SEC Division of Investment Management staff letter: ING Life Insurance and Annuity Company

ING Life Insurance and Annuity Company requests assurance that the SEC staff will not recommend enforcement action under Sections 22(e) and 27(i)(2)(A) of the Investment Company Act of 1940 if it omits signed participant acknowledgements regarding withdrawal restrictions and investment options in two specific scenarios. The requested relief applies when sponsors of ERISA-covered Section 403(b) retirement programs replace existing group variable annuity contracts with new ones issued by ING Life, and when employers automatically enroll employees in such programs without individual application forms. ING Life seeks to dispense with obtaining these acknowledgements during contract surrenders, redemptions, and automatic enrollments to accommodate employer requests while relying on existing registration statement representations.

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SUTHERLAND ASBILL & BRENNAN LLP
1275 Pennsylvania Avenue, NW
Washington, DC 20004 2415
202 383.0100 Fax 202.637.3593 www.sutherland.com

STEPHEN E. ROTH
DIRECT LINE: 202.383.0158
E-mail: steve.roth@sutherland.com

VIA COURIER

Assistant Director
Division of Investment Management
U.S. Securities and Exchange Commission
100 F Street, N.E.
Washington, D.C. 20549

Re: ING Life Insurance and Annuity Company

Dear Mr. Kotapish:

We are writing on behalf of ING Life Insurance and Annuity Company (“ING Life”) to seek the assurance of the Division of Investment Management that it would not recommend enforcement action to the Securities and Exchange Commission (the “Commission”) under Sections 22(e) and 27(i)(2)(A) of the Investment Company Act of 1940, as amended, (the “Act”) if, in the limited circumstances described below, ING Life permits certain sponsors of retirement programs under Section 403(b) of the Internal Revenue Code of 1986, as amended (the “Code”) that are subject to the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) to:

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Source: Securities and Exchange Commission — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works