The Virginia Administration Agreement is a legally binding contract established between First American Insurance Portfolios, Inc. (FAIR) and U.S. Bank National Association (US BNA). This agreement outlines the specific terms, conditions, and responsibilities regarding the administration of insurance portfolios within the state of Virginia. Under the Virginia Administration Agreement, FAIR appoints US BNA as the designated administrator of its insurance portfolios. The agreement ensures that US BNA will fulfill its duties in accordance with the applicable laws and regulations of Virginia. Both parties work together to provide efficient and effective administration of the insurance portfolios, while maintaining transparency and accountability. The Virginia Administration Agreement encompasses various aspects related to the administration of insurance portfolios. These include, but are not limited to, policyholder services, claims processing, premium collection, investment operations, financial reporting, compliance, and risk management. The agreement may also address other specific terms based on the unique requirements of FAIR and US BNA. Different types of Virginia Administration Agreements may exist based on the specific insurance portfolios being administered. For instance, there could be separate agreements for life insurance portfolios, health insurance portfolios, property and casualty insurance portfolios, or a combination of these. Each agreement would detail the specific terms and conditions related to the administration of the respective types of insurance portfolios. The Virginia Administration Agreement serves as a framework to ensure a smooth functioning of the insurance portfolios and promote the best interests of policyholders. It establishes a clear understanding between FAIR and US BNA regarding their roles, responsibilities, and expectations, ultimately leading to effective portfolio administration in compliance with Virginia state laws.
Virginia Administration Agreement between First American Insurance Portfolios, Inc. and U.S. Bank National Association
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