form N–6 has not yet been adopted,

and therefore no variable life separate

accounts are currently using Form N–2

to register pursuant to the Securities Act

and the Investment Company Act.

The information collection

requirements that would be imposed by

Form N–6 are mandatory. Responses to

the collection of information will not be

kept confidential. 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 regarding the

above information should be directed to

the following persons: (i) Desk Officer

for the Securities and Exchange

Commission, Office of Information and

Regulatory Affairs, Office of

Management and Budget, Room 10202,

New Executive Office Building,

Washington, DC 20503; and (ii) Michael

E. Bartell, Associate Executive Director,

Office of Information Technology,

Securities and Exchange Commission,

450 Fifth Street, NW., Washington, DC

20549. Comments must be submitted to

OMB within 30 days of this notice.

Dated: April 25, 2001.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 01–10979 Filed 5–1–01; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 35–27385]

Filings Under the Public Utility Holding

Company Act of 1935, as Amended

(‘‘Act’’)

April 27, 2001.

Notice is hereby given that the

following filing(s) has/have been made

with the Commission pursuant to

provisions of the Act and rules

promulgated under the Act. All

interested persons are referred to the

application(s) and/or declaration(s) for

complete statements of the proposed

transaction(s) summarized below. The