[Federal Register Volume 64, Number 55 (Tuesday, March 23, 1999)]
[Notices]
[Pages 14024-14028]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-7089]
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SECURITIES AND EXCHANGE COMMISSION
[Rel. No. IC-23743; File No. 812-11454]
Western Reserve Life Assurance Co. Of Ohio, et al.
March 17, 1999.
AGENCY: Securities and Exchange Commission (the ``Commission'' or
``SEC'').
ACTION: Notice of application for an order under Section 6(c) the
Investment Company Act of 1940 (the ``1940 Act'') granting relief from
Rule 6e-2(c)(1) and from certain provisions of the Act and Rules
thereunder specified in paragraph (b) of Rule 6e-2; and from Sections
2(a)(32) and 27(i)(2)(A) of the Act and Rules 6e-2(b)(12) and 22c-1.
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APPLICANTS: Western Reserve Life Assurance Co. of Ohio (``Western
Reserve''), WRL Series Life Account (``Western Reserve Separate
Account''), PFL Life Insurance Company (``PFL''), Legacy Builder
Variable Life Separate Account (``PLF Separate Account''), and AFSG
Securities Corporation (``AFSG'') (collectively, the ``Applicants'').
SUMMARY OF APPLICATION: Applicants seek exemptive relief to the extent
necessary: (1) to permit them to offer and sell certain variable life
insurance policies with modified single premiums (``Policies''); and
(2) to permit other NASD member broker-dealers which may become the
principal underwriter for such Policies (``Future Underwriters'') to
offer and sell such Policies.
FILING DATE: The application was filed on January 7, 1999.
HEARING OR NOTIFICATION OF HEARING: The Commission will issue an order
granting the application unless the Commission orders a hearing.
Interested persons may request a hearing by writing to the Secretary of
the Commission and serving Applicants with a copy of the request, in
person or by mail. The Commission should receive hearing requests by
5:30 p.m. on April 12, 1999, and the requests should be accompanied by
proof of service on Applicants in the form of an affidavit or, for
lawyers, a certificate of service. Hearing requests should state the
nature of the requester's interest, the reason for the request, and the
issues contested. Persons who wish to be notified of a hearing may
request notification by writing to the Secretary of the Commission.
ADDRESSES: Secretary, Securities and Exchange Commission, 450 Fifth
Street, N.W., Washington, D.C. 20549-0609. Applicants, c/o Thomas E.
Pierpan, Esq., Western Reserve Life Assurance Co. of Ohio, 570 Carillon
Parkway, St. Petersburg, Florida 33716; and Frank A. Camp, Esq., PFL
Life Insurance Company, 4333 Edgewood Road, NE, Cedar Rapids, Iowa
52499.
FOR FURTHER INFORMATION CONTACT: Kevin P. McEnery, Senior Counsel, or
Susan M. Olson, Branch Chief, Office of Insurance Products, Division of
Investment Management, at (202) 942-0670.
SUPPLEMENTARY INFORMATION: The following is a summary of the
application. The complete application is available for a fee from the
SEC's Public Reference Branch, Mail Stop 1-2, 450 Fifth St., N.W.,
Washington, D.C. 20549-0102 (tel (202) 942-8090).
[[Page 14025]]
Applicants' Representations
1. Western Reserve, a stock life insurance company, is a wholly
owned subsidiary of First AUSA Life Insurance Company, a stock life
insurance company that is a wholly owned subsidiary of AEGON USA, Inc.,
a financial services holding company.
2. Western Reserve established the Western Reserve Separate Account
under Ohio law to serve as a funding vehicle for variable life
insurance policies issued by Western Reserve and its affiliates. The
Western Reserve Separate Account is registered under the Act as a unit
investment trust. In connection with the Policy issued by Western
Reserve, the Western Reserve Separate Account currently has 12
subaccounts, each of which invests in shares of a corresponding
portfolio of a mutual fund registered under the Act as an open-end
management investment company.
3. PFL, a stock life insurance company, is a wholly owned indirect
subsidiary of AEGON USA, Inc.
4. PFL established the PFL Separate Account under Iowa law to serve
as a funding vehicle for variable life insurance policies issued by
PFL. The PFL Separate Account is registered under the Act as a unit
investment trust. The PFL Separate Account currently has 19
subaccounts, each of which invests in shares of a corresponding
portfolio of a mutual fund registered under the Act as an open-end
management investment company. The Application refers to Western
Reserve and PFL, when used together, as the ``Companies,'' and the
Application refers to the Western Reserve Separate Account and the PFL
Separate Account, when used together, as the ``Separate Accounts.''
5. AFSG is registered with the Commission as a broker-dealer under
the Securities Exchange Act of 1934, as amended, and is a member of the
National Association of Securities Dealers, Inc. (``NASD''). AFSG is
the principal underwriter of the Policies issued by both Western
Reserve and PFL.
6. The Policies are modified single premium variable life insurance
policies that prospective owners may purchase on an individual or a
joint and last survivor basis. The Companies will rely on Rule 6e-2 in
connection with the Policies, although the Policies also contain
features not contemplated by Rule 6e-2.
7. The minimum premium required under the Policy for a given
specified amount depends on a number of factors, including the age,
sex, and risk class of the proposed insured(s). The Companies currently
require a minimum initial premium of $20,000; however, each Policy will
specify the minimum initial premium that the applicant must pay.
8. The Companies provide limited flexibility to add additional
premiums since the Companies require that the initial premium equal the
maximum amount that can be applied to the Policy at issue. In general,
owners of the Policies may not pay any additional premiums on the
Policy for several years in order for the Policy to continue to qualify
on a life insurance contract as defined in Federal tax laws and
regulations.
9. Policy owners may instruct the Companies to allocate from 1% to
100% of premiums to one or more subaccounts of the Separate Accounts
and to the fixed account options. Policy owners may change the
allocation instructions for additional premiums without charge at any
time by providing the Companies with written notification. The
Companies may limit the number of premium allocation changes.
10. If the Companies sell a Policy in a state that requires the
return of initial premium upon exercise of the free look right, then
the Companies will allocate the initial premium (plus interest) to a
reallocation account. The premium will remain in the reallocation
account (earning interest) for the length of time of the state's free
look period plus five days. After this time, the Companies will
reallocate all amounts in the reallocation account to the subaccounts
and fixed account options selected on the Policy application. In other
states, once underwriting is completed, the Companies will allocate
premiums to the subaccounts and the fixed account options according to
Policy owner instructions.
11. The value of amounts allocated to the subaccounts of the
Separate Accounts will vary with the investment performance of the
portfolios underlying the subaccounts. Policy owners bear the entire
risk for amounts allocated to a subaccount.
12. The Policies provide for a death benefit that the Companies
will determine as of the insured's date of death (the last insured, of
a joint Policy). The death benefit is equal to the greater of: (1) the
specified amount; or (2) the sum of the Policy's value in the
subaccounts and the fixed accounts (``cash value'') on the date the
insured dies multiplied by the applicable limitation percentage. The
limitation percentage is a percentage based on the insured's age at the
beginning of each Policy year. For joint Policies, the Companies will
use the age of the younger insured. Policy owners may not increase or
decrease the specified amount under the Policy.
13. When applying for a Policy, owners may also purchase a
guaranteed minimum death benefit rider whereby the Companies guarantee
to provide a death benefit (minimum $1,000) as follows: (1) If the net
surrender value (a Policy's cash value minus any surrender charge and
minus any outstanding Policy loan) on any monthly deduction day is not
sufficient to cover the monthly Policy charge on that day, then
coverage will be provided as indicated below, and no grace period will
begin, provided that the owner has not taken any Policy loans; and (2)
If a death benefit is payable due to the provisions of the guaranteed
minimum death benefit rider, then the following minimum death benefit
is applicable:
During the first 15 Policy years, or before the Policy
anniversary next following the insured's (or younger joint insured's)
75th birthday, if sooner, the minimum death benefit payable will be as
described at the beginning of this paragraph 13 above.
After the first 15 Policy years, or on or after the Policy
anniversary next following the insured's (or younger joint insured's)
75th birthday, if sooner, the minimum death benefit payable will be the
initial premium, reduced by any partial withdrawals.
14. Owners of a Policy may request a partial withdrawal after the
first Policy year. The Companies place the following limitations on
partial withdrawals: (1) only 1 partial withdrawal is allowed during a
12-month period; and (2) the maximum partial withdrawal is equal to the
excess of the cash value minus total outstanding loans, minus any
interest owed on the loans, and minus total premiums paid.
15. A partial withdrawal will reduce the specified amount (or the
guaranteed minimum death benefit) under the Policy by an amount equal
to the amount of the partial withdrawal multiplied by the ratio of the
initial specified amount to the initial premium.
16. The Companies do not deduct any charges from premiums before
allocating the premiums to the subaccounts of the Separate Accounts and
the fixed account options according to the Policy owner's instructions.
17. On each valuation date, the Companies deduct a daily charge at
the annual rate of 0.50% from the assets in the subaccounts as part of
the calculation of the unit value for each subaccount.
18. The Companies make a monthly deduction from the Policy's cash
value
[[Page 14026]]
on the Policy's effective date and on each monthiversary (the same day
of each succeeding month as the Policy's effective date, or, if there
is not comparable valuation date, the next valuation date). The
Companies make the deduction from each subaccount and the fixed account
options in accordance with the current allocation instructions. If the
value of any account is insufficient to pay that account's portion of
the monthly deduction, the Companies will take the monthly deduction on
a pro-rata basis from all accounts (that is, in the same proportion
that the value in each subaccount and the fixed accounts bears to the
total cash value on the monthiversary).
19. The monthly deduction is equal to: (1) the monthly Policy
charge based each Separate Account's assets; plus (2) the monthly
Policy charge based on each fixed account's assets; plus (3) the
monthly cost of insurance charge for a Policy, if any; plus (4) the
monthly charge for any benefits provided by riders attached to the
Policy.
20. The monthly Policy charge for each Policy varies based on the
Policy year, gender, and whether the Policy is issued on a single life
basis or a joint and last survivor basis.
21. The monthly Policy charge, based on each Separate Account's
assets is equal to: (1) The separate account monthly deduction charge
(see table below) divided by 12; multiplied by (2) the sum of the
subaccount values on the monthiversary.
22. The monthly Policy charge, based on each fixed account's assets
is equal to: (1) The fixed account monthly deduction charge (see tables
below) divided by 12; multiplied by (2) the fixed account value on the
monthiversary, minus any outstanding Policy loan(s).
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Male/unisex Female
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Single life policy Single life policy Policy Policy Policy Policy
years 1-10 years 11+ years 1-10 years 11+
(percent) (percent) (percent) (percent)
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Separate account charges (annualized Monthly deduction 2.00 1.00 1.85 .85
rate). charge (as a % of
separate account
assets).
Fixed account charges (annualized Monthly deduction 2.00 1.00 1.85 .85
rate). charge (as a % of
fixed account assets).
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Joint & Policy Policy
Joint & survivor life policy survivor life years 1-10 years 11+
policy (percent) (percent)
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Separate account charges Monthly 1.50 .50
(annualized rate). deduction
charge (as a %
of separate
account
assets).
Fixed account charges Monthly 1.50 .50
(annualized rate). deduction
charge (as a %
of fixed
account
assets).
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23. The Companies reserve the right to assess a monthly cost of
insurance charge to compensate them for underwriting the death benefit.
The charge would depend on a number of variables (age, sex, risk class,
number of years the Policy has been in force) that would cause it to
vary from Policy to Policy and from monthiversary to monthiversary. If
applicable, the Companies would calculate the cost of insurance each
month for the specified amount at issue. The amount of this charge may
not exceed the death benefit minus the cash value, and the difference
multiplied by the appropriate monthly cost of insurance rate. The
Companies do not currently assess this charge. If the Companies begin
to assess this charge, the Companies will waive surrender charges upon
any surrender of the Policy.
24. The monthly deduction also will include a charge for any
supplemental benefits added to a Policy by rider.
25. The Companies currently assess a $10 fee for the 13th and each
additional transfer during a Policy Year. The transfer charge is
deducted from the amount transferred.
26. The value of the net assets of each subaccount will reflect the
investment advisory fees and other expenses incurred by the
corresponding portfolio in which the subaccount invests.
27. If the owner selects the guaranteed minimum death benefit rider
at application, on each monthiversary the Companies will deduct 0.02%
of the cash value in the Policy.
28. If an owner surrenders his Policy during the first 9 Policy
years, the Companies will deduct a surrender charge from the cash value
and pay the remaining cash value to the owner. The payment the owner
receives is the net surrender value. The Companies reduce the surrender
charge at older ages in compliance with state laws. The Companies
calculate the surrender charge as a percentage of premium(s) paid based
on the following schedule:
------------------------------------------------------------------------
Contingent
surrender
charge (as a
Policy year percentage
of initial
premium)
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1........................................................ 9.75
2........................................................ 9.50
3........................................................ 9.25
4........................................................ 9
5........................................................ 8
6........................................................ 7
7........................................................ 6
8........................................................ 4
9........................................................ 2
10........................................................ 0
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Applicants' Legal Analysis
Definition of ``Variable Life Insurance Contract''
1. Rule 6c-3 grants exemptions from those provisions of the Act
(except for Sections 7 and 8(a)) that are specified in paragraph (b) of
Rule 6e-2 to certain separate accounts of life insurance companies that
support variable life insurance policies. Specifically, the exemptions
provided by Rule 6c-3 are available only to separate accounts
registered under the Act whose assets are derived solely from the sale
of ``variable life insurance contracts'' that meet the definition set
forth in Rule 6e-2(c)(1), and from certain advances made by the
insurer. Rule 6e-2(c)(1) defines the term ``variable life insurance
contract'' to include only life insurance policies that provide a death
benefit and a cash surrender value, both of which vary to reflect the
investment
[[Page 14027]]
experience of the separate account, and that guarantee that the death
benefit will not be less than an initial dollar amount stated in the
policy. As discussed above, the Policies' death benefit provides that
the beneficiary will receive the greater of (1) the specified amount,
or (2) the cash value multiplied by the appropriate limitation
percentage. Thus, Applicants submit that the death benefit will not
necessarily vary to reflect the investment experience of the Separate
Account(s). Applicants request relief from the definition of ``variable
life insurance contracts'' set forth in Rule 6e-2(c)(1) because
Applicants must rely on certain exemptive provisions in Rule 6e-2(b),
as described below, in connection with the issuance and sale of the
Policies.
2. Applicants state that they must avail themselves of certain
relief provided by Rule 6e-2(b), as set forth below, in order to issue,
sell, and maintain the Policies.\1\ Applicants request relief to the
extent necessary to permit reliance on the exemptions provided in each
of the provisions of paragraph (b) of Rule 6e-2 that are set forth
below, in connection with the issuance and sale of the Policies.
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\1\ Applicants state that certain of the relief requested may
not currently be necessary in light of the structure of each of the
Separate Accounts as a ``unit investment trust,'' but would become
necessary if either of the Separate Accounts were restructured as an
open-end management company in the future. The Policies permit such
a restructuring.
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(a) Paragraph (b)(3)--Applicants request relief to permit the
Separate Accounts to rely on paragraph (b)(3)(ii) of Rule 6e-2 in order
to effect compliance with Section 8(b) of the Act (regarding the filing
of a registration statement with the Commission).
(b) Paragraph (b)(4)--Applicants request relief to permit
Applicants to apply the eligibility restrictions of Section 9 of the
Act in the fashion contemplated by paragraph (b)4).
(c) Paragraph (b)(5)--Applicants request relief to permit
Applicants to rely on the exemptions provided from Section 13(a) of the
Act relating to insurance regulatory authority imposing certain
requirements on the investment policies of the Separate Accounts; and
disapproval by the Companies of changes in the Separate Accounts'
investment policies initiated by Policy owners under circumstances
contemplated by and in accordance with the requirements of paragraph
(b)(5); and to rely on the relief provided by (b)(15) of Rule 6e-2 (see
below), which in turn refers to the conditions of paragraph (b)(5).
(d) Paragraph (b)(6)--Applicants request relief to permit
Applicants to rely on the relief provided by paragraph (b)(15) of Rule
6e-2 (see below), which in turn refers to the conditions of paragraph
(b)(6).
(e) Paragraph (b)(7)--Applicants request relief to permit
Applicants to rely on the exemptions provided from Section 15(a), (b)
and (c) relating to an insurance regulatory authority disapproving
advisory or underwriting contracts; disapproval by the Companies of
changes in any principal underwriter for the Separate Accounts
initiated by Policy owners; and disapproval by the Companies of changes
in any investment adviser to the Separate Accounts initiated by Policy
owners under circumstances contemplated by and in accordance with the
requirements of paragraph (b)(7); and to rely on the relief provided by
paragraph (b)(15) of Rule 6e-2 (see below), which in turn refers to the
conditions of paragraph (b)(7).
(f) Paragraph (b)(8)--Applicants request relief to permit
Applicants to rely on the exemptions provided from Section 16(a)
relating to an insurance regulatory authority disapproving or removing
a member of the board of directors of a separate account under
circumstances contemplated by and in accordance with the requirements
of paragraph (b)(8); and to rely on the relief provided by paragraph
(b)(15) of Rule 6e-2, which in turn refers to the conditions of
paragraph (b)(8).
(g) Paragraph (b)(9)--Applicants request relief to permit
Applicants to reply on the exemptions provided from Section 17(f) in
order to maintain separate account assets in the custody of the
Companies or an affiliate thereof, in accordance with the requirements
of paragraph (b)(9).
(h) Paragraph (b)(10)--Applicants request relief to permit
Applicants to reply on the exemptions provided from Section 18(i) in
order to provide for variable contract owner voting as contemplated by
and in accordance with the requirements of paragraph (b)(10).
(i) Paragraph (b)(12)--Applicants request relief to permit
Applicants to rely on the exemptions provided from Section 22(d), 22(e)
and Rule 22c-1 in connection with issuance, transfer and redemption
procedures for the Policies, including premium processing, premium rate
structure, underwriting standards, and the benefit provided by the
Policies, as contemplated by and in accordance with the requirements of
paragraph (b)(12).
(j) Paragraph (b)(14)--Applicants request relief to permit
Applicants to rely on the relief provided by paragraph (b)(15) of Rule
6e-2 (see below), which in turn refers to the conditions of paragraph
(b)(14).
(k) Paragraph (b)(15)--Applicants request relief to permit
Applicants to rely on the exemptions provided from Section 9(a), and to
facilitate the voting by the Companies of shares of management
investment companies held by the Separate Accounts in disregard of
Policy owner instructions under the circumstances contemplated by, and
in accordance with the requirements of, paragraph (b)(15). Relief is
also requested to permit Applicants to rely on he exemptions provided
from Sections 14(a), 15(a), 16(a), and 32(a)(2) in connection with any
registered management investment company established by the Companies
in the future in connection with the Policies, in accordance with the
requirements of paragraph (b)(15), and paragraphs (b)(5), (b)(7),
(b)(8), and (b)(14) of Rule 6e-2.
3. Applicants submit that the death benefit under the Policies may
vary to reflect investment experience within the meaning of Rule 6e-
2(c)(1)(i). Applicants state, however, the structure of the death
benefit may not precisely meet with the definitional requirements of
Rule 6e-2(c)(1) since the death benefit will vary with investment
experience only when the cash value is sufficiently large that, in
order to qualify a Policy as life insurance for Federal income tax
purposes, the death benefit must be increased. Applicants state that
this may happen, for example, because of very favorable investment
experience, the payment of additional premiums, or both. Under ordinary
circumstances, it is likely that the death benefit will not change for
several years as a result of any favorable investment experience.
Therefore, Applicants request relief to the extent necessary to permit
reliance on the definition of ``variable life insurance contract'' in
Rule 6e-2(c)(1), and on the exemptions provided in each of the
provisions of paragraph (b) of Rule 6e-2 that are set forth above,
under the same terms and conditions applicable to a separate account
that satisfies the conditions set forth in Rule 6e-2(a), to the extent
necessary to permit the offer and sale of the policies in reliance on
Rule 6e-2.
4. Applicants further submit that the considerations that led the
Commission to adopt Rules 6c-3 and 6e-2 apply equally to the Separate
Accounts and the Policies, and that the exemptions provided by these
rules should be granted to the Separate Accounts and to the other
Applicants on the terms specified in those rules, except to the
[[Page 14028]]
extent that further exemption from those terms is specifically
requested herein.
Redeemability
5. Section 27(i)(2)(A) provides that no registered separate account
funding variable insurance contracts or its sponsoring insurance
company shall sell such a contract unless it is a ``redeemable
security.'' Section 2(a)(32) defines a ``redeemable security'' as any
security (other than short-term paper) entitling its holder to receive
``approximately his proportionate share of the issuer's current net
assets'' (or the cash equivalent thereof) upon presentation to the
issuer. Applicants request relief from the requirement in Section
27(i)(2)(A) that the Policy be a ``redeemable security,'' and from the
definition of ``redeemable security'' set forth in Section 2(a)(32), in
connection with the issuance and sale of the Policies and the surrender
charge applicable to the Policies.
6. Rule 22c-1 promulgated under Section 22(c) of the Act requires
that a security be redeemed at a price based on the current net asset
value of the security next computed after receipt of request for
surrender. If the conditions of Rule 6e-2(b)(12) are satisfied,
paragraph (b)(12) provides certain exemptions from Rule 22c-1. However,
a surrender charge such as the one provided under the Policies may not
be contemplated by Rule 6e-2(b)(12), and thus may be deemed
inconsistent with the foregoing provisions, to the extent that the
charge can be viewed as causing a Policy to be redeemed at a price
based on less than the current net asset value that is next computed
after surrender of the Policy. Accordingly, Applicants request relief
from Rule 22c-1 and Rule 6e-2(b)(12) to the extent necessary to permit
the deduction of the surrender charge on surrender of a Policy.
7. Although Section 2(a)(32) does not specifically contemplate the
imposition of a charge at the time of redemption, Applicants state that
such charges are not necessarily inconsistent with the definition of
``redeemable security.''
8. Applicants submit that each of the Policies will be a
``redeemable security.'' Each Policy provides for full surrender of the
Policy for its net surrender value. The prospectuses for the Policies
will disclose the nature of the surrender charge. Accordingly,
Applicants state that there will be no restriction on, or impediment
to, surrender that should cause a Policy to be considered other than a
redeemable security within the meaning of the Act and rules thereunder.
Upon surrender, a Policy owner will receive his or her ``proportionate
share'' of the assets of the appropriate Separate Account, i.e., the
amount of premiums paid, reduced by the amount of all charges and
loans, and increased or decreased by the amount of investment
performance credited to the Policy.
9. Applicants, consistent with their current procedures, will
determine the net surrender value under a Policy in accordance with the
requirements of Rules 6e-2(b)(12) and 22c-1 and on a basis next
computed after receipt of a Policy owner's request for surrender the of
the Policy.
10. Applicants also state that the charge structure has been
accepted as an appropriate feature of life insurance products under
Rule 6e-3(T), as well as pursuant to exemptive relief granted by the
Commission.
11. Therefore, Applicants respectfully submit that the surrender
charge is consistent with the principles and policies underlying the
limitations in Sections 2(a)(32) and 27(i)(2)(A) of the Act and Rules
6e-2(b)(12) and 22c-1 thereunder.
Class Exemption for Future Underwriters
12. Applicants also seek the relief herein with respect to Future
Underwriters, a class consisting of NASD member broker-dealers which
may, in the future, act as principal underwriter of the Policies.
13. Applicants represent that the terms of the relief requested
with respect to any Future Underwriters are consistent with the
standards set forth in Section 6(c) of the Act. Further, Applicants
state that, without the requested class relief, exemptive relief any
Future Underwriter would have to be requested and obtained separately.
Applicants assert that such additional requests for exemptive relief
would present no issues under the Act not already addressed herein.
Applicants state that if Applicants were to repeatedly seek exemptive
relief with respect to the same issues addressed in their application,
investors would not receive additional protection or benefit, and
investors and Applicants could be disadvantaged by increased costs from
preparing additional requests for relief. Applicants argue that the
requested class relief will promote competitiveness in the variable
life insurance market by eliminating the need for the Companies to file
redundant exemptive applications, thereby reducing administrative
expenses and maximizing efficient use of resources. Applicants submit,
for all the reasons stated herein, that their request for class
exemptions is necessary or appropriate in the public interest and
consistent with the protection of investors and the purposes fairly
intended by the policy and provisions of the Act, and that an order of
the Commission including such class relief, should, therefore, be
granted.
Conclusion
Applicants submit, for all of the reasons stated therein, that
their request for exemptions are necessary or appropriate in the public
interest and consistent with the protection of investors and the
purposes fairly intended by the policy and provisions of the Act.
For the Commission, by the Division of Investment Management,
pursuant to delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 99-7089 Filed 3-22-99; 8:45 am]
BILLING CODE 8010-01-M
