NO SALES TO THE GENERAL PUBLIC. FAIP represents and warrants that Shares of the Funds have been and will be sold only to variable annuity separate accounts and variable life insurance separate accounts of participating insurance companies for the purpose of funding variable annuity contracts or variable life insurance policies and no Shares of the Funds have been or will be sold to the general public. Notwithstanding this, under Treas. Reg. 1.817-5(f)(3)(ii), shares may be held by the Advisor in connection with the creation of FAIP (or by a person related to the Advisor in a manner specified in Section 267(d) of the Code).
Appears in 12 contracts
Samples: Participation Agreement (First American Insurance Portfolios Inc), Participation Agreement (First American Insurance Portfolios Inc), Participation Agreement (Separate Account Va I)
