Salt Lake Utah Amended and Restated Principal Underwriting Agreement regarding Issuance of variable annuity contracts and life insurance

• Category: Corporations - Public - Agreements - Underwriting
• State: Multi-State
• County: Salt Lake
• 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 The Salt Lake Utah Amended and Restated Principal Underwriting Agreement (PUA) regarding the issuance of variable annuity contracts and life insurance is a legal document outlining terms and conditions between an insurance company and an underwriter. This agreement governs the underwriting process for these types of financial products in the Salt Lake Utah region. Key components of the Salt Lake Utah Amended and Restated PUA include: 1. Scope and Purpose: This agreement defines the scope of the underwriting activities, setting out the specific variable annuity contracts and life insurance policies under consideration. It clarifies the purpose of the agreement, which is to establish a cooperative relationship between the insurance company and the underwriter. 2. Underwriting Responsibilities: The PUA delineates the responsibilities of both parties involved. It outlines the underwriter's obligations to conduct due diligence, assess risks, and determine the pricing and terms of variable annuity contracts and life insurance policies. The insurance company's responsibilities in this process, such as providing accurate information and supporting documentation, are also detailed. 3. Compensation: The agreement specifies the remuneration structure for the underwriter's services. This may include a commission or specified fee based on the premiums collected or the number of policies sold. The compensation terms may differ based on the type of product, target market, or risk assessment. 4. Compliance with Regulations: The PUA highlights the need for compliance with applicable laws, rules, and regulations, including those set forth by regulatory bodies such as the Securities and Exchange Commission (SEC) and the National Association of Insurance Commissioners (NAIL). It sets a framework for ensuring legal and regulatory compliance throughout the underwriting process. 5. Confidentiality and Disclosure: Aspects related to confidential information and data protection are addressed in this agreement. Both parties are expected to maintain strict confidentiality regarding non-public information obtained during the underwriting process. It outlines the limited circumstances under which such information may be disclosed, often with prior written consent. 6. Termination and Amendments: The PUA includes provisions for termination of the agreement, specifying conditions under which either party can end the relationship. It also outlines the process for making amendments or modifications to the agreement, requiring mutual consent and often written documentation. Types of Salt Lake Utah Amended and Restated Principal Underwriting Agreements regarding the Issuance of Variable Annuity Contracts and Life Insurance may include: 1. Individual Variable Annuity Underwriting Agreement 2. Group Variable Annuity Underwriting Agreement 3. Individual Life Insurance Underwriting Agreement 4. Group Life Insurance Underwriting Agreement These types can vary based on whether the policies or contracts are offered individually or as part of a group, such as employer-sponsored plans or association plans. Each type of agreement may have distinct provisions tailored to the specific nature and characteristics of the covered products.

The Salt Lake Utah Amended and Restated Principal Underwriting Agreement (PUA) regarding the issuance of variable annuity contracts and life insurance is a legal document outlining terms and conditions between an insurance company and an underwriter. This agreement governs the underwriting process for these types of financial products in the Salt Lake Utah region. Key components of the Salt Lake Utah Amended and Restated PUA include: 1. Scope and Purpose: This agreement defines the scope of the underwriting activities, setting out the specific variable annuity contracts and life insurance policies under consideration. It clarifies the purpose of the agreement, which is to establish a cooperative relationship between the insurance company and the underwriter. 2. Underwriting Responsibilities: The PUA delineates the responsibilities of both parties involved. It outlines the underwriter's obligations to conduct due diligence, assess risks, and determine the pricing and terms of variable annuity contracts and life insurance policies. The insurance company's responsibilities in this process, such as providing accurate information and supporting documentation, are also detailed. 3. Compensation: The agreement specifies the remuneration structure for the underwriter's services. This may include a commission or specified fee based on the premiums collected or the number of policies sold. The compensation terms may differ based on the type of product, target market, or risk assessment. 4. Compliance with Regulations: The PUA highlights the need for compliance with applicable laws, rules, and regulations, including those set forth by regulatory bodies such as the Securities and Exchange Commission (SEC) and the National Association of Insurance Commissioners (NAIL). It sets a framework for ensuring legal and regulatory compliance throughout the underwriting process. 5. Confidentiality and Disclosure: Aspects related to confidential information and data protection are addressed in this agreement. Both parties are expected to maintain strict confidentiality regarding non-public information obtained during the underwriting process. It outlines the limited circumstances under which such information may be disclosed, often with prior written consent. 6. Termination and Amendments: The PUA includes provisions for termination of the agreement, specifying conditions under which either party can end the relationship. It also outlines the process for making amendments or modifications to the agreement, requiring mutual consent and often written documentation. Types of Salt Lake Utah Amended and Restated Principal Underwriting Agreements regarding the Issuance of Variable Annuity Contracts and Life Insurance may include: 1. Individual Variable Annuity Underwriting Agreement 2. Group Variable Annuity Underwriting Agreement 3. Individual Life Insurance Underwriting Agreement 4. Group Life Insurance Underwriting Agreement These types can vary based on whether the policies or contracts are offered individually or as part of a group, such as employer-sponsored plans or association plans. Each type of agreement may have distinct provisions tailored to the specific nature and characteristics of the covered products.