[Federal Register Volume 59, Number 5 (Friday, January 7, 1994)]
[Notices]
[Pages 1047-1048]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-312]
[[Page Unknown]]
[Federal Register: January 7, 1994]
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SECURITIES AND EXCHANGE COMMISSION
[Rel. No. IC-19990; No. 811-5746]
Crown America Separate Account B
December 30, 1993.
AGENCY: Securities and Exchange Commission (``SEC'' or ``Commission'').
ACTION: Notice of application for an Order under the Investment Company
Act of 1940 (the ``1940 Act'').
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APPLICANT: Crown America Separate Account B (``Applicant'').
RELEVANT 1940 ACT SECTION: Order requested under Section 8(f) of the
1940 Act.
SUMMARY OF APPLICATION: Applicant seeks an order declaring that it has
ceased to be an investment company as defined by the 1940 Act.
FILING DATE: The application was filed on September 30, 1993.
HEARING OR NOTIFICATION OF HEARING: An order granting the Application
will be issued unless the Commission orders a hearing. Interested
persons may request a hearing by writing to the SEC's Secretary and
serving Applicant with a copy of the request, personally or by mail.
Hearing requests should be received by the SEC by 5:30 p.m. on January
24, 1994, and should be accompanied by proof of service on Applicant in
the form of an affidavit or, for lawyers, a certificate of service.
Hearing requests should state the nature of the requestor's interest,
the reason for the request, and the issues contested. Persons may
request notification of a hearing by writing to the Secretary of the
SEC.
ADDRESSES: Secretary, Securities and Exchange Commission, 450 5th
Street, NW., Washington, DC 20549. Applicant, 120 Bloor Street East,
Toronto, Canada M4W 1B8.
FOR FURTHER INFORMATION CONTACT: Yvonne M. Hunold, Senior Counsel, on
(202) 272-2676, or Michael V. Wible, Special Counsel, on (202) 272-
2060, Office of Insurance Products (Division of Investment Management).
SUPPLEMENTARY INFORMATION: Following is a summary of the application;
the complete application is available for a fee from the SEC's Public
Reference Branch.
Applicant's Representations
1. On December 14, 1988, the Applicant was established as a
separate account of Crown America Life Insurance Company (``Crown
America'') under Kentucky insurance law for the purpose of investing
payments received under certain variable annuity contracts issued by
Crown America.
2. On January 5, 1989, Applicant filed a notification of
registration as an investment company, unit investment trust, on Form
N-8A under section 8(a) of the 1940 Act (File No. 811-5746). Applicant
also filed on January 5, 1989, a registration statement on Form N-4
(File No. 33-26413) under the Securities Act of 1933 (``1933 Act'') for
a class of variable annuity contracts and, under Rule 24f-2 of the 1940
Act, registered an indefinite amount of securities under the 1933 Act.
This registration statement was declared effective on August 2, 1990.
However, no variable annuity contracts were sold under this
registration statement.
3. On February 1, 1991, Applicant filed a registration statement on
Form N-4 under the 1933 Act (File No. 33-38840) for a second class of
variable annuity contracts funded by the Applicant. Pursuant to Rule
24f-2 of the 1940 Act, Applicant registered an indefinite amount of
securities under the 1933 Act. This registration statement was declared
effective on June 10, 1991 and four variable annuity contracts were
sold under this registration statement.
4. Crown America Holding Company (``Crown Holding''), Crown
America's sole shareholder, entered into a Stock Purchase Agreement
(``Agreement''), dated May 12, 1993, with Keyport Life Insurance
Company (``Keyport''), to sell all of its issued and outstanding shares
of Crown America to Keyport. Crown Holding's shares of Crown America
consisted of its holdings in Applicant (File Number 811-5746), Crown
America Separate Account A (File Number 811-5777), and Crown America
Separate Account D (File Number 811-5747). The closing of the sale of
shares occurred on October 1, 1993. Under the Agreement, Crown Holding
agreed to take all reasonable steps to terminate the registration of
certain separate accounts, including Applicant. On September 27, 1993,
Crown America's Board of Directors adopted a resolution authorizing the
deregistration and termination of Applicant.
5. Applicant's only securities issued consisted of four variable
annuity contracts, all of which were surrendered and terminated by
February 19, 1992. Applicant's assets when the Contracts were
outstanding consisted of shares of the Annuity Management Series Trust.
All such shares were surrendered for their redemption proceeds, which
in turn were used to pay the surrender values on the Contracts. Since
the payment of surrender proceeds on termination of the Contracts, the
Applicant has had no assets or security holders and, accordingly, has
made no distributions to security holders in connection with the
winding-up of its affairs pursuant to its termination.
6. Crown America has paid or will pay all expenses incurred by all
parties in connection with the liquidation and termination of the
Applicant.
7. During the past 18 months, Applicant has not, for any reason,
transferred any of its assets to a separate trust, the beneficiaries of
which were or are security holders of the Applicant.
8. Applicant has retained no assets and has no security holders.
Applicant does not have any debts or other liabilities which remain
outstanding. Applicant is not a party to any litigation or
administrative proceeding.
9. Applicant is not now engaged, nor does it propose to engage, in
any business activities other than those necessary for the winding-up
of its affairs.
10. Applicant filed a final Form N-SAR with the Commission on March
2, 1993.
For the Commission, by the Division of Investment Management,
pursuant to delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 94-312 Filed 1-6-94; 8:45 am]
BILLING CODE 8010-01-M
