Common use of Department of Labor Clause in Contracts

Department of Labor. Broker represents that when selling Contracts to ERISA plans or IRA’s, it is (a) acting independent of Principal Underwriter, (b) an investment advisor registered under the Investment Advisors Act of 1940, or a broker-dealer registered under the Securities Exchange Act of 1934, (c) an ERISA and/or Tax Code fiduciary acting on behalf of the ERISA plan or XXX, and responsible for exercising independent judgment in evaluation the transaction, and (d) is capable of evaluation investment risks independently, both in general, and with regard to particular transactions and investment strategies. Principal Underwriter represents that (i) it is not undertaking to provide impartial investment advice, or to give advice in a fiduciary capacity in connection with the sale of the Contracts, but is acting for its own financial interests, (ii) it has informed Broker of the existence and nature of the Principal Underwriter’s interests in the transaction by disclosing its fees and (c) Principal Underwriter will not receive a separate fee for the provision of investment advice in connection with the transaction. This independent fiduciary exception is effective as of the date the selling agreement is executed and applies to each ERISA plan or XXX on whose behalf Broker will be acting regarding the purchase of the Contracts. This paragraph documents the fiduciary roles with respect to this selling agreement between Principal Underwriter and Broker, and the reliance and utilization of the “transactions with independent fiduciaries with financial expertise” exception found in Department of Labor Regulation §2510.3-21(c)(1).

Department of Labor. Broker represents that when selling Contracts -------------------- to ERISA plans or IRA’s's, it is (a) acting independent of Principal Underwriter, (b) an investment advisor registered under the Investment Advisors Act of 1940, or a broker-dealer registered under the Securities Exchange Act of 1934, (c) an ERISA and/or Tax Code fiduciary acting on behalf of the ERISA plan or XXX, and responsible for exercising independent judgment in evaluation the transaction, and (d) is capable of evaluation investment risks independently, both in general, and with regard to particular transactions and investment strategies. Principal Underwriter represents that (i) it is not undertaking to provide impartial investment advice, or to give advice in a fiduciary capacity in connection with the sale of the Contracts, but is acting for its own financial interests, (ii) it has informed Broker of the existence and nature of the Principal Underwriter’s 's interests in the transaction by disclosing its fees and (c) Principal Underwriter will not receive a separate fee for the provision of investment advice in connection with the transaction. This independent fiduciary exception is effective as of the date the selling agreement is executed and applies to each ERISA plan or XXX on whose behalf Broker will be acting regarding the purchase of the Contracts. This paragraph documents the fiduciary roles with respect to this selling agreement between Principal Underwriter and Broker, and the reliance and utilization of the “"transactions with independent fiduciaries with financial expertise” " exception found in Department of Labor Regulation §2510.3(S)2510.3-21(c)(1).