ELIC definition
Examples of ELIC in a sentence
Quarterly, ELIC shall have the right to (a) adjust the allocations set forth in the Schedule to reflect as closely as possible the actual cost of Services rendered to GA and (b) to allocate the difference between the actual cost of Services rendered to GA and the amounts set forth in the Schedule.
This Agreement shall remain in effect until termination by mutual agreement of the parties hereto on 30 days written notice, with the exception of any Computer Services being provided by ELIC to GA in which case GA shall have the option to continue to receive such services for six months subsequent to such termination notice.
GA is desirous of obtaining certain advisory, computer, and other resources ("Services") provided through ELIC upon the terms and conditions hereinafter set forth.
ELIC reserves the right to vote Fund shares held in any segregated asset account in its own right, to the extent permitted by law.
The Adviser, Distributor and/or the Fund shall also provide SAIs to any Contractowner or prospective owner who requests such SAI from the Fund (although it is anticipated that such requests will be made to ELIC).
In addition, ELIC represents and warrants that the Account is a "segregated asset account" and that interests in the Account are offered exclusively through the purchase of or transfer into a "variable contract" within the meaning of such terms under Section 817 of the Code and the regulations thereunder.
ELIC and the Fund will endeavor to mutually cooperate with respect to the implementation of any modifications necessitated by any change in state insurance laws, regulations or interpretations of the foregoing that affect the Designated Portfolio(s) (a "Law Change"), and to keep each other informed of any Law Change that becomes known to either party.
ELIC represents and warrants that it will not purchase Fund shares with assets derived from tax-qualified retirement plans except, indirectly, through Contracts purchased in connection with such plans.
In the event of a Law Change, the Fund agrees that, except in those circumstances where the Fund has advised ELIC that its Board of Directors has determined that implementation of a particular Law Change is not in the best interest of all of the Fund's shareholders with an explanation regarding why such action is lawful, any action required by a Law Change will be taken.
Notwithstanding the generality of the foregoing, each party hereto further agrees to furnish the Iowa Commissioner of Insurance with any information or reports in connection with services provided under this Agreement which such Commissioner may request in order to ascertain whether the variable annuity operations of ELIC are being conducted in a manner consistent with the Iowa Variable Annuity Regulations and any other applicable law or regulations.