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Title: |
Marketing Coordination and Administrative Service Agreement |
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Date: |
2002 |
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$44 |
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ID: |
#2534212 |
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MARKETING COORDINATION AND ADMINISTRATIVE SERVICE AGREEMENT
Effective: May 1, 2002
THIS AGREEMENT entered into by and between Sun Life Assurance Company of Canada (U.S.) ("Sun Life (U.S.)"), a Delaware corporation and Clarendon Insurance Agency, Inc., a Massachusetts corporation ("Clarendon").
WITNESSETH
WHEREAS Sun Life (U.S.) proposes to issue and offer for sale certain life insurance products (the "Plans") which are deemed to be securities under the Securities Act of 1933 ("33 Act"); and
WHEREAS Clarendon is registered as a broker-dealer with the Securities and Exchange Commission ("SEC") under the Securities Exchange Act of 1934 ("34 Act") and is a member of the National Association of Securities Dealers, Inc. ("NASD"); and
WHEREAS Clarendon proposes to serve as the general distributor of the Plans for securities law purposes, and to coordinate the marketing of the Plans and to perform certain administrative services in conjunction with the Plans;
NOW THEREFORE, in consideration of the premises and the mutual covenants hereinafter contained, the parties hereto agree as follows:
I
THE PLANS
A. Type of Plans
The Plans issued by Sun Life (U.S.) to which this Agreement applies are listed in Exhibit A. Exhibit A may be amended from time to time as agreed upon by Sun Life (U.S.) and Clarendon.
B. Suspension/Restriction
Sun Life (U.S.) may, at its option and at its sole discretion, suspend or restrict in any manner the sale or method of distribution of all or any of the Plans, including sales by all or any individuals licensed to sell Sun Life (U.S.)'s products. If any suspension or restriction is required by any regulatory authority having jurisdiction, written notice shall be given to Clarendon immediately upon receipt by Sun Life (U.S.) of notice of such required suspension or restriction. In all other cases, Sun Life (U.S.) will provide thirty (30) days' prior written notice to Clarendon of any such suspension or restriction.
C. Plan Changes
Sun Life (U.S.) may, at its option and at its sole discretion, amend, add or delete features of all or any of the Plans. In the event of any such amendment, addition or deletion, Sun Life (U.S.) will provide written notice of such change to Clarendon. If the change is required by any regulatory authority having jurisdiction, written notice shall be given to Clarendon immediately upon receipt by Sun Life (U.S.) of notice of such required change. In all other cases, Sun Life (U.S.) will provide at least thirty (30) days' prior to the effective date of such change.
II
MARKETING COORDINATION AND SALES ADMINISTRATION
A. General Distributor
Clarendon is hereby appointed by Sun Life (U.S.) as the General Distributor of the Plans. Clarendon shall, at all times, when performing its functions under this Agreement, be registered as a securities broker-dealer with the SEC and the NASD.
B. Distribution Agreements
Clarendon will distribute the plans pursuant to a Corporate Markets Variable Life Insurance Sales Agreement substantially in the form attached as Exhibit B, or, if applicable, a Corporate Markets Private Placement Institutional Variable Universal Life Insurance Sales Agreement substantially in the form attached as Exhibit C, (each referred to herein as the "Distribution Agreement"). No Commission Schedule attached to any Distribution Agreement may provide for commission payments in excess of specified maximums established by Sun Life (U.S.) from time to time. Sun Life (U.S.), on behalf of Clarendon, shall retain copies of all executed Distribution Agreements and all correspondence, memoranda and other documents relating to the Distribution Agreements.
C. Sales Representatives/Registered Representatives
1. Appointment and Termination
(a) The Distribution Agreements shall provide for the appointments, as insurance agent, by Sun Life (U.S.) of the financial intermediaries and their individual representatives. Sun Life (U.S.) reserves the right to terminate any and all such designations.
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