Common use of Compensation Conditions Clause in Contracts

Compensation Conditions. Except as provided below, Compensation will be paid only on premiums paid to and retained by an Insurance Company on either applications that were submitted by Producers under this Agreement, or Products for which Producers have been designated the servicing agents by a Product purchaser and Insurance Companies unless such Compensation has been vested with another firm, in which case Compensation will be paid only on new premium deposits after such vesting period expires. Producers’ rights to such Compensation will terminate if a Product owner requests in writing that someone other than Producers service his/her Product, or upon the termination of this Agreement. The Insurance Companies may provide that Compensation will be paid to Producers after this Agreement has been terminated by specifying a vesting provision in the Schedule A for a particular Product. No Compensation will be due and payable for any surrendered, lapsed or canceled Products that are subsequently reinstated or rewritten through efforts of persons not affiliated with Producers. Producers will comply with all applicable federal or state laws and regulations related to the disclosure of contingent or non-standard compensation.

Compensation Conditions. Except as provided below, Compensation will be paid only on premiums paid to and retained by an Insurance Company on either applications that were submitted by Producers under this Agreement, or Products for which Producers have been designated the servicing agents by a Product purchaser and Insurance Companies unless such Compensation has been vested with another firm, in which case Compensation will be paid only on new premium deposits after such vesting period expires. Producers’ rights to such Compensation will terminate if a Product owner requests in writing that someone other than Producers service his/her Product, or upon the termination of this Agreement. The Insurance Companies may provide that Compensation will be paid to Producers after this Agreement has been terminated by specifying a vesting provision in the Schedule A for a particular Product. No Compensation will be due and payable for any surrendered, lapsed or canceled Products that are subsequently reinstated or rewritten through efforts of persons not affiliated with Producers. Producers will comply with all applicable federal or state laws and regulations related to the disclosure of contingent or non-standard compensation. Retail Firm and Broker-Dealer waive their right to Compensation with respect to Securities Products until such time as Distributors is in receipt of such Compensation.