EXHIBIT 26(h)(11)
Amendment to Participation Agreement among
PHL Variable Insurance Company
Xxxxxxxxx Xxxxxx Advisors Management Trust, and
Xxxxxxxxx Xxxxxx Management, Inc.
FUND PARTICIPATION AGREEMENT
THIS AGREEMENT, made as of the 1st day of May, 2006, by and between
XXXXXXXXX XXXXXX ADVISERS MANAGEMENT TRUST ("TRUST") a Delaware business trust,
XXXXXXXXX XXXXXX MANAGEMENT INC. ("NB MANAGEMENT"), a New York corporation, and
PHL VARIABLE INSURANCE COMPANY AND PHOENIX LIFE AND ANNUITY COMPANY ("LIFE
COMPANY"), each, a life insurance company organized under the laws of the State
of Connecticut.
WHEREAS, TRUST is registered with the Securities and Exchange
Commission ("SEC") under the Investment Company Act of 1940, as amended ("40
Act") as an open-end, diversified management investment company; and
WHEREAS, TRUST is organized as a series fund comprised of several
portfolios ("Portfolios"), the currently available of which are listed on
Appendix A hereto; and
WHEREAS, TRUST was organized to act as the funding vehicle for certain
variable life insurance and/or variable annuity contracts ("Variable Contracts")
offered by life insurance companies through separate accounts of such life
insurance companies ("Participating Insurance Companies"); and
WHEREAS, TRUST has received an order from the SEC, dated May 5,1995
(File No. 812-9164), granting Participating Insurance Companies and their
separate accounts exemptions from the provisions of Sections 9(a), 13(a), 15(a)
and 15(b) of the '40 Act, and Rules 6e-2(b)(15) and 6e-3(T)(b)(15) thereunder,
to the extent necessary to permit shares of the Portfolios of the TRUST to be
sold to and held by variable annuity and variable life insurance separate
accounts of both affiliated and unaffiliated life insurance companies and
certain qualified pension and retirement plans (the "Order"); and
WHEREAS, LIFE COMPANY has established or will establish one or more
separate accounts ("Separate Accounts") to offer Variable Contracts and is
desirous of having TRUST as one of the underlying funding vehicles for such
Variable Contracts; and
WHEREAS, NB MANAGEMENT is registered with the SEC as an investment
adviser under the Investment Advisers Act of 1940 and as a broker-dealer under
the Securities Exchange Act of 1934, as amended; and
WHEREAS, NB MANAGEMENT is the investment manager and administrator of
the Portfolios of the Trust and distributor of the shares of each Portfolio of
TRUST; and
WHEREAS, to the extent permitted by applicable insurance laws and
regulations, LIFE COMPANY intends to purchase shares of TRUST to fund the
aforementioned Variable Contracts and TRUST is authorized to sell such shares to
LIFE COMPANY at net asset value;
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NOW, THEREFORE, in consideration of their mutual promises, LIFE
COMPANY, TRUST, and NB MANAGEMENT agree as follows:
Article I. SALE OF TRUST SHARES
--------------------
1.1 TRUST agrees to make available to the Separate Accounts of LIFE
COMPANY shares of the selected Portfolios as listed in Appendix B for investment
of proceeds from Variable Contracts allocated to the designated Separate
Accounts, such shares to be offered as provided in TRUST's Prospectus.
1.2 TRUST agrees to sell to LIFE COMPANY those shares of the selected
Portfolios of TRUST which LIFE COMPANY orders, executing such orders on a daily
basis at the net asset value next computed after receipt by TRUST or its
designee of the order for the shares of TRUST. For purposes of this Section 1.2,
LIFE COMPANY shall be the designee of TRUST for receipt of such orders from LIFE
COMPANY and receipt by such designee shall constitute receipt by TRUST; provided
that TRUST receives notice of such order by 9:30 a.m. Eastern standard time on
the next following Business Day. "Business Day" shall mean any day on which the
New York Stock Exchange is open for trading.
1.3 TRUST agrees to redeem for cash, on LIFE COMPANY's request, any
full or fractional shares of TRUST held by LIFE COMPANY, executing such requests
on a daily basis at the net asset value next computed after receipt by TRUST or
its designee of the request for redemption. For purposes of this Section 1.3,
LIFE COMPANY shall be the designee of TRUST for receipt of requests for
redemption from LIFE COMPANY and receipt by such designee shall constitute
receipt by TRUST; provided that TRUST receives notice of such request for
redemption by 9:30 a.m. Eastern standard time on the next following Business
Day.
1.4 TRUST shall furnish, on or before the ex-dividend date, notice to
LIFE COMPANY of any income dividends or capital gain distributions payable on
the shares of any Portfolio of TRUST. LIFE COMPANY hereby elects to receive all
such income dividends and capital gain distributions as are payable on a
Portfolio's shares in additional shares of the Portfolio. TRUST shall notify
LIFE COMPANY of the number of shares so issued as payment of such dividends and
distributions. LIFE COMPANY reserves the right to revoke this election by
written notice to the Trust.
1.5 TRUST shall make the net asset value per share for the selected
Portfolio(s) available to LIFE COMPANY on a daily basis as soon as reasonably
practicable after the net asset value per share is calculated but shall use its
best efforts to make such net asset value available by 6:30 p.m. Eastern
standard time. If TRUST provides LIFE COMPANY with materially incorrect share
net asset value information through no fault of LIFE COMPANY, LIFE COMPANY on
behalf of the Separate Accounts, shall be entitled to an adjustment to the
number of shares purchased or redeemed to reflect the correct share net asset
value. Any material error (determined in accordance with SEC guidelines) in the
calculation of net asset value per share, dividend or
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capital gain information shall be reported promptly upon discovery to LIFE
COMPANY. In the event that such material error is the result of the Trust's (or
its designated agents) gross negligence, the Trust shall also be responsible for
any of LIFE COMPANY's administrative or other costs or losses incurred in
correcting Variable Contract Owner accounts.
1.6 At the end of each Business Day, LIFE COMPANY shall use the
information described in Section 1.5 to calculate Separate Account unit values
for the day. Using these unit values, LIFE COMPANY shall process each such
business day's Separate Account transactions based on requests and premiums
received by it by the time as of which the TRUST calculates its share price as
disclosed in the prospectus for the TRUST to determine the net dollar amount of
TRUST shares which shall be purchased or redeemed at that day's closing net
asset value per share. The net share purchase or redemption orders so determined
shall be transmitted to TRUST by LIFE COMPANY by 9:30 a.m. Eastern standard time
on the Business Day next following LIFE COMPANY's receipt of such requests and
premiums in accordance with the terms of Sections 1.2 and 1.3 hereof.
1.7 If LIFE COMPANY's order requests the net purchase of TRUST shares,
LIFE COMPANY shall pay for such purchase by wiring federal funds to TRUST or its
designated custodial account on the day the order is actually transmitted by
LIFE COMPANY by 3:00 p.m. Eastern standard time. If LIFE COMPANY's order
requests a net redemption resulting in a payment of redemption proceeds to LIFE
COMPANY, TRUST shall wire the redemption proceeds to LIFE COMPANY on the day the
order is actually received by TRUST by 3:00 p.m. Eastern standard time unless
doing so would require TRUST to dispose of portfolio securities or otherwise
incur additional costs, but in such event, proceeds shall be wired to LIFE
COMPANY within seven days and TRUST shall notify the person designated in
writing by LIFE COMPANY as the recipient for such notice of such delay by 3:00
p.m. Eastern standard time the same business day that LIFE COMPANY transmits the
redemption order to TRUST. If LIFE COMPANY's order requests the application of
redemption proceeds from the redemption of shares to the purchase of shares of
another fund administered or distributed by NB MANAGEMENT, TRUST shall so apply
such proceeds on the same Business Day that LIFE COMPANY transmits such order to
TRUST.
1.8 Notwithstanding Section 1.7, TRUST reserves the right to suspend
the right of redemption or postpone the date of payment or satisfaction upon
redemption consistent with Section 22(e) of the 40 Act and any rules thereunder.
1.9 TRUST agrees that all shares of the Portfolios of TRUST will be
sold only to Participating Insurance Companies which have agreed to participate
in TRUST to fund their Separate Accounts and/or to certain qualified pension and
other retirement plans, all in accordance with the requirements of Section
817(h) of the Internal Revenue Code of 1986, as amended ("Code") and Treasury
Regulation 1.817-5. Shares of the Portfolios of TRUST will not be sold directly
to the general public.
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1.10 TRUST may refuse to sell shares of any Portfolio to any person, or
suspend or terminate the offering of the shares of any Portfolio if such action
is required by law or by regulatory authorities having jurisdiction or is, in
the sole discretion of the Board of Trustees of TRUST, acting in good faith and
in light of its fiduciary duties under federal and any applicable state laws,
deemed necessary and in the best interests of the shareholders of such
Portfolios.
Article II. REPRESENTATIONS AND WARRANTIES
------------------------------
2.1 LIFE COMPANY represents and warrants that it is an insurance
company duly organized and in good standing under the laws of Connecticut and
that it has legally and validly established each Separate Account as a
segregated asset account under such laws, and that Phoenix Equity Planning
Corporation the principal underwriter for the Variable Contracts, is registered
as a broker-dealer under the Securities Exchange Act of 1934.
2.2 LIFE COMPANY represents and warrants that it has registered or,
prior to any issuance or sale of the Variable Contracts, will register each
Separate Account as a unit investment trust ("UIT") in accordance with the
provisions of the '40 Act and cause each Separate Account to remain so
registered to serve as a segregated asset account for the Variable Contracts,
unless an exemption from registration is available.
2.3 LIFE COMPANY represents and warrants that the Variable Contracts
will be registered under the Securities Act of 1933 (the "`33 Act") unless an
exemption from registration is available prior to any issuance or sale of the
Variable Contracts and that the Variable Contracts will be issued and sold in
compliance in all material respects with all applicable federal and state laws
and further that the sale of the Variable Contracts shall comply in all material
respects with state insurance law suitability requirements.
2.4 LIFE COMPANY represents and warrants that the Variable Contracts
are currently and at the time of issuance will be treated as life insurance,
endowment or annuity contracts under applicable provisions of the Code, that it
will maintain such treatment and that it will notify TRUST immediately upon
having a reasonable basis for believing that the Variable Contracts have ceased
to be so treated or that they might not be so treated in the future.
2.5 LIFE COMPANY represents and warrants that it shall deliver such
prospectuses, statements of additional information, proxy statements and
periodic reports of the Trust as required to be delivered under applicable
federal or state law and interpretations of federal and state securities
regulators thereunder in connection with the offer, sale or acquisition of the
Variable Contracts.
2.6 TRUST represents and warrants that the Portfolio shares offered and
sold pursuant to this Agreement will be registered under the '33 Act and sold in
accordance with all applicable federal and state laws, and TRUST shall be
registered under the '40 Act prior to and at the time of any issuance or sale of
such shares. TRUST shall amend its registration statement under the '33 Act
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and the '40 Act from time to time as required in order to effect the continuous
offering of its shares. TRUST shall register and qualify its shares for sale in
accordance with the laws of the various states to the extent necessary to
perform its obligations under this Agreement.
2.7 TRUST represents and warrants that each Portfolio currently
complies, and will continue to comply with the diversification requirements set
forth in Section 817(h) of the Code, and the rules and regulations thereunder,
including without limitation Treasury Regulation 1.817-5 (or any successor or
similar provisions), and will notify LIFE COMPANY immediately upon having a
reasonable basis for believing any Portfolio has ceased to comply or might not
so comply and will immediately take all reasonable steps to adequately diversify
the Portfolio to achieve compliance within the grace period afforded by
Regulation 1.817-5.
2.8 TRUST represents and warrants that each Portfolio invested in by
the Separate Account is currently qualified as a "regulated investment company"
under Subchapter M of the Code, that it will maintain such qualification under
Subchapter M (or any successor or similar provisions) and will notify LIFE
COMPANY immediately upon having a reasonable basis for believing any Portfolio
has ceased to so qualify or might not so qualify in the future.
2.9 The TRUST represents that to the extent that it decides to finance
distribution expenses pursuant to Rule 12b-1 under the 1940 Act, it will have a
board of trustees, a majority of whom are not interested persons of the TRUST,
to formulate and approve any plan under Rule 12b-1 to finance distribution
expenses.
2.10 The TRUST represents that the TRUST's investment policies, fees
and expenses are and shall at all times remain in compliance with the laws of
the State of Delaware and the TRUST represents that its respective operations
are and shall at all times remain in material compliance with the laws of the
State of Delaware to the extent required to perform this Agreement.
2.11 The TRUST represents that it is lawfully organized and validly
existing under the laws of the State of Delaware and that it does and will
comply in all material respects with the 1940 Act.
2.12 The TRUST represents and warrants that its directors, officers,
employees dealing with the money and/or securities of the Trust are and shall
continue to be at all times covered by a blanket fidelity bond or similar
coverage for the benefit of the TRUST in an amount not less than the minimum
coverage as required by Rule 17g-(1) under the 1940 Act or related provisions as
may be promulgated from time to time. The aforesaid blanket fidelity bond shall
include coverage for larceny and embezzlement and shall be issued by a reputable
bonding company.
2.13 NB MANAGEMENT represents and warrants that it is a member in good
standing of the NASD and is registered as a broker-dealer with the SEC. NB
MANAGEMENT further represents that it will sell and distribute the Trust's share
in accordance with the laws of the State of Delaware and any applicable state
and federal securities law.
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2.14 NB MANAGEMENT represents and warrants that it is registered as an
investment adviser and shall remain duly registered under all applicable federal
and state securities laws and that it shall perform its obligations for the
Trust in compliance in all material respects with the laws of the State of
Delaware and any applicable state and federal securities laws.
2.15 Each party represents and warrants that the execution and delivery
of this Agreement and the consummation of the transactions contemplated herein
have been duly authorized by all necessary corporate, partnership or trust
action, as applicable, by such party, and, when so executed and delivered, this
Agreement will be the valid and binding obligation of such party enforceable in
accordance with its terms.
2.16 LIFE COMPANY represents and warrants that all orders for the
purchase and sale of TRUST shares submitted to the TRUST (or counted by LIFE
COMPANY in submitting a net order under Section 1.6 of the Agreement) for
execution at a price based on the net asset value per share ("NAV") of the
Trust's Portfolios next computed after receipt by LIFE COMPANY on a particular
Business day, will have been received in good order by LIFE COMPANY prior to the
time as of which the TRUST calculates its NAV on that Business Day, as disclosed
in the prospectus for the pertinent Portfolio (the "trading deadline"), in
accordance with Rule 22c-1 under the 1940 Act (subject only to exceptions as
permitted under Rule 22c-1(c) under the 1940 Act, respecting initial purchase
payments on variable annuity contracts, and to the established administrative
procedures of LIFE COMPANY as described under Rule 6e-3(T), paragraph
(b)(12)(iii) under the 1940 Act respecting premium processing for variable life
insurance contracts).
The TRUST may refuse to sell Shares of any Series to any
person, or suspend or terminate the offering of the Shares of any Series if such
action is required by law or by regulatory authorities having jurisdiction or
is, in the sole discretion of the Board of Trustees of the TRUST (the "Board"),
deemed necessary, desirable or appropriate. Without limiting the foregoing, it
has been determined that there is a significant risk that the TRUST and its
shareholders may be adversely affected by short-term or excessive trading
activity, particularly activity used to try and take advantage of short-term
swings in the market. Accordingly, the TRUST reserves the right to reject any
purchase order, including those purchase orders with respect to shareholders or
accounts whose trading has been or may be disruptive to the TRUST or that may
otherwise adversely affect the Trust. The LIFE COMPANY agrees to use its
reasonable best efforts to render assistance to, and to cooperate with, the
TRUST to achieve compliance with the TRUST's policies and restrictions on
short-term or excessive trading activity as they may be amended from time to
time, or to the extent required by applicable regulatory requirements.
2.17 In the prospectus for the Portfolios, the TRUST reserves the right
to reject an investment or exchange order or to withdraw the exchange privilege
from any investor that NB MANAGEMENT believes is trying to "time the market" or
is otherwise making exchanges that
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Xxxxxxxxx Xxxxxx Management Inc. believes to be excessive (collectively, these
practices are referred to herein as "excessive short-term trading"). The Trust
prospectus also discloses, and NB MANAGEMENT and LIFE COMPANY acknowledge, that
frequent exchanges can interfere with fund management and affect costs and
performance for other shareholders. Accordingly, LIFE COMPANY agrees that it
will cooperate with NB MANAGEMENT and the TRUST, by taking steps acceptable to
NB MANAGEMENT and the TRUST to prevent its contract owners from excessive
short-term trading in any Portfolio of the TRUST, which may include any one or
more of the following measures: (i) by providing information, upon reasonable
request, to NB MANAGEMENT and the TRUST, about cash flows into and out of any of
the Portfolios from the separate accounts of LIFE COMPANY; (ii) by providing
information, upon reasonable request, to NB MANAGEMENT and the TRUST, about any
policies and procedures that LIFE COMPANY employs respecting frequent transfers
of contract value among sub-accounts of the Separate Accounts, and about
compliance with any such policies and procedures; (iii) by providing
information, upon reasonable request, to NB MANAGEMENT and the TRUST respecting
Variable Contract owner transactions, holdings and other information pertinent
to the prevention of excessive short-term trading (although NB MANAGEMENT and
TRUST acknowledge that such information need not include information that would
identify owners of the Variable Contracts); (iv) by taking steps necessary, upon
reasonable request of NB MANAGEMENT or the TRUST, to eliminate or prevent
excessive short-term trading, including, but not limited to, restricting or
withdrawing exchange privileges from Variable Contract owners that engage in
excessive short-term trading to the extent permitted under applicable law and
the terms of the Variable Contracts, and/or restricting and/or withdrawing a
Variable Contract owner's ability to make exchanges through automated means such
as telephone, fax, or internet transmission; and (v) to the extent required by
applicable laws, rules, or regulations, or in the event the LIFE COMPANY has the
ability to do so, the LIFE COMPANY will provide the TRUST the Taxpayer
Identification Number or other identifying information contained in the LIFE
COMPANY's records, of any particular or all Variable Contract owners that
purchased, redeemed, transferred, or exchanged Shares, and the amount and dates
of such purchases, redemptions, transfers and exchanges. The LIFE COMPANY will
also execute any instructions from the TRUST to restrict or prohibit further
purchases or exchanges of Shares by a Variable Contract owner who has been
identified by the LIFE COMPANY or the TRUST as having engaged in transactions in
such Shares that violate the TRUST's policies and restrictions on short term or
excessive trading activity. In addition, the LIFE COMPANY understands that
consistent with federal and state laws, the Fund may impose redemption fees on
the redemption of Shares held for a short period of time as may be specified in
the TRUST's prospectuses, and the LIFE COMPANY agrees that, to the extent it may
make such Portfolio available, it will ensure that any redemption by a Variable
Contract owner will comply with such requirements.
2.18 LIFE COMPANY will, upon reasonable request, certify to the TRUST
and NB MANAGEMENT that LIFE COMPANY is in compliance with Items 2.16 and/or 2.17
above.
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Article III. PROSPECTUS AND PROXY STATEMENTS
-------------------------------
3.1 TRUST shall prepare and be responsible for filing with the SEC and
any state regulators requiring such filing all shareholder reports, notices,
proxy materials (or similar materials such as voting instruction solicitation
materials), prospectuses and statements of additional information of TRUST.
TRUST shall bear the costs of registration and qualification of shares of the
Portfolios, preparation and filing of the documents listed in this Section 3.1
and all taxes to which an issuer is subject on the issuance and transfer of its
shares.
3.2 TRUST will bear the printing costs (or duplicating costs with
respect to the statement of additional information) and mailing costs associated
with the delivery of the following TRUST (or individual Portfolio) documents,
and any supplements thereto, to existing Variable Contract owners of LIFE
COMPANY (regardless of whether such documents are printed together with, or
separate from, the documents for other trusts in the Variable Contracts):
(i) prospectuses and statements of additional
information;
(ii) annual and semi-annual reports; and
(iii) proxy materials (including, but not limited
to, the proxy cards, notice and statement,
as well as the costs associated with
tabulating votes).
LIFE COMPANY will submit any bills for printing, duplicating
and/or mailing costs, relating to the TRUST documents described above, to TRUST
for reimbursement by TRUST. LIFE COMPANY shall monitor such costs and shall use
its best efforts to control these costs. Upon submission of any bills, LIFE
COMPANY will provide TRUST with a current tabulation of the number of existing
Variable Contract owners of LIFE COMPANY whose Variable Contract values are
invested in TRUST. This tabulation will be sent to TRUST in the form of a letter
signed by a duly authorized officer of LIFE COMPANY attesting to the accuracy of
the information contained in the letter. If requested by LIFE COMPANY, the TRUST
shall provide such documentation (including a final copy of the TRUST's
prospectus in electronic pdf format) and other assistance as is reasonably
necessary in order for LIFE COMPANY to print together in one document the
current prospectus for the Variable Contracts issued by LIFE COMPANY and the
current prospectus for the TRUST.
3.3 TRUST will provide, at its expense, LIFE COMPANY with the following
TRUST (or individual Portfolio) documents, and any supplements thereto, with
respect to prospective Variable Contract owners of LIFE COMPANY:
(i) electronic pdf format of the current prospectus
for printing by the LIFE COMPANY;
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(ii) a copy of the statement of additional information
suitable for duplication;
(iii) electronic pdf format of proxy material suitable
for printing; and
(iv) electronic pdf format of the annual and semi-annual
reports for printing by the LIFE COMPANY.
3.4 TRUST will provide LIFE COMPANY with at least one complete copy of
all prospectuses, statements of additional information, annual and semi-annual
reports, proxy statements, exemptive applications and all amendments or
supplements to any of the above that relate to the Portfolios promptly after the
filing of each such document with the SEC or other regulatory authority. LIFE
COMPANY will provide TRUST with at least one complete copy of all prospectuses,
statements of additional information, annual and semi-annual reports, proxy
statements, exemptive applications and all amendments or supplements to any of
the above that relate to a Separate Account promptly after the filing of each
such document with the SEC or other regulatory authority.
Article IV. SALES MATERIALS; PRIVACY
------------------------
4.1 LIFE COMPANY will furnish, or will cause to be furnished, to TRUST
and NB MANAGEMENT, each piece of sales literature or other promotional material
in which TRUST or NB MANAGEMENT is named, at least five (5) Business Days prior
to its intended use. No such material will be used if TRUST or NB MANAGEMENT
objects to its use in writing within five (5) Business Days after receipt of
such material.
4.2 TRUST and NB MANAGEMENT will furnish, or will cause to be
furnished, to LIFE COMPANY, each piece of sales literature or other promotional
material in which LIFE COMPANY or its Separate Accounts are named, at least five
(5) Business Days prior to its intended use. No such material will be used if
LIFE COMPANY objects to its use in writing within five (5) Business Days after
receipt of such material.
4.3 TRUST and its affiliates and agents shall not give any information
or make any representations on behalf of LIFE COMPANY or concerning LIFE
COMPANY, the Separate Accounts, or the Variable Contracts issued by LIFE
COMPANY, other than the information or representations contained in a
registration statement or prospectus for such Variable Contracts, as such
registration statement and prospectus may be amended or supplemented from time
to time, or in reports of the Separate Accounts or reports prepared for
distribution to owners of such Variable Contracts, or in sales literature or
other promotional material approved by LIFE COMPANY or its designee, except with
the written permission of LIFE COMPANY.
4.4 LIFE COMPANY and its affiliates and agents shall not give any
information or make any representations on behalf of TRUST or concerning TRUST
other than the information or
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representations contained in a registration statement or prospectus for TRUST,
as such registration statement and prospectus may be amended or supplemented
from time to time, or in sales literature or other promotional material approved
by TRUST or its designee, except with the written permission of TRUST.
4.5 For purposes of this Agreement, the phrase "sales literature or
other promotional material" or words of similar import include, without
limitation, advertisements (such as material published, or designed for use, in
a newspaper, magazine or other periodical, radio, television, telephone or tape
recording, videotape display, signs or billboards, motion pictures or other
public media), sales literature (such as any written communication distributed
or made generally available to customers or the public, including brochures,
circulars, research reports, market letters, form letters, seminar texts, or
reprints or excerpts of any other advertisement, sales literature, or published
article), educational or training materials or other communications distributed
or made generally available to some or all agents or employees, registration
statements, prospectuses, statements of additional information, shareholder
reports and proxy materials, and any other material constituting sales
literature or advertising under National Association of Securities Dealers, Inc.
rules, the '40 Act or the '33 Act.
4.6 Subject to law and regulatory authority, each party hereto shall
treat as confidential all information pertaining to the owners of the Variable
Contracts and all information reasonably identified as confidential in writing
by any other party hereto and, except as permitted by this Agreement, shall not
disclose, disseminate or utilize such names and addresses and other confidential
information until such time as it may come into the public domain without the
express written consent of the affected party. Each party hereto shall be solely
responsible for the compliance of their officers, directors, employees, agents,
independent contractors, and any affiliated and non-affiliated third parties
with all applicable privacy-related laws and regulations including but not
limited to the Xxxxx-Xxxxx-Xxxxxx Act and Regulation S-P. The provisions of this
Section 4.6 shall survive the termination of this Agreement.
Article V. POTENTIAL CONFLICTS
-------------------
5.1 The Board of Trustees of TRUST (the "Board") will monitor TRUST for
the existence of any material irreconcilable conflict between the interests of
the Variable Contract owners of Participating Insurance Company Separate
Accounts investing in the TRUST. A material irreconcilable conflict may arise
for a variety of reasons, including: (a) state insurance regulatory authority
action; (b) a change in applicable federal or state insurance, tax, or
securities laws or regulations, or a public ruling, private letter ruling, or
any similar action by insurance, tax, or securities regulatory authorities; (c)
an administrative or judicial decision in any relevant proceeding; (d) the
manner in which the investments of the TRUST are being managed; (e) a difference
in voting instructions given by variable annuity and variable life insurance
contract owners or by contract owners of different Participating Insurance
Companies; or (f) a decision by a Participating Insurance Company to disregard
voting instructions of Variable Contract owners.
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5.2 LIFE COMPANY will report any potential or existing conflicts to the
Board. LIFE COMPANY will be responsible for assisting the Board in carrying out
its responsibilities under the Conditions set forth in the notice issued by the
SEC for the TRUST on April 12, 1995 (the "Notice") (Investment Company Act
Release No. 21003), by providing the Board with all information reasonably
necessary for it to consider any issues raised. This responsibility includes,
but is not limited to, an obligation by LIFE COMPANY to inform the Board
whenever Variable Contract owner voting instructions are disregarded by LIFE
COMPANY. These responsibilities will be carried out with a view only to the
interests of the Variable Contract owners.
5.3 If a majority of the Board or a majority of its disinterested
trustees determines that a material irreconcilable conflict exists, affecting
the LIFE COMPANY, LIFE COMPANY, at its expense and to the extent reasonably
practicable (as determined by a majority of disinterested trustees), will take
any steps necessary to remedy or eliminate the irreconcilable material conflict,
including: (a) withdrawing the assets allocable to some or all of the Separate
Accounts from the TRUST or any Portfolio thereof and reinvesting those assets in
a different investment medium, which may include another Portfolio of TRUST or
another investment company or submitting the question as to whether such
segregation should be implemented to a vote of all affected Variable Contract
owners and, as appropriate, segregating the assets of any appropriate group
(i.e., Variable Contract owners of one or more Participating Insurance
Companies) that votes in favor of such segregation, or offering to the affected
Variable Contract owners the option of making such a change; and (b)
establishing a new registered management investment company or managed separate
account. If a material irreconcilable conflict arises because of LIFE COMPANY's
decision to disregard Variable Contract owner voting instructions, and that
decision represents a minority position or would preclude a majority vote, LIFE
COMPANY may be required, at the election of the TRUST, to withdraw its Separate
Account's investment in the TRUST, and no charge or penalty will be imposed as a
result of such withdrawal. The responsibility to take such remedial action shall
be carried out with a view only to the interests of the Variable Contract
owners.
For the purposes of this Section 5.3, a majority of the disinterested
members of the Board shall determine whether or not any proposed action
adequately remedies any material irreconcilable conflict, but in no event will
the TRUST or NB MANAGEMENT (or any other investment adviser of the TRUST) be
required to establish a new funding medium for any Variable Contract. Further,
LIFE COMPANY shall not be required by this Section 5.3 to establish a new
funding medium for any Variable Contract if any offer to do so has been declined
by a vote of a majority of Variable Contract owners materially affected by the
irreconcilable material conflict.
5.4 The Board's determination of the existence of a material
irreconcilable conflict and its implications shall be made known promptly and in
writing to LIFE COMPANY.
5.5 No less than annually, the TRUST will request from the LIFE COMPANY
such reports, materials or data as the Board may reasonably request so that the
Board may fully carry out the obligations imposed upon it by these Conditions.
Such reports, materials, and data shall be requested more frequently if deemed
appropriate by the Board.
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Article VI. VOTING
------
6.1 LIFE COMPANY will provide pass-through voting privileges to all
Variable Contract owners so long as the SEC continues to interpret the '40 Act
as requiring pass-through voting privileges for Variable Contract owners.
Accordingly, LIFE COMPANY, where applicable, will vote shares of TRUST held by
its Separate Accounts in a manner consistent with voting instructions timely
received from its Variable Contract owners. LIFE COMPANY shall vote shares for
which it has not received timely voting instructions, as well as shares it owns,
in the same proportion as it votes those shares for which it has received voting
instructions.
6.2 If and to the extent Rule 6e-2 and Rule 6e-3(T) are amended, or
Rule 6e-3 is adopted, to provide exemptive relief from any provision of the '40
Act or the rules thereunder with respect to mixed and shared funding on terms
and conditions materially different from any exemptions granted in the Order,
then TRUST and/or LIFE COMPANY, as appropriate, shall take such steps as may be
necessary to comply with Rule 6e-2 and Rule 6e-3(T), as amended, and Rule 6e-3,
as adopted, to the extent such Rules are applicable.
Article VII. INDEMNIFICATION
---------------
7.1 Indemnification by LIFE COMPANY. LIFE COMPANY agrees to indemnify
and hold harmless TRUST and NB MANAGEMENT and each of their Trustees, directors,
officers, employees and agents and each person, if any, who controls TRUST or NB
MANAGEMENT within the meaning of Section 15 of the '33 Act (collectively, the
"Indemnified Parties" for purposes of this Article VII) against any and all
losses, claims, damages, liabilities (including amounts paid in settlement with
the written consent of LIFE COMPANY, which consent shall not be unreasonably
withheld) or litigation (including legal and other expenses), to which the
Indemnified Parties may become subject under any statute, regulation, at common
law or otherwise, insofar as such losses, claims, damages, liabilities or
expenses (or actions in respect thereof) or settlements:
(a) arise out of or are based upon any untrue statements or
alleged untrue statements of any material fact contained in
the Registration Statement, prospectus, or sales literature
for the Variable Contracts or contained in the Variable
Contracts (or any amendment or supplement to any of the
foregoing), or arise out of or are based upon the omission or
the alleged omission to state therein a material fact
required to be stated therein or necessary to make the
statements therein not misleading, provided that this
agreement to indemnify shall not apply as to any Indemnified
Party if such statement or omission or such alleged statement
or omission was made in reliance upon and in conformity with
information furnished to LIFE COMPANY by or on behalf of
TRUST for use in the registration statement, prospectus or
sales literature for the Variable Contracts or in the
Variable
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Contracts (or any amendment or supplement) or otherwise for
use in connection with the sale of the Variable Contracts or
TRUST shares; or
(b) arise out of or as a result of statements or representations
(other than statements or representations contained in the
registration statement, prospectus or sales literature of
TRUST not supplied by LIFE COMPANY, or persons under its
control) or wrongful conduct of LIFE COMPANY or any of its
directors, officers, employees or agents, with respect to the
sale or distribution of the Variable Contracts or TRUST
shares; or
(c) arise out of any untrue statement or alleged untrue statement
of a material fact contained in a registration statement,
prospectus, or sales literature of TRUST or any amendment
thereof or supplement thereto or the omission or alleged
omission to state therein a material fact required to be
stated therein or necessary to make the statements therein
not misleading if such statement or omission or such alleged
statement or omission was made in reliance upon and in
conformity with information furnished to TRUST for inclusion
therein by or on behalf of LIFE COMPANY; or
(d) arise as a result of any failure by LIFE COMPANY to
substantially provide the services and furnish the materials
under the terms of this Agreement; or
(e) arise out of or result from any material breach of any
representation and/or warranty made by LIFE COMPANY in this
Agreement or arise out of or result from any other material
breach of this Agreement by LIFE COMPANY.
7.2 LIFE COMPANY shall not be liable under this indemnification
provision with respect to any losses, claims, damages, liabilities or litigation
incurred or assessed against an Indemnified Party as such may arise from such
Indemnified Party's willful misfeasance, bad faith, or gross negligence in the
performance of such Indemnified Party's duties or by reason of such Indemnified
Party's reckless disregard of obligations or duties under this Agreement or to
TRUST, whichever is applicable.
7.3 LIFE COMPANY shall not be liable under this indemnification
provision with respect to any claim made against an Indemnified Party unless
such Indemnified Party shall have notified LIFE COMPANY in writing within a
reasonable time after the summons or other first legal process giving
information of the nature of the claim shall have been served upon such
Indemnified Party (or after such Indemnified Party shall have received notice of
such service on any designated agent), but failure to notify LIFE COMPANY of any
such claim shall not relieve LIFE COMPANY from any liability which it may have
to the Indemnified Party against whom such action is brought otherwise than on
account of this indemnification provision. In case any such action is brought
against an Indemnified Party, LIFE COMPANY shall be entitled to participate at
its own expense in
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the defense of such action. LIFE COMPANY also shall be entitled to assume the
defense thereof, with counsel reasonably satisfactory to the party named in the
action. After notice from LIFE COMPANY to such party of LIFE COMPANY's election
to assume the defense thereof, the Indemnified Party shall bear the fees and
expenses of any additional counsel retained by it, and LIFE COMPANY will not be
liable to such party under this Agreement for any legal or other expenses
subsequently incurred by such party independently in connection with the defense
thereof other than reasonable costs of investigation.
7.4 Indemnification by NB MANAGEMENT. NB MANAGEMENT agrees to indemnify
and hold harmless LIFE COMPANY and each of its directors, officers, employees,
and agents and each person, if any, who controls LIFE COMPANY within the meaning
of Section 15 of the '33 Act (collectively, the "Indemnified Parties" for the
purposes of this Article VII) against any and all losses, claims, damages,
liabilities (including amounts paid in settlement with the written consent of NB
MANAGEMENT which consent shall not be unreasonably withheld) or litigation
(including legal and other expenses) to which the Indemnified Parties may become
subject under any statute, or regulation, at common law or otherwise, insofar as
such losses, claims, damages, liabilities or expenses (or actions in respect
thereof) or settlements:
(a) arise out of or are based upon any untrue statement or
alleged untrue statement of any material fact contained in
the registration statement, prospectus or sales literature of
TRUST (or any amendment or supplement to any of the
foregoing), or arise out of or are based upon the omission or
the alleged omission to state therein a material fact
required to be stated therein or necessary to make the
statements therein not misleading, provided that this
agreement to indemnify shall not apply as to any Indemnified
Party if such statement or omission or such alleged statement
or omission was made in reliance upon and in conformity with
information furnished to NB MANAGEMENT or TRUST by or on
behalf of LIFE COMPANY for use in the registration statement
or prospectus for TRUST or in sales literature (or any
amendment or supplement) or otherwise for use in connection
with the sale of the Variable Contracts or TRUST shares; or
(b) arise out of or as a result of statements or representations
(other than statements or representations contained in the
registration statement, prospectus or sales literature for
the Variable Contracts not supplied by NB MANAGEMENT or
persons under its control) or wrongful conduct of TRUST or NB
MANAGEMENT or persons under their control, with respect to
the sale or distribution of the Variable Contracts or TRUST
shares; or
(c) arise out of any untrue statement or alleged untrue statement
of a material fact contained in a registration statement,
prospectus, or sales literature covering the Variable
Contracts, or any amendment thereof or supplement
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thereto, or the omission or alleged omission to state therein
a material fact required to be stated therein or necessary to
make the statements therein not misleading, if such statement
or omission or such alleged statement or omission was made in
reliance upon and in conformity with information furnished to
LIFE COMPANY for inclusion therein by or on behalf of TRUST;
or
(d) arise as a result of (i) a failure by TRUST to substantially
provide the services and furnish the materials under the
terms of this Agreement; or (ii) a failure by a Portfolio(s)
invested in by the Separate Account to comply with the
diversification requirements of Section 817(h) of the Code;
or (iii) a failure by a Portfolio(s) invested in by the
Separate Account to qualify as a "regulated investment
company" under Subchapter M of the Code; or
(e) arise out of or result from any material breach of any
representation and/or warranty made by NB MANAGEMENT or TRUST
in this Agreement or arise out of or result from any other
material breach of this Agreement by NB MANAGEMENT or TRUST.
7.5 NB MANAGEMENT shall not be liable under this indemnification
provision with respect to any losses, claims, damages, liabilities or litigation
to which an Indemnified Party would otherwise be subject by reason of such
Indemnified Party's willful misfeasance, bad faith, or gross negligence in the
performance of such Indemnified Party's duties or by reason of such Indemnified
Party's reckless disregard of obligations and duties under this Agreement or to
LIFE COMPANY.
7.6 NB MANAGEMENT shall not be liable under this indemnification
provision with respect to any claim made against an Indemnified Party unless
such Indemnified Party shall have notified NB MANAGEMENT in writing within a
reasonable time after the summons or other first legal process giving
information of the nature of the claim shall have been served upon such
Indemnified Party (or after such Indemnified Party shall have received notice of
such service on any designated agent), but failure to notify NB MANAGEMENT of
any such claim shall not relieve NB MANAGEMENT from any liability which it may
have to the Indemnified Party against whom such action is brought otherwise than
on account of this indemnification provision. In case any such action is brought
against the Indemnified Parties, NB MANAGEMENT shall be entitled to participate
at its own expense in the defense thereof. NB MANAGEMENT also shall be entitled
to assume the defense thereof, with counsel reasonably satisfactory to the party
named in the action. After notice from NB MANAGEMENT to such party of NB
MANAGEMENT's election to assume the defense thereof, the Indemnified Party shall
bear the fees and expenses of any additional counsel retained by it, and NB
MANAGEMENT will not be liable to such party under this Agreement for any legal
or other expenses subsequently incurred by such party independently in
connection with the defense thereof other than reasonable costs of
investigation.
7.7 The provision of this Article VII shall survive the termination of
this Agreement.
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Article VIII. TERM; TERMINATION
-----------------
8.1 This Agreement shall be effective as of the date hereof and
shall continue in force until terminated in accordance with the provisions
herein.
8.2 This Agreement shall terminate in accordance with the
following provisions:
(a) At the option of LIFE COMPANY or TRUST at any time
from the date hereof upon 90 days' notice, unless a
shorter time is agreed to by the parties;
(b) At the option of LIFE COMPANY, if TRUST shares are
not reasonably available to meet the requirements
of the Variable Contracts as determined by LIFE
COMPANY. Prompt notice of election to terminate
shall be furnished by LIFE COMPANY, said
termination to be effective ten (10) days after
receipt of notice unless TRUST makes available a
sufficient number of shares to reasonably meet the
requirements of the Variable Contracts within said
ten (10) day period;
(c) At the option of LIFE COMPANY, upon the institution
of formal proceedings against TRUST or NB
MANAGEMENT by the SEC, the National Association of
Securities Dealers, Inc., or any other regulatory
body, the expected or anticipated ruling, judgment
or outcome of which would, in LIFE COMPANY's
reasonable judgment, materially impair TRUST's or
NB MANAGEMENT's ability to meet and perform their
respective obligations and duties hereunder. Prompt
notice of election to terminate shall be furnished
by LIFE COMPANY with said termination to be
effective ten (10) days after receipt of notice;
(d) At the option of TRUST, upon the institution of
formal proceedings against LIFE COMPANY by the SEC,
the National Association of Securities Dealers,
Inc., or any other regulatory body, the expected or
anticipated ruling, judgment or outcome of which
would, in TRUST's reasonable judgment, materially
impair LIFE COMPANY's ability to meet and perform
its obligations and duties hereunder. Prompt notice
of election to terminate shall be furnished by
TRUST with said termination to be effective ten
(10) days after receipt of notice;
(e) At the option of LIFE COMPANY, in the event TRUST's
shares are not registered, issued or sold in
accordance with applicable state or federal law, or
such law precludes the use of such shares as the
underlying investment medium of Variable Contracts
issued or to be issued by LIFE COMPANY. Termination
shall be effective ten (10) days after notice to
TRUST;
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(f) At the option of TRUST if the Variable Contracts
cease to qualify as annuity contracts or life
insurance contracts, as applicable, under the
Code, or if TRUST reasonably believes that the
Variable Contracts may fail to so qualify.
Termination shall be effective ten (10) days after
receipt of notice by LIFE COMPANY;
(g) At the option of LIFE COMPANY, upon TRUST's breach
of any material provision of this Agreement, which
breach has not been cured to the satisfaction of
LIFE COMPANY within ten (10) days after written
notice of such breach is delivered to TRUST;
(h) At the option of TRUST, upon LIFE COMPANY's breach
of any material provision of this Agreement, which
breach has not been cured to the satisfaction of
TRUST within ten (10) days after written notice of
such breach is delivered to LIFE COMPANY;
(i) At the option of TRUST, if the Variable Contracts
are not registered, issued or sold in accordance
with applicable federal and/or state law.
Termination shall be effective ten (10) days after
notice to LIFE COMPANY;
(j) At the option of LIFE COMPANY in the event that any
Portfolio ceases to qualify as a Regulated
Investment Company under Subchapter M of the Code
or under any successor or similar provision, or if
LIFE COMPANY reasonably believes that any
Portfolio may fail to so qualify. Termination
shall be effective ten (10) days after notice to
the TRUST;
(k) At the option of LIFE COMPANY in the event that any
Portfolio fails to meet the diversification
requirements specified in Article II hereof or if
LIFE COMPANY reasonably believes that any
Portfolio may fail to meet such diversification
requirements. Termination shall be effective ten
(10) days after notice to the TRUST;
(l) In the event this Agreement is assigned without the
prior written consent of LIFE COMPANY, TRUST, and
NB MANAGEMENT, termination shall be effective ten
(10) days after such occurrence without notice;
(m) At the option of the LIFE COMPANY, it may
substitute shares of another investment company or
series thereof for shares of the TRUST in
accordance with the terms of the Contracts,
provided that the LIFE COMPANY has given at least
forty-five days prior written notice to the TRUST
of the date of substitution;
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(n) At the option of the LIFE COMPANY, it may elect to
move from a direct Advisory relationship to a
Subadvised amendment with NB MANAGEMENT provided
that the LIFE COMPANY has given at least
forty-five days prior written notice to the TRUST,
and that NB MANAGEMENT will give the LIFE COMPANY
its best efforts to effect this change.
8.3 Notwithstanding any termination of this Agreement pursuant to
Section 8.2 hereof, TRUST shall, at the option of the LIFE COMPANY, continue to
make available additional TRUST shares, as provided below, for so long as LIFE
COMPANY desires pursuant to the terms and conditions of this Agreement, for all
Variable Contracts in effect on the effective date of termination of this
Agreement (hereinafter referred to as "Existing Contracts"). Specifically,
without limitation, if LIFE COMPANY so elects to make additional TRUST shares
available, the owners of the Existing Contracts or LIFE COMPANY, whichever shall
have legal authority to do so, shall be permitted to reallocate investments in
TRUST, redeem investments in TRUST and/or invest in TRUST upon the payment of
additional premiums under the Existing Contracts. In the event of a termination
of this Agreement pursuant to Section 8.2 hereof, LIFE COMPANY, as promptly as
is practicable under the circumstances, shall notify TRUST and NB MANAGEMENT
whether LIFE COMPANY elects to continue to make TRUST shares available after
such termination. If TRUST shares continue to be made available after such
termination, the provisions of this Agreement shall remain in effect.
8.4 Except as necessary to implement Variable Contract owner initiated
transactions, or as required by state insurance laws or regulations, LIFE
COMPANY shall not redeem the shares attributable to the Variable Contracts (as
opposed to the shares attributable to LIFE COMPANY's assets held in the Separate
Accounts or invested directly), and LIFE COMPANY shall not prevent Variable
Contract owners from allocating payments to a Portfolio that was otherwise
available under the Variable Contracts, until thirty (30) days after the LIFE
COMPANY shall have notified TRUST of its intention to do so.
Article IX. NOTICES
-------
Any notice hereunder shall be given by registered or certified mail
return receipt requested to the other party at the address of such party set
forth below or at such other address as such party may from time to time specify
in writing to the other party.
If to TRUST or NB MANAGEMENT:
Xxxxxxxxx Xxxxxx Management Inc.
000 Xxxxx Xxxxxx
Xxx Xxxx, XX 00000-0000
Attention: President
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With a Copy to:
Xxxxx Xxxxxxxxx
Telephone: 000-000-0000
Facsimile: 000-000-0000
Email: xxxxxxxxxx@xx.xxx
If to LIFE COMPANY:
PHL Variable Insurance Company
Phoenix Life and Annuity Company
Xxx Xxxxxxxx Xxx
Xxxxxxxx, XX 00000-0000
Attention: Xxxx X. Xxxxx, Vice President and Secretary
Telephone: (000) 000-0000
Facsimile: (000) 000-0000
Email: Xxxx.Xxxxx@xxxxxxxxx.xxx
With a Copy to:
Xxxxxx X. Xxxxxx, Second Vice President
Telephone: 000-000-0000
Facsimile: 000-000-0000
Email: xxxxxx.xxxxxx@xxxxxxxxx.xxx
Notice shall be deemed given on the date of receipt by the addressee as
evidenced by the return receipt.
Article X. MISCELLANEOUS
-------------
10.1 The captions in this Agreement are included for convenience of
reference only and in no way define or delineate any of the provisions hereof or
otherwise affect their construction or effect.
10.2 This Agreement may be executed simultaneously in two or more
counterparts, each of which taken together shall constitute one and the same
instrument.
10.3 If any provision of this Agreement shall be held or made invalid
by a court decision, statute, rule or otherwise, the remainder of the Agreement
shall not be affected thereby.
10.4 This Agreement shall be construed and the provisions hereof
interpreted under and in accordance with the laws of the State of New York. It
shall also be subject to the
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provisions of the federal securities laws and the rules and regulations
thereunder and to any orders of the SEC granting exemptive relief therefrom and
the conditions of such orders.
10.5 The parties agree that the assets and liabilities of each
Portfolio are separate and distinct from the assets and liabilities of each
other Portfolio. No Portfolio shall be liable or shall be charged for any debt,
obligation or liability of any other Portfolio. No Trustee, officer or agent
shall be personally liable for such debt, obligation or liability of any
Portfolio.
10.6 Each party shall cooperate with each other party and all
appropriate governmental authorities (including without limitation the SEC, the
National Association of Securities Dealers, Inc. and state insurance regulators)
and shall permit such authorities reasonable access to its books and records in
connection with any investigation or inquiry relating to this Agreement or the
transactions contemplated hereby.
10.7 The rights, remedies and obligations contained in this Agreement
are cumulative and are in addition to any and all rights, remedies and
obligations, at law or in equity, which the parties hereto are entitled to under
state and federal laws.
10.8 No provision of this Agreement may be amended or modified in any
manner except by a written agreement properly authorized and executed by TRUST,
NB MANAGEMENT and the LIFE COMPANY.
IN WITNESS WHEREOF, the parties have caused their duly authorized
officers to execute this Fund Participation Agreement as of the date and year
first above written.
XXXXXXXXX XXXXXX XXXXXXXXX XXXXXX
ADVISERS MANAGEMENT TRUST MANAGEMENT INC.
By: /s/ Xxxxx X. Xxxxxxx By: Xxxxx X. Xxxxxxx
---------------------------------- -------------------------------
Name: Xxxxx X. Xxxxxxx Name: Xxxxx X. Xxxxxxx
Title: Chairman and CEO Title: President
PHL VARIABLE INSURANCE COMPANY
PHOENIX LIFE AND ANNUITY COMPANY
By: /s/ Xxxx Xxxxxxx X'Xxxxxxx
----------------------------------
Name: Xxxx Xxxxxxx X'Xxxxxxx
Title: Senior Vice President
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APPENDIX A
The currently available Portfolios of the TRUST are:
AMT Xxxxxxxx Portfolio - S Class Shares
AMT Focus Portfolio - S Class Shares
AMT Growth Portfolio
AMT Guardian Portfolio - I Class Shares
AMT Guardian Portfolio - S Class Shares
AMT International Portfolio
AMT Mid-Cap Growth Portfolio - I Class Shares
AMT Mid-Cap Growth Portfolio - S Class Shares
AMT Partners Portfolio
AMT Regency Portfolio
AMT Socially Responsive Portfolio - I Class Shares
AMT Socially Responsive Portfolio - S Class Shares
AMT Balanced Portfolio
AMT Limited Maturity Bond Portfolio
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APPENDIX B
PHL VARIABLE INSURANCE COMPANY
PHOENIX LIFE AND ANNUITY COMPANY
Name of Separate Accounts and date established by Board of Directors:
---------------------------------------------------------------------
PHL Variable Accumulation Account was established by the Board of Directors of
PHL Variable Insurance Company December 7, 1994.
PHLVIC Variable Universal Life Account was established by the Board of Directors
of PHL Variable Insurance Company September 10, 1998.
Phoenix Life and Annuity Variable Universal Life Account was established by the
Board of Directors of Phoenix Life and Annuity Company July 1, 1996.
and all underlying registered contracts in which they invest.*
--------------------------------------------------------------
--------------------------------------------------------------------------------
* LIFE Company shall promptly provide a complete list of all underlying
-----------------------------------------------------------------------
registered contracts upon request by the Fund or the Adviser
------------------------------------------------------------
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