PRINCIPAL UNDERWRITER'S AGREEMENT
IT IS HEREBY AGREED by and between NORTH AMERICAN LIFE AND CASUALTY
COMPANY ("INSURANCE COMPANY") on behalf of NALAC VARIABLE ACCOUNT B (the
"Variable Account") and NALAC FINANCIAL PLANS, INC. ("PRINCIPAL UNDERWRITER") as
follows:
I
INSURANCE COMPANY proposes to issue and sell Individual Flexible Payment
Variable Annuity Contracts (the "Contracts") to the public through PRINCIPAL
UNDERWRITER. The PRINCIPAL UNDERWRITER agrees to provide sales service subject
to the terms and conditions hereof. The Contracts to be sold are more fully
described in the registration statement and the prospectuses hereinafter
mentioned. Such Contracts will be issued by INSURANCE COMPANY through the
Variable Account.
II
INSURANCE COMPANY grants PRINCIPAL UNDERWRITER the exclusive right,
during the term of this Agreement, subject to registration requirements of the
Securities Act of 1933 and the Investment Company Act of 1940 and the provisions
of the Securities Exchange Act of 1934, to be the distributor of the Contracts
issued through the Variable Account. PRINCIPAL UNDERWRITER will sell the
Contracts under such terms as set by INSURANCE COMPANY and will make such sales
to purchasers permitted to buy such Contracts as specified in the prospectus.
III
PRINCIPAL UNDERWRITER agrees that it shall undertake at its own
expense, to perform all duties and functions which are necessary and proper for
the distribution of the Contracts.
IV
PRINCIPAL UNDERWRITER shall be compensated for its distribution
services with respect to the Contracts covered hereby to the extent necessary
for PRINCIPAL UNDERWRITER to meet its obligations pursuant to selling agreements
with approved broker/dealers.
V
On behalf of the Variable Account, INSURANCE COMPANY shall furnish
PRINCIPAL UNDERWRITER with copies of all prospectuses, financial statements and
other documents which PRINCIPAL UNDERWRITER reasonably requests for use in
connection with the distribution of the Contracts. INSURANCE COMPANY shall
provide to PRINCIPAL UNDERWRITER such number of copies of the current effective
prospectus as PRINCIPAL UNDERWRITER shall request.
VI
PRINCIPAL UNDERWRITER is not authorized to give any information, or to
make any representations concerning the Contracts or the Variable Account of
INSURANCE COMPANY other than those contained in the current registration
statement or prospectus filed with the Securities and Exchange Commission or
such sales literature as may be authorized by INSURANCE COMPANY.
VII
Both parties to this Agreement agree to keep the necessary records as
indicated by applicable state and federal law and to render the necessary
assistance to one another for the accurate and timely preparation of such
records.
VIII
This Agreement shall be effective upon the execution hereof and will
remain in effect unless terminated as hereinafter provided. This Agreement shall
automatically be terminated in the event of its assignment by PRINCIPAL
UNDERWRITER.
This Agreement may at any time be terminated by either party hereto
upon 60 days written notice to the other party.
All notices, requests, demands and other communications under this
Agreement shall be in writing and shall be deemed to have been given on the date
of service if served personally on the party to whom notice is to be given, or
on the date of mailing if sent by First Class Mail, Registered or Certified,
postage prepaid and properly addressed.
IN WITNESS WHEREOF, the parties hereto have caused this instrument to
be signed on their behalf by their respective officers thereunto duly
authorized.
EXECUTED this 14 day of September, 1988.
INSURANCE COMPANY
NORTH AMERICAN LIFE AND
CASUALTY COMPANY
/s/ Xxxxxx X. Xxxxxxxx
BY: _____________________________
Xxxxxx X. Xxxxxxxx, President
/s/Xxxxxxx Xxxxxxxxxxx
ATTEST: _______________________
Secretary
PRINCIPAL UNDERWRITER
NALAC FINANCIAL PLANS, INC.
/s/ Xxxxxx X. Xxxxxxxx
BY: _________________________________
Xxxxxx X. Xxxxxxxx, Exec. Vice Pres.
/s/Xxxxxxx Xxxxxxxxxxx
ATTEST: ____________________
Secretary
