Amendment #1
to the
AUTOMATIC AND FACULTATIVE
YEARLY RENEWABLE TERM REINSURANCE AGREEMENT
EFFECTIVE April 30, 2000
Between
PRUCO LIFE INSURANCE COMPANY
(PRUCO)
And
MUNICH AMERICAN REASSURANCE COMPANY
(MUNICH)
The parties hereby agree to the following:
1. SCHEDULE A, Section 4, AUTOMATIC ACCEPTANCE LIMIT, shall be replaced by the following:
AUTOMATIC ACCEPTANCE LIMIT:
For any policy to be reinsured under automatic reinsurance, the face amount will not exceed the amounts in the following
tables:
US/Canadian Residents - No Foreign Travel
=========================== ========================= =============================
Issue Age of Insured Pref. Best - Class D Class E - H
--------------------------- ------------------------- -----------------------------
----------- --------------- ------------------------- -----------------------------
Ages: 0 - 65 $ 50,000,000 $ 35,000,000
--------------- ------------------------- -----------------------------
----------- --------------- ------------------------- -----------------------------
66 - 70 $ 40,000,000 $ 25,000,000
--------------- ------------------------- -----------------------------
----------- --------------- ------------------------- -----------------------------
71 - 75 $ 35,000,000 $ 15,000,000
----------- --------------- ------------------------- -----------------------------
----------- --------------- ------------------------- -----------------------------
76 - 77 $ 15,000,000 $ 10,000,000
----------- --------------- ------------------------- -----------------------------
----------- --------------- ------------------------- -----------------------------
78 - 80 $ 10,000,000 $ 5,000,000
----------- --------------- ------------------------- -----------------------------
----------- --------------- ------------------------- -----------------------------
81 - 85 $ 5,000,000 None
----------- --------------- ------------------------- -----------------------------
----------- --------------- ------------------------- -----------------------------
86 - 90 $ 1,500,000 None
=========== =============== ========================= =============================
US/Canadian Residents - Foreign Travel
===================== ===================== =================== ===============
Pref. Best - Class C Class D - E Greater than
Class E
--------------------- --------------------- ------------------- ---------------
----------- --------- --------------------- ------------------- ---------------
Ages: 0 - 70 $ 10,000,000 $ 7,500,000 None
--------- --------------------- ------------------- ---------------
----------- --------- --------------------- ------------------- ---------------
71 - 75 $ 7,500,000 $ 5,000,000 None
----------- --------- --------------------- ------------------- ---------------
----------- --------- --------------------- ------------------- ---------------
00 - 00 Xxxx Xxxx Xxxx
=========== ========= ===================== =================== ===============
Non US/Canadian Residents
======================= =================== =================== ===============
Pref. Best - Class D - E Greater than
Class C Class E
----------------------- ------------------- ------------------- ---------------
----------- ----------- ------------------- ------------------- ---------------
Ages: 0 - 70 $ 20,000,000 $ 15,000,000 None
----------- ------------------- ------------------- ---------------
----------- ----------- ------------------- ------------------- ---------------
71 - 75 $ 15,000,000 $ 10,000,000 None
----------- ----------- ------------------- ------------------- ---------------
----------- ----------- ------------------- ------------------- ---------------
00 - 00 Xxxx Xxxx Xxxx
=========== =========== =================== =================== ===============
2. SCHEDULE A, Section 11, RISK RETENTION LIMITS shall be replaced by the following:
RISK RETENTION LIMITS:
The total amount of insurance in force and applied for on an individual life for PRUCO and its affiliates will not exceed
the risk retention limits in the following table.
======================== ====================== ========================
Issue Age of Insured Pref. Best - Class D Class E - H
------------------------ ---------------------- ------------------------
----------- ------------ ---------------------- ------------------------
Ages: 0 - 65 $ 10,000,000 $ 10,000,000
------------ ---------------------- ------------------------
----------- ------------ ---------------------- ------------------------
66 - 70 $ 10,000,000 $ 10,000,000
------------ ---------------------- ------------------------
----------- ------------ ---------------------- ------------------------
71 - 75 $ 10,000,000 $ 10,000,000
----------- ------------ ---------------------- ------------------------
----------- ------------ ---------------------- ------------------------
76 - 77 $ 10,000,000 $ 5,000,000
----------- ------------ ---------------------- ------------------------
----------- ------------ ---------------------- ------------------------
78 - 80 $ 5,000,000 $ 2,500,000
----------- ------------ ---------------------- ------------------------
----------- ------------ ---------------------- ------------------------
81 - 85 $ 2,500,000 $ 1,000,000
----------- ------------ ---------------------- ------------------------
----------- ------------ ---------------------- ------------------------
86 - 90 $ 1,000,000 None
=========== ============ ====================== ========================
3. This amendment is effective April 30, 2000.
PRUCO LIFE INSURANCE COMPANY MUNICH AMERICAN REASSURANCE
COMPANY
By: _/s/___________________________ By: ___/s/___________________________
Title: ____________________________ Title: ______________________________
Date: ____________________________ Date: ______________________________
By: _/s/___________________________ By: __/s/____________________________
Title: ____________________________ Title: ______________________________
Date: ____________________________ Date: ______________________________
Amendment #5
to the
AUTOMATIC AND FACULTATIVE
YEARLY RENEWABLE TERM REINSURANCE AGREEMENT
EFFECTIVE April 30, 2000
Between
PRUCO LIFE INSURANCE COMPANY
(PRUCO)
And
MUNICH AMERICAN REASURANCE COMPANY
(MUNICH)
The parties hereby agree to the following:
1. SECTION 10a, COMMENCEMENT OF REINSURANCE COVERAGE - AUTOMATIC REINSURANCE, shall be replaced by the following:
a. AUTOMATIC REINSURANCE - MUNICH's reinsurance coverage for any policy that is ceded automatically under this Agreement will
begin and end simultaneously with PRUCO's contractual liability for the policy reinsured.
In addition, MUNICH will be liable for benefits paid under PRUCO's conditional receipt or temporary insurance agreement
if all of the conditions for automatic reinsurance coverage under Section 6 of this Agreement are met.
For UL, VUL II and VUL 2004 policies, MUNICH's liability under PRUCO's conditional receipt or temporary insurance agreement
is limited to the lesser of (1) MUNICH's reinsured portion of the face amount of the policy and (2) $200,000.
For ProFunds policies, MUNICH's liability under PRUCO's conditional receipt or temporary insurance agreement is limited to
the lesser of (1) MUNICH's reinsured portion of the face amount of the policy and (2) $300,000.
2. SCHEDULE A, Section 1, PLANS REINSURED, shall be replaced by the following:
PLANS REINSURED:
This Agreement covers the following plans:
o PruLife Universal (UL) - Policies issued by PRUCO (Form Number UL-2000 and all state variations)
o PruLife Custom Premier (VUL II) - Policies issued by PRUCO (Form Number VUL-2000 and all state variations)
o PruLife Custom Premier II (VUL 2004) - Policies issued by PRUCO (Form Number VUL-2004 and all state variations)
o PruLife Advisor Select 2002 (Pro Funds) - Policies issued by PRUCO (Form Number VULPAS 2002 and all state variations)
o Target Term Rider (TTR) issued by PRUCO (currently available on VUL II and VUL 2004 policies)
Excluded from reinsurance under this Agreement are the Waiver of Premium and Accidental Death Benefits included in the above
reinsured policies. Also excluded from reinsurance under this Agreement are riders that provide additional life insurance
on the lives of any dependent children of the policyholder. Included under this Agreement is the Living Needs Benefit rider.
3. SCHEDULE A, Section 2, AUTOMATIC PORTION REINSURED, shall be replaced by the following:
AUTOMATIC PORTION REINSURED:
US/Canadian Residents
UL, VUL II and VUL 2004 - MUNICH will automatically reinsure an amount equal to 20% of the net amount at risk related to the
first layer of the face amount of insurance.
ProFunds - MUNICH will automatically reinsure an amount equal to 30% of the net amount at risk related to the first layer of
the face amount of insurance.
The net amount of risk is determined as of the issue date and each subsequent policy anniversary and is defined as the death
benefit minus the contract fund. The first layer of the face amount varies by age and rating class and is shown in Schedule
A, Section 4 below.
Non US/Canadian Residents
UL, VUL II and VUL 2004 - MUNICH will automatically reinsure an amount equal to 20% of the net amount at risk related to the
first layer of the face amount of insurance.
ProFunds - MUNICH will automatically reinsure an amount equal to 30% of the net amount at risk related to the first layer
of the face amount of insurance.
4. SCHEDULE A, Section 3, AUTOMATIC RETENTION LIMIT, shall be replaced by the following:
AUTOMATIC PORTION RETAINED:
UL, VUL II and VUL 2004 - PRUCO will retain at least 10% of each policy. PRUCO may cede up to 70% of each policy on a
first-dollar quota share basis to other reinsurers.
ProFunds - PRUCO will retain at least 10% of each policy. PRUCO may cede up to 60% of each policy on a first-dollar quota
share basis to other reinsurers.
5. SCHEDULE A, Section 4, AUTOMATIC ACCEPTANCE LIMIT, shall be replaced by the following:
AUTOMATIC ACCEPTANCE LIMIT:
For any policy to be reinsured under automatic reinsurance, the face amount will not exceed the automatic issue limits shown
in the following tables:
US/Canadian Residents - No Foreign Travel - Non-Smoker
=========================== ========================= ============================= ============================
Issue Age of Insured No Substandard Rating Class A - D Class E - H
--------------------------- ------------------------- ----------------------------- ----------------------------
----------- --------------- ------------------------- ----------------------------- ----------------------------
Ages: 0 - 65 $ 70,000,000 $ 65,000,000 $ 43,000,000
--------------- ------------------------- ----------------------------- ----------------------------
----------- --------------- ------------------------- ----------------------------- ----------------------------
66 - 70 $ 57,000,000 $ 52,000,000 $ 33,000,000
--------------- ------------------------- ----------------------------- ----------------------------
----------- --------------- ------------------------- ----------------------------- ----------------------------
71 - 75 $ 43,000,000 $ 40,000,000 $ 22,000,000
----------- --------------- ------------------------- ----------------------------- ----------------------------
----------- --------------- ------------------------- ----------------------------- ----------------------------
76 - 77 $ 25,000,000 $ 22,000,000 $ 15,000,000
----------- --------------- ------------------------- ----------------------------- ----------------------------
----------- --------------- ------------------------- ----------------------------- ----------------------------
78 - 80 $ 21,000,000 $ 18,000,000 $ 11,000,000
----------- --------------- ------------------------- ----------------------------- ----------------------------
----------- --------------- ------------------------- ----------------------------- ----------------------------
81 - 85 $ 13,000,000 $ 11,000,000 None
----------- --------------- ------------------------- ----------------------------- ----------------------------
----------- --------------- ------------------------- ----------------------------- ----------------------------
86 - 90 $ 5,050,000 $ 4,050,000 None
=========== =============== ========================= ============================= ============================
US/Canadian Residents - No Foreign Travel - Smoker
=========================== ========================= ============================= ============================
Issue Age of Insured No Substandard Rating Class A - D Class E - H
--------------------------- ------------------------- ----------------------------- ----------------------------
----------- --------------- ------------------------- ----------------------------- ----------------------------
Ages: 0 - 65 $ 60,000,000 $ 60,000,000 $ 43,000,000
--------------- ------------------------- ----------------------------- ----------------------------
----------- --------------- ------------------------- ----------------------------- ----------------------------
66 - 70 $ 47,000,000 $ 47,000,000 $ 32,000,000
--------------- ------------------------- ----------------------------- ----------------------------
----------- --------------- ------------------------- ----------------------------- ----------------------------
71 - 75 $ 38,000,000 $ 38,000,000 $ 22,000,000
----------- --------------- ------------------------- ----------------------------- ----------------------------
----------- --------------- ------------------------- ----------------------------- ----------------------------
76 - 77 $ 22,000,000 $ 22,000,000 $ 14,000,000
----------- --------------- ------------------------- ----------------------------- ----------------------------
----------- --------------- ------------------------- ----------------------------- ----------------------------
78 - 80 $ 18,000,000 $ 18,000,000 $ 10,000,000
----------- --------------- ------------------------- ----------------------------- ----------------------------
----------- --------------- ------------------------- ----------------------------- ----------------------------
81 - 85 $ 11,000,000 $ 10,000,000 None
----------- --------------- ------------------------- ----------------------------- ----------------------------
----------- --------------- ------------------------- ----------------------------- ----------------------------
86 - 90 $ 4,050,000 $ 3,050,000 None
=========== =============== ========================= ============================= ============================
US/Canadian Residents - Foreign Travel
===================== ===================== ================= =====================
Pref. Best - Class C Class D - E Class F - H
--------------------- --------------------- ----------------- ---------------------
----------- --------- --------------------- ----------------- ---------------------
Ages: 0 - 70 $ 6,666,000 $ 5,000,000 None
--------- --------------------- ----------------- ---------------------
----------- --------- --------------------- ----------------- ---------------------
71 - 75 $ 5,000,000 $ 3,333,000 None
----------- --------- --------------------- ----------------- ---------------------
----------- --------- --------------------- ----------------- ---------------------
00 - 00 Xxxx Xxxx Xxxx
=========== ========= ===================== ================= =====================
Non US/Canadian Residents
===================== ===================== ================= =====================
Pref. Best - Class C Class D - E Class F - H
--------------------- --------------------- ----------------- ---------------------
----------- --------- --------------------- ----------------- ---------------------
Ages: 0 - 70 $ 20,000,000 $ 15,000,000 None
--------- --------------------- ----------------- ---------------------
----------- --------- --------------------- ----------------- ---------------------
71 - 75 $ 15,000,000 $ 10,000,000 None
----------- --------- --------------------- ----------------- ---------------------
----------- --------- --------------------- ----------------- ---------------------
00 - 00 Xxxx Xxxx Xxxx
=========== ========= ===================== ================= =====================
For any policy to be reinsured under automatic reinsurance, the amounts subject to reinsurance are the First Layer of
Coverage amounts shown in the following tables:
US/Canadian Residents - No Foreign Travel
=========================== ========================= =============================
Issue Age of Insured Pref. Best - Class D Class E - H
--------------------------- ------------------------- -----------------------------
----------- --------------- ------------------------- -----------------------------
Ages: 0 - 65 $ 50,000,000 $ 35,000,000
--------------- ------------------------- -----------------------------
----------- --------------- ------------------------- -----------------------------
66 - 70 $ 40,000,000 $ 25,000,000
--------------- ------------------------- -----------------------------
----------- --------------- ------------------------- -----------------------------
71 - 75 $ 35,000,000 $ 15,000,000
----------- --------------- ------------------------- -----------------------------
----------- --------------- ------------------------- -----------------------------
76 - 77 $ 15,000,000 $ 10,000,000
----------- --------------- ------------------------- -----------------------------
----------- --------------- ------------------------- -----------------------------
78 - 80 $ 10,000,000 $ 5,000,000
----------- --------------- ------------------------- -----------------------------
----------- --------------- ------------------------- -----------------------------
81 - 85 $ 5,000,000 None
----------- --------------- ------------------------- -----------------------------
----------- --------------- ------------------------- -----------------------------
86 - 90 $ 1,500,000 None
=========== =============== ========================= =============================
US/Canadian Residents - Foreign Travel
===================== ===================== ================= =====================
Pref. Best - Class C Class D - E Class F - H
--------------------- --------------------- ----------------- ---------------------
----------- --------- --------------------- ----------------- ---------------------
Ages: 0 - 70 $ 6,666,000 $ 5,000,000 None
--------- --------------------- ----------------- ---------------------
----------- --------- --------------------- ----------------- ---------------------
71 - 75 $ 5,000,000 $ 3,333,000 None
----------- --------- --------------------- ----------------- ---------------------
----------- --------- --------------------- ----------------- ---------------------
00 - 00 Xxxx Xxxx Xxxx
=========== ========= ===================== ================= =====================
Non US/Canadian Residents
===================== ===================== ================= =====================
Pref. Best - Class C Class D - E Class F - H
--------------------- --------------------- ----------------- ---------------------
----------- --------- --------------------- ----------------- ---------------------
Ages: 0 - 70 $ 20,000,000 $ 15,000,000 None
--------- --------------------- ----------------- ---------------------
----------- --------- --------------------- ----------------- ---------------------
71 - 75 $ 15,000,000 $ 10,000,000 None
----------- --------- --------------------- ----------------- ---------------------
----------- --------- --------------------- ----------------- ---------------------
00 - 00 Xxxx Xxxx Xxxx
=========== ========= ===================== ================= =====================
For any policy to be reinsured under automatic reinsurance, the amounts reinsured with MUNICH on that life will not exceed
the amounts in the following tables:
UL, VUL II and VUL 2004
US/Canadian Residents - No Foreign Travel
=========================== ========================= =============================
Issue Age of Insured Pref. Best - Class D Class E - H
--------------------------- ------------------------- -----------------------------
----------- --------------- ------------------------- -----------------------------
Ages: 0 - 65 $ 10,000,000 $ 7,000,000
--------------- ------------------------- -----------------------------
----------- --------------- ------------------------- -----------------------------
66 - 70 $ 8,000,000 $ 5,000,000
--------------- ------------------------- -----------------------------
----------- --------------- ------------------------- -----------------------------
71 - 75 $ 7,000,000 $ 3,000,000
----------- --------------- ------------------------- -----------------------------
----------- --------------- ------------------------- -----------------------------
76 - 77 $ 3,000,000 $ 2,000,000
----------- --------------- ------------------------- -----------------------------
----------- --------------- ------------------------- -----------------------------
78 - 80 $ 2,000,000 $ 1,000,000
----------- --------------- ------------------------- -----------------------------
----------- --------------- ------------------------- -----------------------------
81 - 85 $ 1,000,000 None
----------- --------------- ------------------------- -----------------------------
----------- --------------- ------------------------- -----------------------------
86 - 90 $ 300,000 None
=========== =============== ========================= =============================
US/Canadian Residents - Foreign Travel
===================== ===================== ================== ====================
Pref. Best - Class C Class D - E Class F - H
--------------------- --------------------- ------------------ --------------------
----------- --------- --------------------- ------------------ --------------------
Ages: 0 - 70 $ 1,333,200 $ 1,000,000 None
--------- --------------------- ------------------ --------------------
----------- --------- --------------------- ------------------ --------------------
71 - 75 $ 1,000,000 $ 666,600 None
----------- --------- --------------------- ------------------ --------------------
----------- --------- --------------------- ------------------ --------------------
00 - 00 Xxxx Xxxx Xxxx
=========== ========= ===================== ================== ====================
Non US/Canadian Residents
======================= =================== ================== ====================
Pref. Best - Class D - E Class F - H
Class C
----------------------- ------------------- ------------------ --------------------
----------- ----------- ------------------- ------------------ --------------------
Ages: 0 - 70 $ 4,000,000 $ 3,000,000 None
----------- ------------------- ------------------ --------------------
----------- ----------- ------------------- ------------------ --------------------
71 - 75 $3,000,000 $ 2,000,000 None
----------- ----------- ------------------- ------------------ --------------------
----------- ----------- ------------------- ------------------ --------------------
00 - 00 Xxxx Xxxx Xxxx
=========== =========== =================== ================== ====================
ProFunds
US/Canadian Residents - No Foreign Travel
=========================== ========================= =============================
Issue Age of Insured Pref. Best - Class D Class E - H
--------------------------- ------------------------- -----------------------------
----------- --------------- ------------------------- -----------------------------
Ages: 0 - 65 $ 15,000,000 $ 10,500,000
--------------- ------------------------- -----------------------------
----------- --------------- ------------------------- -----------------------------
66 - 70 $ 12,000,000 $ 7,500,000
--------------- ------------------------- -----------------------------
----------- --------------- ------------------------- -----------------------------
71 - 75 $ 10,500,000 $ 4,500,000
----------- --------------- ------------------------- -----------------------------
----------- --------------- ------------------------- -----------------------------
76 - 77 $ 4,500,000 $ 3,000,000
----------- --------------- ------------------------- -----------------------------
----------- --------------- ------------------------- -----------------------------
78 - 80 $ 3,000,000 $ 1,500,000
----------- --------------- ------------------------- -----------------------------
----------- --------------- ------------------------- -----------------------------
81 - 85 $ 1,500,000 None
----------- --------------- ------------------------- -----------------------------
----------- --------------- ------------------------- -----------------------------
86 - 90 $ 450,000 None
=========== =============== ========================= =============================
US/Canadian Residents - Foreign Travel
===================== ===================== ================== ====================
Pref. Best - Class C Class D - E Class F - H
--------------------- --------------------- ------------------ --------------------
----------- --------- --------------------- ------------------ --------------------
Ages: 0 - 70 $ 1,999,800 $ 1,500,000 None
--------- --------------------- ------------------ --------------------
----------- --------- --------------------- ------------------ --------------------
71 - 75 $ 1,500,000 $ 999,900 None
----------- --------- --------------------- ------------------ --------------------
----------- --------- --------------------- ------------------ --------------------
00 - 00 Xxxx Xxxx Xxxx
=========== ========= ===================== ================== ====================
Non US/Canadian Residents
======================= =================== ================== ====================
Pref. Best - Class D - E Class F - H
Class C
----------------------- ------------------- ------------------ --------------------
----------- ----------- ------------------- ------------------ --------------------
Ages: 0 - 70 $ 6,000,000 $ 4,500,000 None
----------- ------------------- ------------------ --------------------
----------- ----------- ------------------- ------------------ --------------------
71 - 75 $4,500,000 $ 3,000,000 None
----------- ----------- ------------------- ------------------ --------------------
----------- ----------- ------------------- ------------------ --------------------
00 - 00 Xxxx Xxxx Xxxx
=========== =========== =================== ================== ====================
In witness of the above, PRUCO and MUNICH have by their respective officers executed and delivered this Amendment in duplicate on the
dates indicated below, with an effective date of May 17, 2004.
----------------------------------------------------------- --------------------------------------------------------
PRUCO LIFE INSURANCE COMPANY MUNICH AMERICAN REASSURANCE COMPANY
----------------------------------------------------------- --------------------------------------------------------
----------------------------------------------------------- --------------------------------------------------------
By:___/s/_____________________________ By:___/s/___________________________
----------------------------------------------------------- --------------------------------------------------------
----------------------------------------------------------- --------------------------------------------------------
Title:_______________________________ Title:_____________________________
----------------------------------------------------------- --------------------------------------------------------
----------------------------------------------------------- --------------------------------------------------------
Date:_______________________________ Date:_____________________________
----------------------------------------------------------- --------------------------------------------------------
----------------------------------------------------------- --------------------------------------------------------
By:__/s/______________________________ By:__/s/____________________________
----------------------------------------------------------- --------------------------------------------------------
----------------------------------------------------------- --------------------------------------------------------
Title:_______________________________ Title:_____________________________
----------------------------------------------------------- --------------------------------------------------------
----------------------------------------------------------- --------------------------------------------------------
Date:_______________________________ Date:_____________________________
----------------------------------------------------------- --------------------------------------------------------
Amendment #6
to the
AUTOMATIC AND FACULTATIVE
YEARLY RENEWABLE TERM REINSURANCE AGREEMENT
EFFECTIVE April 30, 2000
Between
PRUCO LIFE INSURANCE COMPANY
And
MUNICH AMERICAN REASSURANCE COMPANY
This is an ASSIGNMENT, ASSUMPTION AND RELEASE AGREEMENT (the "Assignment"), dated as of December 1, 2004, by and among PRUCO LIFE
INSURANCE COMPANY (the "Assignor"), THE PRUDENTIAL INSURANCE COMPANY OF AMERICA (the "Assignee"), and MUNICH AMERICAN REASSURANCE
COMPANY, (the "Reinsurer").
WHEREAS, the Reinsurer provides reinsurance coverage to the Assignor in accordance with the terms of the reinsurance
agreement referenced above (the "Reinsurance Treaty"); and
WHEREAS, the parties hereto desire to execute this Assignment to evidence the assignment by the Assignor and assumption by
the Assignee of the Assignor's rights and obligations under the Reinsurance Treaty and to effect a full and final release of the
Assignor's rights and obligations under the Reinsurance Treaty effective as of 12:00 a.m., Eastern Time, December 1, 2004 (the
"Effective Time").
NOW, THEREFORE, in consideration of the promises and the mutual agreements herein contained, the parties hereto agree to the
following:
1. Assignor Assignment of Interests to Assignee. The Assignor hereby transfers, conveys, assigns and sets over to the
Assignee, its successors and assigns, all of its rights, obligations, liabilities, title and interest in the
Reinsurance Treaty, all effective as of the Effective Time, including those incurred, accrued, or otherwise
occurring or arising prior to the Effective Time.
2. Assignee Assumption of Interests from Assignor. Effective as of the Effective Time, the Assignee hereby assumes all
of the rights and interests of the Assignor under the Reinsurance Treaty and undertakes to pay, perform and
discharge, or cause to be paid, performed or discharged, all of the liabilities and obligations of the Assignor
under the Reinsurance Treaty, including those rights, interests, obligations, and liabilities incurred, accrued, or
otherwise occurring or arising prior to the Effective Time. It is the intention of the parties that:
a. The Assignee shall be substituted for the Assignor under the Reinsurance Treaty, in the Assignor's name, place and
stead; and
b. The Assignor shall be deemed to have ceased to be a party to, or the ceding company under, the Reinsurance Treaty and shall have released
all of its rights and interests, and shall have been discharged from all obligations and liabilities thereunder to the
Reinsurer; and
c. The Reinsurer will conduct business solely with the Assignee, or its designee, with respect to the performance of any
and all obligations and liabilities under the Reinsurance Treaty.
3. Reinsurer Consent. Notwithstanding anything to the contrary set forth in the Reinsurance Treaty, the Reinsurer
consents to the assignment and assumption set forth in Sections 1 and 2 above.
4. Reinsurer Release of Assignor. As of the Effective Time, the Reinsurer, in consideration of the assumption by the
Assignee set forth above and other valuable consideration, the receipt and adequacy whereof is hereby acknowledged,
irrevocably and unconditionally releases and discharges the Assignor and the Assignor's successors and assigns from
all liabilities, actions, causes of action, suits, debts, dues, sums of money, accounts, reckonings, bonds, bills,
specialties, covenants, contracts, controversies, agreements, promises, variances, trespasses, damages, judgments,
extents, executions, claims and demands whatsoever, known or unknown, in law or equity, against the Assignor, which
the Reinsurer and the Reinsurer's predecessors, successors and assigns ever had, now have or hereafter can, shall or
may have, for, upon, or by reason of any rights of the Reinsurer under the Reinsurance Treaty, including any and all
of the Assignor's obligations incurred, accrued, or otherwise occurring or arising prior to the Effective Time.
This release under this Section 4 may not be changed orally.
5. Assignor Release of Reinsurer. As of the Effective Time, the Assignor, in consideration of the consent by the
Reinsurer set forth above and other valuable consideration, the receipt and adequacy whereof is hereby acknowledged,
irrevocably and unconditionally releases and discharges the Reinsurer and the Reinsurer's predecessors, successors
and assigns from all liabilities, actions, causes of action, suits, debts, dues, sums of money, accounts,
reckonings, bonds, bills, specialties, covenants, contracts, controversies, agreements, promises, variances,
trespasses, damages, judgments, extents, executions, claims, and demands whatsoever, known or unknown, in law or
equity, against the Reinsurer, which the Assignor ever had, now has or hereafter can, shall or may have, for, upon,
or by reason of any rights of the Assignor under the Reinsurance Treaty, including any and all of the Reinsurer's
obligations incurred, accrued, or otherwise occurring or arising prior to the Effective Time. This release under
this Section 5 may not be changed orally.
6. Further Assurances. At any time and from time to time after the Effective Time, at the request of the Assignee, or of
the Reinsurer and without further consideration, the Assignor shall execute and deliver such other instruments of
sale, transfer, conveyance, assignment and confirmation and take such other action as either the Assignee or the
Reinsurer may reasonably request as necessary or desirable in order to more effectively transfer, convey and assign
to the Assignee the Reinsurance Treaty.
7. Amendment of Reinsurance Treaty. The Reinsurer and the Assignee agree that the Reinsurance Treaty is amended as of
the Effective Time as provided in Exhibit A attached hereto.
8. Successors and Assigns. This Assignment shall be binding upon, and shall inure to the benefit of the Reinsurer, the
Assignor and the Assignee and their respective predecessors, successors and assigns, if any. The parties do not
intend to create any third party beneficiaries under this Assignment
9. Governing Law. This Assignment shall be governed by and construed in accordance with the laws of the state of New
Jersey without giving effect to its principles or rules of conflict of laws thereof. Any amendment to the
Reinsurance Treaty set forth herein shall be subject to the arbitration provision of the Reinsurance Treaty.
10. Counterparts. This Assignment may be signed in multiple counterparts. Each counterpart shall be considered an original
instrument, but all of them in the aggregate shall constitute one agreement.
In witness of the above, the Assignor, the Assignee, and the Reinsurer have by their respective officers executed and delivered this
Assignment in triplicate on the dates indicated below, with an effective date of December 1, 2004.
----------------------------------------------------------- --------------------------------------------------------
PRUCO LIFE INSURANCE COMPANY MUNICH AMERICAN REASSURANCE COMPANY
----------------------------------------------------------- --------------------------------------------------------
----------------------------------------------------------- --------------------------------------------------------
By:_/s/_______________________________ By:__/s/____________________________
----------------------------------------------------------- --------------------------------------------------------
----------------------------------------------------------- --------------------------------------------------------
Title:_______________________________ Title:_____________________________
----------------------------------------------------------- --------------------------------------------------------
----------------------------------------------------------- --------------------------------------------------------
Date:_______________________________ Date:_____________________________
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By:__/s/______________________________ By:___/s/___________________________
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Title:_______________________________ Title:_____________________________
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Date:_______________________________ Date:_____________________________
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THE PRUDENTIAL INSURANCE COMPANY OF AMERICA
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By:__/s/______________________________
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Title:_______________________________
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Date:_______________________________
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By:__/s/______________________________
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Title:_______________________________
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Date:_______________________________
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Exhibit A
1. The INSOLVENCY provision of the Reinsurance Treaty is deleted in its entirety and is replaced by the following:
INSOLVENCY:
For the purpose of this Agreement, PRUCO or MUNICH shall be deemed "insolvent" if one or more of the following occurs:
a. A court-appointed receiver, trustee, custodian, conservator, liquidator, government official or similar officer takes
possession of the property or assets of either PRUCO or MUNICH; or
b. Either PRUCO or MUNICH is placed in receivership, rehabilitation, liquidation, conservation, bankruptcy or similar status
pursuant to the laws of any state or of the United States; or
c. Either PRUCO or MUNICH becomes subject to an order to rehabilitate or an order to liquidate as defined by the insurance code
of the jurisdiction of the domicile of PRUCO or MUNICH, as the case may be.
In the event of the insolvency of PRUCO, all reinsurance ceded, renewed or otherwise becoming effective under this Agreement
shall be payable by MUNICH directly to PRUCO or to its liquidator, receiver, or statutory successor on the basis of the
liability of PRUCO under the contract or contracts reinsured without diminution because of the insolvency of PRUCO. It is
understood, however, that in the event of the insolvency of PRUCO, the liquidator or receiver or statutory successor of the
insolvent Company shall give written notice of the pendency of a claim against PRUCO on the policy reinsured within a
reasonable time after such claim is filed in the insolvency proceeding, and during the pendency of such claim MUNICH 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 PRUCO or is liquidator or receiver or statutory successor.
In the event MUNICH is deemed insolvent, MUNICH will be bound by any legal directions imposed by its liquidator,
conservator, or statutory successor. However, and if not in conflict with such legal directions, PRUCO shall have the right
to cancel this Agreement with respect to occurrences taking place on or after the date MUNICH first evidences insolvency.
Such right to cancel shall be exercised by providing MUNICH (or its liquidator, conservator, receiver or statutory
successor) with a written notice of PRUCO's intent to recapture ceded business. If PRUCO exercises such right to cancel and
recapture ceded business, such election shall be in lieu of any premature recapture fee. Upon such election, PRUCO shall be
under no obligation to MUNICH, its liquidator, receiver or statutory successor.
2. Any and all references in the Reinsurance Treaty to the jurisdiction in which PRUCO is domiciled or organized shall read as
if to refer to the State of New Jersey.
3. If the GOVERNING LAW provision of the Reinsurance Treaty does not provide for the application of New Jersey law, that
provision shall be changed to read as follows:
GOVERNING LAW:
This Agreement shall be governed by the laws of the State of New Jersey without giving effect to the principles of
conflicts of laws thereof.
4. Any and all references in the Reinsurance Treaty to MUNICH being licensed or authorized in a given jurisdiction shall be
read as if to refer to the State of New Jersey. If the Reinsurance Treaty contains no such reference, then MUNICH hereby
represents that it is authorized to do business in the State of New Jersey.
