Virginia Amended and Restated Principal Underwriting Agreement regarding Issuance of Variable Annuity Contracts and Life Insurance The Virginia Amended and Restated Principal Underwriting Agreement is a comprehensive contract that outlines the terms and conditions related to the issuance of variable annuity contracts and life insurance in the state of Virginia. It serves as a binding agreement between the issuing company and the underwriters, ensuring compliance with applicable laws and regulations. This agreement covers various aspects of the issuance process, including the responsibilities and obligations of both parties involved. It establishes the guidelines for the underwriters when offering, selling, and marketing variable annuity contracts and life insurance products within the state of Virginia. The agreement also ensures transparency and protection for policyholders. This particular agreement is essential to ensure the smooth operation and compliance of insurance and annuity providers with relevant laws and regulations. It safeguards the interests of both the policyholders and the underwriters, providing a clear framework for conducting business activities. Types of Virginia Amended and Restated Principal Underwriting Agreements: 1. Variable Annuity Issuance Agreement: This type of agreement specifically focuses on the underwriting of variable annuity contracts in Virginia. It lays down the terms and conditions regarding the issuance, pricing, and distribution of these financial products, ensuring compliance with Virginia insurance regulations. 2. Life Insurance Issuance Agreement: This agreement specifically pertains to the underwriting of life insurance policies and products in Virginia. It outlines the underwriting guidelines, procedures, and responsibilities for the issuance and management of life insurance contracts under Virginia state laws. Key terms and provisions covered in the Virginia Amended and Restated Principal Underwriting Agreement may include: 1. Underwriting standards and disclosures: Specifies the underwriting criteria, including risk assessment, suitability requirements, and disclosure obligations to ensure policyholders are adequately informed. 2. Compensation and fees: Defines the compensation structure for the underwriters, such as commissions, fees, and other remuneration related to the sale and underwriting of variable annuity contracts and life insurance policies. 3. Compliance with laws and regulations: Ensures that all activities related to the underwriting and issuance of variable annuity contracts and life insurance comply with relevant state laws, regulations, and industry standards. 4. Termination rights: Outlines the circumstances under which either party can terminate the agreement, including the procedure and notice period required. 5. Dispute resolution: Establishes a mechanism for resolving any disputes or disagreements between the underwriters and the issuing company, which may involve mediation, arbitration, or legal proceedings. 6. Confidentiality and data protection: Addresses the handling of confidential information and customer data, ensuring compliance with privacy laws and regulations to protect policyholders' sensitive information. In summary, the Virginia Amended and Restated Principal Underwriting Agreement plays a crucial role in regulating the issuance of variable annuity contracts and life insurance policies within the state. It serves as a guide for underwriters and provides policyholders with assurance that their interests are protected under the relevant laws and regulations applicable in Virginia.
Virginia Amended and Restated Principal Underwriting Agreement regarding Issuance of variable annuity contracts and life insurance
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FAQ
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.
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.
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).
While all annuities are regulated by state insurance commissioners, variable annuities and registered indexed-linked annuities (RILAs) are also regulated at the national level by the U.S. Securities and Exchange Commission (SEC) and FINRA.
Under what circumstances may a variable annuity be recommended as a short-term investment? Under industry rules, mutual funds or annuities may not be recommended as short-term investments or trading vehicles. The fact that a product is no-load does not change this SRO prohibition.
To have Variable Life and Variable Annuity authority added to your license you must be registered with the Financial Industry Regulatory Authority (FINRA) and approved for California.
A variable annuity offers a diverse range of professionally managed investment choices spanning multiple asset classes and investment styles.
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.