COMPENSATION FOR SALES OF THE CONTRACTS. State Farm shall pay compensation for sales of the Contracts in accordance with the provisions of this Section 5 as follows: (1) State Farm shall pay compensation for sales of the Contracts in accordance with the Registered Representatives Agreements and the compensation schedules attached thereto, and referenced in Schedule 3 attached hereto as revised from time to time by Distributor; (2) State Farm will pay compensation to the Representatives as paying agent on behalf of Distributor and will maintain the books and records reflecting such payments in accordance with the requirements of the 1934 Act on behalf of Distributor; and (3) State Farm may delegate its responsibility to pay compensation or commissions pursuant to this Section 5.a to any other insurer affiliated with State Farm, in its discretion, provided such insurer agrees to comply with the provisions hereof applicable to the payment of such compensation or commissions.
Appears in 3 contracts
Samples: Distribution Agreement (State Farm Life Insurance Co Variable Annuity Separate Act), Distribution Agreement (State Farm Life & Accident Assur Co Var Life Sep Acct), Distribution Agreement (State Farm Life Insurance Co Variable Annuity Separate Act)
COMPENSATION FOR SALES OF THE CONTRACTS. State Farm shall pay compensation for sales of the Contracts in accordance with the provisions of this Section 5 as follows:
(1) State Farm shall pay compensation for sales of the Contracts in accordance with the Registered Representatives Agreements and the compensation schedules attached thereto, and referenced in Schedule 3 attached hereto as revised from time to time by Distributor;
(2) State Farm will pay compensation commissions to the Representatives as paying agent on behalf of Distributor and will maintain the books and records reflecting such payments in accordance with the requirements of the 1934 Act on behalf of Distributor; and
(3) State Farm may delegate its responsibility to pay compensation or commissions pursuant to this Section 5.a to any other insurer affiliated with State Farm, in its discretion, provided such insurer agrees to comply with the provisions hereof applicable to the payment of such compensation or commissions.
Appears in 1 contract
Samples: Distribution Agreement (State Farm Life & Accident Ass Co Var Ann Sep Acct)
