Wyoming 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 Wyoming Amended and Restated Principal Underwriting Agreement is a legal document outlining the terms and conditions for the issuance of variable annuity contracts and life insurance in the state of Wyoming. This agreement serves as a crucial framework for insurance companies and underwriters in their operations and regulatory compliance. Under this agreement, insurance companies are authorized to issue variable annuity contracts and life insurance policies within the boundaries of Wyoming, subject to compliance with state laws, regulations, and licensing requirements. It stipulates the roles, responsibilities, and rights of both the insurance company and the underwriter in the issuance and underwriting process. Key provisions within the Wyoming Amended and Restated Principal Underwriting Agreement may include the following: 1. Scope and Purpose: Clearly defines the purpose, scope, and objectives of the agreement, emphasizing the offering of variable annuity contracts and life insurance policies in Wyoming. 2. Licensing and Regulatory Compliance: Outlines the necessary licenses and permits required for the insurance company and underwriter to operate in Wyoming, ensuring adherence to state regulations, codes, and statutes. 3. Underwriting Guidelines: Specifies the underwriting policies and guidelines to be followed by the insurance company and underwriter. This covers aspects such as risk assessment, policy issuance, premium determination, and suitability requirements. 4. Compensation and Fees: Establishes the compensation structure, commission rates, and fee arrangements between the insurance company and the underwriter. It may also address payment terms, renewal commissions, and bonus incentives. 5. Marketing and Advertising: Provides guidelines for marketing and advertising activities relating to variable annuity contracts and life insurance policies in compliance with state regulations and fair practices. 6. Dispute Resolution: Details the procedures for resolving any disputes or disagreements that may arise during the term of the agreement, outlining the process of mediation, arbitration, or litigation if necessary. Types of Wyoming Amended and Restated Principal Underwriting Agreements regarding the issuance of variable annuity contracts and life insurance may include: 1. Individual Variable Annuity Agreement: Pertains to agreements between an individual policyholder and an insurance company for the issuance of a variable annuity contract. 2. Group Variable Annuity Agreement: Relates to agreements entered into by an employer or organization on behalf of a group of individuals for the issuance of variable annuity contracts as part of an employee benefit program or retirement plan. 3. Individual Life Insurance Agreement: Covers agreements between an individual policyholder and an insurance company for the issuance of life insurance policies, typically involving death benefit protection or investment features. 4. Group Life Insurance Agreement: Addresses agreements made by an employer or organization on behalf of a group of individuals, providing life insurance coverage as an employee benefit or as part of a group policy. It is important to note that the specific terms and provisions may vary between different Wyoming Amended and Restated Principal Underwriting Agreements, as they are tailored to the unique needs and requirements of the involved parties and the regulatory landscape of the state.

Wyoming Amended and Restated Principal Underwriting Agreement is a legal document outlining the terms and conditions for the issuance of variable annuity contracts and life insurance in the state of Wyoming. This agreement serves as a crucial framework for insurance companies and underwriters in their operations and regulatory compliance. Under this agreement, insurance companies are authorized to issue variable annuity contracts and life insurance policies within the boundaries of Wyoming, subject to compliance with state laws, regulations, and licensing requirements. It stipulates the roles, responsibilities, and rights of both the insurance company and the underwriter in the issuance and underwriting process. Key provisions within the Wyoming Amended and Restated Principal Underwriting Agreement may include the following: 1. Scope and Purpose: Clearly defines the purpose, scope, and objectives of the agreement, emphasizing the offering of variable annuity contracts and life insurance policies in Wyoming. 2. Licensing and Regulatory Compliance: Outlines the necessary licenses and permits required for the insurance company and underwriter to operate in Wyoming, ensuring adherence to state regulations, codes, and statutes. 3. Underwriting Guidelines: Specifies the underwriting policies and guidelines to be followed by the insurance company and underwriter. This covers aspects such as risk assessment, policy issuance, premium determination, and suitability requirements. 4. Compensation and Fees: Establishes the compensation structure, commission rates, and fee arrangements between the insurance company and the underwriter. It may also address payment terms, renewal commissions, and bonus incentives. 5. Marketing and Advertising: Provides guidelines for marketing and advertising activities relating to variable annuity contracts and life insurance policies in compliance with state regulations and fair practices. 6. Dispute Resolution: Details the procedures for resolving any disputes or disagreements that may arise during the term of the agreement, outlining the process of mediation, arbitration, or litigation if necessary. Types of Wyoming Amended and Restated Principal Underwriting Agreements regarding the issuance of variable annuity contracts and life insurance may include: 1. Individual Variable Annuity Agreement: Pertains to agreements between an individual policyholder and an insurance company for the issuance of a variable annuity contract. 2. Group Variable Annuity Agreement: Relates to agreements entered into by an employer or organization on behalf of a group of individuals for the issuance of variable annuity contracts as part of an employee benefit program or retirement plan. 3. Individual Life Insurance Agreement: Covers agreements between an individual policyholder and an insurance company for the issuance of life insurance policies, typically involving death benefit protection or investment features. 4. Group Life Insurance Agreement: Addresses agreements made by an employer or organization on behalf of a group of individuals, providing life insurance coverage as an employee benefit or as part of a group policy. It is important to note that the specific terms and provisions may vary between different Wyoming Amended and Restated Principal Underwriting Agreements, as they are tailored to the unique needs and requirements of the involved parties and the regulatory landscape of the state.