The Securities and Exchange Commission (SEC) has submitted a request to the Office of Management and Budget (OMB) to extend the previously approved collection of information under Rule 6e-2 and Form N-6EI-1 as part of the Paperwork Reduction Act of 1995. This rule allows life insurance companies to use separate accounts to fund specific variable life insurance products, offering exemptions from certain provisions of the Investment Company Act of 1940 under defined conditions. Since 2008, no Form N-6EI-1 filings have occurred; hence, there has been no burden or cost to the industry. The SEC is maintaining one burden hour for inventory purposes and invites public comment on this information collection within 30 days of the notice's publication.
Simple Explanation
The SEC is asking for permission to keep track of a rule that lets life insurance companies use special accounts for certain products, even though they haven’t used a specific form since 2008. They want to know if people think it's still important to keep this rule.