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 REINSURANCE AGREEMENT
THIS AGREEMENT IS EFFECTIVE JUNE 30, 2000
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 Insurance Co of N.A. 1
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Effective July 1, 2000
TABLE OF CONTENTS
ARTICLE PAGE
------- ----
Access to Records XI 15
Arbitration XV 17
Automatic Provisions IV 9
Currency XIII 16
Definitions I 3
Effective Date, Term, and Termination III 7
Experience Rating VIII 13
Insolvency XIV 16
Interim Claim Reporting and Security VII 12
Litigation X 14
Miscellaneous XVII 18
Notices XVIII 18
Offset XVI 17
Parties to the Agreement II 6
Premium Accounting V 10
Reinsurance Claim Settlement VI 11
Reserves IX 14
Unintentional Errors, Misunderstandings, or Omissions XII 16
SCHEDULES
A Description of Guaranteed Minimum Death Benefits (GMDBs)
B-1 CONTRACT TYPES subject to this Reinsurance Agreement
B-2 Guidelines on Recapture Under New or Revised Contract Forms
B-3 Investment Funds Subject to this Reinsurance Agreement
C-1 Limits and Rules of CEDING COMPANY
C-2 Limits and Rules of the REINSURER
D MONTHLY REINSURANCE PREMIUM RATES by CONTRACT & GMDB TYPE
E MONTHLY DEDUCTIBLE RATE by CONTRACT TYPE and GMDB TYPE
F MONTHLY FORMULA CLAIM LIMIT RATE by CONTRACT TYPE & GMDB TYPE
G DOLLAR CLAIM LIMIT RATE by CONTRACT TYPE and GMDB TYPE
H REINSURER Quota share of Risk
I CEDING COMPANY Reporting Format and Date Requirements
J Surplus Position of REINSURER
Manufacturers Life Insurance Co of N.A. 2
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ARTICLE I - DEFINITIONS
A. DURATION OF AGREEMENT:
EFFECTIVE DATE: June 30, 2000
ANNUAL VALUATION DATE: June 30
BUSINESS DAY Any day that securities are traded on the New
York Stock Exchange
MONTHLY VALUATION DATE: The last BUSINESS DAY of each month
REINSURANCE TERM: 180 months measured from the later of EFFECTIVE
DATE or the MONTHLY VALUATION DATE following
each contract's inclusion in the Agreement.
TERMINATION DATE: End of REINSURANCE TERM for last contract
accepted under this Agreement.
ANNUAL VALUATION PERIOD: Extends from July 1 until June 30.
B. CONTRACT DEFINITIONS:
VARIABLE ANNUITY CONTRACT: A written agreement between CEDING COMPANY and
an annuity owner with specified benefits in
accordance with specified terms and conditions.
ACTIVE CONTRACT: A VARIABLE ANNUITY CONTRACT that has not fully
terminated due to death, lapse, annuitization
or some other valid contingency.
RETAIL ANNUITY EXPENSE: Is comprised of the Mortality and Expense
charge (M&E fee), administration fees and any
optional rider fees. It does not include
investment fund expense charges, sub-advisory
fees and advisory fees.
RETAIL ANNUITY PREMIUMS: Contributions made to the VARIABLE ANNUITY
CONTRACT on behalf of the contract owner,
commonly referred to as purchase payments,
premiums, or deposits.
Manufacturers Life Insurance Co of N.A. 3
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CONTRACT TYPE: One of the VARIABLE ANNUITY CONTRACT forms
specified in Schedule B-1.
GMDB TYPE: One of the Guaranteed Minimum Death Benefits
specified in the VARIABLE ANNUITY CONTRACT and
described in Schedule A.
C. REINSURED AMOUNT
DEFINITIONS:
REINSURED GMDB AMOUNT: The CEDING COMPANY's minimum required payment,
pursuant to a VARIABLE ANNUITY CONTRACT, on the
death of the insured life, multiplied by the
REINSURER's quota share of risk in accordance
with Schedule H.
REINSURED ACCOUNT VALUE: The sum of the Variable and Fixed invested
assets for each CONTRACT TYPE and GMDB TYPE in
the investment funds shown in Schedule B-3,
times the REINSURER's quota share of risk, as
shown in Schedule H.
D. REINSURANCE PREMIUM
DEFINITIONS:
AGGREGATE MONTHLY GMDB: The sum of each ACTIVE CONTRACT's REINSURED
GMDB AMOUNT, calculated on each MONTHLY
VALUATION DATE, for all ACTIVE CONTRACTS
covered by the Agreement.
AGGREGATE MONTHLY ACCOUNT
VALUE: The sum of each ACTIVE CONTRACT's REINSURED
ACCOUNT VALUE, calculated on each MONTHLY
VALUATION DATE, for all ACTIVE CONTRACTS
covered by the Agreement.
MONTHLY REINSURANCE PREMIUM
RATE: The numerical value provided in Schedule D, for
each CONTRACT TYPE and GMDB TYPE.
MONTHLY REINSURANCE PREMIUM: The sum of the MONTHLY REINSURANCE PREMIUM RATE
times the greater of the REINSURED MONTHLY GMDB
or the REINSURED MONTHLY ACCOUNT VALUE for each
ACTIVE CONTRACT covered by the Agreement.
Manufacturers Life Insurance Co of N.A. 4
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REINSURANCE PREMIUM DUE DATE The MONTHLY REINSURANCE PREMIUM is due date on the MONTHLY VALUATION DATE.
REMITTANCE DATE: Thirty (30) days after the REINSURANCE PREMIUM DUE DATE
E. REINSURANCE CLAIM DEFINITIONS:
GMDB CLAIM: The excess of the REINSURED GMDB AMOUNT over the REINSURED ACCOUNT VALUE, if a
positive value, on the date that CEDING COMPANY receives due proof of death.
AGGREGATE GMDB CLAIM: The sum of all GMDB CLAIMS calculated on the TERMINATION DATE.
MONTHLY DEDUCTIBLE RATE: A numerical value provided in Schedule E for each CONTRACT TYPE and GMDB TYPE
combination.
MONTHLY DEDUCTIBLE: Equal to the MONTHLY DEDUCTIBLE RATE times the AGGREGATE MONTHLY GMDB. The
MONTHLY DEDUCTIBLE is calculated on each MONTHLY VALUATION DATE.
AGGREGATE DEDUCTIBLE: The cumulative MONTHLY DEDUCTIBLE over all monthly valuation dates calculated
on the TERMINATION DATE.
PRELIMINARY EXCESS CLAIM: The excess, if any, of the AGGREGATE GMDB CLAIM over the AGGREGATE DEDUCTIBLE.
INTERIM CLAIM POSITION: The cumulative GMDB CLAIM less the cumulative MONTHLY DEDUCTIBLE, measured on
each ANNUAL VALUATION DATE prior to the TERMINATION DATE.
MONTHLY ELAPSED RATIO: Measured on each MONTHLY VALUATION DATE as the number of months that the
Agreement has been in effect divided by 204, where month 1 is July 2000 and
month 204 is June 2017.
Manufacturers Life Insurance Co of N.A. 5
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F. REINSURANCE CLAIM LIMIT DEFINITIONS
FORMULA CLAIM LIMIT RATE: A numerical value provided in Schedule F for each CONTRACT TYPE and GMDB TYPE
combination.
FORMULA CLAIM LIMIT: Equal to the FORMULA CLAIM LIMIT RATE time the AGGREGATE MONTHLY GMDB, for each
CONTRACT TYPE and GMDB TYPE, as calculated on each MONTHLY VALUATION DATE.
AGGREGATE FORMULA CLAIM LIMIT: The sum of the FORMULA CLAIM LIMITS calculated on the TERMINATION DATE.
DOLLAR CLAIM LIMIT RATE: A value provided in Schedule G for each CONTRACT TYPE and GMDB TYPE
combination.
DOLLAR CLAIM LIMIT: Equal to the DOLLAR CLAIM LIMIT RATE times the total RETAIL ANNUITY PREMIUMS
attributable to each CONTRACT TYPE and GMDB TYPE combination, times the quota
share percentage in Schedule H.
AGGREGATE DOLLAR CLAIM LIMIT: The sum of the DOLLAR CLAIM LIMITS for each of the CONTRACT TYPE and GMDB TYPE
combination as calculated on the TERMINATION DATE.
FINAL EXCESS CLAIM: The lesser of the PRELIMINARY EXCESS CLAIMS, the AGGREGATE FORMULA CLAIM
LIMIT, and the AGGREGATE DOLLAR CLAIM LIMIT.
ARTICLE II - PARTIES TO THE AGREEMENT
This Agreement shall be binding upon and shall inure solely to the benefit of
the CEDING COMPANY and REINSURER. This Agreement shall not and is not intended
to create any legal relationship or confer any rights and obligations between
the REINSURER and any third party, including without limitation, annuitants,
contract owners, certificate owner, beneficiaries, applicants or assignees
under any VARIABLE ANNUITY CONTRACT form covered by this Agreement.
Manufacturers Life Insurance Co of N.A. 6
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ARTICLE III - EFFECTIVE DATE, TERM AND TERMINATION
A. The EFFECTIVE DATE of this Agreement is June 30, 2000. The Agreement
covers (1) VARIABLE ANNUITY CONTRACTS that are inforce as of the EFFECTIVE
DATE and (2) VARIABLE ANNUITY CONTRACTS that are written by the CEDING
COMPANY after the EFFECTIVE DATE and before midnight June 30, 2002 (or any
prior date that the Agreement is terminated for new VARIABLE ANNUITY
CONTRACTS comply with the CONTRACT TYPES listed in Schedule B-1, and
subject to the terms and conditions of this Agreement.
B. This Agreement will not cover new VARIABLE ANNUITY CONTRACTS written by the
CEDING COMPANY prior to midnight on June 30, 2002 but after the BUSINESS
DAY on which cumulative RETAIL ANNUITY PREMIUMS exceed the limits provided
in Schedule C-2, paragraph 4. RETAIL ANNUITY PREMIUMS paid on an ACTIVE
CONTRACT subsequent to issue are unaffected by the limits provided in
Schedule C-2, paragraph 4. For purposes of this calculation, the account
value on inforce contracts ceded on the EFFECTIVE DATE will be treated as
RETAIL ANNUITY PREMIUMS.
C. This Agreement will terminate with respect to each VARIABLE ANNUITY
CONTRACT subject to it, as of the last date of the REINSURANCE TERM for
each VARIABLE ANNUITY CONTRACT.
D. The CEDING COMPANY shall have the option of terminating this Agreement for
new business, existing business, or both, with ninety (90) days written
notice to the REINSURER, after the occurrence of any of the following:
1. REINSURER's A.M. Best Claim Paying Rating is reduced to a "B" or
lower.
2. An order appointing a receiver, conservator or trustee for management
of REINSURER is entered or a proceeding is commenced for
rehabilitation, liquidation, supervision or conservation of REINSURER;
3. REINSURER's U.S. GAAP surplus position is reduced by 25% or more from
the value of its U.S. GAAP surplus position as of December 31, 1999.
The REINSURER's surplus position as of December 31, 1999 is provided
in Schedule J.
4. The REINSURER fails to satisfy the INTERIM CLAIM POSITION in
accordance with Article VII, provided that in the event. The REINSURER
satisfies the INTERIM CLAIM POSITION requirement within ninety (90)
days of written request, the notice of termination shall be deemed
withdrawn.
The REINSURER agrees to notify the CEDING COMPANY within fifteen(15) days of (1)
any change in it's A.M. Best Claims Paying Rating and (2) the reduction of its
U.S. GAAP surplus by 25% or more of the amount set forth on Schedule J.
Manufacturers Life Insurance Co of N.A. 7
VA GMDB DSL Treaty
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The CEDING COMPANY shall also have 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
termination.
E. Prior to December 31, 2001, if the application of the requirements of any
of the Office of the Superintendent of Financial Institutions (OSFI) in
Canada, the National Association of Insurance Commissioners (NAIC), or New
York State Insurance Department results in the Agreement creating less than
a 50% reduction in reserves and capital (as measured by the OSFI MCCSR
guideline as of the effective date of this Agreement) held by the CEDING
COMPANY, the CEDING COMPANY will notify the REINSURER in writing and the
CEDING COMPANY and the REINSURER will attempt to restructure the Agreement
to provide the CEDING COMPANY and the REINSURER are unable to agree on a
revised Agreement by January 31, 2002, this Agreement will be recaptured
effective as of December 31, 2001.
F. The REINSURER shall have the option of terminating this Agreement for new
business, existing business, or both with ninety (90) days written 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 I. The REINSURER must provide CEDING
COMPANY with Notice of Termination, identifying whether new
business, existing business, or both will be subject to
termination. If, during the ninety (90) days following this
notification, the REINSURER receives all data submission in
arrears, the notice of termination shall be deemed withdrawn.
2. The CEDING COMPANY fails to pay premium on or before the
REMITTANCE DATE. In the event that the premiums are not paid by
the REMITTANCE DATE, the REINSURER shall have the right to
terminate this agreement by giving ninety (90) days written
notice of termination to the CEDING COMPANY. If all premiums in
default are received by the REINSURER within the ninety (90) day
time period, the Agreement will remain in effect. As of the close
of the last day of this ninety (90) day notice period, the
REINSURER's liability for all risks reinsured associated with the
defaulted premiums under this Agreement will terminate.
G. Not withstanding termination of reinsurance as provided herein, the CEDING
COMPANY shall continue to be liable to the REINSURER for all unpaid
reinsurance premiums earned by the REINSURER under this Agreement. Such
premiums are subject to an annual interest charge, equal to the 3-month
LIBOR rate as of the REMITTANCE DATE, as published in the Wall Street
Journal, plus 1.00%, applied daily as rate/365.
Manufacturers Life Insurance Co of N.A. 8
VA GMDB DSL Treaty
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ARTICLE IV - AUTOMATIC PROVISIONS
A. Subject to Article III, on or after the EFFECTIVE DATE of this Agreement,
the CEDING COMPANY shall code and the REINSURER shall accept the REINSURED
GMDB AMOUNT and the REINSURED ACCOUNT VALUE under the VARIABLE ANNUITY
CONTRACT forms as described in Schedule B-1.
B. This Agreement covers only the liability for GMDB CLAIMS paid under
VARIABLE ANNUITY CONTRACT forms or benefit rider forms that were reviewed
by the REINSURER prior to their issuance. Benefit rider forms, contract
forms, as supplemented by additional materials, are listed on Schedule B-1.
If the CEDING COMPANY intends to code 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 revised
contract forms or benefit rider form within fifteen (15) working days of
the date they receive notification and a copy thereof.
C. Under the circumstances referred to in Section B of this article, REINSURER
will be allowed to increase the reinsurance premium rate for this
Agreement, as of the effective date of the new or revised contract form or
benefit rider form. However, if the increase in reinsurance premium rate
exceeds the guidelines provided in Schedule B-2, the CEDING COMPANY may
exercise a right to recapture all contracts affected by the new or revised
contract form or benefit rider form.
D. This Agreement covers only the liability for GMDB CLAIMS paid under
VARIABLE ANNUITY CONTRACTs invested in Variable and Fixed investment funds
listed on Schedule B-3. 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-3, within thirty (30) days of the fund's initial availability. The CEDING
COMPANY may add new or revise investment funds without REINSURER approval.
E. The CEDING COMPANY intends to take steps necessary to qualify each variable
investment option 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.
F. 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 to bring the variable investment option in
compliance with these 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
Manufacturers Life Insurance Co of N.A. 9
VA GMDB DSL Treaty
Effective July 1, 2000
respect to any variable investment option will be determined by multiplying
the REINSURED GMDB AMOUNT by the proportion of the variable investment
option's value to the total account value. 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.
G. If the CEDING COMPANY brings the variable investment option in compliance
with Subchapter M or Subchapter L either within the 180-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.
H. The issue age limits and the total premium deposits per life must fall
within the automatic limits as shown in Schedule C-1, unless an exception
is permitted by mutual 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
provides written notice to the CEDING COMPANY within fifteen (15) working
days from the date they receive notification that such revised limits and
rules are acceptable.
ARTICLE V - PREMIUM ACCOUNTING
A. 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.
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 I together with its remittance for the MONTHLY REINSURANCE PREMIUM
as shown therein as well as any premium adjustments from the prior period.
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 Insurance Co of N.A. 10
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ARTICLE VI - REINSURANCE CLAIM SETTLEMENT
A. The REINSURER is not responsible for payment of CEDING COMPANY claims under
the VARIABLE ANNUITY CONTRACT forms and benefit rider forms identified on
Schedule B-1. 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 I.
B. A final statement of accounts prepared by the CEDING COMPANY is due sixty
(60) days after the end of the REINSURANCE TERM is reached by all contracts
covered by this Agreement. On or before this date, the CEDING COMPANY shall
forward to the REINSURER its final statement of account as set forth in
Schedule 1. Based on the statement of account, if the FINAL EXCESS CLAIM is
greater than zero, the REINSURER must pay this FINAL EXCESS CLAIM within
thirty (30) days of receiving the statement of accounts. If the FINAL
EXCESS CLAIM is not paid within thirty (30) days of receiving the statement
of account, the FINAL EXCESS CLAIM is subject to an interest charge in
accordance with Article III, paragraph G, assessed beginning thirty (30)
days after receiving the statement of account.
C. The CEDING COMPANY shall have six (6) months after the end of the
REINSURANCE TERM is reached by all contracts covered by this Agreement 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.
Manufacturers Life Insurance Co of N.A. 11
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ARTICLE VII - INTERIM CLAIM REPORTING AND SECURITY
A. If at the end of any ANNUAL VALUATION PERIOD the INTERIM CLAIM POSITION is
a positive value greater than $250,000, the REINSURER must make provision
for the INTERIM CLAIM POSITION within thirty (30) days of receipt of the
CEDING COMPANY's statement of account. Provision for the INTERIM CLAIM
POSITION is satisfied by the REINSURER if either:
1. the funds are in a trust that complies with CEDING COMPANY's
applicable regulations, subject to withdrawal solely by, and under the
exclusive control of the CEDING COMPANY, held in qualified United
States financial institution, as defined below, are at least as great
as the INTERIM CLAIM POSITION as of the ANNUAL VALUATION DATE;
2. cash or marketable securities are transferred to the CEDING COMPANY in
an amount at least as great as the INTERIM CLAIM POSITION as of the
ANNUAL VALUATION DATE, with the actual investment earnings on the
proceeds split evenly between the REINSURER and CEDING COMPANY.
3. clean, irrevocable, unconditional letters of credit, in an amount at
least as great as the INTERIM CLAIM POSITION as of the ANNUAL
VALUATION DATE, issued or confirmed by a qualified United States
financial institutions, 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 INTERIM CLAIM POSITION.
B. If on the ANNUAL VALUATION DATE the INTERIM CLAIM POSITION is a negative
value, the CEDING COMPANY may, at its sole discretion, make provision for
the INTERIM CLAIM POSITION.
C. If at the end of ANNUAL VALUATION PERIOD the INTERIM CLAIM POSITION is a
positive value less than $250,001, the REINSURER may, at its sole
discretion, make provision for this INTERIM CLAIM POSITION.
D. If the INTERIM CLAIM POSITION cannot be calculated on a reasonably accurate
basis, no action on the part of the REINSURER will be required, the INTERIM
CLAIM POSITION will be assumed to be negative value, and the CEDING COMPANY
may, at its sole discretion, make a reasonable approximation of the
proceeds to hold on behalf of the REINSURER. Adjustments will then be made
to reflect the actual INTERIM CLAIM POSITION, within thirty (30) days of
its determination.
E. A qualified United States financial institution means an institution that
meets either subdivision (1) or (2);
Manufacturers Life Insurance Co of N.A. 12
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1. Is organized, or in the case of 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
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 commissioner of New York.
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.
ARTICLE VIII - EXPERIENCE RATING
If on the ANNUAL VALUATION DATE, the INTERIM CLAIM POSITION is negative, the
proceeds that the CEDING COMPANY may, at their sole discretion, establish on
behalf of the REINSURER can be reduced based on the Experience Rating mechanism.
The reduction is the greater of the absolute value of A or the absolute value of
B, where:
A = .5 * INTERIM CLAIM POSITION, and
B = MONTHLY ELAPSED RATIO * INTERIM CLAIM POSITION
Manufacturers Life Insurance CO of N.A. 13
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ARTICLE IX - RESERVES
A. The reserve held by the REINSURER for reinsurance of the variable annuity
death benefit will be determined in accordance with the NAIC Actuarial
Guideline XXXIV, with reasonable adjustments for the non-proportional
aspects of this Agreement.
B. 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 coded hereunder. As a non-authorized reinsurer in New York,
REINSURER will comply with, and bear the cost of, 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 this Agreement, both CEDING
COMPANY and REINSURER will attempt to comply with the new statutes. If the
CEDING COMPANY and REINSURER cannot reach agreement on compliance with new
statutes, this Agreement can be terminated early, using the rules of
recapture as described in Article III, paragraph D, section 5 of this
Agreement.
C. To the extent the New York Insurance Department seeks documentation or
reports pertaining to reinsurance credit under this Agreement, CEDING
COMPANY and REINSURER will cooperate in providing these documents or
reports in a timely manner.
D. Provision for the required reserve is in addition to any funds held by the
REINSURER in satisfaction of the INTERIM CLAIM POSITION, as described in
Article VII.
ARTICLE X - LITIGATION
In the event of any action brought against the CEDING COMPANY under any VARIABLE
ANNUITY CONTRACT that is subject to the terms and conditions of this Agreement,
the CEDING COMPANY shall provide a copy of such action and written notice of
such action within ten (10) business days to the REINSURER.
Manufacturers Life Insurance Co of N.A. 14
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ARTICLE XI - ACCESS TO RECORDS
A. The CEDING COMPANY and the REINSURER, or its duly authorized
representative, shall have access at any reasonable time during regular
business hours, to all records of the other, including the right to
photocopy and retain copies of such documents, which reasonably pertain to
this Agreement. 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 twenty (120) days following the end of each calendar year,
the CEDING COMPANY and the REINSURER will provide each other with copies of
their respective audited financial statements.
B. 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 such
party protects its own proprietary or Confidential Information of like kind
which shall be at least a reasonable manner. "Confidential Information"
means any information which (1) is not generally available to or known by
the public, or (2) has not been lawfully obtained or developed by either
party independently and not in violation of this Agreement 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 which consists of:
1. Information or knowledge about each party's products, processes,
services, finances, customers, research, computer programs,
marketing and business plans, claims management practices; and
2. Any medical or other personal, individually identifiable
information about people or business entities with whom the
parties do business, including customers, prospective customers,
vendors, suppliers, individuals covered by insurance plan, and
each party's producers and employees.
3. Records provided pursuant to Paragraph A, above
C. 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.
Manufacturers Life Insurance Co of N.A. 15
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Effective July 1, 2000
D. This Article expires one year after the TERMINATION DATE.
ARTICLE XII - UNINTENTIONAL ERRORS, MISUNDERSTANDING OR OMISSIONS
It is expressly understood and agreed that if failure to comply with any terms
of this Agreement is hereby shown to be the result of an unintentional error,
misunderstanding or omission, on the part of either the CEDING COMPANY or the
REINSURER, both the CEDING COMPANY and the REINSURER, will be restored to the
position they would have occupied, had no such error, misunderstanding or
omission occurred, subject always to the correction of the error,
misunderstanding or omission.
ARTICLE XIII - CURRENCY
All retentions and limits hereunder, and all monetary data elements as described
in Schedule I, are expressed in United States dollars and all premium and claim
payments shall be made in United States dollars.
ARTICLE XIV - INSOLVENCY
A. In the event of insolvency of the CEDING COMPANY, all reinsurance under
this Agreement, including proceeds to satisfy the INTERIM CLAIM POSITION,
will be payable directly by the REINSURER to the CEDING COMPANY or to its
liquidator, receiver, conservator or 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, within reasonable time after the claim is
filed in the insolvency proceeding, 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.
Manufacturers Life Insurance Co of N.A. 16
VA GMDB DSL Treaty
Effective July 1, 2000
ARTICLE XV - ARBITRATION
A. As a condition precedent to any right of action hereunder, any dispute
between the parties with respect to the interpretation of this Agreement or
any right, obligation or liability of either party, whether such dispute
arises before or after termination of this Agreement, shall be submitted to
arbitration upon the written request of either party. Each party shall
select an arbitrator within (30) days of the written request for
arbitration. If either party refuses or neglects to appoint an arbitrator
within thirty (30) days of the written request for arbitration, the other
party may appoint the second arbitrator. The two arbitrators shall select a
third arbitrator within thirty (30) days of the appointment of the second
arbitrator. If the two arbitrators fail to agree on the selection of the
third arbitrator within thirty (30) days of the appointment of the second
arbitrator, each arbitrator shall submit to the other a list of three
candidates, each arbitrator shall select one name from the list submitted
by the other and the third arbitrator shall be selected from the two names
chosen by a lot drawing procedure to be agreed upon by the arbitrators.
B. The arbitrators shall be active or retired officers of life insurance or
reinsurance companies other than the contracting companies or affiliates
thereof.
C. 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 procedures and
evidence.
D. 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 punitive damages. Judgment may be entered upon the
final decision of the arbitration panel in any court of competent
jurisdiction.
E. 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 the panel.
F. In the absence of a decision to the contrary by the arbitration panel, each
party shall bear the expense of its own arbitrator and shall jointly and
equally bear with the other party the expense of the third arbitrator and
of the arbitration.
ARTICLE XVI - OFFSET
Either party shall have, and may exercise at any time the right to offset any
balance or amounts whether on account of premiums, or on account of claims or
otherwise, due from one party to the other under the terms of this Agreement.
However, in the event of insolvency of CEDING COMPANY subject to the provision
of Article XIV, offset shall only be allowed in accordance with the statutes
and/or regulations of the state having jurisdiction over the insolvency.
Manufacturers Life Insurance Co of N.A. 17
VA GMDB DSL Treaty
Effective July 1, 2000
ARTICLE XVII - MISCELLANEOUS
A. This Agreement will be binding to the parties and their respective
successors and permitted assignees. With the exception of funds used to
satisfy the INTERIM CLAIM POSITION, this Agreement may not be assigned by
either party without the written consent of the other.
B. CEDING COMPANY and REINSURER agree to review the reinsurance agreement on
an annual basis. This review would include discussion of results to date,
along with discussions of expanding the reinsurance program for additional
business, restructuring or recapturing the treaty and other topics.
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 facsimile with
evidence of successful transmission sent via reputable overnight carrier,
or dispatched by certified or registered mail return receipt requested,
postage prepaid, addressed to the parties as follows:
Treasurer
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 Bermuda
Phone: (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 address to which to send notices by
notifying the other party of such change of address in writing in
accordance with the foregoing.
C. The text to this Agreement and all Exhibits, Schedules and Amendments are
considered to be the entire agreement between the parties. There are no
other understandings or agreements between the parties regarding the
contracts reinsured other than as expressed in this Agreement. Either party
may make changes or additions to this Agreement, but they will not be
considered to be in effect unless they are made by means of a written
amendment that has been signed by both parties.
Manufacturers Life Insurance Co of N.A. 18
VA GMDB DSL Treaty
Effective July 1, 2000
D. 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
--------------------------------- ---------------------------------
Date: January 18, 2002 Date: 1/23/2002
By: /s/ illegible By: /s/ Xxxxx X. Xxxxxxxxx
--------------------------------- ---------------------------------
Date: January 18, 2002 Date: 1/23/02
Manufacturers Life Insurance Co of N.A. 19
VA GMDB DSL Treaty
Effective July 1, 2000
SCHEDULE A
Description of Guaranteed Minimum Death Benefits (GMDBs) for CONTRACT TYPES
listed in SCHEDULE B-1
All Venture and Venture Vision contract Forms Available in the state of New York
As described in Schedule B-1, CONTRACT TYPES subject to this Agreement, the
description of the GMDB is as follows:
For all Form Numbers except 207-VFA-NY:
If any contract owner dies (or the annuitant in certain contracts where the
owner is an entity) and the oldest owner had an attained age of less than 81
years on the date as of which the contract was issued, the death benefit will be
determined as follows.
If any contract owner dies before attaining 81 years of age, during the
first contract year, the death benefit will be the greater of:
- The contract value or
- The sum of all purchase payments made, less any amounts deducted
in connection with partial withdrawals
If any contract owner dies before attaining 81 years of age during any
subsequent contract year, the death benefit will be the greater of:
- The contract value or
- The death benefit on the last day of the previous contract year,
plus any purchase payments made and less any amounts deducted in
connection with partial withdrawals since then.
If any contract owner dies after attending 81 years of age, the death
benefit will be the greater of
- The contract value or
- The death benefit on the last day of the contract year ending
just prior to the contract owner's 81st birthday, plus any
purchase payment made, leas amounts deducted in connection with
partial withdrawals since then.
Manufacturers Life Insurance Co of N.A. 20
VA GMDB DSL Treaty
Effective July 1, 2000
If any contract owner dies and the oldest owner had an attained age of 81 years
or greater on the date as of which the contract was issued, the death benefit
will be the greater of:
- The contract value or
- The sum of all purchase payments made, less any amounts deducted
in connection with partial withdrawals
For Form Number 207-VFA-NY:
If the annuitant dies on or prior to the first month following his or her 85th
birthday, the minimum death benefit is as follows:
During the first contract year, the minimum death is the greater of:
(a) the contract value
(b) the sum of all purchase payments made, less any amounts
deducted in connection with partial withdrawals
Except as provided below, during any subsequent contract year, the
minimum death benefit will be the greater of:
(a) the contract value
(b) the minimum death benefit on the last day of the previous
contract year, plus any purchase payments made and less any
amounts deducted in connection with partial withdrawals
since then.
If the annuitant dies after the first of the month following his or her 85th
birthday, the minimum death benefit is the greater of:
(a) the contract value
(b) the sum of all purchase payments made, less any amounts deducted
in connection with partial withdrawals.
Manufacturers Life Insurance Co of N.A. 21
VA GMDB DSL Treaty
Effective July 1, 2000
SCHEDULE B-1
CONTRACT TYPES subject to this Reinsurance Agreement
Form
Number* Policy Description
------- ------------------
207-VFA-NY Venture
VENTURE.002.99 Venture
VENTURE.002.99-XXX Venture XXX
VISION.002.99 Venture Vision
VISION.002.98 Venture Vision
Benefit Rider Form Number
PE001.00 Venture Payment Enhancement Rider
* Includes all New York State variations, qualified plan and XXX endorsements
Manufacturers Life Insurance Co of N.A. 22
VA GMDB DSL Treaty
Effective July 1, 2000
SCHEDULE B-2
GUIDELINES ON RECAPTURE UNDER NEW OR REVISED CONTRACT FORMS
MONTHLY REINSURANCE PREMIUM
RETAIL ANNUITY EXPENSE Increase RATE Increase
------------------------------- ---------------------------
[*] bps annually Not to exceed [*] bps
[*] bps annually Not to exceed [*] bps
[*] bps or more annually Must be negotiated at time of change.
If more than one retail expense increase applies, the weighted average of all
applicable retail expense increases is used to determine the maximum reinsurance
premium increase.
bps = basis points, 1 bp = 0.0001
Manufacturers Life Insurance Co of N.A. 23
VA GMDB DSL Treaty
Effective July 1, 2000
SCHEDULE B-3
INVESTMENT FUNDS SUBJECT TO THIS REINSURANCE AGREEMENT
- VARIABLE FUNDS
AIM
All Cap Growth Trust
Aggressive Growth Trust
CGTC
Diversified Bond Trust
Income & Value Trust
US Large Cap Value Trust
Small Company Blend Trust
Xxxxx & Steers
Real Estate Securities
Xxxxx Selected
Financial Services
Fundamental Value
Dreyfus
All Cap Value Trust
Fidelity
Large Cap Growth Trust
Overseas Trust
Strategic Opportunities Trust
Founders
International Small Cap Trust
Franklin
Emerging Small Company Trust
Investco
Telecommunications Trust
Mid-Cap Growth Trust
Janus
Dynamic Growth Trust
Xxxxxxxx
Capital Appreciation Trust
Lord Xxxxxx
Mid Cap Value Trust
Manufacturers Advisor Corporation
Pacific Rim Emerging Markets Trust
Money Market Trust
Quantitative Equity Trust
Balanced Trust
Quantitative Mid 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
Xxxxxxx Xxxxx
XX Basic Value Focus Trust
ML Special Value Focus Trust
ML Developing Capital Markets Trust
MFS
Strategic Growth Trust
Capital Opportunities Trust
Utilities Trust
Xxxxxx Xxxxx, Xxxx.
Value Trust
High Yield Trust
Xxxxxxx
Tactical Allocation Trust
Munder
Internet Technologies
PIMCO
Global Bond Trust
Total Return Trust
Xxxxxx
Global Equity
Mid Cap Opportunities
Xxxx Price - Flem.
International Stock Trust
Xxxxxxx
US Government Securities Trust
Strategic Bond Trust
SsgA
Growth Trust
X. Xxxx Price
Equity Income Trust
Blue Chip Growth Trust
Science & Technology Trust
Small Company Value Trust
Health Sciences Trust
Xxxxxxxxx
International Value Trust
Wellington
Growth & Income Trust
Investment Quality Bond Trust
Mid Cap Stock Trust
FIXED FUNDS
One Year
Three Year
Five Year
Six Year
Seven Year
DCA Twelve Month
DCA Six Month
Manufacturers Life Insurance Co of N.A. 24
VA GMDB DSL Treaty
Effective July 1, 2000
SCHEDULE C-I
LIMITS AND RULES OF THE CEDING COMPANY
1) CEDING COMPANY will determine the Guaranteed Minimum Death Benefit for each
contract within seven (7) working days of receipt of due proof of death and all
required claim forms.
2) The maximum RETAIL ANNUITY PREMIUM without CEDING COMPANY approval is
$1,000,000.
3) The minimum RETAIL ANNUITY PREMIUM is $5,000 for non-qualified contracts and
$2,000 for qualified contracts. Subsequent contributions must be at least $30.
4) Valid issue ages are 0 to 90.
5) For all Forms Numbers except 207-VFA-NY:
The death benefit may be taken in the form of a lump sum immediately. If not
taken immediately, the contract will continue subject to the following:
- The beneficiary will become the owner.
- Any excess of the death benefit over the contract value will be allocated
to the owner's investment accounts in proportion to their relative values
on the date of receipt at our Annuity Service Office of due proof of the
owner's death.
- No additional purchase payments may be made.
- If the beneficiary is not the deceased owner's spouse, distribution of the
owner's entire interest in the contract must be made within five years of
the owner's death.
- If the deceased owner's spouse is the beneficiary, the surviving spouse
continues the contract (including any optional benefits if these benefits
had been elected by the deceased owner) as the new owner (referred to as a
spousal continuation). In such a case, the distribution rules applicable
when a contract owner dies will apply when the spouse, as the owner, dies.
In addition, a death benefit will be paid upon the death or the spouse. For
purposes of calculating the Death Benefit payable upon the death of the
surviving spouse, the death benefit paid upon the first owner's death will
be treated as a payment to the contract. In addition, all payments made and
all amounts deducted in connection with partial withdrawals prior to the
date of the first owner's death will not be considered in determination of
the Death Benefit. In determination of the Death Benefit, the Anniversary
Values for all prior Contract Anniversaries will be set to zero as of the
date of the first owner's death.
Manufacturers Life Insurance Co of N.A. 25
VA GMDB DSL Treaty
Effective July 1, 2000
6) For Form Number 207-VFA-NY:
The death benefit may be taken in the form of a lump sum immediately. if not
taken immediately, the contract will continue subject to the following:
- The beneficiary will become the owner
- Any excess of the death benefit over the contract value will be allocated
to the owner's investment accounts in proportion to their relative values
on the date of receipt at our Annuity Services Office of due proof of the
owner's death
- No additional purchase payments may be made
- If the deceased annuitant was also the owner, distribution of the death
benefit must be made within five year's of the owner's death. In lieu of
receiving the minimum death benefit, the beneficiary can chose to continue
the contract will full owner privileges, including additional purchase
payments, and the minimum death benefit will be paid upon beneficiary's
death.
Manufacturers Life Insurance Co of N.A. 26
V A GMDB DSL Treaty
Effective July 1, 2000
SCHEDULE C-2
Limits and Rules of the REINSURER
1) The maximum RETAIL ANNUITY PREMIUM made under any VARIABLE ANNUITY CONTRACT
without REINSURER approval is $10,000,000. If a VARIABLE ANNUITY CONTRACT has a
RETAIL ANNUITY PREMIUM in excess of $10,000,000, and 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 share of risk on such VARIABLE
ANNUITY CONTRACT will be proportionally reduced, as described in Schedule H.
2) REINSURER's liability cannot be increased as a result of CEDING COMPANY's
actions with respect to contested claims.
3) The REINSURER will not be liable for extra contracted damages (whether they
constitute Compensatory damages, Statutory penalties, Exemplary or Punitive
damages) which are awarded against the CEDING COMPANY.
4) REINSURER's liability to accept new business hereunder will terminate on the
earlier of June 30, 2002 or on the business day when cumulative RETAIL ANNUITY
PREMIUMS reinsured under this Agreement exceed $2.3 billion times the
REINSURER's quota share of risk, as shown in Schedule H, unless extended by
mutual agreement.
5) A contract where a spousal continuation occurs will be subject to this
Agreement if the re-registration occurs before the earlier of June 30, 2002 or
on the business day when cumulative RETAIL ANNUITY PREMIUMS reinsured under this
Agreement exceed $2.3 billion times the REINSURER's quota share of risk, as
shown in Schedule H.
Manufacturers Life Insurance Co of N.A. 27
V A GMDB DSL Treaty
Effective July 1, 2000
SCHEDULE D
MONTHLY REINSURANCE PREMIUM RATE by CONTRACT TYPE and GMDB TYPE
The premium rate for reinsurance, subject to the terms and conditions of this
Agreement, are guaranteed while the reinsurance coverage is in effect.
Products manufactured for sale in New York (as described in Schedule A)
Venture [*]
Venture Vision [*]
Venture with optional Payment Enhancement Rider [*]
Manufacturers Life Insurance Co of N.A. 28
VA GMDB DSL Treaty
Effective July 1, 2000
SCHEDULE E
MONTHLY DEDUCTIBLE RATE by CONTRACT TYPE and GMDB TYPE
Products manufactured for sale in New York (as described in Schedule A)
Venture [*]
Venture Vision [*]
Venture with optional Payment Enhancement Rider [*]
Manufacturers Life Insurance Co of N.A. 29
VA GMDB DSL Treaty
Effective July 1, 2000
SCHEDULE F
MONTHLY FORMULA CLAIM LIMIT RATE by CONTRACT TYPE and GMDB TYPE
Products manufactured for sale in New York (as described in Schedule A)
Venture [*]
Venture Vision [*]
Venture with optional Payment Enhancement Rider [*]
Manufacturers Life Insurance Co of N.A. 30
VA GMDB DSL Treaty
Effective July 1, 2000
SCHEDULE G
DOLLAR CLAIM LIMIT RATE by CONTRACT TYPE and GMDB TYPE
Products manufactured for sale in New York (as described in Schedule A)
Venture [*]
Venture Vision [*]
Venture with optional Payment Enhancement Rider [*]
Manufacturers Life Insurance Co of N.A. 31
VA GMDB DSL Treaty
Effective July 1, 2000
SCHEDULE H
REINSURER Quota Share of Risk
For each annuity contract with RETAIL ANNUITY PREMIUM up to $10,000,000,
REINSURED GMDB AMOUNT AND REINSURED ACCOUNT VALUE will be based on a [*] share
of risk.
For each annuity contract with aggregate RETAIL ANNUITY PREMIUMS in excess of
$10,000,000, where the CEDING COMPANY has not received written approval to
include the amount in excess of $10,000,000 in this Agreement. REINSURED GMDB
AMOUNT and REINSURED ACCOUNT VALUE will be based on a reduced share of risk
calculated as the quantity of $10,000,000 divided by aggregate RETAIL ANNUITY
PREMIUMS, times [*].
Manufacturers Life Insurance CO of N.A. 32
VA GMDB DSL Treaty
Effective July 1, 2000
SCHEDULE I
Reporting Format and Data Requirements
MONTHLY REPORTING DATA REQUIREMENTS (PREPARED BY CEDING COMPANY)
ACTIVE CONTRACTS ONLY:
Insured Life SSN
Contract Identifier
Insured Life Indicator
Joint Life Indicator
Insured Life Date of Birth
Insured Life Sex
Issue Date
Initial Purchase Payment
Total Purchase Payment
Cumulative Withdrawals
Account value by subaccount
GMDB Type
Contract Type
GMDB Amount
Qualified Status
Termination Indicator (reported in first monthly report following termination)
QUARTERLY REPORTING REQUIREMENTS (PREPARED BY REINSURER)
GAAP Surplus position
A.M. Best Ratings
ANNUAL REPORTING DATA REQUIREMENTS (PREPARED BY CEDING COMPANY)
This includes Monthly Reporting Data Requirements as of the Date of Notification
(the date that death related paperwork is submitted in full), plus the
following:
Date of Death
Date of Notification
Death Benefit Paid
Death Benefit Proceeds in Excess of Account Value
MONTHLY STATEMENT OF ACCOUNT (PREPARED BY CEDING COMPANY)
(prepared for each CONTRACT TYPE and GMDB TYPE combination and in aggregate)
1. Calculated value of AGGREGATE MONTHLY GMDB
2. Calculated value of AGGREGATE MONTHLY ACCOUNT VALUE
3. Calculated value of MONTHLY REINSURANCE PREMIUM
Manufacturers Life Insurance CO of N.A. 33
VA GMDB DSL Treaty
Effective July 1, 2000
SCHEDULE J
Surplus Position of REINSURER
GAAP Surplus in REINSURER as of December 31, 1999: $1,151,000,000 USD
MANUFACTURERS LIFE INSURANCE CO OF N.A. 34
VA GMDB DSL TREATY
EFFECTIVE JULY 1, 2000
AMENDMENT NO. 1
to the
VARIABLE ANNUITY REINSURANCE AGREEMENT
Between
THE MANUFACTURERS LIFE INSURANCE COMPANY OF NEW YORK
("CEDING COMPANY")
and
ACE TEMPEST LIFE REINSURANCE LTD.
("REINSURER")
Effective 7/1/2002, this Amendment is hereby attached to and becomes a part of
the above-described Reinsurance Agreement. It is mutually agreed that the
Agreement will be updated to properly reflect an extended term of coverage for
new VARIABLE ANNUITY CONTRACTS, an adjustment to the Quota Share as of July 1,
2002, and certain definition changes. To effect this change, the following
provisions of this Agreement are hereby amended:
- Article I, DEFINITIONS, is hereby replaced by the attached Article I.
- Article III, EFFECTIVE DATE, TERM AND TERMINATION is hereby replaced by the
attached Article III.
- Schedule C-2, Limits and Rules of the REINSURER, is hereby replaced by the
attached Schedule C-2.
- Schedule H, REINSURER Quota Share of Risk, is hereby replaced by the
attached Schedule H.
THE MANUFACTURERS LIFE INSURANCE COMPANY OF NEW YORK
By: /s/ Xxxxxx X. Xxxxx Attest: /s/ Xxxxx X. Xxxxxx
--------------------------------- --------------------------------
Title: Vice President Title: Vice President
Date: 6/7/02 Date: 6/7/2002
ACE TEMPEST LIFE REINSURANCE LTD.
By: /s/ illegible Attest: /s/ illegible
--------------------------------- --------------------------------
Title: Vice President and Life Title: Vice President and Life
Actuary Actuary
Date: May 23, 2002 Date: May 23, 2002
ARTICLE I- DEFINITIONS
A. DURATION OF AGREEMENT:
EFFECTIVE DATE means June 30,2000.
ANNUAL VALUATION DATE means June 30th of each year this Agreement is in effect.
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 each period consisting of 180 months, commencing on the
MONTHLY VALUATION DATE following the date any VARIABLE ANNUITY CONTRACT becomes
covered under this Agreement in accordance with Article III of this Agreement.
TERMINATION DATE means the last day of the REINSURANCE TERM for the last
VARIABLE ANNUITY CONTRACT that becomes covered under this Agreement.
ANNUAL VALUATION PERIOD means that period beginning on each July 1 and ending on
each following June 30 for each year this Agreement is in effect.
B. CONTRACT DEFINITIONS:
VARIABLE ANNUITY CONTRACT means a written annuity contract issued by the CEDING
COMPANY to a contract owner under which is specified benefits are agreed to be
provided in accordance with specified terms and conditions.
CONTRACT TYPE means any one of the VARIABLE ANNUITY CONTRACT forms specified in
Schedule B-1.
GMDB TYPE means anyone of the Guaranteed Minimum Death Benefits specified in the
VARIABLE ANNUITY CONTRACT and described in Schedule A.
RETAIL ANNUITY PREMIUMS means contributions made in accordance with the
provisions of any VARIABLE ANNUITY CONTRACT by or on behalf of the contract
owner, whether referred to as purchase payments, premiums, deposits, or
otherwise.
GMDB AMOUNT means, in accordance with each VARIABLE ANNUITY CONTRACT, the CEDING
COMPANY's contractually determined minimum amount payable on the death of the
insured.
ACCOUNT VALUE means, in accordance with each VARIABLE ANNUITY CONTRACT, the sum
of Account Value in the variable investment options and the Interim Value of all
Fixed Allocations, as per the terms and conditions of the VARIABLE ANNUITY
CONTRACTS.
EXCLUDED CONTRACT means any VARIABLE ANNUITY CONTRACT that has (a) experienced
partial withdrawals of more than 25% of the RETAIL ANNUITY PREMIUMS and has an
ACCOUNT VALUE that is less than 25% of the GMDB AMOUNT, or (b) a GMDB AMOUNT
that is contractually set to the ACCOUNT VALUE. Any EXCLUDED CONTRACT shall be
treated as such only on and after the date as of which it satisfies any of the
conditions identified as (a) or (b), above.
ACTIVE CONTRACT means a VARIABLE ANNUITY CONTRACT, other than an EXCLUDED
CONTRACT, that has not terminated due to death, full surrender or some other
valid contingency, and has not annuitized.
RETAIL ANNUITY EXPENSE means the Mortality and Expense charge (M&E fee),
administration fees and any optional rider fees. It does not include investment
fund expense charges, sub-advisory fees and advisory fees.
C. REINSURED AMOUNT DEFINITIONS:
REINSURED GMDB AMOUNT means, for each ACTIVE CONTRACT, the product of the GMDB
AMOUNT and the REINSURER's quota share of risk determined in accordance with
Schedule H.
REINSURED ACCOUNT VALUE means, for each ACTIVE CONTRACT, the product of the
ACCOUNT VALUE and the REINSURER's quota share of risk determined in accordance
with Schedule H.
D. REINSURANCE PREMIUM DEFINITIONS:
AGGREGATE MONTHLY GMDB means the sum of each ACTIVE CONTRACT's REINSURED GMDB
AMOUNT, calculated on each MONTHLY VALUATION DATE, for all ACTIVE CONTRACTS
covered by the Agreement.
AGGREGATE MONTHLY ACCOUNT VALUE means the sum of each ACTIVE CONTRACT's
REINSURED ACCOUNT VALUE, calculated on each MONTHLY VALUATION DATE, for all
ACTIVE CONTRACTS covered by the Agreement.
MONTHLY REINSURANCE PREMIUM RATE means the premium rate provided in Schedule D,
for each CONTRACT TYPE and GMDB TYPE.
MONTHLY REINSURANCE PREMIUM means the sum of the MONTHLY REINSURANCE PREMIUM
RATE times the greater of the REINSURED MONTHLY GMDB or the REINSURED MONTHLY
ACCOUNT VALUE for each ACTIVE CONTRACT covered by the Agreement.
REINSURANCE PREMIUM DUE DATE means the MONTHLY VALUATION DATE.
REMITTANCE DATE means the last BUSINESS DAY of calendar month following the
REINSURANCE PREMIUM DUE DATE.
E. REINSURANCE CLAIM DEFINITIONS:
GMDB CLAIM means the excess of the REINSURED GMBD AMOUNT over the REINSURED
ACCOUNT VALUE, if a positive value, as of the date that the CEDING COMPANY
receives due proof of death, satisfactory to result in the CEDING COMPANY having
liability for such death benefit in accordance with the applicable VARIABLE
ANNUITY CONTRACT.
AGGREGATE GMDB CLAIM means the sum of all GMDB CLAIMS calculated on the
TERMINATION DATE.
MONTHLY DEDUCTIBLE RATE means the rate provided in Schedule E for each CONTRACT
TYPE and GMDB TYPE combination.
MONTHLY DEDUCTIBLE means the product of the MONTHLY DEDUCTIBLE RATE and the
AGGREGATE MONTHLY GMDB. The MONTHLY DEDUCTIBLE will be calculated as of each
MONTHLY VALUATION DATE.
AGGREGATE DEDUCTIBLE means the cumulative MONTHLY DEDUCTIBLE over all MONTHLY
VALUATION DATES calculated on the TERMINATION DATE.
PRELIMINARY EXCESS CLAIM means the excess, if any, of the AGGREGATE GMDB CLAIM
over the AGGREGATE DEDUCTIBLE.
INTERIM CLAIM POSITION means the cumulative GMDB CLALM less the cumulative
MONTHLY DEDUCTIBLE, measured on each ANNUAL VALUATION DATE prior to the
TERMINATION DATE.
MONTHLY ELAPSED RATIO means the number of months that the Agreement has been in
effect divided by 228, where month 1 is July 2000 and month 228 is June 2019, as
measured on each MONTHLY VALUATION DATE.
F. REINSURANCE CLAIM LIMIT DEFINITIONS:
FORMULA CLAIM LIMIT RATE means the rate provided in Schedule F for each CONTRACT
TYPE and GMDB TYPE.
FORMULA CLAIM LIMIT means the product of the FORMULA CLAIM LIMIT RATE and the
AGGREGATE MONTHLY GMDB, for each CONTRACT TYPE and GMDB TYPE. The FORMULA CLAIM
LIMIT will be calculated as of each MONTHLY VALUATION DATE.
AGGREGATE FORMULA CLAIM LIMIT means the sum of the FORMULA CLAIM LIMITS
calculated on the TERMINATION DATE.
DOLLAR CLAIM LIMIT RATE means the rate provided in Schedule G for each CONTRACT
TYPE and GMDB TYPE combination.
DOLLAR CLAIM LIMIT means the product of the DOLLAR CLAIM LIMIT RATE and the
total RETAIL ANNUITY PREMIUMS attributable to each CONTRACT TYPE and GMDB TYPE,
times the quota share percentage in Schedule H.
AGGREGATE DOLLAR CLAIM LIMIT means the sum of the DOLLAR CLAIM LIMITS for each
of the CONTRACT TYPE and GMDB TYPE combinations as calculated on the TERMINATION
DATE.
FINAL EXCESS CLAIM means the lesser of the PRELIMINARY EXCESS CLAIMS, the
AGGREGATE FORMULA CLAIM LIMIT, and the AGGREGATE DOLLAR CLAIM LIMIT.
ARTICLE III - EFFECTIVE DATE, BUSINESS COVERED, TERM AND TERMINATION
A. The EFFECTIVE DATE of this Agreement is June 30, 2000. The Agreement covers
(1) VARIABLE ANNUITY CONTRACTS that are inforce as of the EFFECTIVE DATE
and (2) VARIABLE ANNUITY CONTRACTS that are written by the CEDING COMPANY
after the EFFECTIVE DATE and before midnight June 30, 2004 (or any prior
date that the Agreement is terminated for new VARIABLE ANNUITY CONTRACTS in
accordance with the paragraphs below), provided that all VARIABLE ANNUITY
CONTRACTS comply with the CONTRACT TYPES listed in Schedule B-1, and
subject to the terms and conditions of this Agreement.
B. This Agreement will not cover new VARIABLE ANNUITY CONTRACTS written by the
CEDING COMPANY prior to midnight on June 30, 2004 but after the BUSINESS
DAY on which cumulative RETAIL ANNUITY PREMIUMS exceed the limits provided
in Schedule C-2, paragraph 4. RETAIL ANNUITY PREMIUMS paid on an ACTIVE
CONTRACT subsequent to termination of this Agreement for new VARIABLE
ANNUITY CONTRACTS are unaffected by the limits provided in Schedule C-2,
paragraph 4. For purposes of this calculation, the account value on inforce
contracts ceded on the EFFECTIVE DATE will be treated as RETAIL ANNUITY
PREMIUMS.
C. This Agreement will terminate with respect to each VARIABLE ANNUITY
CONTRACT subject to it, as of the last date of the REINSURANCE TERM for
each VARIABLE ANNUITY CONTRACT.
D. The CEDING COMPANY shall have the option of terminating this Agreement for
new business, existing business, or both, with ninety (90) days written
notice to the REINSURER, upon the occurrence of any of the following:
1. REINSURER's A.M. Best (or any successor) claim paying rating is
reduced to a "B" or lower.
2. An order appointing a receiver, conservator or trustee for management
of REINSURER is entered or a proceeding is commenced for
rehabilitation, liquidation, supervision or conservation of REINSURER;
3. REINSURER's U.S. GAAP surplus position is reduced by 25% or more from
the value of its U.S. GAAP surplus position as of December 31, 1999.
The REINSURER's surplus position as of December 31, 1999 is provided
in Schedule J.
4. The REINSURER fails to satisfy the INTERIM CLAIM POSITION in
accordance with Article VII, provided that in the event the REINSURER
satisfies the INTERIM CLAIM POSITION requirement within ninety (90)
days of written request, the notice of termination shall be deemed
withdrawn.
The REINSURER agrees to notify the CEDING COMPANY within fifteen (15) days of
(1) any change in its A.M. Best claims paying rating and (2) the reduction of
its U.S. GAAP surplus by
25% or more of the amount set forth on Schedule J.
The CEDING COMPANY shall also have 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 termination.
E. The REINSURER shall have the option of terminating this Agreement for new
business, existing business, or both with ninety (90) days written notice
to the CEDING COMPANY upon the occurrence of any of the following:
1. The CEDING COMPANY fails to provide any timely submissions of data in
accordance with Schedule I. The REINSURER must provide CEDING COMPANY
with Notice of Termination, identifying whether new business, existing
business, or both will be subject to termination. If, during the
ninety (90) days following this notification, the REINSURER receives
all data submissions in arrears, the notice of termination shall be
deemed withdrawn.
2. The CEDING COMPANY fails to pay premium on or before the REMITTANCE
DATE. In the event that the premiums are not paid by the REMITTANCE
DATE, the REINSURER shall have the right to terminate this agreement
by giving ninety (90) days written notice of termination to the CEDING
COMPANY. If all premiums in default are received by the REINSURER
within the ninety (90) day time period, with interest calculated in
accordance with the rate provided in paragraph F of this Article, this
Agreement will remain in effect. As of the close of the last day of
this ninety (90) day notice period, the REINSURER's liability for all
risks reinsured associated with the defaulted premiums under this
Agreement will terminate.
F. Not withstanding termination of reinsurance as provided herein, the CEDING
COMPANY shall continue to be liable to the REINSURER for all unpaid
reinsurance premiums earned by the REINSURER under this Agreement. Such
premiums 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 on the preceding MONTHLY VALUATION DATE,
as published in the Wall Street Journal; and (2) 1.00%.
SCHEDULE C-2
Limits and Rules of the REINSURER
1. The maximum RETAIL ANNUITY PREMIUM made under any VARIABLE ANNUITY CONTRACT
without REINSURER approval is $10,000,000. If a VARIABLE ANNUITY CONTRACT
has a RETAIL ANNUITY PREMIUM in excess of $10,000,000, and CEDING COMPANY
does not receive written permission from REINSURER to include the amount in
excess of $10,000,000 in this Agreement, then the REINSURER's Quota Share
as provided in Schedule H will be proportionally reduced.
2. REINSURER's liability cannot be increased as a result of CEDING COMPANY's
actions with respect to contested claims.
3. The REINSURER will not be liable for extra contractual damages (whether
they constitute Compensatory damages, Statutory penalties, Exemplary or
Punitive damages) that are awarded against the CEDING COMPANY.
4. REINSURER's liability to accept new business hereunder will terminate on
the earlier of June 30, 2004 or on the business day when cumulative RETAIL
ANNUITY PREMIUMS reinsured under this Agreement exceed $3.0 billion times
the REINSURER's quota share of risk, as shown in Schedule H, unless
extended by mutual agreement.
5. A contract where a spousal continuation occurs will be subject to this
Agreement if the re-registration occurs before the earlier of June 30, 2004
or on the business day when cumulative RETAIL ANNUITY PREMIUMS reinsured
under this Agreement exceed $3.0 billion times the REINSURER's quota share
of risk, as shown in Schedule H.
SCHEDULE H
REINSURER Quota Share of Risk
For each annuity contract with RETAIL ANNUITY PREMIUM up to $10,000,000, the
Quota Share used to calculate the REINSURED GMDB AMOUNT and REINSURED ACCOUNT
VALUE will be the rate from the table below.
For each annuity contract with aggregate RETAIL ANNUITY PREMIUMS in excess of
$10,000,000, where the CEDING COMPANY has not received written approval to
include the amount in excess of $10,000,000 in this Agreement, the Quota Share
used to calculate the REINSURED GMDB AMOUNT and REINSURED ACCOUNT VALUE will be
a reduced share of risk calculated as the quantity of $10,000,000 divided by
aggregate RETAIL ANNUITY PREMIUMS, times the rate from the table below.
VARIABLE ANNUITY CONTRACT issued Quota Share Rate
-------------------------------- ----------------
Prior to 7/1/2002 [*]
After 6/30/2002 [*]
AMENDMENT NO. 2
to the
VARIABLE ANNUITY REINSURANCE AGREEMENT
Between
THE MANUFACTURERS LIFE INSURANCE COMPANY OF NEW YORK
("CEDING COMPANY")
and
ACE TEMPEST LIFE REINSURANCE LTD.
("REINSURER")
Effective 7/1/2002, this Amendment is hereby attached to and becomes a part of
the above-described Reinsurance Agreement. It is mutually agreed that the
Benefit Rider Form Number and Description will be updated to properly reflect
the Guaranteed Income Rider available in New York. Furthermore, it is mutually
agreed that the MONTHLY DEDUCTIBLE RATE will be adjusted as of July 1, 2002. To
effect this change, the following provisions of this Agreement are hereby
amended:
- Schedule B-1, CONTRACT TYPES subject to this Reinsurance Agreement, is
hereby replaced by the attached Schedule B-1
- Schedule D, MONTHLY REINSURANCE PREMIUM RATE by CONTRACT TYPE and GMDB
TYPE, is hereby replaced by the attached Schedule D.
- Schedule E, MONTHLY DEDUCTIBLE RATE by CONTRACT TYPE and GMDB TYPE, is
hereby replaced by the attached Schedule E.
- Schedule F, MONTHLY FORMULA CLAIM LIMIT RATE by CONTRACT TYPE and GMDB
TYPE, is hereby replaced by the attached Schedule F.
- Schedule G, DOLLAR CLAIM LIMIT RATE by CONTRACT TYPE and GMDB TYPE, is
hereby replaced by the attached Schedule G.
THE MANUFACTURERS LIFE INSURANCE COMPANY OF NEW YORK
By: /s/ Xxxxxx X. Xxxxx Attest: /s/ Xxxxx X. Xxxxxx
---------------------------------- ------------------------------
Title: Vice President Title: Vice President
Date: 6/7/02 Title: 6/7/2002
ACE TEMPEST LIFE REINSURANCE LTD.
By: /s/ illegible Attest: /s/ illegible
---------------------------------- -------------------------------
Title: Vice President & Life Actuary Title: Vice President
Date: July 1, 2002 Title: July 1, 2002
SCHEDULE B-1
CONTRACT TYPES subject to this Reinsurance Agreement
Form
Number* Policy Description
------- ------------------
207-VFA-NY Venture
VENTURE.002.99 Venture
VENTURE.002.99-XXX Venture XXX
VISION.002.99 Venture Vision
VISION.002.98 Venture Vision
Benefit Rider Form Number
-------------------------
PE001.00 Venture Payment Enhancement Rider
BR002.00-NY Guaranteed Income Rider
* Includes all New York State variations, qualified plan and XXX endorsements
SCHEDULE D
MONTHLY REINSURANCE PREMIUM RATE by CONTRACT TYPE and GMDB
TYPE
The premium rate for reinsurance, subject to the terms and conditions of this
Agreement, are guaranteed while the reinsurance coverage is in effect.
Products manufactured for sale in New York (as described in Schedule A)
Venture [*]
Venture Vision [*]
Venture with optional Payment Enhancement Rider [*]
Venture with optional Guaranteed Income Rider [*]
SCHEDULE E
MONTHLY DEDUCTIBLE RATE by CONTRACT TYPE and GMDB TYPE
Products manufactured for sale in New York (as described in Schedule A), with
MONTHLY VALUATION DATES according to the following schedule:
Prior to 7/1/2002
7/1/2002 and later
-------- ---------
Venture [*] [*]
Venture Vision [*] [*]
Venture with Optional Payment Enhancement Rider [*] [*]
Venture with Optional Guaranteed Income Rider [*] [*]
SCHEDULE F
MONTHLY FORMULA CLAIM LIMIT RATE by CONTRACT TYPE and GMDB
TYPE
Products manufactured for sale in New York (as described in Schedule A)
Venture [*]
Venture Vision [*]
Venture with optional Payment Enhancement Rider [*]
Venture with optional Guaranteed Income Rider [*]
SCHEDULE G
DOLLAR CLAIM LIMIT RATE by CONTRACT TYPE and GMDB TYPE
Products manufactured for sale in New York (as described in Schedule A)
Venture [*]
Venture Vision [*]
Venture with optional Payment Enhancement Rider [*]
Venture with optional Guaranteed Income Rider [*]
AMENDMENT NO. 3
to the
VARIABLE ANNUITY REINSURANCE AGREEMENT
Between
THE MANUFACTURERS LIFE INSURANCE COMPANY OF NEW YORK
("CEDING COMPANY")
and
ACE TEMPEST LIFE REINSURANCE LTD.
("REINSURER")
Effective Dec 2, 2002, this Amendment is hereby attached to and becomes a part
of the above described Reinsurance Agreement. It is mutually agreed that:
- The Form Number and Description will be updated to properly reflect the
Venture III product available in New York,
- The Benefit Rider Form Number and Description will be updated to properly
reflect the optional annual step-up death benefit rider available in New
York on Venture III.
- The Benefit Rider Form Number and Description will be updated to properly
reflect the optional GRIP II rider available in New York on Venture and
Venture III.
- The Monthly Reinsurance Premium Rate and the Monthly Deductible Rate will
be updated for Venture III and its riders. The premium rate is applied to
the GMDB Benefit Base for Venture III, while for Venture and Venture
Vision, it is applied to the greater of the Account Value and GMDB benefit
base.
- The definition of Retail Annuity Premiums will be updated to properly
reflect the account value for contracts in force on the treaty effective
date.
To effect this change, the following provisions of this Agreement are hereby
amended:
- Article I, Section B, CONTRACT DEFINTIONS, is hereby replaced by the
attached Article I, Section B.
- Article I, Section D, REINSURANCE PREMIUM DEFINTIONS, is hereby replaced by
the attached Article I, Section D.
- Schedule A, Description of Guaranteed Minimum Death Benefits (GMDBs) for
CONTRACT TYPES listed in SCHEDULE B-1, is hereby replaced by the attached
Schedule A.
- Schedule B-1, CONTRACT TYPES subject to this Reinsurance Agreement, is
hereby replaced by the attached Schedule B-1
- Schedule D, MONTHLY REINSURANCE PREMIUM RATE by CONTRACT TYPE and GMDB
TYPE, is hereby replaced by the attached Schedule D.
- Schedule E, MONTHLY DEDUCTIBLE RATE by CONTRACT TYPE and GMDB TYPE, is
hereby replaced by the attached Schedule E.
- Schedule F, MONTHLY FORMULA CLAIM LIMIT RATE by CONTRACT TYPE and GMDB
TYPE, is hereby replaced by the attached Schedule F.
- Schedule G, DOLLAR CLAIM LIMIT RATE by CONTRACT TYPE and GMDB TYPE, is
hereby replaced by the attached Schedule G.
THE MANUFACTURERS LIFE INSURANCE COMPANY OF NEW YORK
By: /s/ Xxxxxx X. Xxxxx Attest: /s/ Xxxxx X. Xxxxxx
----------------------------------- ------------------------------
Title: Vice President Title: VP & CFO
Date: 12/19/02 Date: December 19, 2002
ACE TEMPEST LIFE REINSURANCE LTD.
By: /s/ illegible Attest: /s/ illegible
----------------------------------- ------------------------------
Title: illegible Title: AVP and Life Actuary
Date: October 17, 2002 Date: October 17, 2002
ARTICLE I - DEFINITIONS
B. CONTRACT DEFINITIONS:
VARIABLE ANNUITY CONTRACT means a written annuity contract issued by the CEDING
COMPANY to a contract owner under which specified benefits are agreed to be
provided in accordance with specified terms and conditions.
CONTRACT TYPE means any one of the VARIABLE ANNUITY CONTRACT forms specified in
Schedule X-x.
GMDB TYPE means any one of the Guaranteed Minimum Death Benefits specified in
the VARIABLE ANNUITY CONTRACT and described in Schedule A.
RETAIL ANNUITY PREMIUMS, after June 30,2000, means contributions made in
accordance with the provisions of any VARIABLE ANNUITY CONTRACT by or on behalf
of the contract owner, whether referred to as purchase payments, premiums,
deposits, or otherwise. For business in force on June 30, 2000, RETAIL ANNUITY
PREMIUMS as of that date means the ACCOUNT VALUE on June 30, 2000.
GMDB AMOUNT means, in accordance with each VARIABLE ANNUITY CONTRACT, the CEDING
COMPANY's contractually determined minimum amount payable on the death of the
insured.
ACCOUNT VALUE means, in accordance with each VARIABLE ANNUITY CONTRACT, the sum
of Account Value in the variable investment options and the Interim Value of all
Fixed Allocations, as per the terms and conditions of the VARIABLE ANNUITY
CONTRACTS.
EXCLUDED CONTRACT means any VARIABLE ANNUITY CONTRACT that has (a) experienced
partial withdrawals of more than 25% of the RETAIL ANNUITY PREMIUMS and has an
ACCOUNT VALUE that is less than 25% of the GMDB AMOUNT, or (b) a GMDB AMOUNT
that is contractually set to the ACCOUNT VALUE. Any EXCLUDED CONTRACT shall be
treated as such only on and after the date as of which it satisfies any of the
conditions identified as (a) or (b), above.
ACTIVE CONTRACT means a VARIABLE ANNUITY CONTRACT, other than an EXCLUDED
CONTRACT, that has not terminated due to death, full surrender or some other
valid contingency, and has not annuitized.
RETAIL ANNUITY EXPENSE means the Mortality and Expense charge (M&E fee),
administration fees and any optional rider fees. It does not include investment
fund expense charges, sub-advisory fees and advisory fees.
D. REINSURANCE PREMIUM DEFINITIONS:
AGGREGATE MONTHLY GMDB means the sum of each ACTIVE CONTRACT's REINSURED GMDB
AMOUNT, calculated on each MONTHLY VALUATION DATE, for all ACTIVE CONTRACTS
covered by the Agreement.
AGGREGATE MONTHLY ACCOUNT VALUE means the sum of each ACTIVE CONTRACT's
REINSURED ACCOUNT VALUE, calculated on each MONTHLY VALUATION DATE, for all
ACTIVE CONTRACTS covered by the Agreement.
MONTHLY REINSURANCE PREMIUM RATE means the premium rate provided in Schedule D,
for each CONTRACT TYPE and GMDB TYPE.
MONTHLY REINSURANCE PREMIUM for all CONTRACT TYPES except Venture III (Form
VENTURE 100-NY and Benefit Rider Form BR010.00-NY) means the sum of the MONTHLY
REINSURANCE PREMIUM RATE times the greater of the REINSURED MONTHLY GMDB or the
REINSURED MONTHLY ACCOUNT VALUE for each ACTIVE CONTRACT covered by the
Agreement.
MONTHLY REINSURANCE PREMIUM for Venture III CONTRACT TYPES (Form VENTURE.100-NY
and Benefit Rider Form BR010.00-NY) means the sum of the MONTHLY REINSURANCE
PREMIUM RATE times the REINSURED MONTHLY GMDB for each ACTIVE CONTRACT covered
by the Agreement.
REINSURANCE PREMIUM DUE DATE means the MONTHLY VALUATION DATE.
REMITTANCE DATE means the last BUSINESS DAY of calendar month following the
REINSURANCE PREMIUM DUE DATE.
SCHEDULE A
Description of Guaranteed Minimum Death Benefits (GMDBs) for CONTRACT TYPES
listed in SCHEDULE X-x
The Guaranteed Minimum Death Benefits are completely described in the VARIABLE
ANNUITY CONTRACTS or riders, referenced by form number in Schedule B-1.
SCHEDULE B-1
CONTRACT TYPES subject to this Reinsurance Agreement
Form Number* Policy Description
------------ ------------------
207-VFA-NY Venture
VENTURE.002.99 Venture
VENTURE.002.99-XXX Venture XXX
VISION.002.99 Venture Vision
VISION.002.98 Venture Vision
VENTURE.100-NY Venture III
Benefit Rider Form Number
-------------------------
PE001.00 Venture Payment Enhancement Rider
BR002.00-NY Guaranteed Income Rider (GRIP I)
BR003.00-NY Guaranteed Income Rider (GRIP II)
BR010.00-NY Annual Step-Up Guaranteed Minimum
Death Benefit Rider
* Includes all New York State variations, qualified plan and XXX endorsements
SCHEDULE D
MONTHLY REINSURANCE PREMIUM RATE by CONTRACT TYPE and GMDB TYPE
The premium rate for reinsurance, subject to the terms and conditions of this
Agreement, are guaranteed while the reinsurance coverage is in effect.
Products manufactured for sale in New York (as described in Schedule A)
Venture [*]
Venture with one or more of the following riders:
Optional Payment Enhancement Rider [*]
Optional Guaranteed Income Rider (GRIP I)
Optional Guaranteed Income Rider (GRIP II)
Venture Vision [*]
Venture III [*]
Venture III with either GMIB rider:
Optional Guaranteed Income Rider (GRIP I) [*]
Optional Guaranteed Income Rider (GRIP II)
Venture III with Optional Annual Step-Up GMDB Rider [*]
Venture III with Optional Annual Step-Up GMDB Rider and either [*]
GMIB rider:
Optional Guaranteed Income Rider (GRIP I)
Optional Guaranteed Income Rider (GRIP II)
SCHEDULE E
MONTHLY DEDUCTIBLE RATE by CONTRACT TYPE and GMDB TYPE
Products manufactured for sale in New York (as described in Schedule A), with
MONTHLY VALUATION DATES according to the following schedule:
Prior to 7/1/2002 7/1/2002 and later
----------------- ------------------
Venture [*] [*]
Venture Vision [*] [*]
Venture with one or more of the following riders: [*] [*]
Optional Payment Enhancement Rider
Optional Guaranteed Income Rider (GRIP I)
Optional Guaranteed Income Rider (GRIP II)
Venture III [*]
Venture III with either GMIB rider: [*]
Optional Guaranteed Income Rider (GRIP I)
Optional Guaranteed Income Rider (GRIP II)
Venture III with optional Annual Step-Up GMDB Rider [*]
Venture III with Optional Annual Step-Up GMDB Rider and either [*]
GMIB rider:
Optional Guaranteed Income Rider (GRIP I)
Optional Guaranteed Income Rider (GRIP II)
SCHEDULE F
MONTHLY FORMULA CLAIM LIMIT RATE by CONTRACT TYPE and GMDB TYPE
Products manufactured for sale in New York (as described in Schedule A)
Venture [*]
Venture Vision [*]
Venture with one or more of the following riders: [*]
Optional Payment Enhancement Rider
Optional Guaranteed Income Rider (GRIP I)
Optional Guaranteed Income Rider (GRIP II)
Venture III [*]
Venture III with either GMIB rider: [*]
Optional Guaranteed Income Rider (GRIP I)
Optional Guaranteed Income Rider (GRIP II)
Venture III with optional Annual Step-Up GMDB Rider [*]
Venture III with Optional Annual Step-Up GMDB Rider and either GMIB rider: [*]
Optional Guaranteed Income Rider (GRIP I)
Optional Guaranteed Income Rider (GRIP II)
SCHEDULE G
DOLLAR CLAIM LIMIT RATE by CONTRACT TYPE and GMDB TYPE
Products manufactured for sale in New York (as described in Schedule A)
Venture [*]
Venture Vision [*]
Venture with one or more of the following riders: [*]
Optional Payment Enhancement Rider
Optional Guaranteed income Rider (GRIP I)
Optional Guaranteed income Rider (GRIP II)
Venture III [*]
Venture III with either GMDB Rider: [*]
Optional Guaranteed Income Rider (GRIP I)
Optional Guaranteed Income Rider (GRIP II)
Venture III with optional Annual Step-Up GMDB Rider [*]
Venture III with Optional Annual Step-Up GMDB Rider and either GMDB rider: [*]
Optional Guaranteed Income Rider (GRIP I)
Optional Guaranteed Income Rider (GRIP II)
AMENDMENT NO. 4
to the
VARIABLE ANNUITY REINSURANCE AGREEMENT
Between
THE MANUFACTURERS LIFE INSURANCE COMPANY OF NEW YORK
("CEDING COMPANY")
and
ACE TEMPEST LIFE REINSURANCE LTD.
("REINSURER")
Effective 3-1-03, 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.
- The definition of Excluded Contract will be updated to properly define
Venture III contracts as being excluded only if the GMDB Amount is
contractually set equal to the Account Value.
- The valid issue ages for Venture III will be corrected to show the maximum
issue age of 85.
To effect this change, the following provisions of this Agreement are hereby
amended:
- Schedule B-3, Investment Funds Subject to this Reinsurance Agreement, is
hereby replaced by the attached Schedule B-3.
- Article 1, Section B, CONTRACT DEFINITIONS, is hereby replaced by the
attached Article I, Section B.
- Schedule C-1, Limits and Rules of the Ceding Company, is hereby replaced by
the attached Schedule C-1
THE MANUFACTURES LIFE INSURANCE COMPANY OF NEW YORK
By: /s/ Xxxxxx X. Xxxxx Attest: /s/ Xxxxx X. Xxxxxx
--------------------------------- --------------------------------
Title: Vice President - US Annuity Title: Vice President - US Annuities
Date: 3/20/03 Date: 3/20/03
ACE TEMPEST LIFE REINSURANCE LTD.
By: /s/ illegible Attest: /s/ Xxxx Xxxxx
--------------------------------- --------------------------------
Title: SVP & Chief Life Officer Title: AVP & Life Actuary
Date: March 7, 2003 Date: Mar 7, 2003
SCHEDULE B-3
Investment Funds Subject to this Reinsurance Agreement
Variable Funds
AIM
All Cap Growth Trust
Aggressive Growth 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
All Cap Value Trust
Fidelity
Large Cap Growth Trust
Overseas Trust
Strategic Opportunities Trust
Founders
International Small Cap Trust
Balanced Trust
Franklin
Emerging Small Company Trust
INVESCO
Telecommunications Trust
Mid Cap Growth Trust
Salomon
US Government Securities Trust
Strategic Bond Trust
PIMCO
Global Bond Trust
Total Return Trust
Munder
Internet Technologies
Manufacturers Advisor Corporation
Pacific Rim Emerging Markets Trust
Money Market Trust
Quantitative Equity Trust
Quantitative Mid 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
Xxxxxxx Xxxxx
XX Basic Value Focus Trust
ML Special Value Focus Trust
ML Developing Cap Mkts Trust
Xxxxxx Xxxxx. Xxxx.
Value Trust
High Yield 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
Lord Xxxxxx
Mid Cap Value Trust
UBS Global Asset Management
Tactical Allocation Trust
Xxxxxx
Global Equity Trust
Mid Cap Opportunities Trust
Xxxxxxxxx
International Value Trust
Wellington
Growth & Income Trust
Investment Quality Bond Trust
Mid Cap Stock Trust
FIXED FUNDS
One Year
Three Year
Five Year
Six Year
Seven Year
DCA Twelve Month
DCA Six Month
Manufacturers Life Insurance Co. of N.A. 24
VA GMDB DSL Treaty
Effective July 1, 2000
ARTICLE I - DEFINITIONS
B. CONTRACT DEFINITIONS:
VARIABLE ANNUITY CONTRACT means a written annuity contract issued by the CEDING
COMPANY to a contract owner under which specified benefits are agreed to be
provided in accordance with specified terms and conditions.
CONTRACT TYPE means any one of the VARIABLE ANNUITY CONTRACT forms specified in
Schedule B-1.
GMDB TYPE means any one of the Guaranteed Minimum Death Benefits specified in
the VARIABLE ANNUITY CONTRACT and described in Schedule A.
RETAIL ANNUITY PREMIUMS, after June 30,2000, means contributions made in
accordance with the provisions of any VARIABLE ANNUITY CONTRACT by or on behalf
of the contract owner, whether referred to as purchase payments, premiums,
deposits, or otherwise. For business in force on June 30, 2000, RETAIL ANNUITY
PREMIUMS as of that date means the ACCOUNT VALUE on June 30, 2000.
GMDB AMOUNT means, in accordance with each VARIABLE ANNUITY CONTRACT, the CEDING
COMPANY's contractually determined minimum amount payable on the death of the
insured.
ACCOUNT VALUE means, in accordance with each VARIABLE ANNUITY CONTRACT, the sum
of Account Value in the variable investment options and the Interim Value of all
Fixed Allocations, as per the terms and conditions of the VARIABLE ANNUITY
CONTRACTS.
EXCLUDED CONTRACT for Venture and Venture Vision CONTRACT TYPES means any
VARIABLE ANNUITY CONTRACT issued prior to January 1, 2003 that has (a)
experienced partial withdrawals of more than 25% of the RETAIL ANNUITY PREMIUMS
and has an ACCOUNT VALUE that is less than 25% of the GMDB AMOUNT, or (b) a GMDB
AMOUNT that is contractually set to the ACCOUNT VALUE. Any EXCLUDED CONTRACT for
Venture and Venture Vision shall be treated as such only on and after the date
as of which it satisfies any of the conditions identified as (a) or (b), above.
EXCLUDED CONTRACT for Venture III CONTRACT TYPE means any VARIABLE ANNUITY
CONTRACT that has a GMDB AMOUNT that is contractually set to the ACCOUNT VALUE.
Any EXCLUDED CONTRACT for Venture III shall be treated as such only on and after
the earliest date as of which it satisfies the condition identified above.
ACTIVE CONTRACT means a VARIABLE ANNUITY CONTRACT, other than an EXCLUDED
CONTRACT, that has not terminated due to death, full surrender or some other
valid contingency, and has not annuitized.
RETAIL ANNUITY EXPENSE means the Mortality and Expense charge (M&E fee),
administration fees and any optional rider fees. It does not include investment
fund expense charges, sub-advisory fees and advisory fees.
SCHEDULE C-1
Limits and Rules of the CEDING COMPANY
1) CEDING COMPANY will determine the Guaranteed Minimum Death Benefit for each
contract within seven (7) working days of receipt of due proof of death and all
required claim forms.
2) The maximum RETAIL ANNUITY PREMIUM without CEDING COMPANY approval is
$1,000,000.
3) The minimum RETAIL ANNUITY PREMIUM is $5,000 for non-qualified contracts and
$2,000 for qualified contracts. Subsequent contributions must be at least $30.
4) Valid issue ages for Venture and Venture Vision CONTRACT TYPES are 0 to 90.
Valid issue ages for Venture III are 0 - 85.
5) For all Forms Numbers except 207-VFA-NY:
The death benefit may be taken in the form of a lump sum immediately. If not
taken immediately, the contract will continue subject to the following:
- The beneficiary will become the owner.
- Any excess of the death benefit over the contract value will be allocated
to the owner's investment accounts in proportion to their relative values
on the date of receipt at our Annuity Service Office of due proof of the
owner's death.
- No additional purchase payments may be made.
- If the beneficiary is not the deceased owner's spouse, distribution of the
owner's entire interest in the contract must be made within five years of
the owner's death.
- If the deceased owner's spouse is the beneficiary, the surviving spouse
continues the contract (including any optional benefits if these benefits
had been elected by the deceased owner) as the new owner (referred to as a
spousal continuation). In such a case, the distribution rules applicable
when a contract owner dies will apply when the spouse, as the owner, dies.
In addition, a death benefit will be paid upon the death of the spouse. For
purposes of calculating the Death Benefit payable upon the death of the
surviving spouse, the death benefit paid upon the first owner's death will
be treated as a payment to the contract. In addition, all payments made and
all amounts deducted in connection with partial withdrawals prior to the
date of the first owner's death will not be considered in determination of
the Death Benefit. In determination of the Death Benefit, the Anniversary
Values for all prior Contract Anniversaries will be set to zero as of the
date of the first owner's death.
6) For Form Number 207-VFA-NY:
The death benefit may be taken in the form of a lump sum immediately. If not
taken immediately, the contract will continue subject to the following:
- The beneficiary will become the owner
- Any excess of the death benefit over the contract value will be allocated
to the owner's investment accounts in proportion to their relative values
on the date of receipt at our Annuity Service Office of due proof of the
owner's death
- No additional purchase payments may be made
- If the deceased annuitant was also the owner, distribution of the death
benefit must be made within five year's of the owner's death. In lieu of
receiving the minimum death benefit, the beneficiary can chose to continue
the contract will full owner privileges, including additional purchase
payments, and the minimum death benefit will be paid upon beneficiary's
death.
AMENDMENT NO. 5
to the
VARIABLE ANNUITY REINSURANCE AGREEMENT
Effective June 30, 2000
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-3, Investment Funds Subject to this Reinsurance Agreement, is
hereby replaced by the attached Schedule B-3.
THE MANUFACTURERS LIFE INSURANCE COMPANY OF NEW YORK
By: /s/ Xxxxx X. Xxxxxx Attest: /s/ Xxxxxx X. Xxxxx
--------------------------------- --------------------------------
Title: VP & Treasurer Title: VP
Date: 3/18/2004 Date: 3/18/04
ACE TEMPEST LIFE REINSURANCE LTD.
By: /s/ illegible Attest: /s/ Xxxx Xxxxx
--------------------------------- --------------------------------
Title: SVP and Chief Life Officer Title: AVP & Life Actuary
Date: Feb. 5, 2004 Date: Feb. 5, 2004
SCHEDULE B-3
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 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
Munder
Small Cap Opportunities Trust
Manufactures Advisors 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
Strategic Value Trust
Utilities Trust
Xxx Xxxxxx
Value Trust
Manufacturers Life Insurance Company of New York and ACE Tempest Re GMDB DSL
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
CreditSuisse
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 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
Manufactures Life Insurance Company of New York and ACE Tempest RE GMDB DSL
Treaty
FIXED FUNDS
One Year
Three Year
Five Year
Six Year
Seven Year
DCA Twelve Month
DCA Six Month
Manufactures Life Insurance Company of New York and ACE Tempest RE GMDB DSL
Treaty
AMENDMENT NO. 6
to the
VARIABLE ANNUITY REINSURANCE AGREEMENT
Effective July 1, 2000
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
GMDB 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 treaty will be updated to properly reflect fund offerings.
To effect this change, the following provisions of this Agreement are hereby
amended:
- Schedule B-1, CONTRACT TYPES Subject to this Reinsurance Agreement, is
hereby replaced by the attached Schedule B-1, and
- Schedule B-3, Investment Funds Subject to this Reinsurance Agreement, is
hereby replaced by the attached Schedule B-3.
This amendment is effective only if fully executed on or before August 31, 2004.
Manufacturers Life Insurance Company of New York and ACE Tempest Re GMDB DSL
Treaty
THE MANUFACTURERS LIFE INSURANCE COMPANY OF NEW YORK
By: /s/ Xxxxxx X. Xxxxx Attest: illegible
--------------------------------- --------------------------------
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 27, 2004 Date: July 28, 2004
Manufacturers Life Insurance Company of New York and ACE Tempest Re GMDB DSL
Treaty
SCHEDULE B-1
CONTRACT TYPES 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
------------------------------ --------------------------------------------------------------------
207-VFA-NY Venture
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
VISION.002.98 Vision
VISION.002.99 Vision
VISION.002.03 Vision
VISION.002 Vision
BENEFIT RIDER FORMS BENEFIT RIDER NAME
------------------- --------------------------------------------------------------------
BR002.00-NY Annual Step GRIP
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
END003.03-NY Vision Fixed Account Restriction
NSEND.001 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 Insurance Company of New York and ACE Tempest Re GMDB DSL
Treaty
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
ENDE401A.03-NY 401 Qualified Plans for in force
ENDE401A.04-NY 401 Qualified Plans for new issues
Manufacturers Life Insurance Company of New York and ACE Tempest Re GMDB DSL
Treaty
SCHEDULE B-3
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 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 Insurance Company of New York and ACE Tempest Re GMDB DSL
Treaty
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
CreditSuisse
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 Insurance Company of New York and ACE Tempest Re GMDB DSL
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 GMDB DSL
Treaty
AMENDMENT NO. 7
to the
VARIABLE ANNUITY REINSURANCE AGREEMENT
Effective July 1, 2000
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
GMDB Reinsurance Agreement effective July 1, 2000 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 treaty will be updated to properly reflect fund offerings.
To effect this change, the following provision of this Agreement is hereby
amended:
- Schedule B-3, Investment Funds Subject to this Reinsurance Agreement, is
hereby replaced by the attached Schedule B-3.
This amendment is effective only if fully executed on or before January 31,
2005.
THE MANUFACTURERS 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/ Xxxx Xxxxx
--------------------------------- --------------------------------
Title: SVP and Chief Life Officer Title: VP and Life Actuary
Date: Dec. 15, 2004 Date: Dec. 15, 2004
Manufacturers Life Insurance Company of New York and ACE Tempest Re GMDB DSL
Treaty
SCHEDULE B-3
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 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 Insurance Company of New York and ACE Tempest Re GMDB DSL
Treaty
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
CreditSuisse
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 Insurance Company of New York and ACE Tempest Re GMDB DSL
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 GMDB DSL
Treaty
AMENDMENT NO. 8
to the
VARIABLE ANNUITY REINSURANCE AGREEMENT
Effective July 1, 2000
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
GMDB 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 treaty will be updated to properly reflect fund offerings.
To effect this change, the following provision of this Agreement is hereby
amended:
- Schedule B-3, Investment Funds Subject to this Reinsurance Agreement, is
hereby replaced by the attached Schedule B-3.
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: /s/ 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/ Xxxx Xxxxx
--------------------------------- --------------------------------
Title: President Title: VP and Life Actuary
Date: July 7, 2005 Date: July 7, 2005
Manufacturers Life Insurance Company of New York and ACE Tempest Re GMDB DSL
Treaty
SCHEDULE B-3
Investment Funds 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 Insurance Company of New York and ACE Tempest Re GMDB DSL
Treaty
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
CreditSuisse
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 Insurance Company of New York and ACE Tempest Re GMDB DSL
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 GMDB DSL
Treaty
AMENDMENT NO. 9
to the
VARIABLE ANNUITY REINSURANCE AGREEMENT
Effective July 1, 2000
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
GMDB Reinsurance Agreement effective July 1, 2000 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 treaty will be updated to properly reflect fund offerings.
To effect this change, the following provision of this Agreement is hereby
amended:
- Schedule B-3, Investment Funds Subject to this Reinsurance Agreement, is
hereby replaced by the attached Schedule B-3.
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/ Xxxx Xxxxx
--------------------------------- --------------------------------
Title: President Title: VP and Life Actuary
Date: 1/4/06 Date: 1/4/06
Manufacturers Life Insurance Company of New York and ACE Tempest Re GMDB DSL
Treaty
SCHEDULE B-3
Investment Funds 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
CreditSuisse
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 Insurance Company of New York and ACE Tempest Re GMDB DSL
Treaty
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 Insurance Company of New York and ACE Tempest Re GMDB DSL
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 GMDB DSL
Treaty
AMENDMENT NO. 10
to the
VARIABLE ANNUITY REINSURANCE AGREEMENT
Effective July 1, 2000
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
GMDB Reinsurance Agreement effective July 1, 2000 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 treaty will be updated to properly reflect fund offerings.
To effect this change, the following provision of this Agreement is hereby
amended:
- Schedule B-3, Investment Funds Subject to this Reinsurance Agreement, is
hereby replaced by the attached Schedule B-3.
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: 5/31/2006
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: 6/16/06
Manufacturers Life Insurance Company of New York and ACE Tempest Re GMDB DSL
Treaty
SCHEDULE B-3
Investment Funds 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
CreditSuisse
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 Otterloo
U. S. Core Trust
International Core Trust
Independence Investment
Small Cap Trust
Xxxxxxxx
Capital Appreciation Trust
Less 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 Insurance Company of New York and ACE Tempest Re GMDB DSL
Treaty
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 Corp 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 Insurance Company of New York and ACE Tempest Re GMDB DSL
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 GMDB DSL
Treaty
AMENDMENT NO. 11
to the
VARIABLE ANNUITY GMDB REINSURANCE AGREEMENT
Effective July 1, 2000
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
GMDB Reinsurance Agreement effective July 1, 2000 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: 1/31/2008 Date: 1/31/08
ACE TEMPEST LIFE REINSURANCE LTD.
By: /s/ Xxxx Xxxxx Attest: /s/ illegible
--------------------------------- --------------------------------
Title: SVP and Chief Pricing officer Title: AVP and Life Actuary
Date: 12/19/2007 Date: 12/19/2007
Xxxx Xxxxxxx Life of NY and ACE Tempest Re GMDB
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 Trust
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 GMDB
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 GMDB
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 GMDB
