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Equitable Financial Life Insurance Co. – ‘S-3/A’ on 4/20/22 – ‘EX-99.(E)(XIX)’

On:  Wednesday, 4/20/22, at 3:50pm ET   ·   Accession #:  1193125-22-111050   ·   File #s:  333-254384, 333-262807

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 4/20/22  Equitable Financial Life Ins Co.  S-3/A                  7:1.7M                                   Donnelley … Solutions/FA

Pre-Effective Amendment to Registration Statement – Securities for a Transaction   —   Form S-3   —   SA’33

Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: S-3/A       Pre-Effective Amendment to Registration Statement   HTML    947K 
                - Securities for a Transaction                                   
 7: EX-FILING FEES  Filing Fees                                     HTML     30K 
 5: EX-99.(23)  Consent of Independent Registered Public            HTML      6K 
                Accounting Firm                                                  
 6: EX-99.(24)  Powers of Attorney                                  HTML     28K 
 4: EX-99.(5)   Opinion of Shane Daly                               HTML      9K 
 2: EX-99.(E)(XIX)  Twentieth Amendment to General Agent Sales      HTML     52K 
                Agreement Dated September 1, 2021                                
 3: EX-99.(E)(XX)  Twenty First Amendment to General Agent Sales    HTML     57K 
                Agreement Dated January 1, 2022

‘EX-99.(E)(XIX)’   —   Twentieth Amendment to General Agent Sales Agreement Dated September 1, 2021

This Exhibit is an HTML Document rendered as filed.  [ Alternative Formats ]

  Twentieth Amendment to General Agent Sales Agreement dated September 1, 2021  

TWENTIETH AMENDMENT

TO

GENERAL AGENT SALES AGREEMENT

This TWENTIETH AMENDMENT TO GENERAL AGENT SALES AGREEMENT, dated as of September 1, 2021, is by and between EQUITABLE FINANCIAL LIFE INSURANCE COMPANY (f/k/a AXA Equitable Life Insurance Company and prior thereto f/k/ a The Equitable Life Assurance Society of the United States), a New York life insurance company, having offices at 1290 Avenue of the Americas, New York, New York 10104 (“Equitable Financial”), and EQUITABLE NETWORK, LLC (f/k/a AXA Network, LLC), a Delaware limited liability company having offices at 1290 Avenue of the Americas, New York, New York 10104 (“General Agent”).

Equitable Financial and the General Agent hereby modify and amend the General Agent Sales Agreement, dated as of January 1, 2000, between Equitable Financial and General Agent (as previously amended, the “Sales Agreement”) to amend and restate Schedule 1 of Exhibit A of the Sales Agreement to reflect the addition of a variable life insurance product, Equitable AdvantageSM.

Except as modified and amended hereby, the Sales Agreement is in full force and effect.

IN WITNESS WHEREOF, the parties hereto have caused this Twentieth Amendment to General Agent Sales Agreement to be duly executed and delivered as of the day and year first above written.

 

EQUITABLE FINANCIAL LIFE
INSURANCE COMPANY		     EQUITABLE NETWORK, LLC
By:  

/s/ Robin M. Raju

     By:  

/s/ Frank Massa

Name   Robin M. Raju     Name:   Frank Massa
Title:   Senior Executive Vice President
and Chief Financial Officer		     Title:   President and Chief Executive Officer

 

1

EXHIBIT A

AMENDED AND RESTATED SCHEDULE 1

EFFECTIVE AS OF SEPTEMBER 1, 2021

General Agent Compensation for Life Insurance Sales and Servicing

This Amended and Restated Schedule 1 of Exhibit A is effective as of September 1, 2021 and is attached to and made part of the General Agent Sales Agreement dated January 1, 2000 by and between Equitable Financial Life Insurance Company and Equitable Network, LLC.

Compensation to the General Agent in connection with the sale and servicing of life insurance policies will be calculated on a policy by policy basis. Compensation paid hereunder will be allocated to commissions and expense allowances as the parties may from time to time agree consistent with the provisions of Section 4228 of the New York State Insurance Law. Total compensation to the General Agent in respect of the sale and servicing of each life insurance policy will be a percentage of the premiums received by Equitable Financial and, where applicable, fund-based basis points, in respect of such policy as more particularly set forth in the following tables:

Compensation on Variable Life Insurance Products other than COLI 04, VUL (PHI Code: 6550), Incentive Life Legacy® II and III, VUL LegacySM Series 160, Incentive Life Optimizer® II and III, VUL OptimizerSM Series 160, Survivorship Incentive Life LegacySM, VUL Survivorship Series 160, Corporate Owned Incentive Life®, COIL Institutional Series 160 and Equitable AdvantageSM:

 

Type of Premium

    Percentage  

First Policy Year

   

Qualifying First Year Premiums up to Target

      99.0 % 

Excess Premiums

      8.5 % 

Renewals

      11.0 % 

Compensation on COLI ‘04

 

Type of Premium

    Percentage  

First Policy Year

   

Qualifying First Year Premiums up to Target

      50.0 % 

Excess Premiums

      8.5 % 

Renewals

      11.0 % 

 

2

Compensation on VUL (PHI Code: 6550)

 

Type of Premium

    Percentage  

First Policy Year

   

Qualifying First Year Premiums up to Target

      40.0 % 

Excess Premiums

      0.0 % 

Renewals

      11.0 % 

Compensation on renewals and 2014 and later sales of Incentive Life Legacy® II and III, VUL LegacySM Series 160, Incentive Life Optimizer® II, Survivorship Incentive Life LegacySM, VUL Survivorship Series 160, and Corporate Owned Incentive Life®:

 

Type of Premium

    Percentage  

First Policy Year

   

Qualifying First Year Premiums up to Target

      99.0 % 

Excess Premiums

      8.5 % 

Renewals for Incentive Life Legacy® II and III, VUL LegacySM Series 160 and Incentive Life Optimizer® II

   

Policy Years 2-5

      5.8 % 

Policy Years 6-10

      3.8 % 

Policy Years 11 et seq.

      2.5 % 

Renewals for Survivorship Incentive Life LegacySM and VUL Survivorship Series 160

   

Policy Years 2-5

      7.0 % 

Policy Years 6-10

      5.0 % 

Policy Years 11 et seq.

      3.3 % 

Renewals for Corporate Owned Incentive Life®

  

Policy Years 2-4

      10.0 % 

Policy Years 5-7

      7.5 % 

Policy Years 8-10

      3.5 % 

Policy Years 11-15

      3.0 % 

Policy Years 16 et seq.

      2.0 % 

 

3

Compensation on Non-Variable Life Insurance Products other than Simplified Issue Term, Term Series 151X, 156, and 160, BrightLife® Term Series 157, and IUL Protect and BrightLife® IUL and SIUL Series:

 

Type of Premium

   

Percentage

  

First Policy Year

   

Scheduled Premiums

   

One Year Term Life (including all Term One
and BrightLife Term One Series)

     

 10% (5% for issue
ages 80 and
above)		  
 
 

Other non-variable life insurance products

      99.0 % 

Qualifying First Year Premiums up to Target

      99.0 % 

Excess Premiums

      8.5 % 

Renewals – Policy Years 2-5

      8.0 % 

Renewals – Policy Years 6 et seq.

   

All Athena UL and Indexed UL Series

      3.0 % 

Equitable Financial Universal Life products

      3.0 % 

Equitable Financial Interest Sensitive Whole Life

      3.0 % 

Other non-variable life insurance products

      8.0 % 

Compensation on renewals and 2014 and later sales of Term Series 151X and 156

 

Type of Premium

    Percentage  

First Policy Year

      99.0 % 

Renewals – Policy Years 2-5

   

Term 10SM

     7.0 % 

Term 15SM

     10.5 % 

Term 20SM

     14.25 % 

ARTSM

     7.65 % 

Renewals – Policy Years 6-10

   

Term 10SM

     0.0 % 

Term 15SM

     1.0 % 

Term 20SM

     1.0 % 

ARTSM

     3.15 % 

 

4

Compensation on renewals and 2014 and later sales of Simplified Issue Term

 

Type of Premium

    Percentage  

First Policy Year

      99.0 % 

Renewals – Policy Years 2-5

   

Term 10SM

     0.25 % 

Term 15SM

     0.25 % 

Term 20SM

     0.25 % 

Compensation on IUL Protect and BrightLife® IUL and SIUL Series:

 

Type of Premium

    Percentage  

First Policy Year

   

Qualifying First Year Premiums up to Target

      99.0 % 

Excess Premiums

      8.5 % 

Renewals

   

Policy Years 2-5

      5.0 % 

Policy Years 6-10

      3.0 % 

Policy Years 11 et seq.

   

BrightLife® Protect and IUL Protect

      1.0 % 

BrightLife® Grow

      2.0 % 

Compensation on Incentive Life Optimizer® III and VUL OptimizerSM Series 160:

 

Type of Premium

    Percentage  

Heaped Compensation

   

First Policy Year

   

Qualifying First Year Premiums up to Target

      99.0 % 

Excess Premiums

      8.5 % 

Renewals

   

Policy Years 2-5

      5.8 % 

Policy Years 6-10

      3.8 % 

Policy Years 11 et seq.

      2.5 % 

Asset Based Commissions on Unloaned Account Value Policy Years 11 et seq.

      10  bps 

 

5

Semi-Heaped Compensation

   

First Policy Year

   

Qualifying First Year Premiums up to Target

      58.7 % 

Excess Premiums

      8.5 % 

Renewals

   

Policy Years 2-5, up to Target

      15.0 % 

Policy Years 2-5, Excess Premiums

      7.0 % 

Policy Years 6-7, up to Target

      13.0 % 

Policy Years 6-7, Excess Premiums

      5.0 % 

Policy Years 8-10

      2.0 % 

Policy Years 11 et seq.

      1.5 % 

Asset Based Commissions on Unloaned Account Value Policy Years 8 et seq.

      30  bps 

Liquidity Rider (only applies to Incentive Life Optimizer® III, not VUL Optimizer Series 160)

   

First Policy Year

   

Qualifying First Year Premiums up to Target

      36.7 % 

Excess Premiums

      8.5 % 

Renewals

   

Policy Years 2-5, up to Target

      8.0 % 

Policy Years 2-5, Excess Premiums

      7.0 % 

Policy Years 6-7, up to Target

      6.0 % 

Policy Years 6-7, Excess Premiums

      5.0 % 

Policy Years 8-10

      2.0 % 

Policy Years 11 et seq.

      1.5 % 

Asset Based Commissions on Unloaned Account Value Policy Years 8 et seq.

      30  bps 

Compensation on COIL Institutional Series 160:

 

Type of Premium

    Percentage  

First Policy Year

   

Qualifying First Year Premiums up to Target

      99.0 % 

Excess Premiums

      6.0 % 

Renewals

   

Policy Years 2-4, up to Target

      8.6 % 

Policy Years 2-4, Excess Premiums

      4.75 % 

Policy Years 5-7, up to Target

      6.2 % 

 

6

Policy Years 5-7, Excess Premiums

      3.75 % 

Policy Years 8-10, up to Target

      3.45 % 

Policy Years 8-10, Excess Premiums

      2.75 % 

Policy Years 11-15, up to Target

      2.25 % 

Policy Years 11-15, Excess Premiums

      1.2 % 

Policy Years 16 et seq., up to Target

      1.2 % 

Policy Years 16 et seq., Excess Premiums

      0.5 % 

Asset Based Commissions on Account Value

   

Policy Years 2-10

      15  bps 

Policy Years 11-20

      10  bps 

Policy Years 21 et seq.

      5  bps 

Compensation on Equitable AdvantageSM

 

Type of Premium

    Percentage  

First Policy Year

   

First Year Premiums up to Target

      8.5 % 

Excess Premiums

      3.5 % 

Renewals

   

Policy Year 2 up to Target

      14.0 % 

Policy Year 2 Excess Premiums

      5.0 % 

Policy Years 3-5 up to Target

      12.75 % 

Policy Years 3-5 Excess Premiums

      5.0 % 

Policy Years 6-7 up to Target

      10.75 % 

Policy Years 6-7 Excess Premiums

      3.0 % 

Policy Years 8-10

      3.0 % 

Policy Years 11 et seq.

      2.0 % 

 

7

Compensation on BrightLife® Term Series 157 and Term Series 160

 

Type of Premium

    Percentage  

First Policy Year

      99.0 % 

Renewals – Policy Years 2-5

   

Term 10

      6.5 % 

Term 15

      9.0 % 

Term 20

      11.75 % 

ART

      5.15 % 

Renewals – Policy Years 6-10

   

ART

      3.15 % 

 

8

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘S-3/A’ Filing    Date    Other Filings
Filed on:4/20/22424B3,  S-3/A
9/1/21
1/1/00
 List all Filings 

13 Subsequent Filings that Reference this Filing

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 4/19/24  Equitable Financial Life Ins Co.  S-3/A                  9:2.6M                                   Donnelley … Solutions/FA
 4/19/24  Equitable Financial Life Ins Co.  S-3/A                  9:1.9M                                   Donnelley … Solutions/FA
 2/15/24  Equitable Financial Life Ins Co.  S-3                    4:1.7M                                   Donnelley … Solutions/FA
 2/15/24  Equitable Financial Life Ins Co.  S-3                    4:2.4M                                   Donnelley … Solutions/FA
 4/19/23  Equitable Financial Life Ins Co.  POS AM                 4:1.7M                                   Donnelley … Solutions/FA
 4/19/23  Equitable Financial Life Ins Co.  S-3/A                  5:2.4M                                   Donnelley … Solutions/FA
 3/31/23  Equitable Financial Life Ins Co.  POS AM                 3:1.6M                                   Donnelley … Solutions/FA
 1/23/23  Equitable Financial Life Ins Co.  S-3                    4:1.7M                                   Donnelley … Solutions/FA
 1/23/23  Equitable Financial Life Ins Co.  S-3                    4:2.4M                                   Donnelley … Solutions/FA
12/13/22  Equitable Financial Life Ins Co.  POS AM                 6:435K                                   Donnelley … Solutions/FA
12/13/22  Equitable Financial Life Ins Co.  POS AM                 6:437K                                   Donnelley … Solutions/FA
 9/15/22  Equitable Financial Life Ins Co.  POS AM                 3:389K                                   Donnelley … Solutions/FA
 9/15/22  Equitable Financial Life Ins Co.  POS AM                 3:376K                                   Donnelley … Solutions/FA

18 Previous Filings that this Filing References

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 2/25/22  Equitable Financial Life Ins Co.  10-K       12/31/21  130:29M
 6/10/21  Equitable Financial Life Ins Co.  S-3/A                 35:33M                                    Donnelley … Solutions/FA
 4/20/21  Separate Account A                485BPOS     5/01/21   10:3.9M                                   Donnelley … Solutions/FA
 4/16/19  Equitable Financial Life Ins Co.  S-3/A                  6:3M                                     Donnelley … Solutions/FA
 4/17/18  Separate Account A                485BPOS     5/01/18    7:4.6M                                   Donnelley … Solutions/FA
 4/18/17  Separate Account A                485BPOS     5/01/17   12:5M                                     Donnelley … Solutions/FA
 4/19/16  Separate Account A                485BPOS     4/29/16    7:4.4M                                   Donnelley … Solutions/FA
 9/09/15  Separate Account No. 70           485BPOS     9/09/15    5:550K                                   Donnelley … Solutions/FA
10/16/14  Separate Account No. 70           485APOS¶              10:1.4M                                   Donnelley … Solutions/FA
 4/24/12  Separate Account No. 49           485BPOS     4/30/12   12:8M                                     Donnelley … Solutions/FA
 8/05/11  Separate Account No. 49           485BPOS     8/05/11   28:8.6M                                   Separate Account A
 4/20/09  Separate Account A                485BPOS     5/01/09    8:16M
 8/11/05  Separate Account No. 49           N-4                    5:391K                                   Separate Account FP
 4/20/05  Separate Account No. 49           485BPOS     5/02/05   13:12M                                    Separate Account FP
 4/19/04  Separate Account A                485BPOS     4/19/04   15:2.9M                                   Separate Account FP
 4/25/01  Separate Account No. 45           485BPOS     4/25/01   13:1.1M                                   Separate Account FP
 7/10/98  Separate Account A                485BPOS     7/10/98   26:3.6M
 5/01/98  Separate Account No. 45           485BPOS     5/01/98    5:2.4M                                   Separate Account FP
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