A North Carolina Participation Agreement between Variable Insurance Products Fund, III, Lincoln Life and Annuity Company of New York is a legal document that outlines the terms and conditions for the participation of the Variable Insurance Products Fund, III (VIP III) in investment activities within the state of North Carolina. This agreement establishes the relationship between the fund and Lincoln Life and Annuity Company of New York (LACEY) as the issuer and administrator of the variable insurance contracts. The purpose of this participation agreement is to ensure compliance with North Carolina state laws and regulations regarding variable insurance products. It provides a framework for the fund's operations within the state, addressing various aspects such as investment objectives, reporting requirements, disclosure obligations, and the responsibilities of each party involved. Keywords related to this agreement may include: 1. North Carolina: Denotes the geographic jurisdiction within which the participation agreement is applicable. 2. Participation Agreement: Refers to the contractual arrangement between VIP III and LACEY. 3. Variable Insurance Products Fund, III: Represents the specific fund that is participating in the agreement. 4. Lincoln Life and Annuity Company of New York: Refers to the insurance company acting as the issuer and administrator of the variable insurance contracts. 5. Investment Activities: Pertains to the activities related to fund management, investment selection, and portfolio diversification. 6. Compliance: Emphasizes adherence to North Carolina state laws, regulations, and guidelines for variable insurance products. 7. Investment Objectives: Outlines the financial goals and strategies of the fund within the context of North Carolina. 8. Reporting Requirements: Defines the frequency, format, and content of reporting requested by the state regulatory authorities. 9. Disclosure Obligations: Highlights the obligation of the fund and the insurance company to provide accurate and transparent information to policyholders and regulators. 10. Responsibilities: Describes the roles, duties, and obligations of VIP III and LACEY in relation to the agreement. It is important to note that specific subtypes or variations of the North Carolina Participation Agreement between VIP III and LACEY may exist, tailored for different investment products, policy classes, or regulatory requirements. These variations might address unique characteristics or specific regulations within North Carolina.