Section 817(h). Each Fund of the Trust shall comply with Section 817(h) of the Code and Treasury Regulation 1.817-5 thereunder, relating to the diversification requirements for variable annuity, endowment, or life insurance contracts, to the extent applicable to the Fund as an investment company underlying the Account, and the Trust shall notify the Company immediately upon having a reasonable basis for believing that a Fund has ceased to so comply and will not be able to comply within the grace period afforded by Treasury Regulation 1.817-5, and will immediately take all reasonable steps to adequately diversify the Fund to achieve compliance. Upon reasonable request, the Trust will provide the Company with a certification of compliance with Section 817(h) in such form as the Company and the Trust shall agree.
Appears in 3 contracts
Sources: Participation Agreement (Variable Annuity-2 Series Account), Participation Agreement (Variable Annuity-2 Series Account), Participation Agreement (Variable Annuity-2 Series Account)