JNLIC Sample Clauses
JNLIC. NY agrees that in compliance with the requirements in the NAIC “Accounting Practices and Procedures Manual,” JNLIC-NY is responsible for the timely payment and delivery, not less frequently than on a quarterly basis, in connection with the settlement of distribution services provided by Distributor.
JNLIC. NY agrees and acknowledges that, notwithstanding anything else contained in this Agreement, NISC shall not have any obligations to, and will not: i) determine the suitability of any retail clients for JNLIC-NY Products or approve any JNLIC-NY Products’ sales as a principal, as Third Party Distribution Partners are solely responsible for recommending products to retail clients and approving all sales, or ii) supervise the sales activities of, or ensure compliance with any applicable insurance and securities laws, regulations and rules and any selling group agreement by a Third Party Distribution Partner or its sales force.
JNLIC. NY shall not advance funds to Distributor except to pay for services defined in this Agreement.
JNLIC. NY shall notify NISC or its designee of the issuance by the SEC of any stop order with respect to a registration statement or the initiation of any proceeding by the SEC relating to the registration and/or offering of any variable insurance products wholesaled under this Agreement and of any other action or circumstances that makes it no longer lawful for NISC to provide the Services regarding such variable insurance products. JNLIC-NY shall advise NISC of any revision of or supplement to any Wholesaling Materials related to such variable insurance products or underlying investments of such variable insurance products, and promptly deliver any such revised or updated materials.