AMENDMENT NO. 18 TO
AUTOMATIC REINSURANCE AGREEMENT
EFFECTIVE AS OF DECEMBER 1, 2004
(Agreement)
between
METROPOLITAN LIFE INSURANCE COMPANY
(Cedent)
and
EXETER REASSURANCE COMPANY, LTD.
(Reinsurer)
The Agreement is hereby amended, as of April 1, 2012, as follows:
1. The attached Article V, Reinsurance Premiums, amends and, as amended,
restates Article V, Reinsurance Premiums.
2. The attached Schedule A, Plans of Reinsurance, amends and, as
amended, restates Schedule A, Plans of Reinsurance.
3. The attached Exhibit II, Reinsurance Premiums, amends and, as
amended, restates Exhibit II, Reinsurance Premiums.
This Amendment No. 18 does not alter, amend or modify the Agreement other than
as set forth herein, and the terms and conditions of the Agreement, as amended
herein, continue in effect without other change.
In Witness whereof, the parties have caused this Amendment No. 18 to be signed
in duplicate counterparts as of the date first above written.
METROPOLITAN LIFE INSURANCE COMPANY
By: /s/ Xxxxxxx Xxxxx
-------------------------------
Name: Xxxxxxx Xxxxx
-------------------------------
Title: Senior Vice President
-------------------------------
EXETER REASSURANCE COMPANY, LTD.
By: /s/ Xxxxxxxxxxx Xxxxxx
-------------------------------
Name: Xxxxxxxxxxx Xxxxxx
-------------------------------
Title: Vice President and Actuary
-------------------------------
Page 1 of 8
ARTICLE V
REINSURANCE PREMIUMS
A. The Cedent shall pay the Reinsurer an Initial Reinsurance Premium equal to
$4,250,302.
B. The total Reinsurance Premium for the business ceded hereunder is the sum
of the GMDB Reinsurance Premium, the EPB Reinsurance Premium, the GMIB
Reinsurance Premium, the GWB Reinsurance Premium, and the GMAB Reinsurance
Premium, each of which is defined separately in this article.
C. The Reinsurance Premium rates and structure described above are subject to
change in accordance with the criteria described in Article XV.
D. The Reinsurance Premium rates are expressed in terms of basis points and
are defined in Exhibit II.
GMDB Reinsurance Premium
------------------------
E. For Guaranteed Minimum Death Benefits other than Enhanced Death Benefits,
the Cedent shall calculate, for each premium class, the Reinsurer's
Percentage of the average aggregate separate account value for the
reporting month. This value shall be applied to the GMDB Reinsurance
Premium rates per premium class on a 1/12th basis.
F. For Enhanced Death Benefit Guaranteed Minimum Death Benefits, the Cedent
shall calculate, for each premium class, the Reinsurer's Percentage of the
average aggregate Death Benefit Base for the reporting month. This value
shall be applied to the GMDB Reinsurance Premium rates per premium class on
a 1/12th basis.
EPB Reinsurance Premium
-----------------------
G. The Cedent shall calculate the Reinsurer's Percentage of the average
aggregate separate account value for the reporting month. This value shall
be applied to the annualized EPB reinsurance premium rates per premium
class on a 1/12th basis.
GMIB Reinsurance Premium
------------------------
H. The Cedent shall calculate, for each premium class, the Reinsurer's
Percentage of the average aggregate IBB value for the reporting month. This
value shall be applied to the annualized GMIB cession premium rates on a
1/12th basis.
GWB Reinsurance Premium
-----------------------
I. The Cedent shall calculate the Reinsurer's Percentage of the Guaranteed
Withdrawal Amount for the reporting month. This value shall be applied to
the annualized GWB Reinsurance Premium rates per premium class on a 1/12th
basis.
GMAB Reinsurance Premium
------------------------
J. The Cedent shall calculate for the reporting month the Reinsurer's
Percentage of the Guaranteed Accumulation Amount. This value shall be
applied to the annualized GMAB cession premium rates on a 1/12th basis.
Page 2 of 8
SCHEDULE A
PLANS OF REINSURANCE
A. Reinsurer's Percentage:
100% of the business described herein.
B. Effective Date:
December 1, 2004
C. Reinsured Contracts:
METROPOLITAN LIFE INSURANCE COMPANY
DEFERRED ANNUITY CONTRACTS
--------------------------
Preference Plus Select Variable Annuity - All Share Classes
Preference Premier - All Share Classes
FORM NUMBERS
------------
Guaranteed Minimum Death Benefits Ceded:
----------------------------------------
Fifth Year Step-up: Form ML-535 (07/01)
Annual Step-Up: Form ML-550 (07/01)
Greater of Annual Step-Up and 5% Rollup: Form ML-540(07/01)
Enhanced Death Benefit: Form ML-640-1 (4/08)
Enhanced Death Benefit II: Form ML-640-1 (4/08) & Endorsement ML-RMD
(7/10)-E
Enhanced Death Benefit III: Form ML-640-1 (4/08) & Endorsement ML-RMD
(7/10)-E
Enhanced Death Benefit Max: Form ML-640-1 (4/08) & Endorsement ML-RMD
(7/10)-E
Enhanced Death Benefit Xxx XX: Form ML-640-1 (4/08) & Endorsement ML-RMD
(7/10)-E
Enhanced Death Benefit Max III: Form ML-640-1 (4/08) & Endorsement ML-RMD
(7/10)-E
Additional Death Benefit - Earnings Preservation Benefit (EPB): ML-570
(07/01)
Guaranteed Minimum Income Benefits Ceded:
-----------------------------------------
Guaranteed Minimum Income Benefit: Form ML-560 (07/01)
Guaranteed Minimum Income Benefit II: Form ML-560-1 (03/03)
Guaranteed Minimum Income Benefit Plus: Form ML-560-2 (05/05)
Guaranteed Minimum Income Benefit Plus: Form ML-560-4 (4/08)
Guaranteed Minimum Income Benefit Plus: Form ML-560-5-NY (7/08)
Guaranteed Minimum Income Benefit Plus III: ML-560-4 (4/08) or ML-560-8-NY
(11/10) or ML-560-6 (11/10) & Endorsement ML-RMD (7/10)-E / Endorsement
ML-RMD-NY (7/10)-E
Page 3 of 8
Guaranteed Minimum Income Benefit Plus IV: Form ML-560-4 (4/08),
ML-560-10-NY (9/11), ML-560-7 (9/11) & Endorsement ML-RMD (7/10)-E /
Endorsement ML-RMD-NY (7/10)-E
Guaranteed Minimum Income Benefit Max: Form ML-560-4 (4/08) or ML-560-9-NY
(9/10) & Endorsement ML-RMD (7/10)-E / Endorsement ML-RMD-NY (7/10)-E
Guaranteed Minimum Income Benefit Xxx XX: Form ML-560-4 (4/08) ,
ML-560-11-NY (9/11), ML-560-8 (9/11) or Endorsement ML-RMD (7/10)-E /
Endorsement ML-RMD-NY (7/10)-E
Guaranteed Minimum Income Benefit Max III: Form ML-560-4 (4/08) ,
ML-560-12-NY (12/11), ML-560-9 (12/11), ML-560-5 (9/10), or Endorsement
ML-RMD (7/10)-E / Endorsement ML-RMD-NY (7/10)-E
Guaranteed Withdrawal Benefits Ceded:
-------------------------------------
Guaranteed Withdrawal Benefit: Form ML-690-1 (7/04)
Guaranteed Withdrawal Benefit: Form ML-690-2 (11/05)
Lifetime Guaranteed Withdrawal Benefit: Form ML-690-3 (6/06)
Lifetime Withdrawal Guaranteed Benefit (2008 Version): Form ML-690-4 (4/08)
or ML-690-4 (7/08) or ML-690-5 (7/09) or ML-690-6-NY (7/09)
Guaranteed Minimum Accumulation Benefits Ceded:
-----------------------------------------------
Guaranteed Minimum Accumulation Benefit: Form ML-670-1 (11/05)
Page 4 of 8
EXHIBIT II
REINSURANCE PREMIUMS
A. GMDB PROGRAM
REINSURANCE PREMIUM
GMDB PROGRAM PRODUCTS COVERED (BASIS POINTS)
------------------------------ ------------------------------------ --------------------
Fifth Year Step-up All Products 10.00
Annual Step-up Plan Codes: 225010, 225011, 10.00
225020, 225021, 225030, 225031,
225050, 225110, and 225150
Annual Step-up Other Plan Codes 20.00
Greater of Annual Step- Plan Codes: 225010, 225011, 25.00
Up and 5% Rollup 225020, 225021, 225030, 225031,
225050, 225110, and 225150
Greater of Annual Step- Other Plan Codes 35.00
Up and 5% Rollup
Enhanced Death Benefit All Products sold before May 4, 65.00*
2009, Issue Age 0-69
Enhanced Death Benefit All Products sold on or after May 4, 75.00
2009, Issue Age 0-69
Enhanced Death Benefit All Products sold on or before 85.00*
February 20, 2009, Issue Age 70-75
Enhanced Death Benefit All Products sold after February 20, 90.00*
2009 and before May 4, 2009, Issue
Age 70-75
Enhanced Death Benefit All Products sold on or after May 4, 95.00
2009, Issue Age 70-75
Enhanced Death Benefit II All Products, Issue Ages 0-69 65.00
Enhanced Death Benefit II All Products, Issue Ages 70-75 115.00
Enhanced Death Benefit Max All Products, Issue Ages 0-69 65.00
Enhanced Death Benefit Max All Products, Issue Ages 70-75 115.00
Enhanced Death Benefit III All Products, Issue Ages 0-69 65.00
Enhanced Death Benefit III All Products, Issue Ages 70-75 115.00
Enhanced Death Benefit Xxx XX All Products, Issue Ages 0-69 65.00
Page 5 of 8
REINSURANCE PREMIUM
GMDB PROGRAM PRODUCTS COVERED (BASIS POINTS)
------------------------------ ------------------------------------ --------------------
Enhanced Death Benefit Xxx XX All Products, Issue Ages 70-75 115.00
Enhanced Death Benefit Max III All Products, Issue Ages 0-69 65.00
Enhanced Death Benefit Max III All Products, Issue Ages 70-75 115.00
Earnings Preservation Benefit All Products 25.00
*Prior to May 4, 2009, if the Enhanced DB is elected in combination with
Guaranteed Minimum Income Benefit Plus (Form ML-560-4), there will be a 5 bps
reduction in the fee
B. INCOME PROGRAM
REINSURANCE PREMIUM
INCOME PROGRAM PRODUCTS COVERED (BASIS POINTS)
------------------ -------------------------------------------------- --------------------
GMIB All Products sold prior to May 1, 2003 35
GMIB & GMIB II Plan codes 225080, 225090, 2250A0, 2250A1, 45
2250B0, 2250B1, 2250C0, 2250C1, 2250D0,
2250D1, 2250E0, 2250E1, 2250L0, 2250L1,
225180, and 2251B0 sold after April 30, 2003 and
before May 1, 2005 if GMDB program is Annual
Step or Max of Annual Step and Rollup
GMIB & GMIB II All other Products sold after April 30, 2003 and 50
before May 1, 2005 and for All Products sold after
April 30,2005
GMIB Plus: Forms All Products sold after April 30, 2005 and before 75
ML-560-2 and ML- February 26, 2007.
560-4
GMIB Plus: Forms All Products sold on or after February 26, 2007 80
ML-560-2 and ML- and on or before February 20, 2009.
560-4
GMIB Plus: Form All Products sold on or before February 20, 2009 75
ML-560-5
GMIB Plus: Forms All Products sold after February 20, 2009 100
ML-560-2, ML-
560-4 and ML-
RMD (7/10)-E
GMIB Plus: Form All Products sold after February 20, 2009 95
ML-560-5 and ML-
560-8-NY
GMIB Plus III: All Products 100
Form ML-560-4 or
Form ML-560-6
(11/10) & ML-RMD
(7/10)-E or
Page 6 of 8
REINSURANCE PREMIUM
INCOME PROGRAM PRODUCTS COVERED (BASIS POINTS)
------------------ -------------------------------------------------- --------------------
ML-560-9-NY
(11/10) and ML-
RMD-NY (7/10)-E
GMIB Max: All Products 100
Form ML-560-4 &
ML-RMD (7/10)-E
or
ML-560-9-NY
(9/10) and ML-
RMD-NY (7/10)-E
GMIB Plus IV: All Products 100
Form ML-560-4
(4/08) or ML-560-
7-(9/11) & ML-
RMD (7/10)-E or
ML-560-10-NY
(9/11) & ML-RMD-
NY (7/10)-E
GMIB Xxx XX: All Products 100
Form ML-560-4
(4/08) or ML-560-
8-(9/11) & ML-
RMD (7/10)-E or
ML-560-11-NY
(9/11) & ML-RMD-
NY (7/10)-E
GMIB Max III: All Products 100
Form ML-560-4
(4/08) or ML-560-
9-(12/11) or ML-
560-5 (9/10) & ML-
RMD (7/10)-E or
ML-560-12-NY
(12/11) & ML-
RMD-NY (7/10)-E
Page 7 of 8
C. WITHDRAWAL PROGRAM
REINSURANCE PREMIUM
WITHDRAWAL PROGRAM PRODUCTS COVERED (BASIS POINTS)
------------------------- ------------------------------------------------ --------------------
Guaranteed Withdrawal All Products sold before 50.00
Benefit July 16, 2007
Guaranteed Withdrawal All Products sold on or after July 16, 2007 55.00
Benefit
Lifetime GWB - Single All Products 50.00
Life Version
Lifetime GWB - Joint Life All Products 70.00
Version
Lifetime GWB (2008 All Products sold on or before February 20, 2009 65.00
Version) - Single Life
Version
Lifetime GWB (2008 All Products sold on or before February 20, 2009 85.00
Version) - Joint Life
Version
Lifetime GWB (2008 All Products sold after February 20, 2009 125.00
Version) - Single Life
Version
Lifetime GWB (2008 All Products sold after February 20, 2009 150.00
Version) - Joint Life
Version
D. ACCUMULATION PROGRAM
REINSURANCE PREMIUM
ACCUMULATION PROGRAM PRODUCTS COVERED (BASIS POINTS)
------------------------- ------------------------------------------------ --------------------
Guaranteed Accumulation All Products 75.00
Benefit
Page 8 of 8
