Federal Register/Vol. 70, No. 80/Wednesday, April 27, 2005/Notices

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Federal Register/Vol. 70, No. 80/Wednesday, April 27, 2005/Notices 21822 Federal Register / Vol. 70, No. 80 / Wednesday, April 27, 2005 / Notices 8. The provider must design its Section 11(a) of the Act approving the Company was a wholly owned Customized Postage indicia in a manner terms of the following proposed offer of subsidiary of New England Mutual Life approved by the Postal Service, which exchange of variable life insurance Insurance Company. On August 30, reduces the likelihood that the public contracts offered by NELICO and made 1996, New England Mutual Life will be misled into believing that the available through the Variable Account: Insurance Company merged into product image originated with the outstanding scheduled premium Metropolitan Life Insurance Company Postal Service. variable life insurance contracts (‘‘MetLife’’), a life insurance company 9. The Postal Service may suspend or (‘‘Zenith Life Contract,’’ ‘‘Zenith Life with principal offices in New York. cancel without prior notice and without Plus Contract,’’ ‘‘Zenith Life Plus II MetLife is a wholly owned subsidiary of liability for any costs incurred or losses Contract,’’ ‘‘Zenith Life Executive 65 MetLife, Inc., a publicly traded sustained by a provider or customer, the Contract,’’ and ‘‘Zenith Variable Whole company. Thereafter, MetLife became approval of any customer as a test Life Contract’’ and, collectively, the the parent of New England Variable Life participant, or the Customized Postage ‘‘Scheduled Premium Contracts’’) for Insurance Company, and the latter test itself, in the event there is sufficient the Zenith Flexible Life 2001 contract changed its name to New England Life cause to believe that the test presents (the ‘‘Zenith 2001 Contract’’). Insurance Company and changed its unacceptable risk to Postal Service Filing Date: The application was filed domicile from the State of Delaware to revenues, degradation of the ability of on December 22, 2003 and amended and the Commonwealth of Massachusetts. the Postal Service to process or deliver restated on April 21, 2005. NELICO is authorized to operate in all mail produced by the test participants, Hearing or Notification of Hearing: An states and the District of Columbia. an assessment that continuation of the order granting the application will be test may expose the Postal Service or its issued unless the Commission orders a 2. NELICO established the Variable customers to legal liability, or an hearing. Interested persons may request Account on January 31, 1983, under assessment that continuation of the test a hearing by writing to the Secretary of Delaware law. When NELICO changed will cause public or political the Commission and serving the its domicile to Massachusetts on August embarrassment or harm to the Postal Applicants with a copy of the request, 30, 1996, the Variable Account became Service in any way. personally or by mail. Hearing requests subject to Massachusetts law. The 10. The Postal Service will require should be received by the Commission Variable Account is registered under the approved providers of Customized by 5:30 p.m. on May 12, 2005, and Act as a unit investment trust, and is a Postage to pay a fee to defray the costs should be accompanied by proof of ‘‘separate account’’ as that term is of the Postal Service in testing and service on the Applicants, in the form defined in Section 2(a)(37) of the Act. evaluating Customized Postage. of an affidavit or, for lawyers, a NELICO is the legal owner of the assets 11. Additional conditions and certificate of service. Hearing requests in the Variable Account. The obligations requirements may be set forth in should state the nature of the writer’s to contract owners and beneficiaries individual product test approval letters. interest, the reason for the request, and arising under the contracts are general Persons interested in submitting the issues contested. Persons may corporate obligations of NELICO, and proposed Customized PC Postage request notification of a hearing by the general assets of NELICO support concepts should contact: Manager, writing to the Secretary of the the contracts. The assets of the Variable Postage Technology Management, U.S. Commission. Account equal to its reserves and other Postal Service, 1735 North Lynn Street, contract liabilities are not available to ADDRESSES: Secretary, Securities and Room 5011, Arlington, VA 22209–6030; meet the claims of NELICO’s general Exchange Commission, 450 Fifth Street, (703) 292–3590 (Telephone); (703) 292– creditors, but are held and applied NW., Washington, DC 20549–0609. 4073 (Fax); [email protected]. exclusively to the benefit of holders of Applicants, c/o Marie C. Swift, Esq., those variable life insurance contracts Neva Watson, New England Life Insurance Company, funded through the Variable Account. Attorney, Legislative. 501 Boylston Street, Boston, MA 02116. The investment performance of the [FR Doc. 05–8487 Filed 4–26–05; 8:45 am] Copies to: Stephen E. Roth, Esq. and Variable Account is independent of both BILLING CODE 7710–12–P Mary E. Thornton, Esq., Sutherland the investment performance of the Asbill & Brennan LLP, 1275 general account of NELICO and of any Pennsylvania Avenue, NW., other separate account that NELICO has SECURITIES AND EXCHANGE Washington, DC 20004–2415. established or may establish in the COMMISSION FOR FURTHER INFORMATION CONTACT: future. [Release No. IC–26836; File No. 812–13054] Harry Eisenstein, Senior Counsel, or Zandra Y. Bailes, Branch Chief, Office of 3. NES is registered with the New England Life Insurance Co., et al., Insurance Products, Division of Commission as a broker-dealer, and is a Notice of Application Investment Management, at (202) 551– member of the National Association of 6795. Securities Dealers, Inc. NES serves as April 21, 2005. principal underwriter for the Scheduled SUPPLEMENTARY INFORMATION: Following AGENCY: Securities and Exchange Premium Contracts and the Zenith 2001 is a summary of the application. The Commission (the ‘‘Commission’’). Contracts. NES is an indirect, wholly application is available for a fee from ACTION: Notice of application for an owned subsidiary of NELICO. order pursuant to Sections 11(a) of the the Commission’s Public Reference Investment Company Act of 1940 (the Branch, 450 5th Street, NW., General Description of Zenith Life 2001 ‘‘Act’’). Washington, DC 20549–0102 (telephone Contracts (202) 551–8090). Applicants: New England Life 4. The Zenith 2001 Contracts are Insurance Company (‘‘NELICO’’), New Applicants’ Representations flexible premium variable life insurance England Variable Life Separate Account 1. NELICO is a stock life insurance contracts offered pursuant to a (the ‘‘Variable Account’’), and New company organized under the laws of registration statement under the England Securities Corporation (‘‘NES’’) Delaware in 1980 as New England Securities Act of 1933 (‘‘1933 Act’’) (File Summary of the Application: Variable Life Insurance Company. New No. 333–103193). The Zenith 2001 Applicants request an order pursuant to England Variable Life Insurance Contracts are available for sale to VerDate jul<14>2003 16:57 Apr 26, 2005 Jkt 205001 PO 00000 Frm 00093 Fmt 4703 Sfmt 4703 E:\FR\FM\27APN1.SGM 27APN1 Federal Register / Vol. 70, No. 80 / Wednesday, April 27, 2005 / Notices 21823 individuals, trusts, and business entities ‘‘projected cash value’’ is the cash value increase in face amount). In the event of (‘‘non-pension contracts’’) as well as for projected to the next contract a face amount reduction or a partial sale to qualified pension plans anniversary or, if earlier, to the next surrender that results in a face amount (‘‘pension contracts’’). planned premium due date, at a 4% rate reduction, NELICO will deduct the 5. With certain restrictions, a Zenith and using current contract charges.) The surrender charge applicable to the 2001 Contract owner may make loan value available is reduced by any remaining cash value in an amount premium payments in an amount and outstanding loan plus interest charged proportional to the amount of the face based on a plan or schedule that he or on contract loans. A contract loan amount surrendered. she determines. Such planned reduces the contract’s cash value in the 13. Each month, NELICO deducts: a premiums may be paid on an annual, subaccounts by the amount of the loan. policy charge ($15 per month during the semi-annual, quarterly, or monthly Unless a contract owner requests first contract year and no more than $7 schedule. A Zenith 2001 Contract owner otherwise, NELICO attributes contract per month thereafter); an administrative may skip planned premium payments or loans to the subaccounts of the Variable charge of $.08 per $1,000 of base make additional payments. Additional Account and to the fixed account in contract face amount in the first contract payments may be subject to proportion to the cash value in each. year and no more than $.04 per $1,000 underwriting. No payment may be less 10. Two death benefit options are of base contract face amount (not to than $25 ($10 for premium payments available under the Zenith 2001 exceed $60 per month) thereafter; made under certain monthly payment Contract: monthly cost of insurance charges (the arrangements). • Option 1 (Face Amount)—a level amount at risk under the contract—i.e., 6. The Variable Account consists of death benefit that equals the face the amount by which the death benefit, several subaccounts, each of which amount of the contract; or discounted monthly, exceeds the cash invests exclusively in a designated • Option 2 (Face Amount plus Cash value—multiplied
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