Equity Index Insurance Products

SECURITIES AND EXCHANGE COMMISSION

17 CFR Part 230

[Release No. 33-7476; File No. S7-22-97] RIN 3235-AH23

Equity Index Insurance Products

AGENCY: Securities and Exchange Commission.

ACTION: Concept release; extension of comment period.

SUMMARY: The Commission is extending from November 20, 1997, to January 5, 1998, the comment period for Securities Act Release No. 7438 (Aug. 20, 1997), 62 FR 45359 (Aug. 27, 1997). This release requested public comment on the structure of equity index insurance products, the manner in which they are marketed, and any other matters the Commission should consider in addressing federal securities law issues raised by equity index insurance products.

DATES: Comments must be received on or before January 5, 1998.

ADDRESSES: Comments should be submitted in triplicate to Jonathan G. Katz, Secretary, Securities and Exchange Commission, 450 Fifth Street, N.W., Washington, D.C. 20549-6009. Comments also may be submitted electronically at the following E-mail address: rule-comments@sec.gov. All comment letters should refer to File No. S7-22-97; this file number should be included on the subject line if E-mail is used. All comments received will be available for public inspection and copying in the Commission's Public Reference Room, 450 Fifth Street, N.W., Washington, D.C. 20549-6009. Electronically submitted comments will also be posted on the Commission's internet site (http://www.sec.gov).

FOR FURTHER INFORMATION CONTACT: Megan L. Dunphy, Attorney, (202) 942-0670, Office of Insurance Products, Division of Investment Management, Securities and Exchange Commission, 450 Fifth Street, N.W., Mail Stop 10-6, Washington, D.C. 20549-6009.

SUPPLEMENTARY INFORMATION: On August 20, 1997, the Commission issued a concept release soliciting comment on the structure of equity index insurance products, the manner in which they are marketed, and any other matters the Commission should consider in addressing federal securities law issues raised by equity index insurance products.[1] The Commission requested that comments on the release be received by November 20, 1997.

[1] Securities Act Rel. No. 7438 (Aug. 20, 1997) [62 FR 45359 (Aug. 27, 1997)].

In a letter dated November 3, 1997, the American Council of Life Insurance (“ACLI”) requested a 45-day extension of time within which to comment on the concept release.[2] The ACLI requested the extension to provide an opportunity for careful analysis and constructive comment on the release.

[2] Letter from Carl B. Wilkerson, Senior Counsel, American Council of Life Insurance, to Jonathan G. Katz, Secretary, U.S. Securities and Exchange Commission (Nov. 3, 1997).

To permit additional time for careful analysis and constructive comment, and in light of the importance of comments on this subject, the Commission believes that a 45-day extension of the comment period is appropriate. Therefore, the comment period for responding to Securities Act Release No. 7438 is extended to January 5, 1998.

November 17, 1997.

By the Commission. Margaret H. McFarland, Deputy Secretary.

[FR Doc. 97-30629 Filed 11-20-97; 8:45 am]

BILLING CODE 8010-01-P