The West Virginia Participation Agreement between Variable Insurance Products Fund, III, Lincoln Life and Annuity Company of New York is a legal contract that governs the relationship between the Variable Insurance Products Fund, III (VIP Fund), and the Lincoln Life and Annuity Company of New York (LACEY) in the context of variable insurance products offered in the state of West Virginia. This agreement establishes the terms and conditions under which the VIP Fund, as the investment vehicle, and LACEY, as the insurance company, collaborate to provide variable insurance products to individuals and entities in West Virginia. It outlines the respective roles, responsibilities, and obligations of both parties involved. The West Virginia Participation Agreement encompasses various types of variable insurance products, each with its own set of specific terms and conditions. These products may include variable life insurance, variable annuities, and other types of variable insurance policies that offer investment options to policyholders. Specifically, the agreement defines the rights and privileges of West Virginia policyholders who invest in the VIP Fund through LACEY. It outlines the investment options available to policyholders, the process of allocating premiums and accumulated values, the methods of determining policy charges and fees, and the dissemination of information related to investment performance. Additionally, the agreement addresses compliance with West Virginia's insurance laws, regulations, and licensing requirements. It specifies that LACEY must meet all relevant legal obligations, obtain necessary licenses and approvals, and maintain appropriate records and reporting. Furthermore, the West Virginia Participation Agreement between VIP Fund, III, and LACEY includes provisions for dispute resolution, termination, and amendment of the agreement. It outlines the procedures to resolve any conflicts that may arise during the partnership and allows for the modification of terms if necessary. In summary, this agreement provides the framework for the collaboration between VIP Fund, III, and LACEY in offering variable insurance products in West Virginia. With its comprehensive coverage of various types of variable insurance products, it ensures transparency, compliance with state regulations, and protection of policyholders' interests.
West Virginia Participation Agreement between Variable Insurance Products Fund, III, Lincoln Life and Annuity Company of New York
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