Commission Chargebacks. At the end of each Accounting Period, the Ceding Company shall pay to the Reinsurer the Quota Share Percentage of the commission chargebacks collected during each Accounting Period with respect to the Annuities.
Commission Chargebacks. Commission chargebacks will apply - In the event of death of the annuitant, for terms that extend past age 90, excluding individual terms within RRIF contracts with deposit dates before January 1, 2003 and MLIA GIA's with a deposit date prior to November 14, 2005. - If the annuitant dies within 90 days of the contract being issued Commission Chargeback Calculations Term Exceeds Annuitants 90th birthday The number of days between the term Commission paid and Recognition Credits earned will be proportionally reduced by any advisor rate discretion offered Rate Discretion is not available for terms greater than 10 years. Total Chargeback Amount Total = Commissions Paid maturity date and X the later of date of death or annuitant’s 90th birthday Rate discretion is not available for the Daily Interest Account or the Market Growth Account Total number of days in original GIA term Annuitant dies within 90 days of the contract being issued Total Chargeback Amount Total = Commissions Paid # of days from the date X of death to the term(s) maturity date Total length of term(s) selected in days Single Premium Immediate Annuities
Commission Chargebacks. In the event a Contract for which a commission has been paid is returned to Pacific Mutual or Distributor pursuant to a "free look" right in the Contract, Selling Entities shall reimburse Distributor 100% of commissions paid. In the event a Contract for which a commission has been paid is deemed to be distributed or surrendered by the Contract owner or a premium refunded by Pacific Mutual, Selling Entities shall reimburse Distributor 100% of commissions paid if the distribution, surrender or premium refund occurs within the first six months of the Contract and 50% of commissions paid if the distribution, surrender or premium refund occurs within the second six months of the Contract. In the event a Contract for which a commission has been paid is rescinded by Pacific Mutual, decided by Pacific Mutual in its sole discretion, Selling Entities shall reimburse Distributor 100% of the commissions paid. In the event Pacific Mutual determines that any Subagent/Registered Representative or Selling Entities engage in any sales practice which is detrimental to Pacific Mutual (as determined by Pacific Mutual), Pacific Mutual may elect to charge back commissions associated with the sale of Contracts associated with such practice or activity. Distributor may deduct reimbursement amounts from any compensation otherwise due to Broker/Dealer and/or Agency by Pacific Mutual and/or Distributor. If the amount to be deducted exceeds compensation otherwise due, Broker/Dealer will promptly reimburse Distributor before the next commission cycle or within 10 business days from the date of mailing of a written demand for reimbursement, whichever is later. Broker/Dealer and Agency are jointly and severally liable for such chargebacks.
Commission Chargebacks. In the event that a securities transaction and/or a life product policy issuance, for which a commission has been paid, is successfully challenged by a client, resulting in a trade rescission or policy lapse and/or surrender, APFS SHALL REQUIRE ITS IMMEDIATE REIMBURSEMENT BY THE REPRESENTATIVE FOR ALL COMMISSIONS PAID TO HIM/HER FOR SUCH CANCELLED/REFUNDED TRANSACTION AND/OR LAPSED OR SURRENDERED POLICY AND ANY ADDITIONAL LOSS TO THE FIRM AS A RESULT OF THE TRANSACTION.
