The New Hampshire Amended and Restated Principal Underwriting Agreement (PUA) is a legal document that outlines the terms and conditions related to the issuance of variable annuity contracts and life insurance policies by New Hampshire Insurance Company. This agreement serves as a framework for establishing a relationship between the insurance company and the underwriter, ensuring compliance with applicable laws and regulations. Keywords: New Hampshire, Amended and Restated Principal Underwriting Agreement, issuance, variable annuity contracts, life insurance, underwriter, compliance, terms and conditions. There are several types of New Hampshire Amended and Restated Principal Underwriting Agreements specifically tailored to the issuance of variable annuity contracts and life insurance policies: 1. New Hampshire Amended and Restated Principal Underwriting Agreement for Variable Annuity Contracts: This agreement governs the process of underwriting variable annuity contracts issued by New Hampshire Insurance Company. It outlines the roles and responsibilities of both the insurer and the underwriter, including the terms for review and approval of applications, risk assessment, and regulatory compliance. 2. New Hampshire Amended and Restated Principal Underwriting Agreement for Life Insurance Policies: This agreement pertains to the underwriting of life insurance policies offered by New Hampshire Insurance Company. It defines the guidelines for assessing applicants' eligibility, determining coverage amounts, setting premium rates, and establishing the terms and conditions specific to life insurance underwriting. Both of these agreements share many similarities in terms of their general structure and provisions. They include clauses related to compensation, termination, governing law, and dispute resolution mechanisms. However, there might be variations in certain sections, considering the unique aspects associated with variable annuity contracts and life insurance policies. These agreements prioritize the adherence to applicable federal and state laws, regulations, and guidelines governing the issuance of variable annuity contracts and life insurance policies. They aim to protect both the insurer and the underwriter by ensuring a sound and transparent underwriting process, maintaining compliance with industry standards, and fostering a mutually beneficial business relationship. In summary, the New Hampshire Amended and Restated Principal Underwriting Agreement plays a crucial role in facilitating the issuance of variable annuity contracts and life insurance policies. By outlining the responsibilities and expectations of both parties, it serves as a legal framework that governs their collaboration and ensures compliance with relevant regulations.
New Hampshire Amended and Restated Principal Underwriting Agreement regarding Issuance of variable annuity contracts and life insurance
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FAQ
From the standpoint of FINRA and federal securities interests, the Series 6 exam allows you to sell variable lines products, yet individual states require that you take a Series 63 exam in addition to the Series 6 before you can sell variable annuities in that state.
Financial professional need two types of licenses to sell variable annuities: State insurance license. Series 6 or Series 7 license from FINRA (specifically for variable annuities)
A person selling individual variable life insurance, in addition to maintaining current life insurance licenses under applicable state laws, must be a registered broker/dealer or a registered representative of a broker/dealer.
To sell variable lines insurance products like variable annuities, RILAs, or variable life insurance, however, you'll need to take either the Series 7 or the Series 6 as a top-off exam.
New rule 498A under the Securities Act of 1933 will permit a person to satisfy its prospectus delivery obligations under the Securities Act for a variable annuity or variable life insurance contract by sending or giving a summary prospectus to investors and making the statutory prospectus available online.
If an insurance agent offers products that are considered securities?such as variable annuity contracts or variable life insurance policies?the agent must also be licensed as a registered financial professional and comply with FINRA rules.
You purchase a variable annuity contract by making either a single purchase payment or a series of purchase payments. A variable annuity offers a range of investment options. The value of your investment as a variable annuity owner will vary depending on the performance of the investment options you choose.
Selling them must be registered with the Financial Industry Regulatory Authority (FINRA). To find out how your state treats variable annuities, you should contact both the securities and insurance regulators for your jurisdiction.