The US Labor Department removed a rule for insurance policies that expired in 1998

The US Labor Department removed a rule that defined "plan assets" for certain insurance policies. These policies were issued to employee benefit plans on or before December 31, 1998. The department believes no such policies are still active, so the rule is obsolete.

This is a housekeeping item. The rule applied only to insurance contracts that are now at least 25 years old. The Labor Department is simply clearing out old regulations that no longer apply to anyone. This is part of a larger effort to reduce the number of rules on the books.