485BPOS 1 d485bpos.htm PACIFIC VALUE - POST-EFFECTIVE AMENDMENT NO.17 Pacific Value - Post-Effective Amendment No.17

As filed with the Securities and Exchange Commission on June 30, 2003

Registration Nos.

 

811-08946

333-60833

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-4

 

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

  

x

Pre-Effective Amendment No. __

  

¨

Post-Effective Amendment No. 17

  

x

and/or

 

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940

   x

Amendment No. 76

  

x

(Check appropriate box or boxes)

 

SEPARATE ACCOUNT A

(Exact Name of Registrant)

 

PACIFIC LIFE INSURANCE COMPANY

(Name of Depositor)

 

700 Newport Center Drive

Newport Beach, California 92660

(Address of Depositor’s Principal Executive Offices) (Zip Code)

 

Depositor’s Telephone Number, including Area Code:  (949) 219-3743

 

Diane N. Ledger

Vice President

Pacific Life Insurance Company

700 Newport Center Drive

Newport Beach, California 92660

(Name and Address of Agent for Service)

 

Copies of all communications to:

 

Diane N. Ledger   Ruth Epstein, Esq.
Pacific Life Insurance Company   Dechert LLP
P. O. Box 9000   1775 Eye Street, N.W.
Newport Beach, CA 92658-9030   Washington, D.C. 20006-2401

 

Approximate Date of Proposed Public Offering

 

It is proposed that this filing will become effective (check appropriate box)

¨

   immediately upon filing pursuant to paragraph (b) of Rule 485

x

   on July 1, 2003 pursuant to paragraph (b) of Rule 485

¨

   60 days after filing pursuant to paragraph (a)(1) of Rule 485

¨

   on                          pursuant to paragraph (a)(1) of Rule 485

 

If appropriate, check the following box:

 

¨

   this post-effective amendment designates a new effective date for a previously filed post-effective amendment.

 

Title of Securities being registered: interests in the Separate Account under Pacific Value and Pacific Value for Prudential Securities individual flexible premium deferred variable annuity contracts.

 

Filing Fee: None


SEPARATE ACCOUNT A

FORM N-4

CROSS REFERENCE SHEET

 

PART A

 

Item No.

   Prospectus Heading

1.

 

Cover Page

  

Cover Page

 

2.

 

Definitions

  

TERMS USED IN THIS PROSPECTUS

 

3.

 

Synopsis

  

AN OVERVIEW OF PACIFIC VALUE

 

4.

 

Condensed Financial Information

  

YOUR INVESTMENT OPTIONS — Variable Investment Option Performance; ADDITIONAL INFORMATION — Financial Statements; FINANCIAL HIGHLIGHTS

 

5.

 

General Description of Registrant, Depositor and Portfolio Companies

  

AN OVERVIEW OF PACIFIC VALUE; PACIFIC LIFE AND THE SEPARATE ACCOUNT — Pacific Life, — Separate Account A; YOUR INVESTMENT OPTIONS — Your Variable Investment Options; ADDITIONAL INFORMATION — Voting Rights

 

6.

 

Deductions

  

AN OVERVIEW OF PACIFIC VALUE; HOW YOUR INVESTMENTS ARE ALLOCATED — Transfers; CHARGES, FEES AND DEDUCTIONS; WITHDRAWALS — Optional Withdrawal

 

7.

 

General Description of Variable Annuity Contracts

  

AN OVERVIEW OF PACIFIC VALUE; PURCHASING YOUR CONTRACT — How to Apply for your Contract; HOW YOUR INVESTMENTS ARE ALLOCATED; RETIREMENT BENEFITS AND OTHER PAYOUTS — Choosing Your Annuity Option, — Your Annuity Payments, — Death Benefits; ADDITIONAL INFORMATION — Voting Rights, — Changes to Your Contract, — Changes to ALL Contracts, — Inquiries and Submitting Forms and Requests, — Timing of Payments and Transactions

 

8.

 

Annuity Period

  

RETIREMENT BENEFITS AND OTHER PAYOUTS

 

9.

 

Death Benefit

  

RETIREMENT BENEFITS AND OTHER PAYOUTS — Death Benefits

 

10.

 

Purchases and Contract Value

  

AN OVERVIEW OF PACIFIC VALUE; PURCHASING YOUR CONTRACT; HOW YOUR INVESTMENTS ARE ALLOCATED; PACIFIC LIFE AND THE SEPARATE ACCOUNT — Pacific Life; THE GENERAL ACCOUNT — Withdrawals and Transfers

 

11.

 

Redemptions

  

AN OVERVIEW OF PACIFIC VALUE; CHARGES, FEES AND DEDUCTIONS; WITHDRAWALS; ADDITIONAL INFORMATION — Timing of Payments and Transactions; THE GENERAL ACCOUNT — Withdrawals and Transfers

 

12.

 

Taxes

  

CHARGES, FEES AND DEDUCTIONS — Premium Taxes; WITHDRAWALS — Optional Withdrawals, — Tax Consequences of Withdrawals; FEDERAL TAX STATUS

 

13.

 

Legal Proceedings

  

Not Applicable

 

14.

 

Table of Contents of the Statement

    of Additional Information

 

   CONTENTS OF THE STATEMENT OF ADDITIONAL INFORMATION

PART B

Item No.

   Statement of Additional Information Heading

15.

 

Cover Page

  

Cover Page

 

16.

 

Table of Contents

  

TABLE OF CONTENTS

 

17.

 

General Information and History

  

Not Applicable

 

18.

 

Services

  

Not Applicable

 

19.

 

Purchase of Securities Being Offered

  

THE CONTRACTS AND THE SEPARATE ACCOUNT — Calculating Subaccount Unit Values, — Systematic Transfer Programs

 

20.

 

Underwriters

  

DISTRIBUTION OF THE CONTRACTS — Pacific Select Distributors, Inc.

 

21.

 

Calculation of Performance Data

  

PERFORMANCE

 

22.

 

Annuity Payments

  

THE CONTRACTS AND THE SEPARATE ACCOUNT — Variable Annuity Payment Amounts

 

23.

 

Financial Statements

  

FINANCIAL STATEMENTS

 

 

PART C

 

Information required to be included in Part C is set forth under the appropriate Item, so numbered, in Part C to this Registration Statement.


PROSPECTUS

 

(included in Registrant’s Form N-4/B, File No. 333-60833, Accession No. 0001017062-03-000935 filed on April 28, 2003 and incorporated by reference herein.)


STATEMENT OF ADDITIONAL INFORMATION

 

(included in Registrant’s Form N-4/B, File No. 333-60833, Accession No. 0001017062-03-000935 filed on April 28, 2003 and incorporated by reference herein.)


Supplement dated July 1, 2003 to the

Prospectus dated May 1, 2003 for the Pacific Value

and Pacific Value for Prudential Securities,

variable annuity contracts issued

by Pacific Life Insurance Company

 

 

       

Capitalized terms used in this Supplement are defined in the Prospectus referred to above unless otherwise defined herein. “We,” “us”, or “our” refer to Pacific Life Insurance Company; “you” or “your” refer to the Contract Owner.

 

This Supplement changes the Prospectus to reflect the following:

 

 

The Fixed Option is not available.

     

Subject to state approval, the Fixed Option is no longer available for new Contracts issued on or after July 1, 2003.

 

All references to the Fixed Option in the Prospectus and Statement of Additional Information will not apply to such Contracts. For Contracts issued on or after July 1, 2003 allocations of Purchase Payments or Contract Value to the Fixed Option will not be permitted. Ask your registered representative about its current status.

 

 

AN OVERVIEW OF PACIFIC VALUE—Contract Transaction Expenses is amended.

     

Footnote 3 of the Contract Transaction Expenses table is amended to read as follows:

 

For Contracts issued before July 1, 2003, the transfer transaction fee is currently waived. In the future, we may charge a fee of up to $15 for any transfer over 15 that you make in a Contract Year. For Contracts issued on or after July 1, 2003, there is no transfer transaction fee. See HOW YOUR INVESTMENTS ARE ALLOCATED—Transfers.

 

 

PURCHASING YOUR CONTRACT—How to Apply for Your Contract is amended.

     

Paragraph 3 of the How to Apply for Your Contract section is amended to read as follows:

 

We reserve the right to reject any application or Investment for any reason, subject to any applicable nondiscrimination laws and to our own standards and guidelines. The maximum age of a Contract Owner, including Joint Owners and Contingent Owners, for which a Contract will be issued is 80. The Contract Owner’s age is calculated as of his or her age last birthday. If any Contract Owner or any sole Annuitant named in the application for a Contract dies before we issue a Contract, then the application for the Contract and/or any Contract issued shall be deemed null and void. A refund will be returned to the applicant/Owner or the applicant/Owner’s estate. Depending on the state where your application was signed, the amount of the refund may be more or less than the initial Investment received, or any other Investment we receive in connection with an exchange or transfer. In most states, the refund will be the Contract Value based upon the next determined Accumulated Unit Value (AUV) after we receive proof of death, in proper form, of the Contract Owner or Annuitant, plus a refund of any amount used to pay premium taxes and/or other taxes, and minus any Credit Enhancement or any additional amount credited as described in CHARGES, FEES AND DEDUCTION—Waivers and Reduced Charges section in this Prospectus.

 


 

HOW YOUR INVESTMENTS ARE ALLOCATED—Transfers is amended.

     

Paragraph 2 of the HOW YOUR INVESTMENTS ARE ALLOCATED—Transfers section is amended to read as follows:

 

For the purpose of applying the limitations, any transfers that occur on the same day are considered one transfer and transfers that occur as a result of the dollar cost averaging program, the portfolio rebalancing program, the earnings sweep program or an approved asset allocation program are excluded from the limitation. Currently, there is no transfer fee imposed on transfers among the Investment Options. However, for Contracts issued before July 1, 2003, we reserve the right to impose a transaction fee of up to $15 per transfer for transfers in excess of 15 in any Contract Year.

 

 

RETIREMENT BENEFITS AND OTHER PAYOUTS—Choosing Your Annuity Option is amended.

     

Option 2 of the Annuity Options subsection is amended to read as follows:

 

Life with Period Certain. Periodic payments are made to the designated payee during the lifetime of the Annuitant (even if the Owner dies), with payments guaranteed for a specified period. You may choose to have payments guaranteed for anywhere from 7 through 30 years (in full years only). If the Annuitant dies before the guaranteed payments are completed, the remainder of the guaranteed payments will be paid to the first living person in the following order: Owner, Joint Owner, Contingent Owner, Beneficiary, or Contingent Beneficiary. If none are living the remainder will be paid to the Owner’s estate. If your Contract was issued on or after July 1, 2003, and variable payments are elected under this option, you may redeem all remaining guaranteed variable payments after the Annuity Date. The amount available upon such redemption would be the present value of any remaining guaranteed variable payments at the assumed investment return.

 

 

WITHDRAWALS—Right to Cancel (“Free Look”) is amended.

     

Paragraph 1 of the Right to Cancel (“Free Look”) section is amended to read as follows:

 

You may return your Contract for cancellation and a refund during your Free Look period. Your Free Look period is usually the 10-day period beginning on the day you receive your Contract, but may vary if required by state law. The amount of your refund may be more or less than the Purchase Payments you’ve made. If you return your Contract, it will be canceled and treated as void from your Contract Date. In most states, you will then receive a refund of your Contract Value, based upon the next determined Accumulated Unit Value (AUV) after we receive your Contract for cancellation, plus a refund of any amounts that may have been deducted as Contract fees and charges, and minus any Credit Enhancement or any additional amount credited as described in CHARGES, FEES AND DEDUCTIONS—Waivers and Reduced Charges section in this Prospectus. You would keep the gains or losses on the credited amounts. Thus, an Owner who returns a Contract within the Free Look period also bears the investment risk on any Credit Enhancements or additional amounts credited to the Contract. In some states we are required to refund your Purchase Payments.

 

 

 

PVSUPP703


PART II

 

Part C:    OTHER INFORMATION

 

Item 24.    Financial Statements and Exhibits

 

(a) Financial Statements

 

Part A: None

 

Part B:

 

  (1)   Registrant’s Financial Statements

 

Audited Financial Statements dated as of December 31, 2002 which are incorporated by reference from the 2002 Annual Report include the following for Separate Account A:

 

Statements of Assets and Liabilities

Statements of Operations

Statements of Changes in Net Assets

Notes to Financial Statements

 

  (2)   Depositor’s Financial Statements

 

Audited Consolidated Financial Statements dated as of December 31, 2002 and 2001, and for the three year period ending December 31, 2002, included in Part B include the following for Pacific Life:

 

Independent Auditors’ Report

Consolidated Statements of Financial Condition

Consolidated Statements of Operations

Consolidated Statements of Stockholder’s Equity

Consolidated Statements of Cash Flows

Notes to Consolidated Financial Statements

 

  (b)   Exhibits

 

  1.    (a)   Resolution of the Board of Directors of the Depositor authorizing establishment of Separate Account A and Memorandum establishing Separate Account A.1

 

         (b)   Memorandum Establishing Two New Variable Accounts—Aggressive Equity and Emerging Markets Portfolios.1

 

         (c)   Resolution of the Board of Directors of Pacific Life Insurance Company authorizing conformity to the terms of the current Bylaws.1

 

II-1


2.    Not applicable
3.   

(a)

  Distribution Agreement between Pacific Mutual Life and Pacific Select Distributors, Inc. (PSD)1
     (b)   Form of Selling Agreement between Pacific Mutual Life, PSD and Various Broker-Dealers1
4.   

(a)

  (1)    Form of Individual Flexible Premium Deferred Variable Annuity Contract (Form No. PV9808)1
         (2)    Form of Individual Flexible Premium Deferred Variable Annuity Contract (Form No. 10-1100)
     (b)   Qualified Pension Plan Rider (Form No. R90-Pen-V)1
     (c)   403(b) Tax-Sheltered Annuity Rider11
     (d)   Section 457 Plan Rider (Form No. R95-457)1
     (e)   Individual Retirement Annuity Rider (Form No. 20-18900)11
     (f)   Roth Individual Retirement Annuity Rider (Form No. 20-19000)11
     (g)   SIMPLE Individual Retirement Annuity Rider (Form No. 20-19100)11
     (h)   Stepped-Up Death Benefit Rider No. (Form No. R9808.SDB)1
     (i)   (1)    Premier Death Benefit Rider (Form No. R9808.PDB)1
         (2)    Premier Death Benefit Rider (Form No. 20-18000)11
     (j)   Guaranteed Income Advantage (GIA) Rider (Form No. 23-111499)3
     (k)   Guaranteed Earnings Enhancement (EEG) Rider (Form No. 20-14900)7
     (l)   Form of Guaranteed Protection Advantage (GPA) Rider (Form No. 20-16200)11
     (m)   Form of Guaranteed Protection Advantage (GPA) 5 Rider (Form No. 20-19500)13
     (n)   Income Access Rider (Form No. 20-19808)13
     (o)   Qualified Retirement Plan Rider11
5.    (a)   (1)    Variable Annuity Application for Pacific Value (Form No. 25-12510)6
         (2)    Form of Variable Annuity Application for Pacific Value for Prudential Securities9
         (3)    Form of Variable Annuity Application for Pacific Value (Form No. 25-1100)
         (4)    Form of Variable Annuity Application for Pacific Value for Prudential Securities (Form No. 25-1100)
     (b)   Variable Annuity PAC APP1
     (c)   Application/Confirmation Form4
     (d)   Form of Guaranteed Earnings Enhancement (EEG) Rider Request Application7
     (e)   Form of Guaranteed Protection Advantage (GPA) Rider Request Form (Form No. 55-16600)11
     (f)   Form of Guaranteed Protection Advantage 5 Rider Request Form (Form No. 2311-3A)13
     (g)   Form of Income Access Rider Request Form (Form No. 2315-3A)13
6.    (a)   Pacific Life’s Articles of Incorporation1
     (b)   By-laws of Pacific Life1
7.    Not applicable
8.    (a)   Pacific Select Fund Participation Agreement8
     (b)   Addendum to Pacific Select Fund Participation Agreement (to add the Strategic Value and Focused 30 Portfolios)8
     (c)   Addendum to Pacific Select Fund Participation Agreement (to add nine new Portfolios)8
     (d)   Form of The Prudential Series Fund, Inc. Participation Agreement9
     (e)   Addendum to the Fund Participation Agreement (to add the Equity Income and Research Portfolios)11
9.    Opinion and Consent of legal officer of Pacific Life as to the legality of Contracts being registered.1

 

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10.  

Independent Auditors’ Consent14

 

   

Pacific Value and Pacific Value for Prudential Securities

 

11.  

Not applicable

 

12.  

Not applicable

 

13.  

Performance Calculations14

 

    (a)  

Pacific Value

 

        (1)  

With 4% Credit Enhancement

 

        (2)  

With 5% Credit Enhancement

 

    (b)  

Pacific Value for Prudential Securities

 

        (1)  

With 4% Credit Enhancement

 

        (2)  

With 5% Credit Enhancement

 

14.  

Not applicable

 

15.  

Powers of Attorney11

 

16.   Not applicable

 

Exhibit II-3

 

1   Included in Registrant’s Form Type N-4/A, File No. 333-60833, Accession No. 0001017062-98-001683, filed on August 6, 1998 and incorporated by reference herein.

2

  Included in Registrant’s Form Type N-4, File No. 333-60833, Accession No. 0001017062-99-000757, filed on April 29, 1999, and incorporated by reference herein.

3

  Included in Registrant’s Form Type 497, File No. 333-60833, Accession No. 0001017062-99-001498, filed on August 17, 1999, and incorporated by reference herein.

4

  Included in Registrant’s Form N-4/B, File No. 333-60833, Accession No. 0001017062-00-000578, filed on February 29, 2000, and incorporated by reference herein.

5

  Included in Registrant’s Form N-4/B, File No. 333-60833, Accession No. 0001017062-00-000954, filed on April 21, 2000, and incorporated by reference herein.

6

  Included in Registrant’s Form N-4/B, File No. 333-60833, Accession No. 0001017062-00-002449, filed on December 7, 2000, and incorporated by reference herein.

7

  Included in Registrant’s Form N-4/A, File No. 333-60833, Accession No. 0001017062-01-000458, filed on March 2, 2001, and incorporated by reference herein.

8

  Included in Registrant’s Form N-4/B, File No. 333-60833, Accession No. 0001017062-01-500166, filed on May 1, 2001, and incorporated by reference herein.

9

  Included in Registrant’s Form N-4/A, File No. 333-60833, Accession No. 0001017062-01-500473, filed on June 15, 2001, and incorporated by reference herein.

10

  Included in Registrant’s Form N-4/A, File No. 333-60833, Accession No. 0000898430-01-503117, filed October 25, 2001, and incorporated by reference herein.

11

  Included in Registrant’s Form N-4/B, File No. 333-60833, Accession No. 0001017062-02-000786 filed on April 30, 2002 and incorporated by reference herein.

12

  Included in Registrant’s Form N-4/B, File No. 333-60833, Accession No. 001017062-02-002151, filed on December 19, 2002 and incorporated by reference herein.

13

  Included in Registrant’s Form N-4/B, File No. 333-60833, Accession No. 0001017062-03-000462, filed on March 18, 2003 and incorporated by reference herein.

14

  Included in Registrant’s Form N-4/B, File No. 333-60833, Accession No. 0001017062-03-000935, filed on April 28, 2003 and incorporated by reference herein.

 

Item 25.    Directors and Officers of Pacific Life

 

Name and Address   

Positions and Offices

with Pacific Life

 

Thomas C. Sutton

   Director, Chairman of the Board, and Chief Executive Officer

Glenn S. Schafer

   Director and President

Khanh T. Tran

   Director, Executive Vice President and Chief Financial Officer

David R. Carmichael

   Director, Senior Vice President and General Counsel

Audrey L. Milfs

   Director, Vice President and Corporate Secretary

Edward R. Byrd

   Vice President and Controller

Brian D. Klemens

   Vice President and Treasurer

Gerald W. Robinson

   Executive Vice President

 

The address for each of the persons listed above is as follows:

 

700 Newport Center Drive

Newport Beach, California 92660

 

II-3


Item 26.    Persons Controlled by or Under Common Control with Pacific Life or Separate Account A

 

The following is an explanation of the organization chart of Pacific Life’s subsidiaries:

 

PACIFIC LIFE, SUBSIDIARIES & AFFILIATED ENTERPRISES

LEGAL STRUCTURE

 

Pacific Life is a California Stock Life Insurance Company wholly-owned by Pacific LifeCorp (a Delaware Stock Holding Company) which is, in turn, 98% owned by Pacific Mutual Holding Company (a California Mutual Holding Company). Other subsidiaries of Pacific LifeCorp are: an 86% ownership of Aviation Capital Group Holding Corp. (a Delaware Corporation); College Savings Bank (a New Jersey Chartered Capital Stock Savings Bank) and its subsidiary College Savings Trust (a Montana Chartered Uninsured Trust Company); an 80% ownership of M.L. Stern & Co., LLC (a Delaware Limited Liability Company) and its subsidiary Tower Asset Management, LLC (a Delaware Limited Liability Company); Pacific Asset Funding, LLC (a Delaware Limited Liability Company) and its subsidiaries PL Trading Company, LLC (a Delaware Limited Liability Company) and Pacific Life Trade Services, Limited (a Hong Kong Limited Corporation); and Pacific Life & Annuity Services, Inc. (a Colorado Corporation). A Subsidiary of Aviation Capital Group Holding Corp., is Aviation Capital Group Corp. (a Delaware Corporation), which in turn, is the parent of: ACGFS II, Inc. (a Delaware Corporation); ACG Acquisition V Corporation (a Delaware Corporation); a 50% ownership of ACG Acquisition VI LLC; a 33% ownership of ACG Acquisition IX LLC; ACG Acquisition XXV LLC and its subsidiary ACG Acquisition Ireland II, Limited (an Irish Corporation); ACG Acquisition XXVI, 37, 38 LLCs; and ACG Acquisition XXVII LLC. Subsidiaries of ACG Acquisition VI LLC are: a 34% ownership of ACG Acquisition VIII LLC; a 20% ownership of ACG Acquisition XIV LLC; and a 20% ownership of ACG Acquisition XIX LLC, which in turn owns ACG Acquisition XIX Holding LLC, which owns Aviation Capital Group Trust. Subsidiaries of Aviation Capital Group Trust are: ACG Acquisition XV LLC; ACG Acquisition XX LLC and its subsidiary ACG Acquisition Ireland, Limited (an Irish Corporation); and ACG Acquisition XXI, LLC. ACG Acquisition XXVII LLC owns 50% of ACG Acquisition XXVIII LLC, which owns ACG Acquisition XXIX LLC. Subsidiaries of ACG Acquisition XXIX LLC are: ACG Acquisition XXX LLCs; ACG Acquisition 35 Corporation (a Delaware Corporation); ACG Acquisition 31-34, 36-39 LLCs; and ACGFS, Inc. (a Delaware Corporation). Pacific Life is the parent company of: Pacific Life & Annuity Company (an Arizona Stock Life Insurance Company); Pacific Select Distributors, Inc.; Pacific Asset Management LLC (a Delaware Limited Liability Company); Confederation Life Insurance and Annuity Company (a Georgia Company); a 17% ownership of Scottish Annuity & Life Holdings, Ltd. [(a Cayman Islands Holding Company) abbreviated structure]; a 95% ownership of Grayhawk Golf Holdings, LLC (a Delaware Limited Liability Company), and its subsidiary Grayhawk Golf L.L.C. (an Arizona Limited Liability Company); a 67% ownership of Pacific Mezzanine Associates, L.L.C. (a Delaware Limited Liability Company) and its subsidiary Pacific Mezzanine Investors, L.L.C., (a Delaware Limited Liability Company) who is the sole general partner of the PMI Mezzanine Fund, L.P. (a Delaware Limited Partnership). Subsidiaries of Pacific Asset Management LLC are: a 21% ownership of Carson-Pacific LLC (a Delaware Limited Liability Company); PMRealty Advisors Inc.; a non-managing membership interest in Allianz-PacLife Partners LLC (a Delaware Limited Liability Company); and Pacific Financial Products Inc. (a Delaware Corporation). Allianz-PacLife Partners LLC and Pacific Financial Products, Inc., own the Class E units of Allianz Dresdner Asset Management of America L.P. (a Delaware Limited Partnership). Subsidiaries of Pacific Select Distributors, Inc., include: Associated Financial Group, Inc., Mutual Service Corporation (a Michigan Corporation), United Planners’ Group, Inc. (an Arizona Corporation), and a 45% ownership of Waterstone Financial Group, Inc. (an Illinois Corporation). Subsidiaries of Associated Financial Group, Inc., are Associated Planners Investment Advisory, Inc., Associated Securities Corp., West Coast Realty Management, Inc., Associated Planners Securities Corporation of Nevada, Inc. (a Nevada Corporation), and West Coast Realty Advisors, Inc. Subsidiaries of Mutual Service Corporation are Advisors’ Mutual Service Center, Inc. (a Michigan Corporation) and Contemporary Financial Solutions, Inc. (a Delaware Corporation). United Planners’ Group, Inc. is the general partner and holds an approximate 45% general partnership interest in United Planners’ Financial Services of America (an Arizona Limited Partnership). Subsidiaries of United Planners’ Financial Services of America are UPFSA Insurance Agency of Arizona, Inc. (an Arizona Corporation), UPFSA Insurance Agency of California, Inc., United Planners Insurance Agency of Massachusetts, Inc. (a Massachusetts Corporation), and United Planners Insurance Agency of Oklahoma, Inc. (an Oklahoma Corporation). All corporations are 100% owned unless otherwise indicated. All entities are California corporations unless otherwise indicated.

 

II-4


Item 27.    Number of Contractholders

 

1)  Pacific Value — Approximately

   63,501    Qualified            
     35,935    Non-Qualified
2)  Pacific Value for Prudential Securities — Approximately         116    Qualified            
          140    Non-Qualified

Item 28.    Indemnification

 

  (a)   The Distribution Agreement between Pacific Life and Pacific Select Distributors, Inc. (PSD) provides substantially as follows:

 

Pacific Life hereby agrees to indemnify and hold harmless PSD and its officers and directors, and employees for any expenses (including legal expenses), losses, claims, damages, or liabilities incurred by reason of any untrue or alleged untrue statement or representation of a material fact or any omission or alleged omission to state a material fact required to be stated to make other statements not misleading, if made in reliance on any prospectus, registration statement, post-effective amendment thereof, or sales materials supplied or approved by Pacific Life or the Separate Account. Pacific Life shall reimburse each such person for any legal or other expenses reasonably incurred in connection with investigating or defending any such loss, liability, damage, or claim. However, in no case shall Pacific Life be required to indemnify for any expenses, losses, claims, damages, or liabilities which have resulted from the willful misfeasance, bad faith, negligence, misconduct, or wrongful act of PSD.

 

PSD hereby agrees to indemnify and hold harmless Pacific Life, its officers, directors, and employees, and the Separate Account for any expenses, losses, claims, damages, or liabilities arising out of or based upon any of the following in connection with the offer or sale of the contracts: (1) except for such statements made in reliance on any prospectus, registration statement or sales material supplied or approved by Pacific Life or the Separate Account, any untrue or alleged untrue statement or representation made; (2) any failure to deliver a currently effective prospectus; (3) the use of any unauthorized sales literature by any officer, employee or agent of PSD or Broker; (4) any willful misfeasance, bad faith, negligence, misconduct or wrongful act. PSD shall reimburse each such person for any legal or other expenses reasonably incurred in connection with investigating or defending

 

II-5


any such loss, liability, damage, or claim.

 

  (b)   The Form of Selling Agreement between Pacific Life, Pacific Select Distributors, Inc. (PSD) and Various Broker-Dealers provides substantially as follows:

 

Pacific Life and PSD agree to indemnify and hold harmless Selling Broker-Dealer and General Agent, their officers, directors, agents and employees, against any and all losses, claims, damages or liabilities to which they may become subject under the 1933 Act, the 1934 Act, or other federal or state statutory law or regulation, at common law or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of a material fact or any omission to state a material fact required to be stated or necessary to make the statements made not misleading in the registration statement for the Contracts or for the shares of Pacific Select Fund (the “Fund”) filed pursuant to the 1933 Act, or any prospectus included as a part thereof, as from time to time amended and supplemented, or in any advertisement or sales literature approved in writing by Pacific Life and PSD pursuant to Section IV.E. of this Agreement.

 

Selling Broker-Dealer and General Agent agree to indemnify and hold harmless Pacific Life, the Fund and PSD, their officers, directors, agents and employees, against any and all losses, claims, damages or liabilities to which they may become subject under the 1933 Act, the 1934 Act or other federal or state statutory law or regulation, at common law or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon: (a) any oral or written misrepresentation by Selling Broker-Dealer or General Agent or their officers, directors, employees or agents unless such misrepresentation is contained in the registration statement for the Contracts or Fund shares, any prospectus included as a part thereof, as from time to time amended and supplemented, or any advertisement or sales literature approved in writing by Pacific Life and PSD pursuant to Section IV.E. of this Agreement, (b) the failure of Selling Broker-Dealer or General Agent or their officers, directors, employees or agents to comply with any applicable provisions of this Agreement or (c) claims by Sub- agents or employees of General Agent or Selling Broker-Dealer for payments of compensation or remuneration of any type. Selling Broker-Dealer and General Agent will reimburse Pacific Life or PSD or any director, officer, agent or employee of either entity for any legal or other expenses reasonably incurred by Pacific Life, PSD, or such officer, director, agent or employee in connection with investigating or defending any such loss, claims, damages, liability or action. This indemnity agreement will be in addition to any liability which Broker-Dealer may otherwise have.

 

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Item 29.    Principal Underwriters

 

  (a)   PSD also acts as principal underwriter for Pacific Select Variable Annuity Separate Account, Separate Account B, Pacific Corinthian Variable Separate Account, Pacific Select Separate Account, Pacific Select Exec Separate Account, COLI Separate Account, COLI II Separate Account, COLI III Separate Account, Separate Account A of Pacific Life & Annuity Company, Pacific Select Exec Separate Account of Pacific Life & Annuity Company,

 

  (b)   For information regarding PSD, reference is made to Form B-D, SEC File No. 8-15264, which is herein incorporated by reference.

 

  (c)   PSD retains no compensation or net discounts or commissions from the Registrant.

 

Item 30.    Location of Accounts and Records

 

The accounts, books and other documents required to be maintained by Registrant pursuant to Section 31(a) of the Investment Company Act of 1940 and the rules under that section will be maintained by Pacific Life at 700 Newport Center Drive, Newport Beach, California 92660.

 

Item 31.    Management Services

 

Not applicable

 

Item 32.    Undertakings

 

The registrant hereby undertakes:

 

  (a)   to file a post-effective amendment to this registration statement as frequently as is necessary to ensure that the audited financial statements in this registration statement are never more than 16 months old for so long as payments under the variable annuity contracts may be accepted, unless otherwise permitted.

 

  (b)   to include either (1) as a part of any application to purchase a 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 similar written communication affixed to or included in the prospectus that the applicant can remove to send for a Statement of Additional Information, or (3) to deliver a Statement of Additional Information with the Prospectus.

 

  (c)   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.

 

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Additional Representations

 

(a)  The Registrant and its Depositor are relying upon American Council of Life Insurance, SEC No-Action Letter, SEC Ref. No. 1P-6-88 (November 28, 1988) with respect to annuity contracts offered as funding vehicles for retirement plans meeting the requirements of Section 403(b) of the Internal Revenue Code, and the provisions of paragraphs (1)-(4) of this letter have been complied with.

 

(b)  The Registrant and its Depositor are relying upon Rule 6c-7 of the Investment Company Act of 1940 with respect to annuity contracts offered as funding vehicles to participants in the Texas Optional Retirement Program, and the provisions of Paragraphs (a)-(d) of the Rule have been complied with.

 

(c)  REPRESENTATION PURSUANT TO SECTION 26(f) OF THE INVESTMENT COMPANY ACT OF 1940: Pacific Life Insurance Company and Registrant represent that the fees and charges to be deducted under the Variable Annuity Contract (“Contract”) described in the prospectus contained in this registration statement are, in the aggregate, reasonable in relation to the services rendered, the expenses expected to be incurred, and the risks assumed in connection with the Contract.

 

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SIGNATURES

 

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets the requirements of Securities Act Rule 485 (b) for effectiveness of this Registration Statement and has caused this Post-Effective Amendment No. 17 to the Registration Statement on Form N-4 to be signed on its behalf by the undersigned thereunto duly authorized in the City of Newport Beach, and the State of California on this 30th day of June, 2003.

 

SEPARATE ACCOUNT A
                                (Registrant)

By:

  PACIFIC LIFE INSURANCE COMPANY

By:

 

 


   

Thomas C. Sutton*

Chairman and Chief Executive Officer

 

By:

  PACIFIC LIFE INSURANCE COMPANY
    (Depositor)

 

By:

 

 


   

Thomas C. Sutton*

Chairman and Chief Executive Officer

 

Pursuant to the requirements of the Securities Act of 1933, this Post-Effective Amendment No. 17 to the Registration Statement has been signed below by the following persons in the capacities and on the dates indicated:

 

Signature


  

Title


 

Date



Thomas C. Sutton*

   Director, Chairman of the Board and Chief Executive Officer   June 30, 2003

 


Glenn S. Schafer*

   Director and President   June 30, 2003

Khanh T. Tran*

   Director, Executive Vice President and Chief Financial Officer   June 30, 2003

David R. Carmichael*

   Director, Senior Vice President and General Counsel   June 30, 2003

Audrey L. Milfs*

   Director, Vice President and Corporate Secretary   June 30, 2003

Edward R. Byrd*

   Vice President and Controller   June 30, 2003

Brian D. Klemens*

   Vice President and Treasurer   June 30, 2003

Gerald W. Robinson*

 

   Executive Vice President   June 30, 2003
*By:  

/s/    DAVID R. CARMICHAEL


       June 30, 2003
   

David R. Carmichael

as attorney-in-fact

        

 

(Powers of Attorney are contained in Post-Effective Amendment No. 13 of the Registration Statement filed on Form N-4 for Separate Account A, File No. 333- 60833 Accession No. 0001017062-02-000786 filed on April 30, 2002, as Exhibit 15.2)

 

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