Document ID: SEC-2019-0176-0001
Agency: sec
Document Type: Proposed Rule
Title: Updated Disclosure Requirements and Summary Prospectus for Variable Annuity and Variable Life Insurance Contracts: Reopening of Comment Period
Posted Date: 2019-02-21T05:00Z

[Federal Register Volume 84, Number 35 (Thursday, February 21, 2019)]
[Proposed Rules]
[Pages 5393-5395]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-02906]

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SECURITIES AND EXCHANGE COMMISSION

17 CFR Parts 230, 232, 239, 240, 270, and 274

[Release Nos. 33-10605; 34-85146; IC-33375; File No. S7-23-18]
RIN 3235-AK60

Reopening of Comment Period for Updated Disclosure Requirements 
and Summary Prospectus for Variable Annuity and Variable Life Insurance 
Contracts

AGENCY: Securities and Exchange Commission.

ACTION: Reopening of comment period.

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SUMMARY: The Securities and Exchange Commission is reopening the 
comment period for a proposal to amend rules and forms to help 
investors make informed investment decisions regarding variable annuity 
and variable life insurance contracts. The proposal would permit 
persons to satisfy their prospectus delivery obligations under the 
Securities Act of 1933 for a variable annuity or variable life 
insurance contract and any associated portfolio companies by sending or 
giving a summary contract prospectus to investors and making the 
statutory and portfolio company prospectuses available online. In 
addition, the proposal would amend the registration

[[Page 5394]]

forms for variable annuity and variable life insurance contracts to 
update and enhance the disclosures to investors in these contracts, and 
would require the Inline eXtensible Business Reporting Language 
(``Inline XBRL'') format for certain required disclosures in the 
variable contract statutory prospectus. The proposal would also make 
certain technical and conforming amendments to our rules and forms, as 
well as rescission of certain related rules and forms, and seek 
comments regarding parallel amendments to rules governing mutual fund 
summary prospectuses and registration forms applicable to other types 
of registered investment companies. The original comment period ended 
on February 15, 2019. The Commission is reopening the time period in 
which to provide the Commission with comments until March 15, 2019. 
This action will allow interested persons additional time to analyze 
the issues and prepare their comments.

DATES: The comment period for the proposed rule published Nov. 30, 2018 
(83 FR 61730), is reopened. Comments should be received on or before 
March 15, 2019.

ADDRESSES: Comments may be submitted by any of the following methods:

Electronic Comments

     Use the Commission's internet comment forms (http://www.sec.gov/rules/proposed.shtml);
     Send an email to rule-comments@sec.gov. Please include 
File Number S7-23-18 on the subject line; or
     Use the Federal Rulemaking Portal (http://www.regulations.gov). Follow the instructions for submitting comments.

Paper Comments

     Send paper comments to Brent J. Fields, Secretary, 
Securities and Exchange Commission, 100 F Street NE, Washington, DC 
20549-1090.
All submissions should refer to File Number S7-23-18. This file number 
should be included on the subject line if email is used. To help us 
process and review your comments more efficiently, please use only one 
method. The Commission will post all comments on the Commission's 
website (http://www.sec.gov/rules/proposed.shtml). Comments also are 
available for website viewing and printing in the Commission's Public 
Reference Room, 100 F Street NE, Room 1580, Washington, DC 20549, on 
official business days between the hours of 10:00 a.m. and 3:00 p.m. 
All comments received will be posted without change. Persons submitting 
comments are cautioned that we do not redact or edit personal 
identifying information from comment submissions. You should submit 
only information that you wish to make available publicly.
    Studies, memoranda or other substantive items may be added by the 
Commission or staff to the comment file during this rulemaking. A 
notification of the inclusion in the comment file of any such materials 
will be made available on the Commission's website. To ensure direct 
electronic receipt of such notifications, sign up through the ``Stay 
Connected'' option at www.sec.gov to receive notifications by email.

FOR FURTHER INFORMATION CONTACT: Daniel K. Chang, James Maclean, Amy 
Miller, Senior Counsels; Amanda Hollander Wagner, Branch Chief; Michael 
C. Pawluk, Senior Special Counsel, Investment Company Regulation 
Office, at (202) 551-6792; Keith Carpenter or Michael Kosoff, Senior 
Special Counsels, Disclosure and Review Office, at (202) 551-6921, 
Division of Investment Management, Securities and Exchange Commission, 
100 F Street NE, Washington, DC 20549-8549.

SUPPLEMENTARY INFORMATION: The Commission has requested comment on a 
release proposing new rule 498A [proposed rule 17 CFR 230.498A] under 
the Securities Act. The release also proposes amendments to the 
following  rules:
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    \1\ 15 U.S.C. 77a et seq.
    \2\ 15 U.S.C. 78a et seq.
    \3\ 15 U.S.C. 80a et seq.

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       Commission reference                CFR citation  (17 CFR)
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Regulation S[dash]T [17 CFR
 232.10 through 232.903]:
    Rule 11......................  Sec.   232.11.
    Rule 405.....................  Sec.   232.405.
Securities Act of 1933
 (``Securities Act''): \1\
    Rule 159A....................  Sec.   230.159A.
    Rule 421.....................  Sec.   230.421.
    Rule 431.....................  Sec.   230.431.
    Rule 482.....................  Sec.   230.482.
    Rule 485.....................  Sec.   230.485.
    Rule 497.....................  Sec.   230.497.
    Rule 498.....................  Sec.   230.498.
Securities Exchange Act of 1934
 (``Exchange Act''): \2\
    Rule 14a-16..................  Sec.   240.14a-16.
Investment Company Act of 1940
 (``Investment Company Act''):
 \3\
    Rule 0-1.....................  Sec.   270.0-1.
    Rule 6c-7....................  Sec.   270.6c-7.
    Rule 6c-8....................  Sec.   270.6c-8.
    Rule 6e-2....................  Sec.   270.6e-2.
    Rule 6e-3(T).................  Sec.   270.6e-3(T).
    Rule 11a-2...................  Sec.   270.11a-2.
    Rule 14a-2...................  Sec.   270.14a-2.
    Rule 26a-1...................  Sec.   270.26a-1.
    Rule 27c-1...................  Sec.   270.27c-1.
Securities Act and Investment
 Company Act:
    Form N-3.....................  Sec.   239.17a and 274.11b.
    Form N-4.....................  Sec.   239.17b and 274.11c.
    Form N-6.....................  Sec.   239.17c and 274.11d.
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[[Page 5395]]

    Finally, the release proposes to rescind:

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       Commission reference                CFR citation  (17 CFR)
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Investment Company Act:
    Rule 26a-2...................  Sec.   270.26a-2.
    Rule 27a-1...................  Sec.   270.27a-1.
    Rule 27a-2...................  Sec.   270.27a-2.
    Rule 27a-3...................  Sec.   270.27a-3.
    Rule 27d-2...................  Sec.   270.27d-2.
    Rule 27e-1...................  Sec.   270.27e-1.
    Rule 27f-1...................  Sec.   270.27f-1.
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    The Commission originally requested that comments on the release be 
received by February 15, 2019. The Commission has received several 
requests for an extension of time for public comment on the proposal 
to, among other things, allow for adequate time to fully consider the 
proposals and to improve the quality of responses.\4\ The Commission 
believes that providing the public additional time to thoroughly 
consider the matters addressed by the release and to submit 
comprehensive responses to the release would benefit the Commission in 
its consideration of final rules.\5\ Therefore, the Commission is 
reopening the comment period for Release Nos. 33-10569; 34-84508; IC-
33286 ``Updated Disclosure Requirements and Summary Prospectus for 
Variable Annuity and Variable Life Insurance Contracts'' until March 
15, 2019.
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    \4\ See Letters from Carl B. Wilkerson, Vice President & Chief 
Counsel, Securities, American Council of Life Insurers (Dec. 20, 
2018), Stephen E. Roth, on behalf of the Committee of Annuity 
Insurers (Jan. 22, 2019), Benjamin G. Baldwin, Jr. (Feb. 13, 2019). 
Comments are available on the Commission's website at https://www.sec.gov/comments/s7-23-18/s72318.htm.
    \5\ In this regard, the Commission notes that the comment period 
overlapped in part with the recent lapse in appropriations.

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    By the Commission.

    Dated: February 14, 2019.
Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2019-02906 Filed 2-20-19; 8:45 am]
 BILLING CODE 8011-01-P