Rules and Regulations
promulgated
under the
Investment Company Act of 1940
Rule 22d-2 -- Exemption from Section 22(d) for Certain Registered Separate Accounts
A registered separate account, any principal underwriter for such account, any dealer
in contracts or units of interest or participations in such contracts issued by such
account and any insurance company maintaining such account shall, with respect to
any variable annuity contracts, units, or participations therein issued by such account,
be exempted from section 22(d) to the extent
necessary to permit the sale of such contracts, units or participations by such persons
at prices which reflect variations in the sales load or in any administrative charge
or other deductions from the purchase payments; Provided, however, That (a)
the prospectus discloses as precisely as possible the amount of the variations and
the circumstances, if any, in which such variations shall be available or describes
the basis for such variations and the manner in which entitlement shall be determined,
and (b) any such variations reflect differences in costs or services and are not
unfairly discriminatory against any person.
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