MONEY RECEIVED BY BROKER-DEALER. All money payable in connection with any of the Plans, whether as premium, purchase payment or otherwise, and whether paid by or on behalf of any policyholder, contract owner or certificate holder or anyone else having an interest in the Plans, is the property of GIAC, and shall be transmitted immediately in accordance with the administrative procedures of GIAC without any deduction or offset for any reason, including by example, but not limitation, any deduction or offset for compensation claimed by Broker-Dealer.
Appears in 10 contracts
Samples: Broker Dealer Supervisory and Service (Guardian Separate Account R), Broker Dealer Supervisory and Service (Guardian Separate Account R), Service Agreement (Guardian Separate Account Q of the Guard Ins & Ann Co Inc)
