PRINCIPAL UNDERWRITER'S AGREEMENT
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IT IS HEREBY AGREED by and between UNITED INVESTORS LIFE INSURANCE
COMPANY ("INSURANCE COMPANY") on behalf of RETIREMAP VARIABLE ACCOUNT
(the "Variable Account") and MAP INVESTMENTS, INC. ("PRINCIPAL UNDERWRITER")
as follows:
I
INSURANCE COMPANY proposes to issue and sell Individual Variable Deferred
Annuity Contracts (Form-V96) (the "Contracts") of the Variable Account 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 prospectus
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.
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III
PRINCIPAL UNDERWRITER shall be compensated for its distribution services
under the terms and conditions as set forth in a marketing agreement between the
PRINCIPAL UNDERWRITER and INSURANCE COMPANY.
IV
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
prospectuses as PRINCIPAL UNDERWRITER shall request.
V
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
statements or prospectuses relating to the Variable Account filed with the
Securities and Exchange Commission or such sales literature as may be authorized
by INSURANCE COMPANY.
VI
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.
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VII
This Agreement shall be effective upon the execution hereof and will remain
in effect unless terminated as hereinafter provided.
This Agreement may at any time be terminated by mutual consent of the
parties hereto.
VIII
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 ____ day of ___________, 1997.
INSURANCE COMPANY
UNITED INVESTORS LIFE INSURANCE
COMPANY
BY:
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ATTEST:
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Secretary
PRINCIPAL UNDERWRITER
MAP INVESTMENTS, INC.
BY:
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ATTEST:
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Secretary
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SELLING AGREEMENT
Agreement dated as of __________________, 199_, by and among United
Investors Life Insurance Company, a Missouri corporation ("Life Company"); MAP
Investments, Inc., an Oklahoma corporation ("Distributor"); ___________________,
a ____________________ corporation ("Broker/Dealer") and ______________________,
("Insurance Agent").
RECITALS:
A. Pursuant to a distribution agreement with Distributor, Life Company has
appointed Distributor as the principal underwriter of the variable annuity
contracts identified in Schedule 1 to this Agreement at the time that this
Agreement is executed, and such other variable annuity contracts or
variable life insurance contracts that may be added to Schedule 1 from time
to time in accordance with Section 2(f) of this Agreement. Such contracts
together with any fixed annuity contracts shown on Schedule 1 shall be
referred to herein as "Contracts".
B. The parties to this Agreement desire that Broker/Dealer and Insurance Agent
be authorized to solicit applications for the sale of the Contracts to the
general public subject to the terms and conditions set forth herein.
NOW, THEREFORE, in consideration of the premises and of the mutual promises and
covenants hereinafter set forth, the parties agree as follows:
1. Additional Definitions
(a) Affiliate - With respect to a person, any other person controlling,
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controlled by, or under common control with, such person.
(b) Agent - An individual associated with Insurance Agent and
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Broker/Dealer who is appointed by Life Company as an agent for the
purpose of soliciting applications.
(c) NASD - The National Association of Securities Dealers, Inc.
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(d) 1933 Act - The Securities Act of 1933, as amended.
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(e) 1934 Act - The Securities and Exchange Act of 1934, as amended.
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(f) 1940 Act - The Investment Company Act of 1940, as amended.
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(g) Premium - A payment made under a Contract to purchase benefits under
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such Contract.
(h) Prospectus - With respect to each Contract, the prospectus for such
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Contract included within the Registration Statement for such Contract;
provided, however, that, if the most recently filed prospectus, filed
pursuant to Rule 497 under the 1933 Act subsequent to the date on
which the Registration Statement became effective differs from the
prospectus on file at the time the Registration Statement became
effective, the term "Prospectus" shall refer to the most recently
filed prospectus filed under Rule 497 from and after the date on which
it shall have been filed.
(i) Registration Statement - With respect to each Contract, the most
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recent effective registration statement(s) filed with the SEC or the
most recent effective post-effective amendment(s) thereto with respect
to such Contract, including financial statements included therein and
all exhibits thereto. There may be more than one Registration
Statement in effect at a time for a Contract; in such case, any
reference to "the Registration Statement" for a Contract shall refer
to any or all, depending on the context, of the Registration
Statements for such Contract.
(j) SEC - The Securities and Exchange Commission.
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(k) Service Center - Policy Service Office:
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X.X. Xxx 00000, Xxxxxxxxxx, Xxxxxxx 00000-0000
2. Authorization of Broker/Dealer and Insurance Agent
(a) Distributor hereby authorizes Broker/Dealer under the securities laws,
and Life Company hereby authorizes and appoints Insurance Agent under
the insurance laws, each in a non-exclusive capacity, to distribute
the Contracts. Broker/Dealer and Insurance Agent accept such
authorization and appointment and shall use their best efforts to find
purchasers for the Contracts, in each case acceptable to Life Company.
(b) Life Company shall notify Broker/Dealer and Insurance Agent in writing
of all states and jurisdictions in which Life Company is licensed to
sell the Contracts. Broker/Dealer and Insurance Agent acknowledge that
no territory is exclusively assigned hereunder, and Life Company
reserves the right in its sole discretion to establish or appoint one
or more agencies in any jurisdiction in which Insurance Agent
transacts business hereunder.
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(c) Insurance Agent is vested under this Agreement with power and
authority to select and recommend individuals associated with
Insurance Agent for appointment as Agents of Life Company, and only
individuals so recommended by Insurance Agent shall become Agents,
provided that Life Company reserves the right in its sole discretion
to refuse to appoint any proposed agent or, once appointed, to
terminate the same at any time with or without cause.
(d) Neither Broker/Dealer nor Insurance Agent shall expend or contract for
the expenditure of the funds of Life Company. Broker/Dealer and
Insurance Agent each shall pay all expenses incurred by each of them
in the performance of this Agreement, unless otherwise specifically
provided for in this Agreement or unless Life Company and Distributor
shall have agreed in advance in writing to share the cost of certain
expenses. Initial and renewal state appointment fees for Insurance
Agent and appointees of Insurance Agent as Agents of Life Company will
be paid by Life Company according to the terms set forth in the rules
and regulations as may be adopted by Life Company from time to time.
Neither Broker/Dealer nor Insurance Agent shall possess or exercise
any authority on behalf of Distributor or Life Company other than that
expressly conferred on Broker/Dealer or Insurance Agent by this
Agreement. In particular, and without limiting the foregoing, neither
Broker/Dealer nor Insurance Agent shall have any authority, nor shall
either grant such authority to any Agent, on behalf of Distributor or
Life Company: to make, alter or discharge any Contract or other
contract entered into pursuant to a Contract; to waive any Contract
forfeiture provision; to extend the time of paying any Premiums; or to
receive any monies or Premiums from applicants for or purchasers of
the Contracts (except for the sole purpose of forwarding monies or
Premiums to Life Company).
(e) Broker/Dealer and Insurance Agent acknowledge that Life Company has
the right in its sole discretion to reject any applications or
Premiums received by it and to return or refund to an applicant such
applicant's Premium.
(f) Schedule 1 to this Agreement may be amended by Distributor and Life
Company in their sole discretion from time to time to include other
variable annuity contracts, fixed annuity contracts, or variable life
insurance contracts, or to delete contracts from the Schedule.
(g) Distributor and Life Company acknowledge that Broker/Dealer and
Insurance Agent are each an independent contractor. Accordingly,
Broker/Dealer and Insurance Agent are not obliged or expected to give
full time and energies to the performance of their obligations
hereunder, nor are Broker/Dealer and Insurance Agent obliged or
expected to represent
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Distributor or Life Company exclusively. Nothing herein contained
shall constitute Broker/Dealer, Insurance Agent, the Agents or any
agents or representatives of Broker/Dealer or Insurance Agent as
employees of Distributor or Life Company in connection with
solicitation of applications for the Contracts.
3. Licensing and Registration of Broker/Dealer, Insurance Agent and Agents
(a) Broker/Dealer represents and warrants that it is a Broker/Dealer
registered with the SEC under the 1934 Act, and is a member of the
NASD in good standing. Broker/Dealer must, at all times when
performing its functions and fulfilling its obligations under this
Agreement, be duly registered as a Broker/Dealer under the 1934 Act
and as required by applicable law, in each state or other jurisdiction
in which Broker/Dealer intends to perform its functions and fulfill
its obligations hereunder.
(b) Insurance Agent represents and warrants that it is a licensed life
insurance agent where required to solicit applications. Insurance
Agent must, at all times when performing its functions and fulfilling
its obligations under this Agreement, be duly licensed to sell the
Contracts in each state or other jurisdiction in which Insurance Agent
intends to perform its functions and fulfill its obligations
hereunder.
(c) Broker/Dealer shall ensure that no individual shall offer or sell the
Contracts on its behalf in any state or other jurisdiction in which
the Contracts may lawfully be sold unless such individual is an
associated person of Broker/Dealer (as that term is defined in Section
3(a)(18) of the 0000 Xxx) and duly registered with the NASD and any
applicable state securities regulatory authority as a registered
person of Broker/Dealer qualified to distribute the Contracts in such
state or jurisdiction. Broker/Dealer shall be solely responsible for
the background investigations of the Agents to determine their
qualifications and will provide Life Company upon request with copies
of such investigations.
(d) Insurance Agent shall ensure that no individual shall offer or sell
the Contracts on behalf of Insurance Agent in any state or other
jurisdiction unless such individual is duly affiliated as an agent of
Insurance Agent, duly licensed and appointed as an agent of Life
Company, and appropriately licensed, registered or otherwise qualified
to offer and sell the Contracts to be offered and sold by such
individual under the insurance laws of such state or jurisdiction.
Insurance Agent shall be responsible for investigating the character,
work experience and background of any proposed agent prior to
recommending appointment as agent of Life Company. Upon request, Life
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Company shall be provided with copies of such investigation. All
matters concerning the licensing of any individuals recommended for
appointment by Insurance Agent under any applicable state insurance
law shall be a matter directly between Insurance Agent and such
individual, and the Insurance Agent shall furnish Life Company with
proof of proper licensing of such individual or other proof,
reasonably acceptable to Life Company. Broker/Dealer and Insurance
Agent shall notify Distributor and Life Company immediately upon
termination of an Agent's association with Broker/Dealer or Insurance
Agent.
(e) Without limiting the foregoing, Broker/Dealer and Insurance Agent
represent that they are in compliance with the terms and conditions of
letters issued by the Staff of the SEC with respect to the non-
registration as a broker/dealer of an insurance agency associated with
a registered broker/dealer. Broker/Dealer and Insurance Agent shall
notify Distributor immediately in writing if Broker/Dealer and/or
Insurance Agent fail to comply with any such terms and conditions and
shall take such measures as may be necessary to comply with any such
terms and conditions.
4. Broker/Dealer and Insurance Agent Compliance
(a) Broker/Dealer and Insurance Agent hereby represent and warrant that
they are duly in compliance with all applicable federal and state
securities laws and regulations, and all applicable insurance laws and
regulations. Broker/Dealer and Insurance Agent each shall carry out
their respective obligations under this Agreement in continued
compliance with such laws and regulations. Broker/Dealer shall be
responsible for securities training, supervision and control of the
Agents in connection with their solicitation activities with respect
to the Contracts and shall supervise Agents' compliance with
applicable federal and state securities law and NASD requirements in
connection with such solicitation activities. Broker/Dealer and
Insurance Agent shall comply, and shall ensure that Agents comply,
with the rules and procedures established by Life Company from time to
time, and the rules set forth below, and Broker/Dealer and Insurance
Agent shall be solely responsible for such compliance.
(b) Broker/Dealer, Insurance Agent and Agents shall not offer or attempt
to offer the Contracts, nor solicit applications for the Contracts,
nor deliver Contracts, in any state or jurisdiction in which the
Contracts may not lawfully be sold or offered for sale.
(c) Broker/Dealer, Insurance Agent and Agents shall not solicit
applications for the Contracts without delivering the Prospectus for
the Contracts, the then-
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currently effective prospectus(es) for the underlying fund(s)
and, where required by state insurance law, the then-currently
effective statement of additional information for the Contracts.
(d) Broker/Dealer, Insurance Agent and Agents shall not recommend the
purchase of a Contract to an applicant unless each has reasonable
grounds to believe that such purchase is suitable for the applicant in
accordance with, among other things, applicable regulations of any
state insurance commission, the SEC and the NASD.
(e) Insurance Agent shall return promptly to Life Company all receipts for
delivered Contracts, all undelivered contracts and all receipts for
cancellation, in accordance with the requirements established by Life
Company and/or as required under state insurance law. Upon issuance of
a Contract by Life Company and delivery of such Contract to Insurance
Agent, Insurance Agent shall promptly deliver such Contract to its
purchaser. For purposes of this provision "promptly" shall be deemed
to mean not later than five calendar days. Life Company will assume
that a Contract will be delivered by Insurance Agent to the purchaser
of such Contract within five calendar days for purposes of determining
when to transfer premiums initially allocated to the Money Market
Account available under such Contracts to the particular investment
options specified by such purchaser. As a result, if purchasers
exercise the free look provisions under such Contracts, Broker/Dealer
shall indemnify Life Company for any loss incurred by Life Company
that results from Insurance Agent's failure to deliver such Contracts
to the purchasers within the contemplated five calendar day period.
(f) In the event that Premiums are sent to Insurance Agent or
Broker/Dealer, rather than to the Service Center, Insurance Agent and
Broker/Dealer shall promptly (and in any event, not later than two
business days) remit such Premiums to Life Company at the Service
Center. Insurance Agent and Broker/Dealer acknowledge that if any
Premium is held at any time by either of them, such Premium shall be
held on behalf of the customer, and Insurance Agent or Broker/Dealer
shall segregate such premium from their own funds and promptly (and in
any event, within 2 business days) remit such Premium to Life Company.
All such Premiums, whether by check, money order or wire, shall at all
times be the property of Life Company.
(g) Neither Broker/Dealer nor Insurance Agent, nor any of their directors,
partners, officers, employees, registered persons, associated persons,
agents or affiliated persons, in connection with the offer or sale of
the Contracts, shall give any information or make any representations
or
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statements, written or oral, concerning the Contracts, the underlying
funds or fund Shares, other than information or representations
contained in the Prospectuses, statements of additional information
and Registration Statements for the Contracts, or a fund prospectus,
or in reports or proxy statements therefor, or in promotional, sales
or advertising material or other information supplied and approved in
writing by Distributor and Life Company.
(h) Broker/Dealer and Insurance Agent shall not use or implement any
promotional, sales or advertising material relating to the Contracts
without the prior written approval of Distributor and Life Company.
(i) Broker/Dealer and Insurance Agent shall be solely responsible under
applicable tax laws for the reporting of compensation paid to Agents.
(j) Broker/Dealer and Insurance Agent each represent that it maintains and
shall maintain such books and records concerning the activities of the
Agents as may be required by the SEC, the NASD and any appropriate
insurance regulatory agencies that have jurisdiction and that may be
reasonably required by Life Company. Broker/Dealer and Insurance Agent
shall make such books and records available to Life Company upon
written request.
(k) Broker/Dealer and Insurance Agent shall promptly furnish to Life
Company or its authorized agent any reports and information that Life
Company may reasonably request for the purpose of meeting Life
Company's reporting and record keeping requirements under the
insurance laws of any state, under any applicable federal and state
securities laws, rules and regulations, and the rules of the NASD.
(l) Broker/Dealer shall secure and maintain a fidelity bond (including
coverage for larceny and embezzlement), issued by a reputable bonding
company, covering all of its directors, officers, agents and employees
who have access to funds of Insurance Company. This bond shall be
maintained at Broker/Dealer's expense in at least the amount
prescribed under Article III, Section 32 of the NASD Rules of Fair
Practice. Broker/Dealer shall upon request provide Distributor with a
copy of said bond. Broker/Dealer shall also secure and maintain errors
and omissions insurance acceptable to Distributor and covering
Broker/Dealer, Insurance Agent and Agents. Broker/Dealer hereby
assigns any proceeds received from a fidelity bonding company, errors
and omissions or other liability coverage, to Distributor or Life
Company as their interests may appear, to the extent of their loss due
to activities covered by the bond, policy or other liability coverage.
If there
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is any deficiency amount, whether due to a deductible or otherwise,
Broker/Dealer shall promptly pay such amount on demand. Broker/Dealer
hereby indemnifies and holds harmless Distributor or Life Company from
any such deficiency and from the costs of collection thereof,
including reasonable attorneys' fees.
5. Sales Materials
(a) During the term of this Agreement, Distributor and Life Company will
provide Broker/Dealer and Insurance Agent, without charge, with as
many copies of Prospectuses (and any supplements thereto), current
fund prospectus(es) (and any supplements thereto), and applications
for the Contracts, as Broker/Dealer or Insurance Agent may reasonably
request. Upon termination of this Agreement, Broker/Dealer and
Insurance Agent will promptly return to Distributor any Prospectuses,
applications, fund prospectuses, and other materials and supplies
furnished by Distributor or Life Company to Broker/Dealer or Insurance
Agent or to the Agents.
(b) During the term of this Agreement, Distributor will be responsible for
providing and approving all promotional, sales and advertising
material to be used by Broker/Dealer and Insurance Agent. Distributor
will file such materials or will cause such materials to be filed with
the SEC, the NASD, and/or with any state securities regulatory
authorities, as appropriate.
6. Commission Agreement
(a) During the term of this Agreement, Distributor and Life Company shall
pay to Broker/Dealer or Insurance Agent, as applicable, commissions
and fees set forth in Schedule 2 to this Agreement. The payment of
such commissions and fees shall be subject to the terms and conditions
of this Agreement and those set forth on Schedule 2. Schedule 2,
including the commissions and fees therein, may be amended at any
time, in any manner, and without prior notice, by Distributor or Life
Company. Any amendment to Schedule 2 will be applicable to any
Contract for which any application or Premium is received by the
Service Center on or after the effective date of such amendment.
However, Life Company reserves the right to amend such Schedule with
respect to subsequent premiums and renewal commissions and the right
to amend such Schedule pursuant to this subsection even after
termination of this Agreement. Compensation with respect to any
Contract shall be paid to Insurance Agent only for so long as
Insurance Agent is the agent-of-record and maintains compliance with
applicable state insurance laws and only while this Agreement is in
effect.
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(b) No compensation shall be payable, and Broker-Dealer and Insurance
Agent agree to reimburse Distributor and Life Company for any
compensation that may have been paid to Broker-Dealer, Insurance Agent
or any Agents in any of the following situations: (i) Insurance
Company, in its sole discretion, determines not to issue the Contract
applied for; (ii) Insurance company refunds the premiums upon the
applicant's surrender or withdrawal pursuant to any "free-look"
privilege; (iii) Insurance Company refunds the premiums paid by
applicant as a result of a complaint by applicant; (iv) Insurance
Company determines that any person soliciting an application who is
required to be licensed or any other person or entity receiving
compensation for soliciting applications or premiums for the Contracts
is not or was not duly licensed as an insurance agent; or (v) any
other situation listed on Schedule 2.
(c) Agents shall have no interest in this Agreement or right to any
commissions to be paid by Distributor or Life Company to Insurance
Agent. Insurance Agent shall be solely responsible for the payment of
any commission or consideration of any kind to Agents. Insurance Agent
shall have no right to withhold or deduct any commission from any
Premiums in respect of the Contract which it may collect unless and
only to the extent that Schedule 2 of this Agreement permits Insurance
Agent to net its commissions against Premiums collected. Insurance
Agent shall have no interest in any compensation paid by Life Company
to Distributor or any affiliate, now or hereafter, in connection with
the sale of any Contracts hereunder.
7. Term and Termination
This Agreement may not be assigned except by written consent of the parties
hereto and shall continue for an indefinite term, subject to the
termination by any party hereto upon thirty days' advance written notice to
the other parties, except that in the event Distributor or Broker/Dealer
ceases to be a registered broker/dealer or a member of the NASD, or
Insurance Agent ceases to be properly licensed, this Agreement shall
immediately terminate. Upon its termination, all authorizations, rights and
obligations under this Agreement shall cease, except the agreements in
Sections 6, 8 and 10 which shall survive any such termination.
8. Complaints and Investigations
(a) Distributor, Life Company, Broker/Dealer and Insurance Agent shall
cooperate fully in any insurance regulatory investigation or
proceeding or judicial proceeding arising in connection with the
Contracts marketed under this Agreement. In addition, Distributor,
Life Company, Broker/Dealer and Insurance Agent shall cooperate fully
in any securities regulatory
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investigation or proceeding or judicial proceeding with respect to
Distributor, Broker/Dealer, their Affiliates and their agents, to the
extent that such investigation or proceeding related to the Contracts
marketed under this Agreement. Without limiting the foregoing:
(i) Broker/Dealer and Insurance Agent will be notified promptly of
any customer complaint or notice of any regulatory investigation
or proceeding or judicial proceeding received by Distributor or
Life Company with respect to Insurance Agent or any Agent which
may affect the issuance of any Contract marketed under this
Agreement.
(ii) Broker/Dealer and Insurance Agent will promptly notify
Distributor and Life Company of any written customer complaint or
notice of any regulatory investigation or proceeding or judicial
proceeding received by Broker/Dealer or Insurance Agent or their
Affiliates with respect to themselves, their Affiliates, or any
Agent in connection with any Contract marketed under this
Agreement or any activity in connection with any such Contract.
(b) In the case of a customer complaint, Distributor, Life Company,
Broker/Dealer and Insurance Agent will cooperate in investigating such
complaint and any response by Broker/Dealer or Insurance Agent to such
complaint will be sent to Distributor and Life Company for approval
not less than five business days prior to its being sent to the
customer or regulatory authority, except that if a more prompt
response is required, the proposed response shall be communicated by
telephone or facsimile.
9. Modification of Agreement
This Agreement supersedes all prior agreements, either oral or written,
between the parties relating to the Contracts.
10. Indemnification
(a) Broker/Dealer and Insurance Agent, jointly and severally, shall
indemnify and hold harmless Distributor and Life Company and each
person who controls or is associated with Distributor or Life Company
within the meaning of such terms under the federal securities laws,
and any officer, director, employee or agent of the foregoing, against
any and all losses, claims, damages or liabilities, joint or several
(including any investigative, legal and other expenses reasonably
incurred in connection with, and any reasonable amounts paid in
settlement of, any action, suit or proceeding or any claim asserted),
to which they or any of them may become subject under any
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statute or regulation, at common law or otherwise, insofar as such
losses, claims, damages or liabilities arise out of or are based upon
any actual or alleged:
(i) violation(s) by Broker/Dealer, Insurance Agent or an Agent of
federal or state securities law or regulations, insurance law
or regulation(s), or any rule or requirement of the NASD;
(ii) unauthorized use of sales or advertising material, any oral or
written misrepresentations, or any unlawful sales practices
concerning the Contracts, by Broker/Dealer, Insurance Agent or
an Agent;
(iii) claims by the Agents or other agents or representatives of
Insurance Agent or Broker//Dealer for commissions or other
compensation or remuneration of any type;
(iv) any failure on the part of Broker/Dealer, Insurance Agent, or
an Agent to submit Premiums or applications to Life Company, or
to submit the correct amount of a Premium, on a timely basis
and in accordance with this Agreement;
(v) any failure on the part of Broker/Dealer, Insurance Agent, or
an Agent to deliver Contracts to purchasers thereof on a timely
basis as set forth in Section 4(e) of this Agreement; or
(vi) a breach by Broker/Dealer or Insurance Agent of any provision
of this Agreement.
This indemnification will be in addition to any liability which
Broker/Dealer and Insurance Agent may otherwise have.
(b) Distributor and Life Company, jointly and severally, shall indemnify
and hold harmless Broker/Dealer and Insurance Agent and each person
who controls or is associated with Broker/Dealer or Insurance Agent
within the meaning of such terms under the federal securities laws,
and any officer, director, employee or agent of the foregoing, against
any and all losses, claims, damages or liabilities, joint or several
(including any investigative, legal and other expenses reasonably
incurred in connection with, and any reasonable amounts paid in
settlement of, any action, suit or proceeding or any claim asserted),
to which they or any of them may become subject under any statute or
regulation, at common law or otherwise, insofar as such losses,
claims, damages or liabilities arise out of or are based upon a breach
by Distributor or Life Company of any provision of this Agreement.
This
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indemnification will be in addition to any liability which Distributor
and Life Company may otherwise have.
(c) After receipt by a party entitled to indemnification ("indemnified
party") under this Section 10 of notice of the commencement of any
action, if a claim in respect thereof is to be made against any person
obligated to provide indemnification under this Section 10
("indemnifying party"), such indemnified party will notify the
indemnifying party in writing of the commencement thereof as soon as
practicable thereafter, provided that the omission to so notify the
indemnifying party will not relieve it from any liability under this
Section 10, except to the extent that the omission results in a
failure of actual notice to the indemnifying party and such
indemnifying party is damaged as a result of the failure to give such
notice. The indemnifying party will be entitled to participate in the
defense of the indemnified party but such participation will not
relieve such indemnifying party of the obligation to reimburse the
indemnified party for reasonable legal and other expenses incurred by
such indemnified party in defending himself or itself. The
indemnification provisions contained in this Section 10 shall remain
operative in full force and effect, regardless of any termination of
this Agreement. A successor by law of Distributor or Life Company, as
the case may be, shall be entitled to the benefits of the
indemnification provisions contained in this Section 10.
11. Rights, Remedies, etc. are Cumulative
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. Failure of either party to insist upon strict
compliance with any of the conditions of this Agreement shall not be
construed as a waiver of any of the conditions, but the same shall remain
in full force and effect. No waiver of any of the provisions of this
Agreement shall be deemed, nor shall constitute, a waiver of any other
provisions, whether or not similar, nor shall any waiver constitute a
continuing waiver.
12. Notices
All notices hereunder are to be made in writing and shall be given:
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if to Distributor, to : if to Life Company, to:
MAP Investments, Inc. United Investors Life Insurance Company
0000 Xxxxx Xxx Xxxxxx 0000 Xxxxx Xxxxxx Xxxxx
Xxxxx 000 Xxxxxxxxxx, Xxxxxxx 00000
Xxxxxxxx Xxxx, XX 00000
if to Broker/Dealer, to If to Insurance Agent, to:
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or such other address as such party may hereafter specify in writing. Each
such notice to a party shall be either hand delivered, transmitted by
registered or certified United States mail with return receipt requested or
by express courier, and shall be effective upon delivery.
13. Interpretation, Jurisdiction, Etc.
This Agreement constitutes the whole agreement between the parties hereto
with respect to the subject matter hereof, and supersedes all prior oral or
written understandings, agreements or negotiations between the parties with
respect to the subject matter hereof. No prior writings by or between the
parties hereto with respect to the subject matter hereof shall be used by
either party in connection with the interpretation of any provision of this
Agreement. This Agreement shall be construed and its provisions interpreted
under and in accordance with the internal laws of the State of Illinois
without giving effect to principles of conflict of laws.
14. Arbitration
Any controversy or claim arising out of or relating to this Agreement, or
the breach hereof, shall be settled by arbitration in accordance with the
Commercial Arbitration Rules of the American Arbitration Association, and
judgment upon the award rendered by the arbitrator(s) may be entered in any
court having jurisdiction thereof.
15. Setoffs; Chargebacks
Broker/Dealer and Insurance Agent hereby authorize Distributor and Life
Company to set off from all amounts otherwise payable to Broker/Dealer and
Insurance Agent all liabilities of Broker/Dealer, Insurance Agent or Agent.
Broker/Dealer and Insurance Agent shall be jointly and severally liable for
the payment of all monies
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due to Distributor and/or Life Company which may arise out of this
Agreement or any other agreement between Broker/Dealer, Insurance Agent and
Distributor or Life Company including, but not limited to, any liability
for any chargebacks or for any amounts advanced by or otherwise due
Distributor or Life Company hereunder. All such amounts shall be paid to
the Distributor and Life Company within thirty days of written request
therefore. Distributor and Life Company do not waive any of its other
rights to pursue collection of any indebtedness owed by Broker/Dealer or
Insurance Agent or its Agents to Distributor or Life Company. In the event
Distributor or Life Company initiates legal action to collect any
indebtedness of Broker/Dealer, Insurance Agent or its Agents, Broker/Dealer
and Insurance Agent shall reimburse Distributor and Life Company for
reasonable attorney fees and expenses in connection therewith.
16. Headings
The headings 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.
17. Counterparts
This Agreement may be executed in two or more counterparts, each of which
taken together shall constitute one and the same instrument.
18. Severability
This is a severable Agreement. In the event that any provision of this
Agreement would require a party to take action prohibited by applicable
federal or state law or prohibit a party from taking action required by
applicable federal or state law, then it is the intention of the parties
hereto that such provision shall be enforced to the extent permitted under
the law, and, in any event, that all other provisions of this Agreement
shall remain valid and duly enforceable as if the provision at issue had
never been part hereof.
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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed as of the day and year first above written.
UNITED INVESTORS LIFE INSURANCE COMPANY
By:
------------------------------------
Name:
----------------------------------
Title:
---------------------------------
MAP INVESTMENTS, INC.
By:
------------------------------------
Name:
----------------------------------
Title:
---------------------------------
[Broker/Dealer]
By:
------------------------------------
Name:
----------------------------------
Title:
---------------------------------
[Insurance Agent]
By:
------------------------------------
Name:
----------------------------------
Title:
---------------------------------
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