THE REGISTRANT HAS APPLIED FOR CONFIDENTIAL TREATMENT OF CERTAIN TERMS IN THIS
EXHIBIT WITH THE SECURITIES AND EXCHANGE COMMISSION. THE CONFIDENTIAL PORTIONS
OF THIS EXHIBIT ARE MARKED WITH AN ASTERISK [*] AND HAVE BEEN OMITTED. THE
OMITTED PORTIONS OF THIS EXHIBIT WILL BE FILED SEPARATELY WITH THE SECURITIES
AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT REQUEST.
VARIABLE ANNUITY GMIB REINSURANCE AGREEMENT
Between
THE MANUFACTURERS LIFE INSURANCE COMPANY OF NEW YORK
(Hereinafter called the "CEDING COMPANY")
Valhalla, New York
and
ACE TEMPEST LIFE REINSURANCE LTD.
(Hereinafter called the "REINSURER")
Xxxxxxxx, Bermuda
Manufacturers Life NY and ACE Tempest Re GMIB 1
TABLE OF CONTENTS
ARTICLE PAGE
------- ----
Access to Records IX 14
Arbitration XIV 18
Automatic Provisions IV 9
Currency XI 15
Definitions I 3
Effective Date, Term, and Termination III 7
Hold Harmless XVI 19
Insolvency XII 15
Litigation VIII 13
Miscellaneous XVII 20
Negotiation XIII 17
Notices XVIII 21
Offset XV 19
Parties to the Agreement II 6
Premium Accounting V 10
Reinsurance Claim Settlement VI 11
Reserves VII 12
Unintentional Errors, Misunderstandings, or Omissions X 15
SCHEDULES
A Description of Guaranteed Minimum Income Benefits (GMIBs)
B-1 Contracts Subject to this Reinsurance Agreement
B-2 Investment Funds Subject to this Reinsurance Agreement
C-1 Limits and Rules of the CEDING COMPANY
C-2 Limits and Rules of the REINSURER
D MONTHLY RE PREMIUM RATES by CONTRACT TYPE & GMIB TYPE
E-1 DOLLAR CLAIM LIMIT RATE by CONTRACT TYPE and GMIB TYPE
E-2 FORMULA CLAIM LIMIT RATE by CONTRACT TYPE and GMIB TYPE
F REINSURER Share of Risk by CONTRACT TYPE & GMIB TYPE
G CEDING COMPANY Reporting Format and Data Requirements
H Surplus Position of the REINSURER
I Calculation of ADJUSTED GMIB CLAIM
Manufacturers Life NY and ACE Tempest Re GMIB 2
ARTICLE I - DEFINITIONS
A. DURATION OF AGREEMENT:
EFFECTIVE DATE means December 1, 2002.
BUSINESS DAY means any day that securities are traded on the New York Stock
Exchange.
MONTHLY VALUATION DATE means the last BUSINESS DAY of each month.
REINSURANCE TERM means for each ACTIVE CONTRACT, 25 years measured from the
MONTHLY VALUATION DATE following each ACTIVE CONTRACT's inclusion in this
Agreement, according to Article IV, paragraph A, B, C, or G as applicable.
TERMINATION DATE means the end of REINSURANCE TERM for the last contract
accepted under this Agreement.
B. CONTRACT DEFINITIONS:
VARIABLE ANNUITY CONTRACT means a written annuity contract (or group annuity
certificate) issued by the CEDING COMPANY to a contract owner in accordance
with which CEDING COMPANY agrees to provide specified benefits in accordance
with specified terms and conditions.
ACTIVE CONTRACT means a VARIABLE ANNUITY CONTRACT that remains in effect and has
not been terminated due to death, lapse, surrender or some other valid
contingency and has not been annuitized and has elected the optional rider
benefit shown in Schedules A and B-1.
RETAIL ANNUITY PREMIUMS means contributions made to the VARIABLE ANNUITY
CONTRACT on behalf of the contract owner, commonly referred to as purchase
payments, premiums, or deposits.
CONTRACT TYPE means one of the VARIABLE ANNUITY CONTRACT forms specified in
Schedule B-1.
GMIB TYPE means one of the Guaranteed Minimum Income Benefits specified in
Schedules A and B-1, applicable to VARIABLE ANNUITY CONTRACTS.
GMIB EXERCISE means an annuitization of an ACTIVE CONTRACT, where the monthly
income is determined in accordance with a GMIB TYPE.
Manufacturers Life NY and ACE Tempest Re GMIB 3
C. REINSURANCE PREMIUM DEFINITIONS:
REINSURED ACCOUNT VALUE means for each ACTIVE CONTRACT, the sum of the invested
assets in the investment funds shown in Schedule B-2 as it appears in the
records of CEDING COMPANY, times the REINSURER's quota share of risk, as shown
in Schedule F.
REINSURED GMIB INCOME BASE means for each ACTIVE CONTRACT, the contractually
determined Guaranteed Income Base value, subject to the CONTRACT TYPE and GMIB
TYPE, times the REINSURER's quota share of risk, as shown in Schedule F.
MONTHLY INCOME BASE means the sum of the REINSURED GMIB INCOME BASE, calculated
on each MONTHLY VALUATION DATE, for each CONTRACT TYPE and GMIB TYPE.
REINSURANCE PREMIUM RATE means the numerical value provided in Schedule D, for
each CONTRACT TYPE and GMIB TYPE.
MONTHLY REINSURANCE PREMIUM means the sum, for all CONTRACT TYPES and GMIB
TYPES, of the REINSURANCE PREMIUM RATE times the MONTHLY INCOME BASE calculated
on each MONTHLY VALUATION DATE.
REINSURANCE PREMIUM DUE DATE means the MONTHLY VALUATION DATE.
REMITTANCE DATE means the last BUSINESS DAY of the month following the
REINSURANCE PREMIUM DUE DATE
Manufacturers Life NY and ACE Tempest Re GMIB 4
D. REINSURANCE CLAIM DEFINITIONS:
ADJUSTED GMIB CLAIM means for each ACTIVE CONTRACT that terminates through a
GMIB EXERCISE, a calculated value in accordance with the formula provided in
Schedule 1.
REIMBURSEMENT DATE means the last BUSINESS DAY of the calendar month following
the month that the REINSURER receives a request for claim reimbursement from the
CEDING COMPANY.
AGGREGATE GMIB CLAIM means the sum of all ADJUSTED GMIB CLAIMS calculated on
each MONTHLY VALUATION DATE.
FORMULA CLAIM LIMIT RATE means a value provided in Schedule E-2 for each
CONTRACT TYPE and GMIB TYPE combination.
FORMULA CLAIM LIMIT means the FORMULA CLAIM LIMIT RATE times the MONTHLY INCOME
BASE for each CONTRACT TYPE and GMIB TYPE. The FORMULA CLAIM LIMIT is calculated
on each ACTIVE CONTRACT's first 120 MONTHLY VALUATION DATES.
AGGREGATE FORMULA CLAIM LIMIT means the sum of the FORMULA CLAIM LIMITS for all
CONTRACT TYPEs and GMIB TYPEs through the current MONTHLY VALUATION DATE.
DOLLAR CLAIM LIMIT RATE means a value provided in Schedule E-1 for each CONTRACT
TYPE and GMIB TYPE combination.
AGGREGATE DOLLAR CLAIM LIMIT means the sum of the DOLLAR CLAIM LIMIT RATE times
the total RETAIL ANNUITY PREMIUMS attributable to each CONTRACT TYPE and GMIB
TYPE combination, times the quota share percentage in Schedule F, ascalculated
on the current MONTHLY VALUATION DATE.
Manufacturers Life NY and ACE Tempest Re GMIB 5
ARTICLE II - PARTIES TO THE AGREEMENT
This Agreement shall be binding upon, and shall inure solely to the benefit of,
the CEDING COMPANY and the REINSURER. This Agreement shall not and is not
intended to create any legal relationship between the REINSURER and any third
party, including without limitation, annuitants, contract owners, certificate
owners, beneficiaries, applicants or assignees under any ACTIVE CONTRACT.
Manufacturers Life NY and ACE Tempest Re GMIB 6
ARTICLE III - EFFECTIVE DATE, TERM AND TERMINATION
A. The Agreement covers VARIABLE ANNUITY CONTRACTs issued by the CEDING
COMPANY that:
(i) are among the CONTRACT TYPES identified by form in Schedule B-1;
(ii) have accounts invested in the investment funds listed in Schedule
B-2;
(iii) are issued on and after the EFFECTIVE DATE and prior to the date this
Agreement terminates;
(iv) are issued within the limits and rules described in Schedule C-l;
(v) are in compliance with all of the other terms and provisions of
this Agreement; and
(vi) are ACTIVE CONTRACTS.
B. This Agreement will cease to cover new VARIABLE ANNUITY CONTRACTS issued by
the CEDING COMPANY on the earlier of (i) December 31, 2004 or (ii) the date
that the sum of all cumulative RETAIL ANNUITY PREMIUMS exceed the limits
provided in Schedule C-2, paragraph 3. RETAIL ANNUITY PREMIUMS paid on an
ACTIVE CONTRACT subsequent to the date the Agreement ceases to cover new
VARIABLE ANNUITY CONTRACTS are unaffected by the limits provided in
Schedule C-2, paragraph 3.
C. This Agreement will terminate with respect to each ACTIVE CONTRACT subject
to it, as of the last date of the REINSURANCE TERM for each ACTIVE
CONTRACT.
D. The CEDING COMPANY shall have the option of terminating this Agreement for
new VARIABLE ANNUITY CONTRACTS, existing VARIABLE ANNUITY CONTRACTS, or
both, by giving ninety (90) days advance notice to the REINSURER, after the
occurrence of any of the following:
1. The REINSURER's Standard and Poor's Rating is reduced to a "BBB" or
lower. The REINSURER must report any adverse change in Standard and
Poor's Rating to the CEDING COMPANY within fifteen (15) days of the
change. Any notice of termination given by the CEDING COMPANY enabled
by such rating reduction shall be deemed withdrawn if REINSURER's
Standard and Poor's Rating is restored to a level higher than "BBB"
during the 90 day notice period;
2. An order is entered appointing a receiver, conservator or trustee for
management of the REINSURER or a proceeding is commenced for
rehabilitation. liquidation, supervision or conservation of the
REINSURER;
3. The REINSURER's U.S. GAAP surplus position is reduced to 70% or less
of its U.S. GAAP surplus position as of December 31, 2001. The
REINSURER must report such a reduction within fifteen (15) days after
it occurs. The REINSURER's surplus
Manufacturers Life NY and ACE Tempest Re GMIB 7
position as of December 31, 2001 is provided in Schedule H. Any notice
of termination given by the CEDING COMPANY enabled by such surplus
reduction shall be deemed withdrawn if REINSURER's U.S. GAAP surplus
position is restored to a level higher than 70% of its U.S. GAAP
surplus position as of December 31, 2001 during the 90 day notice
period.
E. The REINSURER shall have the option of terminating this Agreement for new
VARIABLE ANNUITY CONTRACTS, existing VARIABLE ANNUITY CONTRACTS or both by
giving ninety (90) days advance notice to the CEDING COMPANY after the
occurrence of any of the following:
1. The CEDING COMPANY fails to provide timely submissions of data in
accordance with Schedule G, provided that the REINSURER's notice of
termination identifies whether new contracts, existing contracts or
both will be terminated and provided further that the REINSURER's
notice of termination shall be deemed withdrawn if the CEDING COMPANY,
within 90 days after the date the REINSURER's notice of termination is
given. provides to the REINSURER all data submissions then in arrears.
2. The CEDING COMPANY fails to pay a premium due on or before the
REMITTANCE DATE. In the event that a premium due is not paid by the
REMITTANCE DATE, the REINSURER shall have the right to terminate this
agreement by giving ninety (90) days advance notice of termination to
the CEDING COMPANY. If all premiums in default and interest in
accordance with Article III, paragraph F are received by the REINSURER
within the ninety (90) day notice period, the Agreement will remain in
effect and the notice of termination deemed withdrawn. If premium
remains in default as of the close of the last day of the ninety (90)
day notice period, the REINSURER'S liability for all risks reinsured
associated with the defaulted premiums under this Agreement will
terminate.
F. Except as otherwise provided herein, upon termination of this Agreement for
existing business, REINSURER shall have no reinsurance liability with
respect to any VARIABLE ANNUITY CONTRACT. Notwithstanding termination of
reinsurance as provided herein, the REINSURER shall continue to be liable
to the CEDING COMPANY for all unpaid ADJUSTED GMIB CLAIMS arising as a
result of a GMIB EXERCISE of an ACTIVE CONTRACT made prior to the date this
Agreement is terminated, and the CEDING COMPANY shall continue to be liable
to the REINSURER for all unpaid MONTHLY REINSURANCE PREMIUMS earned by the
REINSURER, under this Agreement until the date this Agreement is
terminated. Any net amounts due from either party after termination are
subject to a daily interest charge from the REMITTANCE DATE until the date
paid. The daily interest rate is equal to 1/365 times the sum of(1) the 3
month LIBOR rate as of the most recent MONTHLY VALUATION DATE, as published
in the Wall Street Journal, and (2) 1.00%.
Manufacturers Life NY and ACE Tempest Re GMIB 8
ARTICLE IV - AUTOMATIC PROVISIONS
A. Subject to Article III, on or after the EFFECTIVE DATE of this Agreement,
the CEDING COMPANY shall cede and the REINSURER shall accept the ACTIVE
CONTRACTS that are covered by this Agreement.
B. This Agreement covers only the liability for ADJUSTED GMIB CLAIMS paid
under VARIABLE ANNUITY CONTRACT forms or benefit rider forms where such
forms were reviewed by the REINSURER prior to their issuance. These benefit
rider forms, contract forms, as supplemented by additional materials, are
listed on Schedule B-1. If the CEDING COMPANY intends to cede to the
REINSURER a liability with respect to a new or revised contract form or
benefit rider form, it must provide written notice to the REINSURER of such
intention together with a copy of the new or revised contract form or rider
form, and a revised Schedule B-1. The REINSURER will approve or disapprove
any new or materially revised contract forms or benefit rider form within
fifteen (15) working days of the date it receives notification and a copy
thereof. A revision shall be considered material if it increases the risk
to the REINSURER. Such forms are deemed disapproved unless REINSURER's
written approval is submitted within such time period. The effective date
of reinsurance hereunder shall be the date of REINSURER's approval, or such
other earlier date as designated, by REINSURER. If such forms are
disapproved, or a mutually satisfactory agreement cannot be reached
between the REINSURER and the CEDING COMPANY regarding revised terms for
this Agreement, the CEDING COMPANY shall have the right of immediate
termination of this Agreement for new business only. The CEDING COMPANY
shall provide the REINSURER with written notification of its intent to
terminate. The date of termination shall be the date that the new or
revised contract forms would have become effective.
C. This Agreement covers only the liability for ADJUSTED GMIB CLAIMS paid
under VARIABLE ANNUITY CONTRACTs invested in investment funds listed on
Schedule B-2. If the CEDING COMPANY intends to cede to the REINSURER a
liability with respect to a new or revised investment fund it must provide
written notice to the REINSURER of such intention together with a copy of
the new or revised investment fund, and a revised Schedule B-2, within
thirty (30) days of the fund's initial availability. The CEDING COMPANY may
add new or revise investment funds without REINSURER approval. The
effective date of reinsurance hereunder shall be the date REINSURER
receives notice of the new or revised fund, or such other earlier date as
designated by REINSURER.
D. The CEDING COMPANY intends to take steps necessary to ensure that each
variable investment option is qualified as a regulated investment company
under Subchapter M of the Internal Revenue Code and believes that each
variable investment option will so qualify. The CEDING COMPANY also intends
that each variable investment option meet the additional diversification
requirements that are applicable to insurance company separate accounts
under Subchapter L of the Internal Revenue Code.
E. If a variable investment option fails to qualify under Subchapter L or
Subchapter M of the Internal Revenue Code and the CEDING COMPANY does not
take appropriate steps, directly or indirectly, to bring the variable
investment option in compliance with these
Manufacturers Life NY and ACE Tempest Re GMIB 9
regulations, the REINSURER's liability with respect to the variable
investment option can be terminated, with 180 days written notice to the
CEDING COMPANY. The REINSURER's liability with respect to any variable
investment option will be determined by multiplying the ADJUSTED GMIB CLAIM
by the proportion of the RETAIL ANNUITY PREMIUMS allocated to the variable
investment option to the total RETAIL ANNUITY PREMIUMS. If the REINSURER's
liability is terminated with respect to any variable investment option, the
MONTHLY REINSURANCE PREMIUM will be calculated ignoring any investment in
said variable investment option. Furthermore, subsequent transfers from any
variable subaccount that is not in compliance with these regulations, to
any fixed account option or variable subaccount that is in compliance with
these regulations, will be considered a subsequent RETAIL ANNUITY PREMIUMS
for the purposes of this Agreement.
F. If the CEDING COMPANY directly or indirectly brings the variable investment
option in compliance with Subchapter L or Subchapter M either within the
l80-day notice period or after the 180-day notice period, the REINSURER's
liability in respect to such variable investment option will be reinstated
from the date the variable investment option qualifies with the regulation.
The MONTHLY REINSURANCE PREMIUM will be determined using any investment in
the variable investment account, beginning with investments as of the date
the variable investment account qualifies with the regulation.
G. The issue age limits and the total RETAIL ANNUITY PREMIUMS per life must
fall within the automatic limits as shown in Schedule C-1, unless an
exception is permitted by mutual written agreement. The CEDING COMPANY
shall provide written notice to the REINSURER of any changes in its
published limits and rules identified on Schedule C-1, and the REINSURER
shall have no liability pursuant to revised limits and rules unless and
until the REINSURER, within fifteen (15) working days after the date it
receives such notice from the CEDING COMPANY, provides written notice to
the CEDING COMPANY that such revised limits and rules are acceptable.
ARTICLE V - PREMIUM ACCOUNTING
A. On or before the REMITTANCE DATE, the CEDING COMPANY shall forward to the
REINSURER its statement of account and data requirements as set forth in
Schedule G together with its remittance for the MONTHLY REINSURANCE PREMIUM
as shown therein as well as any premium adjustments from the prior period.
B. If reinsurance premiums are not paid by the REMITTANCE DATE, interest in
accordance with Article III, paragraph F will be assessed from the
REMITTANCE DATE.
C. If the amounts due cannot be determined by the REMITTANCE DATE, the CEDING
COMPANY shall have ninety (90) days to determine the appropriate premium
and remit with interest in accordance with Article III, paragraph F.
Manufacturers Life NY and ACE Tempest Re GMIB 10
ARTICLE VI - REINSURANCE CLAIM SETTLEMENT
A. The REINSURER shall not be responsible for any obligation of the CEDING
COMPANY to any party under any VARIABLE ANNUITY CONTRACTS issued by the
CEDING COMPANY under any VARIABLE ANNUITY CONTRACT forms and benefit rider
forms, including those identified on Schedule B-1.
B. On or before the REMITTANCE DATE, the CEDING COMPANY shall forward to the
REINSURER its statement of account and data requirements as set forth in
Schedule G, together with its request for reimbursement for ADJUSTED GMIB
CLAIMS as shown therein. In no case shall the AGGREGATE GMIB CLAIMS exceed
the lesser of the AGGREGATE FORMULA CLAIM LIMIT and the AGGREGATE DOLLAR
CLAIM LIMIT. If necessary, the request for reimbursement for ADJUSTED GMIB
CLAIMS shall be reduced to ensure that AGGREGATE GMIB CLAIMS do not exceed
the lesser of the AGGREGATE FORMULA CLAIM LIMIT and the AGGREGATE DOLLAR
CLAIM LIMIT. If requested by the REINSURER, the CEDING COMPANY shall
provide the REINSURER with proof of claim, proof of claim payment and any
other claim documentation requested by the REINSURER in accordance with
Schedule G.
C. If ADJUSTED GMIB CLAIMS are not paid by the REIMBURSEMENT DATE, interest in
accordance with Article III, paragraph F will be assessed from the
REIMBURSEMENT DATE.
D. A final statement of accounts prepared by the CEDING COMPANY is due sixty
(60) days after the TERMINATION DATE. On or before this date, the CEDING
COMPANY shall forward to the REINSURER its final statement of account,
which shall have the form of the Monthly Statement of Account as set forth
in Schedule G.
E. The CEDING COMPANY shall have six (6) months after the TERMINATION DATE to
submit to REINSURER an amended final statement of account. Any amounts owed
by either the CEDING COMPANY or the REINSURER, based on the amended final
statement of account, must be paid within thirty (30) days of receipt of
the amended final statement. If the amount owed is not paid within thirty
(30) days of receiving the statement of account, the amount owed is subject
to an interest charge in accordance with Article III, Paragraph F
Manufacturers Life NY and ACE Tempest Re GMIB 11
ARTICLE VII - RESERVES
A. It is the intention of both the REINSURER and the CEDING COMPANY that the
CEDING COMPANY qualifies for reinsurance credit in the state of New York
for reinsurance ceded hereunder. As a non-authorized reinsurer in New York,
REINSURER will comply with New York Insurance Law relating to reinsurance
credit for non-authorized reinsurers, as promulgated in New York's statutes
on the effective date of this Agreement. To the extent that after the
effective date of this Agreement, there are changes in New York's statutes
that affect requirements for the CEDING COMPANY to qualify for reserve
credit for risk ceded under this Agreement, both the CEDING COMPANY and the
REINSURER will attempt to comply with the new statutes.
B. To the extent that the New York Insurance Department seeks documentation or
reports pertaining to reinsurance credit under this Agreement, the CEDING
COMPANY and the REINSURER will cooperate in providing these documents or
reports in a timely manner.
C. Provision for the credit for statutory reserves held by the REINSURER is
satisfied if either:
1. the funds in a trust, subject to withdrawal solely by, and under the
exclusive control of the CEDING COMPANY, held in a qualified United
States financial institution, as defined below, are at least as great
as the credit for statutory reserve;
2. cash or marketable securities are transferred to the CEDING COMPANY in
an amount at least as great as the credit for statutory reserve;
3. clean, irrevocable, unconditional letters of credit, issued or
confirmed by a qualified United States financial institution, in an
amount at least as great as the credit for statutory reserve, meeting
applicable standards of issuer acceptability as of the dates of their
issuance;
4. a combination of (1), (2) and (3), such that the sum is at least as
great as the credit for statutory reserve.
D. If the REINSURER uses a trust or letters of credit as described in
paragraph C, items 1, 3, or 4 above, the REINSURER shall bear the cost of
such trust or letters of credit.
E. A qualified United States financial institution means an institution that
meets either subdivision (1) or (2):
1. Is organized, or in the case of a United States office of a foreign
banking organization, is licensed, under the laws of the United States
or any state in the United States, is regulated, supervised, and
examined by federal or state authorities having regulatory authority
over banks and trust companies, and has been determined by the
insurance commissioner of New York to meet such standards of financial
condition and standing as are considered necessary and appropriate to
regulate the quality of financial institutions whose letters of credit
will be acceptable to the insurance commissioner of New York.
Manufacturers Life NY and ACE Tempest Re GMIB 12
2. For those institutions that are eligible to act as a fiduciary of a
trust, is organized, or in the case of a United States branch or
agency office of a foreign banking organization, is licensed, under
the laws of the United States or any state in the United States, has
been granted authority to operate with fiduciary powers, and is
regulated, supervised, and examined by federal or state authorities
having regulatory authority over banks and trust companies.
F. If the credit for statutory reserve is less than $125,000, the REINSURER is
not required to make provision for the credit for statutory reserve.
ARTICLE VIII - LITIGATION
In the event any legal action is brought against the CEDING COMPANY relating to
any VARIABLE ANNUITY CONTRACT that is subject to the terms and conditions of
this Agreement, the CEDING COMPANY shall provide to the REINSURER a copy of such
action and a written notice of such action within thirty (30) BUSINESS DAYS.
Manufacturers Life NY and ACE Tempest Re GMIB 13
ARTICLE IX - ACCESS TO RECORDS
A. The REINSURER, or its duly authorized representative, shall have access at
any reasonable time during regular business hours, to all records of the
CEDING COMPANY that reasonably pertain to this Agreement, including the
right to photocopy and retain copies of such documents. The REINSURER shall
not have access to the CEDING COMPANY's pricing or profitability analysis
or risk management guidelines. Books and records shall be maintained in
accordance with prudent standards of insurance company record keeping and
must be retained for a period of at least three (3) years after the final
settlement date. Within one hundred and fifty (150) days following the end
of each calendar year, the CEDING COMPANY and the REINSURER shall provide
each other with copies of their respective audited financial statements.
B. The CEDING COMPANY, or its duly authorized representative, shall have
access at any reasonable time during regular business hours, to the
REINSURER's books and records of premium and loss accounts and to the
REINSURER's copy of this Agreement between the CEDING COMPANY and the
REINSURER. Such books and records shall be maintained in accordance with
prudent standards of reinsurance company record keeping and must be
retained for a period of at least three (3) years after the final
settlement date. Notwithstanding any other provision in this Agreement, for
any breach of the obligations in this paragraph, the CEDING COMPANY's sole
remedy shall be a claim for damages as caused solely by the REINSURER's
failure or inability to perform its obligations under this paragraph.
C. Upon reasonable notice, each party agrees to cooperate with the other in
complying with any judicial, litigation, arbitration, or regulatory request
or inquiry.
D. The CEDING COMPANY and the REINSURER may come into the possession or
knowledge of Confidential Information of the other in fulfilling
obligations under this Agreement. Each party agrees to hold such
Confidential Information in the strictest confidence and to take all
reasonable steps to ensure that such Confidential Information is not
disclosed in any form by any means by each of them or by any of its
employees to third parties of any kind, other than attorneys, accountants,
reinsurance intermediaries, consultants or retrocessionaires having an
interest in such information, except by advance written authorization by an
officer of the authorizing party; provided, however, that either party will
be deemed to have satisfied its obligations as to the Confidential
Information by protecting its confidentiality in the same manner that the
party protects its own proprietary or Confidential Information of like kind
which shall be at least a reasonable manner. Subject to the exclusion
provided in Paragraph E, below, "Confidential Information" means:
(1) any information or knowledge about each party's products,
processes, services, finances, customers, research, computer
programs, marketing and business plans, and/or claims management
practices; and
(2) any medical or other personal, individually identifiable
information about people or business entities with whom each
party does business, including customers, prospective customers,
vendors, suppliers, individuals covered by insurance plan, and
each party's producers and employees; and
(3) records provided pursuant to Paragraphs A, B, and C, above.
Manufacturers Life NY and ACE Tempest Re GMIB 14
E. Notwithstanding the definition of "Confidential Information" provided in
Paragraph D, above, Confidential Information does not include information
that:
(1) is generally available to or known by the public; or
(2) is disclosed pursuant to written authorization of an officer of
the non-disclosing party; or
(3) is disclosed pursuant to operation of law (including without
limitation the lawful requirement of a governmental agency),
provided (a) the non-disclosing party is given reasonable prior
notice to enable it to seek a protective order, and (b) the
disclosing party discloses only that information which, in the
reasonable judgment of its counsel, is required to be disclosed;
or
(4) has been lawfully obtained or developed by either party (a)
independently or from any source other than the other party
(provided that such source is not bound by a duty of
confidentiality to such other party), and (b) not in violation of
this Agreement.
F. If either the CEDING COMPANY or the REINSURER discloses Confidential
Information to interested parties such as, but not limited to, attorneys,
accountants, reinsurance intermediaries, consultants or retrocessionaires
having an interest in such information, such interested parties shall also
be bound by this Article's provisions on disclosing Confidential
Information. The CEDING COMPANY or the REINSURER must inform the interested
party of the provisions of this Article and agree to ensure that the
interested parties honor the provisions.
G. This Article expires 3 years after the TERMINATION DATE.
ARTICLE X - UNINTENTIONAL ERRORS, MISUNDERSTANDINGS OR OMISSIONS
If failure to comply with any of the terms of this Agreement is shown to be the
result of an unintentional error, misunderstanding or omission on the part of
either the CEDING COMPANY or the REINSURER, the party adversely affected thereby
will be restored to the position it would have occupied had no such error,
misunderstanding or omission occurred, subject always to the correction of the
error, misunderstanding or omission.
ARTICLE XI - CURRENCY
All retentions and limits hereunder are expressed in United States dollars and
all premium and loss payments shall be made in United States currency.
ARTICLE XII - INSOLVENCY
A. In the event of insolvency of the CEDING COMPANY, all reinsurance payments
due under this Agreement from the REINSURER to the CEDING COMPANY shall be
payable directly by the REINSURER to the CEDING COMPANY or to its
liquidator, receiver, conservator or
Manufacturers Life NY and ACE Tempest Re GMIB 15
statutory successor on the basis of the REINSURER'S liability to the CEDING
COMPANY without diminution because of the insolvency of the CEDING COMPANY
or because the liquidator, receiver, conservator or statutory successor of
the CEDING COMPANY has failed to pay all or a portion of any claim.
B. In the event of insolvency of the CEDING COMPANY, the liquidator, receiver,
or statutory successor will immediately give written notice to the
REINSURER of all pending claims against the CEDING COMPANY on any contracts
reinsured. While a claim is pending, the REINSURER may investigate and
interpose, at its own expense, in the proceedings where the claim is
adjudicated, any defense or defenses that it may deem available to the
CEDING COMPANY or its liquidator, receiver, or statutory successor. The
expense incurred by the REINSURER will be chargeable, subject to court
approval, against the CEDING COMPANY as part of the expense of liquidation
to the extent of a proportionate share of the benefit that may accrue to
the CEDING COMPANY solely as a result of the defense undertaken by the
REINSURER. Where two or more REINSURERS are participating in the same claim
and a majority in interest elect to interpose a defense or defenses to any
such claim, the expense will be apportioned in accordance with the terms of
the reinsurance agreement as though such expense had been incurred by the
CEDING COMPANY.
C. In the event of insolvency of the REINSURER, the CEDING COMPANY may
recapture immediately all ceded benefits upon written notice to the
REINSURER, its liquidator, receiver or statutory successor. The CEDING
COMPANY shall also have a claim on the REINSURER for any reinsurance credit
amounts including reserves, unearned premiums and other amounts due the
CEDING COMPANY on such reinsurance, at the date of recapture.
Manufacturers Life NY and ACE Tempest Re GMIB 16
ARTICLE XIII - NEGOTIATION
A. Within ten (10) days after one of the parties has given the other the first
written notification of a specific dispute, each party will appoint a
designated officer to attempt to resolve the dispute. The officers will
meet at a mutually agreeable location within thirty (30) days of the last
appointment and as often as necessary, in order to gather and furnish the
other with all appropriate and relevant information concerning the dispute.
The officers will discuss the problem and will negotiate in good faith
without the necessity of any formal arbitration proceedings. During the
negotiation process, all reasonable requests made by one officer to the
other for information will be honored. The designated officers will decide
the specific format for such discussions.
B. If the officers cannot resolve the dispute within thirty (30) days of
their first meeting, the parties will agree to submit the dispute to formal
arbitration, as set forth in Article XIV. However, the parties may agree in
writing to extend the negotiation period for an additional thirty (30)
days.
Manufacturers Life NY and ACE Tempest Re GMIB 17
ARTICLE XIV - ARBITRATION
A. It is the intention of the CEDING COMPANY and the REINSURER that the
customs and practices of the insurance and reinsurance industry will be
given full effect in the operation and interpretation of this Agreement.
The parties agree to act in all things with the highest good faith. If
after the negotiation required by Article XIII, the REINSURER or the CEDING
COMPANY cannot mutually resolve a dispute that arises out of or relates to
this Agreement, the dispute will be decided through arbitration. To
initiate arbitration, either the REINSURER or the CEDING COMPANY will
notify the other party in writing of its desire to arbitrate, stating the
nature of its dispute and the remedy sought. The party to which the notice
is sent will respond to the notification in writing within ten (10) days of
its receipt.
B. Each party shall select an arbitrator within thirty (30) days after the
written request for arbitration. If either party refuses or neglects to
appoint an arbitrator within thirty (30) days after the written request for
arbitration, the other party may appoint the second arbitrator. The two
arbitrators shall select an umpire within thirty (30) days after the
appointment of the second arbitrator. If the two arbitrators fail to agree
on the selection of the umpire within thirty (30) days after the
appointment of the second arbitrator, either party may submit a request to
the American Arbitration Association to select an umpire, subject to the
requirements for such arbitrator set forth below.
C. The arbitrators and the umpire all shall be present or former,
disinterested executive officers of insurance or reinsurance companies. The
umpire shall preside at all hearings and meetings of the panel and shall
announce the decision of the panel. The majority vote of the arbitrators
and the umpire shall be the decision of the panel. The decision shall be in
writing signed by the majority in favor thereof.
D. The arbitration panel shall have power to fix all procedural rules for the
holding of the arbitration including discretionary power to make orders as
to matters which it may consider proper in the circumstances of the case
including pleadings, discovery inspection of documents, examination of
witnesses and any other matter whatsoever relating to the conduct of the
arbitration and may receive and act upon such evidence whether oral or
written strictly admissible or not as it shall in its discretion think fit.
The arbitration panel shall interpret this Agreement as an honorable
engagement rather than merely as a legal obligation and shall make its
decision considering the custom and practice of the applicable insurance
and reinsurance business. The arbitration panel is released from judicial
formalities and shall not be bound by strict rules of procedure and
evidence. Judgment upon the award may be entered in any court having
jurisdiction. The panel is empowered to grant interim relief.
E. The decision of the arbitration panel shall be final and binding on both
parties. The arbitration panel may, at its discretion, award costs and
expenses as it deems appropriate, including, but not limited to, attorneys'
fees, interest and compensatory damages. Judgment may be entered upon the
final decision of the arbitration panel in any court of competent
jurisdiction.
F. All meetings and hearings before the arbitration panel shall take place in
Boston, Massachusetts unless some other place is mutually agreed upon by
both parties or ordered by
Manufacturers Life NY and ACE Tempest Re GMIB 18
the panel.
G. In the absence of a decision to the contrary by the arbitration panel, each
party shall bear the expense of the arbitrator chosen by or for it and
shall jointly and equally bear with the other party the expense of the
umpire and of the arbitration.
ARTICLE XV - OFFSET
Either party shall have, and may exercise at any time and from time to time, the
right to offset any balance or amounts whether on account of premiums, or on
account of losses or otherwise, due from one party to the other under the terms
of this Agreement.
ARTICLE XVI - HOLD HARMLESS
A. The REINSURER shall indemnify and hold the CEDING COMPANY harmless from any
and all liability, losses, damages, fines, punitive damages, penalties and
costs, including expenses and attorney's fees. which result from any gross
negligence or willful misconduct of the REINSURER in fulfilling its duties
and obligations under this Agreement or which result from any action that
exceeds its authority under this Agreement.
B. The CEDING COMPANY shall indemnify and hold the REINSURER harmless from any
and all liability, losses, damages, fines, punitive damages, penalties and
costs, including expenses and attorney's fees, which result from any gross
negligence or willful misconduct of the CEDING COMPANY in fulfilling its
duties and obligations under this Agreement or which result from any action
that exceeds its authority under this Agreement.
Manufacturers Life NY and ACE Tempest Re GMIB 19
ARTICLE XVII - MISCELLANEOUS
A. This Agreement will be binding to the parties and their respective
successors and permitted assignees. This Agreement may not be assigned by
either party without the written consent of the other.
B. CEDING COMPANY and REINSURER agree to review this Agreement on an annual
basis, including discussion of results to date, possible expansion of the
reinsurance program for additional business, and other topics.
C. The REINSURER will pay the CEDING COMPANY a Federal Excise Tax allowance on
each MONTHLY VALVATION DATE equal to the amount of any Federal Excise Tax
paid by the CEDING COMPANY during the prior month, with the prior approval
of the REINSURER, in connection with the annuities reinsured hereunder. The
CEDING COMPANY will be responsible for the timely payment of Federal Excise
Tax and for the filing of all required tax, information returns or filings
with the Internal Revenue Service with respect to this Agreement.
D. This Agreement means the text hereof and all Exhibits, Schedules and
Amendments effected in accordance herewith. The Agreement constitutes the
entire statement of agreement between the parties with regard to the
subject matter hereof. There are no other understandings or agreements
between the parties regarding the contracts reinsured other than as
expressed in this Agreement. Any changes or additions to this Agreement
must be effected by means of a written amendment that has been signed by
both parties.
E. Notwithstanding the termination of this Agreement as provided herein, its
provisions will continue to apply hereunder to the end that all obligations
and liabilities incurred by each party hereunder will be fully performed
and discharged.
F. If any provision of this Agreement should be rendered invalid, illegal or
unenforceable, the parties will renegotiate the Agreement in good faith to
cure such invalid, illegal or unenforceable provision. If such negotiations
are unsuccessful to resolve the matter, then (i) such invalid, illegal or
unenforceable provision will be deleted from the Agreement, (ii) to the
maximum extent permitted by law, such invalidity, illegality or
unenforceability will not affect any other provisions of this Agreement and
(iii) this Agreement will be construed to give effect to the remaining
provisions hereof to carry out its original intent.
Manufacturers Life NY and ACE Tempest Re GMIB 20
ARTICLE XVIII - NOTICES
A. All notices required to be given hereunder shall be in writing and shall be
deemed delivered if personally delivered, sent via reputable overnight
carrier, sent via facsimile with evidence of successful transmission. or
dispatched by certified or registered mail, return receipt requested,
postage prepaid, addressed to the parties as follows:
Chief Financial Officer, US Annuities
The Manufacturers Life Insurance Company of New York
000 Xxxxxxxx Xxxxxx, Xxxxx 000
Xxxxxx, XX 00000-0000
Phone: (000) 000-0000 Fax: (000) 000-0000
Chief Financial Officer
ACE Tempest Life Reinsurance Ltd.
Xxx XXX Xxxxxxxx, 00 Xxxxxxxxxx Xxxxxx
Xxxxxxxx, XX 00 Xxxxxxx
Xxxxx: (000) 000-0000 Fax: (000) 000-0000
B. Notice shall be deemed given on the date it is received in accordance
with the foregoing. Any party may change the person and/or the address to
which notices are to be sent by notifying the other party of such change of
address in writing.
In witness whereof, the parties hereto have caused this Agreement to be signed
in duplicate on the dates indicated to be effective as of the date specified
above.
ACE Tempest Life Reinsurance Ltd. Manufacturers Life Insurance Company of
New York
By /s/ illegible By /s/ Xxxxx X. Xxxxxx
---------------------------------- -------------------------------------
Name Illegible Name Xxxxx X. Xxxxxx
Title SVP and Chief Life Officer Title Treasurer
Date Feb. 5, 2004 Date 12/30/03
By /s/ Xxxxx Xx By /s/ Xxxxx X. Xxxxxxxxx
---------------------------------- -------------------------------------
Name Xxxxx Xx Name Xxxxx X. Xxxxxxxxx
Title AVP & Life Actuary Title President
Date Feb. 5, 2004 Date 12/30/03
Manufacturers Life NY and ACE Tempest Re GMIB 21
SCHEDULE A
Description of Guaranteed Minimum Income Benefits
The Guaranteed Minimum Income Benefits are completely described in the VARIABLE
ANNUITY CONTRACTS or riders, referenced by form number in Schedule B-1.
Manufacturers Life NY and ACE Tempest Re GMIB 22
SCHEDULE B-1
Contracts Subject to this Reinsurance Agreement
Policy forms specified below that elect the GRIP II rider specified below
Form Issue Date
Number* Policy Description on or after
------- ------------------ -----------
VENTURE.002.99 VENTURE 12/2/2002
VENTURE.002.03 VENTURE 12/2/2002
VENTURE.100-NY VENTURE III 12/2/2002
VENTURE 100-NY-REV Venture III 12/2/2002
RIDER FORMS*:
BR.003.00-NY GRIP II 12/2/2002
BR.010.00-NY Annual step GMDB 12/2/2002
* Generic forms referenced above. It is deemed to include state variations,
group certificates/variations and qualified plan endorsements.
Manufacturers Life NY and ACE Tempest Re GMIB 23
SCHEDULE B-2
Subaccounts Subject to this Reinsurance Agreement
Variable Funds
AIM
All Cap Growth Trust
Aggressive Growth Trust
Mid Cap Core Trust
American Funds
American Growth Trust
American International Trust
American Blue Chip Income and Growth Trust
American Growth-Income Trust
CGTC
Diversified Bond Trust
Income & Value Trust
US Large Cap Value Trust
Small Company Blend Trust
Xxxxx Advisors
Financial Services
Fundamental Value
Deutsche Asset Management
Real Estate Securities
All Cap Core Trust
Dynamic Growth Trust
International Stock Trust
Dreyfus
VIF Mid Cap Stock Portfolio
Socially Responsible Growth Fund
Fidelity
Large Cap Growth Trust
Overseas Trust
Strategic Opportunities Trust
Franklin
Emerging Small Company Trust
Mercury Advisors
Large Cap Value Trust
INVESCO
Telecommunications Trust
Mid Cap Growth Trust
VIF-Utilities Fund Portfolio
Salomon
US Government Securities Trust
Strategic Bond Trust
Special Value Trust
High Yield Trust
PIMCO
Global Bond Trust
Total Return Trust
Real Return Bond Trust
Munder
Internet Technologies
Small Cap Opportunities Trust
Manufacturers Advisor Corporation
Pacific Rim Emerging Markets Trust
Money Market Trust
Quantitative Equity Trust
Balanced Trust
Quantitative Mid Cap Trust
Quantitative All Cap Trust
Lifestyle Conservative 280 Trust
Lifestyle Moderate 460 Trust
Lifestyle Balanced 640 Trust
Lifestyle Growth 820 Trust
Lifestyle Aggressive 1000 Trust
International Index Trust
Total Stock Market Index Trust
500 Index Trust
Mid Cap Index Trust
Small Cap Index Trust
MFS
Strategic Growth Trust
Capital Opportunities Trust
Utilities Trust
Xxx Xxxxxx
Value Trust
X. Xxxx Price
Equity Income Trust
Blue Chip Growth Trust
Science & Technology Trust
Small Company Value Trust
Health Sciences Trust
Xxxxxxxx
Capital Appreciation Trust
Manufacturers Life NY and ACE Tempest Re GMIB 24
SG Asset Management
Principal Protection Trust A
Xxxxxxx
21st Century Growth Portfolio
Capital Growth Portfolio
Global Discovery Portfolio
Growth and Income Portfolio
Health Sciences Portfolio
International Portfolio
Aggressive Growth Portfolio
Blue Chip Portfolio
Global Blue Chip
Contrarian Value
Government Securities Portfolio
Growth Portfolio
High Income Portfolio
International Select Equity
Investment Grade Bond Portfolio
Money Market Portfolio
Small Cap Growth Portfolio
Technology Growth Portfolio
Total Return Portfolio
Strategic Income Portfolio
Real Estate Securities Portfolio
Xxxxx American
Balanced Portfolio
Leveraged All Cap Portfolio
Credit Suisse
Emerging Markets Portfolio
Global Post-Venture Capital
Lord Xxxxxx
Mid Cap Value Trust
All Cap Value Trust
UBS Global Asset Management
Tactical Allocation Trust
Xxxxxx
Global Equity Trust
Mid Cap Opportunities Trust
Xxxxxxxxx
International Value Trust
International Small Cap Trust
Wellington
Growth & Income Trust
Investment Quality Bond Trust
Mid Cap Stock Trust
Natural Resources Trust
SVS
Xxxxx Venture Value
Dreman Financial Services
Dreman High Return Equity
Dreman Small Cap Value
Eagle Focused Large Cap Growth
Focus Value + Growth
Index 500
INVESCO Dynamic Growth
Janus Growth and Income
Janus Growth Opportunities
MFS Strategic Value
Oak Strategic Equity
Xxxxxx Mid Cap Growth
FIXED FUNDS
One Year
Three Year
Five Year
Six Year
Seven Year
DCA Twelve Month
DCA Six Month
Manufacturers Life NY and ACE Tempest Re GMIB 25
SCHEDULE C-1
Limits and Rules of the CEDING COMPANY
1) CEDING COMPANY will determine the Guaranteed Minimum Income Benefits for
each qualified annuitization within seven (7) working days of receipt of
election to annuitize under the GMIB.
2) CEDING COMPANY reserves the right to limit cumulative RETAIL ANNUITY
PREMIUMS in excess of $1,000,000.
3) The minimum annuity purchase is $5,000 for non-qualified contracts and
$2,000 for qualified contracts for Venture and $10,000 for non-qualified
and qualified Venture III contracts, but the CEDING COMPANY reserves the
right to accept policies below these minimums.
4) Valid issue ages for GMIB are 0 to 85, age last birthday.
5) Contractholders may, at their sole discretion, elect, revoke or make
changes to their contract within sixty (60) days (hereinafter known as the
60-day window) of the contract issue date. The election or termination of
any optional rider within the 60-day window will be retroactive to date of
issue, and will be covered under this Agreement. All reinsurance premiums
and claims will be trued up accordingly. The CEDING COMPANY will identify
the policies covered under the 60-day window by submitting policyholder
information on a separate data form. The CEDING COMPANY does not plan to
market or develop a program highlighting this 60-day window. (Note: A
maximum of 15% of contracts reported in any month will be covered under the
60-day window for contracts that have passed their statutory free-look
period. There will be no limit for contracts that are still within their
statutory free-look period.)
Manufacturers Life NY and ACE Tempest Re GMIB 26
SCHEDULE C-2
Limits and Rules of the REINSURER
1) REINSURER'S liability cannot be increased as a result of CEDING COMPANY'S
actions with respect to contested claims.
2) The REINSURER will not be liable for extracontractual damages (whether they
constitute compensatory damages, statutory penalties, exemplary or punitive
damages) which are awarded against the CEDING COMPANY.
3) The REINSURER's liability to accept new business hereunder could end before
December 31, 2004. The REINSURER'S liability to accept new business
hereunder will end on the BUSINESS DAY when the sum of cumulative RETAIL
ANNUITY PREMIUMS for the VARIABLE ANNUITY CONTRACTS covered by this
Agreement exceed $500 million, unless extended by mutual agreement.
4) A contract where a spousal re-registration occurs will continue to be
subject to this Agreement. provided that the GMIB coverage remains in force
at the time of such re-registration.
Manufacturers Life NY and ACE Tempest Re GMIB 27
SCHEDULE D
REINSURANCE PREMIUM RATE by CONTRACT TYPE and GMIB TYPE
The REINSURANCE PREMIUM RATES, subject to the terms and conditions of this
Agreement, are guaranteed for the REINSURANCE TERM. Issue ages are based on age
last birthday.
CONTRACT TYPES:
Venture, Venture III
GMIB TYPES:
GRIP II
Issue Age Rate
--------- --------
All [*]
Manufacturers Life NY and ACE Tempest Re GMIB 28
SCHEDULE E-1
DOLLAR CLAIM LIMIT RATE by CONTRACT TYPE and GMIB TYPE
The DOLLAR CLAIM LIMIT RATES, subject to the terms and conditions of this
Agreement, are guaranteed for the REINSURANCE TERM.
CONTRACT TYPES:
Venture, Venture III
GMIB TYPES:
GRIP II
Issue Age Rate
--------- -----
All [*]
Manufacturers Life NY and ACE Tempest Re GMIB 29
SCHEDULE E-2
FORMULA CLAIM LIMIT RATE by CONTRACT TYPE and GMIB TYPE
The FORMULA CLAIM LIMIT RATES, subject to the terms and conditions of this
Agreement, are guaranteed for the REINSURANCE TERM.
CONTRACT TYPES:
Venture, Venture III
GMIB TYPES:
GRIP II
Issue Age Rate
--------- ---------
All [*]
Manufacturers Life NY and ACE Tempest Re GMIB 30
SCHEDULE F
REINSURER Share of Risk by CONTRACT TYPE and GMIB TYPE
For each annuitant with aggregate RETAIL ANNUITY PREMIUMs on all VARIABLE
ANNUITY CONTRACTS no greater than $10,000,000, the REINSURER liability will be
based on the share of risk from the tables below.
For each annuitant with aggregate RETAIL ANNUITY PREMIUM in excess of
$10,000,000, if CEDING COMPANY does not receive written permission from
REINSURER to include the amount in excess of $10,000,000 in this Agreement, the
REINSURER's liability equals {$10,000,000 divided by aggregate RETAIL ANNUITY
PREMIUM}, times the share of risk from the tables below.
For each annuitant with aggregate RETAIL ANNUITY PREMIUM in excess of
$10,000,000, if CEDING COMPANY does receive written permission from REINSURER to
include the amount in excess of $10,000,000 in this Agreement, the REINSURER's
liability will be based on the share of risk from the tables below.
GMIB TYPES:
GRIP II
CONTRACT TYPE Share of Risk
------------- -------------
Venture [*]
Venture III [*]
Manufacturers Life NY and ACE Tempest Re GMIB 31
SCHEDULE G
Reporting Format and Data Requirements
MONTHLY REPORTING DATA REQUIREMENTS (PREPARED BY CEDING COMPANY) ACTIVE
CONTRACTS AND THOSE TERMINATING DURING THE MONTH ONLY:
Insured Life (annuitant) SSN
Contract Identifier
Insured Life Indicator (Annuitant, Owner, or Other)
Insured Life Date of Birth
Insured Life Sex
Second Life Date of Birth (if joint contract)
Second Life Sex (if joint contract)
Issue Date
Qualified Status
Contract Type
Initial Retail Premium
Cumulative Retail Premium
Cumulative Withdrawals
Account value by subaccount
GMIB Income Base
Termination Date
Termination Reason (surrender, death, annuitization)
Optional benefit indicators
QUARTERLY REPORTING REQUIREMENTS (PREPARED BY REINSURER)
GAAP Surplus position
Standard & Poor's Ratings
GMIB ANNUAL SERIATIM CLAIM REPORTING (PREPARED BY CEDING COMPANY)
This includes Monthly Reporting Data Requirements as of the Date of Notification
(the date that annuitization related paperwork is submitted in full), plus the
following:
Date of Annuitization
Guaranteed Purchase Rate
Current Purchase Rate based on treaty definition
GMIB Income Base
ADJUSTED GMIB CLAIM
MONTHLY STATEMENT OF ACCOUNT (PREPARED BY CEDING COMPANY)
(prepared for each CONTRACT TYPE and GMIB TYPE combination and in aggregate)
1. Calculated value of MONTHLY REINSURANCE PREMIUM
2. Calculated value of AGGREGATE DOLLAR CLAIM LIMIT and AGGREGATE GMIB CLAIMs.
3. ADJUSTED GMIB CLAIMS reported during the current month
Manufacturers Life NY and ACE Tempest Re GMIB 32
SCHEDULE H
Surplus Position of the REINSURER
U.S. GAAP Surplus for the REINSURER as of December 31, 2001: $1,654,810,000 USD
Manufacturers Life NY and ACE Tempest Re GMIB 33
SCHEDULE I
Calculation of ADJUSTED GMIB CLAIM
A. Income Benefit Net Amount at Risk (IBNAR(t))
The IBNAR(t) for each ACTIVE CONTRACT reinsured hereunder in calendar year t
shall be equal to the following:
IBNAR(t) = Maximum (RGIB(t) * GAPR(t)/CAPR(t) - RAV(t), 0)
where:
RGIB(t) is the REINSURED GMIB INCOME BASE, and RAV(t) is the REINSURED
ACCOUNT VALUE, both as defined in Article I, calculated on the ACTIVE CONTRACT's
anniversary in calendar year t.
GAPR(t) is the Guaranteed Annuity Purchase Rate (monthly income per $1000 of
RGIB), calculated on the ACTIVE CONTRACT's anniversary in year t, using the
following assumptions:
- Mortality Table: 1983 IAM, Table a
- Age Setback: None
- Mortality Improvement: Scale G as found in the 1995 Transactions of
the Society of Actuaries, applied for
35 years
- Interest Rate: 2.5% all years
- Age: Age Nearest Birthday on exercise date
- Annuity Form: Life contingent, not to exceed 1O-year
certain, except for joint lives on contracts
issued prior to approval of the 10 year
certain joint life annuity form by the New
York Insurance Department ("NYID"). CEDING
COMPANY will file with the NYID, no later than
December 31, 2003, to change the standard
joint life form to 10 years certain. As soon
as administratively feasible following NYID
approval, the 10 year certain joint life form
will become the only joint life form
available for newly issued contracts.
CAPR(t) is the Current Annuity Purchase Rate (monthly income per $1000 of RAV),
calculated on the ACTIVE CONTRACT's anniversary in calendar year t, using the
following assumptions:
- Mortality Table: Annuity2000
- Age Setback: None
- Mortality Improvement: Scale G (1995TSA)
- Interest Rate: The yield on the most recently auctioned
10-year Treasury Security (but not less
than 2%), as posted in
Manufacturers Life NY and ACE Tempest Re GMIB 34
the Wall Street Journal, at the beginning of
the month in which exercise occurs, plus 50
bps
- Age: Age Nearest Birthday on exercise date
- Annuity Form: Life contingent, not to exceed 1O-year
certain, except for joint lives on contracts
issued prior to approval of the 10 year
certain joint life annuity form by the New
York Insurance Department ("NYID"). CEDING
COMPANY will file with the NYID, no later
than December 31, 2003, to change the
standard joint life form to 10 years certain.
As soon as administratively feasible
following NYID approval, the 10 year certain
joint life form will become the only joint
life form available for newly issued
contracts.
The impact of premium taxes, commissions, other expenses, and gender on the
calculation of GAPR(t) and CAPR(t) will be applied on a consistent basis.
The monthly income calculated from CAPR(t) is for reinsurance purposes only, and
the CEDING COMPANY may use other approaches with retail customers.
B. Annual Annuitization Limit Ratio (AALRatio(t))
The AALRatio(t) for calendar year t shall be equal to the following:
AALRatio(t)= ExercisedRGIB(t) / EligibleRGIB(t)
where:
ExercisedRGIB(t) is the sum of the REINSURED GMIB INCOME BASE for each ACTIVE
CONTRACT that terminates in calendar year t through a GMIB EXERCISE, measured on
the ACTIVE CONTRACT's anniversary on or immediately preceding the date of GMIB
EXERCISE.
EligibleRGIB(t) is the sum of the REINSURED GMIB INCOME BASE for each ACTIVE
CONTRACT that has been reinsured hereunder for at least 120 months, measured on
the earlier of the ACTIVE CONTRACT's anniversary during calendar year t, or the
date that the ACTIVE CONTRACT terminates during calendar year t.
C. ADJUSTED GMIB CLAIM (AdjGMIB(t)
The ADJUSTED GMIB CLAIM for each ACTIVE CONTRACT that terminates in calendar
year t through a GMIB EXERCISE shall be equal to the following:
AdjGMIB(t) = IBNAR(t) * (Minimum (AALRatio(t), 0.20)/AALRatio(t))
Manufacturers Life NY and ACE Tempest Re GMIB 35
AMENDMENT NO. 1
to the
VARIABLE ANNUITY GMIB REINSURANCE AGREEMENT
Effective December 1, 2002
Between
THE MANUFACTURERS LIFE INSURANCE COMPANY OF NEW YORK
("CEDING COMPANY")
and
ACE TEMPEST LIFE REINSURANCE LTD.
("REINSURER")
Effective May 1, 2003, this Amendment is hereby attached to and becomes a part
of the above-described Reinsurance Agreement. It is mutually agreed that:
- The treaty will be updated to properly reflect fund offerings.
To effect this change, the following provisions of this Agreement are hereby
amended:
- Schedule B-2, Investment Funds Subject to this Reinsurance Agreement, is
hereby replaced by the attached Schedule B-2.
THE MANUFACTURERS LIFE INSURANCE COMPANY OF NEW YORK
By: /s/ illegible Attest: /s/ Xxxxxx X. Xxxxx
------------------------------ --------------------------------
Title: VP, Treasurer Title: VP
Date: 3/18/2004 Date: 3/18/2004
ACE TEMPEST LIFE REINSURANCE LTD.
By: /s/ illegible Attest: /s/ Xxxxx Xx
------------------------------ --------------------------------
Title: SVP and Chief Life Officer Title: AVP & Life Actuary
Date: Feb 5, 2004 Date: Feb 5, 2004
SCHEDULE B-2
Investment Funds Subject to this Reinsurance Agreement
Variable Funds
AIM
All Cap Growth Trust
Aggressive Growth Trust
Mid Cap Core Trust
Capital Research Management Co.
American Growth Trust
American International Trust
American Blue Chip Income and Growth Trust
American Growth-Income Trust
CGTC
Diversified Bond Trust
Income & Value Trust
US Large Cap Trust
Small Company Blend Trust
Xxxxx Advisors
Financial Services
Fundamental Value
Deutsche Asset Management
Real Estate Securities
All Cap Core Trust
Dynamic Growth Trust
International Stock Trust
Lifestyle Conservative 280 Trust
Lifestyle Moderate 460 Trust
Lifestyle Balanced 640 Trust
Lifestyle Growth 820 Trust
Lifestyle Aggressive 1000 Trust
Dreyfus
VIF Mid Cap Stock Portfolio
Socially Responsible Growth Fund
Fidelity
Large Cap Growth Trust
Overseas Trust
Strategic Opportunities Trust
Franklin
Emerging Small Company Trust
Mercury Advisors
Large Cap Value Trust
Great Companies, LLC
the Xxxxx Companies - America Trust
INVESCO
VIF-Utilities Fund Portfolio
Salomon
US Government Securities Trust
Strategic Bond Trust
Special Value Trust
High Yield Trust
PIMCO
Global Bond Trust
Total Return Trust
Real Return Bond Trust
Munder
Small Cap Opportunities Trust
Manufacturers Advisor Corporation
Pacific Rim Emerging Markets Trust
Money Market Trust
Quantitative Equity Trust
Balanced Trust
Quantitative Mid Cap Trust
Quantitative All Cap Trust
International Index Trust
Total Stock Market Index Trust
500 Index Trust
Mid Cap Index Trust
Small Cap Index Trust
MFS
Strategic Growth Trust
Capital Opportunities Trust
Utilities Trust
Xxx Xxxxxx
Value Trust
Manufacturers Life Insurance Company of New York and ACE Tempest Re GMIB Treaty
X. Xxxx Price
Equity Income Trust
Blue Chip Growth Trust
Science & Technology Trust
Small Company Value Trust
Health Sciences Trust
Xxxxxxxx
Capital Appreciation Trust
SG Asset Management
Principal Protection Trust A
Xxxxxxx
21st Century Growth Portfolio
Capital Growth Portfolio
Global Discovery Portfolio
Growth and Income Portfolio
Health Sciences Portfolio
International Portfolio
Aggressive Growth Portfolio
Blue Chip Portfolio
Global Blue Chip
Contrarian Value
Government Securities Portfolio
Growth Portfolio
High Income Portfolio
International Select Equity
Fixed Income Portfolio
Money Market Portfolio
Small Cap Growth Portfolio
Technology Growth Portfolio
Total Return Portfolio
Strategic Income Portfolio
Real Estate Securities Portfolio
Xxxxx American
Balanced Portfolio
Leveraged All Cap Portfolio
Credit Suisse
Emerging Markets Portfolio
Global Post-Venture Capital
Lord Xxxxxx
Mid Cap Value Trust
All Cap Value Trust
UBS Global Asset Management
Global Allocation Trust
Xxxxxxxxx
International Value Trust
International Small Cap Trust
Global Equity Trust
Wellington
Growth & Income Trust
Investment Quality Bond Trust
Mid Cap Stock Trust
Natural Resources Trust
SVS
Xxxxx Venture Value
Dreman Financial Services
Dreman High Return Equity
Dreman Small Cap Value
Eagle Focused Large Cap Growth
Focus Value + Growth
Index 500
INVESCO Dynamic Growth
Janus Growth and Income
Janus Growth Opportunities
MFS Strategic Value
Oak Strategic Equity
Xxxxxx Mid Cap Growth
Manufacturers Life Insurance Company of New York and ACE Tempest Re GMIB Treaty
FIXED FUNDS
One Year
Three Year
Five Year
Six Year
Seven Year
DCA Twelve Month
DCA Six Month
Manufacturers Life Insurance Company of New York and ACE Tempest Re GMIB Treaty
AMENDMENT NO. 2
to the
VARIABLE ANNUITY GMIB REINSURANCE AGREEMENT
Effective December 1, 2002
Between
THE MANUFACTURERS LIFE INSURANCE COMPANY OF NEW YORK
("CEDING COMPANY")
and
ACE TEMPEST LIFE REINSURANCE LTD.
("REINSURER")
Except as hereinafter specified all terms and conditions of the Variable Annuity
GMIB Reinsurance Agreement effective July 1, 2002 between The Manufacturers Life
Insurance Company of New York, ("Ceding Company") and Ace Tempest Life
Reinsurance Limited ("Reinsurer"), amendments, and addenda attached thereto,
shall apply, and this Amendment is to be attached to and made part of the
aforesaid Agreement.
Effective May 1, 2004, this Amendment is hereby attached to and becomes a part
of the above-described Reinsurance Agreement. It is mutually agreed that:
- The treatment of contracts with riders not specifically mentioned in the
Agreement will be clarified, and
- The subaccounts covered by this Agreement will be updated, and
- The limit on new business RETAIL ANNUITY PREMIUM will be increased.
To effect this change, the following provisions of this Agreement are hereby
amended:
- Schedule B-1, Contracts subject to this Reinsurance Agreement, is hereby
replaced by the attached Schedule B-1.
- Schedule B-2, Subaccounts Subject to this Reinsurance Agreement, is hereby
replaced by the attached Schedule B-2.
- Schedule C-2, Limits and Rules of the REINSURER, is hereby replaced by the
attached Schedule C-2
This amendment is effective only if fully executed on or before August 31, 2004.
Manufacturers Life NY and ACE Tempest Re GMIB
THE MANUFACTURERS LIFE INSURANCE COMPANY OF NEW YORK
By: /s/ Xxxxxx X. Xxxxx Attest: /s/ Xxxxx X. Xxxxxx
--------------------------------- --------------------------------
Title: VP Product Title: VP & CFO
Date: 8/2/04 Date: 8/2/2004
ACE TEMPEST LIFE REINSURANCE LTD.
By: /s/ illegible Attest: /s/ illegible
--------------------------------- --------------------------------
Title: SVP and Chief Life Officer Title: AVP and Life Actuary
Date: July 28, 2004 Date: July 28, 2004
Manufacturers Life NY and ACE Tempest Re GMIB
SCHEDULE B-1
Contracts Subject to this Reinsurance Agreement
All versions of the Variable Annuity Contracts listed below, issued on an
individual or group certificate basis, in any state, which have any versions of
any of the Benefit Riders listed below.
VARIABLE ANNUITY CONTRACT FORM VARIABLE ANNUITY CONTRACT NAME
------------------------------ ------------------------------
VENTURE 002.99 Venture
VENTURE 002.99-XXX Venture
VENTURE 002.03 Venture
VENTURE 002.03-XXX Venture
VENTURE 100-NY Venture III
VENTURE 100-NY-REV Venture III
BENEFIT RIDER FORMS BENEFIT RIDER NAME
------------------- ------------------
BR003.00-NY GRIP II
BR010.00-NY Annual Step
BR010.00-NY-REV Annual Step
PE001.00 Payment Enhancement
ENDORSEMENTS DESCRIPTION
------------ -----------
END023.02-NY-REV Unisex endorsement for Xxxxxx type cases
END023.02-NY Unisex endorsement for Xxxxxx type cases
END003.02-NY Venture Fixed Account Restriction
NSEND001 Venture Nursing Home Waiver of Surrender Charge
ENDJH2005-NY Name Change to Xxxx Xxxxxxx
XX0XXXXX00 XXX restriction endorsement stamp (i.e. "no 6 month DCA available")
NO12MODCA03 DCA restriction endorsement stamp (i.e. "no 12 month DCA available")
NO1YRFXD03 fixed account restriction endorsement stamp (i.e. "no 1 year fixed account available")
NO3YRRFXD03 fixed account restriction endorsement stamp (i.e. "no 1 year fixed account available")
NO5YRFXD03 fixed account restriction endorsement stamp (i.e. "no 1 year fixed account available")
NO7YRFXD03 fixed account restriction endorsement stamp (i.e. "no 1 year fixed account available")
NOSPP03 Endorsement stamp (i.e. "no secure principal program available" - Xxxx Xxxxx version)
NOSYFP03 Endorsement stamp (i.e. "no secure your future program available" - Xxxxxxx version)
NOGRIP03 Endorsement stamp (i.e. "no GRIP available" - Xxxx Xxxxx)
NOGRIB03 Endorsement stamp (i.e. "no GRIB available" - Xxxxxxx)
Manufacturers Life NY and ACE Tempest Re GMIB
QUALIFIED PLAN ENDORSEMENT FORM DESCRIPTION
Endorsement.024 XXX
Endorsement.021 Simple XXX
Endorsement.018 ERISA
Endorsement.019 Non ERISA
Endorsement.020 401 Qualified Plans
5305-XX XXXX XXX
ENDIRA. 003-NY XXX
ENDROTH.03-NY XXXX XXX
ENDSIMPLE.03-NY Simple XXX
ENDE403B.03-NY ERISA TSA for in force
ENDE403B.04-NY ERISA TSA for new issues
END401A.03-NY 401 Qualified Plans for in force
END401A.04-NY 401 Qualified Plans for new issues
Manufacturers Life NY and ACE Tempest Re GMIB
SCHEDULE B-2
Subaccounts Subject to this Reinsurance Agreement
Variable Funds
AIM
All Cap Growth Trust
Aggressive Growth Trust
Mid Cap Core Trust
Capital Research Management Co.
American Growth Trust
American International Trust
American Blue Chip Income and Growth Trust
American Growth-Income Trust
CGIC
Diversified Bond Trust
Income & Value Trust
US Large Cap Trust
Small Company Blend Trust
Xxxxx Advisors
Financial Services
Fundamental Value
Deutsche Asset Management
Real Estate Securities
All Cap Core Trust
Dynamic Growth Trust
International Stock Trust
Lifestyle Conservative 280 Trust
Lifestyle Moderate 460 Trust
Lifestyle Balanced 640 Trust
Lifestyle Growth 820 Trust
Lifestyle Aggressive 1000 Trust
Dreyfus
VIF Mid Cap Stock Portfolio
Socially Responsible Growth Fund
Fidelity
Large Cap Growth Trust
Overseas Trust
Strategic Opportunities Trust
Franklin
Emerging Small Company Trust
Mercury Advisors
Large Cap Value Trust
Great Companies, LLC
The Great Companies - America Trust
INVESCO
VIF-Utilities Fund Portfolio
Salomon
US Government Securities Trust
Strategic Bond Trust
Special Value Trust
High Yield Trust
PIMCO
Global Bond Trust
Total Return Trust
Real Return Bond Trust
VIT All Asset Portfolio
Munder
Small Cap Opportunities Trust
Manufacturers Advisor Corporation
Pacific Rim Trust
Money Market Trust
Quantitative Equity Trust
Balanced Trust
Quantitative Mid Cap Trust
Quantitative All Cap Trust
International Index Trust
Total Stock Market Index Trust
500 Index Trust
Mid Cap Index Trust
Small Cap Index Trust
Quantitative Value Trust
Emerging Growth
MFS
Strategic Growth Trust
Strategic Value Trust
Utilities Trust
Manufacturers Life NY and ACE Tempest Re GMIB
Xxx Xxxxxx
Value Trust
X. Xxxx Price
Equity Income Trust
Blue Chip Growth Trust
Science & Technology Trust
Small Company Value Trust
Health Sciences Trust
Xxxxxxxx
Capital Appreciation Trust
SG Asset Management
Principal Protection Trust A
Xxxxxxx
21st Century Growth Portfolio
Capital Growth Portfolio
Global Discovery Portfolio
Growth and Income Portfolio
Health Sciences Portfolio
International Portfolio
Aggressive Growth Portfolio
Blue Chip Portfolio
Global Blue Chip
Large Cap Value
Government & Agency Securities Portfolio
Growth Portfolio
High Income Portfolio
International Select Equity
Fixed Income Portfolio
Money Market Portfolio
Small Cap Growth Portfolio
Technology Growth Portfolio
Total Return Portfolio
Strategic Income Portfolio
Real Estate Securities Portfolio
American Century
Small Company
Xxxx Xxxxx
Core Equity
Pzena Investment Management
Classic Value
Sustainable Growth Advisors
US Global Leaders Growth
Xxxx Xxxxxxx Advisors
Strategic Income
State Street Global Advisors
Xxxx Xxxxxxx VST International Index
Xxxxx American
Balanced Portfolio
Leveraged All Cap Portfolio
Credit Suisse
Emerging Markets Portfolio
Global Post-Venture Capital
Lord Xxxxxx
Mid Cap Value Trust
All Cap Value Trust
UBS Global Asset Management
Global Allocation Trust
Xxxxxxxxx
International Value Trust
International Small Cap Trust
Global Trust
Wellington
Growth & Income Trust
Investment Quality Bond Trust
Mid Cap Stock Trust
Natural Resources Trust
SVS
Xxxxx Venture Value
Dreman Financial Services
Dreman High Return Equity
Dreman Small Cap Value
Eagle Focused Large Cap Growth
Focus Value + Growth
Index 500
INVESCO Dynamic Growth
Janus Growth and Income
Janus Growth Opportunities
MFS Strategic Value
Oak Strategic Equity
Xxxxxx Mid Cap Growth
Manufacturers Life NY and ACE Tempest Re GMIB
FIXED FUNDS
One Year
Three Year
Five Year
Six Year
Seven Year
DCA Twelve Month
DCA Six Month
Manufacturers Life NY and ACE Tempest Re GMIB
SCHEDULE C-2
Limits and Rules of the REINSURER
1) REINSURER'S liability cannot be increased as a result of CEDING COMPANY'S
actions with respect to contested claims.
2) The REINSURER will not be liable for extracontractual damages (whether they
constitute compensatory damages, statutory penalties, exemplary or
punitive damages) which are awarded against the CEDING COMPANY.
3) For purposes of Article III, section B, the RETAIL ANNUITY PREMIUMS limit
for the VARIABLE ANNUITY CONTRACTS covered by this Agreement is $550
million unless extended by mutual agreement.
4) A contract where a spousal re-registration occurs will continue to be
subject to this Agreement, provided that the GMIB coverage remains in force
at the time of such re-registration.
Manufacturers Life NY and ACE Tempest Re GMIB
AMENDMENT NO.3
to the
VARIABLE ANNUITY GMIB REINSURANCE AGREEMENT
Effective December 1, 2002
Between
THE MANUFACTURERS LIFE INSURANCE COMPANY OF NEW YORK
("CEDING COMPANY")
and
ACE TEMPEST LIFE REINSURANCE LTD.
("REINSURER")
Except as hereinafter specified all terms and conditions of the Variable Annuity
GMIB Reinsurance Agreement effective July 1, 2002 between The Manufacturers Life
Insurance Company of New York, ("Ceding Company") and Ace Tempest Life
Reinsurance Limited ("Reinsurer"), amendments, and addenda attached thereto,
shall apply, and this Amendment is to be attached to and made part of the
aforesaid Agreement.
Effective August 1, 2004, this Amendment is hereby attached to and becomes a
part of the above-described Reinsurance Agreement. It is mutually agreed that:
- The subaccounts covered by this Agreement will be updated.
To effect this change, the following provision of this Agreement is hereby
amended:
- Schedule B-2, Subaccounts Subject to this Reinsurance Agreement, is hereby
replaced by the attached Schedule B-2.
This amendment is effective only if fully executed on or before January 31,
2005.
THE MANUFACTURES LIFE INSURANCE COMPANY OF NEW YORK
By: /s/ Xxxxxx X. Xxxxx Attest: /s/ Xxxxx X. Xxxxxx
-------------------------------- ---------------------------------
Title: Vice President Title: Vice President
Date: 12/22/04 Date: 12/22/2004
ACE TEMPEST LIFE REINSURANCE LTD.
By: /s/ illegible Attest: /s/ illegible
-------------------------------- ---------------------------------
Title: SVP and Chief Life Officer Title: VP and Life Actuary
Date: Dec. 15, 2004 Date: Dec. 15, 2004
Manufacturers Life NY and ACE Tempest Re GMIB
SCHEDULE B-2
Subaccounts Subject to this Reinsurance Agreement
Variable Funds
AIM
All Cap Growth Trust
Aggressive Growth Trust
Mid Cap Core Trust
Capital Research Management Co.
American Growth Trust
American International Trust
American Blue Chip Income and Growth Trust
American Growth-Income Trust
CGTC
Diversified Bond Trust
Income & Value Trust
US Large Cap Trust
Small Company Blend Trust
Xxxxx Advisors
Financial Services
Fundamental Value
Deutsche Asset Management
Real Estate Securities
All Cap Core Trust
Dynamic Growth Trust
International Stock Trust
Lifestyle Conservative 280 Trust
Lifestyle Moderate 460 Trust
Lifestyle Balanced 640 Trust
Lifestyle Growth 820 Trust
Lifestyle Aggressive 1000 Trust
Dreyfus
VIF Mid Cap Stock Portfolio
Socially Responsible Growth Fund
Fidelity
Large Cap Growth Trust
Overseas Trust
Strategic Opportunities Trust
Franklin
Emerging Small Company Trust
Mercury Advisers
Large Cap Value Trust
Great Companies, LLC
The Great Companies - America Trust
INVESCO
VIF-Utilities Fund Portfolio
Salomon
US Government Securities Trust
Strategic Bond Trust
Special Value Trust
High Yield Trust
PIMCO
Global Bond Trust
Total Return Trust
Real Return Bond Trust
VIT All Asset Portfolio
Munder
Small Cap Opportunities Trust
Manufacturers Advisor Corporation
Pacific Rim Trust
Money Market Trust
Quantitative Equity Trust
Balanced Trust
Quantitative Mid Cap Trust
Quantitative All Cap Trust
International Index Trust
Total Stock Market Index Trust
500 Index Trust
Mid Cap Index Trust
Small Cap Index Trust
Quantitative Value Trust
Emerging Growth
MFS
Strategic Growth Trust
Strategic Value Trust
Utilities Trust
Xxx Xxxxxx.
Value Trust
X. Xxxx Price
Equity Income Trust
Blue Chip Growth Trust
Science & Technology Trust
Small Company Value Trust
Health Sciences Trust
Xxxxxxxx
Capital Appreciation Trust
SG Asset Management
Principal Protection Trust A
Manufacturers Life NY and ACE Tempest Re GMIB
Xxxxxxx
21st Century Growth Portfolio
Capital Growth Portfolio
Global Discovery Portfolio
Growth and Income Portfolio
Health Sciences Portfolio
International Portfolio
Aggressive Growth Portfolio
Blue Chip Portfolio
Global Blue Chip
Large Cap Value
Government & Agency Securities Portfolio
Growth Portfolio
High Income Portfolio
International Select Equity
Fixed Income Portfolio
Money Market Portfolio
Small Cap Growth Portfolio
Technology Growth Portfolio
Total Return Portfolio
Strategic Income Portfolio
Real Estate Securities Portfolio
Conservative Income Strategy Portfolio
Growth & Income Strategy Portfolio
Growth Strategy Portfolio
Income & Growth Strategy Portfolio
Mercury Large Cap Core
Xxxxxxxxx Foreign Value
American Century
Small Company
Xxxx Xxxxx
Core Equity
Pzena Investment Management
Classic Value
Sustainable Growth Advisors
US Global Leaders Growth
Xxxx Xxxxxxx Advisors
Strategic Income
State Street Global Advisors
Xxxx Xxxxxxx VST International Index
Xxxxx American
Balanced Portfolio
Leveraged All Cap Portfolio
Credit Suisse
Emerging Markets Portfolio
Global Post-Venture Capital
Lord Xxxxxx
Mid Cap Value Trust
All Cap Value Trust
UBS Global Asset Management
Global Allocation Trust
Xxxxxxxxx
International Value Trust
International Small Cap Trust
Global Trust
Wellington
Growth & Income Trust
Investment Quality Bond Trust
Mid Cap Stock Trust
Natural Resources Trust
SVS
Xxxxx Venture Value
Dreman Financial Services
Dreman High Return Equity
Dreman Small Cap Value
Eagle Focused Large Cap Growth
Focus Value + Growth
Index 500
INVESCO Dynamic Growth
Janus Growth and Income
Janus Growth Opportunities
MFS Strategic Value
Oak Strategic Equity
Xxxxxx Mid Cap Growth
Manufacturers Life NY and ACE Tempest Re GMIB
FIXED FUNDS
One Year
Three Year
Five Year
Six Year
Seven Year
DCA Twelve Month
DCA Six Month
Manufacturers Life NY and ACE Tempest Re GMIB
SCHEDULE B-1
Contracts Subject to this Reinsurance Agreement
All versions of the Variable Annuity Contracts listed below, issued on an
individual or group certificate basis, in any state, which have any version of
any of the Benefit Riders listed below.
VARIABLE ANNUITY
CONTRACT FORM VARIABLE ANNUITY CONTRACT NAME
------------------- ------------------------------
VENTURE.002.99 Venture
VENTURE.002.99-XXX Venture
VENTURE.002.03 Venture
VENTURE.002.03-XXX Venture
VENTURE.100-NY Venture III
VENTURE 100-NY-REV Venture III
BENEFIT RIDER FORMS BENEFIT RIDER NAME
------------------- ------------------
BR003.00-NY GRIP II
BR010.00-NY Annual Step
BR010.00-NY-REV Annual Step
PE001.00 Payment Enhancement
ENDORSEMENTS DESCRIPTION
------------------- ------------------
END023.02-NY-REV Unisex endorsement for Xxxxxx type cases
END023.02-NY Unisex endorsement for Xxxxxx type cases
END003.02-NY Venture Fixed Account Restriction
NSEND.001 Venture Nursing Home Waiver of Surrender Charge
ENDJH2005-NY Name Change to Xxxx Xxxxxxx
X00XXXXX00 XXX restriction endorsement stamp (i.e. "no 6 month DCA
available")
NO12MODCA03 DCA restriction endorsement stamp (i.e. "no 12 month DCA
available")
NO1YRFXD03 fixed account restriction endorsement stamp (i.e. "no 1
year fixed account available")
N03YRRFXD03 fixed account restriction endorsement stamp (i.e. "no 1
year fixed account available")
N05YRFXD03 fixed account restriction endorsement stamp (i.e. "no 1
year fixed account available")
N07YRFXD03 fixed account restriction endorsement stamp (i.e. "no 1
year fixed account available")
NOSPP03 Endorsement stamp (i.e. "no secure principal program
available" - Xxxx Xxxxx version)
NOSYFP03 Endorsement stamp (i.e. "no secure your future program
available" - Xxxxxxx version)
NOGRIP03 Endorsement stamp (i.e. "no GRIP available" - Xxxx Xxxxx)
NOGRIB03 Endorsement stamp (i.e. "no GRIB available" - Xxxxxxx)
Manufacturers Life NY and ACE Tempest Re GMIB
QUALIFIED PLAN
ENDORSEMENT
FORM DESCRIPTION
-------------- -----------
Endorsement.024 XXX
Endorsement.021 Simple Xxx
Endorsement.018 ERISA
Endorsement.019 Non ERISA
Endorsement.020 401 Qualified Plans
5305-XX XXXX XXX
ENDIRA.003-NY XXX
ENDROTH.03-NY XXXX XXX
ENDSIMPLE.03-NY Simple XXX
ENDE403B.03-NY ERISA TSA for in force
ENDE403B.04-NY ERISA TSA for new issues
END401A.03-NY 401 Qualified Plans for in force
END401A.04-NY 401 Qualified Plans for new issues
Manufacturers Life NY and ACE Tempest Re GMIB
SCHEDULE B-2
Subaccounts Subject to this Reinsurance Agreement
Variable Funds
AIM
All Cap Growth Trust
Aggressive Growth Trust
Mid Cap Core Trust
Capital Research Management Co.
American Growth Trust
American International Trust
American Blue Chip Income and Growth Trust
American Growth-Income Trust
CGTC
Diversified Bond Trust
Income & Value Trust
US Large Cap Trust
Small Company Blend Trust
Xxxxx Advisors
Financial Services
Fundamental Value
Deutsche Asset Management
Real Estate Securities
All Cap Core Trust
Dynamic Growth Trust
International Stock Trust
Lifestyle Conservative 280 Trust
Lifestyle Moderate 460 Trust
Lifestyle Balanced 640 Trust
Lifestyle Growth 820 Trust
Lifestyle Aggressive 1000 Trust
Dreyfus
VIF Mid Cap Stock Portfolio
Socially Responsible Growth Fund
Fidelity
Large Cap Growth Trust
Overseas Trust
Strategic Opportunities Trust
Franklin
Emerging Small Company Trust
Mercury Advisors
Large Cap Value Trust
Great Companies, LLC
The Great Companies - America Trust
INVESCO
VIF-Utilities Fund Portfolio
Salomon
US Government Securities Trust
Strategic Bond Trust
Special Value Trust
High Yield Trust
PIMCO
Global Bond Trust
Total Return Trust
Real Return Bond Trust
VIT All Asset Portfolio
Munder
Small Cap Opportunities Trust
Manufacturers Advisor Corporation
Pacific Rim Trust
Money Market Trust
Quantitative Equity Trust
Balanced Trust
Quantitative Mid Cap Trust
Quantitative All Cap Trust
International Index Trust
Total Stock Market Index Trust
500 Index Trust
Mid Cap Index Trust
Small Cap Index Trust
Quantitative Value Trust
Emerging Growth
MFS
Strategic Growth Trust
Strategic Value Trust
Utilities Trust
Manufacturers Life NY and ACE Tempest Re GMIB
Xxx Xxxxxx.
Value Trust
X. Xxxx Price
Equity Income Trust
Blue Chip Growth Trust
Science & Technology Trust
Small Company Value Trust
Health Sciences Trust
Xxxxxxxx
Capital Appreciation Trust
SO Asset Management
Principal Protection Trust A
Xxxxxxx
21st Century Growth Portfolio
Capital Growth Portfolio
Global Discovery Portfolio
Growth and Income Portfolio
Health Sciences Portfolio
International Portfolio
Aggressive Growth Portfolio
Blue Chip Portfolio
Global Blue Chip
Large Cap Value
Government & Agency Securities Portfolio
Growth Portfolio
High Income Portfolio
International Select Equity
Fixed Income Portfolio
Money Market Portfolio
Small Cap Growth Portfolio
Technology Growth Portfolio
Total Return Portfolio
Strategic Income Portfolio
Real Estate Securities Portfolio
American Century
Small Company
Xxxx Xxxxx
Core Equity
Pzena Investment Management
Classic Value
Sustainable Growth Advisors
US Global Leaders Growth
Xxxx Xxxxxxx Advisors
Strategic Income
State Street Global Advisors
Xxxx Xxxxxxx VST International Index
Xxxxx American
Balanced Portfolio
Leveraged All Cap Portfolio
Credit Suisse
Emerging Markets Portfolio
Global Post-Venture Capital
Lord Xxxxxx
Mid Cap Value Trust
All Cap Value Trust
UBS Global Asset Management
Global Allocation Trust
Xxxxxxxxx
International Value Trust
International Small Cap Trust
Global Trust
Wellington
Growth & Income Trust
Investment Quality Bond Trust
Mid Cap Stock Trust
Natural Resources Trust
SVS
Xxxxx Venture Value
Dreman Financial Services
Dreman High Return Equity
Dreman Small Cap Value
Eagle Focused Large Cap Growth
Focus Value + Growth
Index 500
INVESCO Dynamic Growth
Janus Growth and Income
Janus Growth Opportunities
MFS Strategic Value
Oak Strategic Equity
Xxxxxx Mid Cap Growth
Manufacturers Life NY and ACE Tempest Re GMIB
FIXED FUND
One Year
Three Year
Five Year
Six Year
Seven Year
DCA Twelve Month
DCA Six Month
Manufacturers Life NY and ACE Tempest Re GMIB
SCHEDULE C-2
Limits and Rules of the REINSURER
1) REINSURER'S liability cannot be increased as a result of CEDING COMPANY'S
actions with respect to contested claims.
2) The REINSURER will not be liable for extracontractual damages (whether they
constitute compensatory damages, statutory penalties, exemplary or punitive
damages) which are awarded against the CEDING COMPANY.
3) For purposes of Article III, section B, the RETAIL ANNUITY PREMIUMS limit
for the VARIABLE ANNUITY CONTRACTS covered by this Agreement is $550
million unless extended by mutual agreement.
4) A contract where a spousal re-registration occurs will continue to be
subject to this Agreement, provided that the GMIB coverage remains in force
at the time of such reregistration.
Manufacturers Life NY and ACE Tempest Re GMIB
AMENDMENT NO.4
to the
VARIABLE ANNUITY GMIB REINSURANCE AGREEMENT
Effective December 1, 2002
Between
THE MANUFACTURERS LIFE INSURANCE COMPANY OF NEW YORK
("CEDING COMPANY")
and
ACE TEMPEST LIFE REINSURANCE LTD.
("REINSURER")
Except as hereinafter specified all terms and conditions of the Variable Annuity
GMIB Reinsurance Agreement effective July 1, 2002 between The Manufacturers Life
Insurance Company of New York, ("Ceding Company") and Ace Tempest Life
Reinsurance Limited ("Reinsurer"), amendments, and addenda attached thereto,
shall apply, and this Amendment is to be attached to and made part of the
aforesaid Agreement.
Effective May 1, 2005, this Amendment is hereby attached to and becomes a part
of the above-described Reinsurance Agreement. It is mutually agreed that:
- The subaccounts covered by this Agreement will be updated.
To effect this change, the following provision of this Agreement is hereby
amended:
- Schedule B-2, Subaccounts Subject to this Reinsurance Agreement, is hereby
replaced by the attached Schedule B-2.
This amendment is effective only if fully executed on or before July 31, 2005.
THE MANUFACTURERS LIFE INSURANCE COMPANY OF NEW YORK
By: /s/ illegible Attest: Xxxxxx X Xxxxx
-------------------------------- ---------------------------------
Title: VP & CFO Title: Vice President
Date: 8/1/05 Date: 8/1/05
ACE TEMPEST LIFE REINSURANCE LTD.
By: /s/ illegible Attest: /s/ illegible
-------------------------------- ---------------------------------
Title: President Title: VP and Life Actuary
Date: July 7, 2005 Date: July 7, 2005
Manufacturers Life NY and ACE Tempest Re GMIB
SCHEDULE B-2
Subaccounts Subject to this Reinsurance Agreement
VARIABLE FUNDS
AIM
All Cap Growth Trust
Mid Cap Core Trust
V.I. Utilities Fund Portfolio
Capital Research Management Co.
American Growth Trust
American International Trust
American Blue Chip Income and Growth Trust
American Growth-Income Trust
CGTC
Income & Value Trust
US Large Cap Trust
Overseas Equity Trust
Xxxxx Advisors
Financial Services
Fundamental Value
Deutsche Asset Management
Real Estate Securities
All Cap Core Trust
Dynamic Growth Trust
International Stock Trust
Lifestyle Conservative 280 Trust
Lifestyle Moderate 460 Trust
Lifestyle Balanced 640 Trust
Lifestyle Growth 820 Trust
Lifestyle Aggressive 1000 Trust
Dreyfus
VIF Mid Cap Stock Portfolio
Socially Responsible Growth Fund
Fidelity
Large Cap Growth Trust
Strategic Opportunities Trust
Franklin
Emerging Small Company Trust
Mercury Advisors
Large Cap Value Trust
Salomon
US Government Securities Trust
Strategic Bond Trust
Special Value Trust
High Yield Trust
PIMCO
Global Bond Trust
Total Return Trust
Real Return Bond Trust
VIT All Asset Portfolio
Munder
Small Cap Opportunities Trust
MFC Global Investment Management
Pacific Rim Trust
Money Market Trust
Quantitative Mid Cap Trust
Quantitative All Cap Trust
Total Stock Market Index Trust
500 Index Trust
Mid Cap Index Trust
Small Cap Index Trust
Quantitative Value Trust
Emerging Growth
MFS
Strategic Value Trust
Utilities Trust
Xxx Xxxxxx.
Value Trust
X. Xxxx Price
Equity income Trust
Blue Chip Growth Trust
Science & Technology Trust
Small Company Value Trust
Health Sciences Trust
Mid Value Trust
Xxxxxxxx
Capital Appreciation Trust
Manufacturers Life NY and ACE Tempest Re GMIB
Xxxxxxx
Capital Growth Portfolio
Global Discovery Portfolio
Growth and Income Portfolio
Health Sciences Portfolio
International Portfolio
Aggressive Growth Portfolio
Blue Chip Portfolio
Global Blue Chip
Large Cap Value
Government & Agency Securities Portfolio
High Income Portfolio
International Select Equity
Fixed Income Portfolio
Money Market Portfolio
Small Cap Growth Portfolio
Technology Growth Portfolio
Total Return Portfolio
Strategic Income Portfolio
Real Estate Securities Portfolio
Conservative Income Strategy Portfolio
Growth & Income Strategy Portfolio
Growth Strategy Portfolio
Income & Growth Strategy Portfolio
Bond Portfolio
Mercury Large Cap Core
Xxxxxxxxx Foreign Value
American Century
Small Company
Xxxx Xxxxx
Core Equity
Pzena Investment Management
Classic Value
Sustainable Growth Advisors
US Global Leaders Growth
Xxxx Xxxxxxx Advisors
Strategic Income
Declaration/Xxxx Xxxxxxx Advisors
Active Bond
Independence Investment
Small Cap Trust
Xxxxxxx Capital Management
International Opportunities Trust
Xxxxx Capital Management
U.S. High Yield Bond Trust
Core Bond Trust
State Street Global Advisors
International Equity Index Trust
Xxxxx American
Balanced Portfolio
Leveraged All Cap Portfolio
Credit Suisse
Emerging Markets Portfolio
Global Post- Venture Capital
Lord Xxxxxx
Mid Cap Value Trust
All Cap Value Trust
UBS Global Asset Management
Global Allocation Trust
Large Cap Trust
Xxxxxxxxx
International Value Trust
International Small Cap Trust
Global Trust
Wellington
Growth & Income Trust
Investment Quality Bond Trust
Mid Cap Stock Trust
Natural Resources Trust
Small Cap Value Trust
Small Cap Growth Trust
SVS
Xxxxx Venture Value
Dreman Financial Services
Dreman High Return Equity
Dreman Small Cap Value
Index 500
INVESCO Dynamic Growth
Janus Growth and Income
Janus Growth Opportunities
MFS Strategic Value
Oak Strategic Equity
Xxxxxx Mid Cap Growth
Manufacturers Life NY and ACE Tempest Re GMIB
AMENDMENT NO. 5
to the
VARIABLE ANNUITY GMIB REINSURANCE AGREEMENT
Effective December 1, 2002
Between
THE MANUFACTURERS LIFE INSURANCE COMPANY OF NEW YORK
("CEDING COMPANY")
and
ACE TEMPEST LIFE REINSURANCE LTD.
("REINSURER")
Except as hereinafter specified all terms and conditions of the Variable Annuity
GMIB Reinsurance Agreement effective July 1, 2002 between The Manufacturers Life
Insurance Company of New York, ("Ceding Company") and Ace Tempest Life
Reinsurance Limited ("Reinsurer"), amendments, and addenda attached thereto,
shall apply, and this Amendment is to be attached to and made part of the
aforesaid Agreement.
Effective August 1, 2005, this Amendment is hereby attached to and becomes a
part of the above-described Reinsurance Agreement. It is mutually agreed that:
- The subaccounts covered by this Agreement will be updated.
To effect this change, the following provision of this Agreement is hereby
amended:
- Schedule B-2, Subaccounts Subject to this Reinsurance Agreement, is hereby
replaced by the attached Schedule B-2.
This amendment is effective only if fully executed on or before January 31,
2006.
THE MANUFACTURERS LIFE INSURANCE COMPANY OF NEW YORK
By: /s/ illegible Attest: /s/ illegible
------------------------------ --------------------------------
Title: VP & CFO Title: VP, Product Development
Date: 1/31/06 Date: 1/31/06
ACE TEMPEST LIFE REINSURANCE LTD.
By: /s/ Illegible Attest: /s/ Illegible
------------------------------ -----------------------------
Title: President Title: VP and Life Actuary
Date: 1/4/06 Date: 1/4/06
Manufacturers Life NY and ACE Tempest Re GMIB
SCHEDULE B-2
Subaccounts Subject to this Reinsurance Agreement
Variable Funds
AIM
All Cap Growth Trust
Mid Cap Core Trust
V.I. Utilities Fund Portfolio
Xxxxx American
Balanced Portfolio
Leveraged All Cap Portfolio
American Century
Small Company
Capital Research Management Co.
American Blue Chip Income and Growth Trust
American Bond Trust
American Growth-Income Trust
American Growth Trust
American International Trust
CGTC
Income & Value Trust
Overseas Equity Trust
US Large Cap Trust
Credit Suisse
Emerging Markets Portfolio
Global Small Cap Capital
Xxxxx Advisors
Financial Services
Fundamental Value
Declaration/Xxxx Xxxxxxx Advisors
Active Bond
Deutsche Asset Management
All Cap Core Trust
Dynamic Growth Trust
Real Estate Securities
Lifestyle Conservative 280 Trust
Lifestyle Moderate 460 Trust
Lifestyle Balanced 640 Trust
Lifestyle Growth 820 Trust
Lifestyle Aggressive 1000 Trust
Dreyfus
VIF Mid Cap Stock Portfolio
Socially Responsible Growth Fund
Fidelity
Large Cap Growth Trust
Strategic Opportunities Trust
Franklin
Emerging Small Company Trust
Grantham, Mayo, Van Otterloo
Growth & Income Trust
International Stock Trust
Independence Investment
Small Cap Trust
Xxxxxxxx
Capital Appreciation Trust
Xxxx Xxxxxxx Advisors
Strategic Income
Xxxx Xxxxx
Core Equity
Lord Xxxxxx
All Cap Value Trust
Mid Cap Value Trust
Xxxxxxx Capital Management
International Opportunities Trust
Mercury Advisors
Large Cap Value Trust
MFC Global Investment Management
500 Index Trust
Emerging Growth
Mid Cap Index Trust
Money Market Trust
Pacific Rim Trust
Quantitative All Cap Trust
Quantitative Mid Cap Trust
Quantitative Value Trust
Small Cap Index Trust
Total Stock Market Index Trust
MFS
Strategic Value Trust
Utilities Trust
Munder
Small Cap Opportunities Trust
PIMCO
Global Bond Trust
Real Return Bond Trust
Total Return Trust
VIT All Asset Portfolio
Manufacturers Life NY and ACE Tempest Re GMIB
Pzena Investment Management
Classic Value
Salomon
High Yield Trust
Special Value Trust
Strategic Bond Trust
US Government Securities Trust
Xxxxxxx
Blue Chip Portfolio
Bond Portfolio
Capital Growth Portfolio
Conservative Income Strategy Portfolio
Equity 500 Index Portfolio
Fixed Income Portfolio
Global Blue Chip
Global Discovery Portfolio
Government & Agency Securities Portfolio
Growth and Income Portfolio
Growth & Income Strategy Portfolio
Growth Strategy Portfolio
Health Sciences Portfolio
High Income Portfolio
Income & Growth Strategy Portfolio
International Portfolio
International Select Equity
Large Cap Value
Mercury Large Cap Core
Mid Cap Growth Portfolio
Money Market Portfolio
Real Estate Securities Portfolio
Salomon Aggressive Growth Portfolio
Small Cap Growth Portfolio
Strategic Income Portfolio
Technology Growth Portfolio
Xxxxxxxxx Foreign Value
Total Return Portfolio
State Street Global Advisors
International Equity Index Trust
Sustainable Growth Advisors
US Global Leaders Growth
SVS
Xxxxx Venture Value
Dreman Financial Services
Dreman High Return Equity
Dreman Small Cap Value
Janus Growth and Income
Janus Growth Opportunities
MFS Strategic Value
Oak Strategic Equity
Xxxxxx Mid Cap Growth
Xxxxxxxxx
Global Trust
International Value Trust
International Small Cap Trust
X. Xxxx Price
Blue Chip Growth Trust
Equity Income Trust
Health Sciences Trust
Mid Value Trust
Science & Technology Trust
Small Company Value Trust
UBS Global Asset Management
Global Allocation Trust
Large Cap Trust
Xxx Xxxxxx.
Value Trust
Wellington
Investment Quality Bond Trust
Mid Cap Stock Trust
Natural Resources Trust
Small Cap Growth Trust
Small Cap Value Trust
Xxxxx Capital Management
Core Bond Trust
U.S. High Yield Bond Trust
Manufacturers Life NY and ACE Tempest Re GMIB
FIXED FUNDS
One Year
Three Year
Five Year
Six Year
Seven Year
DCA Twelve Month
DCA Six Month
Manufacturers Life NY and ACE Tempest Re GMIB
AMENDMENT NO. 6
to the
VARIABLE ANNUITY GMIB REINSURANCE AGREEMENT
Effective December 1, 2002
Between
THE MANUFACTURERS LIFE INSURANCE COMPANY OF NEW YORK
("CEDING COMPANY")
and
ACE TEMPEST LIFE REINSURANCE LTD.
("REINSURER")
Except as hereinafter specified all terms and conditions of the Variable Annuity
GMIB Reinsurance Agreement effective July 1, 2002 between The Manufacturers Life
Insurance Company of New York. ("Ceding Company") and Ace Tempest Life
Reinsurance Limited ("Reinsurer"), amendments, and addenda attached thereto,
shall apply, and this Amendment is to be attached to and made part of the
aforesaid Agreement.
Effective May 1, 2006, this Amendment is hereby attached to and becomes a part
of the above-described Reinsurance Agreement. It is mutually agreed that:
- The subaccounts covered by this Agreement will be updated.
To effect this change, the following provision of this Agreement is hereby
amended:
- Schedule B-2. Subaccounts Subject to this Reinsurance Agreement, is hereby
replaced by the attached Schedule B-2.
This amendment is effective only if fully executed on or before August 31, 2006.
THE MANUFACTURERS LIFE INSURANCE COMPANY OF NEW YORK
By: /s/ illegible Attest: /s/ illegible
--------------------------------- --------------------------------
Title: illegible Title: VP, Product Development
Date: 8/31/06 Date: 8/31/2006
ACE TEMPEST LIFE REINSURANCE LTD.
By: /s/ illegible Attest: /s/ illegible
--------------------------------- --------------------------------
Title: VP and Life Actuary Title: VP & Life Actuary
Date: June 16, 2006 Date: June 16, 2006
Manufacturers Life NY and ACE Tempest Re GMIB
SCHEDULE B-2
Subaccounts Subject to this Reinsurance Agreement
VARIABLE FUNDS
AIM
All Cap Growth Trust
Mid Cap Core Trust
V.I. Utilities Fund Portfolio
Xxxxx American
Balanced Portfolio
Leveraged All Cap Ponfolio
American Century
Small Company
Capital Research Management Co.
American Blue Chip Income and Growth Trust
American Bond Trust
American Growth-Income Trust
American Growth Trust
American International Trust
CGTC
Income & Value Trust
Overseas Equity Trust
US Large Cap Trust
Credit Suisse
Emerging Markets Portfolio
Global Small Cap Capital
Xxxxx Advisors
Financial Services
Fundamental Value
Deutsche Asset Management
All Cap Core Trust
Dynamic Growth Trust
Real Estate Securities
Lifestyle Conservative Trust
Lifestyle Moderate Trust
Lifestyle Balanced Trust
Lifestyle Growth Trust
Lifestyle Aggressive Trust
Dreyfus
VIF Mid Cap Stock Portfolio
Socially Responsible Growth Fund
Fidelity
Strategic Opportunities Trust
Grantham, Mayo, Van Otterlloo
U. S. Core Trust
International Core Trust
Independence Investment
Small Cap Trust
Xxxxxxxx
Capital Appreciation Trust
Xxxx Xxxxx
Core Equity
Lord Xxxxxx
All Cap Value Trust
Mid Cap Value Trust
Xxxxxxx Capital Management
International Opportunities Trust
Mercury Advisors
Large Cap Value Trust
MFC Global investment Management
500 Index Trust
Index Allocation Trust
Mid Cap Index Trust
Money Market Trust
Pacific Rim Trust
Quantitative All Cap Trust
Quantitative Mid Cap Trust
Quantitative Value Trust
Small Cap Index Trust
Total Stock Market Index Trust
MFS
Strategic Value Trust
Utilities Trust
Munder
Small Cap Opportunities Trust
PIMCO
Global Bond Trust
Real Return Bond Trust
Total Return Trust
VIT All Asset Portfolio
Pzena Investment Management
Classic Value
RCM Capital Management
Emerging Small Company Trust
Salomon
Special Value Trust
Manufacturers Life NY and ACE Tempest Re GMIB
DWS Xxxxxxx
DWS Blue Chip VIP
DWS Bond VIP
DWS Capital Growth VIP
DWS Conservative Income Allocation VIP
DWS Equity 500 Index VIP
DWS Core Fixed Income VIP
DWS Global Thematic VIP
DWS Global Opportunities VIP
DWS Government & Agency Securities VIP
DWS Growth & Income VIP
DWS Moderate Allocation VIP
DWS Growth Allocation VIP
DWS Health Care VIP
DWS High Income VIP
DWS Conservative Allocation VIP
DWS International VIP
DWS International Select Equity VIP
DWS Large Cap Value VIP
DWS Mercury Large Cap Core VIP
DWS Mid Cap Growth VIP
DWS Money Market VIP
DWS RREEF Real Estate Securities VIP
DWS Salomon Aggressive Growth VIP
DWS Small Cap Growth VIP
DWS Strategic Income VIP
DWS Technology VIP
DWS Xxxxxxxxx Foreign Value VIP
DWS Balanced VIP
Sovereign Asset Management
Active Bond
Emerging Growth
Strategic Income
State Street Global Advisors
International Equity Index Trust
Sustainable Growth Advisors
US Global Leaders Growth
DWS Variable Series
DWS Xxxxx Venture Value
DWS Dreman Financial Services
DWS Dreman High Return Equity
DWS Dreman Small Cap Value
DWS Janus Growth and Income
DWS Janus Growth Opportunities
DWS MFS Strategic Value
DWS Oak Strategic Equity
DWS Xxxxxx Mid Cap Growth
Xxxxxxxxx
Global Trust
International Value Trust
International Small Cap Trust
X. Xxxx Price
Blue Chip Growth Trust
Equity Income Trust
Health Sciences Trust
Mid Value Trust
Science & Technology Trust
Small Company Value Trust
UBS Global Asset Management
Global Allocation Trust
Large Cap Trust
Xxx Xxxxxx.
Value Trust
Wellington
Investment Quality Bond Trust
Mid Cap Stock Trust
Natural Resources Trust
Small Cap Growth Trust
Small Cap Value Trust
Xxxxx Capital Management
Core Bond Trust
U.S. High Yield Bond Trust
Western Asset Management
High Yield Trust
Strategic Bond Trust
US Government Securities Trust
Manufacturers Life NY and ACE Tempest Re GMIB
FIXED FUNDS
One Year
Three Year
Five Year
Six Year
Seven Year
DCA Twelve Month
DCA Six Month
Manufacturers Life NY and ACE Tempest Re GMIB
AMENDMENT NO.7
to the
VARIABLE ANNUITY GMIB REINSURANCE AGREEMENT
Effective July 1, 2002
Between
XXXX XXXXXXX LIFE INSURANCE COMPANY OF NEW YORK
("CEDING COMPANY")
and
ACE TEMPEST LIFE REINSURANCE LTD.
("REINSURER")
Except as hereinafter specified all terms and conditions of the Variable
Annuity GMIB Reinsurance Agreement effective July 1, 2002 between Xxxx Xxxxxxx
Life Insurance Company of New York, ("Ceding Company") and ACE Tempest Life
Reinsurance Limited ("Reinsurer"), amendments, and addenda attached thereto,
shall apply, and this Amendment is to be attached to and made part of the
aforesaid Agreement.
Effective May 1, 2007, this Amendment is hereby attached to and becomes a part
of the above-described Reinsurance Agreement. It is mutually agreed that:
- The subaccounts covered by this Agreement will be updated.
To effect this change, the following provision of this Agreement is hereby
amended:
- Schedule B-2, Subaccounts Subject to this Reinsurance Agreement, is hereby
replaced by the attached Schedule B-2.
This amendment is effective only if fully executed on or before January 31,
2008.
XXXX XXXXXXX LIFE INSURANCE COMPANY OF NEW YORK
By: /s/ illegible Attest: /s/ illegible
--------------------------------- --------------------------------
Title: VP & CFO Title: VP, Product Development
Date: 1/31/08 Date: 1/31/08
ACE TEMPEST LIFE REINSURANCE LTD.
By: /s/ Illegible Attest:
--------------------------------- --------------------------------
Title: SVP and Chief Pricing Officer Title:
---------------------------------
Date: 12/19/2007 Date:
----------------------------------
Xxxx Xxxxxxx Life of NY and ACE Tempest Re GMIB
SCHEDULE B-2
Subaccounts Subject to this Reinsurance Agreement
VARIABLE FUNDS
AIM
All Cap Growth Trust
American Century
Small Company
Black Rock Investment Management
Large Cap Value Trust
Capital Research Management Co.
American Asset Allocation Trust
American Blue Chip Income and Growth Trust
American Bond Trust
American Global Growth Trust
American Global Small Cap Trust
American Growth-Income Trust
American Growth Trust
American High-Income Bond Trust
American International Trust
CGTC
Income & Value Trust
Overseas Equity Trust
US Large Cap Trust
ClearBridge Advisors
Special Value Trust
Xxxxx Advisors
Financial Services
Fundamental Value
Declaration Management & Research
Active Bond Trust
Bond Index Trust
Deutsche Asset Management
All Cap Core Trust
Dynamic Growth Trust
Real Estate Securities
Lifestyle Conservative Trust
Lifestyle Moderate Trust
Lifestyle Balanced Trust
Lifestyle Growth Trust
Lifestyle Aggressive Trust
Grantham, Mayo, Van Otterloo
U.S. Core Trust
International Core Trust
Independence Investment
Small Cap Trust
Xxxxxxxx
Capital Appreciation Trust
Xxxx Xxxxx
Core Equity
Lord Xxxxxx
All Cap Value Trust
Mid Cap Value Trust
Xxxxxxx Capital Management
International Opportunities Trust
MFC Global Investment Management
500 Index Trust
Emerging Growth Trust
Index Allocation Trust
Mid Cap index Trust
Money Market Trust
Pacific Rim Trust
Quantitative All Cap Trust
Quantitative Mid Cap Xxxxx
Quantitative Value Trust
Small Cap Index Trust
Strategic Income Trust
Total Stock Market index Trust
U. S. High Income Trust
MFS
Utilities Trust
Munder
Small Cap Opportunities Trust
PIMCO
All Asset Portfolio
Global Bond Trust
Real Return Bond Trust
Total Return Trust
Pzena Investment Management
Classic Value
RCM capital Management
Emerging Small Company Trust
DWS Xxxxxxx
DWS Conservative Income Allocation VIP
DWS Equity 500 Index VIP
DWS Core Fixed Income VIP
DWS Moderate Allocation VIP
DWS Growth Allocation VIP
Xxxx Xxxxxxx Life of NY and ACE Tempest Re GMIB
State Street Global Advisors
International Equity Index Trust
Sustainable Growth Advisors
US Global Leaders Growth
Xxxxxxxxx
Founding Allocation Trust
Global Trust
International Value Trust
International Small Cap Trust
X. Xxxx Price
Blue Chip Growth Trust
Equity Income Trust
Health Sciences Trust
Mid Value Trust
Science & Technology Trust
Small Company Value Trust
UBS Global Asset Management
Global Allocation Trust
Large Cap Trust
Xxx Xxxxxx.
Value Trust
Wellington
Investment Quality Bond Trust
Mid Cap Intersection Trust
Mid Cap Stock Trust
Natural Resources Trust
Small Cap Growth Trust
Small Cap Value Trust
Xxxxx Capital Management
Core Bond Trust
U.S. High Yield Bond Trust
Western Asset Management
High Yield Trust
Strategic Bond Trust
US Government Securities Trust
Xxxx Xxxxxxx Life of NY and ACE Tempest Re GMIB
FIXED FUNDS
One Year
Three Year
Five Year
Six Year
Seven Year
DCA Twelve Month
DCA Six Month
Xxxx Xxxxxxx Life of NY and ACE Tempest Re GMIB
