Limitations on Redemptions. The Insurance Company shall not redeem Fund shares attributable to the Contracts (as opposed to Fund shares attributable to the Insurance Company’s assets held in the Account) except (i) as necessary to implement Contractholder-initiated transactions, including systematic transactions, (ii) as required by state and/or federal laws or regulations or judicial or other legal precedent of general application (a “Legally Required Redemption”), (iii) as allowed under the Contracts, e.g., for fees, payment of claims or annuitization, or (iv) as permitted by the SEC pursuant to an Order under Section 26(c) of the 1940 Act. Upon request, the Insurance Company will promptly furnish to the Series and AFD an opinion of counsel for the Insurance Company (which counsel shall be a licensed attorney in good standing with his or her state bar) to the effect that any redemption pursuant to clause (ii) above is a Legally Required Redemption.
Appears in 4 contracts
Samples: Fund Participation and Service Agreement (Separate Account I of National Integrity Life Ins Co), Fund Participation and Service Agreement (Separate Account I of Integrity Life Insurance Co), Fund Participation and Service Agreement (Separate Account I of Integrity Life Insurance Co)
