Common use of Refund of Compensation Clause in Contracts

Refund of Compensation. No compensation shall be payable, and the Distributor and the Distributor Agency(ies) jointly and severally agree to reimburse the ING Broker-Dealer promptly, and in any event within 30 days, for any compensation paid to the Distributor or its Representatives under each of the following conditions: a) if an ING Insurer, in its sole discretion, determines not to issue the Contract applied for; b) if an ING Insurer refunds the premiums or purchase payments upon the applicant's surrender or withdrawal pursuant to any "free-look" privilege; c) if an ING Insurer refunds the premiums or purchase payments paid by applicant as a result of a complaint by applicant, recognizing that the ING Insurer has sole discretion to refund premiums or purchase payments; d) if an ING Insurer determines that any person signing an application who is required to be licensed and appointed or any other person or entity receiving compensation for soliciting purchase of the Contracts is not duly licensed and appointed to sell the Contracts in the jurisdiction of such sale or attempted sale; and e) as may be otherwise provided in the Compensation Schedule.

Refund of Compensation. No compensation shall be payable, and the Distributor SELLING BROKER-DEALER and the Distributor Agency(ies) AGENCY jointly and severally agree to reimburse the ING Broker-Dealer AMERICA EQUITIES promptly, and in any event within 30 days, for any compensation paid to the Distributor SELLING BROKER-DEALER or its Representatives under each of the following conditions: a) if an ING Insurerthe INSURER, in its sole discretion, determines not to issue the Contract applied for; b) if an ING Insurer the INSURER refunds the premiums or purchase payments upon the applicant's surrender or withdrawal pursuant to any "free-look" privilege; c) if an ING Insurer the INSURER refunds the premiums or purchase payments paid by applicant as a result of a complaint by applicant, recognizing that the ING Insurer INSURER has sole discretion to refund premiums or purchase paymentsPremiums; d) if an ING Insurer the INSURER determines that any person signing an application who is required to be licensed and appointed or any other person or entity receiving compensation for soliciting purchase of the Contracts is not duly licensed and appointed to sell the Contracts in the jurisdiction of such sale or attempted sale; and e) if a Contract is surrendered, lapsed or exchanged, as may be provided in the Compensation Schedule; and f) as otherwise provided in the Compensation Schedule.