Clarification of Application of ERISA to Insurance Company General Accounts

Riepilogo

This document requests information from the public concerning issues which the Department has under consideration in developing regulations to clarify the application of the Employee Retirement Income Security Act of 1974 as amended (ERISA), to insurance company general accounts. Pursuant to section 1460 of the Small Business Job Protection Act of 1996 (Pub. L. 104-188), section 401 of ERISA has been amended. Section 401 now provides that no later than June 30, 1997, the Department must issue proposed regulations to: Provide guidance for the purpose of determining, where an insurer issues one or more policies to or for the benefit of an employee benefit plan (and such policies are supported by assets of the insurer's general account), which assets held by the insurer (other than plan assets held in its separate accounts) constitute assets of the plan for purposes of part 4 of Title I of ERISA and section 4975 of the Internal Revenue Code of 1986; and provide guidance with respect to the application of Title I to the general account assets of insurers. The information provided to the Department in response to this document will assist the Department in developing the proposed regula