Officials at the U.S. Securities and Exchange Commission have given their blessing to 2 sets of proposed transactions.

Mark Cowan, a senior counsel in the SEC’s Office of Insurance Products, has written a no-action letter for IDS Life Insurance Company and other units of Ameriprise Financial Inc., Minneapolis.

Ameriprise moved Jan. 1 to fold American Enterprise Life Insurance Company and American Partners Life Insurance Company into IDS Life Insurance Company.

Ameriprise also merged American Centurion Life Assurance Company into IDS Life Insurance Company of New York

Cowan says members of the SEC staff will not recommend action under Section 5 of the Securities Act of 1933 or Sections 8 and 11 of the Investment Company Act of 1940 as a result of the subsidiary mergers.

The Ameriprise units can make the change in depositor for the transferred separate accounts by filing amendments to the registration statements for the separate accounts under the 1940 Act, and the IDS Life units and affected separate accounts can file new registration statements to cover any securities issued after the completion of the unit mergers, Cowan writes.

The Ameriprise no-action letter is on the Web at Document Link

Kenneth Fang, a senior counsel in the SEC’s Office of Chief Counsel, has written a no-action letter for Gartmore Variable Insurance Trust, a unit of Nationwide Mutual Insurance Company, Columbus, Ohio.

The Gartmore Variable Insurance Trust ID Funds now put assets in portfolios that invest in Gartmore mutual funds.

Gartmore told the SEC it wants to use “in-kind purchases,” or exchanges of shares, to put the portfolio assets in the underlying mutual funds.

The restructuring will help insurance companies that invest in the ID Funds comply with Internal Revenue Service diversification requirements, and using an in-kind purchase will cut brokerage costs, Gartmore says.

In the Gartmore letter, Fang says the SEC staff will not recommend an enforcement action under Section 17(a)(1) of the 1940 Act, which limits mutual funds’ ability to buy shares in their own funds, if Gartmore completes the fund restructuring it has described.

A copy of the Gartmore no-action letter is on the Web at Document Link