Lincoln Life & Annuity Variable Annuity Account H
Filed: 24 Aug 11, 12:00am
Law Department
The Lincoln National Life Insurance Company
1300 South Clinton Street
Fort Wayne, IN 46802
Mary Jo Ardington
Associate General Counsel
Phone: 260-455-3917
Fax: 260-455-5135
MaryJo.Ardington@LFG.com
VIA EDGAR & email
August 23, 2011
Alison White, Esq.
Office of Insurance Products
Division of Investment Management
Securities and Exchange Commission
100 F Street, NE
Washington, DC 20549
| Re: | The Lincoln National Life Insurance Company | Lincoln Life & Annuity Company of New York |
| Lincoln National Variable Annuity Account H | Lincoln Life & Annuity Variable Annuity Account H | |
| Post-Effective Amendment No. 37 | Post-Effective Amendment No. 14 | |
| File No. 333-61592 | File No. 333-141754 |
Dear Ms. White:
This letter and the attached supplements are in response to your comments of August 11, 2011. The blacklined supplements reflect changes made since the filing dated August 9, 2011. We believe that these changes adequately address your comments.
| 1. | Comment: Expense Tables – Add a chart to show the charges for Guaranteed Income Benefit (versions 1, 2 and 3). |
Response: We have added a chart that reflects the charges for Guaranteed Income Benefit (versions 1, 2 and 3).
| 2. | Comment: The transfer charge listed in the Expense Table of the New York supplement is different than what is listed in the prospectus. If the transfer charge is changing, indicate such by adding a new bullet to the list in the opening paragraph. |
Response: The transfer charge is not changing and was incorrect on the supplement.
| 3. | Comment: Show the maximum M&E charges prior to November 7 in the Expense Tables. |
Response: A new column has been added to show the M&E charges prior to November 7.
| 4. | Comment: Examples – Clarify that the first set of Examples includes the charge for the Guaranteed Income Benefit, prior to any waivers. |
Response: We have added clarification that the numbers include Guaranteed Income Benefit (version 4) at the guaranteed maximum charge.
| 5. | Comment: Examples – Confirm that gross maximum fees and expenses are reflected in the Examples, prior to any expense waivers and reimbursements. |
Response: Gross maximum fees and expenses are reflected in the Examples, prior to any expense waivers and reimbursements.
| 6. | Comment: Confirm supplementally that the Examples contain the highest expenses at any time the contract was issued. |
Response: The Examples contain the highest expenses at any time the contract was issued.
| 7. | Comment: Part C – Item 32(b) Fee Representation: Please use the full name of the Depositor. |
Response: The full name of the Depositor has been added to Item 32(b).
| 8. | Comment: Tandy Representations must be filed. |
Response: In regards to the referenced filings, The Lincoln National Life Insurance Company, Lincoln Life & Annuity Company of New York, Lincoln National Variable Annuity Account H and Lincoln Life & Annuity Variable Annuity Account H (together “Lincoln”) acknowledge the following:
| · | Lincoln is responsible for the adequacy and accuracy of the disclosure in the filing; |
| · | The action of the Commission or the Staff in declaring this filing effective does not foreclose the Commission from taking any action with respect to the filing; and |
| · | Lincoln may not assert Staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States. |
Please call me at 260-455-3917 with further comments and questions.
Sincerely,
Mary Jo Ardington
Associate General Counsel
LINCOLN LIFE & ANNUITY COMPANY OF NEW YORK
Lincoln Life & Annuity Variable Annuity Account H
American Legacy III View
Supplement dated November 7, 2011 to the Prospectus dated May 1, 2011
This supplement describes changes to the prospectus for your variable annuity contract for contracts purchased on or after November 7, 2011. It is for informational purposes and requires no action on your part.
The following changes will be effective for contracts purchased on or after November 7, 2011:
| · | an increase in the mortality and expense risk charge for the base contract; |
| · | an increase in the charge for i4LIFE® Advantage; and |
| · | an increase in the persistency credit percentage. |
These changes result in the following revisions to your May 1, 2011 prospectus as supplemented. All other provisions of your prospectus remain unchanged. Refer to your prospectus for the charges applicable to contracts purchased prior to November 7, 2011.
Expense Tables – As of November 7, 2011, the expense charts below replace the corresponding charts in the Expense Tables section of the prospectus:
Expense Tables
The following tables describe the fees and expenses that you will pay when buying, owning, and surrendering the contract.
The first table describes the fees and expenses that you will pay at the time that you buy the contract, surrender the contract, or transfer contract value between investment options, and/or (if available) the fixed account. State premium taxes may also be deducted.
Contractowner Transaction Expenses:
| Accumulation Phase: | |
Surrender charge (as a percentage of purchase payments surrendered/withdrawn):1 | 7.00% |
Transfer charge:2 | Up to $50 |
1The surrender charge percentage is reduced over time. The later the redemption occurs, the lower the surrender charge with respect to that surrender or withdrawal. We may reduce or waive this charge in certain situations. See Charges and Other Deductions - Surrender Charge. | |
2The transfer charge will not be imposed on the first 12 transfers during a contract year. We reserve the right to charge a $50 fee for the 13th and each additional transfer during any contract year, excluding automatic dollar cost averaging, portfolio rebalancing and cross-reinvestment transfers. | |
The next four tables describe the fees and expenses that you will pay periodically during the time you own the contract, not including fund fees and expenses. Only one table will apply to a given contractowner. The tables differ based on whether the contractowner has purchased the i4LIFE® Advantage rider. | |
· Table A reflects the expenses for a contract that has not elected i4LIFE® Advantage (base contract). · Table B reflects the expenses for a contract that has elected i4LIFE® Advantage. · Table C reflects the expenses for a contract that has elected i4LIFE® Advantage and previously purchased 4LATER® Advantage with Guaranteed Income Benefit · Table D reflects the expenses for a contract that has elected i4LIFE® Advantage and previously purchased Lincoln Lifetime IncomeSM Advantage 2.0. | |
Table A
Annual Account Fee:1 | $35 | |||
Separate Account Annual Expenses (as a percentage of average daily net assets in the subaccounts):2,3 | ||||
| On or after November 7, 2011 | Prior to November 7, 2011 | |||
| Account Value Death Benefit | ||||
| Mortality and Expense Risk Charge | 1.55% | 1.50% | ||
| Administrative Charge | 0.10% | 0.10% | ||
| Total Separate Account Expenses | 1.65% | 1.60% | ||
| Guarantee of Principal Death Benefit | ||||
| Mortality and Expense Risk Charge | 1.60% | 1.55% | ||
| Administrative Charge | 0.10% | 0.10% | ||
| Total Separate Account Expenses | 1.70% | 1.65% | ||
| Enhanced Guaranteed Minimum Death Benefit (EGMDB) | ||||
| Mortality and Expense Risk Charge | 1.85% | 1.80% | ||
| Administrative Charge | 0.10% | 0.10% | ||
| Total Separate Account Expenses | 1.95% | 1.90% | ||
1The account fee will be waived if your contract value is $100,000 or more at the end of any particular contract year. This account fee will be waived after the fifteenth contract year. The account fee will also be deducted upon full surrender of the contract if the contract value is less than $100,000. 2In the event of a subsequent death benefit change, the charge will be based on the charges in effect at the time the contract was purchased. 3The mortality and expense risk charge and administrative charge together are 1.40% on and after the Annuity Commencement Date. | ||||
Optional Living Benefit Rider Charges:1 | Single Life | Joint Life | ||
Lincoln Lifetime IncomeSM Advantage 2.02 | ||||
| Guaranteed Maximum Charge | 2.00% | 2.00% | ||
| Current Charge | 1.05% | 1.25% | ||
Lincoln Lifetime IncomeSM Advantage3 | ||||
| Guaranteed Maximum Charge | 1.50% | 1.50% | ||
| Current Charge | 0.90% | 0.90% | ||
Lincoln SmartSecurity® Advantage – 1 Year Automatic Step-up option:4 | ||||
| Guaranteed Maximum Charge | 1.50% | 1.50% | ||
| Current Charge | 0.65% | 0.80% | ||
Lincoln SmartSecurity® Advantage – 5 Year Elective Step-up option:4 | ||||
| Guaranteed Maximum Charge | 0.95% | N/A | ||
| Current Charge | 0.65% | N/A | ||
4LATER® Advantage5 | ||||
| Guaranteed Maximum Charge | 1.50% | N/A | ||
| Current Charge | 0.65% | N/A | ||
1Only one Living Benefit rider may be elected from this chart. 2As an annualized percentage of the Income Base (initial purchase payment or contract value at the time of election), as increased for subsequent purchase payments, Automatic Annual Step-ups, 5% Enhancements and decreased by Excess Withdrawals. See Charges and Other Deductions - Lincoln Lifetime IncomeSM Advantage 2.0 Charge for a discussion of these charges to the Income Base. This charge is deducted from the contract value on a quarterly basis. 3As an annualized percentage of the Guaranteed Amount (initial purchase payment or contract value at the time of election) as increased for subsequent purchase payments, Automatic Annual Step-ups, 5% Enhancements and the 200% Step-up and decreased for withdrawals. This charge is deducted from the contract value on a quarterly basis. See Charges and Other Deductions - Lincoln Lifetime IncomeSM Advantage Charge for further information. After December 31, 2010 (or later in some states), this rider is no longer available for sale. 4As an annualized percentage of the Guaranteed Amount (initial purchase payment or contract value at the time of election), as increased for subsequent purchase payments and step-ups and decreased for withdrawals. This charge is deducted from the contract value on a quarterly basis. See Charges and Other Deductions - Lincoln SmartSecurity® Advantage charge for further information. As of January 16, 2009, the Lincoln SmartSecurity ® Advantage – 5-Year Elective Step-up option is no longer available for purchase for all contractowners. 5As an annualized percentage of the Account Value (initial purchase payment or contract value at the time of election), as increased for subsequent purchase payments, automatic 15% Enhancements, and Resets and decreased for withdrawals. This charge is deducted from the subaccounts on a quarterly basis. See Charges and Other Deductions - 4LATER® Advantage Charge for further information. | ||||
Table B
Annual Account Fee1 | $35 | ||||
i4LIFE® Advantage Without Guaranteed Income Benefit (version 4)2 | On or after November 7, 2011 | Prior to November 7, 2011 | |||
| Account Value Death Benefit | 2.05% | 2.00% | |||
| Guarantee of Principal Death Benefit | 2.10% | 2.05% | |||
| Enhanced Guaranteed Minimum Death Benefit (EGMDB) | 2.35% | 2.30% | |||
1The account fee will be waived if your contract value is $100,000 or more at the end of any particular contract year. This account fee will be waived after the fifteenth contract year. The account fee will also be deducted upon full surrender of the contract if the contract value is less than $100,000. 2As an annualized percentage of average Account Value, computed daily. This charge is assessed on and after the effective date of i4LIFE® Advantage. See Charges and Other Deductions - i4LIFE® Advantage Charge for further information. The charges continue during the Access Period. The i4LIFE® Advantage charge is reduced to 1.65% during the Lifetime Income Period. | |||||
Annual Account Fee1 | $35 | ||||
i4LIFE® Advantage With Guaranteed Income Benefit (version 4)2 | |||||
| On or after November 7, 2011 | Prior to November 7, 2011 | ||||
| Single Life | Joint Life | Single Life | Joint Life | ||
| Account Value Death Benefit | |||||
| Guaranteed Maximum Charge | 4.05% | 4.05% | 4.00% | 4.00% | |
| Current Charge | 2.70% | 2.90% | 2.65% | 2.85% | |
| Guarantee of Principal Death Benefit | |||||
| Guaranteed Maximum Charge | 4.10% | 4.10% | 4.05% | 4.05% | |
| Current Charge | 2.75% | 2.95% | 2.70% | 2.90% | |
| Enhanced Guaranteed Minimum Death Benefit (EGMDB) | |||||
| Guaranteed Maximum Charge | 4.35% | 4.35% | 4.30% | 4.30% | |
| Current Charge | 3.00% | 3.20% | 2.95% | 3.15% | |
1The account fee will be waived if your contract value is $100,000 or more at the end of any particular contract year. This account fee will be waived after the fifteenth contract year. The account fee will also be deducted upon full surrender of the contract if the contract value is less than $100,000. 2As an annualized percentage of Account Value, computed daily. This charge is assessed only on and after the effective date of the Guaranteed Income Benefit. The current annual charge for Guaranteed Income Benefit (version 4) is 0.65% of Account Value for the single life option and 0.85% of Account Value for the joint life option with a maximum charge of 2.00%. These charges are added to i4LIFE® Advantage charges to comprise the total charges reflected. During the Lifetime Income Period, the Guaranteed Income Benefit charges are added to the i4LIFE® Advantage charge of 1.65%. See Charges and Other Deductions - i4LIFE® Advantage with Guaranteed Income Benefit Charge for further information. | |||||
Annual Account Fee1 | $35 | ||||
i4LIFE® Advantage With Guaranteed Income Benefit (versions 1, 2 and 3)2 | |||||
| Account Value Death Benefit | |||||
| Guaranteed Maximum Charge | 3.55% | ||||
| Current Charge | 2.55% | ||||
| Guarantee of Principal Death Benefit | |||||
| Guaranteed Maximum Charge | 3.60% | ||||
| Current Charge | 2.60% | ||||
| Enhanced Guaranteed Minimum Death Benefit (EGMDB) | |||||
| Guaranteed Maximum Charge | 3.85% | ||||
| Current Charge | 2.85% | ||||
1The account fee will be waived if your contract value is $100,000 or more at the end of any particular contract year. This account fee may be less in some states and will be waived after the fifteenth contract year. The account fee will also be deducted upon full surrender of the contract if the contract value is less than $100,000. 2The Guaranteed Income Benefit (versions 1, 2 and 3) are no longer available for election (unless the right to elect was provided under the terms of a previously purchased Living Benefit rider.) As an annualized percentage of average Account Value, computed daily. This charge is assessed only on and after the effective date of the Guaranteed Income Benefit. The current annual charge for Guaranteed Income Benefit (versions 1, 2 and 3) is 0.50% of Account Value with a maximum charge of 1.50%. These charges are added to the i4LIFE® Advantage charges to comprise the total charges reflected. During the Lifetime Income Period, the Guaranteed Income Benefit charges are added to the i4LIFE® Advantage charge of 1.65%. See Charges and Other Deductions - i4LIFE® Advantage with Guaranteed Income Benefit Charge for further information. | |||||
Table C
Annual Account Fee1 | $35 | |
i4LIFE® Advantage With 4LATER® Advantage Guaranteed Income Benefit for purchasers who previously purchased 4LATER® Advantage:1 | ||
| On or after November 7, 2011 | Prior to November 7, 2011 | |
| Account Value Death Benefit | ||
| Guaranteed Maximum Charge | 3.55% | 3.50% |
| Current Charge | 2.70% | 2.65% |
| Guarantee of Principal Death Benefit | ||
| Guaranteed Maximum Charge | 3.60% | 3.55% |
| Current Charge | 2.75% | 2.70% |
| Enhanced Guaranteed Minimum Death Benefit (EGMDB) | ||
| Guaranteed Maximum Charge | 3.85% | 3.80% |
| Current Charge | 3.00% | 2.95% |
1The account fee will be waived if your contract value is $100,000 or more at the end of any particular contract year. This account fee will be waived after the fifteenth contract year. The account fee will also be deducted upon full surrender of the contract if the contract value is less than $100,000. 2As an annualized percentage of average Account Value, computed daily. This charge is assessed only on and after the effective date of i4LIFE® Advantage. The current annual charge for 4LATER® Advantage Guaranteed Income Benefit is 0.65% with a maximum charge of 1.50%. This charge is added to i4LIFE® Advantage charges to comprise the total charges reflected. During the Lifetime Income Period, the 4LATER® Advantage Guaranteed Income Benefit charge is added to the i4LIFE® Advantage charge of 1.65%. See Charges and Other Deductions - 4LATER® Advantage Guaranteed Income Benefit Charge. | ||
Table D
Annual Account Fee1 | $35 | |
i4LIFE® Advantage With Guaranteed Income Benefit (version 4) for purchasers who previously purchased Lincoln Lifetime IncomeSM Advantage 2.0: | ||
| Separate Account Annual Expenses (as a percentage of average daily net assets in the subaccounts) | On or after November 7, 2011 | Prior to November 7, 2011 |
| Single & Joint Life | ||
| Account Value Death Benefit | 1.65% | 1.60% |
| Guarantee of Principal Death Benefit | 1.70% | 1.65% |
| Enhanced Guaranteed Minimum Death Benefit (EGMDB) | 1.95% | 1.90% |
i4LIFE® Advantage With Guaranteed Income Benefit (version 4)2 | ||
| Guaranteed Maximum Charge | 2.00% | 2.00% |
| Current Charge | 1.05% | 1.25% |
1The account fee will be waived if your contract value is $100,000 or more at the end of any particular contract year. This account fee will be waived after the fifteenth contract year. The account fee will also be deducted upon full surrender of the contract if the contract value is less than $100,000. 2As an annualized percentage of the greater of the Income Base (associated with Lincoln Lifetime IncomeSM Advantage 2.0) less the Guaranteed Annual Income amounts paid since the last step-up or contract value prior to electing i4LIFE® Advantage. This charge is deducted from Account Value on a quarterly basis and only on and after the effective date of i4LIFE® Advantage. In the event of an automatic step-up in the Guaranteed Income Benefit, the dollar amount of the charge will increase by a two-part formula: 1) the charge will increase by the same percentage as the Guaranteed Income Benefit payment increases and 2) the charge will also increase by the percentage increase, if any, to the Lincoln Lifetime IncomeSM Advantage 2.0 current charge rate. (The Lincoln Lifetime IncomeSM Advantage 2.0 charge continues to be a factor in determining the i4LIFE® Advantage with Guaranteed Income Benefit charge.) See Charges and Other Deductions - i4LIFE® Advantage with Guaranteed Income Benefit (version 4) for purchasers who previously purchased Lincoln Lifetime IncomeSM Advantage 2.0. | ||
Examples – As of November 7, 2011, the following Examples section replaces in its entirety the Examples section of your prospectus.
These Examples are intended to help you compare the cost of investing in the contract with the cost of investing in other variable annuity contracts. These costs include contractowner transaction expenses, contract fees, separate account annual expenses, and fund fees and expenses.
The first Example assumes that you invest $10,000 in the contract for the time periods indicated. The Example also assumes that your investment has a 5% return each year, the gross maximum fees and expenses of any of the funds and that the EGMDB death benefit and i4LIFE® Advantage with Guaranteed Income Benefit (version 4) at the guaranteed maximum charge are in effect. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:
1) If you surrender your contract at the end of the applicable time period:
| 1 year | 3 years | 5 years | 10 years |
$1,253 | $2,250 | $2,735 | $5,396 |
2) If you annuitize or do not surrender your contract at the end of the applicable time period:
| 1 year | 3 years | 5 years | 10 years |
$553 | $1,650 | $2,735 | $5,396 |
The next Example assumes that you invest $10,000 in the contract for the time periods indicated. The Example also assumes that your investment has a 5% return each year, the gross maximum fees and expenses of any of the funds and that the EGMDB death benefit and Lincoln Lifetime IncomeSM Advantage 2.0 at the guaranteed maximum charge are in effect. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:
1) If you surrender your contract at the end of the applicable time period:
| 1 year | 3 years | 5 years | 10 years |
$1,215 | $2,173 | $2,671 | $5,593 |
2) If you annuitize or do not surrender your contract at the end of the applicable time period:
| 1 year | 3 years | 5 years | 10 years |
$515 | $1,573 | $2,671 | $5,593 |
For more information, see Charges and Other Deductions in this prospectus, and the prospectus for the funds. Premium taxes may also apply, although they do not appear in the examples. The examples do not reflect persistency credits. Different fees and expenses not reflected in the examples may be imposed during a period in which annuity payouts are made. See The Contracts - Annuity Payouts. These examples should not be considered a representation of past or future expenses. Actual expenses may be more or less than those shown.
The Contracts – Persistency Credits – As of November 7, 2011, the following paragraph replaces in its entirety the Persistency Credits section of your prospectus:
Persistency Credits. Contractowners will receive a persistency credit on a quarterly basis after the seventh contract anniversary. The amount of the persistency credit is calculated by multiplying the contract value, less any purchase payments that have not been invested in the contract for at least seven years, by 0.10% (0.0875% on contracts issued on or after July 22, 2005 and prior to November 7, 2011; 0.075% on contracts issued before July 22, 2005). This persistency credit will be allocated to the variable subaccounts and the DCA fixed account in proportion to the contract value in each variable subaccount and DCA fixed account at the time the persistency credit is paid into the contract. The amount of any persistency credit received will be noted on your quarterly statement. Confirmation statements for each individual transaction will not be issued.
There is no additional charge to receive this persistency credit, and in no case will the persistency credit be less than zero.
Please keep this supplement for future reference.
Item 29. Principal Underwriter
| (a) | Lincoln Financial Distributors, Inc. ("LFD") currently serves as Principal Underwriter for: Lincoln National Variable Annuity Account C; Lincoln National Flexible Premium Variable Life Account D; Lincoln National Variable Annuity Account E; Lincoln National Flexible Premium Variable Life Account F; Lincoln National Flexible Premium Variable Life Account G; Lincoln National Variable Annuity Account H; Lincoln Life & Annuity Variable Annuity Account H; Lincoln Life Flexible Premium Variable Life Account J; Lincoln Life Flexible Premium Variable Life Account K; Lincoln National Variable Annuity Account L; Lincoln Life & Annuity Variable Annuity Account L; Lincoln Life Flexible Premium Variable Life Account M; Lincoln Life & Annuity Flexible Premium Variable Life Account M; Lincoln Life Variable Annuity Account N; Lincoln New York Account N for Variable Annuities; Lincoln Life Variable Annuity Account Q; Lincoln Life Flexible Premium Variable Life Account R; LLANY Separate Account R for Flexible Premium Variable Life Insurance; Lincoln Life Flexible Premium Variable Life Account S; LLANY Separate Account S for Flexible Premium Variable Life Insurance; Lincoln Life Variable Annuity Account T; Lincoln Life Variable Annuity Account W; and Lincoln Life Flexible Premium Variable Life Account Y and Lincoln Life & Annuity Flexible Premium Variable Life Account Y; Lincoln Variable Insurance Products Trust; Lincoln Life Variable Annuity Account JF-H; Lincoln Life Variable Annuity Account JF-I; Lincoln Life Flexible Premium Variable Life Account JF-A; Lincoln Life Flexible Premium Variable Life Account JF-C; Lincoln Life Variable Annuity Account JL-A; Lincoln Life & Annuity Flexible Premium Variable Life Account JA-B. | |
| (b) | Officers and Directors of Lincoln Financial Distributors, Inc.: | |
Name | Positions and Offices with Underwriter |
Wilford H. Fuller* | President, Chief Executive Officer and Director |
David M. Kittredge* | Senior Vice President |
Anant Bhalla* | Vice President and Treasurer |
Patrick J. Caulfield** | Vice President and Chief Compliance Officer |
Joel Schwartz* | Senior Vice President and Director |
Keith J. Ryan*** | Vice President and Chief Financial Officer |
Patricia A. Insley* | Senior Vice President and Director |
Thomas P. O'Neill* | Senior Vice President and Director |
Linda E. Woodward*** | Secretary |
*Principal Business address is Radnor Financial Center, 150 Radnor Chester Road, Radnor PA 19087
**Principal Business address is 350 Church Street, Hartford, CT 06103
***Principal Business address is 1300 S. Clinton Street, Ft. Wayne, IN 46802
(c) N/A
Item 30. Location of Accounts and Records
All accounts, books, and other documents, required to be maintained by Section 31a of the 1940 Act and the Rules promulgated thereunder are maintained by The Lincoln National Life Insurance Company ("Lincoln Life"), 1300 South Clinton Street, Fort Wayne, Indiana 46802 pursuant to an administrative services agreement with Lincoln Life & Annuity Company of New York. Lincoln Life has entered into an agreement with Bank of New York Mellon, One Mellon Bank Center, 500 Grant Street, Pittsburgh, PA 15258, to provide accounting services for the VAA.
Item 31. Management Services
Not Applicable.
Item 32. Undertakings
| (a) | Registrant undertakes that it will file a post-effective amendment to this registration statement as frequently as necessary to ensure that the audited financial statements in the registration statement are never more than 16 months old for so long as payments under the variable annuity contracts may be accepted. | |
| (b) | Registrant undertakes that it will include either (1) as part of any application to purchase a Certificate or an Individual Contract offered by the Prospectus, a space that an applicant can check to request a Statement of Additional Information, or (2) a post card or a similar written communication affixed to or included in the Prospectus that the applicant can remove to send for a Statement of Additional Information. | |
| (c) | Registrant undertakes to deliver any Statement of Additional Information and any financial statements required to be made available under this Form promptly upon written or oral request to Lincoln New York at the address or phone number listed in the Prospectus. | |
| (d) | Lincoln Life & Annuity Company of New York hereby represents that the fees and charges deducted under the contract, in the aggregate, are reasonable in relation to the services rendered, the expenses expected to be incurred, and the risks assumed by Lincoln Life & Annuity Company of New York. | |
| (e) | Registrant hereby represents that it is relying on the American Council of Life Insurance (avail. Nov. 28, 1988) no-action letter with respect to Contracts used in connection with retirement plans meeting the requirements of Section 403(b) of the Internal Revenue Code, and represents further that it will comply with the provisions of paragraphs (1) through (4) set forth in that no-action letter. | |
B-6