AUTOMATIC AND FACULTATIVE YEARLY RENEWABLE TERM
REINSURANCE AGREEMENT
between
HARTFORD LIFE AND ANNUITY INSURANCE COMPANY (No. 3188-12)
and
TRANSAMERICA OCCIDENTAL LIFE INSURANCE COMPANY
Facultative Business Effective Date: November 1, 2002
Automatic Business Effective Date: December 1, 2002
ARTICLES
I. Parties to the Agreement 3
II. Reinsurance Coverage 3
III. Liability 5
IV. Notification of Reinsurance 6
V. Reinsurance Premiums 6
VI. Reserves 8
VII. Oversights 9
VIII. Conversions 9
IX. Reductions, Terminations, and Changes 9
X. Increase in Retention 11
XI. Reinstatement 11
XII. Expenses 12
XIII. Claims 12
XIV. Extra-Contractual Damages 15
XV. Inspection of Records 15
XVI. DAC Tax -- Section 1.848-2 (g)(8) Election 15
XVII. Insolvency 17
XVIII. Offset 17
XIX. Arbitration 18
XX. Termination 19
XXI. General Provisions 19
XXII. Confidentiality 21
XXIII. Notices and Communications 21
XXIV. Effective Date 23
XXV. Execution 23
SCHEDULES
A. Plans Covered under This Agreement 24
B. Basis of Reinsurance 27
C. Foreign National Program 28
D. Table Two to Standard Program 30
EXHIBITS
I. Reinsurance Premium Calculation 31
II. Retention, Binding, and Issue Limits 32
III. Annual per 1000 YRT Reinsurance Rates 33
ALL SCHEDULES AND EXHIBITS ATTACHED WILL BE CONSIDERED PART OF THIS REINSURANCE
AGREEMENT.
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ARTICLE I
PARTIES TO THE AGREEMENT
This Agreement is between Hartford Life and Annuity Insurance Company (referred
to as the Ceding Company), and Transamerica Occidental Life Insurance Company
(referred to as the Reinsurer).
The acceptance of risks under this Agreement will create no right or legal
relationship between the Reinsurer and the insured owner or beneficiary of any
insurance policy or contract of the Ceding Company. This Agreement will be
binding upon the Ceding Company and the Reinsurer and their respective
successors and assignees.
ARTICLE II
REINSURANCE COVERAGE
Reinsurance under this Agreement will apply to insurance issued by the Ceding
Company on the Plans of Insurance shown in Schedule A. Such Plans of Insurance
shall be reinsured with the Reinsurer on an automatic basis, subject to the
requirements set forth in Section A below, or on a facultative basis, subject to
the requirements set forth in Section B below, or on a facultative obligatory
basis, subject to the requirements set forth in Section C below. The
specifications for all reinsurance under this Agreement are provided in Schedule
B.
A. Requirements for Automatic Reinsurance
For risks which meet the requirements for Automatic Reinsurance as set forth
below, the Reinsurer will participate in a reinsurance pool whereby the
Reinsurer will automatically reinsure a portion of the insurance risks as
indicated in Schedule B. The requirements for Automatic Reinsurance are as
follows:
1. The individual risk must be a resident of the United States or
Canada at the time of application with the exception of the Foreign
National Program as specified in Schedule C.
2. The individual risk must be underwritten according to the Ceding
Company's standard underwriting practices and guidelines. Any risk
falling into the category of special underwriting programs will be
excluded from this Agreement unless previously agreed to by the
Reinsurer via a written amendment. Any proposed changes to the
Ceding Company's standard underwriting practices or guidelines shall
be submitted to the Reinsurer for written approval prior to
implementation that impact business reinsured under this Agreement
(i.e. underwriting manuals, age and amount underwriting cards, and
special underwriting programs).
3. Any risk offered on a facultative basis other than for size by the
Ceding Company to the Reinsurer or any other company will not
qualify for Automatic Reinsurance under this Agreement for the same
risk and same life.
4. The maximum issue age will be 90.
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B. Requirements for Facultative Reinsurance
1. If the requirements for Automatic Reinsurance are met, but the
Ceding Company prefers to apply for Facultative Reinsurance with the
Reinsurer, or if the requirements for Automatic Reinsurance are not
met and the Ceding Company applies for Facultative Reinsurance with
the Reinsurer, then the Ceding Company must submit to the Reinsurer
all the papers, facsimiles, or sufficient evidence agreed upon
between the Ceding Company and the Reinsurer relating to the
insurability of the individual life for Facultative Reinsurance.
2. For applications for Facultative Reinsurance, the Ceding Company
will send copies of all of the papers or facsimiles relating to the
insurability of the individual risk to the Reinsurer. After the
Reinsurer has examined the request, the Reinsurer will promptly
notify the Ceding Company of the underwriting offer subject to
additional requirements or the final underwriting offer. The final
underwriting offer on the individual risk will automatically
terminate upon the earlier of the withdrawal of the application or
(90) ninety days from the date of the final offer, unless coverage
is accepted or put in place earlier. This (90) day limitation will
be indicated by the Reinsurer on the final reinsurance offer.
3. Notwithstanding the above, if the requirements for Automatic
Reinsurance are met except that the face amount of reinsurance
applied for is greater than the Automatic Issue Limit, but does not
exceed the Automatic Processing Limit, then the Ceding Company will
submit to the Lead Reinsurer (as designated in Schedule B) all
papers relating to the insurability of the individual risk. The Lead
Reinsurer shall review the papers to determine if the risk should be
reinsured by the pool, and, if so, on what basis. The Lead Reinsurer
shall provide the Ceding Company with a response within 24 hours of
receipt of the papers. Approval of the Lead Reinsurer shall be
binding on all other pool members. This process shall be known as
Automatic Processing and subject to the limitations in Exhibit II.
C. Requirements for Facultative Obligatory Reinsurance
The Reinsurer agrees to a facultative obligatory arrangement whereby the Ceding
Company may cede a risk to the Reinsurer and the Reinsurer agrees to accept the
risk using the Ceding Company's underwriting evaluation, subject to the
following conditions:
1. The requirements for Automatic Reinsurance specified in Article II
must be met
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with one exception. This exception is that the total amount of
insurance issued and applied for in all companies on each risk has
exceeded the jumbo limits set forth in Exhibit II.
2. The arrangement is available on all policy forms covered under this
Reinsurance Agreement.
3. The ceded risk is subject to the Facultative Obligatory Automatic
Binding Limits and the Facultative Obligatory Automatic Issue
Limits, as stated in Exhibit II. However, to the extent that the
Reinsurer has already filled its available capacity on the risk, the
Reinsurer may deny or reduce the requested capacity by notifying the
Ceding Company. In addition, the Reinsurer may choose to provide
Facultative Obligatory capacity greater than as specified in
Schedule B.
4. The Reinsurer will have a reasonable amount of time, but not to
exceed two (2) business days, to respond to the Ceding Company's
request for a Facultative Obligatory risk.
D. Basis of Reinsurance
Reinsurance under this Agreement will be on the basis as stated in Schedule B.
E. Policy Forms
When requested, the Ceding Company will furnish the Reinsurer with a copy of
each policy, rider, rate book, and applicable sales or marketing material that
applies to the life insurance reinsured hereunder.
ARTICLE III
LIABILITY
A. The Reinsurer's liability for Automatic and Facultative Obligatory
Reinsurance will begin simultaneously with the Ceding Company's liability.
B. The Reinsurer's liability for Facultative Reinsurance coverage will begin
simultaneously with the Ceding Company's liability once the Reinsurer has
accepted the application for Facultative Reinsurance and the Ceding Company has
accepted the offer.
C. In no event shall the reinsurance be in force and binding if the issuance
and delivery of such insurance constituted the doing of business in a
jurisdiction in which the Ceding Company was not properly licensed.
D. The Reinsurer's liability for reinsurance on the individual risk will
terminate when the Ceding Company's liability terminates.
E. The Reinsurer will not be liable for benefits paid under the Ceding
Company's conditional receipt or temporary insurance agreement unless all the
conditions for the conditional receipt or temporary insurance agreement are met.
The Reinsurer's liability under the Ceding Company's conditional receipt or
temporary insurance agreement is limited to the lesser of (1) or (2) below:
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1. The amount for which the Ceding Company is liable, less its
retention shown in Exhibit II, or
2. The face amount of the application subject to the maximum of
the amount provided by the Ceding Company's Conditional
Receipt Application or Temporary Insurance Agreement.
The pre-issue liability applies provided that the Ceding Company has followed
its normal cash-with-application procedures for such coverage. After a policy
has been issued, no reinsurance benefits are payable under this pre-issue
coverage provision.
F. The liability of each pool member shall be separate and not joint with the
other pool members.
G. The Reinsurer shall establish reserves on the Reinsurer's portion of the
policy on the reserve basis specified in Article VI.
ARTICLE IV
NOTIFICATION OF REINSURANCE
A. For Automatic and Facultative Reinsurance, the Ceding Company will notify
the Reinsurer on the monthly statement as described in Article V.
B. When reinsurance is reduced or changed, the Ceding Company will notify the
Reinsurer on the monthly accounting statement.
ARTICLE V
REINSURANCE PREMIUMS
A. Computation
Premiums for reinsurance under this Agreement will be computed as described in
Exhibit I.
B. Premium Accounting
1. Payment of Reinsurance Premiums
For Automatic and Facultative Reinsurance, following the close of
each calendar month, the Ceding Company will send the Reinsurer a
statement and a listing of new business, changes, and terminations.
The Reinsurer will refund to the Ceding Company all unearned Annual
YRT Reinsurance Premiums not including policy fees, less applicable
allowances, arising from reductions, terminations and changes as
described in Article IX.
Annual YRT Reinsurance Premiums, as calculated in Exhibit I, based
on the Reinsured Net Amount at Risk, as defined in Schedule B, are
paid annual in advance each month for those policies renewing during
that month.
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If a net reinsurance premium balance is payable to the Reinsurer,
the Ceding Company will forward this balance within (30) thirty days
after the close of each month. If a net reinsurance premium balance
is payable to the Ceding Company, the balance due will be subtracted
from the reinsurance premium payable by the Ceding Company for the
current month.
The reinsurance premiums for all of the reinsurance risks listed on
the statement will be delinquent if the net reinsurance premium
balance is not received or paid within (30) thirty days after the
close of the month.
When the reinsurance premiums are deemed delinquent, as defined
above, a compound interest penalty may be assessed each month the
premiums remain delinquent. Interest shall be calculated from the
day following the date the premiums are due and payable to the day
such premium payment is mailed or the last day of the accounting
period, whichever comes first, regardless of holidays and weekends.
The rate of interest charged each month shall be the lesser of (i)
the 30 Day Treasury Bill rate as published in the Money Rate Section
or any successor section of the Wall Street Journal on the first
business day following the date the premiums are deemed delinquent
or (ii) the maximum rate allowed by law in the State of Connecticut.
Premiums and interest penalties that remain unpaid shall be carried
forward into the next month's interest penalty calculation.
2. Termination Because of Non-Payment of Premium
If undisputed reinsurance premiums are delinquent, the Reinsurer has
the right to terminate the reinsurance risks on those policies
listed on the delinquent monthly statement by giving the Ceding
Company (90) ninety days' advance written notice. If the delinquent
premiums have not been paid as of the close of this (90) ninety-day
period, the Reinsurer's liability will terminate for the risks
described in the delinquency notice.
Regardless of the termination, the Ceding Company will continue to
be liable to the Reinsurer for all unpaid reinsurance premiums
earned up to the date of termination.
3. Reinstatement of a Delinquent Statement
The Ceding Company may reinstate the terminated risks within (60)
sixty days after the effective date of termination by paying the
unpaid reinsurance premiums for the risks in force prior to the
termination. However, the Reinsurer will not be liable for any claim
incurred between the date of termination and reinstatement. The
effective date of reinstatement will be the day the Reinsurer
receives the required back premiums and any assessed interest.
4. Currency
The reinsurance premiums and benefits payable under this Agreement
will be payable in the lawful money of the United States.
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5. Detailed Listing
Before the end of the first quarter, the Ceding Company will send
the Reinsurer a detailed listing of all reinsurance in force as of
the close of the immediately preceding calendar year.
6. Guaranteed Rates
The Reinsurer reserves the right to increase reinsurance premiums
only if the Ceding Company increases the rates (including monthly
administrative charge, mortality and expense risk rates, face amount
mortality and expense risk rate per 1000, and cost of insurance
rates) to the policy owner. If the increase to these reinsurance
premiums are more than proportional to the increase to the policy
owners' cost of insurance rates, the Ceding Company will have the
right to recapture the business as of the date of the notice of rate
change.
7. Overpayment of Premium
If the Ceding Company overpays a reinsurance premium and the
Reinsurer accepts the overpayment, the Reinsurer's acceptance will
not constitute nor create a reinsurance liability nor result in any
additional reinsurance. Instead, the Reinsurer will be liable to the
Ceding Company for a credit in the amount of the overpayment.
8. Underpayment of Premium
If the Ceding Company fails to make a full premium payment for a
policy or policies reinsured hereunder, due to an oversight defined
in Article VII, the amount of reinsurance coverage provided by the
Reinsurer shall not be reduced. However, once the underpayment is
discovered, the Ceding Company will be required to pay to the
Reinsurer the difference between the full premium amount and the
amount actually paid, without interest. If payment or the full
premium is not made within (60) sixty days after the discovery of
the underpayment, the underpayment shall be treated as a failure to
pay premiums and subject to the conditions of Section B.2, above.
ARTICLE VI
RESERVES
A. Statutory Reserves for the Mortality Risk of the Policy [Redacted]
B. Representations
The Reinsurer represents to the Ceding Company that the Reinsurer is properly
licensed or accredited so that the Ceding Company may claim statutory reserve
credit on its financial statements filed in all states in which the Ceding
Company is licensed to transact insurance business. In the event that as a
result of a change in the Reinsurer's licensing or accreditation status, the
Ceding Company must obtain security for statutory
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reserve credits taken with respect to this reinsurance agreement, the Reinsurer
will establish a trust or letter of credit in a form which meets all applicable
standards or law and regulation to enable the Ceding Company to claim such
reserve credit on its statutory statements. However, if the form of security to
be used is other than a trust or letter of credit, the Ceding Company shall
review the alternative method to ensure compliance with applicable laws and
regulations regarding statutory reserve credit. In the event the Ceding Company
and the Reinsurer agree on an alternative method, this Agreement will be amended
to reflect the mutually agreed upon terms applicable to such alternative method.
In addition, the Reinsurer may novate this Agreement to a licensed or accredited
affiliate, which is acceptable to the Ceding Company. The Reinsurer will bear
all expense of establishing any trusts, letters of credit or other means of
securing the Ceding Company's statutory reserve credit.
ARTICLE VII
OVERSIGHTS
If there is an unintentional oversight, misunderstanding, delay or error in the
administration of this Agreement by the Ceding Company or the Reinsurer, it can
be corrected provided the correction takes place within a reasonable time after
the oversight, misunderstanding, delay, or error is first discovered. Both the
Ceding Company and the Reinsurer will be restored to the position they would
have occupied had the oversight or misunderstanding not occurred. Should it not
be possible to restore both parties to such a position, the Ceding Company and
the Reinsurer shall negotiate in good faith to equitably apportion any resulting
liabilities and expenses.
ARTICLE VIII
CONVERSIONS
Conversions from existing term plans of insurance reinsured under this Agreement
will be reinsured using the YRT premiums attached as Exhibit I on a point in
scale basis up to the original face amount. The converted policy will be
reinsured with the Reinsurer in the same proportion as was determined for the
original term policy. A term conversion is a contractual right of the
policyholder to replace a term policy with a permanent policy without evidence
of insurability.
ARTICLE IX
REDUCTIONS, TERMINATIONS AND CHANGES
A. Replacement or Change
If there is a contractual change, the insurance will continue to be reinsured
with the Reinsurer at point-in-scale rates.
Exchanges from one single life plan reinsured under this Agreement to a
different single life plan will be reinsured at point-in-scale rates. An
exchange is a new policy replacing an existing policy where the new policy is
not fully underwritten.
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B. Increases or Decreases
1. If the policy face amount of a risk reinsured automatically under
this Agreement increases and:
a. The increase is subject to new underwriting evidence, then the
provisions of Article II, Section A, shall apply to the increase
in reinsurance.
b. The increase is not subject to new underwriting evidence, the
Reinsurer will accept the increase in reinsurance at point-in-scale
rates but not to exceed the Automatic Binding Limit.
2. If the policy face amount increases, the Ceding Company's retention
will be filled first, then any remaining risk of the increase will
be ceded to the Reinsurer as of the effective date of the increase.
If the policy face amount is reduced, the reinsurance will be
reduced first, thereby maintaining the Ceding Company's retention.
3. In the event of a reduction in the face amount of a policy which was
ceded facultatively, the Reinsurer's percentage of the reduced face
amount shall be the same percentage as set at issue.
4. A request to increase the face amount of policies that are reinsured
on a facultative basis will be submitted to the Reinsurer for
acceptance.
C. Reduction in Retained Coverage
If any portion of the aggregate insurance retained by the Ceding Company on an
individual life reduces or terminates, the Ceding Company will recalculate its
retention on any remaining risk(s) inforce on that life with the intent of
holding the appropriate retention under each applicable reinsurance agreement.
The retention limit which was in effect at the time that each remaining risk was
issued will be used. The Ceding Company will not be required to retain an amount
in excess of its regular retention limit for the age, mortality rating, and risk
classification at the time of issue for any policy. The Ceding Company will
first recalculate the retention on the policy(ies) having the same mortality
rating as the terminated policy(ies). Order of recalculation will secondarily be
determined by policy effective date, oldest first.
D. Multiple Reinsurers
If a risk is shared by more than one reinsurer, the Reinsurer's percentage of
any increased or reduced reinsurance will be the same as its initial percentage
of the reinsurance for that risk.
E. Termination
If the policy for a risk reinsured under this Agreement is terminated, the
reinsurance for the risk involved will be terminated on the effective date of
termination.
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F. Mortality Rating
On Automatic Reinsurance, if the Ceding Company requests a change to the
risk class or substandard rating, such change will be underwritten according
to the Ceding Company's normal underwriting practices and the Reinsurer will
accept this change. Mortality rating changes on a facultative basis will be
subject to the Reinsurer's approval.
ARTICLE X
INCREASE IN RETENTION
A. If the Ceding Company should increase the retention limits as listed in
Exhibit II, prompt written notice of the increase must be given to the
Reinsurer.
B. In the event of an increase in retention, the Ceding Company will have the
option of recapturing the reinsurance up to the increased retention under this
Agreement. The Ceding Company may exercise its option to recapture by giving
written notice to the Reinsurer within (90) ninety days after the effective date
of the increase.
C. If the Ceding Company exercises its option to recapture, then:
1. The Ceding Company must reduce the reinsurance on each individual
life on which the Ceding Company retained the maximum retention
limit for the age and mortality rating that was in effect at the
time the reinsurance was ceded to the Reinsurer.
2. No recapture will be made to reinsurance on an individual life if
(a) the Ceding Company retained a special retention limit less than
the maximum retention limit for the age and mortality rating in
effect at the time the reinsurance was ceded to the Reinsurer, or if
(b) the Ceding Company did not retain insurance on the life.
3. The Ceding Company must increase its total amount of insurance on
the individual life up to the new retention limit by reducing the
reinsurance. If an individual life is shared by more than one
reinsurer, the Reinsurer's percentage of the reduced reinsurance
will be the same as the initial reinsurance on the individual risk.
4. The reduction in reinsurance will become effective on the next
annual premium anniversary after the individual policy has been
inforce for at least ten (10) years.
5. If more than one policy per life is eligible for recapture, then the
eligible policies may be recaptured beginning with the policy with
the earliest issue date and continuing in chronological order
according to the remaining policies' issue dates.
ARTICLE XI
REINSTATEMENT
If an insurance policy lapses for nonpayment of premium and is reinstated under
the Ceding Company's terms and rules, the Reinsurer will reinstate the
reinsurance as follows:
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A. Automatic Cases
The Ceding Company must pay the Reinsurer all back reinsurance premiums in the
same manner as the Ceding Company received insurance charges under the policy.
When the policy is reinstated by the Ceding Company, the reinsurance will be
automatically reinstated.
B. Facultative Cases
If the Ceding Company requires reinstatement evidence of insurability, the
Ceding Company will submit it to the Reinsurer for approval. In such cases, the
Reinsurer's approval is required for the reinsurance to be reinstated. Upon the
Reinsurer's approval, the Ceding Company must pay the Reinsurer all back
reinsurance premiums in the same manner as the Ceding Company received insurance
premium under the policy.
C. Nonforfeiture Reinsurance Termination
If the Ceding Company has been requested to reinstate a policy that was
reinsured while on extended term or reduced paid-up, then such reinsurance will
terminate and either automatic or facultative reinstatement procedures will be
followed as outlined above in this Article.
ARTICLE XII
EXPENSES
The Ceding Company must pay the expense of all medical examinations, inspection
fees and other charges in connection with the issuance of the insurance.
ARTICLE XIII
CLAIMS
A. Liability
If the Ceding Company is liable for insurance benefits on a policy reinsured
under this Agreement, the Reinsurer shall be liable for its portion of the
reinsurance on that policy, as described in Schedule B. All reinsurance claim
settlements will be subject to the terms and conditions of the particular
contract and statutory requirements under which the Ceding Company is liable.
B. Notification
When the Ceding Company is advised of a claim, the Reinsurer must be notified
promptly in writing.
C. Claim Payment
1. Automatic and Facultative Obligatory Reinsurance on a Risk
If a claim is made under insurance reinsured under this Agreement, Reinsurer
will abide
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by the issue as it is settled by the Ceding Company. Copies of proofs
or other written matters relating to any claim reimbursements under
this Agreement shall be furnished to the Reinsurer upon written
request.
2. Facultative Reinsurance on a Risk
If a claim is made on a risk reinsured facultatively under this
Agreement, the Ceding Company shall submit to Reinsurer all relevant
and/or requested documents and papers related to the claim along with
Ceding Company's recommendation. Ceding Company shall then wait (10)
ten days from the date of mailing during which time Reinsurer shall
have the opportunity to advise Ceding Company of its consent or
disagreement with the recommendation. In the event Reinsurer does not
contact Ceding Company within the (10) ten-day period, Reinsurer shall
be deemed to have approved the recommendation and Ceding Company shall
be authorized to act accordingly.
3. Payment of Reinsurance Proceeds
The Ceding Company will deliver a copy of the proof of death, check
copy or proof of payment, and the claimant's statement to the
Reinsurer. The Reinsurer will pay the Ceding Company the reinsurance
proceeds within fifteen (15) days of final notification of the Ceding
Company making the final decision to pay the policy proceeds.
The Reinsurer shall reimburse the Ceding Company for its proportionate
share of any interest paid on claims. Participation in accrued interest
by the Reinsurer shall be in accordance with the applicable state
statutory regulations.
Payment of life reinsurance proceeds will be made in a single sum
regardless of the Ceding Company's mode of settlement with the payee.
4. Recapture
If an undisputed net amount is (60) sixty days past due, for reasons
other than those due to an unintentional oversight, as defined in
Article VII, the reinsurance benefits will be considered in default,
except for any reinsurance claims that are in dispute with the Ceding
Company, and the Ceding Company may recapture the reinsurance by
providing a (30) thirty day prior written notice, provided payment is
not received with that (30) thirty day period. If at the end of the
(30) thirty day period, the Reinsurer has not made payment, the Ceding
Company may recapture the policies reinsured under this Agreement as
described in Article X.
5. Overdue Reinsurance Proceeds
The Ceding Company reserves the right to charge interest on reinsurance
proceeds. The interest will be calculated according to the 90 Day
Federal Government Treasury 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 will be simple interest
"Bankers' Rule" (or 360 day year).
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D. Contested Claims
The Ceding Company shall promptly notify the Reinsurer in writing of the Ceding
Company's intention to contest a claim. The Ceding Company shall provide the
Reinsurer with all papers and the Reinsurer shall have an opportunity to review
the papers. Within (5) five working days after receipt of all the necessary
papers, the Reinsurer shall have the following options:
a) Decline to participate in the contest of the claim. The Reinsurer
shall thereafter discharge its liability with respect to any
contested claim by paying to the Ceding Company the Reinsurer's
proportionate share of the claim as if there had been no controversy.
Upon such discharge, the Reinsurer shall not be liable for any
portion of any "routine expenses" or "non-routine expenses," as
defined in Sections F. and G. below, incurred with respect to such
claim, nor shall the Reinsurer share in any reduced settlement.
b) Agree to participate in the contest of the claim. If after
consultation with the Ceding Company, the Reinsurer agrees to pay its
share based on the results of the contest (agreement to be
communicated by the Reinsurer to the Ceding Company in writing), the
Reinsurer will pay its share of all "routine expenses" and "non-
routine expenses," as defined in Sections F. and G. below, of the
contest.
E. Misstatement of Age or Sex
If the amount of insurance provided by the policy or policies reinsured under
this Agreement is increased or reduced because of misstatement of age or sex
established after the death of the insured, the Reinsurer will share
proportionately with the Ceding Company in this increase or reduction.
F. Routine Expenses
The Ceding Company will pay the routine expenses incurred in connection with
settling claims. These expenses may include compensation of agents and employees
and the cost of routine investigations.
G. Non-Routine Expenses
The Reinsurer will share with the Ceding Company all expenses that are not
routine. Expenses that are not routine are those directly incurred in connection
with the contest or the possibility of a contest of a claim or the assertion of
defenses, including legal expenses. The expenses will be shared in proportion to
the Total Net Amount at Risk, as defined in Schedule B, for the Ceding Company
and the Reinsurer. However, if the Reinsurer has released the liability under
Section D of this Article, the Reinsurer will not share in any expenses incurred
after the date of the Reinsurer's release.
H. Return of Premium for Misrepresentations and Suicides
If a misrepresentation on an application or a death of an insured risk by
suicide results in the Ceding Company returning the policy premiums to the
policy owner rather than paying the policy benefits, the Reinsurer will refund
all of the reinsurance premiums it received on that policy to the Ceding
Company. This refund given by the Reinsurer will be in lieu of all other
reinsurance benefits payable on that policy under this Agreement.
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I. Contestable Period
If during the contestable period, Ceding Company is notified of the death of the
insured, the Ceding Company will investigate the case.
ARTICLE XIV
EXTRA-CONTRACTUAL DAMAGES
In no event will the Reinsurer have any liability for any extra-contractual
damages, which are awarded against the Ceding Company as a result of acts,
omissions, or course of conduct committed solely by the Ceding Company with no
involvement of the Reinsurer in connection with the insurance reinsured under
this Agreement. The Reinsurer will, however, pay its share of punitive and/or
compensatory damages and/or statutory penalties awarded against the Ceding
Company in connection with benefits reinsured under this Agreement if the
Reinsurer agreed to the act or course of conduct of the Ceding Company that
resulted in the assessment of such damages.
The Reinsurer recognizes that circumstances may arise under which the Reinsurer,
in equity, should share, to the extent permitted by law, in paying certain
assessed damages. The Reinsurer may be liable for any punitive, statutory or
compensatory damages awarded or assessed against the Ceding Company if 1) the
Reinsurer elected to join in the contest or denial of the claim, in writing, and
2) in writing, recommended, consented to, or ratified the act or course of
conduct of the Ceding Company that ultimately resulted in the assessment of the
extra-contractual damages. The extent of such participation by the Reinsurer is
dependent upon a good faith assessment of culpability in such case to be
determined by the Ceding Company and the Reinsurer. If the parties are unable to
agree on the proportionate shares of culpability, the issue will be determined
in accordance with Article XIX (Arbitration).
ARTICLE XV
INSPECTION OF RECORDS
Either company, their respective employees or authorized representatives, may
audit, inspect and examine, during regular business hours, at the home office of
either company, any and all books, records, statements, correspondence, reports,
other documents that relate to the Reinsurance under this Agreement. The audited
party agrees to provide a reasonable work space for such audit, inspection or
examination and to cooperate fully and to faithfully disclose the existence of
and produce any and all necessary and reasonable materials requested by such
auditors, investigators, or examiners. The company performing a routine audit
shall contact the other party to determine a reasonable timeframe for the audit.
The expense of the respective party's employee(s) or authorized
representative(s) engaged in such activities will be borne solely by such party.
ARTICLE XVI
DAC TAX
SECTION 1.848-2(g) (8) ELECTION
A. The Ceding Company and the Reinsurer jointly agree to the DAC Tax Election
pursuant to Section 1.848-2(g)(8) of the Income Tax Regulations (the "Treasury
Regulations")
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issued under Section 848 of the Internal Revenue Code of 1986, as amended (the
"Code") whereby:
(i) 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 Code section 848(c)(1); and
(ii) Both parties agree to exchange information pertaining to the amount
of net consideration under this Agreement each year to ensure
consistency.
B. As used in this Article XVI, the terms "net positive consideration",
"specified policy acquisition expenses" and "general deductions limitation" are
defined by reference to Treasury Regulations Section 1.848-2 and Code Section
848 as of November 1, 2002.
C. The method and timing of the exchange of this information shall be as
follows:
(i) The Ceding Company shall submit a schedule to the Reinsurer by May 1
of each year of its calculation of the net consideration for the
preceding calendar year.
(ii) The Reinsurer shall, in turn, complete the schedule by indicating
acceptance of the Ceding Company's calculation of net consideration
or shall note in writing any discrepancies. The Reinsurer shall
return the completed schedule to the Ceding Company by June 1 of
each year.
(iii) If there are any discrepancies between the Ceding Company's and the
Reinsurer's calculation of net consideration, the parties shall act
in good faith to resolve these discrepancies in a manner that is
acceptable to both parties by July 1 of each year.
(iv) Each party shall attach the final schedule to their respective U.S.
federal income tax returns for each taxable year in which
consideration is transferred under this Agreement. The schedule
shall identify this Agreement and restate the election described in
this Article XVI and shall be signed by both parties.
D. This DAC Tax Election shall be effective on the effective date of this
Agreement and shall be effective for all years for which this Agreement remains
in effect.
E. The Ceding Company and the Reinsurer each represent and warrant that they
are subject to U.S. taxation under either the provisions of Subchapter L of
Chapter 1 or Subpart F of Part III of Subchapter N of Chapter 1 of the Code.
F. Should the Reinsurer breach the representation and warranty of tax status
set forth in this Article of this Agreement, the Reinsurer agrees to indemnify
and hold the Ceding Company, its directors, officers, employees, agents, and
shareholders harmless from any liability and all liability, loss, damages,
fines, penalties, interest, and reasonable attorney's fees, which the Ceding
Company, its directors, officers, employees, agents, and shareholders may
sustain by reason of such breach.
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ARTICLE XVII
INSOLVENCY
A. Insolvency of the Reinsurer
If the Reinsurer becomes insolvent as determined by the Regulatory Agency
responsible for such determination, amounts due the Reinsurer will be paid net
of the terms of this Agreement and directly to the liquidator, receiver, or
statutory successor without decrease. In addition, upon the Reinsurer's
insolvency, the Ceding Company may cancel this Agreement for future new business
as described in Article XX. All reinsurance ceded under this Agreement may be
recaptured by the Ceding Company as of the date the Reinsurer fails to meet its
obligations under this Agreement.
B. Insolvency of the Ceding Company
If the Ceding Company should become insolvent, as determined by the Regulatory
Agency responsible for such determination, all reinsurance under this Agreement
covering risks ceded by the Ceding Company will be payable by the Reinsurer
directly to the Ceding Company's liquidator, receiver or statutory successor, on
the basis of the liability of the Ceding Company under the policy or policies
reinsured and without diminution because of the insolvency of the Ceding
Company. However, in the event of such insolvency, the liquidator, receiver, or
statutory successor will give written notice of a pending claim against the
Ceding Company on the reinsured policy. It will do so within a reasonable time
after the claim is filed in the insolvency proceedings. During the pendency of
such a claim, the Reinsurer may investigate the claim and may, at its own
expense, interpose any defense or defenses which it may deem available to the
insolvent Ceding Company, its liquidator, receiver, or statutory successor, in
the proceedings where the claim is to be adjudicated.
The expense thus incurred by the Reinsurer will be chargeable against the
insolvent Ceding Company, subject to court approval, as part of the expense of
liquidation to the extent of a proportionate share of the benefit which may
accrue to the insolvent Ceding Company solely as a result of the defense
undertaken by the Reinsurer.
Where two or more reinsurers are involved in the same claim and a majority in
interest elects to interpose defense to the claim, the expense will be
apportioned in accord with the terms of the reinsurance agreement as though the
expense had been incurred by the insolvent Ceding Company.
ARTICLE XVIII
OFFSET
Any undisputed debts or credits, matured or unmatured, liquidated or
unliquidated, regardless of when they arose or were incurred, in favor of or
against either the Ceding Company or the Reinsurer with respect to this
Agreement, shall be offset, and only the balance shall be allowed or paid. In
the event the Ceding Company becomes insolvent, offsets shall be allowed in
accordance with applicable law.
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ARTICLE XIX
ARBITRATION
The Ceding Company and the Reinsurer mutually understand and agree that the
wording and interpretation of this Agreement is based on the usual customs and
practice of the insurance and reinsurance industry. While both the Ceding
Company and the Reinsurer agree to act in good faith in its dealings with each
other, it is understood and recognized that situations may arise in which they
cannot reach an agreement.
In the event that any dispute cannot be resolved to mutual satisfaction, the
dispute will first be subject to good-faith negotiation as described below in an
attempt to resolve the dispute without the need to institute formal arbitration
proceedings.
Within (10) ten days after one of the parties has given the other the first
written notification of the specific dispute, each of the parties will appoint a
designated officer to attempt to resolve the dispute. The officers will meet at
a mutually agreeable location as early as possible and as often as necessary, in
order to gather and furnish the other with all appropriate and relevant
information concerning the dispute. The officers will discuss the problem and
will negotiate in good faith without the necessity of any formal arbitration
proceedings. During the negotiation process, all reasonable requests made by one
officer to the other for information will be honored. The designated officers
will decide the specific format for such discussions.
If the officers cannot resolve the dispute within (30) thirty days of their
first meeting, both parties agree that they will submit the dispute to formal
arbitration. However, the parties may agree in writing to extend the negotiation
period for an additional (30) thirty days.
No later than (15) fifteen days after the final negotiation meeting, the
officers taking part in the negotiation will give both the Ceding Company and
the Reinsurer written confirmation that they are unable to resolve the dispute
and that they recommend establishment of formal arbitration.
An arbitration panel consisting of (3) three past or present officers of life
insurance or life reinsurance companies not affiliated with either of the
parties in any way will settle the dispute. Each party will appoint one
arbitrator and the two will select a third. If the two arbitrators cannot agree
on the choice of a third within (30) thirty days following their appointment,
each arbitrator shall nominate three candidates within (10) ten days thereafter,
two of whom the other shall decline, and the decision shall be made by drawing
lots.
The Ceding Company and the Reinsurer shall bear the expense of its own
arbitrator and shall jointly bear with the other the expense of the third
arbitrator. In the absence of a decision to the contrary by the arbitration
panel, the Ceding Company and the Reinsurer shall jointly share in all other
costs of the arbitration.
The arbitration proceedings will be conducted according to the Commercial
Arbitration Rules of XXXXX-US, which are in effect at the time the arbitration
begins.
The arbitration will take place in Hartford, Connecticut unless the parties
mutually agree otherwise.
Within (60) sixty days after the beginning of the arbitration proceedings the
arbitrators will issue a written decision on the dispute and a statement of any
award to be paid as a result. The
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decision will be based on the terms and conditions of this Agreement as well as
the usual customs and practices of the insurance and reinsurance industry,
rather than on strict interpretation of the law. The decision will be final and
binding on both the Ceding Company and the Reinsurer and there will be no
further appeal.
The parties may mutually agree to extend any of the negotiation or arbitration
periods shown in this Article.
Unless otherwise decided by the arbitrators, the parties will share in their
proportion of all expenses resulting from the arbitration, including the fees
and expenses for the arbitrators, except that each party will be responsible for
its own attorneys' fees.
ARTICLE XX
TERMINATION
A. The Ceding Company and the Reinsurer may terminate this Agreement as it
applies to the new business of each by giving (90) ninety days' written notice
of termination. The day the notice is deposited in the mail addressed to the
Home Office, or to an Officer of each party, will be the first day of the (90)
ninety-day period. In addition, this Agreement may be terminated immediately for
the acceptance of new reinsurance by either party if one of the parties becomes
insolvent as described in Article XVII.
B. During the (90) ninety-day period, this Agreement will continue to be in
force between the terminating parties.
C. After termination, the terminating parties shall remain liable under the
terms of this Agreement for all Automatic and Facultative Reinsurance that
becomes effective prior to termination of this Agreement. After termination, the
Reinsurer shall be liable for all Automatic and Facultative Reinsurance that has
an application date on or before the effective date of the termination.
ARTICLE XXI
GENERAL PROVISIONS
A. Entire Contract
This Agreement with any attached Schedules and Exhibits shall constitute the
entire contract between the parties with respect to the business being reinsured
hereunder and there are no understandings between the parties other than as
expressed herein.
B. Modifications
Any modification or change to the provisions of this Agreement shall be null and
void unless set forth in a written amendment to the Agreement which is signed by
all parties to the amendment.
C. Severability
In the event that any provision or term of this Agreement shall be held by any
court,
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arbitrator, or administrative agency to be invalid, illegal or unenforceable,
all of the other terms and provisions shall remain in full force and effect to
the extent that their continuance is practicable and consistent with the
original intent of the parties. In addition, if any provision or term is held
invalid, illegal or unenforceable, the parties will attempt in good faith to
renegotiate the Agreement to carry out the original intent of the parties.
D. Survival
All provisions of this Agreement shall survive its termination to the extent
necessary to carry out the purposes of this Agreement or to ascertain and
enforce the parties' rights or obligations hereunder existing at the time of
termination.
E. Non-Waiver
No waiver by either party of any violation or default by the other party in the
performance of any promise, term or condition of this Agreement shall be
construed to be a waiver by such party of any other or subsequent default in
performance of the same or any other promise, term or condition of this
Agreement. No prior transactions or dealings between the parties shall be deemed
to establish any custom or usage waiving or modifying any provision hereof. The
failure of either party to enforce any part of this Agreement shall not
constitute a waiver by such party of its right to do so, nor shall it be deemed
to be an act of ratification or consent.
F. Governing Law
This Agreement shall be governed by the laws of the state of Connecticut.
G. Assignment
Neither party may assign any of its rights, duties or obligations under this
Agreement without the prior written consent of the other party.
H. Counterparts
This Agreement may be executed in one or more counterparts, each of which shall
constitute an original.
I. Force Majeure
Neither party shall be liable for any delay or non-performance of any covenant
contained herein nor shall any such delay or non-performance constitute a
default hereunder, or give rise to any liability for damages if such delay or
non-performance is caused by an event of "force majeure." As used herein, the
term "Force Majeure," means an event, explosion, action of the elements, strike
or other labor relations problem, restriction or restraint imposed by law, rule
or regulation of any public authority, whether federal, state or local, and
whether civil or military, act of any military authority, interruption of
transportation facilities or any other cause which is beyond the reasonable
control of such party and which by the exercise of reasonable diligence such
party is unable to prevent. The existence of any event of Force Majeure shall
extend the term of
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performance on the part of such party to complete performance in the exercise of
reasonable diligence after the event of Force Majeure has been removed.
J. No Limitation on Disclosure of Tax Treatment
Notwithstanding anything herein to the contrary, except as reasonably necessary
to comply with applicable securities laws, each party to this Agreement (and
each employee, representative, or other agent of such party) may consult any tax
advisor regarding the U.S. federal income tax treatment or tax structure of the
transaction (the "Tax Transaction"), and disclose to any and all persons,
without limitation of any kind, the Tax Treatment and all materials of any kind
(including opinions or other tax analyses) that are provided to such party
relating to the Tax Treatment. The permission to disclose the Tax Treatment is
limited to any facts relevant to the U.S. federal income Tax Treatment and does
not include information relating to the identity of the parties.
ARTICLE XXII
CONFIDENTIALITY
As used herein, "Confidential Information" means all of the confidential,
proprietary, or trade secret information, including, but not limited to, all
information on the Ceding Company's customers and claimants and other
information the Ceding Company discloses to the Reinsurer or the Reinsurer
discloses to the Ceding Company. The term "Confidential Information" does not
include any information which (i) at the time of disclosure or thereafter is
generally available to and known by the public other than by way of a wrongful
disclosure by a party or its Representatives; (ii) was available on a
non-confidential basis from a source other than the parties hereto or their
Representatives, provided that such source is not and was not bound by a
confidentiality agreement with a party hereto; or (iii) was independently
developed without violating any obligations under this Agreement and without the
use of any Confidential Information.
The Ceding Company and the Reinsurer shall maintain the confidentiality of the
other party's Confidential Information, shall use it only for purposes for which
it was disclosed and shall not disclose it to any other person except to
employees, agents, and other persons who need to know such Confidential
Information to carry out the purposes for which it was disclosed and who agree
to maintain the confidentiality of the information provided herein.
Notwithstanding the foregoing, it is understood and agreed that the parties will
not be prohibited from disclosing confidential information as might be necessary
for purposes of retrocession of the reinsured business, during the course of
external audits or as required or permitted by applicable law or court order.
ARTICLE XXIII
NOTICES AND COMMUNICATIONS
All notices and other communications hereunder shall be in writing and shall be
either (a) personally delivered, (b) delivered by messenger, (c) sent by a
nationally recognized overnight courier, (d) sent by fully completed and
confirmed facsimile transmission or (e) deposited in the mail, registered or
certified, with postage prepaid, return receipt requested, as follows:
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If to the Ceding Company: If to the Reinsurer:
Individual Life Director of Reinsurance VP of New Business Acquisition
Hartford Life Transamerica Reinsurance
000 Xxxxxxxxx Xxxxxx 000 Xxxxx Xxxxx Xxxxxx, Xxxxx 000
Xxxxxxxx, XX 00000 Xxxxxxxxx, XX 00000
Facsimile:(000) 000-0000 Facsimile:(000) 000-0000
Copy (which shall not constitute Copy (which shall not constitute
notice) to: notice) to:
Chief Actuary Chief Actuary
Hartford Life Transamerica Reinsurance
000 Xxxxxxxxx Xxxxxx 000 Xxxxx Xxxxx Xxxxxx, Xxxxx 000
Xxxxxxxx, XX 00000 Xxxxxxxxx, XX 00000
Facsimile:(000) 000-0000
General Counsel General Counsel
Hartford Life Transamerica Reinsurance
000 Xxxxxxxxx Xxxxxx 000 Xxxxx Xxxxx Xxxxxx, Xxxxx 000
Xxxxxxxx, XX 00000 Xxxxxxxxx, XX 00000
Facsimile:(000) 000-0000 Facsimile:(000) 000-0000
Or such other address or fax number as any party may request by notice given
under this section. The foregoing shall not preclude the effectiveness of actual
written notice given to a party at any address or by any means.
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ARTICLE XXIV
EFFECTIVE DATE
The provisions of this Agreement shall be effective with respect to policies
issued on or after November 1, 2002 for facultative business and December 1,
2002 for automatic business.
ARTICLE XXV
EXECUTION
TRANSAMERICA OCCIDENTAL LIFE INSURANCE COMPANY
By: /s/ [ILLEGIBLE] Attest: /s/ [ILLEGIBLE]
-------------------------------- --------------------------------
Title: Senior Vice President Title: Vice President
Date: 12/23/04 Date: 12/23/04
HARTFORD LIFE AND ANNUITY INSURANCE COMPANY
By: /s/ Xxxxxx X. Xxxxxxxx Attest: /s/ Xxxxxxx X. Xxxxxx
-------------------------------- --------------------------------
Xxxxxx X. Xxxxxxxx, FSA, XXXX Xxxxxxx X. Xxxxxx, FSA, MAAA
Assistant Vice President Vice President and Actuary
Individual Life Product
Management
Date: 12/20/2004 Date: 12/20/2004
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SCHEDULE A
PLANS COVERED UNDER THIS AGREEMENT
TYPE OF BUSINESS Individual life insurance issued by the Ceding
Company
UPSCALE PRODUCTS RIDERS
------------------------------------------------------------------------------------------------------
Stag Protector Variable Universal Life Other Covered Insured
Stag Variable Life Accumulator Term Rider (base or other insured)
Stag Universal Life ADB Benefit (not reinsured)
SPVL (Fully underwritten only) Deduction Amount Waiver Rider
ART (CW), 5 & 10 Year Term (NY) Waiver of Monthly Deduction
One Year Term Waiver of Specified Amount
Stag Whole Life Enhanced No Lapse Guarantee Rider
Estate Tax Repeal Benefit Rider
Level Compensation Endorsement
Children's Life Insurance Rider
Maturity Date Extension
Guaranteed COI Benefit Rider
Mortality and Expense Risk Rates Rider
MIDDLE AMERICA PRODUCTS RIDERS
------------------------------------------------------------------------------------------------------
LBSI UL Term Rider (base or other insured)
Life Solutions I UL Waiver of Premium Riders
Life Solutions II UL Waiver of Monthly Deduction Riders
20 Year Term Additional Purchase Option Rider
Disability Income Rider
WOODBURY PRODUCTS
------------------------------------------------------------------------------------------------------
Hartford Stag Wall Street Variable Universal Term Rider
Life
ADB {not reinsured)
Waiver of Monthly Deduction
Waiver of Specified Amount
Cost of Living Adjustment Rider
Child Rider
Accelerated Benefit Rider
Specify Monthly Deductions
Enhanced No Lapse Guarantee
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SCHEDULE A
PLANS COVERED UNDER THIS AGREEMENT
DESCRIPTIONS
RIDERS WHERE ADDITIONAL PREMIUM IS DUE TO THE REINSURER:
Other Covered Insured: Provides term coverage for insured other than base
insured.
Term Rider (base or other insured): Provides additional term coverage
Deduction Amount Waiver Rider: Waives monthly deduction amount if insured is
disabled
Waiver of Monthly Deduction: Waives monthly deduction amount if insured is
disabled
Waiver of Specified Amount: Waives specified amount if insured is disabled
Waiver of Premium Riders: Waives premium requirement if insured is disabled
Additional Purchase Option Rider: Provides additional term coverage
Cost of Living Adjustment Rider: This rider is available at issue only for
nonsubstandard issue ages 0 to 60. The rider allows for face amount increases
without underwriting biannually based on the Consumer Price Index with the
maximum amount of this increase being $50,000.
RIDERS THAT ALTER THE POLICY AND IN WHICH NO ADDITIONAL PREMIUM IS PAID TO THE
REINSURER. IF A POLICY HAS THIS RIDER IT IS STILL COVERED UNDER THE AGREEMENT:
Children's Life Insurance Rider: Provides additional term coverage for a child.
No separate reinsurance benefits are associated with this rider.
Enhanced No Lapse Guarantee Rider: This rider guarantees that the policy will
not lapse, regardless of investment performance, provided cumulative premiums
paid less indebtedness less withdrawals are greater than or equal to the
cumulative no lapse guarantee premiums. There is a life time option and a
limited term option. The limited term option is the lesser of 20 years or to
attained age 80 for issue ages 0 to 70 and the minimum of 10 years or to
attained age 90 for issue ages 71 to 85. Also, at the time when the no lapse
guarantee terminates or defaults, the policyholder may be eligible for an
additional amount of time they have this protection which is based on the then
current account value.
Estate Tax Repeal Benefit Rider: This rider will pay the account value less
indebtedness if the Federal Estate Tax Law is fully repealed by December 31,
2010 and we receive a request for this benefit amount from the insured.
Level Compensation Endorsement: Surrender charges are not assessed for a full
surrender during the first three policy years. There is no charge for this
rider.
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SCHEDULE A
PLANS COVERED UNDER THIS AGREEMENT
Maturity Date Extension Rider: When the policyholder reaches the maturity date
and has elected this rider, the death benefit is dropped to the account value,
no more monthly deductions are taken, interest is credited, no further premiums
are accepted, policy loans continue to accrue interest, and all other riders are
terminated.
Guaranteed COI Benefit Rider: This rider provides guaranteed cost of insurance
rates for the first 10 policy years. On each policy anniversary, we declare a
cost of insurance rate for a single policy year. This policy year is the policy
year 9 years from the then current policy anniversary. Thus the rider provides
that on any policy anniversary, cost of insurance rates over the next 10 years
will not exceed those provided by the rider. This rider is currently available
in only a few states and on variable life policy forms where the face amount is
at least thirty million dollars.
Accelerated Benefit Rider: With this rider, the policyholder can receive up to
100% of their death benefit discounted with interest if the life expectancy is
12 months or less.
Specify Monthly Deductions : This rider allows the policyholder to specify to
take monthly deductions out of a particular account in the policy.
Mortality and Expense Risk Rider: This rider guarantees that the mortality and
expense risk rate will be zero for years greater than and equal to 21.
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SCHEDULE B
BASIS OF REINSURANCE
REINSURANCE POOL SHARE: [Redacted]
LEAD REINSURER: [Redacted]
AUTOMATIC REINSURANCE
The Ceding Company will retain its available retention on each risk as
referenced in Exhibit II. The Reinsurance Pool Share of the remainder will be
ceded to the Reinsurer for reinsurance.
FACULTATIVE REINSURANCE
The Reinsurer will accept X% (as determined at issue) of the risk.
NET AMOUNT AT RISK DEFINITION: [Redacted]
MINIMUM FACULATIVE REINSURANCE CESSION: [Redacted]
FACULTATIVE OBLIGATORY:
The Reinsurer shall provide the following Facultative Obligatory capacity:
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SCHEDULE C:
FOREIGN NATIONAL PROGRAM
The Reinsurer and the Ceding Company agree that the Ceding Company's Foreign
National business will be reinsured under the terms of this Agreement except for
the following differences:
TYPE OF REINSURANCE
Individual life policies under this program will be on a first dollar quota
share basis
FOREIGN NATIONAL REINSURANCE POOL SHARE [Redacted]
CEDING COMPANY'S RETENTION [Redacted]
FOREIGN NATIONAL AUTOMATIC POOL BINDING LIMIT (EXCLUDES RETENTION)
For issue ages through 75 and Table D: [Redacted]
JUMBO LIMIT: [Redacted]
UNDERWRITING GUIDELINES [Redacted]
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SCHEDULE C: FOREIGN NATIONAL PROGRAM
[Redacted]
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SCHEDULE D
TABLE 2 TO STANDARD PROGRAM
Although the Reinsurer is not participating, the Reinsurer agrees that the
Ceding Company will be allowed to participate in a Table 2 to Standard Program
as outlined below.
ELIGIBILITY REQUIREMENTS
- Case's Minimum Face: [Redacted]
- Maximum Cession: [Redacted]
- Athletes, Entertainers, Aviation Maximum Cession: [Redacted]
- Issue Ages: 5-75
- The risk must be a true table 2 based on the Ceding Company's normal
underwriting guidelines.
- The case must meet the requirements for Automatic Reinsurance as
described in Article II, except that the Ceding Company will not be
required to retain its maximum limit of retention on amounts ceded to
the Program (see "Allocation" section below).
- Automatic Processing and Facultative Obligatory cases are not
eligible.
- No increasing face designs or riders (except mortgage market step up
options are acceptable.)
- No foreign nationals or foreign residents. Canadian or US residents
only.
- Riders on either the base insured or another insured are eligible.
- Flat extras equivalent to or less than a table 2 are eligible.
Equivalence determined as follows:
ISSUE AGES FLAT EXTRA PER THOUSAND X NUMBER OF YEARS APPLIED
REINSURANCE RATES [Redacted]
Same as rates charged by the Reinsurer for the standard class (male or female,
nicotine or non nicotine, as appropriate) under this Agreement.
ELIGIBLE PRODUCTS:
LBSI
Life Solutions I UL
Life Solutions XX XX
00 Year Term
Hartford Stag Wall Street Variable Universal Life
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EXHIBIT I
REINSURANCE PREMIUM CALCULATION
1. REINSURANCE PREMIUM
ANNUAL YRT REINSURANCE PREMIUM [Redacted]
2. PREMIUM TAX
Premium tax will not be reimbursed.
3. FLAT EXTRA ALLOWANCES
The flat extra premium paid to the Reinsurer will be the annual flat extra rate
which the Ceding Company charges the insured less the allowances below times the
Reinsured Net Amount at Risk.
DURATION OF FLAT EXTRA FIRST YEAR RENEWAL YEARS
--------------------------------------------------------------------------------
Less than 5 years [Redacted] [Redacted]
5 years or more
4. RIDERS
Term riders, cost of living riders, and other riders providing additional or
increasing coverage will use the same methods and YRT rates as the base plan.
Waiver of premium rates are attached and are per dollar of annualized amount.
Deduction amount waiver rates (also called "waiver of monthly deductions") are
attached, and the charge for this benefit is a rate times the monthly deduction
amount. Our retention on both types of waivers is proportional to our retention
on the death benefit. For both the Waiver of Premium and Waiver of Monthly
Deduction, the reinsurance premium will be net of the following allowances:
RENEWAL YEARS FIRST YEAR
[Redacted]
Single Life Excess Pool
Between HLAIC and Transamerica
Effective 11/01/2002 Fac / 12/01/2002 Auto
31
EXHIBIT II
SINGLE LIFE RETENTION, BINDING, AND TOTAL POOL ISSUE LIMITS
(APPLICABLE TO TOTAL POOL FOR SINGLE LIFE POOL BUSINESS -- NOT LS, CUSTOM TERM,
& STAG UL+)
EFFECTIVE NOVEMBER 1, 2002
RETENTION LIMIT [Redacted]
AUTOMATIC BINDING LIMIT (EXCLUDES RETENTION) [Redacted]
AUTOMATIC ISSUE LIMIT (INCLUDES RETENTION) [Redacted]
AUTOMATIC PROCESSING LIMIT (INCLUDES RETENTION) [Redacted]
FACULTATIVE OBLIGATORY AUTOMATIC BINDING LIMIT (EXCLUDES RETENTION) [Redacted]
FACULTATIVE OBLIGATORY AUTOMATIC ISSUE LIMIT (INCLUDES RETENTION) [Redacted]
JUMBO LIMIT [Redacted]
Single Life Excess Pool
Between HLAIC and Transamerica
Effective 11/01/2002 Fac / 12/01/2002 Auto
32
EXHIBIT III
Annual per 1000 Yearly Renewable Term reinsurance rates are attached.
These rates are used for both Automatic, Facultative Obligatory, and Facultative
policies.
PRODUCTS USING MULTI-CLASS RATE TABLES:
Stag Protector Variable Universal Life [Redacted]
Stag Accumulator Variable Universal Life [Redacted]
Stag Universal Life [Redacted]
Stag Whole Life [Redacted]
Hartford Stag Wall Street Variable Universal Life [Redacted]
PRODUCTS USING UNI-CLASS RATE TABLES:
LBSI UL [Redacted]
Life Solutions I UL [Redacted]
Life Solutions II UL [Redacted]
20 Year Term [Redacted]
ART (CW) [Redacted]
5 & 10 Year Term (NY) [Redacted]
SPVL [Redacted]
One Year Term [Redacted]
Single Life Excess Pool
Between HLAIC and Transamerica
Effective 11/01/2002 Fac / 12/01/2002 Auto
33
EXHIBIT III
SINGLE LIFE 2002 MULTICLASS ANNUAL YRT PAR 1000 REINSURANCE RATES
SL EXCESS 2002 - TRANS_RATES_FINAL XLS [Redacted]
1
MONTHLY PER 1000
WAIVER OF SPECIFIED AMOUNT
MALE FEMALE UNISEX
[Redacted]
2
AMENDMENT 1
EFFECTIVE DECEMBER 1, 2002 (AUTO)
EFFECTIVE NOVEMBER 1, 2002 (FAC)
TO THE
REINSURANCE AGREEMENT
EFFECTIVE DECEMBER 1, 2002 (AUTO)
EFFECTIVE NOVEMBER 1, 2002 (FAC)
BETWEEN
HARTFORD LIFE AND ANNUITY INSURANCE COMPANY
("CEDING COMPANY")
AND
TRANSAMERICA OCCIDENTAL LIFE INSURANCE COMPANY
("REINSURER")
RECITALS
WHEREAS, Xxxxxxxxx currently reinsures Ceding Company's plans or policies under
the Agreement; and
WHEREAS, Ceding Company and Reinsurer wish to amend or modify, Schedule A under
the Agreement.
NOW, THEREFORE for good and valuable considerations, receipt of which is hereby
acknowledged, Ceding Company and Reinsurer hereby agree as follows:
AMENDMENT
The parties hereby agree to amend or modify the Agreement, by amending Schedule
A to reflect the inclusion of the Foreign Travel Exclusion Rider as a plan to be
reinsured under the terms of this
Reinsurance Agreement.
The parties agree to remove Schedule A, in its entirety and replace it with the
attached Schedule A, effective November 1, 2002 for Facultative business and
December 1, 2002 for Automatic business.
The Underwriting Guidelines for the Foreign Travel Exclusion Rider are added as
Foreign Travel Exclusion Rider Exhibit IV.
The List of Countries and Jurisdictions for the Foreign Travel Exclusion Rider
are added as Foreign Travel Exclusion Rider Exhibit V.
Single Life 12/01/2002 -- Amendment 1
Between HLAIC and TOLIC
1
Except as herein amended, all other terms and conditions of this Agreement shall
remain unchanged.
In witness of the foregoing, Ceding Company and Reinsurer have, by their
respective officers, hereby executed this Amendment in duplicate on the dates
indicated below, with an effective date of November 1, 2002 for Facultative
business and December 1, 2002 for Automatic business.
TRANSAMERICA OCCIDENTAL LIFE INSURANCE COMPANY
By: /s/ Xxxxxxxx Xxxxxxxx Attest: /s/ Xxxxx Xxxxxxxxxx
-------------------------------- -------------------------------
Name: Xxxxxxxx Xxxxxxxx Name: Xxxxx Xxxxxxxxxx
Title: Second Vice President Title: Senior Vice President
Date: October 26, 2005 Date: October 26, 2005
HARTFORD LIFE AND ANNUITY INSURANCE COMPANY
By: /s/ Xxxxxx X. Xxxxxxxx Attest: /s/ Xxxxxxxx X. Xxxxxx
-------------------------------- -------------------------------
Name: Xxxxxx X. Xxxxxxxx Name: Xxxxxxxx X. Xxxxxx
Title: Assistant Vice President, Title: Assistant Vice President,
Individual Life Product Product Development
Development
Date: 10/31/2005 Date: 10/31/05
Single Life 12/01/2002 -- Amendment 1
Between HLAIC and TOLIC
2
SCHEDULE A
PLANS COVERED UNDER THIS AGREEMENT
TYPE OF BUSINESS INDIVIDUAL LIFE INSURANCE ISSUED BY THE CEDING COMPANY
--------------------------------------------------------------------------------------
UPSCALE PRODUCTS RIDERS
-----------------------------------------------------------------------------
Stag Protector Variable Universal Life Other Covered Insured
Stag Variable Life Accumulator Term Rider (base or other insured)
Stag Universal Life ADB Benefit (not reinsured)
SPVL (Fully underwritten only) Deduction Amount Waiver Rider
ART (CW), 5 & 10 Year Term (NY) Waiver of Monthly Deduction
One Year Term Waiver of Specified Amount
Stag Whole Life Enhanced No Lapse Guarantee Rider
Estate Tax Repeal Benefit Rider
Level Compensation Endorsement
Children's Life Insurance Rider
Maturity Date Extension
Guaranteed COI Benefit Rider
Mortality and Expense Risk Rates
Rider
Foreign Travel Exclusion Rider
MIDDLE AMERICA PRODUCTS RIDERS
-----------------------------------------------------------------------------
LBSI UL Term Rider (base or other insured)
Life Solutions I UL Waiver of Premium Riders
Life Solutions II UL Waiver of Monthly Deduction Riders
20 Year Term Additional Purchase Option Rider
Disability Income Rider
WOODBURY PRODUCTS
-----------------------------------------------------------------------------
Hartford Stag Wall Street Variable Term Rider
Universal Life ADB (not reinsured)
Waiver of Monthly Deduction
Waiver of Specified Amount
Cost of Living Adjustment Rider
Child Rider
Accelerated Benefit Rider
Specify Monthly Deductions
Enhanced No Lapse Guarantee
Single Life 12/01/2002 -- Amendment 1
Between HLAIC and TOLIC
3
SCHEDULE A
PLANS COVERED UNDER THIS AGREEMENT
DESCRIPTIONS
RIDERS WHERE ADDITIONAL PREMIUM IS DUE TO THE REINSURER:
Other Covered Insured: Provides term coverage for insured other than base
insured.
Term Rider (base or other insured): Provides additional term coverage
Deduction Amount Waiver Rider: Waives monthly deduction amount if insured is
disabled
Waiver of Monthly Deduction: Waives monthly deduction amount if insured is
disabled
Waiver of Specified Amount: Waives specified amount if insured is disabled
Waiver of Premium Riders: Waives premium requirement if insured is disabled
Additional Purchase Option Rider: Provides additional term coverage
Cost of Living Adjustment Rider: This rider is available at issue only for
nonsubstandard issue ages 0 to 60. The rider allows for face amount increases
without underwriting biannually based on the Consumer Price Index with the
maximum amount of this increase being $50,000.
RIDERS THAT ALTER THE POLICY AND IN WHICH NO ADDITIONAL PREMIUM IS PAID TO THE
REINSURER. IF A POLICY HAS THIS RIDER IT IS STILL COVERED UNDER THE AGREEMENT:
Children's Life Insurance Rider: Provides additional term coverage for a child.
No separate reinsurance benefits are associated with this rider.
Enhanced No Lapse Guarantee Rider: This rider guarantees that the policy will
not lapse, regardless of investment performance, provided cumulative premiums
paid less indebtedness less withdrawals are greater than or equal to the
cumulative no lapse guarantee premiums. There is a lifetime option and a limited
term option. The limited term option is the lesser of 20 years or to attained
age 80 for issue ages 0 to 70 and the minimum of 10 years or to attained age 90
for issue ages 71 to 85. Also, at the time when the no lapse guarantee
terminates or defaults, the policyholder may be eligible for an additional
amount of time they have this protection, which is based on the then current
account value. This rider is currently available on Stag Variable Life
Accumulator and Stag Protector Variable Universal Life.
Estate Tax Repeal Benefit Rider: This rider will pay the account value less
indebtedness if the Federal Estate Tax Law is fully repealed by December 31,
2010 and we receive a request for this benefit amount from the insured.
Level Compensation Endorsement: Surrender charges are not assessed for a full
surrender during the first three policy years. There is no charge for this
rider.
Single Life 12/01/2002 -- Amendment 1
Between HLAIC and TOLIC
4
SCHEDULE A
PLANS COVERED UNDER THIS AGREEMENT
Maturity Date Extension Rider: When the policyholder reaches the maturity date
and has elected this rider, the death benefit is dropped to the account value,
no more monthly deductions are taken, interest is credited, no further premiums
are accepted, policy loans continue to accrue interest, and all other riders are
terminated.
Guaranteed COI Benefit Rider: This rider provides guaranteed cost of insurance
rates for the first 10 policy years. On each policy anniversary, we declare a
cost of insurance rate for a single policy year. This policy year is the policy
year 9 years from the then current policy anniversary. Thus the rider provides
that on any policy anniversary, cost of insurance rates over the next 10 years
will not exceed those provided by the rider. This rider is currently available
in only a few states and on variable life policy forms where the face amount is
at least thirty million dollars.
Accelerated Benefit Rider: With this rider, the policyholder can receive up to
100% of their death benefit discounted with interest if the life expectancy is
12 months or less.
Specify Monthly Deductions: This rider allows the policyholder to specify to
take monthly deductions out of a particular account in the policy.
Mortality and Expense Risk Rider: This rider guarantees that the mortality and
expense risk rate will be zero for years greater than and equal to 21.
Foreign Travel Exclusion Rider: The rider is written such that if the insured
dies while traveling to, from, or in a country NOT listed on the List of
Countries and Jurisdictions (Foreign Travel Exclusion Rider Exhibit II), or dies
as a direct or indirect result of an illness or injury sustained during such
travel, the death benefit proceeds will be limited to the policy's account
value, less any outstanding indebtedness.
Single Life 12/01/2002 -- Amendment 1
Between HLAIC and TOLIC
5
FOREIGN TRAVEL EXCLUSION RIDER EXHIBIT IV
UNDERWRITING GUIDELINES
[Redacted]
Single Life 12/01/2002 -- Amendment 1
Between HLAIC and TOLIC
6
FOREIGN TRAVEL EXCLUSION RIDER EXHIBIT V
LIST OF COUNTRIES AND JURISDICTIONS
[Redacted]
Single Life 12/01/2002 -- Amendment 1
Between HLAIC and TOLIC
7
AMENDMENT 2
EFFECTIVE DECEMBER 1, 2003
TO THE
REINSURANCE AGREEMENT
EFFECTIVE DECEMBER 1, 2002 (AUTO)
EFFECTIVE NOVEMBER 1, 2002 (FAC)
BETWEEN
HARTFORD LIFE AND ANNUITY INSURANCE COMPANY
("CEDING COMPANY")
AND
TRANSAMERICA OCCIDENTAL LIFE INSURANCE COMPANY
("REINSURER")
RECITALS
WHEREAS, the Reinsurer currently reinsures the Ceding Company's plans or
policies under the Agreement; and
WHEREAS, the Ceding Company and the Reinsurer wish to amend or modify Schedule A
under the Agreement.
NOW, THEREFORE for good and valuable considerations, receipt of which is hereby
acknowledged, the Ceding Company and the Reinsurer hereby agree as follows:
AMENDMENT
The parties hereby agree to amend or modify the Agreement, by amending Schedule
A to reflect the inclusion of Stag Variable Life Accumulator II, Stag Protector
Variable Universal Life II and the Policy Continuation Rider as plans to be
reinsured under the terms of this
Reinsurance Agreement.
The parties agree to remove Schedule A, in its entirety and replace it with the
attached Schedule A, effective December 1, 2003.
Except as herein amended, all other terms and conditions of this Agreement shall
remain unchanged.
Single Life 12/01/2002 -- Amendment 2
Between HLAIC and TOLIC
1
In witness of the foregoing, the Ceding Company and the Reinsurer have, by their
respective officers, hereby executed this Amendment in duplicate on the dates
indicated below, with an effective date of December 1, 2003.
TRANSAMERICA OCCIDENTAL LIFE INSURANCE COMPANY
Name: Xxxxx Xxxxxx Name: Xxxxx Xxxxxxxxxx
By: /s/ Xxxxx Xxxxxx Attest: /s/ Xxxxx Xxxxxxxxxx
-------------------------------- -------------------------------
Title: Vice President Title: Senior Vice President
Date: September 29, 2005 Date: September 29, 2005
HARTFORD LIFE AND ANNUITY INSURANCE COMPANY
By: /s/ Xxxxxx X. Xxxxxxxx Attest: /s/ Xxxx Xxxxxx
-------------------------------- -------------------------------
Name: Xxxxxx X. Xxxxxxxx Name: Xxxx Xxxxxx
Title: Assistant Vice President, Title: Vice President, ILD Product
Individual Life Product Development
Development
Date: 10/7/2005 Date: 10/7/2005
Single Life 12/01/2002 -- Amendment 2
Between HLAIC and TOLIC
2
SCHEDULE A
PLANS COVERED UNDER THIS AGREEMENT
EFFECTIVE DECEMBER 1, 2003
TYPE OF BUSINESS INDIVIDUAL LIFE INSURANCE ISSUED BY THE CEDING COMPANY
----------------------------------------------------------------------------------------------------------------
UPSCALE PRODUCTS RIDERS
Stag Protector Variable Universal Life Other Covered Insured
Stag Variable Life Accumulator Term Rider (base or other insured)
Stag Universal Life ADB Benefit (not reinsured)
SPVL (Fully underwritten only) Deduction Amount Waiver Rider
ART (CW), 5 & 10 Year Term (NY) Waiver of Monthly Deduction
One Year Term Waiver of Specified Amount
Stag Whole Life Enhanced No Lapse Guarantee Rider
Stag Protector Variable Universal Life II Estate Tax Repeal Benefit Rider
Stag Variable Life Accumulator II Level Compensation Endorsement
Children's Life Insurance Rider
Maturity Date Extension
Guaranteed COI Benefit Rider
Mortality and Expense Risk Rates Rider
Foreign Travel Exclusion Rider
Policy Continuation Rider
MIDDLE AMERICA PRODUCTS RIDERS
LBSI UL Term Rider (base or other insured)
Life Solutions I UL Waiver of Premium Riders
Life Solutions II UL Waiver of Monthly Deduction Riders
20 Year Term Additional Purchase Option Rider
Disability Income Rider
WOODBURY PRODUCTS
Hartford Stag Wall Street Variable Universal Life Term Rider
ADB (not reinsured)
Waiver of Monthly Deduction
Waiver of Specified Amount
Cost of Living Adjustment Rider
Child Rider
Accelerated Benefit Rider
Specify Monthly Deductions
Enhanced No Lapse Guarantee
Single Life 12/01/2002 -- Amendment 2
Between HLAIC and TOLIC
3
SCHEDULE A
PLANS COVERED UNDER THIS AGREEMENT
DESCRIPTIONS
RIDERS WHERE ADDITIONAL PREMIUM IS DUE TO THE REINSURER:
Other Covered Insured: Provides term coverage for insured other than base
insured.
Term Rider (base or other insured): Provides additional term coverage
Deduction Amount Waiver Rider: Waives monthly deduction amount if insured is
disabled
Waiver of Monthly Deduction: Waives monthly deduction amount if insured is
disabled
Waiver of Specified Amount: Waives specified amount if insured is disabled
Waiver of Premium Riders: Waives premium requirement if insured is disabled
Additional Purchase Option Rider: Provides additional term coverage
Cost of Living Adjustment Rider: This rider is available at issue only for
nonsubstandard issue ages 0 to 60. The rider allows for face amount increases
without underwriting biannually based on the Consumer Price Index with the
maximum amount of this increase being $50,000.
RIDERS THAT ALTER THE POLICY AND IN WHICH NO ADDITIONAL PREMIUM IS PAID TO THE
REINSURER. IF A POLICY HAS THIS RIDER IT IS STILL COVERED UNDER THE AGREEMENT:
Children's Life Insurance Rider: Provides additional term coverage for a child.
No separate reinsurance benefits are associated with this rider.
Enhanced No Lapse Guarantee Rider: This rider guarantees that the policy will
not lapse, regardless of investment performance, provided cumulative premiums
paid less indebtedness less withdrawals are greater than or equal to the
cumulative no lapse guarantee premiums. There is a lifetime option and a limited
term option. The limited term option is the lesser of 20 years or to attained
age 80 for issue ages 0 to 70 and the minimum of 10 years or to attained age 90
for issue ages 71 to 85. Also, at the time when the no lapse guarantee
terminates or defaults, the policyholder may be eligible for an additional
amount of time they have this protection, which is based on the then current
account value. This rider is currently available on Stag Variable Life
Accumulator and Stag Protector Variable Universal Life.
Estate Tax Repeal Benefit Rider: This rider will pay the account value less
indebtedness if the Federal Estate Tax Law is fully repealed by December 31,
2010 and we receive a request for this benefit amount from the insured.
Level Compensation Endorsement: Surrender charges are not assessed for a full
surrender during the first three policy years. There is no charge for this
rider.
Single Life 12/01/2002 -- Amendment 2
Between HLAIC and TOLIC
4
SCHEDULE A
PLANS COVERED UNDER THIS AGREEMENT
EFFECTIVE DECEMBER 1, 2003
Maturity Date Extension Rider: When the policyholder reaches the maturity date
and has elected this rider, the death benefit is dropped to the account value,
no more monthly deductions are taken, interest is credited, no further premiums
are accepted, policy loans continue to accrue interest, and all other riders are
terminated.
Guaranteed COI Benefit Rider: This rider provides guaranteed cost of insurance
rates for the first 10 policy years. On each policy anniversary, we declare a
cost of insurance rate for a single policy year. This policy year is the policy
year 9 years from the then current policy anniversary. Thus the rider provides
that on any policy anniversary, cost of insurance rates over the next 10 years
will not exceed those provided by the rider. This rider is currently available
in only a few states and on variable life policy forms where the face amount is
at least thirty million dollars.
Accelerated Benefit Rider: With this rider, the policyholder can receive up to
100% of their death benefit discounted with interest if the life expectancy is
12 months or less.
Specify Monthly Deductions: This rider allows the policyholder to specify to
take monthly deductions out of a particular account in the policy.
Mortality and Expense Risk Rider: This rider guarantees that the mortality and
expense risk rate will be zero for years greater than and equal to 21.
Policy Continuation Rider: This rider is automatically added to the policy at
issue. This rider is intended to prevent the lapse of highly loaned policies.
Foreign Travel Exclusion Rider: The rider is written such that if the insured
dies while traveling to, from, or in a country NOT listed on the List of
Countries and Jurisdictions (Foreign Travel Exclusion Rider Exhibit II), or dies
as a direct or indirect result of an illness or injury sustained during such
travel, the death benefit proceeds will be limited to the policy's account
value, less any outstanding indebtedness.
Single Life 12/01/2002 -- Amendment 2
Between HLAIC and TOLIC
5
AMENDMENT 3
EFFECTIVE MARCH 1, 2004
TO THE
REINSURANCE AGREEMENT
EFFECTIVE DECEMBER 1, 2002 (AUTO)
EFFECTIVE NOVEMBER 1, 2002 (FAC)
BETWEEN
HARTFORD LIFE AND ANNUITY INSURANCE COMPANY
("CEDING COMPANY")
AND
TRANSAMERICA OCCIDENTAL LIFE INSURANCE COMPANY
("REINSURER")
RECITALS
WHEREAS, Xxxxxxxxx currently reinsures Ceding Company's plans or policies under
the Agreement; and
WHEREAS, Ceding Company and Reinsurer wish to amend or modify, Schedule C under
the Agreement.
NOW, THEREFORE for good and valuable considerations, receipt of which is hereby
acknowledged, Ceding Company and Reinsurer hereby agree as follows:
AMENDMENT
The parties hereby agree to amend or modify the Agreement, by amending Schedule
C to reflect the change in the Foreign National Reinsurance Pool Share from
for policies issued on or after the effective date of this
amendment.
The parties agree to remove Schedule C, in its entirety and replace it with the
attached Schedule C, effective March 1, 2004.
Except as herein amended, all other terms and conditions of this Agreement shall
remain unchanged.
Single Life 12/01/2002 -- Amendment 3
Between HLAIC and TOLIC
1
In witness of the foregoing, Ceding Company and Reinsurer have, by their
respective officers, hereby executed this Amendment in duplicate on the dates
indicated below, with an effective date of March 1, 2004.
TRANSAMERICA OCCIDENTAL LIFE INSURANCE COMPANY
Name: Xxxxx Xxxxxxxxxx Name: Xxxxx Xxxxxx
By: /s/ Xxxxx Xxxxxxxxxx Attest: /s/ Xxxxx Xxxxxx
------------------------------ ------------------------------
Title: Senior Vice President Title: Vice President
Date: September 30, 2005 Date: September 30, 2005
HARTFORD LIFE AND ANNUITY INSURANCE COMPANY
By: /s/ Xxxxxx X. Xxxxxxxx Attest: /s/ Xxxx Xxxxxx
------------------------------ ------------------------------
Name: Xxxxxx X. Xxxxxxxx Name: Xxxx Xxxxxx
Title: Assistant Vice President, IL Title: Vice President, ILD Prod. Dev.
Prod Dev
Date: 10/7/2005 Date: 10/7/2005
Single Life 12/01/2002 -- Amendment 3
Between HLAIC and TOLIC
2
SCHEDULE C
FOREIGN NATIONAL PROGRAM
EFFECTIVE MARCH 1, 2004
The Reinsurer and the Ceding Company agree that the Ceding Company's Foreign
National business will be reinsured under the terms of this Agreement except for
the following differences:
TYPE OF REINSURANCE
Individual life policies under this program will be on a first dollar quota
share basis
FOREIGN NATIONAL REINSURANCE POOL SHARE [Redacted]
CEDING COMPANY'S RETENTION [Redacted]
FOREIGN NATIONAL AUTOMATIC POOL BINDING LIMIT (EXCLUDES RETENTION)
For issue ages through 75 and Table D: [Redacted]
JUMBO LIMIT: [Redacted]
UNDERWRITING GUIDELINES [Redacted]
Single Life 12/01/2002 -- Amendment 3
Between HLAIC and TOLIC
3
SCHEDULE C
FOREIGN NATIONAL PROGRAM
EFFECTIVE MARCH 1, 2004
Single Life 12/01/2002 -- Amendment 3
Between HLAIC and TOLIC
4
AMENDMENT 4
EFFECTIVE MARCH 1, 2004
TO THE
REINSURANCE AGREEMENT
EFFECTIVE DECEMBER 1, 2002 (AUTO)
EFFECTIVE NOVEMBER 1, 2002 (FAC)
BETWEEN
HARTFORD LIFE AND ANNUITY INSURANCE COMPANY
("CEDING COMPANY")
AND
TRANSAMERICA OCCIDENTAL LIFE INSURANCE COMPANY
("REINSURER")
RECITALS
WHEREAS, the Reinsurer currently reinsures the Ceding Company's plans or
policies under the Agreement; and
WHEREAS, the Ceding Company and the Reinsurer wish to amend or modify Exhibit II
under the Agreement.
NOW, THEREFORE for good and valuable considerations, receipt of which is hereby
acknowledged, the Ceding Company and the Reinsurer hereby agree as follows:
AMENDMENT
The parties hereby agree to amend or modify the Agreement, by amending Exhibit
II to reflect the change in the Automatic Binding Limit from [Redacted] and the
change in the Automatic Issue Limit from [Redacted] for policies issued on or
after the effective date.
The parties agree to remove Exhibit II, in its entirety and replace it with the
attached Exhibit II, effective March 1, 2004.
Except as herein amended, all other terms and conditions of this Agreement shall
remain unchanged.
Single Life 12/01/2002 -- Amendment 4
Between HLAIC and TOLIC
1
In witness of the foregoing, the Ceding Company and the Reinsurer have, by their
respective officers, hereby executed this Amendment in duplicate on the dates
indicated below, with an effective date of March 1, 2004.
TRANSAMERICA OCCIDENTAL LIFE INSURANCE COMPANY
Name: Xxxxx Xxxxxx Name: Xxxxx Xxxxxxxxxx
By: /s/ Xxxxx Xxxxxx Attest: /s/ Xxxxx Xxxxxxxxxx
-------------------------------- -------------------------------
Title: Vice President Title: Senior Vice President
Date: September 29, 2005 Date: September 29, 2005
HARTFORD LIFE AND ANNUITY INSURANCE COMPANY
By: /s/ Xxxxxx X. Xxxxxxxx Attest: /s/ Xxxx Xxxxxx
-------------------------------- -------------------------------
Name: Xxxxxx X. Xxxxxxxx Name: Xxxx Xxxxxx
Title: Assistant Vice President, Title: Vice President, Individual Life
Individual Life Product Product Development
Development
Date: 10/7/2005 Date: 10/7/2005
Single Life 12/01/2002 -- Amendment 4
Between HLAIC and TOLIC
2
EXHIBIT II
SINGLE LIFE RETENTION, BINDING, AND TOTAL POOL ISSUE LIMITS
(APPLICABLE TO TOTAL POOL FOR SINGLE LIFE POOL BUSINESS -- NOT LS, CUSTOM TERM,
& STAG UL+)
EFFECTIVE MARCH 1, 2004
RETENTION LIMIT [Redacted]
AUTOMATIC BINDING LIMIT (EXCLUDES RETENTION) [Redacted]
AUTOMATIC ISSUE LIMIT (INCLUDES RETENTION) [Redacted]
AUTOMATIC PROCESSING LIMIT (INCLUDES RETENTION) [Redacted]
FACULTATIVE OBLIGATORY AUTOMATIC BINDING LIMIT (EXCLUDES RETENTION) [Redacted]
FACULTATIVE OBLIGATORY AUTOMATIC ISSUE LIMIT (INCLUDES RETENTION) [Redacted]
JUMBO LIMIT [Redacted]
Single Life 12/01/2002 -- Amendment 4
Between HLAIC and TOLIC
3
AMENDMENT 5
EFFECTIVE JULY 21, 2003
TO THE
REINSURANCE AGREEMENT
EFFECTIVE DECEMBER 1, 2002 (AUTO)
EFFECTIVE NOVEMBER 1, 2002 (FAC)
BETWEEN
HARTFORD LIFE AND ANNUITY INSURANCE COMPANY
("CEDING COMPANY")
AND
TRANSAMERICA OCCIDENTAL LIFE INSURANCE COMPANY
("REINSURER")
RECITALS
WHEREAS, the Reinsurer currently reinsures the Ceding Company's plans or
policies under the Agreement; and
WHEREAS, the Ceding Company and the Reinsurer wish to amend or modify Article
II, Section A, Part 3 under the Agreement.
NOW, THEREFORE for good and valuable considerations, receipt of which is hereby
acknowledged, the Ceding Company and the Reinsurer hereby agree as follows:
AMENDMENT
The parties hereby agree to amend or modify the Agreement, by amending Article
II, Section A, Part 3 to reflect the change in the requirements for automatic
reinsurance, for policies issued on or after the effective date.
The parties agree to remove Article II, Section A, Part 3 in its entirety and
replace it with the attached Article II, Section A, Part 3 effective July 21,
2003.
Except as herein amended, all other terms and conditions of this Agreement shall
remain unchanged.
Single Life 12/01/2002 -- Amendment 5
Between HLAIC and TOLIC
1
In witness of the foregoing, the Ceding Company and the Reinsurer have, by their
respective officers, hereby executed this Amendment in duplicate on the dates
indicated below, with an effective date of July 21, 2003.
TRANSAMERICA OCCIDENTAL LIFE INSURANCE COMPANY
Name: Xxxxx Xxxxxx Name: Xxxxx Xxxxxxxxxx
By: /s/ Xxxxx Xxxxxx Attest: /s/ Xxxxx Xxxxxxxxxx
-------------------------------- -------------------------------
Title: Vice President Title: Senior Vice President
Date: September 29, 2005 Date: September 29, 2005
HARTFORD LIFE AND ANNUITY INSURANCE COMPANY
By: /s/ Xxxxxx X. Xxxxxxxx Attest: /s/ Xxxx Xxxxxx
-------------------------------- -------------------------------
Name: Xxxxxx X. Xxxxxxxx Name: Xxxx Xxxxxx
Title: Assistant Vice President, Title: Vice President, ILD Product
Individual Life Product Development
Development
Date: 10/7/2005 Date: 10/7/2005
Single Life 12/01/2002 -- Amendment 5
Between HLAIC and TOLIC
2
ARTICLE II
REINSURANCE COVERAGE
Reinsurance under this Agreement will apply to insurance issued by the Ceding
Company on the Plans of Insurance shown in Schedule A. Such Plans of Insurance
shall be reinsured with the Reinsurer on an automatic basis, subject to the
requirements set forth in Section A below, or on a facultative basis, subject to
the requirements set forth in Section B below, or on a facultative obligatory
basis, subject to the requirements set forth in Section C below. The
specifications for all reinsurance under this Agreement are provided in Schedule
B.
A Requirements for Automatic Reinsurance
For risks which meet the requirements for Automatic Reinsurance as set forth
below, the Reinsurer will participate in a reinsurance pool whereby the
Reinsurer will automatically reinsure a portion of the insurance risks as
indicated in Schedule B. The requirements for Automatic Reinsurance are as
follows:
1. The individual risk must be a resident of the United States or
Canada at the time of application with the exception of the Foreign
National Program as specified in Schedule C.
2. The individual risk must be underwritten according to the Ceding
Company's standard underwriting practices and guidelines. Any risk
falling into the category of special underwriting programs will be
excluded from this Agreement unless previously agreed to by the
Reinsurer via a written amendment. Any proposed changes to the
Ceding Company's standard underwriting practices or guidelines shall
be submitted to the Reinsurer for written approval prior to
implementation that impact business reinsured under this Agreement
(i.e. underwriting manuals, age and amount underwriting cards, and
special underwriting programs).
3. Any new policy on the life of an insured who was previously
submitted to the Reinsurer on a facultative basis will qualify for
Automatic Reinsurance if at least 3 years have elapsed since the
previous policy was submitted on a facultative basis by the Ceding
Company to the Reinsurer or any other current pool reinsurer under
this Agreement, unless the original reason for submitting
facultatively no longer applies (for example, with Jumbo policies,
then the three (3) year rule will not be enforced).
4. The maximum issue age will be 90.
Single Life 12/01/2002 -- Amendment 5
Between HLAIC and TOLIC
3
B Requirements for Facultative Reinsurance
1. If the requirements for Automatic Reinsurance are met, but the
Ceding Company prefers to apply for Facultative Reinsurance with the
Reinsurer, or if the requirements for Automatic Reinsurance are not
met and the Ceding Company applies for Facultative Reinsurance with
the Reinsurer, then the Ceding Company must submit to the Reinsurer
all the papers, facsimiles, or sufficient evidence agreed upon
between the Ceding Company and the Reinsurer relating to the
insurability of the individual life for Facultative Reinsurance.
2. For applications for Facultative Reinsurance, the Ceding Company
will send copies of all of the papers or facsimiles relating to the
insurability of the individual risk to the Reinsurer. After the
Reinsurer has examined the request, the Reinsurer will promptly
notify the Ceding Company of the underwriting offer subject to
additional requirements or the final underwriting offer. The final
underwriting offer on the individual risk will automatically
terminate upon the earlier of the withdrawal of the application or
(90) ninety days from the date of the final offer, unless coverage
is accepted or put in place earlier. This (90) day limitation will
be indicated by the Reinsurer on the final reinsurance offer.
3. Notwithstanding the above, if the requirements for Automatic
Reinsurance are met except that the face amount of reinsurance
applied for is greater than the Automatic Issue Limit, but does not
exceed the Automatic Processing Limit, then the Ceding Company will
submit to the Lead Reinsurer (as designated in Schedule B) all
papers relating to the insurability of the individual risk. The Lead
Reinsurer shall review the papers to determine if the risk should be
reinsured by the pool, and, if so, on what basis. The Lead Reinsurer
shall provide the Ceding Company with a response within 24 hours of
receipt of the papers. Approval of the Lead Reinsurer shall be
binding on all other pool members. This process shall be known as
Automatic Processing and subject to the limitations in Exhibit II.
C Requirements for Facultative Obligatory Reinsurance
The Reinsurer agrees to a facultative obligatory arrangement whereby the Ceding
Company may cede a risk to the Reinsurer and the Reinsurer agrees to accept the
risk using the Ceding Company's underwriting evaluation, subject to the
following conditions:
1. The requirements for Automatic Reinsurance specified in Article II
must be met with one exception. This exception is that the total
amount of insurance issued and applied for in all companies on each
risk has exceeded the Jumbo Limits set forth in Exhibit II.
2. The arrangement is available on all policy forms covered under this
Reinsurance Agreement.
3. The ceded risk is subject to the Facultative Obligatory Automatic
Binding Limits and the Facultative Obligatory Automatic Issue
Limits, as stated in Exhibit II. However, to the extent that the
Reinsurer has already filled its available capacity
Single Life 12/01/2002 -- Amendment 5
Between HLAIC and TOLIC
4
on the risk, the Reinsurer may deny or reduce the requested capacity
by notifying the Ceding Company. In addition, the Reinsurer may
choose to provide Facultative Obligatory capacity greater than as
specified in Schedule B.
4. The Reinsurer will have a reasonable amount of time, but not to
exceed two (2) business days, to respond to the Ceding Company's
request for Facultative Obligatory risk.
D Basis of Reinsurance
Reinsurance under this Agreement will be on the basis as stated in Schedule B.
E Policy Forms
When requested, the Ceding Company will furnish the Reinsurer with a copy of
each policy, rider, rate book, and applicable sales or marketing material that
applies to the life insurance reinsured hereunder.
Single Life 12/01/2002 -- Amendment 5
Between HLAIC and TOLIC
5
AMENDMENT 6
EFFECTIVE JANUARY 18, 2005
TO THE
AUTOMATIC AND FACULTATIVE YEARLY RENEWABLE TERM REINSURANCE AGREEMENT
EFFECTIVE NOVEMBER 1, 2002 FOR FACULTATIVE BUSINESS
EFFECTIVE DECEMBER 1, 2002 FOR AUTOMATIC BUSINESS
BETWEEN
HARTFORD LIFE AND ANNUITY INSURANCE COMPANY
("CEDING COMPANY")
AND
TRANSAMERICA OCCIDENTAL LIFE INSURANCE COMPANY
("REINSURER")
RECITALS
WHEREAS, the Reinsurer currently reinsures the Ceding Company's plans or
policies under the Agreement; and
WHEREAS, the Ceding Company and the Reinsurer wish to amend or modify Schedule C
under the Agreement.
NOW, THEREFORE for good and valuable considerations, receipt of which is hereby
acknowledged, the Ceding Company and the Reinsurer hereby agree as follows:
AMENDMENT
The parties hereby agree to amend or modify the Agreement, by amending Schedule
C to reflect the change in the Ceding Company's retention in the Foreign
National Reinsurance Pool Share from [Redacted] for policies applied for on or
after the effective date of this amendment.
The parties agree to remove Schedule C, in its entirety and replace it with the
attached Schedule C, effective January 18, 2005.
Except as herein amended, all other terms and conditions of this Agreement shall
remain unchanged.
Single Life Excess Pool -- Amendment 6
Between HLAIC and TOLIC
Effective 11/01/2002 Fac 12/01/2002 Auto
1
In witness of the foregoing, the Ceding Company and the Reinsurer have, by their
respective officers, hereby executed this Amendment in duplicate on the dates
indicated below, with an effective date of January 18, 2005.
TRANSAMERICA OCCIDENTAL LIFE INSURANCE COMPANY
Name: Xxxxx Xxxxxxxxxx Name: Xxxxx Xxxxxx
By: /s/ Xxxxx Xxxxxxxxxx Attest: /s/ Xxxxx Xxxxxx
------------------------------ ------------------------------
Title: Senior Vice President Title: Vice President
Date: September 30, 2005 Date: September 30, 2005
HARTFORD LIFE AND ANNUITY INSURANCE COMPANY
By: /s/ Xxxxxx X. Xxxxxxxx Attest: /s/ Xxxx Xxxxxx
------------------------------ ------------------------------
Name: Xxxxxx X. Xxxxxxxx Name: Xxxx Xxxxxx
Title: Assistant Vice President, IL Title: Vice President, ILD Product
Product Development Development
Date: 10/7/2005 Date: 10/7/2005
Single Life Excess Pool -- Amendment 6
Between HLAIC and TOLIC
Effective 11/01/2002 Fac 12/01/2002 Auto
2
SCHEDULE C
FOREIGN NATIONAL PROGRAM
EFFECTIVE JANUARY 18, 2005
The Reinsurer and the Ceding Company agree that the Ceding Company's Foreign
National business will be reinsured under the terms of this Agreement except for
the following differences:
TYPE OF REINSURANCE
Individual life policies under this program will be on a first dollar quota
share basis
FOREIGN NATIONAL REINSURANCE POOL SHARE [Redacted]
CEDING COMPANY'S RETENTION [Redacted]
FOREIGN NATIONAL AUTOMATIC POOL BINDING LIMIT (EXCLUDES RETENTION)
For issue ages through 75 and Table D: [Redacted]
JUMBO LIMIT: [Redacted]
UNDERWRITING GUIDELINES [Redacted]
Single Life Excess Pool -- Amendment 6
Between HLAIC and TOLIC
Effective 11/01/2002 Fac 12/01/2002 Auto
3
SCHEDULE C
FOREIGN NATIONAL PROGRAM
EFFECTIVE JANUARY 18, 2005
[Redacted]
Single Life Excess Pool -- Amendment 6
Between HLAIC and TOLIC
Effective 11/01/2002 Fac 12/01/2002 Auto
4
AMENDMENT 7
EFFECTIVE MARCH 18, 2005
TO THE
AUTOMATIC AND FACULTATIVE YEARLY RENEWABLE TERM REINSURANCE AGREEMENT
EFFECTIVE NOVEMBER 1, 2002 FOR FACULTATIVE BUSINESS
EFFECTIVE DECEMBER 1, 2002 FOR AUTOMATIC BUSINESS
BETWEEN
HARTFORD LIFE AND ANNUITY INSURANCE COMPANY
("CEDING COMPANY")
AND
TRANSAMERICA OCCIDENTAL LIFE INSURANCE COMPANY
("REINSURER")
RECITALS
WHEREAS, the Reinsurer currently reinsures the Ceding Company's plans or
policies under the Agreement; and
WHEREAS, the Ceding Company and the Reinsurer wish to amend or modify Article
II, Article III, Article V, Article X, Article XIII, Article XXIII, Schedule B,
Exhibit I and Exhibit II under the Agreement, and add Exhibit IV, Underwriting
Guidelines, to the Agreement.
NOW, THEREFORE for good and valuable considerations, receipt of which is hereby
acknowledged, the Ceding Company and the Reinsurer hereby agree as follows:
AMENDMENT
The parties hereby agree to amend or modify the Agreement, by amending Article
II, Section A to reflect the change in the Underwriting Guidelines, and adding
Exhibit IV, Underwriting Guidelines, for policies applied for on and after the
effective date of this amendment.
The parties agree to remove Article II, Section A, in its entirety and replace
it with the following, effective March 18, 2005.
A. REQUIREMENTS FOR AUTOMATIC REINSURANCE
FOR RISKS WHICH MEET THE REQUIREMENTS FOR AUTOMATIC REINSURANCE AS SET FORTH
BELOW, THE REINSURER WILL PARTICIPATE IN A REINSURANCE POOL WHEREBY THE
REINSURER WILL AUTOMATICALLY REINSURE A PORTION OF THE INSURANCE RISKS AS
INDICATED IN SCHEDULE B. THE REQUIREMENTS FOR AUTOMATIC REINSURANCE ARE AS
FOLLOWS:
SL Excess Pool -- Amendment 7
Between HLAIC and TOLIC
Effective 03/18/05
3188-12 A7
1
1. THE INDIVIDUAL RISK MUST BE A RESIDENT OF THE UNITED STATES OR CANADA AT THE
TIME OF APPLICATION WITH THE EXCEPTION OF THE FOREIGN NATIONAL PROGRAM AS
SPECIFIED IN SCHEDULE C.
2. ALL AMOUNTS REINSURED MUST BE FULLY UNDERWRITTEN ACCORDING TO CEDING
COMPANY'S UNDERWRITING GUIDELINES. THE CEDING COMPANY'S UNDERWRITING GUIDELINES
CONSIST OF THE FOLLOWING DOCUMENTS WHICH ARE ATTACHED IN EXHIBIT IV AND MADE
PART OF THIS REINSURANCE AGREEMENT:
- UNDERWRITING GUIDELINES
- AGE AND AMOUNT REQUIREMENTS
- INTERNAL UNDERWRITING PHILOSOPHY
- EXCEPTION CRITERIA
ANY PROPOSED CHANGES TO THE UNDERWRITING GUIDELINES SHALL BE SUBMITTED TO
REINSURER FOR WRITTEN APPROVAL PRIOR TO IMPLEMENTATION. IF REINSURER DOES NOT
RESPOND WITHIN THIRTY (30) DAYS, IT SHALL BE PRESUMED THAT REINSURER IS
AGREEABLE TO SUCH MODIFICATION.
ANY RISK NOT UNDERWRITTEN ACCORDING TO THE UNDERWRITING GUIDELINES SHALL BE
EXCLUDED, UNLESS ANY OF THE FOLLOWING CONDITIONS (I), (II) OR (III) ARE
SATISFIED, WHERE:
(i) REINSURER HAS AGREED TO THE SPECIAL UNDERWRITING PROGRAM BY
WRITTEN AMENDMENT TO THE REINSURANCE AGREEMENT.
(ii) THE SPECIAL UNDERWRITING PROGRAM IS CURRENTLY PART OF THE EXISTING
TREATY BEING AMENDED HEREIN.
(iii) CEDING COMPANY HAS FOLLOWED ITS UNDERWRITING GUIDELINES AND HAS
REINSURED AT TERMS ACCORDING TO THESE GUIDELINES.
CEDING COMPANY WILL USE AS A BASE UNDERWRITING MANUAL THE SWISS RE EDITION 7
MANUAL. HOWEVER, CEDING COMPANY WILL USE THE ASCENT II MANUAL FOR ALL CANCERS,
KIDNEY TRANSPLANTS AND TYPE 1 AND TYPE 2 DIABETES.
3. ANY RISK OFFERED ON A FACULTATIVE BASIS OTHER THAN FOR SIZE BY THE CEDING
COMPANY TO THE REINSURER OR ANY OTHER COMPANY WILL NOT QUALIFY FOR AUTOMATIC
REINSURANCE UNDER THIS AGREEMENT FOR THE SAME RISK AND SAME LIFE.
4. THE MAXIMUM ISSUE AGE WILL BE 90.
SL Excess Pool -- Amendment 7
Between HLAIC and TOLIC
Effective 03/18/05
3188-12 A7
2
The parties hereby agree to amend or modify the Agreement, by amending Article
III to add Section H regarding underwriting offers that fall outside of the
Underwriting Guidelines, for policies applied for on and after the effective
date of this amendment.
The parties agree to add Section H to Article III, effective March 18, 2005.
H. IF THE CEDING COMPANY WOULD LIKE TO MAKE AN UNDERWRITING OFFER THAT IS
OUTSIDE OF THE UNDERWRITING GUIDELINES, THE CEDING COMPANY MAY: 1) PAY THE
REINSURER THE APPROPRIATE PREMIUM FOR THE RISK IN ACCORDANCE WITH THE
UNDERWRITING GUIDELINES; 2) REQUEST THE REINSURER'S MUTUAL AGREEMENT OF THE
UNDERWRITING OFFER PRIOR TO ISSUANCE OF THE OFFER AND DOCUMENT THE FILE
ACCORDINGLY; OR 3) RETAIN OF THE RISK.
The parties hereby agree to amend or modify the Agreement, by amending Article
V, Section B-6 to reflect the change in the Rate Guarantee language, for
policies applied for on and after the effective date of this amendment.
The parties agree to remove Article V, Section B-6, in its entirety and replace
it with the following, effective March 18, 2005.
6. GUARANTEED RATES
ALTHOUGH THE REINSURER ANTICIPATES CONTINUING TO ACCEPT REINSURANCE PREMIUMS AT
THE CURRENT LEVEL, THE REINSURER RESERVES THE RIGHT TO INCREASE THE YRT
REINSURANCE RATES, AS DEFINED IN EXHIBIT III, BUT ONLY WHEN THE CEDING COMPANY
INCREASES THE COST OF INSURANCE RATES OR POLICY CHARGES TO THE POLICY OWNER. IF
THE REINSURER INCREASES ITS PREMIUM RATES OVER AND ABOVE THE PROPORTIONATE
INCREASE BY THE CEDING COMPANY TO THE POLICYOWNERS'S COST OF INSURANCE RATES OR
POLICY CHARGES, THE CEDING COMPANY RESERVES THE RIGHT TO RECAPTURE AFFECTED
BUSINESS WITH NO RECAPTURE FEE. THE INCREASE TO THESE REINSURANCE PREMIUMS SHALL
BE NO GREATER THAN THE 1980 COMMISSIONER'S STANDARD ORDINARY SMOKER/NON-SMOKER
SEX DISTINCT TABLE.
THE CEDING COMPANY WILL PROVIDE THE REINSURER WITH THIRTY (30) DAYS' ADVANCE
WRITTEN NOTICE OF ANY INCREASES IN THE COST OF INSURANCE RATES OR POLICY
CHARGES.
THE REINSURER WILL PROVIDE THE CEDING COMPANY WITH THIRTY (30) DAYS' ADVANCE
WRITTEN NOTICE OF ANY RATE INCREASE.
SL Excess Pool -- Amendment 7
Between HLAIC and TOLIC
Effective 03/18/05
3188-12 A7
3
THE CEDING COMPANY AND THE REINSURER AGREE THAT THEY HAVE NEGOTIATED THE TERMS
OF THIS AGREEMENT ON THE ASSUMPTION THAT THE REINSURER WILL HOLD STATUTORY
RESERVES AS A RESULT OF THIS AGREEMENT AT THE RESERVE BASIS. IF ANY INSURANCE
REGULATORY AUTHORITY HAVING JURISDICTION OVER THE REINSURER REQUIRES THE
REINSURER TO ESTABLISH RESERVES FOR LIABILITIES ASSUMED UNDER THIS AGREEMENT IN
EXCESS OF THE RESERVE BASIS AS A RESULT OF THIS ARTICLE V, SECTION 6
("REQUIREMENT"); AND
1. SUCH ACTION RESULTS IN THE REINSURER BEING REQUIRED TO REPORT SUCH EXCESS
RESERVES IN THE STATUTORY STATEMENTS FILED WITH THE REINSURER'S STATE OF
DOMICILE; AND
2. THE REINSURER CAN DEMONSTRATE THE REQUIREMENT TO THE SATISFACTION OF THE
CEDING COMPANY;
THEN THE REINSURER SHALL PROVIDE PROMPT WRITTEN NOTICE OF THE REQUIREMENT TO THE
CEDING COMPANY UNDER THE PROVISIONS IN ARTICLE XXIII. THE REINSURER AGREES THAT
ADDITIONAL RESERVES THAT THE REINSURER HOLDS VOLUNTARILY OR THAT ARE DETERMINED
TO BE NECESSARY AS A RESULT OF ASSET ADEQUACY ANALYSIS SHALL NOT BE CONSIDERED
RESERVES IN EXCESS OF THE RESERVE BASIS.
THE CEDING COMPANY AND REINSURER AGREE THAT IF THE REINSURER PROVIDES WRITTEN
NOTICE OF THE REQUIREMENT TO THE CEDING COMPANY IN ACCORDANCE WITH THIS ARTICLE
V, EACH WILL NEGOTIATE, IN GOOD FAITH, MUTUALLY AGREEABLE REVISED TERMS UNDER
WHICH THE REINSURER COULD CONTINUE TO HOLD STATUTORY RESERVES WITH RESPECT TO
LIABILITIES ASSUMED BY THE REINSURER UNDER THIS AGREEMENT AT THE RESERVE BASIS
("REVISED TERMS").
The parties hereby agree to amend or modify the Agreement, by amending Article
X, Section C to reflect the change in the recapture language due to the Ceding
Company's increase in retention, for policies applied for on and after the
effective date of this amendment.
The parties agree to remove Article X, Section C, in its entirety and replace it
with the following, effective March 18, 2005.
C. IF THE CEDING COMPANY EXERCISES ITS OPTION TO RECAPTURE, THEN:
1. RECAPTURE SHALL APPLY ONLY TO THE EXCESS PORTION FOR ALL INDIVIDUAL LIFE
POLICY FORMS ELIGIBLE FOR RECAPTURE UNDER ALL TREATIES BETWEEN THE CEDING
COMPANY AND REINSURER. INDIVIDUAL LIFE SHALL BE THAT REPORTING SEGMENT, AS
DEFINED IN THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION FORM 10-K AND
FORM 10-Q FOR THE HARTFORD FINANCIAL SERVICES GROUP, INC., OR THAT REPORTING
SEGMENT'S SUCCESSOR.
2. THE CEDING COMPANY MUST REDUCE THE REINSURANCE ON EACH INDIVIDUAL LIFE ON
WHICH THE CEDING COMPANY RETAINED THE MAXIMUM RETENTION LIMIT FOR THE AGE AND
MORTALITY RATING THAT WAS IN EFFECT AT THE TIME THE REINSURANCE WAS CEDED TO THE
REINSURER.
3. NO RECAPTURE WILL BE MADE TO REINSURANCE ON AN INDIVIDUAL LIFE IF (A) THE
CEDING COMPANY RETAINED A SPECIAL RETENTION LIMIT LESS THAN THE MAXIMUM
RETENTION LIMIT
SL Excess Pool -- Amendment 7
Between HLAIC and TOLIC
Effective 03/18/05
3188-12 A7
4
FOR THE AGE AND MORTALITY RATING IN EFFECT AT THE TIME THE REINSURANCE WAS CEDED
TO THE REINSURER, OR IF (B) THE CEDING COMPANY DID NOT RETAIN INSURANCE ON THE
LIFE.
4. THE CEDING COMPANY MUST INCREASE ITS TOTAL AMOUNT OF INSURANCE ON THE
INDIVIDUAL LIFE UP TO THE NEW RETENTION LIMIT BY REDUCING THE REINSURANCE. IF AN
INDIVIDUAL LIFE IS SHARED BY MORE THAN ONE REINSURER, THE REINSURER'S PERCENTAGE
OF THE REDUCED REINSURANCE WILL BE THE SAME AS THE INITIAL PERCENTAGE OF
REINSURANCE ON THE INDIVIDUAL RISK.
5. THE REDUCTION IN REINSURANCE WILL BECOME EFFECTIVE ON THE NEXT ANNUAL
PREMIUM ANNIVERSARY AFTER THE INDIVIDUAL POLICY HAS BEEN INFORCE FOR AT LEAST
FIFTEEN (15) YEARS.
6. IF MORE THAN ONE POLICY PER LIFE IS ELIGIBLE FOR RECAPTURE, THEN THE
ELIGIBLE POLICIES MAY BE RECAPTURED BEGINNING WITH THE POLICY WITH THE EARLIEST
ISSUE DATE AND CONTINUING IN CHRONOLOGICAL ORDER ACCORDING TO THE REMAINING
POLICIES' ISSUE DATES.
The parties hereby agree to amend or modify the Agreement, by amending Article
XIII, Section C-4 to reflect the change in the resolution process for Delinquent
Reinsurance Proceeds, for policies applied for on and after the effective date
of this amendment.
The parties agree to remove Article XIII, Section C-4 in its entirety and
replace it with the following, effective March 18, 2005.
4. RESOLUTION PROCESS FOR DELINQUENT REINSURANCE PROCEEDS
REINSURANCE PROCEEDS DUE THE CEDING COMPANY THAT: (A) ARE SIXTY (60) DAYS PAST
DUE, FOR REASONS OTHER THAN THOSE DUE TO AN UNINTENTIONAL OVERSIGHT, AS DEFINED
IN ARTICLE VII; AND (B) HAVE NOT BEEN DISPUTED BY THE REINSURER SHALL BE
CONSIDERED DELINQUENT ("DELINQUENT REINSURANCE PROCEEDS").
WITHIN FIFTEEN (15) DAYS AFTER THE REINSURER OR THE CEDING COMPANY PROVIDES TO
THE OTHER PARTY WRITTEN NOTICE, IN ACCORDANCE WITH ARTICLE XXIII, OF ITS INTENT
TO ACTIVATE THE TERMS OF THIS ARTICLE TO RESOLVE AN ISSUE RELATED TO, DELINQUENT
REINSURANCE PROCEEDS EACH PARTY WILL APPOINT A DESIGNATED COMPANY OFFICER TO
ATTEMPT TO RESOLVE THE ISSUE. THE OFFICERS WILL MEET AT A MUTUALLY AGREEABLE
LOCATION OR CONFER BY TELEPHONE WITHIN FIFTEEN (15) DAYS OF THE APPOINTMENT, AND
AS OFTEN AS NECESSARY THEREAFTER, IN ORDER TO GATHER AND FURNISH THE OTHER WITH
ALL APPROPRIATE AND RELEVANT INFORMATION CONCERNING THE ISSUE. THE OFFICERS WILL
DISCUSS THE ISSUE AND WILL NEGOTIATE IN UTMOST GOOD FAITH. DURING THE
NEGOTIATION PROCESS, ALL REASONABLE REQUESTS MADE BY ONE OFFICER TO THE OTHER
FOR INFORMATION WILL BE HONORED.
WITHIN FIFTEEN (15) DAYS OF THE OFFICERS' FIRST MEETING OR PHONE CONFERENCE, THE
REINSURER SHALL ADVANCE PAYMENT OF THE DELINQUENT REINSURANCE PROCEEDS, AS LONG
AS THE CEDING COMPANY IS CURRENT IN ITS PAYMENT OF PREMIUM IN ACCORDANCE WITH
ARTICLE V. IF THE OFFICERS CANNOT RESOLVE THE ISSUE ON ANY PORTION OF THE
DELINQUENT REINSURANCE PROCEEDS WITHIN FIFTEEN (15) DAYS OF THEIR FIRST MEETING
OR PHONE CONFERENCE, THEN THE REINSURER SHALL FULLY RETAIN ALL RIGHT TO
SUBSEQUENTLY DISPUTE COVERAGE UNDER THIS AGREEMENT FOR SUCH PORTION OF THE
DELINQUENT REINSURANCE PROCEEDS.
SL Excess Pool -- Amendment 7
Between HLAIC and TOLIC
Effective 03/18/05
3188-12 A7
5
IF THE REINSURER DOES NOT ADVANCE PAYMENT OF THE DELINQUENT REINSURANCE PROCEEDS
AS INDICATED IN THE PARAGRAPH ABOVE, THE CEDING COMPANY SHALL OFFSET THE AMOUNT
OF THE DELINQUENT REINSURANCE PROCEEDS AGAINST ANY AMOUNT DUE THE REINSURER IN
ACCORDANCE WITH ARTICLE XVIII. IF THERE IS INSUFFICIENT BALANCE FROM WHICH TO
OFFSET THE DELINQUENT REINSURANCE PROCEEDS, UPON SIXTY (60) DAYS WRITTEN NOTICE,
IN ACCORDANCE WITH ARTICLE XXIII, TO THE REINSURER THAT IT INTENDS TO RECAPTURE
IN ACCORDANCE WITH THE TERMS OF THIS PROVISION, THE CEDING COMPANY MAY RECAPTURE
THE BUSINESS CEDED UNDER THIS AGREEMENT UNLESS THE REINSURER PAYS THE DELINQUENT
REINSURANCE PROCEEDS PRIOR TO THE DATE OF RECAPTURE.
The parties hereby agree to amend or modify the Agreement, by amending Article
XXIII to reflect the change in the notice to the Reinsurer's General Counsel
from "General Counsel" to "General Counsel, Reinsurance Division."
The parties hereby agree to amend or modify the Agreement, for policies applied
for on and after the effective date of this amendment, by amending Schedule B to
reflect the following:
The parties hereby agree to amend or modify the Agreement, by amending Exhibit I
to reflect the change in the Annual YRT reinsurance rates, for policies applied
for on and after the effective date of this amendment.
The parties hereby agree to amend or modify the Agreement, by amending Exhibit
II to reflect the requirement to notify the Reinsurer in writing of a policy
where the Jumbo amount exceeds [Redacted] for policies issued on and after the
effective date of this agreement.
The parties agree to remove Schedule B, Exhibit I and Exhibit II in their
entirety and replace them with the attached Schedule B, Exhibit I and Exhibit
II, effective March 18, 2005.
Except as herein amended, all other terms and conditions of this Agreement shall
remain unchanged.
SL Excess Pool -- Amendment 7
Between HLAIC and TOLIC
Effective 03/18/05
3188-12 A7
6
In witness of the foregoing, the Ceding Company and the Reinsurer have, by their
respective officers, hereby executed this Amendment in duplicate on the dates
indicated below, with an effective date of March 18, 2005.
TRANSAMERICA OCCIDENTAL LIFE INSURANCE COMPANY
By: /s/ Xxxxxxxx X Xxxxxxxx Attest: /s/ Xxxxx Xxxxxxxxxx
---------------------------- ----------------------------
Name: Xxxxxxxx X Xxxxxxxx Name: Xxxxx Xxxxxxxxxx
Title: Vice President Title: Vice President
Date: 12/21/06 Date: 12/21/06
HARTFORD LIFE AND ANNUITY INSURANCE COMPANY
By: /s/ Xxxxxx X. Xxxxxxxx Attest: /s/ Xxxxxxx X. Xxxxxx
---------------------------- ----------------------------
Name: Xxxxxx X. Xxxxxxxx Name: Xxxxxxx X. Xxxxxx
Title: Vice President, Individual Title: Vice President & Actuary
Life Product
Date: 12/22/2006 Date: 12/22/06
SL Excess Pool -- Amendment 7
Between HLAIC and TOLIC
ffective 03/18/05
3188-12 A7
7
SCHEDULE B
BASIS OF REINSURANCE
EFFECTIVE MARCH 18, 2005
REINSURANCE POOL SHARE: [Redacted]
LEAD REINSURER: [Redacted]
AUTOMATIC REINSURANCE
The Ceding Company will retain its available retention on each risk as
referenced in Exhibit II. The Reinsurance Pool Share of the remainder will be
ceded to the Reinsurer for reinsurance.
FACULTATIVE REINSURANCE
The Reinsurer will accept X% (as determined at issue) of the risk.
NET AMOUNT AT RISK DEFINITION: [Redacted]
CONDITIONAL RECEIPT POOL BINDING LIMIT: [Redacted]
MINIMUM FACULTATIVE REINSURANCE CESSION: [Redacted]
FACULTATIVE OBLIGATORY:
The Reinsurer shall provide the following Facultative Obligatory capacity:
SL Excess Pool -- Amendment 7
Between HLAIC and TOLIC
Effective 03/18/05
3188-12 A7
8
SCHEDULE B
BASIS OF REINSURANCE
EFFECTIVE MARCH 18, 2005
REPORTING MEDIA:
Electronic media, in a format mutually acceptable to both Reinsurer and Ceding
Company, will be provided by Ceding Company for reporting purposes. The
following information will be provided:
(Reporting Period/Ending Date)
Treaty Number W.P. Allowance
Reinsurance Method ADB Discount
Client Policy Number Rider Discount
Automatic/Facultative Indicator Termination Date
Joint Life Indicator Reinstatement Date
Name
Last Name SPECIAL PRODUCTS (required if
applicable)
First Name If Joint, Type (i.e., last survivor,
1st to die)
Middle Initial Joint Insured Name
Date of Birth Joint Last Name
Issue Age Joint First Name
Gender Joint Middle Initial
State of Residency Joint Issue Age
Table Rating Term Additions Indicator
Smoker Indicator Accelerated Benefit Indicator
Preferred Risk Indicator Long Term Care Indicator
Issue Month/Day/Century/Year Purchase Options
Age Basis Dividends
Plan Type (i.e., perm, term, UL, Policy Fee
End, Xxx.)
Face Amount Issued Cash Value
Original Amount Reinsured
Current Amount Reinsured ADDITIONAL DATA ITEMS (not required)
Life Standard Premium Par/NonPar Indicator
Flat Extra Premium Social Security number
Length of Flat Extra Premium Years From Issue to Conversion
W.P. Premium Reinsurance Premium Mode
ADB Premium Retention Amount
Rider Premium Cash Value
Life Standard Discount First Year/Renewal Indicator
Flat Extra Allowance
Ceding Company currently uses TAI for its reinsurance administration.
REPORTING FREQUENCY: Monthly
SL Excess Pool -- Amendment 7
Between HLAIC and TOLIC
Effective 03/18/05
3188-12 A7
9
EXHIBIT I
REINSURANCE PREMIUM CALCULATION
EFFECTIVE MARCH 18, 2005
1. REINSURANCE PREMIUM
ANNUAL YRT REINSURANCE PREMIUM
Single Life Underwriting Classes [Redacted]
Preferred Non-Nicotine (PNN) [Redacted]
Standard Non-Nicotine (SNN) [Redacted]
Preferred Nicotine (PN) [Redacted]
Standard Nicotine (SN) [Redacted]
2. PREMIUM TAX
Premium tax will not be reimbursed.
SL Excess Pool -- Amendment 7
Between HLAIC and TOLIC
Effective 03/18/2005
3188-12 A7
10
EXHIBIT I
REINSURANCE PREMIUM CALCULATION
EFFECTIVE MARCH 18, 2005
3. FLAT EXTRA ALLOWANCES
The flat extra premium paid to the Reinsurer will be the annual flat extra rate
which the Ceding Company charges the insured less the allowances below times the
Reinsured Net Amount at Risk.
Duration of Flat Extra First Year Renewal Years
Less than 5 years [Redacted] [Redacted]
5 years or more
4. RIDERS
Term riders, cost of living riders, and other riders providing additional or
increasing coverage will use the same methods and YRT rates as the base plan.
Waiver of premium rates are attached and are per dollar of annualized amount.
Deduction amount waiver rates (also called "waiver of monthly deductions") are
attached, and the charge for this benefit is a rate times the monthly deduction
amount. The Ceding Company's retention on both types of waivers is proportional
to the Ceding Company's retention on the death benefit. For both the Waiver of
Premium and Waiver of Monthly Deduction, the reinsurance premium will be net of
the following allowances:
First Year Renewal Years
[Redacted] [Redacted]
SL Excess Pool -- Amendment 7
Between HLAIC and TOLIC
Effective 03/18/2005
3188-12 A7
11
EXHIBIT II
SINGLE LIFE RETENTION, BINDING, AND TOTAL POOL ISSUE LIMITS
(APPLICABLE TO TOTAL POOL FOR SINGLE LIFE POOL BUSINESS -- NOT LS, CUSTOM TERM,
& STAG UL+)
EFFECTIVE MARCH 18, 2005
RETENTION LIMIT [Redacted]
AUTOMATIC BINDING LIMIT (EXCLUDES RETENTION) [Redacted]
AUTOMATIC ISSUE LIMIT (INCLUDES RETENTION) [Redacted]
AUTOMATIC PROCESSING LIMIT (INCLUDES RETENTION) [Redacted]
FACULTATIVE OBLIGATORY AUTOMATIC BINDING LIMIT (EXCLUDES RETENTION) [Redacted]
FACULTATIVE OBLIGATORY AUTOMATIC ISSUE LIMIT (INCLUDES RETENTION) [Redacted]
JUMBO LIMIT [Redacted]
SL Excess Pool -- Amendment 7
Between HLAIC and TOLIC
Effective 03/18/2005
3188-12 A7
12
EXHIBIT II
SINGLE LIFE RETENTION, BINDING, AND TOTAL POOL ISSUE LIMITS
(APPLICABLE TO TOTAL POOL FOR SINGLE LIFE POOL BUSINESS -- NOT LS, CUSTOM TERM,
& STAG UL+)
EFFECTIVE MARCH 18, 2005
[Redacted]
SL Excess Pool -- Amendment 7
Between HLAIC and TOLIC
Effective 03/18/2005
3188-12 A7
13
EXHIBIT IV
UNDERWRITING GUIDELINES
EFFECTIVE MARCH 18, 2005
[Redacted]
AMENDMENT 8
EFFECTIVE JULY 01, 2005
TO THE
AUTOMATIC AND FACULTATIVE YEARLY RENEWABLE TERM REINSURANCE AGREEMENT
EFFECTIVE NOVEMBER 1, 2002 FOR FACULTATIVE BUSINESS
EFFECTIVE DECEMBER 1, 2002 FOR AUTOMATIC BUSINESS
BETWEEN
HARTFORD LIFE AND ANNUITY INSURANCE COMPANY
("CEDING COMPANY")
AND
TRANSAMERICA OCCIDENTAL LIFE INSURANCE COMPANY
("REINSURER")
RECITALS
WHEREAS, the Reinsurer currently reinsures the Ceding Company's plans or
policies under the Agreement; and
WHEREAS, the Ceding Company and the Reinsurer wish to amend or modify Schedule
A, Exhibit I and Exhibit III under the Agreement.
NOW, THEREFORE for good and valuable considerations, receipt of which is hereby
acknowledged, the Ceding Company and the Reinsurer hereby agree as follows:
AMENDMENT
The parties hereby agree to amend or modify the Agreement, by amending Schedule
A to reflect the addition of Stag Universal Life Cash Value as an upscale
product to be reinsured under the terms of this Reinsurance Agreement, for
policies issued on or after the effective date.
The parties hereby agree to amend or modify the Agreement, by amending Exhibit I
and Exhibit III to reflect the addition of the Preferred Plus risk class to Stag
Protector Variable Universal Life and Stag Variable Life Accumulator, for
policies issued on or after the effective date.
The parties agree to remove Schedule A, Exhibit I and Exhibit III, in their
entirety and replace them with the attached Schedule A, Exhibit I and Exhibit
III, effective July 1, 2005.
Except as herein amended, all other terms and conditions of this Agreement shall
remain unchanged.
Single Life Excess Pool -- Amendment 8
Between HLAIC and TOLIC
Effective 11/01/2002 Facultative 12/01/2002 Automatic
1
In witness of the foregoing, the Ceding Company and the Reinsurer have, by their
respective officers, hereby executed this Amendment in duplicate on the dates
indicated below, with an effective date of July 1, 2005.
TRANSAMERICA OCCIDENTAL LIFE INSURANCE COMPANY
By: /s/ Xxxxxxxx X. Xxxxxxxx Attest: /s/ Xxxxx X. Xxxxxxxxxx
------------------------------ ------------------------------
Name: Xxxxxxxx X. Xxxxxxxx Name: Xxxxx X. Xxxxxxxxxx
Title: Vice President Title: Executive Vice President
Date: September 26, 2006 Date: September 26, 2006
HARTFORD LIFE AND ANNUITY INSURANCE COMPANY
By: /s/ Xxxxxx X. Xxxxxxxx Attest: /s/ Xxxxxxx X. Xxxxxx
------------------------------ ------------------------------
Name: Xxxxxx X. Xxxxxxxx Name: Xxxxxxx X. Xxxxxx
Title: Vice President, Individual Title: Vice President & Actuary
Life Product
Date: 12/20/2006 Date: 12/20/2006
Single Life Excess Pool -- Amendment 8
Between HLAIC and TOLIC
Effective 11/01/2002 Facultative 12/01/2002 Automatic
2
SCHEDULE A
PLANS COVERED UNDER THIS AGREEMENT
EFFECTIVE JULY 01, 2005
TYPE OF BUSINESS INDIVIDUAL LIFE INSURANCE ISSUED BY THE CEDING COMPANY
-----------------------------------------------------------------------------------------
UPSCALE PRODUCTS RIDERS
--------------------------------------------------------------------------------
Stag Protector Variable Universal Life Other Covered Insured
Stag Variable Life Accumulator Term Rider (base or other insured)
Stag Universal Life ADB Benefit (not reinsured)
SPVL (Fully underwritten only) Deduction Amount Waiver Rider
ART (CW), 5 & 10 Year Term (NY) Waiver of Monthly Deduction
One Year Term Waiver of Specified Amount
Stag Whole Life Enhanced No Lapse Guarantee Rider
Stag Protector Variable Universal Life Estate Tax Repeal Benefit Rider
II
Stag Variable Life Accumulator II Level Compensation Endorsement
Stag Universal Life Cash Value Children's Life Insurance Rider
Maturity Date Extension
Guaranteed COI Benefit Rider
Mortality and Expense Risk Rates Rider
Foreign Travel Exclusion Rider
Policy Continuation Rider
MIDDLE AMERICA PRODUCTS RIDERS
--------------------------------------------------------------------------------
LBSI UL Term Rider (base or other insured)
Life Solutions I UL Waiver of Premium Riders
Life Solutions II UL Waiver of Monthly Deduction Riders
20 Year Term Additional Purchase Option Rider
Disability Income Rider
WOODBURY PRODUCTS
--------------------------------------------------------------------------------
Hartford Stag Wall Street Variable Term Rider
Universal Life
ADB (not reinsured)
Waiver of Monthly Deduction
Waiver of Specified Amount
Cost of Living Adjustment Rider
Child Rider
Accelerated Benefit Rider
Specify Monthly Deductions
Enhanced No Lapse Guarantee
Single Life Excess Pool -- Amendment 8
Between HLAIC and TOLIC
Effective 11/01/2002 Facultative 12/01/2002 Automatic
3
SCHEDULE A
PLANS COVERED UNDER THIS AGREEMENT
EFFECTIVE JULY 01, 2005
DESCRIPTIONS
RIDERS WHERE ADDITIONAL PREMIUM IS DUE TO THE REINSURER:
Other Covered Insured: Provides term coverage for insured other than base
insured.
Term Rider (base or other insured): Provides additional term coverage
Deduction Amount Waiver Rider: Waives monthly deduction amount if insured is
disabled
Waiver of Monthly Deduction: Waives monthly deduction amount if insured is
disabled
Waiver of Specified Amount: Waives specified amount if insured is disabled
Waiver of Premium Riders: Waives premium requirement if insured is disabled
Additional Purchase Option Rider: Provides additional term coverage
Cost of Living Adjustment Rider: This rider is available at issue only for
nonsubstandard issue ages 0 to 60. The rider allows for face amount increases
without underwriting biannually based on the Consumer Price Index with the
maximum amount of this increase being $50,000.
RIDERS THAT ALTER THE POLICY AND IN WHICH NO ADDITIONAL PREMIUM IS PAID TO THE
REINSURER. IF A POLICY HAS THIS RIDER IT IS STILL COVERED UNDER THE AGREEMENT:
Children's Life Insurance Rider: Provides additional term coverage for a child.
No separate reinsurance benefits are associated with this rider.
Enhanced No Lapse Guarantee Rider: This rider guarantees that the policy will
not lapse, regardless of investment performance, provided cumulative premiums
paid less indebtedness less withdrawals are greater than or equal to the
cumulative no lapse guarantee premiums. There is a lifetime option and a limited
term option. The limited term option is the lesser of 20 years or to attained
age 80 for issue ages 0 to 70 and the minimum of 10 years or to attained age 90
for issue ages 71 to 85. Also, at the time when the no lapse guarantee
terminates or defaults, the policyholder may be eligible for an additional
amount of time they have this protection, which is based on the then current
account value.
Estate Tax Repeal Benefit Rider: This rider will pay the account value less
indebtedness if the Federal Estate Tax Law is fully repealed by December 31,
2010 and we receive a request for this benefit amount from the insured.
Level Compensation Endorsement: Surrender charges are not assessed for a full
surrender during the first three policy years. There is no charge for this
rider.
Single Life Excess Pool -- Amendment 8
Between HLAIC and TOLIC
Effective 11/01/2002 Facultative 12/01/2002 Automatic
4
SCHEDULE A
PLANS COVERED UNDER THIS AGREEMENT
EFFECTIVE JULY 01, 2005
Maturity Date Extension Rider: When the policyholder reaches the maturity date
and has elected this rider, the death benefit is dropped to the account value,
no more monthly deductions are taken, interest is credited, no further premiums
are accepted, policy loans continue to accrue interest, and all other riders are
terminated.
Guaranteed COI Benefit Rider: This rider provides guaranteed cost of insurance
rates for the first 10 policy years. On each policy anniversary, we declare a
cost of insurance rate for a single policy year. This policy year is the policy
year 9 years from the then current policy anniversary. Thus the rider provides
that on any policy anniversary, cost of insurance rates over the next 10 years
will not exceed those provided by the rider. This rider is currently available
in only a few states and on variable life policy forms where the face amount is
at least thirty million dollars.
Accelerated Benefit Rider: With this rider, the policyholder can receive up to
100% of their death benefit discounted with interest if the life expectancy is
12 months or less.
Specify Monthly Deductions: This rider allows the policyholder to specify to
take monthly deductions out of a particular account in the policy.
Mortality and Expense Risk Rider: This rider guarantees that the mortality and
expense risk rate will be zero for years greater than and equal to 21.
Policy Continuation Rider: This rider is automatically added to the policy at
issue. This rider is intended to prevent the lapse of highly loaned policies.
Foreign Travel Exclusion Rider: The rider is written such that if the insured
dies while traveling to, from, or in a country NOT listed on the List of
Countries and Jurisdictions (Foreign Travel Exclusion Rider Exhibit II), or dies
as a direct or indirect result of an illness or injury sustained during such
travel, the death benefit proceeds will be limited to the policy's account
value, less any outstanding indebtedness.
Single Life Excess Pool -- Amendment 8
Between HLAIC and TOLIC
Effective 11/01/2002 Facultative 12/01/2002 Automatic
5
EXHIBIT I
REINSURANCE PREMIUM CALCULATION
EFFECTIVE JULY 01, 2005
1. REINSURANCE PREMIUM
ANNUAL YRT REINSURANCE PREMIUM
Single Life Underwriting Classes [Redacted]
Preferred Plus Non-Nicotine (PPNN) [Redacted]
Preferred Non-Nicotine (PNN) [Redacted]
Standard Non-Nicotine (SNN) [Redacted]
Preferred Nicotine (PN) [Redacted]
Standard Nicotine (SN) [Redacted]
2. PREMIUM TAX
Premium tax will not be reimbursed.
Single Life Excess Pool -- Amendment 8
Between HLAIC and TOLIC
Effective 11/01/2002 Facultative 12/01/2002 Automatic
6
EXHIBIT I
REINSURANCE PREMIUM CALCULATION
EFFECTIVE JULY 01, 2005
3. FLAT EXTRA ALLOWANCES
The flat extra premium paid to the Reinsurer will be the annual flat extra rate
which the Ceding Company charges the insured less the allowances below times the
Reinsured Net Amount at Risk.
Duration of Flat Extra First Year Renewal Years
Less than 5 years [Redacted] [Redacted]
5 years or more
4. RIDERS
Term riders, cost of living riders, and other riders providing additional or
increasing coverage will use the same methods and YRT rates as the base plan.
Waiver of premium rates are attached and are per dollar of annualized amount.
Deduction amount waiver rates (also called "waiver of monthly deductions") are
attached, and the charge for this benefit is a rate times the monthly deduction
amount. The Ceding Company's retention on both types of waivers is proportional
to the Ceding Company's retention on the death benefit. For both the Waiver of
Premium and Waiver of Monthly Deduction, the reinsurance premium will be net of
the following allowances:
[Redacted]
First Year Renewal Years
Single Life Excess Pool -- Amendment 8
Between HLAIC and TOLIC
Effective 11/01/2002 Facultative 12/01/2002 Automatic
7
EXHIBIT III
EFFECTIVE JULY 01, 2005
Annual per 1000 Yearly Renewable Term reinsurance rates are attached.
These rates are used for Automatic, Facultative Obligatory, and Facultative
policies.
PRODUCTS USING MULTI-CLASS RATE TABLES:
Stag Protector Variable Universal Life [Redacted]
Stag Accumulator Variable Universal Life [Redacted]
Stag Universal Life [Redacted]
Stag Whole Life [Redacted]
Hartford Stag Wall Street Variable Universal Life [Redacted]
Stag Universal Life Plus [Redacted]
Stag Universal Life Cash Value [Redacted]
PRODUCTS USING UNI-CLASS RATE TABLES:
LBSI UL [Redacted]
Life Solutions I UL [Redacted]
Life Solutions II UL [Redacted]
20 Year Term [Redacted]
ART (CW) [Redacted]
5 & 10 Year Term (NY) [Redacted]
SPVL [Redacted]
One Year Term [Redacted]
Single Life Excess Pool -- Amendment 8
Between HLAIC and TOLIC
Effective 11/01/2002 Facultative 12/01/2002 Automatic
8
SINGLE LIFE 2002 MULTICLASS ANNUAL YRT PER 1000 REINSURANCE RATES
[Redacted]
MONTHLY PER 1000
WAIVER OF SPECIFIED AMOUNT
MALE FEMALE UNISEX
[Redacted]
AMENDMENT 9
EFFECTIVE DECEMBER 1, 2005
TO THE
REINSURANCE AGREEMENT
EFFECTIVE DECEMBER 1, 2002 (AUTO)
EFFECTIVE NOVEMBER 1, 2002 (FAC)
BETWEEN
HARTFORD LIFE AND ANNUITY INSURANCE COMPANY
("CEDING COMPANY")
AND
TRANSAMERICA OCCIDENTAL LIFE INSURANCE COMPANY
("REINSURER")
RECITALS
WHEREAS, the Reinsurer currently reinsures the Ceding Company's plans or
policies under the Agreement; and
WHEREAS, the Ceding Company and the Reinsurer wish to amend or modify Schedule
C, Exhibit II under the Agreement.
NOW, THEREFORE for good and valuable considerations, receipt of which is hereby
acknowledged, the Ceding Company and the Reinsurer hereby agree as follows:
AMENDMENT
The parties hereby agree to amend or modify the Agreement, by amending Schedule
C to reflect the change in the Ceding Company's maximum Foreign National Pool
Retention Limit from for policies issued on or after the
effective date of this amendment.
The parties hereby agree to amend or modify the Agreement, by amending Exhibit
II to reflect the following, for policies issued on or after the effective date
of this amendment;
The parties agree to remove Schedule C and Exhibit II, in their entirety and
replace them with the attached Schedule C and Exhibit II, effective December 1,
2005.
Except as herein amended, all other terms and conditions of this Agreement shall
remain unchanged.
Single Life 12/01/2002 -- Amendment 9
Between HLAIC and TOLIC
1
In witness of the foregoing, the Ceding Company and the Reinsurer have, by their
respective officers, hereby executed this Amendment in duplicate on the dates
indicated below, with an effective date of December 1, 2005.
TRANSAMERICA OCCIDENTAL LIFE INSURANCE COMPANY
By: /s/ Xxxxxxxx Xxxxxxxx Attest: /s/ Xxxxx Xxxxxxxxxx
-------------------------------- -------------------------------
Name: Xxxxxxxx Xxxxxxxx Name: Xxxxx Xxxxxxxxxx
Title: 2nd Vice President Title: Senior Vice President
Date: 12/6/05 Date: 12/6/05
HARTFORD LIFE AND ANNUITY INSURANCE COMPANY
By: /s/ Xxxxxx X. Xxxxxxxx Attest: /s/ Xxxxxxxx X. Xxxxxx
-------------------------------- -------------------------------
Name: Xxxxxx X. Xxxxxxxx Name: Xxxxxxxx X. Xxxxxx
Title: Assistant Vice President, Title: Assistant Vice President,
Individual Life Product Individual Life Product
Development Development
Date: 10/28/2005 Date: 10/28/05
Single Life 12/01/2002 -- Amendment 9
Between HLAIC and TOLIC
2
SCHEDULE C
FOREIGN NATIONAL PROGRAM
EFFECTIVE DECEMBER 1, 2005
The Reinsurer and the Ceding Company agree that the Ceding Company's Foreign
National business will be reinsured under the terms of this Agreement except for
the following differences:
TYPE OF REINSURANCE
Individual life policies under this program will be on a first dollar quota
share basis
FOREIGN NATIONAL REINSURANCE POOL SHARE [Redacted]
CEDING COMPANY'S RETENTION [Redacted]
FOREIGN NATIONAL AUTOMATIC POOL BINDING LIMIT (EXCLUDES RETENTION)
For issue ages through 75 and Table D: [Redacted]
JUMBO LIMIT: [Redacted]
UNDERWRITING GUIDELINES [Redacted]
Single Life 12/01/2002 -- Amendment 9
Between HLAIC and TOLIC
3
SCHEDULE C
FOREIGN NATIONAL PROGRAM
EFFECTIVE DECEMBER 1, 2005
[Redacted]
Single Life 12/01/2002 -- Amendment 9
Between HLAIC and TOLIC
4
EXHIBIT II
SINGLE LIFE RETENTION, BINDING, AND TOTAL POOL ISSUE LIMITS
(APPLICABLE TO TOTAL POOL FOR SINGLE LIFE POOL BUSINESS -- NOT LS, CUSTOM TERM,
& STAG UL+)
EFFECTIVE DECEMBER 1, 2005
RETENTION LIMIT [Redacted]
AUTOMATIC BINDING LIMIT (EXCLUDES RETENTION) [Redacted]
AUTOMATIC ISSUE LIMIT (INCLUDES RETENTION) [Redacted]
AUTOMATIC PROCESSING LIMIT (INCLUDES RETENTION) [Redacted]
FACULTATIVE OBLIGATORY AUTOMATIC BINDING LIMIT (EXCLUDES RETENTION) [Redacted]
FACULTATIVE OBLIGATORY AUTOMATIC ISSUE LIMIT (INCLUDES RETENTION) [Redacted]
JUMBO LIMIT [Redacted]
Single Life 12/01/2002 -- Amendment 9
Between HLAIC and TOLIC
5
AMENDMENT 10
EFFECTIVE NOVEMBER 1, 2005
TO THE
REINSURANCE AGREEMENT
EFFECTIVE DECEMBER 1, 2002 (AUTO)
EFFECTIVE NOVEMBER 1, 2002 (FAC)
BETWEEN
HARTFORD LIFE AND ANNUITY INSURANCE COMPANY
("CEDING COMPANY")
AND
TRANSAMERICA OCCIDENTAL LIFE INSURANCE COMPANY
("REINSURER")
RECITALS
WHEREAS, Xxxxxxxxx currently reinsures Ceding Company's plans or policies under
the Agreement; and
WHEREAS, Ceding Company and Reinsurer wish to amend or modify, Foreign Travel
Exclusion Rider Exhibit V under the Agreement.
NOW, THEREFORE for good and valuable considerations, receipt of which is hereby
acknowledged, Ceding Company and Reinsurer hereby agree as follows:
AMENDMENT
The parties hereby agree to amend or modify the Agreement, by amending Foreign
Travel Exclusion Rider Exhibit V to reflect a revised List of Countries and
Jurisdictions for the Foreign Travel Exclusion Rider, for policies issued on or
after the effective date of this amendment.
The parties agree to remove Foreign Travel Exclusion Rider Exhibit V, in its
entirety and replace it with the attached Foreign Travel Exclusion Rider Exhibit
V, effective November 1, 2005.
Except as herein amended, all other terms and conditions of this Agreement shall
remain unchanged.
Single Life 12/01/2002 -- Amendment 10
Between HLAIC and TOLIC
1
In witness of the foregoing, Ceding Company and Reinsurer have, by their
respective officers, hereby executed this Amendment in duplicate on the dates
indicated below, with an effective date of November 1, 2005.
TRANSAMERICA OCCIDENTAL LIFE INSURANCE COMPANY
By: /s/ Xxxxx Xxxxxxxxxx Attest: /s/ Xxxxxxxx Xxxxxxxx
------------------------------ ------------------------------
Name: Xxxxx Xxxxxxxxxx Name: Xxxxxxxx Xxxxxxxx
Title: Senior Vice President Title: 2nd Vice President
Date: 12/6/05 Date: 12/6/05
HARTFORD LIFE AND ANNUITY INSURANCE COMPANY
By: /s/ Xxxxxx X. Xxxxxxxx Attest: /s/ Xxxxxxxx X. Xxxxxx
------------------------------ ------------------------------
Name: Xxxxxx X. Xxxxxxxx Name: Xxxxxxxx X. Xxxxxx
Title: Assistant Vice President, Title: Assistant Vice President,
Individual Life Product Individual Life Product
Development Development
Date: 10/28/2005 Date: 10/28/05
Single Life 12/01/2002 -- Amendment 10
Between HLAIC and TOLIC
2
FOREIGN TRAVEL EXCLUSION RIDER EXHIBIT V
LIST OF COUNTRIES AND JURISDICTIONS
EFFECTIVE NOVEMBER 1, 2005
[Redacted]
Single Life 12/01/2002 -- Amendment 10
Between HLAIC and TOLIC
3
AMENDMENT 11
EFFECTIVE JUNE 1, 2007
TO THE
AUTOMATIC AND FACULTATIVE YEARLY RENEWABLE TERM REINSURANCE AGREEMENT
EFFECTIVE NOVEMBER 1, 2002, FOR FACULTATIVE BUSINESS
EFFECTIVE DECEMBER 1, 2002, FOR AUTOMATIC BUSINESS
BETWEEN
HARTFORD LIFE AND ANNUITY INSURANCE COMPANY ("CEDING COMPANY")
AND
TRANSAMERICA LIFE INSURANCE COMPANY ("REINSURER")
("AGREEMENT")
RECITALS
WHEREAS, the Reinsurer currently reinsures the Ceding Company's plans or
policies under the Agreement; and
WHEREAS, the Ceding Company and the Reinsurer wish to amend the Agreement to
reflect the availability of an increased retention limit on cases that would
otherwise qualify for Automatic Reinsurance.
NOW, THEREFORE for good and valuable consideration, receipt of which is hereby
acknowledged, the Ceding Company and the Reinsurer hereby agree to amend the
Agreement as follows:
AMENDMENT
The parties hereby agree to amend and modify the Agreement as follows:
1. Schedule B is deleted in its entirety and replaced with the attached revised
Schedule B; and
2. Exhibit II is deleted in its entirety and replaced with the attached revised
Exhibit II.
Except as herein amended, all other terms and conditions of the Agreement shall
remain in full force and effect and unchanged.
Single Life Treaty -- Effective 12/01/2002
Between HLAIC and TLIC
Amendment 11 -- Effective 06/01/2007
1
In witness of the foregoing, the Ceding Company and the Reinsurer have, by their
respective officers, executed this Amendment in duplicate on the dates indicated
below, with an effective date of June 1, 2007.
TRANSAMERICA LIFE INSURANCE COMPANY
By: /s/ Xxxxx X. Xxxxxxxxx Attest: /s/ Xxxxx X. Xxxxxxxxxx
------------------------------ ------------------------------
Name: Xxxxx X. Xxxxxxxxx Name: Xxxxx X. Xxxxxxxxxx
Title: 2nd Vice President Title: Executive Vice President
Date: June 24, 2009 Date: June 23, 2009
HARTFORD LIFE AND ANNUITY INSURANCE COMPANY
By: /s/ Xxxxxx X. Xxxxxxxx Attest: /s/ Xxxxxxx X. Xxxxxx
------------------------------ ------------------------------
Name: Xxxxxx X. Xxxxxxxx Name: Xxxxxxx X. Xxxxxx
Title: Vice President, Individual Title: Senior Vice President &
Life Product Actuary
Date: 7/31/2009 Date: 7/31/2009
Single Life Treaty -- Effective 12/01/2002
Between HLAIC and TLIC
Amendment 11 -- Effective 06/01/2007
2
SCHEDULE B
BASIS OF REINSURANCE
Effective June 1, 2007
REINSURANCE POOL SHARE: [Redacted]
LEAD REINSURER: [Redacted]
AUTOMATIC REINSURANCE: [Redacted]
FACULTATIVE REINSURANCE:
The Reinsurer will accept X% (as determined at issue) of the risk.
NET AMOUNT AT RISK DEFINITION: [Redacted]
CONDITIONAL POOL RECEIPT BINDING LIMIT: [Redacted]
MINIMUM FACULTATIVE REINSURANCE CESSION: [Redacted]
FACULTATIVE OBLIGATORY:
The Reinsurer shall provide the following Facultative Obligatory capacity:
[Redacted]
Single Life Treaty -- Effective 12/01/2002
Between HLAIC and TLIC
Amendment 11 -- Effective 06/01/2007
3
SCHEDULE B
BASIS OF REINSURANCE
EFFECTIVE JUNE 1, 2007
REPORTING MEDIA:
Electronic media, in a format mutually acceptable to both Reinsurer and Ceding
Company, will be provided by Ceding Company for reporting purposes. The
following information will be provided:
(Reporting Period/Ending Date)
Treaty Number W.P. Allowance
Reinsurance Method ADB Discount
Client Policy Number Rider Discount
Automatic/Facultative Indicator Termination Date
Joint Life Indicator Reinstatement Date
Name
Last Name SPECIAL PRODUCTS (required if
applicable)
First Name If Joint, Type (i.e., last survivor, 1st
to die)
Middle Initial Joint Insured Name
Date of Birth Joint Last Name
Issue Age Joint First Name
Gender Joint Middle Initial
State of Residency Joint Issue Age
Table Rating Term Additions Indicator
Smoker Indicator Accelerated Benefit Indicator
Preferred Risk Indicator Long Term Care Indicator
Issue Month/Day/Century/Year Purchase Options
Age Basis Dividends
Plan Type (i.e., perm, term, UL, Policy Fee
End, Xxx.) Cash Value
Face Amount Issued
Original Amount Reinsured ADDITIONAL DATA ITEMS (not required)
Current Amount Reinsured Par/NonPar Indicator
Life Standard Premium Social Security number
Flat Extra Premium Years From Issue to Conversion
Length of Flat Extra Premium Reinsurance Premium Mode
W.P. Premium Retention Amount
ADB Premium Cash Value
Rider Premium First Year/Renewal Indicator
Life Standard Discount
Flat Extra Allowance
Ceding Company currently uses TAI for its reinsurance administration.
REPORTING FREQUENCY: Monthly
Single Life Treaty -- Effective 12/01/2002
Between HLAIC and TLIC
Amendment 11 -- Effective 06/01/2007
4
EXHIBIT II
SINGLE LIFE RETENTION, BINDING, AND TOTAL POOL ISSUE LIMITS
(APPLICABLE TO TOTAL POOL FOR SINGLE LIFE POOL BUSINESS --
NOT LS, CUSTOM TERM, & STAG UL+)
EFFECTIVE JUNE 1, 2007
RETENTION LIMIT I ("RL I") RETENTION LIMIT II ("XX XX")
[Redacted] [Redacted]
AUTOMATIC BINDING LIMIT (EXCLUDES AUTOMATIC BINDING LIMIT (EXCLUDES
RETENTION) RETENTION)
[Redacted] [Redacted]
AUTOMATIC ISSUE LIMIT WITH RL I AUTOMATIC ISSUE LIMIT WITH XX XX
[Redacted] [Redacted]
AUTOMATIC PROCESSING LIMIT WITH RL AUTOMATIC PROCESSING LIMIT WITH RL
I II
[Redacted] [Redacted]
FACULTATIVE OBLIGATORY AUTO FACULTATIVE OBLIGATORY AUTO
BINDING LIMIT (EXCLUDES RETENTION) BINDING LIMIT (EXCLUDES RETENTION)
[Redacted] [Redacted]
FACULTATIVE OBLIGATORY AUTO ISSUE FACULTATIVE OBLIGATORY AUTO ISSUE
LIMIT WITH RL I LIMIT WITH XX XX
[Redacted] [Redacted]
JUMBO LIMIT JUMBO LIMIT
[Redacted] [Redacted]
Single Life Treaty -- Effective 12/01/2002
Between HLAIC and TLIC
Amendment 11 -- Effective 06/01/2007
5
AMENDMENT 13
EFFECTIVE FEBRUARY 11, 2008
TO THE
AUTOMATIC AND FACULTATIVE YEARLY RENEWABLE TERM REINSURANCE AGREEMENT
EFFECTIVE NOVEMBER 1, 2002, FOR FACULTATIVE BUSINESS
EFFECTIVE DECEMBER 1, 2002, FOR AUTOMATIC BUSINESS
BETWEEN
HARTFORD LIFE AND ANNUITY INSURANCE COMPANY ("CEDING COMPANY")
AND
TRANSAMERICA LIFE INSURANCE COMPANY
(FORMERLY TRANSAMERICA OCCIDENTAL LIFE INSURANCE COMPANY) ("REINSURER")
("AGREEMENT")
WHEREAS, the Reinsurer currently reinsures the Ceding Company's plans or
policies under the Agreement; and
WHEREAS, the Ceding Company and the Reinsurer wish to revise the maximum issue
age to 85; and
WHEREAS, the Ceding Company and the Reinsurer wish to amend the Agreement to
provide that certain specified replacement business shall not be counted toward
the Jumbo Limit; and
WHEREAS, the Ceding Company and the Reinsurer wish to amend the Agreement to
increase the Automatic Binding, Automatic Issue and Automatic Processing Limits
under the Retention Limit II in Exhibit II, originally described in Amendment
12.
NOW, THEREFORE, for good and valuable consideration, receipt of which is hereby
acknowledged, the Ceding Company and the Reinsurer hereby agree to amend the
Agreement as follows:
- Article II, Section A, Paragraph 4, is deleted in its entirety and
replaced with the following:
4. The maximum issue age will be 85.
- Article II, Section A, Paragraph 7, is deleted in its entirety and
replaced with the following:
[Redacted]
Single Life Treaty -- Effective 12/01/2002
Between HLAIC and TLIC (TOLIC)
Amendment 13 -- Effective 02/11/2008
1
- Exhibit II is deleted in its entirety and replaced with the attached
revised Exhibit II.
Except as herein amended, all other terms and conditions of the Agreement shall
remain in full force and effect and unchanged.
Single Life Treaty -- Effective 12/01/2002
Between HLAIC and TLIC (TOLIC)
Amendment 13 -- Effective 02/11/2008
2
In witness of the foregoing, the Ceding Company and the Reinsurer have, by their
respective officers, executed this Amendment in duplicate on the dates indicated
below, with an effective date of February 11, 2008.
TRANSAMERICA LIFE INSURANCE COMPANY
By: /s/ Xxxxx X. Xxxxxxxxxx Attest: /s/ Xxxxx X. Xxxxxxxxx
------------------------------ ------------------------------
Name: Xxxxx X. Xxxxxxxxxx Name: Xxxxx X. Xxxxxxxxx
Title: Senior Vice President Title: Second Vice President
Date: October [ILLEGIBLE], 2009 Date: October 29, 2009
HARTFORD LIFE AND ANNUITY INSURANCE COMPANY
By: /s/ Xxxxxx X Xxxxxxxx Attest: /s/ Xxxx Xxxxxx
------------------------------ ------------------------------
Name: Xxxxxx X Xxxxxxxx Name: Xxxx Xxxxxx, FSA, MAAA
Title: Vice President, IL Product Title: Senior Vice President
IMG Product Management
Date: 11/2/2009 Date: 11/3/2009
Single Life Treaty -- Effective 12/01/2002
Between HLAIC and TLIC (TOLIC)
Amendment 13 -- Effective 02/11/2008
3
EXHIBIT II
SINGLE LIFE RETENTION, BINDING, AND TOTAL POOL ISSUE LIMITS
(APPLICABLE TO TOTAL POOL FOR SINGLE LIFE POOL BUSINESS --
NOT LS, CUSTOM TERM, & STAG UL+)
EFFECTIVE FEBRUARY 11, 2008
RETENTION LIMIT I ("RL I") RETENTION LIMIT II ("XX XX")
[Redacted] [Redacted]
AUTOMATIC BINDING LIMIT (EXCLUDES AUTOMATIC BINDING LIMIT (EXCLUDES
RETENTION) RETENTION)
[Redacted] [Redacted]
AUTOMATIC ISSUE LIMIT WITH RL I AUTOMATIC ISSUE LIMIT WITH XX XX
[Redacted] [Redacted]
AUTOMATIC PROCESSING LIMIT WITH RL I AUTOMATIC PROCESSING LIMIT WITH XX XX
[Redacted] [Redacted]
FACULTATIVE OBLIGATORY AUTO BINDING FACULTATIVE OBLIGATORY AUTO BINDING
LIMIT (EXCLUDES RETENTION) LIMIT (EXCLUDES RETENTION)
[Redacted] [Redacted]
FACULTATIVE OBLIGATORY AUTO ISSUE FACULTATIVE OBLIGATORY AUTO ISSUE
LIMIT WITH RL I LIMIT WITH XX XX
[Redacted] [Redacted]
JUMBO LIMIT JUMBO LIMIT
[Redacted] [Redacted]
Single Life Treaty -- Effective 12/01/2002
Between HLAIC and TLIC (TOLIC)
Amendment 13 -- Effective 02/11/2008
4
AMENDMENT 14
EFFECTIVE MAY 1, 2008
TO THE
AUTOMATIC AND FACULTATIVE YEARLY RENEWABLE TERM REINSURANCE AGREEMENT
EFFECTIVE NOVEMBER 1, 2002 FOR FACULTATIVE BUSINESS
EFFECTIVE DECEMBER 1, 2002 FOR AUTOMATIC BUSINESS
("AGREEMENT")
BETWEEN
HARTFORD LIFE AND ANNUITY INSURANCE COMPANY
("CEDING COMPANY")
AND
TRANSAMERICA OCCIDENTAL LIFE INSURANCE COMPANY
("REINSURER")
WHEREAS, the Reinsurer currently reinsures the Ceding Company's plans or
policies under the Agreement; and
WHEREAS, the Ceding Company and the Reinsurer wish to amend the Agreement to
reflect the addition of the Leaders VUL Legacy and Leaders VUL Liberty products,
for policies issued on or after the effective date of this Amendment. The
reserves for these products will be determined using mortality on an Age Nearest
Birthday basis.
NOW, THEREFORE for good and valuable consideration, receipt of which is hereby
acknowledged, the Ceding Company and the Reinsurer hereby agree to amend the
Agreement as follows:
I. Article VI, Section A, is removed in its entirety and replaced with
the following:
A. STATUTORY RESERVES FOR THE MORTALITY RISK OF THE POLICY
II. Schedule A is deleted in its entirety and replaced with the attached
revised Schedule A; and
III. Exhibit III is deleted in its entirety and replaced with the
attached revised Exhibit III.
Except as herein amended, all other terms and conditions of the Agreement shall
remain in full force and effect and unchanged.
Single Life Excess Treaty -- Effective 11/01/2002
Between HLAIC and TOLIC
Amendment #14 -- Effective 05/1/2008
1
In witness of the foregoing, the Ceding Company and the Reinsurer have, by their
respective officers, executed this Amendment in duplicate on the dates indicated
below, with an effective date of May 1, 2008.
TRANSAMERICA OCCIDENTAL LIFE INSURANCE COMPANY
By: /s/ Xxxxx Xxxxxxx Xxxxxxxxx Attest: /s/ [ILLEGIBLE]
------------------------------ ------------------------------
Name: Xxxxx Xxxxxxx Xxxxxxxxx Name: [ILLEGIBLE]
Title: 2nd Vice President Title: [ILLEGIBLE]
Date: 05-12-08 Date: 5-12-08
HARTFORD LIFE AND ANNUITY INSURANCE COMPANY
By: /s/ Xxxxxx X. Xxxxxxxx Attest: /s/ Xxxx Xxxxxx
------------------------------ ------------------------------
Name: Xxxxxx X. Xxxxxxxx Name: Xxxx Xxxxxx, FSA, MAAA
Title: Vice President, Individual Title: Senior Vice President
Life Product Individual Life Product
Management.
Date: 5/21/2008 Date: 5/21/2008
Single Life Excess Treaty -- Effective 11/01/2002
Between HLAIC and TOLIC
Amendment #14 -- Effective 05/1/2008
2
SCHEDULE A
PLANS COVERED UNDER THIS AGREEMENT
EFFECTIVE MAY 1, 2008
TYPE OF BUSINESS Individual life insurance issued by the
Ceding Company
UPSCALE PRODUCTS RIDERS
------------------------------------------------------------------------------------------------------
Stag Protector Variable Universal Other Covered Insured
Life
Stag Variable Life Accumulator Term Rider (base or other insured)
Stag Universal Life ADB Benefit (not reinsured)
SPVL (Fully underwritten only) Deduction Amount Waiver Rider
ART (CW), 5 & 10 Year Term (NY) Waiver of Monthly Deduction
One Year Term Waiver of Specified Amount
Stag Whole Life Enhanced No Lapse Guarantee Rider
Stag Protector Variable Universal Estate Tax Repeal Benefit Rider
Life II
Stag Variable Life Accumulator II Level Compensation Endorsement
Stag Universal Life Cash Value Children's Life Insurance Rider
Leaders VUL Legacy Maturity Date Extension
Leaders VUL Liberty Guaranteed COI Benefit Rider
Mortality and Expense Risk Rates Rider
Foreign Travel Exclusion Rider
Policy Continuation Rider
Cost of Living Adjustment Rider
Accelerated Benefit Rider
Overloan Protection Rider
Estate Tax Repeal Rider
MIDDLE AMERICA PRODUCTS RIDERS
------------------------------------------------------------------------------------------------------
LBSI UL Term Rider (base or other insured)
Life Solutions I UL Waiver of Premium Riders
Life Solutions II UL Waiver of Monthly Deduction Riders
20 Year Term Additional Purchase Option Rider
Disability Income Rider
WOODBURY PRODUCTS
------------------------------------------------------------------------------------------------------
Hartford Stag Wall Street Variable Term Rider
Universal Life
ADB (not reinsured)
Waiver of Monthly Deduction
Waiver of Specified Amount
Cost of Living Adjustment Rider
Child Rider
Accelerated Benefit Rider
Specify Monthly Deductions
Enhanced No Lapse Guarantee
Single Life Excess Treaty -- Effective 11/01/2002
Between HLAIC and TOLIC
Amendment #14 -- Effective 05/1/2008
3
SCHEDULE A
PLANS COVERED UNDER THIS AGREEMENT
EFFECTIVE MAY 1, 2008
DESCRIPTIONS
RIDERS WHERE ADDITIONAL PREMIUM IS DUE TO THE REINSURER:
Other Covered Insured: Provides term coverage for insured other than base
insured.
Term Rider (base or other insured): Provides additional term coverage
Deduction Amount Waiver Rider: Waives monthly deduction amount if insured is
disabled
Waiver of Monthly Deduction: Waives monthly deduction amount if insured is
disabled
Waiver of Specified Amount: Waives specified amount if insured is disabled
Waiver of Premium Riders: Waives premium requirement if insured is disabled
Additional Purchase Option Rider: Provides additional term coverage
Cost of Living Adjustment Rider: This rider is available at issue only for
nonsubstandard issue ages 0 to 60. The rider allows for face amount increases
without underwriting biannually based on the Consumer Price Index with the
maximum amount of this increase being $50,000.
RIDERS THAT ALTER THE POLICY AND IN WHICH NO ADDITIONAL PREMIUM IS PAID TO THE
REINSURER. IF A POLICY HAS THIS RIDER IT IS STILL COVERED UNDER THE AGREEMENT:
Children's Life Insurance Rider: Provides additional term coverage for a child.
No separate reinsurance benefits are associated with this rider.
Enhanced No Lapse Guarantee Rider: This rider guarantees that the policy will
not lapse, regardless of investment performance, provided cumulative premiums
paid less indebtedness less withdrawals are greater than or equal to the
cumulative no lapse guarantee premiums. There is a lifetime option and a limited
term option. The limited term option is the lesser of 20 years or to attained
age 80 for issue ages 0 to 70 and the minimum of 10 years or to attained age 90
for issue ages 71 to 85. Also, at the time when the no lapse guarantee
terminates or defaults, the policyholder may be eligible for an additional
amount of time they have this protection, which is based on the then current
account value.
Estate Tax Repeal Benefit Rider: This rider will pay the account value less
indebtedness if the Federal Estate Tax Law is fully repealed by December 31,
2010 and we receive a request for this benefit amount from the insured.
Level Compensation Endorsement: Surrender charges are not assessed for a full
surrender during the first three policy years. There is no charge for this
rider.
Single Life Excess Treaty -- Effective 11/01/2002
Between HLAIC and TOLIC
Amendment #14 -- Effective 05/1/2008
4
SCHEDULE A
PLANS COVERED UNDER THIS AGREEMENT
EFFECTIVE MAY 1, 2008
Maturity Date Extension Rider: When the policyholder reaches the maturity date
and has elected this rider, the death benefit is dropped to the account value,
no more monthly deductions are taken, interest is credited, no further premiums
are accepted, policy loans continue to accrue interest, and all other riders are
terminated.
Guaranteed COI Benefit Rider: This rider provides guaranteed cost of insurance
rates for the first 10 policy years. On each policy anniversary, we declare a
cost of insurance rate for a single policy year. This policy year is the policy
year 9 years from the then current policy anniversary. Thus the rider provides
that on any policy anniversary, cost of insurance rates over the next 10 years
will not exceed those provided by the rider. This rider is currently available
in only a few states and on variable life policy forms where the face amount is
at least thirty million dollars.
Accelerated Benefit Rider: With this rider, the policyholder can receive up to
100% of their death benefit discounted with interest if the life expectancy is
12 months or less.
Specify Monthly Deductions: This rider allows the policyholder to specify to
take monthly deductions out of a particular account in the policy.
Mortality and Expense Risk Rider: This rider guarantees that the mortality and
expense risk rate will be zero for years greater than and equal to 21.
Policy Continuation Rider: This rider is automatically added to the policy at
issue. This rider is intended to prevent the lapse of highly loaned policies.
Foreign Travel Exclusion Rider: The rider is written such that if the insured
dies while traveling to, from, or in a country NOT listed on the List of
Countries and Jurisdictions (Foreign Travel Exclusion Rider Exhibit II), or dies
as a direct or indirect result of an illness or injury sustained during such
travel, the death benefit proceeds will be limited to the policy's account
value, less any outstanding indebtedness.
Overloan Protection Rider: This rider is automatically added to the policy at
issue. This rider protects a policy from lapsing due to overloan.
Estate Tax Repeal Benefit Rider: This rider is automatically added to each
policy at issue, and allows for policy surrender without the assessment of
surrender charges, providing the following conditions are met:
- There is no federal estate tax in effect during the year 2011, and
- the surrender request is received during the month of January 2011.
This rider will terminate at the sooner of:
- the termination date of the policy, or
- January 31, 2011.
Single Life Excess Treaty -- Effective 11/01/2002
Between HLAIC and TOLIC
Amendment #14 -- Effective 05/1/2008
5
EXHIBIT III
EFFECTIVE MAY 1, 2008
Annual per 1000 Yearly Renewable Term reinsurance rates are attached.
These rates are used for Automatic, Facultative Obligatory, and Facultative
policies.
PRODUCTS USING MULTI-CLASS RATE TABLES:
Stag Protector Variable Universal Life [Redacted]
Stag Accumulator Variable Universal Life [Redacted]
Stag Universal Life [Redacted]
Stag Whole Life [Redacted]
Hartford Stag Wall Street Variable Universal Life [Redacted]
Stag Universal Life Plus [Redacted]
Stag Universal Life Cash Value [Redacted]
Leaders VUL Legacy [Redacted]
Leaders VUL Liberty [Redacted]
PRODUCTS USING UNI-CLASS RATE TABLES:
LBSI UL [Redacted]
Life Solutions I UL [Redacted]
Life Solutions II UL [Redacted]
20 Year Term [Redacted]
ART (CW) [Redacted]
5 & 10 Year Term (NY) [Redacted]
SPVL [Redacted]
One Year Term [Redacted]
Single Life Excess Treaty -- Effective 11/01/2002
Between HLAIC and TOLIC
Amendment #14 -- Effective 05/1/2008
6
SINGLE LIFE 2002 MULTICLASS ANNUAL YRT PER 1000 REINSURANCE RATES
[Redacted]
1
Monthly Per 1000
Waiver of Specified Amount
Male Female Unisex
[Redacted]
AMENDMENT 15
EFFECTIVE OCTOBER 1, 2008
TO THE
AUTOMATIC AND FACULTATIVE YEARLY RENEWABLE TERM REINSURANCE AGREEMENT
EFFECTIVE NOVEMBER 1, 2002 FOR FACULTATIVE BUSINESS
EFFECTIVE DECEMBER 1, 2002 FOR AUTOMATIC BUSINESS
("AGREEMENT")
BETWEEN
HARTFORD LIFE AND ANNUITY INSURANCE COMPANY
("CEDING COMPANY")
AND
TRANSAMERICA LIFE INSURANCE COMPANY
("REINSURER")
WHEREAS, the Reinsurer currently reinsures the Ceding Company's plans or
policies under the Agreement; and
WHEREAS, the Ceding Company and the Reinsurer wish to amend the Agreement to
reflect the addition of two products and two riders, for policies issued on or
after the effective date of this Amendment. The products are Bicentennial UL
Founders and Life Solutions II UL (2001 CSO version). The riders are the
Guaranteed Minimum Accumulation Benefit (GMAB) Rider and the Paid-Up Life
Insurance Rider. The reserves for the Bicentennial UL Founders product will be
determined using mortality on an Age Nearest Birthday basis. For these riders,
no specific reinsurance premium is payable to the Reinsurer under this
Agreement.
NOW, THEREFORE, for good and valuable consideration, receipt of which is hereby
acknowledged, the Ceding Company and the Reinsurer hereby agree to amend the
Agreement as follows:
I. Schedule A is deleted in its entirety and replaced with the attached
revised Schedule A; and
II. The first page of Exhibit III is deleted and replaced with the
attached revised first page of Exhibit III.
Except as herein amended, all other terms and conditions of the Agreement shall
remain in full force and effect and unchanged.
Single Life Excess Treaty -- Effective 11/01/2002
Between HLAIC and TLIC
Amendment #15 -- Effective 10/1/2008
1
In witness of the foregoing, the Ceding Company and the Reinsurer have, by their
respective officers, executed this Amendment in duplicate on the dates indicated
below, with an effective date of October 1, 2008.
TRANSAMERICA LIFE INSURANCE COMPANY
By: /s/ Xxxxx X. Xxxxxxxxxx Attest: /s/ Xxxxx X. Xxxxxxxxx
------------------------------ ------------------------------
Name: Xxxxx X. Xxxxxxxxxx Name: Xxxxx X. Xxxxxxxxx
Title: Senior Vice President Title: Second Vice President
Date: October 20, 2009 Date: October 26, 2009
HARTFORD LIFE AND ANNUITY INSURANCE COMPANY
By: /s/ Xxxxxx X. Xxxxxxxx Attest: /s/ Xxxx Xxxxxx
------------------------------ ------------------------------
Name: Xxxxxx X. Xxxxxxxx Name: Xxxx Xxxxxx, FSA, MAAA
Title: Vice President, IL Product Title: Senior Vice President
IMG Product Management
Date: 10/29/2009 Date: 10/29/2009
Single Life Excess Treaty -- Effective 11/01/2002
Between HLAIC and TLIC
Amendment #15 -- Effective 10/1/2008
2
SCHEDULE A
PLANS COVERED UNDER THIS AGREEMENT
EFFECTIVE OCTOBER 1, 2008
TYPE OF BUSINESS Individual life insurance issued by
the Ceding Company
UPSCALE PRODUCTS RIDERS
------------------------------------------------------------------------
Stag Protector Variable Universal Other Covered Insured
Life
Stag Variable Life Accumulator Term Rider (base or other insured)
Stag Universal Life ADB Benefit (not reinsured)
SPVL (Fully underwritten only) Deduction Amount Waiver Rider
ART (CW), 5 & 10 Year Term (NY) Waiver of Monthly Deduction
One Year Term Waiver of Specified Amount
Stag Whole Life Enhanced No Lapse Guarantee Rider
Stag Protector Variable Universal Estate Tax Repeal Benefit Rider
Life II
Stag Variable Life Accumulator II Level Compensation Endorsement
Stag Universal Life Cash Value Children's Life Insurance Rider
Leaders VUL Legacy Maturity Date Extension
Leaders VUL Liberty Guaranteed COI Benefit Rider
Bicentennial UL Founders Mortality and Expense Risk Rates
Rider
Foreign Travel Exclusion Rider
Policy Continuation Rider
Cost of Living Adjustment Rider
Accelerated Benefit Rider
Overloan Protection Rider
Estate Tax Repeal Rider
Guaranteed Minimum Accumulation
Benefit Rider
Paid-Up Life Insurance Rider
MIDDLE AMERICA PRODUCTS RIDERS
------------------------------------------------------------------------
LBSI UL Term Rider (base or other insured)
Life Solutions I UL Waiver of Premium Riders
Life Solutions II UL Waiver of Monthly Deduction Riders
20 Year Term Additional Purchase Option Rider
Life Solutions II UL (2001 CSO Disability Income Rider
version)
WOODBURY PRODUCTS
------------------------------------------------------------------------
Hartford Stag Wall Street Variable Term Rider
Universal Life
ADB (not reinsured)
Waiver of Monthly Deduction
Waiver of Specified Amount
Cost of Living Adjustment Rider
Child Rider
Accelerated Benefit Rider
Specify Monthly Deductions
Enhanced No Lapse Guarantee
Single Life Excess Treaty -- Effective 11/01/2002
Between HLAIC and TLIC
Amendment #15 -- Effective 10/1/2008
3
SCHEDULE A
PLANS COVERED UNDER THIS AGREEMENT
EFFECTIVE OCTOBER 1, 2008
DESCRIPTIONS
RIDERS WHERE ADDITIONAL PREMIUM IS DUE TO THE REINSURER:
Other Covered Insured: Provides term coverage for insured other than base
insured
Term Rider (base or other insured): Provides additional term coverage
Deduction Amount Waiver Rider: Waives monthly deduction amount if insured is
disabled
Waiver of Monthly Deduction: Waives monthly deduction amount if insured is
disabled
Waiver of Specified Amount: Waives specified amount if insured is disabled
Waiver of Premium Riders: Waives premium requirement if insured is disabled
Additional Purchase Option Rider: Provides additional term coverage
Cost of Living Adjustment Rider: This rider is available at issue only for
nonsubstandard issue ages 0 to 60. The rider allows for face amount increases
without underwriting biannually based on the Consumer Price Index with the
maximum amount of this increase being $50,000.
RIDERS THAT ALTER THE POLICY AND IN WHICH NO ADDITIONAL PREMIUM IS PAID TO THE
REINSURER. IF A POLICY HAS THIS RIDER IT IS STILL COVERED UNDER THE AGREEMENT:
Children's Life Insurance Rider: Provides additional term coverage for a child.
No separate reinsurance benefits are associated with this rider.
Enhanced No Lapse Guarantee Rider: This rider guarantees that the policy will
not lapse, regardless of investment performance, provided cumulative premiums
paid less indebtedness less withdrawals are greater than or equal to the
cumulative no lapse guarantee premiums. There is a lifetime option and a limited
term option. The limited term option is the lesser of 20 years or to attained
age 80 for issue ages 0 to 70 and the minimum of 10 years or to attained age 90
for issue ages 71 to 85. Also, at the time when the no lapse guarantee
terminates or defaults, the policyholder may be eligible for an additional
amount of time they have this protection, which is based on the then current
account value.
Estate Tax Repeal Benefit Rider: This rider will pay the account value less
indebtedness if the Federal Estate Tax Law is fully repealed by December 31,
2010 and we receive a request for this benefit amount from the insured.
Level Compensation Endorsement: Surrender charges are not assessed for a full
surrender during the first three policy years. There is no charge for this
rider.
Single Life Excess Treaty -- Effective 11/01/2002
Between HLAIC and TLIC
Amendment #15 -- Effective 10/1/2008
4
SCHEDULE A
PLANS COVERED UNDER THIS AGREEMENT
EFFECTIVE OCTOBER 1, 2008
Maturity Date Extension Rider: When the policyholder reaches the maturity date
and has elected this rider, the death benefit is dropped to the account value,
no more monthly deductions are taken, interest is credited, no further premiums
are accepted, policy loans continue to accrue interest, and all other riders are
terminated.
Guaranteed COI Benefit Rider: This rider provides guaranteed cost of insurance
rates for the first 10 policy years. On each policy anniversary, we declare a
cost of insurance rate for a single policy year. This policy year is the policy
year 9 years from the then current policy anniversary. Thus the rider provides
that on any policy anniversary, cost of insurance rates over the next 10 years
will not exceed those provided by the rider. This rider is currently available
in only a few states and on variable life policy forms where the face amount is
at least thirty million dollars.
Accelerated Benefit Rider: With this rider, the policyholder can receive up to
100% of their death benefit discounted with interest if the life expectancy is
12 months or less.
Specify Monthly Deductions: This rider allows the policyholder to specify to
take monthly deductions out of a particular account in the policy.
Mortality and Expense Risk Rider: This rider guarantees that the mortality and
expense risk rate will be zero for years greater than and equal to 21.
Policy Continuation Rider: This rider is automatically added to the policy at
issue. This rider is intended to prevent the lapse of highly loaned policies.
Foreign Travel Exclusion Rider: The rider is written such that if the insured
dies while traveling to, from, or in a country NOT listed on the List of
Countries and Jurisdictions (Foreign Travel Exclusion Rider Exhibit II), or dies
as a direct or indirect result of an illness or injury sustained during such
travel, the death benefit proceeds will be limited to the policy's account
value, less any outstanding indebtedness.
Overloan Protection Rider: This rider is automatically added to the policy at
issue. This rider protects a policy from lapsing due to overloan.
Estate Tax Repeal Benefit Rider: This rider is automatically added to each
policy at issue, and allows for policy surrender without the assessment of
surrender charges, providing the following conditions are met:
- There is no federal estate tax in effect during the year 2011, and
- the surrender request is received during the month of January 2011.
This rider will terminate at the sooner of:
- the termination date of the policy, or
- January 31, 2011.
Single Life Excess Treaty -- Effective 11/01/2002
Between HLAIC and TLIC
Amendment #15 -- Effective 10/1/2008
5
SCHEDULE A
PLANS COVERED UNDER THIS AGREEMENT
EFFECTIVE OCTOBER 1, 2008
Guaranteed Minimum Accumulation Benefit (GMAB) Rider: This rider provides that
at the end of the GMAB Guarantee Period (usually 20 years), the policy account
value will be increased, if necessary, to equal the sum of gross premiums paid
to that date. There is a small monthly charge to the policyholder, and a minimum
cumulative premium requirement to keep the rider in force.
Paid-Up Life Insurance Rider: This rider is similar to GMAB rider with the same
Guarantee Period, a monthly charge, and a cumulative premium requirement. This
rider provides that at end of Guarantee Period, policyholder may elect to change
coverage to paid-up life insurance using account value as a 5% Net Single
Premium to determine amount of coverage; however, amount of coverage will never
be lower than sum of gross premiums paid to that date. Once elected, premiums
are no longer accepted.
Single Life Excess Treaty -- Effective 11/01/2002
Between HLAIC and TLIC
Amendment #15 -- Effective 10/1/2008
6
EXHIBIT III
EFFECTIVE OCTOBER 1, 2008
Annual per 1000 Yearly Renewable Term reinsurance rates are attached.
These rates are used for Automatic, Facultative Obligatory, and Facultative
policies.
PRODUCTS USING MULTI-CLASS RATE TABLES:
Stag Protector Variable Universal Life [Redacted]
Stag Accumulator Variable Universal Life [Redacted]
Stag Universal Life [Redacted]
Stag Whole Life [Redacted]
Hartford Stag Wall Street Variable Universal Life [Redacted]
Stag Universal Life Plus [Redacted]
Stag Universal Life Cash Value [Redacted]
Leaders VUL Legacy [Redacted]
Leaders VUL Liberty [Redacted]
Bicentennial UL Founders [Redacted]
PRODUCTS USING UNI-CLASS RATE TABLES:
LBSI UL [Redacted]
Life Solutions I UL [Redacted]
Life Solutions II UL [Redacted]
20 Year Term [Redacted]
ART (CW) [Redacted]
5 & 10 Year Term (NY) [Redacted]
SPVL [Redacted]
One Year Term [Redacted]
Life Solutions II UL (2001 CSO version) [Redacted]
Single Life Excess Treaty -- Effective 11/01/2002
Between HLAIC and TLIC
Amendment #15 -- Effective 10/1/2008
7
AMENDMENT 16
EFFECTIVE OCTOBER 1, 2008
TO THE
AUTOMATIC AND FACULTATIVE YEARLY RENEWABLE TERM REINSURANCE AGREEMENT
FACULTATIVE BUSINESS EFFECTIVE DATE: NOVEMBER 1, 2002
AUTOMATIC BUSINESS EFFECTIVE DATE: DECEMBER 1, 2002
BETWEEN
HARTFORD LIFE AND ANNUITY INSURANCE COMPANY ("CEDING COMPANY")
AND
TRANSAMERICA LIFE INSURANCE COMPANY ("REINSURER")
("AGREEMENT")
WHEREAS, the Reinsurer currently reinsures the Ceding Company's plans or
policies under the Agreement; and
WHEREAS, the Ceding Company and the Reinsurer wish to amend the Agreement to
change the Reinsurer's liability for a policy that qualifies for coverage under
a special cession based on the following criteria:
a. The issue age of the insured is not greater than 70;
NOW, THEREFORE for good and valuable consideration, receipt of which is hereby
acknowledged, the Ceding Company and the Reinsurer hereby agree as follows:
1. The above recitals are true and accurate and are incorporated
herein;
2. The policy, as specified below, shall be reinsured under the terms
of this Agreement and with the Reinsurer participating in an
increased share of the policy, the total of which is reflected as
the Reinsurer's Share:
3. Except as herein amended, all other terms and conditions of the
Agreement shall remain in full force and effect and unchanged.
Single Life Excess Treaty -- Effective 11/01/2002
Between HLAIC and TLIC
Amendment 16 -- Effective 10/01/2008
1
In witness of the foregoing, the Ceding Company and the Reinsurer have, by their
respective officers, executed this Amendment in duplicate on the dates indicated
below, with an effective date of October 1, 2008.
TRANSAMERICA LIFE INSURANCE COMPANY
By: /s/ Xxxxx X. Xxxxxxxxxx Attest: /s/ Xxxxx X. Xxxxxxxxx
------------------------------ ------------------------------
Name: Xxxxx X. Xxxxxxxxxx Name: Xxxxx X. Xxxxxxxxx
Title: Senior Vice President Title: Second Vice President
Date: May 17, 2010 Date: May 20, 2010
HARTFORD LIFE AND ANNUITY INSURANCE COMPANY
By: /s/ [ILLEGIBLE] Attest: /s/ Xxxx Xxxxxxx
------------------------------ ------------------------------
Name: [ILLEGIBLE] Name: Xxxx Xxxxxxx
Title: Assistant Vice President & Title: Assistant Vice President &
Actuary Actuary
Date: 5/28/2010 Date: 5/28/2010
Single Life Excess Treaty -- Effective 11/01/2002
Between HLAIC and TLIC
Amendment 16 -- Effective 10/01/2008
2
AMENDMENT 18
EFFECTIVE JULY 4, 2009
TO THE
AUTOMATIC AND FACULTATIVE YEARLY RENEWABLE TERM REINSURANCE AGREEMENT
FACULTATIVE BUSINESS EFFECTIVE NOVEMBER 1, 2002
AUTOMATIC BUSINESS EFFECTIVE DECEMBER 1, 2002
BETWEEN
HARTFORD LIFE AND ANNUITY INSURANCE COMPANY
("CEDING COMPANY")
AND
TRANSAMERICA LIFE INSURANCE COMPANY
("REINSURER")
("AGREEMENT")
WHEREAS, the Reinsurer currently reinsures the Ceding Company's plans or
policies under the Agreement; and
WHEREAS, the Ceding Company and the Reinsurer wish to amend the Agreement to
exclude certain policies which qualify for coverage under a special cession
based on the following criteria:
a. The issue age of the insured is not greater than 70;
NOW, THEREFORE for good and valuable consideration, receipt of which is hereby
acknowledged, the Ceding Company and the Reinsurer hereby agree as follows:
1. The above recitals are true and accurate and are incorporated
herein.
2. The policy listed below shall not be reinsurer under the terms of
this Agreement:
3. Except as herein amended, all other terms and conditions of the
Agreement shall remain in full force and effect and unchanged.
Single Life Excess Treaty -- Effective 11/01/2002
Between HLAIC and TLIC
Amendment 18 -- Effective 7/04/2009
1
In witness of the foregoing, the Ceding Company and the Reinsurer have, by their
respective officers, executed this Amendment in duplicate on the dates indicated
below, with an effective date of July 4, 2009.
TRANSAMERICA LIFE INSURANCE COMPANY
By: /s/ Xxxxx X. Xxxxxxxxxx Attest: /s/ Xxxxx X. Xxxxxxxxx
------------------------------ ------------------------------
Name: Xxxxx X. Xxxxxxxxxx Name: Xxxxx X. Xxxxxxxxx
Title: Senior Vice President Title: Second Vice President
Date: May 17, 2010 Date: May 20, 2010
HARTFORD LIFE AND ANNUITY INSURANCE COMPANY
By: /s/ [ILLEGIBLE] Attest: /s/ Xxxx Xxxxxxx
------------------------------ ------------------------------
Name: [ILLEGIBLE] Name: Xxxx Xxxxxxx
Title: Assistant Vice President & Title: Assistant Vice President &
Actuary Actuary
Date: 5/28/2010 Date: 5/28/2010
Single Life Excess Treaty -- Effective 11/01/2002
Between HLAIC and TLIC
Amendment 18 -- Effective 7/04/2009
2
AMENDMENT 19
EFFECTIVE OCTOBER 1, 2008
TO THE
AUTOMATIC AND FACULTATIVE YEARLY RENEWABLE TERM REINSURANCE AGREEMENT
EFFECTIVE NOVEMBER 1, 2002 FOR FACULTATIVE BUSINESS
EFFECTIVE DECEMBER 1, 2002 FOR AUTOMATIC BUSINESS
("AGREEMENT")
BETWEEN
HARTFORD LIFE AND ANNUITY INSURANCE COMPANY
("CEDING COMPANY")
AND
TRANSAMERICA LIFE INSURANCE COMPANY
("REINSURER")
WHEREAS, the Reinsurer currently reinsures the Ceding Company's plans or
policies under the Agreement; and
WHEREAS, the Ceding Company and the Reinsurer have revised Schedule A on
multiple dates since the effective dates of the Agreement; and
WHEREAS, the Ceding Company and the Reinsurer acknowledge that the Agreement was
not amended to reflect the addition of the Conversion Option Rider, the
Guaranteed Issue Option Rider, and the Liquidity Enhancement Rider, for policies
issued on or after October 2, 2006; and
WHEREAS, the Ceding Company and the Reinsurer originally intended to add the
above-mentioned riders using Amendment 12; and
WHEREAS, the Ceding Company and the Reinsurer agree that no Amendment 12 was
created; and
WHEREAS, the Ceding Company and the Reinsurer now wish to clarify Schedule A to
reflect the effective dates of Products and Riders since the effective dates of
the Agreement and ensure that Rider names are presented accurately; and
WHEREAS, the Ceding Company and the Reinsurer agree that no additional
reinsurance premium is due to the Reinsurer for these riders under this
Agreement.
Single Life Excess Treaty -- Effective 11/01/2002
Between HLAIC and TLIC
Amendment #19 -- Effective 10/1/2008
1
NOW, THEREFORE, for good and valuable consideration, receipt of which is hereby
acknowledged, the Ceding Company and the Reinsurer hereby agree to amend the
Agreement as follows:
1. Schedule A is deleted in its entirety and replaced with the attached revised
Schedule A.
Except as herein amended, all other terms and conditions of the Agreement shall
remain in full force and effect and unchanged.
In witness of the foregoing, the Ceding Company and the Reinsurer have, by their
respective officers, executed this Amendment in duplicate on the dates indicated
below, with an effective date of October 1, 2008.
TRANSAMERICA LIFE INSURANCE COMPANY
By: /s/ Xxxxx Xxxxxxxxxx Attest: /s/ Xxxxx X. Xxxxxxxxx
------------------------------ ------------------------------
Name: Xxxxx Xxxxxxxxxx Name: Xxxxx X. Xxxxxxxxx
Title: Senior Vice President Title: Second Vice President
Date: August 19, 2010 Date: August 25, 2010
HARTFORD LIFE AND ANNUITY INSURANCE COMPANY
By: /s/ [ILLEGIBLE] Attest: /s/ Xxxx Xxxxxxx
------------------------------ ------------------------------
Name: [ILLEGIBLE] Name: Xxxx Xxxxxxx
Title: Assistant Vice President & Title: Assistant Vice President &
Actuary Actuary
Date: 9/15/2010 Date: 9-24-2010
Single Life Excess Treaty -- Effective 11/01/2002
Between HLAIC and TLIC
Amendment #19 -- Effective 10/1/2008
2
SCHEDULE A
PLANS COVERED UNDER THIS AGREEMENT
EFFECTIVE OCTOBER 1, 2008
TYPE OF BUSINESS Individual life insurance issued by the Ceding Company
UPSCALE PRODUCTS RIDERS
----------------------------------------------------------------------------------------------------------------
Stag Protector Variable Universal Life* Other Covered Insured Rider*
Stag Variable Life Accumulator* Term Rider (base or other insured)*
Stag Universal Life* Accidental Death Benefit (not reinsured)*
SPVL (Fully underwritten only)* Deduction Amount Waiver Rider*
ART (CW), 5 & 10 Year Term (NY)* Waiver of Monthly Deduction Rider*
One Year Term* Waiver of Specified Amount Rider*
Stag Whole Life* Enhanced No Lapse Guarantee Rider*
Stag Protector Variable Universal Life II (eff. Estate Tax Repeal Benefit Rider*
December 1, 2003)
Stag Variable Life Accumulator II (eff. December 1, Level Compensation Endorsement*
2003)
Stag Universal Life Cash Value (eff. July 1, 2005) Children's Life Insurance Rider *
Leaders VUL Legacy (eff. May 1, 2008) Maturity Date Extension Rider*
Leaders VUL Liberty (eff. May 1, 2008) Guaranteed COI Benefit Rider*
Bicentennial UL Founders (eff. October 1, 2008) Mortality and Expense Risk Rates Rider*
Foreign Travel Exclusion Rider (eff. November 1, 2002
(fac.); December 1, 2002 (auto)
Policy Continuation Rider (eff. December 1, 2003)
Conversion Option Rider (eff. October 2, 2006)
Guaranteed Issue Option Rider (eff. October 2, 2006)
Liquidity Enhancement Rider (eff. October 2, 2006)
Cost of Living Adjustment Rider (eff. May 1, 2008)
Overloan Protection Rider (eff. May 1, 2008)
Guaranteed Minimum Accumulation Benefit Rider (eff.
October 1, 2008)
Paid-Up Life Insurance Rider (eff. October 1, 2008)
MIDDLE AMERICA PRODUCTS RIDERS
----------------------------------------------------------------------------------------------------------------
LBSI UL* Term Rider (base or other insured)*
Life Solutions I UL* Waiver of Premium Riders*
Life Solutions II UL* Waiver of Monthly Deduction Riders*
20 Year Term* Additional Purchase Option Rider*
Life Solutions II UL (2001 CSO version) (eff. October Disability Income Rider*
1, 2008)
WOODBURY PRODUCTS
----------------------------------------------------------------------------------------------------------------
Hartford Stag Wall Street Variable Universal Life* Term Rider (base or other insured)*
Accidental Death Benefit (not reinsured)*
Waiver of Monthly Deduction Rider*
Waiver of Specified Amount Rider*
Cost of Living Adjustment Rider*
Children's Life Insurance Rider*
Accelerated Death Benefit Rider*
Specify Monthly Deductions Rider*
Enhanced No Lapse Guarantee Rider*
------------
* Effective November 1, 2002 (fac.), December 1, 2002 (auto), in treaty
Single Life Excess Treaty -- Effective 11/01/2002
Between HLAIC and TLIC
Amendment #19 -- Effective 10/1/2008
3
SCHEDULE A
PLANS COVERED UNDER THIS AGREEMENT
EFFECTIVE OCTOBER 1, 2008
DESCRIPTIONS
RIDERS FOR WHICH ADDITIONAL PREMIUM IS DUE TO THE REINSURER:
Other Covered insured Rider: Provides term coverage for insured other than base
insured.
Term Rider (base or other insured): Provides additional term coverage.
Deduction Amount Waiver Rider: Waives monthly deduction amount if insured is
disabled.
Waiver of Monthly Deduction Rider: Waives monthly deduction amount if insured
is disabled.
Waiver of Specified Amount Rider: Waives specified amount if insured is
disabled.
Waiver of Premium Riders: Waives premium requirement if insured is disabled.
Additional Purchase Option Rider: Provides additional term coverage.
Cost of Living Adjustment Rider: This rider is available at issue only for
non-substandard issue ages 0 to 60. The rider allows for face amount increases
without underwriting biannually based on the Consumer Price Index with the
maximum amount of this increase being $50,000.
RIDERS THAT ALTER THE POLICY AND FOR WHICH NO ADDITIONAL PREMIUM IS PAID TO THE
REINSURER. IF A POLICY HAS THIS RIDER IT IS STILL COVERED UNDER THE AGREEMENT:
Accidental Death Benefit Rider: Pays an additional death benefit if the death
on the insured is caused by a qualifying accident.
Children's Life Insurance Rider: Provides additional term coverage for a child.
No separate reinsurance benefits are associated with this rider.
Enhanced No Lapse Guarantee Rider: This rider guarantees that the policy will
not lapse, regardless of investment performance, provided cumulative premiums
paid less indebtedness less withdrawals are greater than or equal to the
cumulative no lapse guarantee premiums. There is a lifetime option and a limited
term option. The limited term option is the lesser of 20 years or to attained
age 80 for issue ages 0 to 70 and the minimum of 10 years or to attained age 90
for issue ages 71 to 85. Also, at the time when the no lapse guarantee
terminates or defaults, the policyholder may be eligible for an additional
amount of time they have this protection, which is based on the then current
account value.
Single Life Excess Treaty -- Effective 11/01/2002
Between HLAIC and TLIC
Amendment #19 -- Effective 10/1/2008
4
SCHEDULE A
PLANS COVERED UNDER THIS AGREEMENT
EFFECTIVE OCTOBER 1, 2008
Estate Tax Repeal Benefit Rider: (eff. 11/1/2002 (fac), 12/1/2002 (auto) This
rider will pay the account value less indebtedness if the Federal Estate Tax Law
is fully repealed by December 31, 2010 and we receive a request for this benefit
amount from the insured.
(eff 5/11/2008) This rider is automatically added to each policy at issue, and
allows for policy surrender without the assessment of surrender charges,
providing the following conditions are met:
- There is no federal estate tax in effect during the year 2011; and
- The surrender request is received during the month of January 2011.
This rider will terminate at the sooner of:
- The termination date of the policy, or
- January 31, 2011.
Level Compensation Endorsement: Surrender charges are not assessed for a full
surrender during the first three policy years. There is no charge for this
rider.
Maturity Date Extension Rider: When the policyholder reaches the maturity date
and has elected this rider, the death benefit is dropped to the account value,
no more monthly deductions are taken, interest is credited, no further premiums
are accepted, policy loans continue to accrue interest, and all other riders are
terminated.
Guaranteed COI Benefit Rider: This rider provides guaranteed cost of insurance
rates for the first 10 policy years. On each policy anniversary, we declare a
cost of insurance rate for a single policy year. This policy year is the policy
year 9 years from the then current policy anniversary. Thus the rider provides
that on any policy anniversary, cost of insurance rates over the next 10 years
will not exceed those provided by the rider. This rider is currently available
in only a few states and on variable life policy forms where the face amount is
at least thirty million dollars.
Accelerated Death Benefit Rider: With this rider, the policyholder can receive
up to 100% of their death benefit discounted with interest if the life
expectancy is 12 months or less.
Specify Monthly Deductions Rider: This rider allows the policyholder to specify
to take monthly deductions out of a particular account in the policy.
Mortality and Expense Risk Rider: This rider guarantees that the mortality and
expense risk rate will be zero for years greater than and equal to 21.
Policy Continuation Rider: This rider is automatically added to the policy at
issue. This rider is intended to prevent the lapse of highly loaned policies.
Foreign Travel Exclusion Rider: The rider is written such that if the insured
dies while traveling to, from, or in a country NOT listed on the List of
Countries and Jurisdictions (Foreign Travel Exclusion Rider Exhibit II), or dies
as a direct or indirect result of an illness or injury sustained during such
travel, the death benefit proceeds will be limited to the policy's account
value, less any outstanding indebtedness.
Single Life Excess Treaty -- Effective 11/01/2002
Between HLAIC and TLIC
Amendment #19 -- Effective 10/1/2008
5
SCHEDULE A
PLANS COVERED UNDER THIS AGREEMENT
EFFECTIVE OCTOBER 1, 2008
Conversion Option Rider: During certain policy years prior to the insured's
attained age 70, the policy may be converted, without evidence of insurability,
to any permanent plan of life insurance the Ceding Company then makes available
for conversions of this policy.
Guaranteed Issue Option Rider: This rider allows the policyholder to increase
the face amount of converted Stag Whole Life policies being converted via the
Conversion Option Rider by up to twice their original face amount.
Liquidity Enhancement Rider: This rider shortens the surrender charge period on
Stag Whole Life policies from 9 to 7 years. This rider results in policies'
credited interest rate and commissions being reduced.
Overloan Protection Rider: This rider is automatically added to the policy at
issue. This rider protects a policy from lapsing due to overloan.
Guaranteed Minimum Accumulation Benefit (GMAB) Rider: This rider provides that
at the end of the GMAB Guarantee Period (usually 20 years), the policy account
value will be increased, if necessary, to equal the sum of gross premiums paid
to that date. There is a small monthly charge to the policyholder, and a minimum
cumulative premium requirement to keep the rider in force.
Paid-Up Life Insurance Rider: This rider is similar to GMAB rider with the same
Guarantee Period, a monthly charge, and a cumulative premium requirement. This
rider provides that at the end of the Guarantee Period, policyholder may elect
to change coverage to paid-up life insurance using account value as a 5% Net
Single Premium to determine amount of coverage; however, amount of coverage will
never be lower than the sum of gross premiums paid to that date. Once elected,
premiums are no longer accepted.
Single Life Excess Treaty -- Effective 11/01/2002
Between HLAIC and TLIC
Amendment #19 -- Effective 10/1/2008
6
AMENDMENT 20
EFFECTIVE JUNE 1, 2005
TO THE
AUTOMATIC AND FACULTATIVE YEARLY RENEWABLE TERM REINSURANCE AGREEMENT
EFFECTIVE NOVEMBER 1, 2002, FOR FACULTATIVE BUSINESS
EFFECTIVE DECEMBER 1, 2002, FOR AUTOMATIC BUSINESS
("AGREEMENT")
BETWEEN
HARTFORD LIFE AND ANNUITY INSURANCE COMPANY
("CEDING COMPANY")
AND
TRANSAMERICA LIFE INSURANCE COMPANY
(FORMERLY TRANSAMERICA OCCIDENTAL LIFE INSURANCE COMPANY)
("REINSURER")
RECITALS
WHEREAS, the Reinsurer currently reinsures the Ceding Company's plans or
policies under the Agreement; and
WHEREAS, the Ceding Company and the Reinsurer wish to amend the Agreement, to
document the Ceding Company's ability to offer coverage at a risk class more
favorable than the True Assessed Risk Class, for policies issued on or after
June 1, 2005.
NOW, THEREFORE for good and valuable consideration, receipt of which is hereby
acknowledged, the Ceding Company and the Reinsurer hereby agree as follows:
1. The above recitals are true and accurate and are incorporated herein.
2. Article II, Section A, Paragraph 2 is deleted in its entirety and replaced
with the following:
2. The risk must be underwritten according to the Ceding Company's
standard underwriting practices and guidelines or the Ceding
Company's enhanced standard underwriting program.
If the Ceding Company would like to offer coverage at a risk class
more favorable than the True Assessed Risk Class, the Ceding Company
may:
a. Reinsure the risk automatically under this Agreement with the
Reinsurance Premium based on the True Assessed Risk Class; or
Single Life Excess Treaty -- Effective 11/1/2002
Between HLAIC and TLIC
Amendment 20 - Effective 06/01/2005
1
a. Seek to reinsure the risk facultatively under this Agreement at
rates more favorable than the True Assessed Risk Class; or
b. Decide not to reinsure the risk under this Agreement
For the purposes of this Agreement, "True Assessed Risk Class" shall mean
the risk class determined by the Ceding Company prior to any adjustments
made as a result of the Ceding Company's enhanced standard underwriting
program.
The Ceding Company's Underwriting Guidelines consist of the following
documents which are attached in Exhibit IV and made part of this
reinsurance agreement:
- Underwriting guidelines
- Age and amount requirements
- Internal Underwriting Philosophy
- Exception criteria
Any proposed changes to the Ceding Company's Underwriting Guidelines shall
be submitted to the Reinsurer for written approval prior to implementation.
If the Reinsurer does not respond within thirty (30) days, it shall be
presumed that the Reinsurer is agreeable to such modification.
Any risk not underwritten according to the Underwriting Guidelines shall be
excluded, unless any of the following conditions (i), (ii) or (iii) are
satisfied, where:
(i) Xxxxxxxxx has agreed to the special underwriting program by
written amendment to the reinsurance agreement.
(ii) the special underwriting program is currently part of the existing
treaty being amended herein.
(iii) Ceding Company has followed its Underwriting Guidelines and has
reinsured at terms according to these guidelines.
Ceding Company will use as a base underwriting manual the Swiss Re Edition
7 manual. However, Ceding Company will use the Ascent II manual for all
cancers, kidney transplants and Type 1 and Type 2 diabetes.
3. Except as herein amended, all other terms and conditions of the Agreement
shall remain unchanged.
In witness of the foregoing, the Ceding Company and the Reinsurer have, by their
respective officers, hereby executed this Amendment in duplicate on the dates
indicated below, with an effective date of June 1, 2005.
Single Life Excess Treaty -- Effective 11/1/2002
Between HLAIC and TLIC
Amendment 20 - Effective 06/01/2005
2
TRANSAMERICA LIFE INSURANCE COMPANY
By: /s/ Xxxxx Xxxxxxxxxx Attest: /s/ Xxxxx Xxxxxxxxx
-------------------------------- --------------------------------
Name: Xxxxx Xxxxxxxxxx Name: Xxxxx Xxxxxxxxx
Title: Senior Vice President Title: 2nd Vice President
Date: July 12, 2011 Date: 7.12.11
HARTFORD LIFE AND ANNUITY INSURANCE COMPANY
By: /s/ Xxxx Xxxxxxx Attest: /s/ Xxxxxxx X. Xxxxxx
-------------------------------- --------------------------------
Name: Xxxx Xxxxxxx Name: Xxxxxxx X. Xxxxxx
Title: Assistant Vice President & Title: Senior Vice President & Actuary
Actuary
Date: 7-15-2011 Date: 7/15/2011
Single Life Excess Treaty -- Effective 11/1/2002
Between HLAIC and TLIC
Amendment 20 - Effective 06/01/2005
3
AMENDMENT 17
EFFECTIVE MARCH 1, 2009
TO THE
AUTOMATIC AND FACULTATIVE YEARLY RENEWABLE TERM REINSURANCE AGREEMENT
EFFECTIVE NOVEMBER 1, 2002, FOR FACULTATIVE BUSINESS
EFFECTIVE DECEMBER 1, 2002, FOR AUTOMATIC BUSINESS
("AGREEMENT")
BETWEEN
HARTFORD LIFE AND ANNUITY INSURANCE COMPANY
("CEDING COMPANY")
AND
TRANSAMERICA LIFE INSURANCE COMPANY
("REINSURER")
WHEREAS, the Reinsurer currently reinsures the Ceding Company's plans or
policies under the Agreement; and
WHEREAS, the Ceding Company and the Reinsurer wish to terminate the Agreement
for new business; and
WHEREAS, the Ceding Company and the Reinsurer wish to amend the Liability and
Termination articles to clarify liability after termination of the Agreement for
new business.
NOW, THEREFORE, for good and valuable consideration, receipt of which is hereby
acknowledged, the Ceding Company and the Reinsurer hereby agree as follows:
I. The above recitals are true and accurate and are incorporated herein.
II. The Agreement terminated for new business effective March 1, 2009.
III. Article III, Liability, is amended to add the following Section I:
I. Following the termination of this Agreement for new business, as
described in Article XX, the Reinsurer shall continue to be liable
for:
1. All Automatic and Facultative Reinsurance in effect prior to such
termination of this Agreement; and
2. All Automatic Reinsurance:
(a) that becomes effective after such termination of this
Agreement on face amount increases issued on, and
reinstatements of, policies issued before such termination of
this Agreement; or
(b) in excess of the Ceding Company's retention that becomes
effective after such termination of this Agreement on face
amount increases issued on fully retained policies issued
before termination; and
SL Excess Treaty -- Effective 11/01/2002
Between HLAIC and TLIC
Amendment #17 -- Effective 03/1/2009
1
3. All Facultative Reinsurance coverage that becomes effective after
such termination of this Agreement, on risks facultatively
submitted to the Reinsurer before such termination.
IV. Article XX, Termination, is deleted in its entirely and replaced with the
following:
A. The Ceding Company and the Reinsurer may terminate this Agreement as
it applies to the new business of each by giving (90) ninety days'
written notice of termination. The day the notice is deposited in the
mail addressed to the Home Office, or to an Officer of each party,
will be the first day of the (90) ninety-day period. In addition,
this Agreement may be terminated immediately for the acceptance of
new reinsurance by either party if one of the parties becomes
insolvent as described in Article XVII.
B. During the (90) ninety-day period, this Agreement will continue to be
in force between the terminating parties.
C. Following the termination of this Agreement for new business, the
terminating parties shall remain liable in accordance with Article
III of this Agreement.
V. Except as herein amended, all other terms and conditions of the Agreement
shall remain unchanged and in full force and effect.
In witness of the foregoing, the Ceding Company and the Reinsurer have, by their
respective officers, executed this Amendment in duplicate on the dates indicated
below.
TRANSAMERICA LIFE INSURANCE COMPANY
by its Administrator and Attorney-in-Fact
SCOR Global Life Americas Reinsurance Company
on June 4, 2012
Signature /s/ Xxxxx Xxxxxxxxxx Signature /s/ Xxxxx Xxxxxxxxx
-------------------------------- --------------------------
Name in Text Xxxxx Xxxxxxxxxx Name in Text Xxxxx Xxxxxxxxx
Title: Executive Vice President Title: Assistant Vice President
SCOR Global Life Americas SCOR Global Life Americas
Reinsurance Company Reinsurance Company
HARTFORD LIFE AND ANNUITY INSURANCE COMPANY
By: /s/ Xxxx Xxxxxxx Attest: /s/ Xxxxx X. Xxxxxx
-------------------------------------- --------------------------------
Name: Xxxx Xxxxxxx Name: Xxxxx X. Xxxxxx
Title: Assistant Vice President and Actuary Title: Vice President and Actuary
Date: June 12, 2012 Date: June 12, 2012
SL Excess Treaty -- Effective 11/01/2002
Between HLAIC and TLIC
Amendment #17 -- Effective 03/1/2009
2
AMENDMENT 21
EFFECTIVE OCTOBER 1, 2008
TO THE
AUTOMATIC AND FACULTATIVE YEARLY RENEWABLE TERM REINSURANCE AGREEMENT
EFFECTIVE NOVEMBER 1, 2002 FOR FACULTATIVE BUSINESS
EFFECTIVE DECEMBER 1, 2002 FOR AUTOMATIC BUSINESS
BETWEEN
HARTFORD LIFE AND ANNUITY INSURANCE COMPANY
("CEDING COMPANY")
AND
TRANSAMERICA LIFE INSURANCE COMPANY
("REINSURER")
("AGREEMENT")
WHEREAS, Xxxxxxxxx currently reinsures the Ceding Company's plans or policies
under the Agreement; and
WHEREAS, the parties agree that Schedule A has been amended in several
amendments; and
WHEREAS, the parties wish to reflect an updated Schedule A; and
WHEREAS, the parties wish to present revised versions of the Foreign Travel
Exclusion Rider Exhibit IV Underwriting Guidelines and the Foreign Travel
Exclusion Rider Exhibit V List of Countries and Jurisdictions, with no change in
terms or effective dates.
NOW, THEREFORE, for good and valuable consideration, receipt of which is hereby
acknowledged, the Ceding Company and the Reinsurer hereby agree as follows:
I. The above recitals are true and accurate and are incorporated herein.
II. Schedule A is deleted in its entirety and replaced with the attached,
revised Schedule A
III. Exhibits IV and V are deleted in their entirety and replaced with the
attached, revised Exhibits IV and V.
IV. Except as herein amended, all other terms and conditions of the Agreement
shall remain in full force and effect and unchanged.
Single Life Excess Treaty -- Effective 11/01/2002 Fac 12/01/2002 Auto
Between HLAIC and TLIC
Amendment #21 -- Effective 10/1/2008
1
In witness of the foregoing, the Ceding Company and the Reinsurer have, by their
respective officers, executed the amended and restated Amendment in duplicate on
the dates indicated below.
TRANSAMERICA LIFE INSURANCE COMPANY
By its Administrator and Attorney-in-Fact
SCOR GLOBAL LIFE AMERICAS REINSURANCE COMPANY
(F/K/A SCOR GLOBAL LIFE U.S. RE INSURANCE COMPANY)
By: /s/ Xxxxx Xxxxxxxxxx Attest: /s/ Xxxxx X. Xxxxxxxxx
---------------------------------------------- ----------------------------------------------
Name: Xxxxx Xxxxxxxxxx Name: Xxxxx X. Xxxxxxxxx
Title: Executive Vice President Title: Assistant Vice President
SCOR Global Life Americas Reinsurance Company SCOR Global Life Americas Reinsurance Company
Date: December 5, 2011 Date: December 7, 2011
HARTFORD LIFE AND ANNUITY INSURANCE COMPANY
By: /s/ Xxxx Xxxxxxx Attest: /s/ Xxxxxxx Xxxxxx
---------------------------------------------- ----------------------------------------------
Name: Xxxx Xxxxxxx, FSA, MAAA Name: Xxxxxxx Xxxxxx, FSA, MAAA
Title: Assistant Vice President and Actuary Title: Senior Vice President
Individual Life Product Management Individual Life Product Management
Date: May 21, 2012 Date: 5/22/2012
Single Life Excess Treaty -- Effective 11/01/2002 Fac 12/01/2002 Auto
Between HLAIC and TLIC
Amendment #21 -- Effective 10/1/2008
2
SCHEDULE A
PLANS COVERED UNDER THIS AGREEMENT
EFFECTIVE OCTOBER 1, 2008
TYPE OF BUSINESS INDIVIDUAL LIFE INSURANCE ISSUED BY THE CEDING COMPANY
-----------------------------------------------------------------------------------------------------------------
UPSCALE PRODUCTS RIDERS FOR UPSCALE PRODUCTS
Stag Protector Variable Universal Life* Other Covered Insured Rider*
Stag Variable Life Accumulator* Term Rider (base or other insured)*
Stag Universal Life* Accidental Death Benefit Rider*+
SPVL (Fully underwritten only)* Deduction Amount Waiver Rider*
ART (CW), 5 & 10 Year Term (NY)* Waiver of Monthly Deductions Rider*
One Year Term* Waiver of Specified Amount Rider*
Stag Whole Life* Enhanced No Lapse Guarantee Rider*+
Stag Protector Variable Universal Life II Estate Tax Repeal Benefit Rider*+
(eff. December 1, 2003) Level Compensation Endorsement*+
Stag Variable Life Accumulator II Children's Life Insurance Rider*+
(eff. December 1, 2003) Maturity Date Extension Rider*+
Stag Universal Life Cash Value Guaranteed COI Benefit Rider*+
(eff. July 1, 2005) Mortality and Expense Risk Rates Rider*+
Leaders VUL Legacy (eff. May 1, 2008) Cost of Living Adjustment Rider*
Leaders VUL Liberty (eff. May 1, 2008) Foreign Travel Exclusion Rider (eff. November 1, 2002 (fac.);
Bicentennial UL Founders (eff. October 1, 2008) December 1, 2002 (auto) +
Policy Continuation Rider (eff. December 1, 2003) +
Conversion Option Rider (eff. October 2, 2006) +
Guaranteed Issue Option Rider (eff. October 2, 2006) +
Liquidity Enhancement Rider (eff. October 2, 2006) +
Overloan Protection Rider (eff. May 1. 2008) +
Accelerated Death Benefit Rider (eff. January 1, 2004) +
Guaranteed Minimum Accumulation Benefit Rider
(eff. October 1, 2008) +
Paid-Up Life Insurance Rider (eff. October 1, 2008) +
MIDDLE AMERICA PRODUCTS RIDERS FOR MIDDLE AMERICA PRODUCTS
LBSI UL* Term Rider (base or other insured)*
Life Solutions I UL* Waiver of Premium Rider*
Life Solutions II UL* Waiver of Monthly Deductions Rider*
20 Year Term* Additional Purchase Option Rider*+
Life Solutions II UL (2001 CSO version) Disability Income Rider*+
(eff. October 1, 2008)
WOODBURY PRODUCTS RIDERS FOR WOODBURY PRODUCTS
Hartford Stag Wall Street Variable Universal Term Rider (base or other insured)*
Life* Accidental Death Benefit Rider*+
Waiver of Monthly Deductions Rider*
Waiver of Specified Amount Rider*
Children's Life Insurance Rider*+
Accelerated Death Benefit Rider*+
Specify Monthly Deductions Rider*+
Enhanced No Lapse Guarantee Rider*+
------------
* Effective November 1, 2002 (fac.), December 1, 2002 (auto), in treaty
+ The benefit provided by this Rider is not reinsured under this Agreement.
Single Life Excess Treaty -- Effective 11/01/2002 Fac 12/01/2002 Auto
Between HLAIC and TLIC
Amendment #21 -- Effective 10/1/2008
3
DESCRIPTIONS
RIDERS FOR WHICH ADDITIONAL PREMIUM IS DUE TO THE REINSURER:
Other Covered Insured Rider: Provides term coverage for insured other than base
insured.
Term Rider (base or other insured): Provides additional term coverage.
Deduction Amount Waiver Rider: Waives monthly deduction amount if insured is
disabled.
Waiver of Monthly Deductions Rider: Waives monthly deduction amount if insured
is disabled.
Waiver of Specified Amount Rider: Waives specified amount if insured is
disabled.
Waiver of Premium Rider: Waives premium requirement if insured is disabled.
Cost of Living Adjustment Rider: This rider is available at issue only for non
substandard issue ages 0 to 60. The rider allows for face amount increases
without underwriting biannually based on the Consumer Price Index with the
maximum amount of this increase being $50,000.
RIDERS THAT ALTER THE POLICY AND FOR WHICH NO ADDITIONAL PREMIUM IS PAID TO THE
REINSURER. IF A POLICY HAS THIS RIDER IT IS STILL COVERED UNDER THE AGREEMENT:
Accidental Death Benefit Rider: Pays an additional death benefit if the death on
the insured is caused by a qualifying accident.
Additional Purchase Option Rider: Provides additional term coverage.
Children's Life Insurance Rider: Provides additional term coverage for a child.
No separate reinsurance benefits are associated with this rider.
Disability Income Rider: Provides a monthly benefit while the insured is totally
and continuously disabled. The disability must continue for a period of time
which exceeds the waiting period before payments begin. Payments will continue
while the insured is totally disabled, but not longer than the indemnity period
selected. Total disability is defined as inability, due to injury occurring or
illness first appearing after the policy date, to engage in any occupation for
wage or profit for which the insured is reasonably qualified by education,
training, or prior experience.
Enhanced No Lapse Guarantee Rider: This rider guarantees that the policy will
not lapse, regardless of investment performance, provided cumulative premiums
paid less indebtedness less withdrawals are greater than or equal to the
cumulative no lapse guarantee premiums. There is a lifetime option and a limited
term option. The limited term option is the lesser of 20 years or to attained
age 80 for issue ages 0 to 70 and the minimum of 10 years or to attained age 90
for issue ages 71 to 85. Also, at the time when the no lapse guarantee
terminates or defaults, the policyholder may be eligible for an additional
amount of time they have this protection, which is based on the then current
account value.
Single Life Excess Treaty -- Effective 11/01/2002 Fac 12/01/2002 Auto
Between HLAIC and TLIC
Amendment #21 -- Effective 10/1/2008
4
Estate Tax Repeal Benefit Rider: (eff. 11/1/2002 (fac), 12/1/2002 (auto)) This
rider will pay the account value less indebtedness if the FederaI Estate Tax Law
is fully repealed by December 31, 2010 and we receive a request for this benefit
amount from the insured.
(eff 5/1/2008) This rider is automatically added to each policy at issue, and
allows for policy surrender without the assessment of surrender charges,
providing the following conditions are met:
- There is no federal estate tax in effect during the year 2011; and
- The surrender request is received during the month of January 2011.
This rider will terminate at the sooner of:
- The termination date of the policy, or
- January 31, 2011.
Level Compensation Endorsement: Surrender charges are not assessed for a full
surrender during the first three policy years. There is no charge for this
rider.
Maturity Date Extension Rider: When the policyholder reaches the maturity date
and has elected this rider, the death benefit is dropped to the account value,
no more monthly deductions are taken, interest is credited, no further premiums
are accepted, policy loans continue to accrue interest, and all other riders are
terminated.
Guaranteed COl Benefit Rider: This rider provides guaranteed cost of insurance
rates for the first 10 policy years. On each policy anniversary, we declare a
cost of insurance rate for a single policy year. This policy year is the policy
year 9 years from the then current policy anniversary. Thus the rider provides
that on any policy anniversary, cost of insurance rates over the next 10 years
will not exceed those provided by the rider. This rider is currently available
in only a few states and on variable life policy forms where the face amount is
at least thirty million dollars.
Accelerated Death Benefit Rider: With this rider, the policyholder can receive
up to 100% of their death benefit discounted with interest if the life
expectancy is 12 months or less.
Specify Monthly Deductions Rider: This rider allows the policyholder to specify
to take monthly deductions out of a particular account in the policy.
Mortality and Expense Risk Rates Rider: This rider guarantees that the mortality
and expense risk rate will be zero for years greater than and equal to 21.
Policy Continuation Rider: This rider is automatically added to the policy at
issue. This rider is intended to prevent the lapse of highly loaned policies.
Foreign Travel Exclusion Rider: The rider is written such that if the insured
dies while traveling to, from, or in a country NOT listed on the List of
Countries and Jurisdictions (Foreign Travel Exclusion Rider Exhibit V), or dies
as a direct or indirect result of an illness or injury sustained during such
travel, the death benefit proceeds will be limited to the policy's account
value, less any outstanding indebtedness.
Single Life Excess Treaty -- Effective 11/01/2002 Fac 12/01/2002 Auto
Between HLAIC and TLIC
Amendment #21 -- Effective 10/1/2008
5
Conversion Option Rider: During certain policy years prior to the insured's
attained age 70, the policy may be converted, without evidence of insurability,
to any permanent plan of life insurance the Ceding Company then makes available
for conversions of this policy.
Guaranteed Issue Option ("GIO") Rider: This rider allows the policyholder to
increase the face amount of converted Stag Whole Life policies being converted
via the Conversion Option Rider by up to twice their original face amount.
Liquidity Enhancement Rider: This rider shortens the surrender charge period on
Stag Whole Life policies from 9 to 7 years. This rider results in policies'
credited interest rate and commissions being reduced.
Overloan Protection Rider: This rider is automatically added to the policy at
issue. This rider protects a policy from lapsing due to overloan.
Guaranteed Minimum Accumulation Benefit (GMAB) Rider: This rider provides that
at the end of the GMAB Guarantee Period (usually 20 years), the policy account
value will be increased, if necessary, to equal the sum of gross premiums paid
to that date. There is a small monthly charge to the policyholder, and a minimum
cumulative premium requirement to keep the rider in force.
Paid-Up Life Insurance Rider: This rider is similar to GMAB rider with the same
Guarantee Period, a monthly charge, and a cumulative premium requirement. This
rider provides that at the end of the Guarantee Period, policyholder may elect
to change coverage to paid-up life insurance using account value as a 5% Net
Single Premium to determine amount of coverage; however, amount of coverage will
never be lower than the sum of gross premiums paid to that date. Once elected,
premiums are no longer accepted.
Single Life Excess Treaty -- Effective 11/01/2002 Fac 12/01/2002 Auto
Between HLAIC and TLIC
Amendment #21 -- Effective 10/1/2008
6
FOREIGN TRAVEL EXCLUSION RIDER EXHIBIT IV
UNDERWRITING GUIDELINES
EFFECTIVE OCTOBER 1, 2008
UNDERWRITING GUIDELINES
1. A proposed insured is eligible for the rider if they have 30 days or less
of cumulative travel per year to countries and jurisdictions not listed on
Schedule A Foreign Travel Exclusion Rider -- Exhibit II ("Non-Schedule A
Country"), as noted on an application or application amendment to be signed
on delivery of the policy. The rider will NOT be considered /used if a
proposed insured travels beyond 30 cumulative days per year to a
Non-Schedule A country. The proposed insured will either be rated or
declined for travel to Non-Schedule A countries beyond the 30-day limit.
2. If rated coverage is available for travel to a Non-Schedule A country
within the 30-day cumulative annual travel limit, a proposed insured will
have the option of choosing the rating or the exclusion rider.
3. Last survivor Plans, term Plans and the following riders are not eligible:
Other Covered Insured Rider, Children's Life Insurance Rider, Waiver of
Premium Rider, Disability Income Rider, and Accidental Death Benefit Rider.
Term blends on permanent single life plans are eligible.
4. Only United States and Canadian residents are eligible for the rider.
5. Green card residents of the United States are eligible if they reside in
the United States permanently (as evidenced, for example by information
indicating the proposed insured intends to stay in the United States
indefinitely, has resided in the United States for a number of years, is
employed in the United States, or owns property in the United States).
6. For Automatic reinsurance cases, the maximum face amount is $10 million.
7. The minimum face amount is the product's published minimum amount.
8. The maximum age is the product's published maximum age.
9. The minimum age is 18 years of age.
10. Only Preferred and Standard rating classes, including Enhanced Standard are
eligible.
11. Cases may be facultatively submitted. In these situations, the final
reinsuranee offer must indicate agreement to use the rider at the final
rate class quoted.
12. Occupations and other unusual risks are still underwritten.
13. The list of countries and jurisdictions noted on Schedule A Foreign Travel
Exclusion Rider -- Exhibit II will be reviewed at least annually for
changes, or earlier if world events dictate change. Note: The list of
countries and jurisdictions in Schedule A Foreign Travel Exclusion Rider --
Exhibit II was amended once during the duration of this Agreement
(Amendment #10, eff. 11/1/2005).
14. The countries listed on Schedule A Foreign Travel Exclusion Rider --
Exhibit II will not change once a rider is issued to an insured.
15. An amendment will be signed on delivery indicating acceptance of the rider.
SPECIAL CLAIMS HANDLING ISSUE(S):
Death claims that occur due to "diverted" flights to hazardous countries will be
eligible for payment. For example, if a person was flying to a non-excluded
country and the flight was diverted to a Non-Schedule A Country where the
insured subsequently died, the claim would not be excluded from coverage.
Single Life Excess Treaty -- Effective 11/01/2002 Fac 12/01/2002 Auto
Between HLAIC and TLIC
Amendment #21 -- Effective 10/1/2008
7
FOREIGN TRAVEL EXCLUSION RIDER EXHIBIT V
LIST OF COUNTRIES AND JURISDICTIONS
EFFECTIVE OCTOBER 1, 2008
LIST OF COUNTRIES AND JURISDICTIONS NOT LIMITED FOR TRAVEL UNDER THE FOREIGN
TRAVEL EXCLUSION RIDER
AFRICA EUROPE SOUTH AMERICA NORTH AMERICA
Canary Islands Andorra Argentina Bahamas
South Africa Austria Brazil Barbados
Belgium Chile Bermuda
ASIA PACIFIC Denmark Costa Rica British Virgin Islands
Australia Finland Ecuador Canada
Guam France Uruguay Cayman Islands
Hong Kong Germany Grenada
Japan Gibraltar Guadeloupe
Xxxxxxxx Islands Greece Jamaica
New Zealand Greenland Martinique
Okinawa Iceland Mexico
Singapore Ireland Netherlands Antilles
Italy Puerto Rico
Liechtenstein Republic of Trinidad and Tobago
Luxembourg St. Lucia
Malta St. Xxxxxxx and the Grenadines
Moldova Turks and Caicos Islands
Monaco United States Virgin Islands
Netherlands United States
Norway
Poland
Portugal
Sicily
Spain
Sweden
Switzerland
United Kingdom
Single Life Excess Treaty -- Effective 11/01/2002 Fac 12/01/2002 Auto
Between HLAIC and TLIC
Amendment #21 -- Effective 10/1/2008
8
