Rule 498A Summary Prospectus for Variable Annuity and Variable Life Insurance Contracts

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
498A Supporting Statement (adopted rule).pdf	Supporting Statement A	Uploaded 2020-05-26	Available

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
234792	Summary Prospectus for Variable Annuity and Variable Life Insurance Contracts		Modified

ICR Details

OMB Control No: 3235-0765	ICR Reference No: 202005-3235-015
Status: Active	Previous ICR Reference No: 201901-3235-003
Agency/Subagency: SEC	Agency Tracking No: IM-270-813
Title: Rule 498A Summary Prospectus for Variable Annuity and Variable Life Insurance Contracts
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved with change	Conclusion Date: 11/13/2020
	Date Received in OIRA: 05/27/2020
Terms of Clearance: ROCIS tables updated during review.

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	11/30/2023	36 Months From Approved
Responses	676	0	0
Time Burden (Hours)	14,688	0	0
Cost Burden (Dollars)	11,559,420	0	0

---

Abstract: New rule 498A provides an optional method for satisfying portfolio company prospectus delivery obligations under section 5(b)(2) of the Securities Act of 1933 (15 USC 77e(b)(2)) by making portfolio company summary and statutory prospectuses available online, with certain key information about the portfolio companies provided in the contract’s summary prospectus.

---

Authorizing Statute(s): US Code: 15 USC 80a-24(g) Name of Law: Investment Company Act of 1940
   US Code: 15 USC 77j Name of Law: Securities Act of 1933
  

Citations for New Statutory Requirements: US Code: 15 USC 78a Name of Law: Securities Exchange Act of 1934
US Code: 15 USC 77a Name of Law: Securities Act of 1933
US Code: 15 USC 77e(b)(2) Name of Law: Securities Act of 1933
US Code: 15 USC 80a-24(g) Name of Law: Investment Comapny Act of 1940
US Code: 15 USC 77b(a)(10) Name of Law: Securities Act of 1933
US Code: 15 USC 77j Name of Law: Securities Act of 1933
US Code: 15 USC 80a-1 Name of Law: Investment Company Act of 1940

---

Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
3235-AK60	Final or interim final rulemaking	85 FR 25964	05/01/2020

---

Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

---

Number of Information Collection (IC) in this ICR: 1

table that charts list of burden

IC Title	Form No.	Form Name
Summary Prospectus for Variable Annuity and Variable Life Insurance Contracts

---

ICR Summary of Burden

table that charts list of burden

	Total Approved	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	676	0	0	676	0	0
Annual Time Burden (Hours)	14,688	0	0	14,688	0	0
Annual Cost Burden (Dollars)	11,559,420	0	0	11,559,420	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Miscellaneous Actions

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: We are asking that a new collection of information for rule 498A be created. As a result of new rule 498A, the hour burden for preparing and filing summary prospectuses will be 14,688 hours at an internal time cost burden of $3,900,193 and an external time cost burden of $11,559,420.

---

Annual Cost to Federal Government: $21,200,000

Does this IC contain surveys, censuses, or employ statistical methods? No

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     No

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? No

---

Common Form ICR:  No

---

On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).

The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(i) Why the information is being collected;

(ii) Use of information;

(iii) Burden estimate;

(iv) Nature of response (voluntary, required for a benefit, or mandatory);

(v) Nature and extent of confidentiality; and

(vi) Need to display currently valid OMB control number;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.

Certification Date: 05/27/2020

---