Sec Form N3 - Registration Statement Under The Securities Act Of 1933 And/or Registration Statement Under The Investment Company Act Of 1940 Page 52
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54Where the registrant issues more than one contract form and the performance for each is materially different (due, for example, to
different sales loads, fees, or other charges), the registrant should quote the performance relating to the contract form containing the
highest level of charges or calculate and quote separate performance figures for each contract form advertised. Where the charge
structure among or between different contract forms is so different that none can be determined to possess the “highest level” of
charges, performance figures for all forms should be quoted. Where separate performance figures are quoted for different contract
forms, the omitting prospectus advertisement should clearly disclose the trade name or other appropriate identification of each form
and, if relevant, the particular category of investor who may purchase each form (e.g., groups or individuals), or type of retirement
plan.
Guide 31. The Synopsis
A synopsis provided pursuant to Item 3 of Form N-3 should clearly and concisely describe the key features of the offering and the
registrant. The information in the synopsis need not be in the order or the manner described in this Guide, and it may be presented in a
question-and-answer format.
The synopsis should include (1) a brief description of how the registrant proposes to achieve its investment objectives, including the
types of securities in which the registrant proposes to invest primarily and whether the registrant proposes to operate as a diversified
or nondiversified investment company and (2) a summary of the principal speculative or risk factors associated with investment in the
registrant, including factors peculiar to the registrant as well as those generally associated with investment in an investment company
with objectives and policies similar to registrant’s.
The synopsis should also (1) provide the name of the investment adviser, and, if any other person provides services of the type
customarily provided by an investment adviser, the identity of such person and the services provided; (2) provide a cross-reference
to the description in the prospectus of how to purchase the variable annuity contracts; (3) provide cross-references to the descriptions
in the prospectus of how a contractowner (or annuitant) may redeem and any penalty taxes that may be assessed upon redemption;
(4) state the maximum percentage load that may be assessed against any given amount redeemed or annuitized and provide a cross-
reference to the description in the prospectus of the deductions and expenses; and (5) provide either a full description of or a cross-
reference to the description in the prospectus of any “ten-day free look” or similar provisions.
The synopsis may include additional information, provided that it does not, by its nature, quantity, or manner of presentation, impede
understanding of required information.
Guide 32. Administrative Charges
The discussion of any administrative charge deducted from the value of the contractowner’s account should (1) concisely describe
how the charge is deducted in both the accumulation and annuity periods, (2) explain whether the charge is deducted at the beginning
of the contract year for the coming year or deducted at the end of the contract year for the prior year, (3) describe whether thecharge
is prorated for any period (e.g., between the contract anniversary date and the date of redemption or the date of annuitization), and
(4) if the administrative charge is a percentage of assets, disclose that there is no necessary relationship between the amount of the
administrative charge imposed on a given contract and the amount of expenses that may be attributable to that contract.
Any administrative charge that is deducted from contractowner accounts and is not a charge or expense of the registrant should not
be accounted for as an expense or otherwise included in the determination of net investment income of the registrant. Rather, the
amount of the administrative charges should be accounted for, and presented in financial statements of the registrant, as a reduction
of ownership units. Whether the amount of such administrative charges is separate in the registrant’s financial statements from other
withdrawal or redemption amounts that result in a reduction of ownership units depends upon individual facts.
Guide 33. Deferred Sales Loads
Item 7 of Form N-3 requires the registrant to describe any sales loads. A sales load not subject to any contingency should be described
as a deferred sales load, not a “contingent” deferred sales load. A deferred sales load does not become contingent solely because the
sales load is waived in the event of an annuitant’s death or if the registrant provides that a given percentage of contract value may be
withdrawn without imposition of a sales load (a “free corridor”).
The description of any deferred sales load (contingent or not) should include (1) how the deduction will be allocated among
sub- accounts of the registrant; (2) when, if ever, the sales load will be waived (for example, as part of the death benefit or upon
redemptions by contractowners who are also employees of the registrant); and (3) the maximum amount of the sales load as a
percentage of purchase payments received. See rule 6c-8 under the 1940 Act [17 CFR 270.6c-8] which limits the amount of a deferred
sales load to no more than nine percent of the purchase payments received. If the deferred sales load varies according to the length
of time a particular purchase payment has been invested, the description should indicate whether withdrawals will be attributed to
purchase payments in the order in which they were invested in the separate account (FIFO) or in the reverse order of investment
(LIFO).
47
SEC 2124 (5/15)
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