(A) The obligations of an insurer shall be governed solely by the provisions of the annuity contract. The insurer shall not be required to perform any act not provided in or contrary to the provisions of the annuity contract. Each annuity contract when purchased shall comply with the Plan. See § 38.096.
(B) The insurer is not a party to the Plan, nor bound in any way by the Plan provisions. It shall not be required to look to the terms of this Plan, nor to determine whether the employer or the Plan Administrator have the authority to act in any particular manner or to make any contract or agreement.
(C) Until notice of any amendment or termination of this Plan has been received by the insurer at its home office, the insurer is and shall be fully protected in assuming that the Plan has not been amended or terminated according to the latest information which it has received at its home office. (Ord. 1806, passed 1-7-15)