Exhibit (g)(5)
AMENDMENT TO AUTOMATIC YRT AGREEMENT
("AMENDMENT")
Reference is made to the Automatic YRT Reinsurance Agreement, dated effective
August 18, 2003 and identified as Treaty Number 3092 (herein the "Agreement"),
by and between IDS Life Insurance Company of New York and [name of reinsurance
carrier]. The undersigned parties hereby agree that the Agreement shall be and
is hereby amended as follows:
1. With respect to any insurance policy identified in Exhibit B of the
Agreement issued by Ceding Company on or after January 1, 2005 or
any covered rider on such policy (herein a "New Policy"),
Reinsurer's Percentage Share, as described in Exhibit B, Section
B.2, is increased from [percentage] to [percentage] of the Reinsured
Net Amount at Risk. With respect to any New Policy, the [percentage]
component of Reinsurer's Percentage Share shall be referred to as
"Base Share" and the additional [percentage] component shall be
referred to as "Incremental Share". For purposes of this Amendment,
a New Policy shall be deemed to include any insurance policy
identified in Exhibit B of the Agreement that either (i) has an
issue date or is applied for on or after January 1, 2005, or (ii)
goes into effect on or after January 1, 2005 even if backdated to
reflect an issue date prior to January 1, 2005, including any
covered rider on such policy. Any policy issued by the Ceding
Company and originally covered by the Agreement prior to January 1,
2005 is considered an "Existing Policy", including any covered rider
on such policy whether issued before or after January 1, 2005.
Existing Policy also includes any conditional receipt or temporary
insurance provision if the policy is applied for prior to January 1,
2005 until such time as the policy is issued or declined, but only
to the extent coverage for such risk is provided for under the terms
of the Agreement.
2. With respect to Incremental Share on any New Policy ceded on an
automatic basis, reinsurance premium rates shall equal the Ceding
Company's original annual Band 4 COI premiums rates for the VUL-III
plan, as shown in Schedule D-1 attached to the Agreement, less the
following allowances:
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UNDERWRITING CLASS (MALE) YEARS 1-10 YEARS 11+
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Preferred Non-Smoker [percentage] [percentage]
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Standard Non-Smoker [percentage] [percentage]
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Smoker [percentage] [percentage]
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UNDERWRITING CLASS (FEMALE) YEARS 1-10 YEARS 11+
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Preferred Non-Smoker [percentage] [percentage]
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Standard Non-Smoker [percentage] [percentage]
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Smoker [percentage] [percentage]
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Reinsurance premiums are payable until age 100 and Reinsurer is not
liable for any claims occurring after age 100. Reinsurance premium
rates and allowances for the Base Share on any New Policy shall
remain as stated in Exhibit D of the Agreement. Reinsurance premiums
rates and allowances for Existing Policies and facultative cessions
(whether for a New Policy or Existing Policy) shall also remain as
stated in Exhibit D of the Agreement.
3. Any change, reinstatement, increase, replacement, or conversion of
an Existing Policy following January 1, 2005 shall be treated and
covered in the manner provided for in the Agreement without regard
to the changes in Reinsurer's Percentage Share and allowances as
specified in this Amendment.
4. Effective January 1, 2005, the schedule displayed in Section 9.4 of
the Agreement is amended as follows:
Claimant Last Name Lead Reinsurer
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A - F [name of reinsurance carrier A]
G - M [name of reinsurance carrier B]
N - S [name of reinsurance carrier C]
T - Z [name of reinsurance carrier D]
5. Exhibit B, Section B.7, relating to International Risks shall be
deleted in its entirety and replaced with the following:
"International Clients are defined and will be underwritten as
described in the Ceding Company's "Guidelines for Underwriting
International Clients", a copy of which has been provided to the
Reinsurer. The Ceding Company will promptly notify the Reinsurer of
any proposed material changes in its international client
guidelines. This Agreement will not extend to policies issued
pursuant to such changes unless the Reinsurer has consented to
accept policies subject to such changes."
Capitalized terms not otherwise defined herein have the meaning ascribed to them
as in the Agreement. Except as expressly amended above, all other terms of the
Agreement, together with all exhibits and attachments thereto, remain in full
force and effect. This Amendment is effective immediately upon execution by both
of the undersigned parties. This Amendment is made in duplicate and executed
below by authorized representatives of both parties.
IDS LIFE INSURANCE COMPANY OF NEW YORK [NAME OF REINSURANCE CARRIER]
By: /s/ Xxxxxxx X Xxxxxxxx By: [signature]
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(signature) (signature)
Xxxxxxx X Xxxxxxxx [name]
(print or type name) (print or type name)
Doc# 1973236\2 Page 2 of 3
Title: President Title: [title]
Date: 7/21/05 Date: July 26, 2005
Attest: /s/ Xxxxxxx X. Xxxxxxxx Attest: [signature]
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(signature) (signature)
Title: Reinsurance Officer Title: [title]
Doc# 1973236\2 Page 3 of 3