Exhibit 7.2
AUTOMATIC REINSURANCE AGREEMENT
Between
THE LIFE INSURANCE COMPANY OF VIRGINIA
Richmond, Virginia
And
SWISS RE LIFE & HEALTH AMERICA INC.
New York, New York
AUTOMATIC REINSURANCE AGREEMENT
Contents
ARTICLE I Scope of Agreement
ARTICLE II Commencement & Termination of Liability
ARTICLE III Oversights - Clerical Errors
ARTICLE IV Mortality Net Amount At Risk
ARTICLE V Reinsurance Premiums
ARTICLE VI Reinsurance Administration
ARTICLE VII Settlement of Claims
ARTICLE VIII Tax Credits
ARTICLE IX Regulatory Compliance
ARTICLE X Inspection of Records
ARTICLE XI Insolvency
ARTICLE XII Arbitration
ARTICLE XIII Rights of Offsetting Balances Due
ARTICLE XIV Contract and Program Changes
ARTICLE XV Federal Taxes
ARTICLE XVI Parties to Agreement
ARTICLE XVII Entire Agreement
ARTICLE XVIII Duration of Agreement
Signature Page
EXHIBIT A - Variable Annuities Covered Under This Agreement
EXHIBIT B - Investment Funds
EXHIBIT C Loss Carryforward Formula
Swiss Re America
AUTOMATIC REINSURANCE AGREEMENT
THIS AGREEMENT between THE LIFE INSURANCE COMPANY OF VIRGINIA, a corporation
organized under the laws of the State of Virginia, hereinafter referred to as
the "Company", and SWISS RE LIFE & HEALTH AMERICA INC., a corporation organized
under the laws of the State of New York, hereinafter referred to as "Swiss Re
Life & Health", WITNESSETH AS FOLLOWS:
ARTICLE I
Scope of Agreement
1. On and after the 1st day of August, 1997, the Company will automatically
reinsure with Swiss Re Life & Health, and Swiss Re Life & Health will
automatically accept, a 50% quota share of the mortality net amount at risk, as
defined in Article IV, generated prior to annuitization or complete surrender by
the contract owner, by the Guaranteed Minimum Death Benefit provisions within
the variable annuity contracts issued by the Company as set forth in Exhibit A.
2. Swiss Re Life & Health's maximum aggregate liability in any one calendar
year shall not exceed 2% (200 basis points) of Swiss Re Life & Health's quota
share percentage of the average aggregate account value over each respective
calendar year of coverage. This average shall be calculated by totaling the
aggregate account value as of the end of each calendar month and dividing the
result by the number of months.
3. Swiss Re Life & Health's maximum liability on any one life reinsured
hereunder shall be Two Million Dollars ($2,000,000) multiplied by the quota
share percentage reinsured by Swiss Re Life & Health, as specified in Article IV
of this Agreement.
4. This Agreement covers only the Company's liability for claims paid under
variable annuity contracts written on the contract forms specified in Exhibit A
and supported by funds which were reviewed by Swiss Re Life & Health prior to
their issuance.
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Swiss Re America
ARTICLE II
Commencement & Termination of Liability
1. On reinsurance ceded under the terms of this Agreement, the liability of
Swiss Re Life & Health shall commence simultaneously with that of the Company,
and will terminate upon the earliest of annuitization, surrender or termination
in accordance with Article XVIII.
2. Swiss Re Life & Health shall be liable to reimburse claims on only those
deaths where the date of death is on or after August 1, 1997, in accordance with
Article VII.
-2-
ARTICLE III
Oversights - Clerical Errors
1. Should either the Company or Swiss Re Life & Health fail to comply with
any of the terms of this Agreement, and if this is shown to be unintentional and
the result of a misunderstanding, oversight or clerical error on the part of
either the Company or Swiss Re Life & Health, then this Agreement shall not be
deemed abrogated thereby, but both companies shall be restored to the position
they would have occupied had no such oversight, misunderstanding, or clerical
error occurred. Such conditions are to be reported and corrected promptly after
discovery.
-3-
ARTICLE IV
Mortality Net Amount At Risk
1. The mortality net amount at risk for each variable annuity contract
reinsured hereunder shall be calculated as of the last day of each calendar
month and shall be equal to the contractual option GMDB less the account value
of the annuity, up to a maximum of Two Million Dollars ($2,000,000) per life
multiplied by the quota share percentage reinsured by Swiss Re Life & Health.
The death benefit and the contract value shall be as described in the variable
annuity contract forms specified in Exhibit A.
-4-
ARTICLE V
Reinsurance Premiums
1. Reinsurance premiums shall be calculated on a monthly basis. The premium
rates for each issue age bracket shall be averaged, weighted by the relative
account value of each issue age bracket. This weighted average premium rate
shall be applied to the average aggregate account value over the reporting
period. At least annually, there will be a "true-up" to account for the
difference between issue age distribution at "true-up" date and assumed issue
age distribution.
The current monthly premium rates shall be equal to the following basis points
for the following issue ages:
Issue Ages Current Reinsurance Premium
---------- ---------------------------
Standard Benefit
0-49 .1667
50-59 .3333
60-64 .5833
65-69 .7083
70-80 1.1667
81-85 2.0833
Enhanced Benefit 1
0-49 .3333
50-59 .6667
60-64 1.0833
65-69 1.5000
70+ 2.2500
Enhanced Benefit 2
0-49 .5000
50-59 1.2500
60-64 2.0833
65-69 2.7500
70+ 3.2500
-5-
Enhanced Benefit 3
0-49 .6250
50-59 1.5833
60-64 2.7500
65-69 3.8333
70+ 5.3333
2. The current monthly reinsurance premium rate shall be in effect for a
minimum of 20 years from the effective date of this reinsurance Agreement.
Thereafter, it may be increased based on future expectations, but not beyond the
guaranteed maximum monthly premium rate equal to the following basis points for
the following issue ages:
Issue Ages Guaranteed Maximum Reinsurance Premium
---------- --------------------------------------
Standard Benefit
0-49 .4167
50-59 .8333
60-64 1.3333
65-69 1.7500
70-80 2.5000
81-85 4.1667
Enhanced Benefit 1
0-49 .8333
50-59 1.1667
60-64 2.3333
65-69 3.3333
70+ 4.5833
Enhanced Benefit 2
0-49 1.2500
50-59 2.6667
60-64 4.1667
65-69 5.4167
70+ 6.2500
Enhanced Benefit 3
0-49 1.5000
50-59 3.5000
60-64 5.4167
65-69 7.5000
70+ 10.0000
-6-
3. The total reinsurance premium shall be reduced by the ratio of the sum
of the mortality net amount at risk in excess of $2 million multiplied by Swiss
Re Life & Health's quota share percentage on any lives reinsured hereunder to
Swiss Re Life & Health's share of the total mortality net amount at risk on all
variable annuity contracts.
4. The monthly reinsurance premium shall be due and payable as described in
Article VI. The total reinsurance premium in any month shall equal at least
$1,500.
5. The reinsurance premium rates described above shall remain in effect as
long as the death benefit design, the contract fees, the mortality and expense
charges, the administration fees, and the surrender charges in effect at the
inception of this Agreement remain unchanged.
-7-
ARTICLE VI
Reinsurance Administration
1. Within 30 days of the end of each calendar month, the Company will
furnish Swiss Re Life & Health a separate electronic report for each Guaranteed
Minimum Death Benefit design specified in Exhibit A, valued as of the last day
of that month. Each report will indicate for all inforce annuities reinsured
hereunder:
a) Annuitant's name, sex, date of birth, issue age and social
security number
b) Owner's name, sex, date of birth, issue age and social
security number
c) Contract number
d) Contract issue date
e) Contract form number
f) Tax status
g) Current contract value in total and by funding vehicle, if
any
h) Current cash surrender value
i) Cumulative net considerations
j) Current Minimum Guaranteed Death Benefit
k) Current contract death benefit
l) Current contract mortality risk amount
2. Additionally, within 30 days of the end of each calendar month, the
Company will furnish Swiss Re Life & Health with a separate seriatim termination
report, indicating the following:
a) Termination by death, including cause of death
b) Termination by lapse
c) Termination by annuitization
-8-
3. Additionally, within 30 days of the end of each calendar month, the
Company will furnish Swiss Re Life & Health a separate paper report summarizing
the following data:
a) Reinsurance premiums due Swiss Re Life & Health
b) Death claim reimbursements due the Company
c) Total number of contracts reinsured
d) Total current contract value
e) Total cumulative net considerations
f) Total current Guaranteed Minimum Death Benefit
g) Total current death benefit
h) Total current mortality risk amount
4. If the net balance is due Swiss Re Life & Health, the amount due shall
be remitted with the report statement. If the net balance is due the Company,
Swiss Re Life & Health shall remit the amount to the Company within 10 days of
the receipt of the report.
-9-
ARTICLE VII
Settlement of Claims
1. The claims that are eligible for reimbursement are only those that the
Company is required to pay on deaths that occur on or after the effective date
of this Agreement.
2. In the event the Company provides satisfactory proof of claim to Swiss
Re Life & Health, claim settlements made by the Company shall be unconditionally
binding on Swiss Re Life & Health.
3. The death claim reimbursed by Swiss Re Life & Health shall be determined
as of the date due proof of death is received at the Company's Annuity Service
office.
4. Within 30 days of the end of each month, the Company shall notify Swiss
Re Life & Health of the reinsured death benefits paid in that month and Swiss Re
Life & Health will reimburse the Company, as provided in Article VI, for the
reinsured benefits.
5. Settlement by Swiss Re Life & Health shall be in a lump sum regardless
of the mode of payment made by the Company to the beneficiary.
-10-
ARTICLE VIII
Tax Credits
1. Swiss Re Life & Health shall not reimburse the Company for state premium
taxes.
-11-
ARTICLE IX
Regulatory Compliance
1. Swiss Re Life & Health agrees to comply with all regulatory directives
required to permit the Company to receive statutory reserve credit for the
reinsurance ceded under this Agreement.
2. The Company warrants that it has secured all necessary federal and state
licenses and approvals, and that it is operating in compliance with federal
investment laws and state investment and insurance laws and regulations.
-12-
ARTICLE XI
Insolvency
1. In the event of the insolvency of the Company, all reinsurance made,
ceded, renewed or otherwise becoming effective under this Agreement shall be
payable by Swiss Re Life & Health directly to the Company or to its liquidator,
receiver, or statutory successor on the basis of the liability of the Company
under the contract or contracts reinsured without diminution because of the
insolvency of the Company. It is understood, however, that in the event of the
insolvency of the Company, the liquidator, receiver or statutory successor of
the insolvent Company shall give written notice of the pendency of a claim
against the insolvent Company on the policy reinsured within a reasonable time
after such claim is filed in the insolvency proceeding and that, during the
pendency of such claim, Swiss Re Life & Health may investigate such claim and
interpose, at its own expense, in the proceeding where such claim is to be
adjudicated, any defense or defenses which it may deem available to the Company
or to its liquidator, receiver or statutory successor.
2. It is further understood that the expense thus incurred by Swiss Re Life
& Health shall be chargeable, subject to court approval, against the insolvent
Company as part of the expense of liquidation to the extent of a proportionate
share of the benefit which may accrue to the Company solely as a result of the
defense undertaken by Swiss Re Life & Health. Where two or more assuming
insurers are involved in the same claim and a majority in interest elect to
interpose defense to such claim, the expense shall be apportioned in accordance
with the terms of this Reinsurance Agreement as though such expense had been
incurred by the Company.
3. In the event of the insolvency of Swiss Re Life & Health and the
appointment of receivers therefor, the liability of Swiss Re Life & Health shall
not terminate but shall continue with respect to the reinsurance ceded to Swiss
Re Life & Health by the Company prior to the date of such insolvency or
appointment.
-14-
ARTICLE XII
Arbitration
1. In the event of any difference arising hereafter between the contracting
parties with reference to any transaction under this Agreement, the same shall
be referred to three arbitrators who must be current or former executive
officers of life insurance or life reinsurance companies other than the two
parties to this Agreement or their affiliates, each of the contracting companies
to appoint one of the arbitrators and such two arbitrators to select the third.
If either party refuses or neglects to appoint an arbitrator within 60 days
after receipt of the written request for arbitration, the other party may
appoint a second arbitrator.
2. If the two arbitrators fail to agree on the selection of a third
arbitrator within 60 days of their appointment, each of them shall name three
individuals, of whom the other shall decline two, and the decision shall be made
by drawing lots.
3. The arbitrators shall consider this Reinsurance Agreement not merely as
a legal document but also as a gentlemen's agreement. In resolving the dispute,
the arbitrators will give full consideration to the customs and practices of the
life insurance and life reinsurance industry, insofar as they are not in
conflict with the specific terms of this Agreement. The arbitrators shall decide
by a majority vote. There shall be no appeal from their written decision.
4. Unless the arbitrators decide otherwise, each party shall bear the
expense of its own arbitration, including its arbitrator and outside attorney
fees, and shall jointly and equally bear with the other party the expense of the
third arbitrator. Any remaining costs of the arbitration proceedings shall be
apportioned by the Board of Arbitrators.
-15-
ARTICLE XIII
Right of Offsetting Balances Due
1. The Company and Swiss Re Life & Health shall have, and may exercise at
any time, the right to offset any balance or balances due one party to the
other, its successors or assigns, against balances due the other party under
this Agreement or under any other Agreements or Contracts previously or
subsequently entered into between the Company and Swiss Re Life & Health. This
right of offset shall not be affected or diminished because of insolvency of
either party to this Agreement.
-16-
ARTICLE XIV
Contract and Program Changes
1. The Company may amend, substitute, add or delete variable investment
funds to the (separate accounts/underlying investment funds) supporting the
annuity contract as described in the contract general provisions. No such change
will be made by the Company without prior notification to Swiss Re Life & Health
and without the prior approval of the Securities and Exchange Commission, if
necessary. The Company agrees to maintain at all times a satisfactory selection
of core investment options with characteristics similar to those listed in
Exhibit B.
2. The Company will also give Swiss Re Life & Health advance notice of any
other changes to its annuity product design, its fees and charges, its
distribution systems and/or methods, or the additions of any riders to any
contract form reinsured hereunder.
3. Should any such change result in a material increase in the reinsured
net amount at risk and/or material decrease in the reinsurance premiums due,
Swiss Re Life & Health shall have the right to modify any of the terms of this
Agreement.
-17-
ARTICLE XV
Federal Taxes
1. The Company and Swiss Re Life & Health hereby agree to the following
pursuant to Section 1.848-2(g)(8) of the Income Tax Regulation issued December
1992, under Section 848 of the Internal Revenue Code of 1986, as amended. This
election shall be effective as of the Effective Date of this Agreement and for
all subsequent taxable years for which this Agreement remains in effect.
(a) The term "party" will refer to either the Company or Swiss Re
Life & Health, as appropriate.
(b) The terms used in this Article are defined by reference to
Regulation 1.848-2 in effect December 1992.
(c) The party with the net positive consideration for this Agreement
for each taxable year will capitalize specified policy
acquisition expenses with respect to this Agreement without
regard to the general deductions limitation of Section 848(c)(1).
(d) Both parties agree to exchange information pertaining to the
amount of net consideration under this Agreement each year to
ensure consistency or as otherwise required by the Internal
Revenue Service.
(e) The Company will submit a schedule to Swiss Re Life & Health by
May 1 of each year of its calculation of the net consideration
for the preceding calendar year. This schedule of calculations
will be accompanied by a statement stating that the Company will
report such net consideration in its tax return for the preceding
calendar year.
(f) Swiss Re Life & Health may contest such calculation by providing
an alternative calculation to the Company by June 1. If Swiss Re
Life & Health does not so notify the Company, the Company will
report the net consideration as determined by the Company in the
Company's tax return for the previous calendar year.
-18-
(g) If Swiss Re Life & Health contests the Company's calculation of
the net consideration, the parties will act in good faith to
reach an agreement as to the correct amount by July 1. If the
Company and Swiss Re Life & Health reach agreement on an amount
of the net consideration, each party shall report such amount in
their respective tax returns for the previous calendar year.
2. Swiss Re Life & Health and the Company represent and warrant that they
are subject to U.S. taxation under Subchapter L of Chapter 1 of the Internal
Revenue Code.
-19-
ARTICLE XVI
Parties to Agreement
1. This Agreement is an indemnity reinsurance agreement solely between the
Company and Swiss Re Life & Health. The acceptance of reinsurance hereunder
shall not create any right or legal relation whatever between Swiss Re Life &
Health and the annuitant, owner, beneficiary or any other party under any
contracts of the Company which may be reinsured hereunder, and the Company shall
be and remain solely liable to such parties under such contracts reinsured
hereunder.
-20-
ARTICLE XVII
Entire Agreement
1. This Agreement shall constitute the entire agreement between the parties
with respect to business reinsured hereunder. There are no understandings
between the parties other than as expressed in this Agreement and any change or
modification of this Agreement shall be null and void unless made by amendment
to the Agreement and signed by both parties.
-21-
ARTICLE XVIII
Duration of Agreement
1. This Agreement shall be unlimited as to its duration but may be reduced
or terminated as provided in this Article, below.
2. Upon 180 days written notice, either the Company or Swiss Re Life &
Health may cancel this Agreement for new business any time on or after the third
anniversary of this Agreement.
3. Any time on or after the fifteenth anniversary of this Agreement, the
Company may, upon 90 days written notice, irrevocably elect to cancel the
reinsurance in force under this Agreement, provided the loss carryforward,
calculated as described in Exhibit C of this Agreement, is non-negative. Upon
election, the reinsurance shall be recaptured at a constant rate by reducing the
quota share percentage set forth in Article I, paragraph 1, by 1.39% per month.
The reduction shall begin in the month of election and continue for 36
consecutive months. The quota share percentage will then be equal to 0% and the
reinsurance ceded hereunder will be fully recaptured and this Agreement shall
then be terminated.
4. Should the Company fail to pay reinsurance premiums when due, Swiss Re
Life & Health may give the Company thirty (30) days notice, after reinsurance
premiums are ninety (90) days or more in arrears, that reinsurance coverage on
the affected reinsurance is suspended. The reinsurance coverage will be
reinstated at the option of Swiss Re Life & Health upon receipt of all the
overdue premiums. However, Swiss Re Life & Health shall have no liability for
claims that occur during a period of suspension. Also, suspension of reinsurance
coverage shall not relieve the Company of liability for premiums due Swiss Re
Life & Health.
-22-
IN WITNESS WHEREOF, the Company and Swiss Re Life & Health have caused their
names to be subscribed and duly attested hereunder by their respective
Authorized Officers.
THE LIFE INSURANCE COMPANY OF VIRGINIA
By: /s/ Xxxxx Xxxx Attest: /s/ Xxxxx X. Xxxxx
-------------- --------------------------
Title: VP Title: VP + Actuary
Date: 11/6/97 Date: 11/11/97
SWISS RE LIFE & HEALTH AMERICA INC.
By: /s/ Xxxxxxx X. Xxxx Attest: /s/ Xxxxx Xxxxxxx
-------------------- --------------------------
Title: Vice President Title: Reinsurance Service Officer
Date: November 24, 1997 Date: November 24, 1997
-23-
Swiss Re America
EXHIBIT A
Variable Annuities Covered Under This Agreement
I. Contract Form Numbers
CVA Plus - Form # P1143-4/94
II. Issue Dates:
Policies issued on and after August 1, 1997
III. GMDB Reinsured:
Standard - Six Year Ratchet
Enhanced Benefit 1 - Greater of an annual ratchet to attained age 80; GMDB
frozen thereafter and the Standard benefit.
Enhanced Benefit 2 Greater of 6% roll-up to attained age 80; GMDB frozen
thereafter and the Standard benefit.
Standard Benefit for Issue Ages 81-85 - Return of premium.
Enhanced Benefit 3 - Greater of Enhanced Benefit 1, Enhanced Benefit 2 and
the Standard benefit.
EXHIBIT B
Investment Funds
Xxxxx American Small Capitalization Portfolio
Alger American Growth Portfolio
Fidelity Advisor VIP Equity Income Portfolio
Fidelity Advisor VIP Growth Portfolio
Fidelity Advisor VIP Overseas Portfolio
Fidelity Advisor VIP Asset Manager Portfolio
Fidelity Advisor VIP Contrafund Portfolio
Fidelity Advisor VIP Growth Income Portfolio
Fidelity Advisor VIP Growth Opportunities Portfolio
Federated Utility Fund II
Federated High Income Bond Fund II
Federated American Leaders Fund II
GE Investments Money Market Fund
GE Investments Real Estate Securities Fund
GE Investments Global Income Fund
GE Investments S&P 500 Index Fund
GE Investments Value Equity Fund
GE Investments International Equity Fund
GE Investments Government Securities Fund
GE Investments Total Return Fund
Janus Aspen Balanced Portfolio
Janus Aspen Flexible Income Portfolio
Janus Aspen Growth Portfolio
Janus Aspen Aggressive Growth Portfolio
Janus Aspen Worldwide Growth Portfolio
Janus Aspen International Growth Portfolio
Janus Aspen Capital Appreciation Portfolio
Xxxxxxxxxxx High Income Fund
Xxxxxxxxxxx Bond Fund
Xxxxxxxxxxx Capital Appreciation Fund
Xxxxxxxxxxx Growth Fund
Xxxxxxxxxxx Multiple Strategies Fund
PBHG Large Cap Growth
PBHG Growth II
ARTICLE X
Inspection of Records
1. Swiss Re Life & Health shall have the right at all reasonable times and
for any reasonable purpose to inspect at the office of the Company all records
referring to reinsurance ceded to Swiss Re Life & Health.
-00-
XXXXXXX X
Xxxx Xxxxxxxxxxxx Xxxxxxx
t = current month
EAV//t// = Sum total of Swiss Re Life & Health's quota share
percentage of account values at end of month t
Avg. AV//t// = 50% of (EAV//t-1// + EAV//t//)
EGMDB//t// = Sum total of Swiss Re Life & Health's quota share
percentage of guaranteed minimum death benefits at end of
month t
Avg. GMDB//t// = 50% of (EGMDB//t-1// + EGMDB//t//)
---
APR = annualized premium rate for each product combination
MPR = Monthly premium rate for each product combination
= (APR/12)
RP//t// = Reinsurance premiums due at end of month t
= 150% DBR//(t-1)//, subject to:
Min. = MPR x Minimum multiple x greater of (Avg. AV//t//)
or (100% of Avg. GMDB//t//)
Max. = MPR x Maximum multiple x greater of (Avg. Av//t//)
or (100% of Avg. GMDB//t//)
Min. Multiple = 1.0000
Max. Multiple = 1.0000
RP//l// = MPR x greater of (Avg. AV//1//,) or (Avg. GMDB//1//)
DBR//t// = Death benefit recoveries in month t
= Sum of individual reinsured variable net risk amounts
reimbursed upon death
DBR//o// = 0
EXHIBIT C, continued
AdjP//t// = Adjusted profit for all products reinsured hereunder for
month t
= RP//t//-DBR//t//-MEC//t//-CHGRES//t//+CFWD//t//
AdjP//o// = 0
AdjP//Y// = Adjusted profit for calendar year y
CHGRES//t// = Change in reinsurance reserves for month t
MEC//t// = Monthly expense charge for month t, applied to average
aggregate account value over the month
= (2.0 basis points/12) x Avg. AV//t//
CFWD//t// = Carryforward from month (t-1), adjusted for interest
= AdjP//t-1// x (1 + CIR//t//)
CIR//t// = Carryforward interest rate for month t
= (Avg. U.S. Treasury xxxx rate for month t + 2.0%)/12
AMENDMENT NO. I
To the Automatic Reinsurance Agreement
Between the
GE CAPITAL LIFE ASSURANCE COMPANY OF NEW YORK
And
SWISS RE LIFE & HEALTH AMERICA INC.
Except as hereinafter specified, all terms and conditions of the Automatic
Reinsurance Agreement effective the 1st day of June, 1998, amendments and
addenda attached thereto, shall apply, and this Amendment is to be attached to
and made a part of the aforesaid Agreement.
It is mutually agreed that
A. Effective from inception of this Agreement, the 1st day of June, 1998,
Exhibit A, Variable Annuities Covered Under This Agreement, Paragraph III,
Guaranteed Minimum Death Benefit Design, is expanded as attached to
describe the treatment of withdrawals, and
B. Effective the 12th day of October, 1998, Exhibit B, Investment Funds, is
expanded as attached.
IN WITNESS WHEREOF, the Company and Swiss Re Life & Health have caused their
names to be subscribed and duly attested hereunder by their respective
Authorized Officers.
GE CAPITAL LIFE ASSURANCE COMPANY OF NEW YORK
By: /s/ Xxxxx Xxxx Attest: /s/ Xxxxx X. Xxxxx
------------------------------ ---------------------------------
Title: VP Title: VP + Actuary
Date: 2/12/99 Date: 3/10/99
SWISS RE LIFE & HEALTH AMERICA INC.
By: /s/ Illegible Attest: /s/ Xxxxx Xxxxxxx
------------------------------ ---------------------------------
Title: Actuary Title: Reinsurance Services Officer
Date: 3/3/99 Date: 3/10/99
EXHIBIT A
Variable Annuities Covered Under This Agreement
I. Contract Data for New York Issues Only
Product Name GELACNY Variable Annuity
Contract Form Number NY1066 6/97
II. Issue Dates Covered
Contracts issued on or after June 1, 1998
III. Guaranteed Minimum Death Benefit Design
Standard Benefit for Issue Ages 0-80
Six Year Reset, adjusted proportionately for withdrawals.
Standard Benefit for Issue Ages 81-85
Return of Premium, adjusted proportionately for withdrawals.
EXHIBIT B
Investment Funds
GE Capital Life Separate Account II
The Alger American Fund
Xxxxx American Small Capitalization Portfolio
Alger American Growth Portfolio
Fidelity Variable Insurance Products Fund
Equity - Income Portfolio
Growth Portfolio
Overseas Portfolio
Fidelity Variable Insurance Products Fund II
Asset Manager Portfolio
Contrafund Portfolio
Fidelity Variable Insurance Products Fund III
Growth & Income Portfolio
Growth Opportunities Portfolio
Federated Insurance Series
Federated Utility Fund II
Federated High Income Bond Fund II
Federated American Leaders Fund II
Janus Aspen Series
Balanced Portfolio
Flexible Income Portfolio
Growth Portfolio
Aggressive Growth Portfolio
Worldwide Growth Portfolio
International Growth Portfolio
Capital Appreciation Portfolio
GE Investments Funds Inc.
Money Market Fund
Income Fund
S&P 500 Index Fund
Total Return Fund
International Equity Fund
Real Estate Securities Fund
Global Income Fund
Value Equity Fund
U. S. Equity Fund
Page 1 of 2
EXHIBIT B
Investment Funds (Continued)
Xxxxxxxxxxx Variable Account Funds
Oppenheimer High Income Fund
Oppenheimer Bond Fund
Oppenheimer Aggressive Growth Fund
Oppenheimer Growth Fund
Oppenheimer Multiple Strategies Fund
PBHG Insurance Series Fund, Inc.
Growth II Portfolio
Large Cap Growth Portfolio
Xxxxxxx Xxxxx Asset Management, Inc.
Xxxxxxx Sachs Growth and Income Fund
Xxxxxxx Xxxxx Mid Cap Equity Fund
Salomon Brothers Variable Series
Salomon Brothers Variable Investors Fund (added October 12, 1998)
Salomon Brothers Variable Total Return Fund (added October 12, 1998)
Salomon Brothers Variable Strategic Bond Fund (added October 12, 1998)
Page 2 of 2
AMENDMENT NO.II
To the Automatic Reinsurance Agreement
Between
THE LIFE INSURANCE COMPANY OF VIRGINIA
And
SWISS RE LIFE & HEALTH AMERICA INC.
Except as hereinafter specified, all terms and conditions of the Automatic
Reinsurance Agreement effective the 1st day of August, 1997, amendments and
addenda attached thereto, shall apply, and this Amendment is to be attached to
and made a part of the aforesaid Agreement.
It is mutually agreed that:
A. Effective the 1st day of August, 1997, Article I, Scope of Agreement, is
amended from inception date to delete paragraph 2. No basis point limit
shall apply, and
B. Effective the 12th day of October, 1998, Exhibit A, Variable Annuities
Covered Under This Agreement, is amended as attached, to add a new Contract
Form Number, and to revise for new issues the Guaranteed Minimum Death
Benefit Design Reinsured, and
C. Effective the 12th day of October, 1998, Exhibit B, Investment Funds, is
expanded as attached.
IN WITNESS WHEREOF, the Company and Swiss Re Life & Health have caused their
names to be subscribed and duly attested hereunder by their respective
Authorized Officers.
THE LIFE INSURANCE COMPANY OF VIRGINIA
By: /s/ Xxxxx Xxxx Attest: /s/ Xxxxx X. Xxxxx
------------------------ ------------------------
Title: VP Title: VP + Actuary
Date: 2/12/99 Date: 2/18/99
SWISS RE LIFE & HEALTH AMERICA INC.
By: /s/ Illegible Attest: /s/ Illegible
------------------------ ------------------------
Title: Actuary Title: Reinsurance Services Officer
Date: 3/3/99 Date: 3/3/99
-1-
EXHIBIT A
Variable Annuities Covered Under This Agreement
I. Contract Form Numbers
CVA Plus - Form # P1143-4/94
CVA Plus - Form # P1150 10/985 (added to Agreement October 12, 1998)
II. Issue Dates:
Policies issued on and after August 1, 1997
III. *Guaranteed Minimum Death Benefit Design Reinsured:
Standard Benefit
Six Year Ratchet.
For Issue Ages 81-85 the Standard Benefit equals the Return of Premium.
Enhanced Benefit 1
Greater of an Annual Ratchet to attained age 80; GMDB frozen thereafter,
and The Standard Benefit.
Enhanced Benefit 2
Greater of 6% Roll-Up to attained age 80; GMDB frozen thereafter, and The
Standard Benefit.
Enhanced Benefit 3
Greatest of Enhanced Benefit 1, Enhanced Benefit 2 and the Standard
Benefit.
*Effective for new issues commencing October 12, 1998, all death benefit
calculations shall be adjusted proportionately for withdrawals.
-0-
XXXXXXX X
Xxxxxxxxxx Xxxxx
Xxxxx American Small Capitalization Portfolio
Alger American Growth Portfolio
Fidelity Advisor VIP Equity Income Portfolio
Fidelity Advisor VIP Growth Portfolio
Fidelity Advisor VIP Overseas Portfolio
Fidelity Advisor VIP Asset Manager Portfolio
Fidelity Advisor VIP Contrafund Portfolio
Fidelity Advisor VIP Growth Income Portfolio
Fidelity Advisor VIP Growth Opportunities Portfolio
Federated Utility Fund II
Federated High Income Bond Fund II
Federated American Leaders Fund II
GE Investments Money Market Fund
GE Investments Real Estate Securities Fund
GE Investments Global Income Fund
GE Investments S&P 500 Index Fund
GE Investments Value Equity Fund
GE Investments International Equity Fund
GE Investments Government Securities Fund
GE Investments Total Return Fund
GE Investments US Equity Fund (added May 1, 1998)
Janus Aspen Balanced Portfolio
Janus Aspen Flexible Income Portfolio
Janus Aspen Growth Portfolio
Janus Aspen Aggressive Growth Portfolio
Janus Aspen Worldwide Growth Portfolio
Janus Aspen International Growth Portfolio
Janus Aspen Capital Appreciation Portfolio
Oppenheimer High Income Fund
Oppenheimer Bond Fund
Xxxxxxxxxxx Capital Appreciation Fund (name changed to
Oppenheimer Aggressive
Growth Fund as of
May 1, 1998)
Oppenheimer Growth Fund
Oppenheimer Multiple Strategies Fund
PBHG Large Cap Growth
PBHG Growth II
Xxxxxxx Xxxxx GSF Growth and Income Fund (added May 1, 1998)
Xxxxxxx Sachs Mid Cap Equity Fund (added May 1, 1998)
Salomon Brothers Variable Investors Fund (added October 12, 1998)
Salomon Brothers Variable Total Return Fund (added October 12, 1998)
Salomon Brothers Variable Strategic Bond Fund (added October 12, 1998)
-3-
AMENDMENT NO. III
To the Automatic Reinsurance Agreement
Between
THE LIFE INSURANCE COMPANY OF VIRGINIA
And
SWISS RE LIFE & HEALTH AMERICA INC.
Except as hereinafter specified, all terms and conditions of the Automatic
Reinsurance Agreement effective the 1st day of August, 1997, amendments and
addenda attached thereto, shall apply, and this Amendment is to be attached to
and made a part of the aforesaid Agreement.
It is mutually agreed that:
A. Effective the 1st day of January, 1999, THE LIFE INSURANCE COMPANY OF
VIRGINIA changed its name to GE LIFE AND ANNUITY INSURANCE COMPANY. All
references in this Agreement to the Company are hereby understood to mean
GE Life and Annuity Insurance Company. This name change does not alter or
modify the terms and conditions of this Agreement, and
B. This Agreement is hereby expanded to provide reinsurance terms for the
Pacific Corinthian Exchange Program effective the 1st day of May, 1998, and
for the Extra Credit Variable Annuity, Enhanced Benefit Design, effective
the 1st day of February, 1999, and shall result in the following revisions
as they pertain to these products only:
(i) Article I, Scope of Agreement, Paragraph 1, the quota share
percentage reinsured is revised as attached, and
(ii) Swiss Re Life & Health's maximum liability per life shall be One
Million Dollars ($1,000,000) without adjustment for the
reinsurance quota share percentage. Specifically, this revision
applies to Article I, Scope of Agreement, Paragraph 3, Article
IV, Mortality Net Amount at Risk,
Paragraph 1, and Article V, Reinsurance Premiums, Paragraph 3, as
attached.
(iii) Article V, Reinsurance Premiums, Paragraph 1, is expanded as
attached, and
(iv) Exhibit A, Variable Annuities Covered Under This Agreement, is
expanded as attached.
ARTICLE I
Scope of Agreement
1. On and after the 1st day of August, 1997, the Company will automatically
reinsure with Swiss Re Life & Health, and Swiss Re Life & Health will
automatically accept, a quota share specified in Exhibit A of the mortality net
amount at risk, as defined in Article IV, generated prior to annuitization or
complete surrender by the contract owner, by the Guaranteed Minimum Death
Benefit provisions within the variable annuity contracts issued by the Company
as set forth in Exhibit A.
3. Swiss Re Life & Health's maximum liability on any one life reinsured
hereunder shall be One Million Dollars ($1,000,000), as specified in Article IV
of this Agreement.
ARTICLE IV
Mortality Net Amount At Risk
1. The mortality net amount at risk for each variable annuity contract
reinsured hereunder shall be calculated as of the last day of each calendar
month and shall be equal to the contractual option GMDB less the account value
of the annuity, up to a maximum of One Million Dollars ($1,000,000) per life.
The death benefit and the contract value shall be as described in the variable
annuity contract forms specified in Exhibit A.
ARTICLE V
Reinsurance Premiums
1. All existing provisions contained within this Paragraph continue to
apply, with the addition of the current monthly premium rates, in basis points,
for the following products and issue ages:
Pacific Corinthian Exchange Program
Issue Ages Current Reinsurance Premium
0-80 1.9167
Extra Credit - Enhanced Benefit Design
Issue Ages Current Reinsurance Premium
0-75 3.8333
3. The total reinsurance premium shall be reduced by the ratio of the sum
of the mortality net amount at risk in excess of $1 million on any lives
reinsured hereunder to Swiss Re Life & Health's share of the total mortality net
amount at risk on all variable annuity contracts.
EXHIBIT A
Variable Annuities Covered Under This Agreement
I. Contract Form Numbers and Issue Dates
Form Number Policies Issued On and After
CVA Plus - Form # P1143-4/94 August 1, 1997
CVA Plus - Form # P1150 10/985 October 12, 1998
Pacific Corinthian -- Form #P1140 1/99 May 1, 1998
Extra Credit - Form #P1152 1/99 February 1, 1999
II. Quota Share Percentage Reinsured
Product Quota Share Percentage
CVA Plus 50%
Pacific Corinthian Exchange Program 100%
Extra Credit - Enhanced Benefit 50%
III. *Guaranteed Minimum Death Benefit Design Reinsured:
CVA Plus Standard Benefit
Six Year Ratchet.
For Issue Ages 81-85 the Standard Benefit equals the Return of Premium.
CVA Plus Enhanced Benefit 1
Greater of an Annual Ratchet to attained age 80; GMDB frozen thereafter,
and The Standard Benefit.
CVA Plus Enhanced Benefit 2
Greater of 6% Roll-Up to attained age 80; GMDB frozen thereafter, and The
Standard Benefit.
CVA Plus Enhanced Benefit 3
Greatest of Enhanced Benefit 1, Enhanced Benefit 2 and the Standard
Benefit.
Pacific Corinthian Exchange Program
Six Year Ratchet to attained age 80; GMDB frozen thereafter.
Extra Credit Enhanced Benefit
Greater of 6% Roll-Up to attained age 80 (capped at 200% of premium); GMDB
frozen thereafter, and the Standard Benefit.
*Effective for new issues commencing October 12, 1998, all death benefit
calculations shall be adjusted proportionately for withdrawals.
IN WITNESS WHEREOF, the Company and Swiss Re Life & Health have caused their
names to be subscribed and duly attested hereunder by their respective
Authorized Officers.
GE LIFE AND ANNUITY INSURANCE COMPANY
By: /s/ Xxxxx Xxxx Attest: /s/ Xxxxx X. Xxxxx
---------------------------- --------------------------------
Title: VP Title: VP + Actuary
Date: 4/29/99 Date: 4/30/99
SWISS RE LIFE & HEALTH AMERICA INC.
By: /s/ Illegible Attest: /s/ Xxxxx Xxxxxxx
---------------------------- --------------------------------
Title: VP Title: 2nd VP
Date: 8/11/99 Date: 9/1/99
AMENDMENT NO. I
To the Automatic Reinsurance Agreement
Between
THE LIFE INSURANCE COMPANY OF VIRGINIA
And
SWISS RE LIFE & HEALTH AMERICA INC.
Except as hereinafter specified, all terms and conditions of the Automatic
Reinsurance Agreement effective the 1st day of August, 1997, amendments and
addenda attached thereto, shall apply, and this Amendment is to be attached to
and made a part of the aforesaid Agreement.
It is mutually agreed that effective the 1st day of May, 1998, Exhibit B,
Investment Funds, is expanded and revised as attached.
IN WITNESS WHEREOF, the Company and Swiss Re Life & Health have caused their
names to be subscribed and duly attested hereunder by their respective
Authorized Officers.
THE LIFE INSURANCE COMPANY OF VIRGINIA
By: /s/ Xxxxx Xxxx Attest: /s/ Xxxxx X. Xxxxx
---------------------------- --------------------------------
Title: VP Title: VP + Actuary
Date: July 18, 1998 Date: 7/26/98
SWISS RE LIFE & HEALTH AMERICA INC.
By: /s/ Xxxxxxx X. Xxxx Attest: /s/ Xxxxx Xxxxxxx
---------------------------- --------------------------------
Title: Vice President NTP Title: Reinsurance Services Officer
Date: August 10, 1998 Date: August 11, 0000
-0-
XXXXXXX X
Xxxxxxxxxx Xxxxx
Xxxxx American Small Capitalization Portfolio
Alger American Growth Portfolio
Fidelity Advisor VIP Equity Income Portfolio
Fidelity Advisor VIP Growth Portfolio
Fidelity Advisor VIP Overseas Portfolio
Fidelity Advisor VIP Asset Manager Portfolio
Fidelity Advisor VIP Contrafund Portfolio
Fidelity Advisor VIP Growth Income Portfolio
Fidelity Advisor VIP Growth Opportunities Portfolio
Federated Utility Fund II
Federated High Income Bond Fund II
Federated American Leaders Fund II
GE Investments Money Market Fund
GE Investments Real Estate Securities Fund
GE Investments Global Income Fund
GE Investments S&P 500 Index Fund
GE Investments Value Equity Fund
GE Investments International Equity Fund
GE Investments Government Securities Fund
GE Investments Total Return Fund
GE Investments US Equity Fund (added May 1, 1998)
Janus Aspen Balanced Portfolio
Janus Aspen Flexible Income Portfolio
Janus Aspen Growth Portfolio
Janus Aspen Aggressive Growth Portfolio
Janus Aspen Worldwide Growth Portfolio
Janus Aspen International Growth Portfolio
Janus Aspen Capital Appreciation Portfolio
Oppenheimer High Income Fund
Oppenheimer Bond Fund
Xxxxxxxxxxx Capital Appreciation Fund (name changed to Oppenheimer
Aggressive Growth Fund as of
May 1, 1998)
Oppenheimer Growth Fund
Oppenheimer Multiple Strategies Fund
PBHG Large Cap Growth
PBHG Growth II
Xxxxxxx Xxxxx GSF Growth and Income Fund (added May 1, 1998)
Xxxxxxx Sachs Mid Cap Equity Fund (added May 1, 1998)
-2-
ADDENDUM NO. 5
To the Automatic Reinsurance Agreement referred to as SBA280-94
Between
THE LIFE INSURANCE COMPANY OF VIRGINIA
And
SWISS RE LIFE & HEALTH AMERICA INC.
Except as hereinafter specified, all terms and conditions of the Automatic
Reinsurance Agreement effective the 1st day of July, 1994, amendments and
addenda attached thereto, shall apply, and this Addendum is to be attached to
and made a part of the aforesaid Agreement.
It is mutually agreed that effective the 12th day of October, 1998, Exhibit
A-II, List of Funds, is expanded, as attached.
IN WITNESS WHEREOF, the Company and Swiss Re Life & Health have caused their
names to be subscribed and duly attested hereunder by their respective
Authorized Officers.
THE LIFE INSURANCE COMPANY OF VIRGINIA
By: /s/ Xxxxx Xxxx Attest: /s/ Xxxxx X. Xxxxx
----------------------------- -----------------------------
Title: V.P. Title: VP + Actuary
Date: 2/12/99 Date: 3/10/99
SWISS RE LIFE & HEALTH AMERICA INC.
By: /s/ Illegible Attest: /s/ Xxxxx Xxxxxxx
----------------------------- -----------------------------
Title: Illegible Title: Reinsurance Service Officer
Date: 3/3/99 Date: 53/3/99
-1-
EXHIBIT A-II
List of Funds
Xxxxx American Small Capitalization Portfolio
Alger American Growth Portfolio
Fidelity Advisor VIP Equity Income Portfolio
Fidelity Advisor VIP Growth Portfolio
Fidelity Advisor VIP Overseas Portfolio
Fidelity Advisor VIP Asset Manager Portfolio
Fidelity Advisor VIP Contrafund Portfolio
Fidelity Advisor VIP Growth Income Portfolio
Fidelity Advisor VIP Growth Opportunities Portfolio
Federated Utility Fund II
Federated High Income Bond Fund II
Federated American Leaders Fund II
GE Investments Money Market Fund **
GE Investments Real Estate Securities Fund
GE Investments Global Income Fund
GE Investments S&P 500 Index Fund
GE Investments Value Equity Fund
GE Investments International Equity Fund
GE Investments Government Securities Fund
GE Investments Total Return Fund
GE Investments US Equity Fund (added May 1, 1998)
Janus Aspen Balanced Portfolio
Janus Aspen Flexible Income Portfolio
Janus Aspen Growth Portfolio
Janus Aspen Aggressive Growth Portfolio
Janus Aspen Worldwide Growth Portfolio
Janus Aspen International Growth Portfolio
Janus Aspen Capital Appreciation Portfolio
Oppenheimer High Income Fund
Oppenheimer Bond Fund
Xxxxxxxxxxx Capital Appreciation Fund (name changed to Oppenheimer
Aggressive Growth Fund as of
May 1, 1998)
Oppenheimer Growth Fund
Oppenheimer Multiple Strategies Fund
PBHG Large Cap Growth
PBHG Growth II
-2-
EXHIBIT A-II
List of Funds (Continued)
Xxxxxxx Xxxxx GSF Growth and Income Fund (added May 1, 1998)
Xxxxxxx Sachs Mid Cap Equity Fund (added May 1, 1998)
Salomon Brothers Variable Investors Fund (added October 12, 1998)
Salomon Brothers Variable Total Return Fund (added October 12, 1998)
Salomon Brothers Variable Strategic Bond Fund (added October 12, 1998)
Notes:
**Increase in guaranteed Minimum Death Benefit Rider amount associated with
investments in these portfolios is limited to the extent that net return
after separate account charges is less than 6% annual in any valuation
period. Maximum increase in any valuation period is 6% annual.
-3-
ADDENDUM NO. 4
To the Automatic Reinsurance Agreement referred to as SBA280-94
Between
THE LIFE INSURANCE COMPANY OF VIRGINIA
And
SWISS RE LIFE & HEALTH AMERICA INC.
Except as hereinafter specified, all terms and conditions of the Automatic
Reinsurance Agreement effective the 1st day of July, 1994, amendments and
addenda attached thereto, shall apply, and this Addendum is to be attached to
and made a part of the aforesaid Agreement.
It is mutually agreed that effective the 1st day of January, 1999, THE LIFE
INSURANCE COMPANY OF VIRGINIA changed its name to GE LIFE AND ANNUITY INSURANCE
COMPANY. All references in this Agreement to the Company are hereby understood
to mean GE Life and Annuity Insurance Company. This name change does not alter
or modify the terms and conditions of this Agreement.
IN WITNESS WHEREOF, the Company and Swiss Re Life & Health have caused their
names to be subscribed and duly attested hereunder by their respective
Authorized Officers.
THE LIFE INSURANCE COMPANY OF VIRGINIA
By: /s/ Xxxxx Xxxx Attest: /s/ Xxxxx X. Xxxxx
----------------------- ----------------------------
Title: VP Title: VP + Actuary
Date: 4/29/99 Date: 4/30/99
SWISS RE LIFE & HEALTH AMERICA INC.
By: /s/ Illegible Attest: /s/ Xxxxx Xxxxxxx
----------------------- ----------------------------
Title: VP Title: 2nd VP
Date: 8/11/99 Date: 9/1/99
-1-
ADDENDUM NO. 3
To the Automatic Reinsurance Agreement referred to as SBA280-94
Between
THE LIFE INSURANCE COMPANY OF VIRGINIA
And
SWISS RE LIFE & HEALTH AMERICA INC.
Except as hereinafter specified, all terms and conditions of the Automatic
Reinsurance Agreement effective the 1st day of July, 1994, amendments and
addenda attached thereto, shall apply, and this Addendum is to be attached to
and made a part of the aforesaid Agreement.
It is mutually agreed that effective the 1st day of May, 1998, Exhibit A-II,
List of Funds, is expanded, revised and replaced as attached, to reflect the
current fund offerings.
IN WITNESS WHEREOF, the Company and Swiss Re Life & Health have caused their
names to be subscribed and duly attested hereunder by their respective
Authorized Officers.
THE LIFE INSURANCE COMPANY OF VIRGINIA
By: /s/ Xxxxx Xxxx Attest: /s/ Xxxxx X. Xxxxx
----------------------- ----------------------------
Title: VP Title: Illegible
Date: 7/18/98 Date: 7/26/98
SWISS RE LIFE & HEALTH AMERICA INC.
By: /s/ Xxxxxxx X. Xxxx Attest: /s/ Xxxxx Xxxxxxx
----------------------- ----------------------------
Title: Vice President - NTP Title: Reinsurance Services Officer
Date: August 10, 1998 Date: August 11, 1998
-1-
EXHIBIT A-II
List of Funds
Xxxxx American Small Capitalization Portfolio
Alger American Growth Portfolio
Fidelity Advisor VIP Equity Income Portfolio
Fidelity Advisor VIP Growth Portfolio
Fidelity Advisor VIP Overseas Portfolio
Fidelity Advisor VIP Asset Manager Portfolio
Fidelity Advisor VIP Contrafund Portfolio
Fidelity Advisor VIP Growth Income Portfolio
Fidelity Advisor VIP Growth Opportunities Portfolio
Federated Utility Fund II
Federated High Income Bond Fund II
Federated American Leaders Fund II
GE Investments Money Market Fund**
GE Investments Real Estate Securities Fund
GE Investments Global Income Fund
GE Investments S&P 500 Index Fund
GE Investments Value Equity Fund
GE Investments International Equity Fund
GE Investments Government Securities Fund
GE Investments Total Return Fund
GE Investments US Equity Fund (added May 1, 1998)
Janus Aspen Balanced Portfolio
Janus Aspen Flexible Income Portfolio
Janus Aspen Growth Portfolio
Janus Aspen Aggressive Growth Portfolio
Janus Aspen Worldwide Growth Portfolio
Janus Aspen International Growth Portfolio
Janus Aspen Capital Appreciation Portfolio
Oppenheimer High Income Fund
Oppenheimer Bond Fund
Xxxxxxxxxxx Capital Appreciation Fund (name changed to
Oppenheimer Aggressive
Growth Fund as of
May 1, 1998)
Oppenheimer Growth Fund
Oppenheimer Multiple Strategies Fund
PBHG Large Cap Growth
PBHG Growth II
-2-
EXHIBIT A-II
List of Funds (Continued)
Xxxxxxx Xxxxx GSF Growth and Income Fund (added May 1, 1998)
Xxxxxxx Sachs Mid Cap Equity Fund (added May 1, 1998)
Notes:
**Increase in guaranteed Minimum Death Benefit Rider amount associated with
investments in these portfolios is limited to the extent that net return
after separate account charges is less than 6% annual in any valuation
period. Maximum increase in any valuation period is 6% annual.
-3-
AMENDMENT NO. IV
To the Automatic Reinsurance Agreement
(NA5280-97)
Between the
GE LIFE AND ANNUITY ASSURANCE COMPANY
And
SWISS RE LIFE & HEALTH AMERICA INC.
Except as hereinafter specified, all terms and conditions of the Automatic
Reinsurance Agreement effective the 1st day of August, 1997, amendments and
addenda attached thereto, shall apply, and this Amendment is to be attached to
and made a part of the aforesaid Agreement.
It is mutually agreed that effective the 1st day of May, 2000, Exhibit B,
Investment Funds, is expanded, as attached.
IN WITNESS WHEREOF, the Company and Swiss Re Life & Health have caused their
names to be subscribed and duly attested hereunder by their respective
Authorized Officers.
GE LIFE AND ANNUITY ASSURANCE COMPANY
By: /s/ Xxxxx X. Xxxxxx Attest: /s/ Xxxxx X. Xxxxx
------------------------------- -------------------------------
Title: Sr VP Title: VP
Date: May 22, 2000 Date: May 22, 0000
XXXXX RE LIFE & HEALTH AMERICA INC.
By: /s/ Illegible Attest: /s/ Illegible
------------------------------- -------------------------------
Title: Vice President Title: Vice President
Date: April 25, 2000 Date: April 25, 2000
-1-
Investment Funds
(Continued)
Salomon Brothers Variable Investors Fund (added October 12, 1998)
Salomon Brothers Variable Total Return Fund (added October 12, 1998)
Salomon Brothers Variable Strategic Bond Fund (added October 12, 1998)
-3-
AMENDMENT NO. V
To the Automatic Reinsurance Agreement
(NA5280-97)
Between the
GE LIFE AND ANNUITY ASSURANCE COMPANY
And
SWISS RE LIFE & HEALTH AMERICA INC.
Except as hereinafter specified, all terms and conditions of the Automatic
Reinsurance Agreement effective the 1st day of August, 1997, amendments and
addenda attached thereto, shall apply, and this Amendment is to be attached to
and made a part of the aforesaid Agreement.
It is mutually agreed that effective the 31st day of July, 2000, the New
Business facilities provided under this Agreement are closed and this Agreement
is hereby terminated for New Business.
IN WITNESS WHEREOF, the Company and Swiss Re Life & Health have caused their
names to be subscribed and duly attested hereunder by their respective
Authorized Officers.
GE LIFE AND ANNUITY ASSURANCE COMPANY
By: /s/ Xxxxx X. Xxxxxx Attest: /s/ Xxxxx X. Xxxxx
---------------------------- ----------------------------
Title: Sr VP Title: VP
Date: May 22, 2000 Date: May 29, 0000
XXXXX RE LIFE & HEALTH AMERICA INC.
By: /s/ Illegible Attest: /s/ Illegible
---------------------------- ----------------------------
Title: Vice President Title: Vice President
Date: May 5, 2000 Date: May 5, 2000
-1-
ADDENDUM NO. 6
To the Automatic Reinsurance Agreement referred to as SBA280-94
Between
GE LIFE AND ANNUITY ASSURANCE COMPANY
And
SWISS RE LIFE & HEALTH AMERICA INC.
Except as hereinafter specified, all terms and conditions of the Automatic
Reinsurance Agreement effective the 1st day of July, 1994, amendments and
addenda attached thereto, shall apply, and this Addendum is to be attached to
and made a part of the aforesaid Agreement.
It is mutually agreed that effective the 1st day of May, 2000, Exhibit A-II,
List of Funds, is expanded, as attached.
IN WITNESS WHEREOF, the Company and Swiss Re Life & Health have caused their
names to be subscribed and duly attested hereunder by their respective
Authorized Officers.
GE LIFE AND ANNUITY ASSURANCE COMPANY
By: /s/ Xxxxx X. Xxxxxx Attest: /s/ Xxxxx X. Xxxxx
---------------------------- ----------------------------
Title: Sr VP Title: VP
Date: May 22, 2000 Date: May 22, 0000
XXXXX RE LIFE & HEALTH AMERICA INC.
By: /s/ Illegible Attest: /s/ Illegible
---------------------------- ----------------------------
Title: Vice President Title: Vice President
Date: April 25, 2000 Date: April 25, 2000
-1-
EXHIBIT A-II
List of Funds
Xxxxx American Small Capitalization Portfolio
Alger American Growth Portfolio
Fidelity Advisor VIP Equity Income Portfolio
Fidelity Advisor VIP Growth Portfolio
Fidelity Advisor VIP Overseas Portfolio
Fidelity Advisor VIP Asset Manager Portfolio
Fidelity Advisor VIP Contrafund Portfolio
Fidelity Advisor VIP Growth Income Portfolio
Fidelity Advisor VIP Growth Opportunities Portfolio
Federated Utility Fund II
Federated High Income Bond Fund II
Federated American Leaders Fund II
GE Investments Money Market Fund**
GE Investments Real Estate Securities Fund
GE Investments Global Income Fund
GE Investments S&P 500 Index Fund
GE Investments Value Equity Fund
GE Investments International Equity Fund
GE Investments Government Securities Fund
GE Investments Total Return Fund
GE Investments US Equity Fund (added May 1, 1998)
Janus Aspen Balanced Portfolio
Janus Aspen Flexible Income Portfolio
Janus Aspen Growth Portfolio
Janus Aspen Aggressive Growth Portfolio
Janus Aspen Worldwide Growth Portfolio
Janus Aspen International Growth Portfolio
Janus Aspen Capital Appreciation Portfolio
Janus Global Technology (added May 1, 2000)
Janus Golbal Technology Life Seciences (added May 1, 2000)
Xxxxxxxxxxx High Income Fund
Xxxxxxxxxxx Bond Fund
Xxxxxxxxxxx Capital Appreciation Fund (name changed to
Xxxxxxxxxxx Aggressive
Growth Fund as of
May 1, 1998)
Xxxxxxxxxxx Growth Fund
Xxxxxxxxxxx Multiple Strategies Fund
PBHG Large Cap Growth
PBHG Growth II
-2-
EXHIBIT A-II
List of Funds (Continued)
Xxxxxxx Xxxxx GSF Growth and Income Fund (added May 1, 1998)
Xxxxxxx Sachs Mid Cap Equity Fund (added May 1, 1998)
Salomon Brothers Variable Investors Fund (added October 12, 1998)
Salomon Brothers Variable Total Return Fund (added October 12, 1998)
Salomon Brothers Variable Strategic Bond Fund (added October 12, 1998)
Notes:
**Increase in guaranteed Minimum Death Benefit Rider amount associated with
investments in these portfolios is limited to the extent that net return
after separate account charges is less than 6% annual in any valuation
period. Maximum increase in any valuation period is 6% annual.
-3-
