Exhibit (g)(10)
AMENDMENT NO. 1
To
AUTOMATIC YRT REINSURANCE AGREEMENT
Effective August 18, 2003
Between
IDS LIFE INSURANCE COMPANY OF NEW YORK
("Ceding Company")
And
[NAME OF REINSURANCE COMPANY]
("Reinsurer")
The parties mutually agree that Exhibit D of the Agreement shall be replaced in
its entirety with the attached Exhibit D, which reflects the reduction in
reinsurance premiums. This amendment shall apply to policies issued on and after
January 1, 2004. Except as herein amended, all other terms and conditions of
this Agreement shall remain unchanged.
In witness of the above, the Ceding Company and the Reinsurer have by their
respective officers executed and delivered this Amendment in duplicate on the
dates indicated below.
IDS LIFE INSURANCE COMPANY OF [NAME OF REINSURANCE COMPANY]
NEW YORK
By: /s/ Xxxxxxx X. Xxxxxxxx By: [signature]
-----------------------------------
Title: President Title: [title]
Date: 3/29/04 Date: March 30, 2004
By: /s/ Xxxxx X. Xxxxxx By: [signature]
----------------------------------
Title: Reinsurance Officer Title: [title]
Date: 3/29/2004 Date: March 30, 2004
Exhibit D
REINSURANCE PREMIUMS
D.1 PREMIUMS AND ALLOWANCES
Plans covered under this Agreement will be reinsured on a YRT basis.
Reinsurance premium rates shall equal the Ceding Company's original annual
Band 4 COI premium rates for the VUL-III plan, as shown in Schedule D-1
attached hereto, less the following allowances:
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UNDERWRITING CLASS YEARS 1-10 YEARS 11+
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Preferred Non-Smoker [percentage] [percentage]
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Standard Non-Smoker [percentage] [percentage]
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Smoker [percentage] [percentage]
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To determine the amount of reinsurance premium to be paid by the Ceding
Company to the Reinsurer, these reinsurance premium rates will be applied
to the Reinsured Net Amount at Risk for each policy determined as of the
last policy anniversary or subsequent policy change date if applicable.
D.2 AGE BASIS
Age Last Birthday
D.3 POLICY FEES
The Reinsurer will not participate in any policy fees.
D.4 SUBSTANDARD PREMIUMS
Substandard multiple ratings will be applied to increase the underlying
COI rates by [percentage] per table of assessed rating, and the normal
base allowances will be paid on the entire amount.
When flat extras are applied, the following allowances will be paid on the
extra premium portion:
0000-0000-0
Temporary (five years or less): [percentage] for first year and all
renewal years Permanent (over five years): [percentage] for first year and
[percentage] for all renewal years
D.5 RIDERS AND BENEFITS
AIBR (Automatic Increase Benefit Rider) - Elected increases will be
proportionately reinsured using the premiums for the base coverage, at
point-in-scale.
BIR (Base Insured Rider) and OIR (Other Insured Rider) - These riders will
be proportionately reinsured using the same premium rates scale as used
for the base coverage.
ACCELERATED DEATH BENEFIT - If IDS Life pays an accelerated death benefit
under the terms of the policy contract, the reinsurance coverage will
continue unaffected until the death of the insured.
The following benefits are not reinsured under this Agreement:
Waiver of Monthly Deduction Rider (WMD)
Children's Insurance Rider (CIR)
Accidental Death Benefit Rider (ADB)
0000-0000-0
SCHEDULE D-l
Basis for Reinsurance Premiums
ALB ANNUAL COST OF INSURANCE RATES PER $1000 (BEFORE ALLOWANCES)
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Male Male Male Female Female Female
Preferred Standard Standard Preferred Standard Standard
Attained Age Nonsmoker Nonsmoker Smoker Nonsmoker Nonsmoker Smoker
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0
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0000-0000-0
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Male Male Male Female Female Female
Preferred Standard Standard Preferred Standard Standard
Attained Age Nonsmoker Nonsmoker Smoker Nonsmoker Nonsmoker Smoker
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30
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Male Male Male Female Female Female
Preferred Standard Standard Preferred Standard Standard
Attained Age Nonsmoker Nonsmoker Smoker Nonsmoker Nonsmoker Smoker
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68
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0000-0000-0
