EXHIBIT (b)(3)
UNDERWRITING AGREEMENT
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AGREEMENT made this 1st day of November, 1991, by and between ▇▇▇▇▇▇▇
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▇▇▇▇▇ Life Insurance Company ("▇▇▇▇▇▇▇ ▇▇▇▇▇ Life"), an Arkansas corporation,
and ▇▇▇▇▇▇▇ Lynch, Pierce, ▇▇▇▇▇▇ & ▇▇▇▇▇ Incorporated ("MLPF&S"), a Delaware
corporation.
W I T N E S S E T H :
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WHEREAS, ▇▇▇▇▇▇▇ ▇▇▇▇▇ Life has established two separate accounts
entitled the ▇▇▇▇▇▇▇ ▇▇▇▇▇ Life Variable Annuity Separate Account A and ▇▇▇▇▇▇▇
▇▇▇▇▇ Life Variable Annuity Separate Account B for the purposes of issuing
certain variable annuity contracts ("Contracts");
WHEREAS, ▇▇▇▇▇▇▇ ▇▇▇▇▇ Life wishes to arrange for the underwriting of
the Contracts in conformity with the requirements of the Securities Exchange Act
of 1934 ("1934 Act"); and
WHEREAS, MLPF&S is registered with the Securities and Exchange
Commission ("SEC") as a broker-dealer under the 1934 Act and is a member of the
National Association of Securities Dealers, Inc. ("NASD");
NOW, THEREFORE, the parties hereto agree as follows:
1. ▇▇▇▇▇▇▇ ▇▇▇▇▇ Life hereby appoints MLPF&S as its exclusive
representative for the distribution of the Contracts, and MLPF&S hereby agrees
to use its best efforts to sell and distribute the Contracts through its
registered representatives; provided, that with the approval of ▇▇▇▇▇▇▇ ▇▇▇▇▇
Life, MLPF&S may arrange with other broker-dealers for the sale of the Contracts
and execute agreements relating thereto upon such terms and conditions as MLPF&S
deems appropriate.
2. Unless otherwise permitted by applicable law, each person
engaged in the sale of the Contracts must be both an agent of ▇▇▇▇▇▇▇ ▇▇▇▇▇ Life
and a person associated with a broker or dealer" as that term is defined in
Section 3(a)(18) of the 1934 Act. With respect to all persons associated with it
who will be engaged in the sale of the Contracts, MLPF&S will be responsible for
their training, qualification, registration, supervision and control in the
manner and to the extent required by the applicable rules of the SEC and NASD
and by any applicable securities laws or rules of the various states relating to
the sale of the Contracts. ▇▇▇▇▇▇▇ ▇▇▇▇▇ Life reserves the right to refuse to
appoint any person proposed to be associated with MLPF&S as an agent, or if
appointed, to terminate such
appointment in its sole discretion. From time to time as requested by ▇▇▇▇▇▇▇
▇▇▇▇▇ Life, MLPF&S will furnish to it a list of all persons associated with it
authorized to sell the Contracts.
3. MLPF&S will prepare and maintain all books and records relating to
the Contracts which are required to be maintained by it under the ▇▇▇▇ ▇▇▇.
4. MLPF&S will not accept or receive on behalf of ▇▇▇▇▇▇▇ ▇▇▇▇▇ Life
any Contract purchase payment except the first. Any first payment received by
MLPF&S will be made payable to ▇▇▇▇▇▇▇ ▇▇▇▇▇ Life and will be forwarded promptly
to ▇▇▇▇▇▇▇ ▇▇▇▇▇ Life, or the service office designated by it. ▇▇▇▇▇▇▇ ▇▇▇▇▇
Life reserves the right to reject any contract request in its sole discretion.
5. ▇▇▇▇▇▇▇ ▇▇▇▇▇ Life will furnish MLPF&S currently effective
prospectuses relating to the Contracts in such numbers as MLPF&S may reasonably
require from time to time. MLPF&S will use its best efforts to obtain any
approvals or clearances required from the NASD with respect to all sales
materials relating to the Contracts. Any sales materials relating to the
Contracts prepared by MLPF&S must be approved by ▇▇▇▇▇▇▇ ▇▇▇▇▇ Life prior to
their use.
6. All commissions payable by ▇▇▇▇▇▇▇ ▇▇▇▇▇ Life in connection with
Contract sales will be payable to the appropriate general agent affiliated with
MLPF&S in accordance with terms of the agreement with such general agent then in
effect. If any provision of any such agreement applicable to the Contracts
conflicts with any provision of this Agreement, the provision of this Agreement
shall govern.
7. This Agreement may be terminated at any time by either party
hereto on sixty (60) days' written notice.
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed on the day and year first above written.
▇▇▇▇▇▇▇ ▇▇▇▇▇ LIFE INSURANCE COMPANY
By: /s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
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▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
ATTEST
/s/ ▇▇▇▇▇ ▇. ▇▇▇▇
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▇▇▇▇▇ ▇. ▇▇▇▇
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▇▇▇▇▇▇▇ LYNCH, PIERCE, ▇▇▇▇▇▇ & ▇▇▇▇▇
INCORPORATED
By: /s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇
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▇▇▇▇▇ ▇. ▇▇▇▇▇
ATTEST
/s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇
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▇▇▇▇▇ ▇. ▇▇▇▇▇▇
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