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 IDENTIFIED AS [REDACTED] AND HAVE BEEN OMITTED. THE OMITTED PORTIONS OF...
Exhibit 7(b)(ii)
[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 IDENTIFIED AS [REDACTED] AND HAVE BEEN OMITTED. THE OMITTED PORTIONS OF THIS EXHIBIT HAVE BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT REQUEST.]
Amendment Number 4
Effective January 1, 2017
to the
Amended and Restated Automatic Indemnity Reinsurance Agreement
between
Lincoln Life & Annuity Company of New York
(the “Ceding Company”) and
The Lincoln National Life Insurance Company of Fort Xxxxx, Indiana
(“the Reinsurer”)
The components of this Amendment are effective as of the various dates as more fully described below.
RECITALS
1. The Ceding Company and the Reinsurer entered into an Amended and Restated Automatic Indemnity Reinsurance Agreement as of January 1, 2010 as novated from Lincoln National Reinsurance Company (Barbados) Limited, as the former Reinsurer, to the Reinsurer, and as further amended (“the Agreement”).
2. Article XVII, Section 8 of this Agreement permits amendments as long as they are made in writing, signed by duly authorized officers of both parties.
3. Article II, Section 3 of this Agreement calls for Schedules A and B of the Agreement to be updated as necessary to reflect the addition of Contracts and revisions to Contracts covered under the Agreement
4. The Ceding Company and the Reinsurer wish to make such an amendment to reflect products currently covered under the Agreement, each product to be added retroactive to the date the Company began selling that particular product.
AGREEMENT
NOWTHEREFORE, in consideration of these premises and the mutual covenants contained herein, the Ceding Company and the Reinsurer agree to amend the Agreement as follows:
1. Effective January 1, 2017 the definition of Statutory Reserve(s) in Article I will be replaced in its entirety with the following:
Statutory Reserve(s) means the Ceding Company’s reserves computed on a stand-alone basis for the riders reinsured under this Agreement according to New York insurance regulatory requirements at the valuation date.
2. Effective January 20, 2015 the Lincoln Lifetime IncomeSM Advantage 2.0 Managed Risk Rider, I4Life® Advantage with GIB Managed Risk Rider and 4Later® Advantage Managed Risk Rider shall be added to Schedule A of the Agreement.
3. Effective May 12, 2014 the Protected Funds Riders were changed to Managed Risk Riders.
4. Effective August 29, 2016 the Lincoln Market Select Advantage Variable Annuity Living Benefits Rider shall be added to Schedules A and C of the Agreement.
5. Effective August 29, 2016 the reinsurance rates for the i4Life GIB product shall be changed in Schedule C of the Agreement.
6. Effective January 9, 2017 the 4LATER® Select Advantage Rider shall be added to Schedules A and C of the Agreement.
7. The Ceding Company and the Reinsurer agree that Schedules A, B, and C of the Agreement shall be replaced in their entirety with Schedules A, B, and C attached hereto.
8. No riders added to contracts issued on or after 1/1/18 will be ceded under this Agreement.
9. All terms, provisions and conditions of this Agreement will continue unchanged except as specifically revised in this Amendment.
In WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their duly authorized representatives.
|
LINCOLN LIFE & ANNUITY |
|
THE LINCOLN NATIONAL | ||
|
COMPANY OF NEW YORK |
|
INSURANCE COMPANY | ||
|
|
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| ||
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By: |
/s/ Xxxx Xxxxxxx |
|
By: |
/s/ Xxxxxxx Xxxxx |
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Name: Xxxx Xxxxxxx |
|
Name: Xxxxxxx Xxxxx | ||
|
Title: VP |
|
Title: SVP | ||
|
Date: 21 December 2017 |
|
Date: 21 December 2017 | ||
SCHEDULE A
Reinsurance of Guaranteed Benefits (“GB”)
Effective January 9, 2017
Each contract listed in Schedule B contains one or more GB. GBs which are covered by this Agreement include the following:
|
Marketing Name of Benefit |
|
Policy Form Nos. |
|
|
Lincoln SmartSecurity® Advantage |
|
|
|
|
Variable Annuity Rider |
|
32793 |
|
|
|
|
|
|
|
i4LIFE® Advantage with Guaranteed Income Benefit |
|
|
|
|
Variable Annuity Income Rider |
|
I4LA |
|
|
Variable Annuity Payment Option Rider effective 9/1/10 |
|
I4LA-Q |
|
|
Variable Annuity Payment Option Rider effective 9/1/10 |
|
I4LA-NQ |
|
|
Guaranteed Income Benefit |
|
GIB |
|
|
Increasing GIB |
|
IGIB |
|
|
Annual XXX |
|
XXXX |
|
|
Select Guaranteed Income Benefit |
|
AR-528 |
|
|
|
|
|
|
|
i4LIFE® Advantage with Guaranteed Income Benefit (Managed Risk) effective 5/21/12 |
|
AR-528 |
|
|
|
|
|
|
|
4LATER® Advantage |
|
|
|
|
Guaranteed Income Later Rider |
|
4Later |
|
|
|
|
|
|
|
4LATER® Advantage (Managed Risk) effective 7/2/12 |
|
AR-547 |
|
|
|
|
|
|
|
4LATER® Select Advantage effective 0/0/00 |
|
XX-000 |
|
|
|
|
|
|
|
Xxxxxxx Lifetime Income SMAdvantage |
|
|
|
|
Variable Annuity Living Benefits Rider |
|
AR-512 |
|
|
|
|
|
|
|
Lincoln Lifetime Income SMAdvantage 2.0 & |
|
|
|
|
Lincoln Lifetime Income SMAdvantage 2.0 (Managed Risk) effective 4/2/12 |
|
|
|
|
Variable Annuity Guarantee Income Benefit (NY version) effective 9/1/10 |
|
AR-529 |
|
|
|
|
|
|
|
Lincoln Lifetime Income SMAdvantage 2.0 (Managed Risk) eff. 1/20/15 |
|
AR-529 |
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i4LIFE® Advantage with Guaranteed Income Benefit (Managed Risk) effective 1/20/15 |
|
AR-528 |
|
|
4LATER® Advantage (Managed Risk) effective 1/20/15 |
|
AR-547 |
|
|
|
|
|
|
|
Lincoln Market Select® Advantage |
|
|
|
|
Variable Annuity Guarantee Income Benefit (NY version) eff. 8/29/16 |
|
AR-529 |
|
SCHEDULE B
CONTRACTS WITH ACCEPTED COVERAGES
Contracts covered by this Agreement include all Contracts issued by the Ceding Company from the following list.
ChoicePlus Variable Annuity
ChoicePlus Access Variable Annuity
ChoicePlus II Variable Annuity
ChoicePlus II Access Variable Annuity
ChoicePlus II Bonus Variable Annuity
ChoicePlus II Advance Variable Annuity
ChoicePlus Assurance (A Share) (includes wrap fee version)
ChoicePlus Assurance (B Share)
ChoicePlus Assurance (C Share)
ChoicePlus Assurance (Bonus)
ChoicePlus Assurance (L Share)
ChoicePlus Momentum Income Option
ChoicePlus Design (includes all share classes)
American Legacy III
American Legacy III Plus
American Legacy III View
American Legacy III C-Share
Shareholders Advantage (includes wrap fee version)
American Legacy Design (includes all share classes)
Lincoln Investor Advantage® B-Share
Lincoln Investor Advantage® C-Share
Lincoln Investor Advantage® Fee Based
Lincoln Investor Advantage® RIA
American Legacy® Series B-Share
American Legacy® Series L-Share
American Legacy® Series C-Share
American Legacy® Signature 1
American Legacy® Signature 2
American Legacy® Fusion
Shareholders Advantage A-Class
American Legacy III B-Class
Lincoln ChoicePlusSM Fusion
Lincoln ChoicePlusSM Signature 1
Lincoln ChoicePlusSM Signature 2
Lincoln ChoicePlus AssuranceSM Series B-Share
Lincoln ChoicePlus AssuranceSM Series C-Share
Lincoln ChoicePlus AssuranceSM Series L-Share
Lincoln ChoicePlus AssuranceSM Series B-Class
Lincoln ChoicePlus AssuranceSM (Prime)
Lincoln ChoicePlus AssuranceSM Rollover
Lincoln ChoicePlus AssuranceSM A-Class
Lincoln InvestmentSolutionsSM
Lincoln ChoicePlusSM Advisory
American Legacy® Advisory
Lincoln Investor Advantage® Advisory
SCHEDULE C
PREMIUM RATE SCHEDULE
Effective January 9, 2017
Initial Reinsurance Premium:
The Initial Reinsurance Premium shall equal the Treaty Reserve applicable to each Individual Policy on the date it is first covered by this Agreement. For all business issued by the Ceding Company after the Agreement’s effective date, the Initial Premium shall be zero.
Base Reinsurance Premium Rates:
|
Type of Benefit |
|
|
|
|
|
|
|
All Contracts |
|
|
|
GLB Type |
|
Effective Date of Rate |
|
Rates Applied to Riders |
|
Base |
|
Expense, |
|
Applied to |
|
Lincoln SmartSecurity Advantage – 5 Yr Optional Reset |
|
7/1/2003 |
|
Riders effective prior to 5/15/2004 |
|
[REDACTED] |
|
[REDACTED] |
|
Guaranteed Benefit (#) |
|
|
5/15/2004 |
|
Riders effective 5/15/2004 thru 1/19/2009 |
|
[REDACTED] |
|
| |||
|
|
1/20/2009 |
|
Riders effective 1/20/2009 thru 12/2/2012 |
|
[REDACTED] |
|
| |||
|
|
12/3/2012 |
|
Riders effective or reset on or after 12/3/2012 |
|
[REDACTED] |
|
| |||
|
Lincoln SmartSecurity Advantage – 1 Yr Automatic Reset |
|
|
|
Riders effective before 1/20/2009 |
|
[REDACTED] |
|
[REDACTED] |
|
Guaranteed Benefit (#) |
|
|
1/20/2009 |
|
Riders effective 1/20/2009 thru 12/2/2012 |
|
[REDACTED] |
|
| |||
|
|
12/3/2012 |
|
Riders effective or reset on or after 12/3/2012 |
|
[REDACTED] |
|
| |||
|
Lincoln SmartSecurity Advantage – 1 Yr Automatic Reset - Single Life Option with Lifetime Withdrawals |
|
|
|
Riders effective before 1/20/2009 |
|
[REDACTED] |
|
[REDACTED] |
|
Guaranteed Benefit (#) |
|
|
1/20/2009 |
|
Riders effective or reset 1/20/2009 thru 12/2/2012 |
|
[REDACTED] |
|
| |||
|
|
12/3/2012 |
|
Riders effective or reset on or after 12/3/2012 |
|
[REDACTED] |
|
| |||
|
Lincoln SmartSecurity Advantage – 1 Yr Automatic Reset – Joint Life Option with Lifetime Withdrawals |
|
|
|
Riders effective before 1/20/2009 |
|
[REDACTED] |
|
[REDACTED] |
|
Guaranteed Benefit (#) |
|
|
1/20/2009 |
|
Riders effective or reset 1/20/2009 thru 12/2/2012 |
|
[REDACTED] |
|
| |||
|
|
12/3/2012 |
|
Riders effective or reset on or after 12/3/2012 |
|
[REDACTED] |
|
| |||
|
4LATER Advantage (and transitioning to i4LIFE) |
|
7/1/2003 |
|
Riders effective before 1/20/2009 |
|
[REDACTED] |
|
[REDACTED] |
|
Current Income Base (#) or for transitioning to i4LIFE greater of Income Base or Account Value prior to transition (increased for GIB step-ups) |
|
|
1/20/2009 |
|
Riders effective or reset on or after 1/20/2009 |
|
[REDACTED] |
|
| |||
|
|
10/1/2009 |
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Riders effective or reset on or after 10/1/2009 |
|
[REDACTED] |
|
|
|
Type of Benefit |
|
|
|
|
|
|
|
All Contracts |
|
|
|
GLB Type |
|
Effective Date of |
|
Rates Applied to |
|
Base |
|
Expense, |
|
Applied to |
|
4LATER Advantage (Managed Risk) (and transitioning to i4LIFE) |
|
7/2/2012 |
|
Riders effective on or after 7/2/2012 |
|
[REDACTED] |
|
[REDACTED] |
|
Current Income Base (#) or for transitioning to i4LIFE greater of Income Base or Account Value prior to transition (increased for GIB step-ups) |
|
|
|
|
[REDACTED] |
|
| |||||
|
4LATER® Select Advantage (and transitioning to i4LIFE) |
|
1/9/2017 |
|
Riders effective on or after 1/9/2017 |
|
[REDACTED] |
|
[REDACTED] |
|
Current Income Base (#) or for transitioning to i4LIFE greater of Income Base or Account Value prior to transition (increased for GIB step-ups) |
|
|
|
|
|
|
| |||||
|
Guaranteed Income Benefit on i4Life |
|
|
|
Riders effective before 10/1/2009 |
|
[REDACTED] |
|
[REDACTED] |
|
Variable Account Value |
|
|
10/1/2009 |
|
Riders effective or reset on or after 10/1/2009 |
|
[REDACTED] |
|
| |||
|
Increasing Guaranteed Income Benefit |
|
|
|
Riders effective before 10/1/2009 |
|
[REDACTED] |
|
[REDACTED] |
|
Variable Account Value |
|
|
10/1/2009 |
|
Riders effective or reset on or after 10/1/2009 |
|
[REDACTED] |
|
| |||
|
Annual Step-Up Guaranteed Income Benefit |
|
|
|
Riders effective before 10/1/2009 |
|
[REDACTED] |
|
[REDACTED] |
|
Variable Account Value |
|
|
10/1/2009 |
|
Riders effective or reset on or after 10/1/2009 |
|
[REDACTED] |
|
| |||
|
Lincoln Lifetime Income Advantage (and transitioning to i4LIFE) |
|
|
|
Riders effective before 1/20/2009 |
|
[REDACTED] |
|
[REDACTED] |
|
Guaranteed Benefit (#)or for transitioning to i4LIFE greater of Income Base or Account Value prior to transition (increased for GIB step-ups) |
|
|
1/20/2009 |
|
Riders effective or reset on or after 1/20/2009 |
|
[REDACTED] |
|
| |||
|
Lincoln Lifetime Income Advantage (and transitioning to i4LIFE GIB) |
|
|
|
Riders effective before 10/1/2009 |
|
[REDACTED] |
|
[REDACTED] |
|
Variable Account Value |
|
|
10/1/2009 |
|
Riders effective or reset on or after 10/1/2009 |
|
[REDACTED] |
|
| |||
|
Lincoln Lifetime Income Advantage 2.0 (and transitioning to i4LIFE) |
|
9/1/2010 |
|
Riders effective after 9/1/2010 |
|
[REDACTED] |
|
[REDACTED] |
|
Current Income Base (#)or for transitioning to i4LIFE greater of Income Base or Account Value prior to transition (increased for GIB step-ups) |
|
|
|
|
[REDACTED] |
| ||||||
|
Lincoln Lifetime Income Advantage 2.0 (Managed Risk) (and transitioning to i4LIFE) |
|
4/2/2012 |
|
Riders effective on or after 4/2/2012 |
|
[REDACTED] |
|
[REDACTED] |
|
Current Income Base (#)or for transitioning to i4LIFE greater of Income Base |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
or Account Value prior to transition (increased for GIB step-ups) |
|
Guaranteed Income Benefit on i4Life (AR-528 only) |
|
9/1/2010 |
|
Riders effective 9/1/2010 through 8/28/2016 |
|
[REDACTED] |
|
[REDACTED] |
|
Variable Account Value |
|
|
|
|
[REDACTED] |
|
| |||||
|
|
8/29/2016 |
|
Riders effective on or after 8/29/2016 |
|
[REDACTED] |
|
| |||
|
|
|
|
[REDACTED] |
|
| |||||
|
i4LIFE®Advantage with Guaranteed Income Benefit (Managed Risk) |
|
5/21/2012 |
|
Riders effective on or after 5/21/2012 |
|
[REDACTED] |
|
[REDACTED] |
|
Variable Account Value |
|
|
|
|
[REDACTED] |
|
|
| ||||
|
Lincoln Market Select® Advantage (and transitioning to i4LIFE) |
|
|
|
|
|
|
|
[REDACTED] |
|
Current Income Base (#)or for transitioning to i4LIFE greater of Income Base or Account Value prior to transition (increased for GIB step-ups) |
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
[REDACTED] | ||||||
|
|
|
|
|
| ||||||
|
|
|
|
|
| ||||||
|
|
|
|
|
[REDACTED] | ||||||
|
8/29/2016 |
|
Riders effective on or after 8/29/2016 |
|
[REDACTED] | ||||||
|
| ||||||||||
|
|
[REDACTED] |
(#) Guaranteed Benefit amount and Current Income Base amount are as calculated by the terms of the applicable riders.
Reinsurance premium shall step up to the current charge for any Policy that resets for all benefits.
Reinsurer’s Expense, Profit, and Risk Charge (EPRC):
EPRC shall equal the annual rates shown above, payable monthly in arrears computed in the manner as more fully described below.
Monthly Payment of Reinsurance Premium:
Both the Base Reinsurance Premium and the EPRC are payable in arrears after the end of each calendar month. The monthly payment for all benefit types shall be computed by adding the appropriate Base Reinsurance Premium annual rate to the EPRC annual rate, then dividing the total by twelve and multiplying the result times the end of the month Guaranteed Benefit Amount, the Current Income Base or the Variable Account Value, as applicable.
