PAYMENT OF SEPARATE ACCOUNT SURRENDER VALUE. We pay any request for Surrender of Contract values in the Sub-Accounts within seven days after we receive your written request in Good Order. However, we may postpone payment: (a) when the New York Stock Exchange is closed, or trading on the New York Stock Exchange is restricted; (b) when an emergency exists and as a result of which (1) disposal of the securities held in the Sub-Accounts is not reasonably practicable, or (2) it is not reasonably practicable for the value of the net assets of the Separate Account to be fairly determined; or (c) when the Securities and Exchange Commission may, by order, permit for the protection of Contract Owners. The conditions under which trading will be deemed to be restricted or an emergency is deemed to exist is determined by rules and regulations of the Securities and Exchange Commission.
Appears in 4 contracts
Samples: Group Variable Funding Agreement (Talcott Resolution Life Insurance Co- Separate Account Twelve), Group Variable Funding Agreement (Hartford Life Insurance Co- Separate Account Twelve), Group Variable Funding Agreement (Hartford Life Insurance Co- Separate Account Twelve)
