AMENDMENT to the AUTOMATIC AND FACULTATIVE YEARLY RENEWABLE TERM (YRT) AGREEMENT between MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY, (hereinafter the “Ceding Company”) and HARTFORD LIFE AND ACCIDENT INSURANCE COMPANY (hereinafter the “Reinsurer”)...
Exhibit 26 (g) ii. a1. 3.
AMENDMENT to the
AUTOMATIC AND FACULTATIVE YEARLY RENEWABLE TERM (YRT) AGREEMENT
between
MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY,
MML BAY STATE LIFE INSURANCE COMPANY, and
C.M. LIFE INSURANCE COMPANY
(hereinafter the “Ceding Company”)
and
HARTFORD LIFE AND ACCIDENT INSURANCE COMPANY
(hereinafter the “Reinsurer”)
Original Agreement Effective Date: April 1, 2005
Coverage: Strategic Edge Group Universal Life (GUL) with or without the variable rider (GVUL) Non-New York Business
This Amendment is effective beginning April 1, 2010.
Article III – Basis of Reinsurance, section A is hereby replaced in its entirety (the remaining sections of Article III – Basis of Reinsurance continue unchanged):
| A. | Business shall be reinsured on a . |
Schedule E – Reinsurance Reports, the following section is hereby replaced in its entirety (the remaining sections of Schedule E – Reinsurance Reports continue unchanged):
Electronic Reporting
The Reinsurer may request receipt of reinsurance data from the Ceding Company via an electronic medium (magnetic tape, magnetic disk, or electronic data interchange) as shall be available to the Ceding Company. Monthly transaction data and quarterly inforce data is currently available via electronic data interchange (FTP).
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| Note: | The detail and summary reports and the electronic forms shall be in either the standard TAI Reinsurance format or a modified TAI Reinsurance format. These formats shall be made available to the Reinsurer. Any changes to the format shall be communicated to the Reinsurer. |
Schedule G – DAC Tax Schedule, this schedule is hereby replaced in its entirety with the attached Schedule G – DAC Tax Schedule (on ).
All terms and conditions of the Agreement not in conflict with the terms and conditions of this Amendment shall continue unchanged.
IN WITNESS WHEREOF, this Amendment is hereby executed in good faith by both parties:
| MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY | ||||||||
| By: | /s/ Xxxxx X. Xxxxxx |
Date: | 7/21/1 | |||||
| Xxxxx X. Xxxxxx |
||||||||
| Second Vice President & Actuary |
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| MML BAY STATE LIFE INSURANCE COMPANY | ||||||||
| By: | /s/ Xxxxx X. Xxxxxx |
Date: | 7/21/11 | |||||
| Xxxxx X. Xxxxxx |
||||||||
| Second Vice President & Actuary |
||||||||
| C.M. LIFE INSURANCE COMPANY | ||||||||
| By: | /s/ Xxxxx X. Xxxxxx |
Date: | 7/21/11 | |||||
| Xxxxx X. Xxxxxx |
||||||||
| Second Vice President & Actuary |
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| HARTFORD LIFE AND ACCIDENT INSURANCE COMPANY | ||||||||
| By: | /s/ Xxxxxxxx X Xxxxxxx |
Date: | 7/19/11 | |||||
| Xxxxxxxx X. Xxxxxxx |
||||||||
| Assistant Vice President & Actuary |
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SCHEDULE G: DAC TAX SCHEDULE
Treasury Regulation Section 1.848-2 (g) (8) Election. The Ceding Company and the Reinsurer hereby agree to the following pursuant to Treasury Regulation Section 1.848-2 (g) (8) of the Income Tax Regulations issued December, 1992, under Section 848 of the Internal Revenue Code of 1986, as amended. This election shall be effective as of the execution date of this Agreement and for all subsequent taxable years for which this Agreement remains in effect.
| 1. | The term “Party” shall refer to either the Ceding Company or the Reinsurer as appropriate. |
| 2. | The terms used in this Article are defined by reference to Treasury Regulation Section 1.848-2 in effect December 1992. |
| 3. | The Party with the net positive consideration (or gross premiums and other considerations as applicable) for this Agreement for each taxable year shall capitalize specified Policy acquisition expenses with respect to this Agreement without regard to the general deductions limitation of Section 848 (c) of the Internal Revenue Code of 1986, as amended. |
| 4. | Both parties agree to exchange information pertaining to the amount of net consideration under this Agreement each year to ensure consistency or as otherwise required by the Internal Revenue Service. |
| 5. | The Ceding Company shall submit a schedule to the Reinsurer by May 1 of each year of its calculation of the net consideration for the preceding calendar year. This schedule of calculations shall be accompanied by a statement signed by an officer of the Ceding Company stating that the Ceding Company shall report such net consideration in its tax return for the preceding calendar year. |
| 6. | The Reinsurer may contest such calculation by providing an alternative calculation to the Ceding Company in writing within thirty (30) days of the Reinsurer’s receipt of the Ceding Company’s calculation. If the Reinsurer does not so notify the Ceding Company, the Reinsurer shall report the net consideration as determined by the Ceding Company in the Reinsurer’s tax return for the previous calendar year. |
| 7. | If the Reinsurer contests the Ceding Company’s calculation of the net consideration, the parties shall act in good faith to reach an agreement as to the correct amount within thirty (30) days of the date the Reinsurer submits its alternative calculation. If the Ceding Company and the Reinsurer reach agreement on an amount of net consideration, each Party shall report such amount in their respective tax returns for the previous calendar year. |
| 8. | The parties shall list the Agreement on the DAC Tax Schedule of their Federal Income Tax Return for the year in which the Agreement becomes effective, thereby specifying that the joint election herein has been made for the Reinsurance Agreement of which this Schedule is a part. |
AMENDMENT to the
AUTOMATIC AND FACULTATIVE YEARLY RENEWABLE TERM (YRT) AGREEMENT
between
MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY,
MML BAY STATE LIFE INSURANCE COMPANY, and
C.M. LIFE INSURANCE COMPANY
(hereinafter the “Ceding Company”)
and
HARTFORD LIFE AND ACCIDENT INSURANCE COMPANY
(hereinafter the “Reinsurer”)
Original Treaty Effective Date: April 1, 2005
Coverage: Strategic Edge Group Universal Life (GUL) with or without the variable rider (GVUL) Non-New York Business
Effective August 1, 2011, the Amendment effective date, Schedule K - Retention Limits of the above-referenced Agreement is hereby replaced in its entirety with the attached Schedule K - Retention Limits.
All terms and conditions of this Agreement not in conflict with the terms and conditions of this Amendment shall continue unchanged.
IN WITNESS WHEREOF, this Amendment is hereby executed in good faith by both parties:
| MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY | ||||||||||
| By: |
/s/ Xxxxx X. Xxxxxx |
Date: | 10/20/11 | |||||||
| Xxxxx X. Xxxxxx |
||||||||||
| Second Vice President & Actuary |
||||||||||
| MML BAY STATE LIFE INSURANCE COMPANY | ||||||||||
| By: |
/s/ Xxxxx X. Xxxxxx |
Date: | 10/20/11 | |||||||
| Xxxxx X. Xxxxxx |
||||||||||
| Second Vice President & Actuary |
||||||||||
| C.M. LIFE INSURANCE COMPANY | ||||||||||
| By: |
/s/ Xxxxx X. Xxxxxx |
Date: | 10/20/11 | |||||||
| Xxxxx X. Xxxxxx |
||||||||||
| Second Vice President & Actuary |
||||||||||
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Retention Limits Eff. 8/1/11
| HARTFORD LIFE AND ACCIDENT INSURANCE COMPANY | ||||||||||
| By: |
/s/ Xxxxxxxx X. Xxxxxxx |
Date: | 10/11/11 | |||||||
| Print name: |
Xxxxxxxx X. Xxxxxxx |
|||||||||
| Title: |
AVP & Actuary |
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SCHEDULE K: RETENTION LIMITS
[table deleted]
Effective 8/1/11
