Exhibit (g)(10)
AMENDMENT No. 7 to the Automatic YRT Reinsurance Agreement effective April 1,
1990, referred to as No. NA4429-90, made between IDS LIFE INSURANCE COMPANY OF
NEW YORK (hereinafter referred to as "the Company") and [NAME OF REINSURANCE
COMPANY] (hereinafter referred to as "the Reinsurer").
It is understood and agreed that effective August 1, 1998, Exhibit B in the
above Agreement will be replaced by the attached Exhibit B (Revised August 1,
1998) in order to provide revised rates and allowances for the products
reinsured.
It is also agreed that effective August 1, 1998, Waiver of Premium on all new
business will no longer be reinsured.
All other terms and conditions remain unaltered.
Made in duplicate and executed by both parties.
Signed for and on behalf of IDS LIFE INSURANCE COMPANY OF NEW YORK
/s/ Xxxxx X. Xxxxxx /s/ [ILLEGIBLE]
Minneapolis, this 21st day of September, 1998 and for and on behalf of [NAME OF
REINSURANCE COMPANY]
[signature] [signature] Toronto, this 5th day of August, 1998.
EXHIBIT B
(Revised August 1, 1998)
REINSURANCE PREMIUMS
1. PLANS & RIDERS
A) XX XXXXX
XX00
XX000
UL500
VUL
VUL350
EUL125
EUL100
Other Insured riders
B) FIXED PREMIUM PERMANENT PLANS WL Annual Reducing Term Rider
C) TERM INSURANCE YRT
YRT-7
10 Year Renewable Term
ART
Mortgage Term
ART Rider
Note: IDS life offers a Survivor Insurance Rider (SIR) for use with UL100
and UL500 in the estate planning market. UL100 and UL500 policies written
with an SIR will be excluded for the pool and reinsured only to Lincoln
National.
2. STANDARD REINSURANCE RISK PREMIUM: The reinsurance premium rates to be
used for reinsurance ceded on the above plans and riders are the monthly
cost of insurance rates attached to this Exhibit B less the following
percentage reduction:
YEAR 1 YEARS 2-10 YEARS 11 +
NON-SMOKER [percentage] [percentage] [percentage]
SMOKER [percentage] [percentage] [percentage]
EXHIBIT B
Page 2
(Revised August 1, 1998)
3. MULTIPLE TABLE SUBSTANDARD REINSURANCE RISK PREMIUMS: The reinsurance
premium for substandard risks rated on a multiple mortality table basis
shall be equal to a multiple of the standard rate proportionate to the
mortality classification. Thus, the premium for a Class D ([percentage])
risk shall be equal to twice the standard premium. The percentage premium
reduction specified in Section 2, above, shall apply to multiple table
substandard premiums.
4. FLAT EXTRA SUBSTANDARD REINSURANCE PREMIUMS:
a) Permanent Flat Extra Premiums are ones assessed for more than 5
years. The Reinsurer should receive its proportionate share of any
such premiums less the following percentage premium reductions:
First Year [percentage]
Renewal [percentage]
b) Temporary Flat Extra Premiums are ones assessed for 5 years or
less. The Reinsurer should receive its proportionate share of any
such premiums less the following percentage premium reductions:
First Year [percentage]
Renewal [percentage]
5. RECAPTURE: Reinsurance ceded on these rates shall not be eligible for
recapture before the tenth policy anniversary.
6. AGE BASIS: Nearest
7. DEFICIENCY RESERVES: If deficiency reserves are required to be held by
the Company on any policy reinsured under this Agreement, the entire
amount of any such reserve will be established and held by the Company.
8. RATE GUARANTEE: Premiums for reinsurance shall be computed on the basis
of the amount at risk times the annual rates attached to this Exhibit B.
The Reinsurer reserves the right to increase the premiums for
reinsurance, but not above the statutory net premium, in the 2nd policy
year and later.
9. COVERAGE: Policies issued on lives resident in the U.S.
EXHIBIT B
Page 3
(Revised August 1, 1998)
REINSURANCE PREMIUMS
1. PLAN: Life Protection Plus Other Insured Rider
2. STANDARD REINSURANCE RISK PREMIUM: The reinsurance premium rates to be
used for reinsurance ceded on the above plan and rider are the cost of
insurance rates attached to this Exhibit B less the following percentage
reductions:
YEAR 1 YEARS 2-10 YEARS 11 +
-------------- -------------- ------------
NON-SMOKER [percentage] [percentage] [percentage]
SMOKER [percentage] [percentage] [percentage]
3. MULTIPLE TABLE SUBSTANDARD REINSURANCE RISK PREMIUMS: The reinsurance
premium for substandard risks rated on a multiple mortality table basis
shall be equal to a multiple of the standard rate proportionate to the
mortality classification. Thus, the premium for a Class D ([percentage])
risk shall be equal to twice the standard premium. The percentage premium
reduction specified in Section 2, above, shall apply to multiple table
substandard premiums.
4. FLAT EXTRA SUBSTANDARD REINSURANCE PREMIUMS:
a) Permanent Flat Extra Premiums are ones assessed for more than 5
years. The Reinsurer should receive its proportionate share of any
such premiums less the following percentage premium reductions:
First Year [percentage]
Renewal [percentage]
b) Temporary Flat Extra Premiums are ones assessed for 5 years or
less. The Reinsurer should receive its proportionate share of any
such premiums less the following percentage premium reductions:
First Year [percentage]
Renewal [percentage]
EXHIBIT B
Page 4
(Revised August 1, 1998)
5. REINSURANCE PREMIUMS FOR POLICIES CONVERTED TO THE LIFE PROTECTION PLUS
PLAN: Any reinsurance in force with the Reinsurer on policies converted
to or reissued on the above plan shall be continued with the Reinsurer.
The reinsured risk amount shall be determined as described in Article V
of this Agreement following the conversion or reissue. The applicable
reinsurance premiums will be determined as described in this Exhibit B,
with age and duration measured from the date of issue of the original
policy.
6. RECAPTURE: Reinsurance ceded on these rates shall not be eligible for
recapture before the tenth policy anniversary.
7. AGE BASIS: Last
8. DEFICIENCY RESERVES: If deficiency reserves are required to be held by
the Company on any policy reinsured under this Agreement, the entire
amount of any such reserve will be established and held by the Company.
9. RATE GUARANTEE: Premiums for reinsurance shall be computed on the basis
of the amount at risk times the annual rates attached to this Exhibit B.
The Reinsurer reserves the right to increase the premiums for
reinsurance, but not above the statutory net premium, in the 2nd policy
year and later.
10. COVERAGE: Policies issued on lives resident in the U.S.
[signature]
MALE RATE TABLE
Guaranteed Maximum Monthly Cost of Insurance Rates per $1,000
for Insureds with a Standard Rate Classification
Standard Standard Standard
Attained Non- Attained Non- Attained Non-
Age Standard Smoker Age Standard Smoker Age Standard Smoker
---------------- ----------- ---------- ---------- -------- ---------- ---------- ----------- -----------
0 $
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
For insureds with other than a standard rating classification, the guaranteed
monthly cost of insurance rates are calculated by multiplying the above monthly
rates by the Special Class Rating Factor shown under Policy Data.
FEMALE RATE TABLE
Guaranteed Maximum Monthly Cost of Insurance Rates per $1,000
for Insureds with a Standard Rate Classification
Standard Standard Standard
Attained Non- Attained Non- Attained Non-
Age Standard Smoker Age Standard Smoker Age Standard Smoker
---------------- ----------- ---------- ---------- -------- ---------- --------- ----------- -----------
0 $
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
For insureds with other than a standard rating classification, the guaranteed
monthly cost of insurance rates are calculated by multiplying the above monthly
rates by the Special Class Rating Factor shown under Policy Data.
AMENDMENT No. 8 to the Automatic YRT Reinsurance Agreement effective April 1,
1990, referred to as No. NA4429-90, made between IDS Life Insurance Company of
New York (hereinafter referred to as "the Company") and [name of reinsurance
company] (hereinafter referred to as "the Reinsurer").
It is understood and agreed that effective August 1, 1998, Article 1, paragraph
2., Automatic Coverage, and paragraph 4. (a), Exceptions to Automatic Coverage,
are revised as follows in order to increase the autobind and jumbo limits:
Article 1
2. Automatic Coverage
Except as specified in Paragraph 4, whenever the Company retains its maximum
limit of retention, as indicated in Schedule 1, the Company shall cede and the
Reinsurer shall automatically accept such Life reinsurance as provided herein,
on the same terms and for an amount not exceeding [dollar amount].
4. Exceptions to Automatic Coverage
Reinsurance shall not be ceded to the Reinsurer under this Automatic Agreement
on any life if:
(a) The amount of Life insurance in force plus the amount currently
being applied for on that life in all companies exceeds [dollar
amount].
All other terms and conditions remain unaltered.
Made in duplicate and executed by both parties.
Signed for and on behalf of IDS LIFE INSURANCE COMPANY OF NEW YORK
/s/ Xxxxx X. Xxxxxx /s/ [ILLEGIBLE]
Minneapolis, this 21st day of September, 1998 and for and on behalf of [NAME OF
REINSURANCE COMPANY]
[signature] [signature]
[city of reinsurance company], this 5th day of August, 1998
