Sec Form N3 - Registration Statement Under The Securities Act Of 1933 And/or Registration Statement Under The Investment Company Act Of 1940 Page 8
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542.
Contractowner Transaction Expenses
(a) “Sales Load Imposed on Purchase Payments” includes the maximum sales load imposed upon purchase payments and
may include a tabular presentation, within the larger table, of the range of such sales loads.
(b) “Deferred Sales Load” includes the maximum contingent deferred sales load, expressed as a percentage of purchase
payments or amount surrendered, and may include a tabular presentation, within the larger table, of the range of
contingent deferred sales loads over time.
(c) “Surrender Fee” includes any fee charged for any surrender or partial surrender, but does not include any sales load
charged upon surrender or partial surrender.
(d) “Exchange Fee” includes the maximum fee charged for any exchange or transfer of account value from the Registrant
to another investment company or from one sub-account of the Registrant to another sub-account or the insurance
company’s general account. The Registrant may include a tabular presentation of the range of exchange fees unless
such a presentation would be so lengthy as to encumber the larger table, in which case the Registrant should only
provide a cross-reference to the narrative portion of the prospectus discussing the exchange fee.
(e) If the Registrant (or any other party pursuant to an agreement with the Registrant) charges any other transaction fee,
add another caption describing it and list the (maximum) amount or basis on which the fee is deducted.
3.
[Annual] Contract Fee
“[Annual] Contract Fee” includes any contract, account, or similar fee imposed on all contractowner accounts on any
recurring basis.
4.
Annual Expenses
(a) “Management Fees” include investment advisory fees (including any component thereof based on the performance of
the Registrant), any other management fees payable to the investment adviser or its affiliates, and administrative fees
payable to the investment adviser or its affiliates not included as “Other Expenses.”
(b). “Mortality and Expense Risk Fees” may be listed separately on two lines in the table.
(c) “Other Expenses” includes all expenses (except fees and expenses reported in other items in the table) that are
deducted from separate account assets and will be reflected as expenses in the Registrant’s statement of operations
(including increases resulting from complying with paragraph 2(g) of Rule 6-07 [17 CFR 210.6-07] of Regulation
S-X).
(i) “Other Expenses” do not include extraordinary expenses as determined by use of generally accepted accounting
principles (see Accounting Principles Board Opinion No. 30). If extraordinary expenses were incurred that
materially affected the Registrant’s “Other Expenses,” the Registrant should disclose in the narrative following
the table what the “Other Expenses” would have been had extraordinary expenses been included.
(ii) The Registrant may subdivide this caption into no more than three subcategories of the Registrant’s choosing, but
must also include a total of all “Other Expenses.”
(d) Except as provided in (i) or (ii) below, the percentages expressing annual expenses should be based on amounts
incurred during the most recent fiscal year.
(i) A New Registrant should state the basis on which payments will be made, except that “Other Expenses” should
be estimated and stated (after any expense reimbursement or waiver) as a percentage of net assets. Disclose in
the narrative following the table that “Other Expenses” is based on estimated amounts for the current fiscal year.
A New Registrant, for purpose of this instruction and Instructions 18(b), 19(e) and 19(f), is a Registrant (or series
of the Registrant) the prospectus of which either, a) does not include financial statements reporting operating
results as a registered investment company, or b) includes financial statements for the initial fiscal year of the
Registrant that report operating results as a registered investment company for a period of less than ten months.
(ii) If the Registrant has changed its fiscal year, and as a result the most recent fiscal year is less than three months,
the Registrant should use the fiscal year prior to the most recent fiscal year as the basis for determining annual
expenses.
(e) If there have been any changes in the annual expenses that would materially affect the information disclosed in the table:
(i) Restate the expense information using the current fees that would have been applicable had they been in effect
during the previous fiscal year; and
(ii) In the narrative following the table, disclose that the expense information in the table has been restated to reflect
current fees.
A change in annual expenses means either an increase or a decrease in expenses that occurred during the most recent fiscal year
or that is expected to occur during the current fiscal year. It includes the elimination of any expense reimbursement or fee waiver
arrangement, in which case the expenses that would have been incurred had there been no reimbursement or waiver should be
listed, but does not include circumstances where separate account expenses decrease in relation to the size of the separate account
so as to make any waiver or reimbursement arrangement inoperative. An expected decrease in expenses as a percentage of assets
3
SEC 2124 (5/15)
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