EX-7.i
AMENDMENT NO. 9
to the
VARIABLE ANNUITY GMIB REINSURANCE AGREEMENT
Effective March 1, 2005
Between
XXXXXXX NATIONAL LIFE INSURANCE COMPANY
("CEDING COMPANY")
and
ACE TEMPEST LIFE REINSURANCE LTD.
("REINSURER")
Effective December 3, 2007, 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 amended to specify the terms of the automatic
annual step-up election option under form 7524, to increase the reinsurance rate
for that form, and to include the Washington state form numbers for 7524. To
effect these changes, the following provisions of this Agreement are hereby
amended:
* Schedule A, Description of Guaranteed Minimum Income Benefits (GMIBs),
Amendment #7, is hereby replaced by the attached Schedule A.
* Schedule B-1, Contracts Subject to this Reinsurance Agreement, amendment #6,
is hereby replaced by the attached Schedule B-1.
* Schedule D, QUARTERLY REINSURANCE PREMIUM RATE, Amendment # 6, is hereby
replaced by the attached Schedule D.
* Schedule F-1, DOLLAR CLAIM LIMIT RATE, Amendment # 6, is hereby replaced by
the attached Schedule F-1.
* Schedule F-2, FORMULA CLAIM LIMIT RATE, Amendment # 6, is hereby replaced by
the attached Schedule F-2.
Signatures on next page
Xxxxxxx National Life Insurance Company ACE Tempest Life Reinsurance Ltd.
By: XXXX X. XXXXX By: XXXX XXXXX
Name: Xxxx X. Xxxxx Name: Xxxx Xxxxx
Title: SVP & Chief Actuary Title: SVP & Chief Pricing Officer
Date: 1/28/08 Date: Jan 22, 2008
JNL ACE 2005 Treaty Amendment #9
SCHEDULE A
Description of Guaranteed Minimum Income Benefits (GMIBs)
The Guaranteed Minimum Income Benefits are completely described in the
ANNUITY CONTRACTs or riders, referenced by form number in Schedule B-1, with the
following clarifications:
Determination of the Roll-Up Component in forms 7454, 7485, 7485A WA, and 7485A
WA Unisex:
Each Premium paid into the contract (net of any applicable premium
taxes and Sales Charges) plus any Contract Enhancements will be
compounded at an annual interest rate equal to the roll-up percentage
from the date of Premium payment until the earlier of the Annuitant's
80th birthday or the Exercise Date,
Each withdrawal adjustment will be compounded at an annual interest rate
equal to the roll-up percentage from the date of the withdrawal
adjustment until the earlier of the Annuitant's 80th birthday or the
Exercise Date,
Notwithstanding the above, adjustments for premiums and withdrawals will
be as described in the rider forms.
Option for Automatic Annual Step-up Election under forms 7524, 7524A WA,
and 7524A WA Unisex:
The contract owner can elect an annual step-up to occur on each the next
7 consecutive contract anniversaries, provided the following conditions
are met:
1. The Contract Value exceeds the Roll-Up Component
2. The Roll-up Component does not exceed the 300% cap prior to
step-up and
3. The Contract Anniversary precedes or coincides with the latest
available Step-Up Date, which is the Contract Anniversary on or
immediately following the youngest Annuitant's 75th birthday.
If the owner wishes to continue the automatic annual step-ups beyond the
7 year period, a new automatic step-up election form must be submitted.
JNL ACE 2005 Treaty Schedule A Amendment #9
SCHEDULE B-1
ANNUITY CONTRACTs Subject to this Reinsurance Agreement
Perspective II and Fifth Third Perspective II
o VA220 is an individual flexible premium variable and fixed annuity
o VA220G is a group flexible premium variable and fixed annuity
o This product has two Contract options:
o Separate Account Investment Division option and
o Fixed Account Option.
A) Separate Account Investment Division Option
o This option allows the Owner to allocate Premiums and earnings to one or
more Investment Divisions of the Separate Account.
o Separate Account I is used for this Contract.
o The Separate Account invests in shares of one of the corresponding Series of
the underlying fund of the JNL Series Trust and JNL Variable Fund LLC (see
Schedule B-2).
B) Guaranteed Minimum Income Benefits
Form Number* Policy Description
7454 FutureGuard effective 10/4/2004
7485 FutureGuard effective 5/2/2005
7485A WA FutureGuard for Washington State effective 1/17/2006
7485A WA Unisex FutureGuard for Washington State effective 1/17/2006
7524 6% Roll-up GMIB with Annual Reset, effective 12/3/2007
7524A WA 6% Roll-up GMIB with Annual Reset for Washington state,
effective 12/3/2007
7524 A WA Unisex 6% Roll-up GMIB with Annual Reset for Washington state,
effective 12/3/2007
C) Optional Benefits
Form Number* Policy Description
7360 Earnings Protection Benefit effective 10/4/2004
7461 Death Benefit Option (4% Rollup) effective 10/4/2004
7476 Death Benefit Option (4% Rollup) effective 5/2/2005
7463 Death Benefit Option (5% Rollup) effective 10/4/2004
7475 Death Benefit Option (5% Rollup) effective 5/2/2005
7470 Death Benefit Option (HAV) effective 10/4/2004
7512 Death Benefit Option (HAV) effective 1/16/2007
7462 Death Benefit Option (Comb HAV and 4% Rollup) effective
10/4/2004
7479 Death Benefit Option (Comb HAV and 4% Rollup) effective
5/2/2005
7464 Death Benefit Option (Comb HAV and 5% Rollup) effective
10/4/2004
7478 Death Benefit Option (Comb HAV and 5% Rollup) effective
5/2/2005
7513 Death Benefit Option (Comb HAV and 5% Rollup) effective
1/16/2007
7349 20% Additional Free Withdrawal
7465 Shortened W/D Charge Period (5 years) effective 10/4/2004
7466 Shortened W/D Charge Period (3 years) effective 10/4/2004
- not available for contracts issued after 4/30/2006
7346 03/03 Premium Credit (4%)
7348 03/03 Premium Credit (2%)
7352 03/03 Premium Credit (3%)
7507 Premium Credit (5%)
7380 Reduced Administration Charge
Washington State Only
7471WA Death Benefit Option (3% Rollup) effective 10/4/2004
7481WA Death Benefit Option (3% Rollup) effective 5/2/2005
7472WA Death Benefit Option (Comb HAV and 3% Rollup) effective
10/4/2004
7482WA Death Benefit Option (Comb HAV and 3% Rollup) effective
5/2/2005
Perspective A Series
o VA230 is an individual flexible premium variable and fixed annuity
o VA230G is a group flexible premium variable and fixed annuity
A) Separate Account Investment Division Option
o This option allows the Owner to allocate Premiums and earnings to one or
more Investment Divisions of the Separate Account.
o Separate Account I is used for this Contract.
o The Separate Account invests in Class A shares of one of the corresponding
Series of the underlying fund of the JNL Series Trust and JNL Variable Fund
LLC (see Schedule B-2).
B) Guaranteed Minimum Income Benefits
Form Number* Policy Description
7485 FutureGuard
7485A WA FutureGuard for Washington State effective 1/17/2006
7485A WA Unisex FutureGuard for Washington State effective 1/17/2006
7524 6% Roll-up GMIB with Annual Reset, effective 12/3/2007
7524A WA 6% Roll-up GMIB with Annual Reset for Washington state,
effective 12/3/2007
7524 A WA Unisex 6% Roll-up GMIB with Annual Reset for Washington state,
effective 12/3/2007
C) Optional Benefits
Form Number* Policy Description
7360 Earnings Protection
7474 Death Benefit Option (Return of Premium)
7475 Death Benefit Option (5% Rollup)
7476 Death Benefit Option (4% Rollup)
7477 Death Benefit Option (Highest Anniversary Value)
7512 Death Benefit Option (Highest Anniversary Value)
effective 1/16/2007
7478 Death Benefit Option (Comb HAV and 5% Rollup)
7513 Death Benefit Option (Comb HAV and 5% Rollup) effective
1/16/2007
7479 Death Benefit Option (Comb HAV and 4% Rollup)
7507 Premium Credit (5%)
Washington State Only
7481WA Death Benefit Option (3% Rollup)
7482WA Death Benefit Option (Comb HAV and 3% Rollup)
Perspective L Series
o VA210 is an individual flexible premium variable and fixed annuity
o VA210G is a group flexible premium variable and fixed annuity
A) Separate Account Investment Division Option
o This option allows the Owner to allocate Premiums and earnings to one or
more Investment Divisions of the Separate Account.
o Separate Account I is used for this Contract.
o The Separate Account invests in Class A shares of one of the corresponding
Series of the underlying fund of the JNL Series Trust and JNL Variable Fund
LLC (see Schedule B-2).
B) Guaranteed Minimum Income Benefits
Form Number* Policy Description
7485 FutureGuard
7485A WA FutureGuard for Washington State effective 1/17/2006
7485A WA Unisex FutureGuard for Washington State effective 1/17/2006
7524 6% Roll-up GMIB with Annual Reset, effective 12/3/2007
7524A WA 6% Roll-up GMIB with Annual Reset for Washington state,
effective 12/3/2007
7524 A WA Unisex 6% Roll-up GMIB with Annual Reset for Washington state,
effective 12/3/2007
C) Optional Benefits
Form Number* Policy Description
7346 03/03 Premium Credit (4%)
7348 03/03 Premium Credit (2%)
7352 03/03 Premium Credit (3%)
7507 Premium Credit (5%)
7360 Earnings Protection
7380 Reduced Administration Charge
7470 Death Benefit Option (Highest Anniversary Value)
7512 Death Benefit Option (Highest Anniversary Value)
effective 1/16/2007
7475 Death Benefit Option (5% Rollup)
7476 Death Benefit Option (4% Rollup)
7478 Death Benefit Option (Comb HAV and 5% Rollup)
7513 Death Benefit Option (Comb HAV and 5% Rollup) effective
1/16/2007
7479 Death Benefit Option (Comb HAV and 4% Rollup)
Washington State Only
7481WA Death Benefit Option (3% Rollup)
7482WA Death Benefit Option (Comb HAV and 3% Rollup)
Perspective Advisors II
o VA410 is an individual flexible premium variable and fixed annuity
o VA410G is a group flexible premium variable and fixed annuity
A) Separate Account Investment Division Option
o This option allows the Owner to allocate Premiums and earnings to one or
more Investment Divisions of the Separate Account.
o Separate Account I is used for this Contract.
o The Separate Account invests in shares of one of the corresponding Series of
the underlying fund of the JNL Series Trust and JNL Variable Fund LLC. Share
class is the 12b-1-share class. (see Schedule B-2).
B) Guaranteed Minimum Income Benefits
Form Number* Policy Description
7485 FutureGuard
7485A WA FutureGuard for Washington State effective 1/17/2006
7485A WA Unisex FutureGuard for Washington State effective 1/17/2006
7524 6% Roll-up GMIB with Annual Reset, effective 12/3/2007
7524A WA 6% Roll-up GMIB with Annual Reset for Washington state,
effective 12/3/2007
7524 A WA Unisex 6% Roll-up GMIB with Annual Reset for Washington state,
effective 12/3/2007
C) Optional Benefits
Form Number* Policy Description
7360 Earnings Protection
7460 Premium Credit (2%)
7470 Death Benefit Option (Highest Anniversary Value)
7512 Death Benefit Option (Highest Anniversary Value)
effective 1/16/2007
7475 Death Benefit Option (5% Rollup)
7476 Death Benefit Option (4% Rollup)
7478 Death Benefit Option (Comb HAV and 5% Rollup)
7513 Death Benefit Option (Comb HAV and 5% Rollup) effective
1/16/2007
7479 Death Benefit Option (Comb HAV and 4% Rollup)
Washington State Only
7471WA Death Benefit Option (3% Rollup) effective 10/4/2004
7472WA Death Benefit Option (Comb HAV and 3% Rollup) effective
10/4/2004
7481WA Death Benefit Option (3% Rollup) effective 5/2/2005
7482WA Death Benefit Option (Comb HAV and 3% Rollup) effective
5/2/2005
Retirement Latitudes
o VA310 is an individual flexible premium variable and fixed annuity
o VA310G is a group flexible premium variable and fixed annuity
A) Separate Account Investment Division Option
o This option allows the Owner to allocate Premiums and earnings to one or
more Investment Divisions of the Separate Account.
o Separate Account I is used for this Contract.
o The Separate Account invests in Class A shares of one of the corresponding
Series of the underlying fund of the JNL Series Trust and JNL Variable Fund
LLC (see Schedule B-2).
B) Guaranteed Minimum Income Benefits
Form Number* Policy Description
7485 FutureGuard
7485A WA FutureGuard for Washington State effective 1/17/2006
7485A WA Unisex FutureGuard for Washington State effective 1/17/2006
7524 6% Roll-up GMIB with Annual Reset, effective 12/3/2007
7524A WA 6% Roll-up GMIB with Annual Reset for Washington state,
effective 12/3/2007
7524 A WA Unisex 6% Roll-up GMIB with Annual Reset for Washington state,
effective 12/3/2007
C) Optional Benefits
Form Number* Policy Description
7500 Additional Free Withdrawal Option (20% of Premium)
7360 Earnings Protection
7470 Death Benefit Option (Highest Anniversary Value)
7512 Death Benefit Option (Highest Anniversary Value)
effective 1/16/2007
7475 Death Benefit Option (5% Rollup)
7478 Death Benefit Option (Comb HAV and 5% Rollup)
7513 Death Benefit Option (Comb HAV and 5% Rollup) effective
1/16/2007
7346 03/03 Premium Credit (4%)
7507 Premium Credit (5%), effective 1/16/2007
7380 Reduced Administration Charge
7499 Shorten Withdrawal Charge Period to 4 Years
Washington State Only
7481WA Death Benefit Option (3% Rollup)
7482WA Death Benefit Option (Comb HAV and 3% Rollup)
* Includes any state specific variation of the above-described forms as of
the EFFECTIVE DATE and any subsequent state specific variation, if such
subsequent state specific variation does not have any impact on the risk assumed
by the REINSURER. The CEDING COMPANY shall notify the REINSURER of any state
specific variation after the EFFECTIVE DATE which could have any impact on the
risk assumed by the REINSURER and such variation shall be treated the same as a
policy form change under Article IV, Section B, provided that the REINSURER
shall not unreasonably refuse to approve such subsequent state specific
variation.
JNL Ace 2005 Treaty Schedule B-1 Amendment # 9
SCHEDULE D
QUARTERLY REINSURANCE PREMIUM RATE
The QUARTERLY REINSURANCE PREMIUM RATE, subject to the terms and conditions
of this Agreement, is shown in the table below for each GMIB TYPE. It applies to
all CONTRACT TYPEs, and is guaranteed while the reinsurance coverage is in
effect.
GMIB TYPE Form Number Quarterly Rate
7454, 7485, 0000X XX, 0000X XX Unisex .001150
7524, 0000X XX, 0000X XX Unisex .001650
JNL Ace 2005 Treaty Schedule D Amendment # 9
SCHEDULE F-1
DOLLAR CLAIM LIMIT RATE
The Dollar Claim Limit Rate is shown in the table below for each GMIB TYPE
and applies to all CONTRACT TYPEs.
GMIB TYPE Form Number Dollar Claim Limit Rate
7454, 7485, 7485A WA, 7485A WA Unisex .20
7524, 0000X XX, 0000X XX Unisex .22
JNL Ace 2005 Treaty Schedule F-1Amendment # 9
SCHEDULE F-2
FORMULA CLAIM LIMIT RATE
The FORMULA CLAIM LIMIT RATE is shown in the table below for each GMIB TYPE
and it applies to each ANNUITY CONTRACT on all MONTHLY VALUATION DATES prior to
the ANNUITY CONTRACT's eligibility to annuitize under the GMIB TYPE.
GMIB TYPE Form Number Formula Claim Limit Rate
7454, 7485, 0000X XX, 0000X XX Unisex .001762
7524, 0000X XX, 0000X XX Unisex .001938
JNL Ace 2005 Treaty Schedule F-2 Amendment # 9
