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

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Multi-State
Control #:
US-EG-9360
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Word; 
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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
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  • Preview Amended and Restated Principal Underwriting Agreement regarding Issuance of variable annuity contracts and life insurance
  • Preview Amended and Restated Principal Underwriting Agreement regarding Issuance of variable annuity contracts and life insurance
  • Preview Amended and Restated Principal Underwriting Agreement regarding Issuance of variable annuity contracts and life insurance
  • Preview Amended and Restated Principal Underwriting Agreement regarding Issuance of variable annuity contracts and life insurance
  • Preview Amended and Restated Principal Underwriting Agreement regarding Issuance of variable annuity contracts and life insurance
  • Preview Amended and Restated Principal Underwriting Agreement regarding Issuance of variable annuity contracts and life insurance
  • Preview Amended and Restated Principal Underwriting Agreement regarding Issuance of variable annuity contracts and life insurance
  • Preview Amended and Restated Principal Underwriting Agreement regarding Issuance of variable annuity contracts and life insurance
  • Preview Amended and Restated Principal Underwriting Agreement regarding Issuance of variable annuity contracts and life insurance
  • Preview Amended and Restated Principal Underwriting Agreement regarding Issuance of variable annuity contracts and life insurance
  • Preview Amended and Restated Principal Underwriting Agreement regarding Issuance of variable annuity contracts and life insurance

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FAQ

As you plan for your retirement in Florida's sunshine, consider the annuity rules and options specific to the state. Annuities are regulated by the Florida Department of Financial Services (DFS).

While all annuities are regulated by state insurance commissioners, variable annuities and RILAs are securities and therefore are also regulated by the SEC and FINRA.

Rule 2330 requires a registered principal to review and determine whether to approve a customer's application for a deferred variable annuity before sending the application to the issuing insurance company. Variable Annuities | FINRA.org finra.org ? rules-guidance ? key-topics ? var... finra.org ? rules-guidance ? key-topics ? var...

Deferred variable annuities are hybrid investments containing securities and insurance features. Their sales are regulated both by FINRA and the Securities and Exchange Commission (SEC). These annuities offer investors choices among a number of complex contract features and options.

Because variable annuities are considered securities, they are regulated by the SEC and FINRA, federal government regulatory organizations. Fixed annuities and fixed-indexed annuities present less risk to buyers because both of these annuity types have guarantees in place that ensure that your principal is safe.

Licensing Information The person or business entity must submit acceptable proof of registration with the Financial Industry Regulatory Authority (FINRA) before authority to transact Variable Life and Variable Annuity can be granted. There is no fee to add Variable Life and Variable Annuity to the Life license. Variable Life and Variable Annuity - California Department of Insurance ca.gov ? 0200-industry ? life-only ca.gov ? 0200-industry ? life-only

FINRA Rule 2330 (Members' Responsibilities Regarding Deferred Variable Annuities) establishes sales practice standards regarding recommended purchases and exchanges of deferred variable annuities, including requiring a reasonable belief that the customer has been informed of the various features of annuities (such as ... Variable Annuities | FINRA.org finra.org ? guidance ? reports ? variable-an... finra.org ? guidance ? reports ? variable-an...

The state insurance department The company that actually issues the variable annuity in Florida may be chartered as a life insurance company or a variable annuity company, but they must be authorized to do business in the State of Florida. Any company that sells variable annuities comes under the supervision of the state insurance department. 7.7.2 Variable Annuity Regulation and Licensing - American Safety Council uceusa.com ? courses ? content ? page_269 uceusa.com ? courses ? content ? page_269

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