Individual Business
Source of Funds; No Money Laundering, No Tax Evasion. Customer represents, warrants and certifies to the Insurer that (i) all funds to be invested in this policy, contract or product have been or will be declared to relevant tax authorities in the jurisdiction of the customer’s habitual residence for the purposes of taxation and/or any other jurisdictions as necessary or appropriate in accordance with applicable laws and regulations, and (ii) none of the funds derive, directly or indirectly, from illegal activities or sources and/or tax evasion.
Policy of Cooperating with Tax and other Governmental Authorities; Consent to disclose information to Tax and other Governmental Authorities. The AXA Group and the Insurer have a longstanding policy of cooperating with tax and other governmental authorities to combat money laundering, tax evasion or other illegal activities. In cases where the Customer is not a tax resident of the jurisdiction in which this policy, contract or product is issued (a “Cross-Border Transaction”) the AXA Group may, in accordance with applicable laws and regulations, disclose to the pertinent tax and/or other governmental authorities the identity of the Customer and certain information concerning the policy, contract or product that is the subject of this application and the Customer hereby consents and agrees that the Insurer may, in its discretion, make such disclosure.
Breach of Representations; Insurer Right to Rescind and impose Surrender Charges; Right to Freeze Refund Amount. The Customer acknowledges that in the event of a violation of the foregoing Customer representation and warranty, the Customer hereby expressly acknowledges and agrees that the Insurer shall, to the fullest extent permitted by applicable law and regulation, have the right to (i) terminate the policy, contract or product immediately, (ii) notwithstanding the actual date of termination pursuant to clause (i), impose the maximum surrender and any other charges imposable on the Customer under the policy, contract or product as if the policy, contract or product had been surrendered immediately after issuance, (iii) notify relevant governmental authorities and furnish all information deemed necessary or appropriate in the entire discretion of the Insurer concerning the Customer and/or the policy, contract or product; and (iv) if deemed appropriate after consultation with governmental authorities and legal counsel, either (a) refund to the Customer premiums and other amounts paid to the Insurer through the date of such termination less applicable surrender and other charges in accordance with clause (ii) above (the “Refund Amount”), or (b) if requested or required to do so by competent governmental authorities, freeze or pay over to relevant governmental authorities all or a portion of the Refund Amount or take such other actions as competent governmental authorities may request or require.
Group Business
Source of Funds; No Money Laundering, No Tax Evasion. The Customer represents, warrants and certifies to the Insurer that (i) all funds to be invested in this policy, contract or product have been or will be declared to relevant tax authorities in the jurisdiction of the Customer’s habitual or tax residence for the purposes of taxation and/or any other jurisdictions as necessary or appropriate in accordance with applicable laws and regulations, and (ii) none of the funds derive, directly or indirectly, from illegal activities or sources and/or tax evasion.
Policy of Cooperating with Tax and other Governmental Authorities; Consent to disclose information to Tax and other Governmental Authorities. The AXA Group and the Insurer have a longstanding policy of cooperating with tax and other governmental authorities to combat money laundering, tax evasion or other illegal activities. In cases where the Customer is not a tax resident of the jurisdiction in which the policy, contract or product is issued (a “Cross Border Transaction”) the AXA Group may, in accordance with applicable laws and regulations, disclose to the Customer’s home country tax and/or other governmental authorities the identity of the Customer and certain information concerning the policy or contract that is the subject of this application and the Customer hereby consents and agrees that the Insurer may, in its discretion, make such disclosure.
Breach of Representations; Indemnification; Right to terminate policy; Consent to notify relevant governmental authorities. In the event of a violation of the foregoing the Customer represents and warrants and certifies to the insurer that, the Customer (1) shall indemnify and hold harmless the Insurer and its affiliates and their respective directors, officers, employees and agents from and against any and all damages, losses or liabilities of any nature arising as a result of such breach including, without limitation, any liabilities arising out of claims, suits or proceedings by beneficiaries; and (2) hereby expressly acknowledge and agrees that the Insurer shall, to the fullest extent permitted by applicable law and regulation, have the right to (i) terminate the policy, contract or product immediately, (ii) notify relevant governmental authorities and furnish all information deemed necessary or appropriate, in the entire discretion of the Insurer, concerning the Customer, beneficiaries and/or the policy, contract or product or other information concerning the relationship deemed relevant.