Virginia Amended and Restated Principal Underwriting Agreement regarding Issuance of variable annuity contracts and life insurance

• Category: Corporations - Public - Agreements - Underwriting
• State: Multi-State
• Control #: US-EG-9360
• Format: Word; Rich Text

Description

Underwriting Agreement between Lincoln Life and Annuity Company of New York and Lincoln Financial Advisors Corporation regarding the issuance of public certain variable annuity contracts and variable life insurance Virginia Amended and Restated Principal Underwriting Agreement regarding Issuance of Variable Annuity Contracts and Life Insurance The Virginia Amended and Restated Principal Underwriting Agreement is a comprehensive contract that outlines the terms and conditions related to the issuance of variable annuity contracts and life insurance in the state of Virginia. It serves as a binding agreement between the issuing company and the underwriters, ensuring compliance with applicable laws and regulations. This agreement covers various aspects of the issuance process, including the responsibilities and obligations of both parties involved. It establishes the guidelines for the underwriters when offering, selling, and marketing variable annuity contracts and life insurance products within the state of Virginia. The agreement also ensures transparency and protection for policyholders. This particular agreement is essential to ensure the smooth operation and compliance of insurance and annuity providers with relevant laws and regulations. It safeguards the interests of both the policyholders and the underwriters, providing a clear framework for conducting business activities. Types of Virginia Amended and Restated Principal Underwriting Agreements: 1. Variable Annuity Issuance Agreement: This type of agreement specifically focuses on the underwriting of variable annuity contracts in Virginia. It lays down the terms and conditions regarding the issuance, pricing, and distribution of these financial products, ensuring compliance with Virginia insurance regulations. 2. Life Insurance Issuance Agreement: This agreement specifically pertains to the underwriting of life insurance policies and products in Virginia. It outlines the underwriting guidelines, procedures, and responsibilities for the issuance and management of life insurance contracts under Virginia state laws. Key terms and provisions covered in the Virginia Amended and Restated Principal Underwriting Agreement may include: 1. Underwriting standards and disclosures: Specifies the underwriting criteria, including risk assessment, suitability requirements, and disclosure obligations to ensure policyholders are adequately informed. 2. Compensation and fees: Defines the compensation structure for the underwriters, such as commissions, fees, and other remuneration related to the sale and underwriting of variable annuity contracts and life insurance policies. 3. Compliance with laws and regulations: Ensures that all activities related to the underwriting and issuance of variable annuity contracts and life insurance comply with relevant state laws, regulations, and industry standards. 4. Termination rights: Outlines the circumstances under which either party can terminate the agreement, including the procedure and notice period required. 5. Dispute resolution: Establishes a mechanism for resolving any disputes or disagreements between the underwriters and the issuing company, which may involve mediation, arbitration, or legal proceedings. 6. Confidentiality and data protection: Addresses the handling of confidential information and customer data, ensuring compliance with privacy laws and regulations to protect policyholders' sensitive information. In summary, the Virginia Amended and Restated Principal Underwriting Agreement plays a crucial role in regulating the issuance of variable annuity contracts and life insurance policies within the state. It serves as a guide for underwriters and provides policyholders with assurance that their interests are protected under the relevant laws and regulations applicable in Virginia.

Virginia Amended and Restated Principal Underwriting Agreement regarding Issuance of Variable Annuity Contracts and Life Insurance The Virginia Amended and Restated Principal Underwriting Agreement is a comprehensive contract that outlines the terms and conditions related to the issuance of variable annuity contracts and life insurance in the state of Virginia. It serves as a binding agreement between the issuing company and the underwriters, ensuring compliance with applicable laws and regulations. This agreement covers various aspects of the issuance process, including the responsibilities and obligations of both parties involved. It establishes the guidelines for the underwriters when offering, selling, and marketing variable annuity contracts and life insurance products within the state of Virginia. The agreement also ensures transparency and protection for policyholders. This particular agreement is essential to ensure the smooth operation and compliance of insurance and annuity providers with relevant laws and regulations. It safeguards the interests of both the policyholders and the underwriters, providing a clear framework for conducting business activities. Types of Virginia Amended and Restated Principal Underwriting Agreements: 1. Variable Annuity Issuance Agreement: This type of agreement specifically focuses on the underwriting of variable annuity contracts in Virginia. It lays down the terms and conditions regarding the issuance, pricing, and distribution of these financial products, ensuring compliance with Virginia insurance regulations. 2. Life Insurance Issuance Agreement: This agreement specifically pertains to the underwriting of life insurance policies and products in Virginia. It outlines the underwriting guidelines, procedures, and responsibilities for the issuance and management of life insurance contracts under Virginia state laws. Key terms and provisions covered in the Virginia Amended and Restated Principal Underwriting Agreement may include: 1. Underwriting standards and disclosures: Specifies the underwriting criteria, including risk assessment, suitability requirements, and disclosure obligations to ensure policyholders are adequately informed. 2. Compensation and fees: Defines the compensation structure for the underwriters, such as commissions, fees, and other remuneration related to the sale and underwriting of variable annuity contracts and life insurance policies. 3. Compliance with laws and regulations: Ensures that all activities related to the underwriting and issuance of variable annuity contracts and life insurance comply with relevant state laws, regulations, and industry standards. 4. Termination rights: Outlines the circumstances under which either party can terminate the agreement, including the procedure and notice period required. 5. Dispute resolution: Establishes a mechanism for resolving any disputes or disagreements between the underwriters and the issuing company, which may involve mediation, arbitration, or legal proceedings. 6. Confidentiality and data protection: Addresses the handling of confidential information and customer data, ensuring compliance with privacy laws and regulations to protect policyholders' sensitive information. In summary, the Virginia Amended and Restated Principal Underwriting Agreement plays a crucial role in regulating the issuance of variable annuity contracts and life insurance policies within the state. It serves as a guide for underwriters and provides policyholders with assurance that their interests are protected under the relevant laws and regulations applicable in Virginia.