Exhibit 7.1
AUTOMATIC REINSURANCE AGREEMENT
Between
GE CAPITAL LIFE ASSURANCE COMPANY OF NEW YORK
New York, New York
And
SWISS RE LIFE & HEALTH AMERICA INC.
New York, New York
This Agreement will be referred to as Agreement No. SA716-98
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 Confidentiality
ARTICLE XIX Duration of Agreement
ARTICLE XX Severability
Signature Page
EXHIBIT A - Variable Annuities Covered Under This Agreement
EXHIBIT B - Investment Funds
EXHIBIT C - Experience Refund and Loss Carryforward Definitions and
Formulae
AUTOMATIC REINSURANCE AGREEMENT
THIS AGREEMENT between the GE CAPITAL LIFE ASSURANCE COMPANY OF NEW YORK, a
corporation organized under the laws of the State of New York, 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 June, 1998, the Company shall automatically
reinsure with Swiss Re Life & Health, and Swiss Re Life & Health shall
automatically accept, a 100% 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 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 specified in paragraph 1 of
this Article, and calculated as specified in Article IV of this Agreement.
3. 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 investment funds that were reviewed by Swiss Re Life & Health
prior to their issuance.
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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 shall terminate upon the earliest of annuitization, surrender or termination
in accordance with Article XIX.
2. Swiss Re Life & Health shall be liable to reimburse claims on only those
deaths where the date of death is on or after June 1, 1998, in accordance with
Article VII.
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.
2. If the Company or Swiss Re Life & Health discovers that the Company did
not cede reinsurance on a contract it should have reinsured under this
Agreement, the Company may be required to audit its records, at the request of
Swiss Re Life & Health, to determine if reinsurance was unreported on any other
contracts. The Company is expected to take the necessary actions to ensure that
similar oversights do not recur. If Swiss Re Life & Health receives no evidence
that the Company has taken action to remedy such a situation, Swiss Re Life &
Health reserves the right to limit its liability to reported contracts only.
3. Any negligent or deliberate acts or omissions by the Company regarding
the insurance or reinsurance provided are the responsibility of the Company and
its liability insurer, if any, but not that of Swiss Re Life & Health.
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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 difference between the death benefit and the
account value of the annuity. The reinsured mortality net amount at risk shall
not be less than zero and shall not be greater than the product of Two Million
Dollars ($2,000,000) per life and the quota share percentage set forth in
Article I. The death benefit and the contract value will be as described in the
variable annuity contract forms specified in Exhibit A.
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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 for Issue Ages 0 through 80 -- Six Year Reset
0-49 0.2083
50-59 0.3750
60-64 0.6250
65-69 0.7917
70-80 1.3750
Standard Benefit for Issue Ages 81 through 85 -- Return of Premium
81-85 2.0833
The total reinsurance premium in any month shall at least equal One Thousand
Five Hundred Dollars ($1,500).
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:
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Issue Ages Guaranteed Maximum Reinsurance Premium
Standard Benefit for Issue Ages 0 through 80 -- Six Year Reset
0-49 0.5000
50-59 0.9167
60-64 1.4167
65-69 1.9167
70-80 2.8333
Standard Benefit for Issue Ages 81 through 85 - Return of Premium
81-85 4.1667
3. The monthly reinsurance premium shall be due and payable as described in
Article VI. Swiss Re Life & Health reserves the right to charge interest on
premiums not remitted in accordance with the schedule set forth in Article VI.
The interest rate payable by the Company to Swiss Re Life & Health for overdue
premiums shall be the 90 Day Federal Government Treasury Xxxx rate as first
published in the Wall Street Journal in the month following the end of the
billing period plus 50 basis points. The method of calculation shall be simple
interest "Bankers' Rule" (or 360 day year).
4. The reinsurance premium structure 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.
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ARTICLE VI
Reinsurance Administration
1. Within thirty (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 thirty (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
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3. Additionally, within thirty (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 ten (10)
days of the receipt of the report.
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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 thirty (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 shall reimburse the Company, as provided in Article
VI, for the reinsured benefits.
5. Settlements by Swiss Re Life & Health shall be in a lump sum regardless
of the mode of payment made by the Company to the beneficiary.
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ARTICLE VIII
Tax Credits
1. Swiss Re Life & Health shall not reimburse the Company for state premium
taxes.
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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.
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ARTICLE X
Inspection of Records
1. Swiss Re Life & Health, or its duly appointed representatives, 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.
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ARTICLE XI
Insolvency
1. A party to this Agreement will be deemed "insolvent" when it:
(a) Applies for or consents to the appointment of a receiver,
rehabilitator, conservator, liquidator or statutory successor
(hereinafter referred to as the Authorized Representative) of its
properties or assets; or
(b) Is adjudicated as bankrupt or insolvent; or
(c) Files or consents to the filing of a petition in bankruptcy,
seeks reorganization or an arrangement with creditors or takes
advantage of any bankruptcy, dissolution, liquidation, or similar
law or statute; or
(d) Becomes the subject of an order to rehabilitate or an order to
liquidate as defined by the insurance code of the jurisdiction of
the party's domicile.
2. 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 Authorized
Representative 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 Authorized Representative 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 Authorized Representative
3. 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
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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.
4. 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.
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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.
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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.
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ARTICLE XIV
Contract and Program Changes
1. The Company may amend, substitute, add or delete variable investment
funds to the separate accounts 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 shall 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 addition 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.
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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.
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(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.
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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.
2. This Agreement shall be binding upon the parties hereto and their
respective successors and assigns.
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ARTICLE XVII
Confidentiality
1. All matters with respect to this Agreement require the utmost good faith
of both parties. Both the Company and Swiss Re Life & Health shall hold
confidential and not disclose or make competitive use of any shared proprietary
information unless otherwise agreed to in writing, or unless the information
otherwise becomes publicly available or the disclosure of which is required for
retrocession purposes or has been mandated by law or is duly required by
external auditors.
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ARTICLE XVIII
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.
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ARTICLE XIX
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. This Agreement shall be open for new business for a minimum of three (3)
years as measured from the effective date of this agreement. Any time on or
after the third anniversary of this Agreement and upon 180 days written notice,
either the Company or Swiss Re Life & Health may either cancel this Agreement
for new business unilaterally or amend the terms of reinsurance for new business
by mutual 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 2.78% 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 will
then be terminated.
4. Should the Company fail to pay reinsurance premiums when due, Swiss Re
Life & Health may give the Company 30 days notice, after reinsurance premiums
are 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.
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ARTICLE XX
Severability
1. If any provision of this Agreement is determined to be invalid or
unenforceable, such determination will not affect or impair the validity or the
enforceability of the remaining provisions of this Agreement.
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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/ Illegible Attest: /s/ Illegible
-------------------------- -----------------------------
Title: President Title: Vice President
Date: 7/20/98 Date: 7/20/98
SWISS RE LIFE & HEALTH AMERICA INC.
By: /s/ Illegible Attest: /s/ Illegible
-------------------------- -----------------------------
Title: Vice President, NTP Title: Reinsurance Service Officer
Date: August 10, 1998 Date: August 11, 1998
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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
Standard Benefit for Issue Ages 81-85
Return of Premium
EXHIBIT B
Investment Funds
GE Capital Life Separate Account II
The Xxxxx American Fund
Xxxxx American Small Capitalization Portfolio
Xxxxx 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
Xxxxxxxxxxx High Income Fund
Xxxxxxxxxxx Bond Fund
Xxxxxxxxxxx Aggressive Growth Fund
Xxxxxxxxxxx Growth Fund
Xxxxxxxxxxx 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
Page 2 of 2
EXHIBIT C
Loss Carryforward
Definitions and Formulae
t = current month
q = current quarter
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-1//)
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
DBR//t// = Death benefit recoveries in month t
= Sum of individual reinsured variable net risk amounts
reimbursed upon death
DBR//o// = 0
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//
MEC//o// = 0
CFWD//t// = Carryforward from month (t-1), adjusted for interest
= [AdjP//t-1// x (1+CIR//t//)]
CFWD//1// = 0
CIR//t// = Carryforward interest rate for month t
= (Avg. U.S. Treasury xxxx rate for month t + 2.0%)/12
EXHIBIT C, continued
AdjP//t// = Adjusted profit for all products reinsured hereunder for
month t
= RP//t//-DBR//t//-MEC//t//+CFWD//t//
AdjP//o// = 0
AdjP//y// = Adjusted profit for calendar year y
PR//y// = Payout ratio for year y
= .1.0 if AdjP//y// > 0, otherwise 0
Note: This Loss Carryforward methodology will be applied to all classes
of risks reinsured under this agreement as though they were one
class.
AMENDMENT NO. III
To the Automatic Reinsurance Agreement
(SA716-98)
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 effective the 31st day of May, 2001, 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 CAPITAL LIFE ASSURANCE COMPANY OF NEW YORK
Attest:/s/ Illegible By: /s/ Illegible
------------------------------ --------------------------------
Title: Sr. Vice President Title: Sr. Vice President, Illegible
Date: May 22, 2000 Date: May 22, 2000
SWISS RELIFE & HEALTH AMERICA INC.
By: /s/ Illegible Attest:/s/ Illegible
-------------------------------- -----------------------------
Title: Vice President Title: Vice President
Date : May 5, 2000 Date : May 5, 2000
AMENDMENT NO. II
To the Automatic Reinsurance Agreement
(SA716-98)
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 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 CAPITAL LIFE ASSURANCE COMPANY OF NEW YORK
By: /s/ Illegible Attest: /s/ Illegible
------------------------------ -----------------------------
Title: Sr. Vice President Title: Vice President
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
EXHIBIT B
Investment Funds
GE Capital Life Separate Account II
The Xxxxx American Fund
Xxxxx American Small Capitalization Portfolio
Xxxxx 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
Global Technology (added May 1, 2000)
Global Technology Life Sciences (added May 1, 2000)
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
Xxxxxxxxxxx High Income Fund
Xxxxxxxxxxx Bond Fund
Xxxxxxxxxxx Aggressive Growth Fund
Xxxxxxxxxxx Growth Fund
Xxxxxxxxxxx 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
