AGREEMENT
This Agreement is between Liberty Life Assurance Company of Boston ("Liberty
Life") and Liberty Mutual Insurance Company ("Liberty Mutual") and concerns the
processing variable life insurance customer monies") by Liberty Mutual's
Remittance Processing Services ("RPS") at 000 Xxxxxxx Xxx, Xxxxx, Xxx Xxxxxxxxx,
received in connection with Liberty Life's Flexible Premium Variable Life
Insurance Policies ("FPVLI Policies").
WHEREAS, Liberty Life is an indirectly-owned subsidiary of Liberty Mutual, and
WHEREAS, RPS, on behalf of Liberty Life, processes customer monies received
under Liberty Life's non-variable insurance contracts, and
WHEREAS, Liberty Life wishes to use RPS to process customer monies received in
connection with Liberty Life's FPVLI Policies and RPS wishes to provide such
service, and
WHEREAS, the processing of variable life insurance customer monies is subject to
certain requirements under the federal securities laws;
NOW THEREFORE, effective DECEMBER 1st, 2000, in consideration of the mutual
promises herein contained, Liberty Life and Liberty Mutual hereby agree:
1. Beginning on a date agreed upon by the parties, RPS shall process variable
life insurance customer monies payable under Liberty Life's FPVLI Policies.
2. RPS shall process such variable life insurance customer monies in
accordance with applicable state and Federal law and in accordance with
procedures and specifications agreed to by the parties and attached hereto
as Exhibit A and hereby made a part of this Agreement.
Such procedures and specifications shall include but not be limited to the
following:
(i) Receipt of mail from the Dover, New Hampshire Post Office Box,
established by Liberty Life to receive variable life insurance
customer monies.
(ii) Opening and electronic scanning of specified pieces of mail from
said Post Office Box, including electronic process date
stamping.
(iii) Processing specified pieces of said mail containing customer
monies that is not delivered to said P.O. Box as long as said
mail is in a scannable format.
(iv) Remittance of variable life insurance customer monies to Liberty
Life's Individual Life Accounting Department or to a bank
account designated by Liberty Life.
(v) Supervision and monitoring of the foregoing processes and the
personnel performing such processes;
(vi) Creation and maintenance of records relating to performance
under (i) through (v).
3. The Manager of the RPS shall meet periodically , but at least quarterly,
with the Manager of Liberty Life's Variable Life Customer Service
Department, or other person designated by Liberty Life, to review
performance hereunder, discuss outstanding issues and correct any
identified problem areas. The Variable Life Manager will coordinate such a
meeting. In addition, upon notification from Liberty Life that a potential
or suspected compliance problem has been identified, the Manager of RPS
shall promptly investigate such problem and, if necessary, take prompt
steps to bring RPS performance into compliance with the applicable legal or
regulatory requirement. Liberty Life shall cooperate in conducting any such
investigation and in devising appropriate remedial action.
4. Liberty Life shall be responsible for notifying RPS of all legal
requirements relating to the Unit's processing variable life insurance
customer monies.
5. Liberty Life shall pay a fee to Liberty Mutual for the services rendered
under this Agreement. Such fee shall be [REDACTED].
6. Upon reasonable notice to Liberty Mutual, Liberty Life personnel or its
agents may view the actual processing variable life insurance customer
monies and may review the records relating to RPS performance under this
Agreement.
7. RPS shall cooperate with Liberty Life in investigating and responding to
any customer complaint or notice of any regulatory examination, inspection,
investigation or proceeding or any threatened or filed arbitration action
or civil litigation with respect to which RPS processing of variable life
insurance customer monies is relevant.
8. The term of this Agreement shall be for one (1) year commencing on the
effective date first written above and shall be automatically renewed for
successive terms of one (1) year each commencing on each anniversary date
of the effective date unless terminated as provided below.
9. This Agreement may be terminated by either party upon at least ninety (90)
days prior written notice to the other party.
10. All notices hereunder shall be given in writing and addressed as follows:
Liberty Life Assurance Company of Boston
000 Xxxxxxxx Xxxxxx
Xxxxxx, XX 00000
Liberty Mutual Insurance Company
00 Xxxxxxxxx Xxxx
Xxxxxx, XX 00000-0000
All notices shall be either hand delivered or sent by certified United
States mail, return receipt requested and shall be effective upon delivery.
11. This Agreement is the entire agreement between the parties. No amendment or
change to this Agreement will be effective unless it is in writing and
signed by all the parties hereto.
12. If any provision of this Agreement shall be held or made invalid by a court
decision, statute, rule or otherwise, the remainder of this Agreement shall
not be affected thereby.
13. This Agreement shall be governed and construed in accordance with the laws
of the Commonwealth of Massachusetts.
IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed
in duplicate as of the day and year first written above.
Liberty Mutual Insurance Liberty Life Assurance Company
Company of Boston
[REDACTED] [REDACTED]
EXHIBIT A
RPS agrees to process all mail pertaining to variable life insurance remittances
[REDACTED]
