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EXHIBIT 10.7
AMENDMENT NO. IX
TO THE
PORTFOLIO INDEMNITY REINSURANCE AGREEMENT (A90-04)
BETWEEN
THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
NEW YORK, NEW YORK
AND
THE GUARDIAN LIFE INSURANCE COMPANY OF AMERICA
NEW YORK, NEW YORK
Except as hereinafter specified, all the terms and conditions of the Reinsurance
Agreement effective the 31st day of December, 1990, amendments and addenda
thereto, shall apply, and this Amendment is to be attached to and made part of
the aforesaid Agreement.
It is mutually agreed that effective the 31st day of December, 1995 Article III,
paragraph 18; Article XI, paragraph 2 and Schedule E, paragraph 4 have been
revised.
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ARTICLE III
GENERAL PROVISIONS
18. Successors and Assigns. This Agreement cannot be assigned by the Company or
Reinsurer without the prior written approval of the other party. The Reinsurer
shall be given written notice of any such assignment. The provisions of this
Agreement shall be binding upon and inure to the benefit of and be enforceable
by the parties hereto and their respective permitted successors and assigns.
ARTICLE XI
DURATION OF AGREEMENT
2. Cancellation Due to Nonpayment. The Reinsurer may elect to cancel this
Agreement if the Company fails to pay Reinsurance Premiums or other amounts due
the Reinsurer, when due, provided the Reinsurer has given at least thirty (30)
days prior written notice of its intent to cancel. The Company may avoid
cancellation by paying all Reinsurance Premiums that are either delinquent or
then due on or before the effective date of such election to terminate the
Agreement.
SCHEDULE E
INTEREST RATES
4. The Quarterly Risk Charge shall be deducted quarterly from the Experience
Account Asset, and be based on the Coinsurance Reserves at the beginning of the
quarter (or on the Effective Date) for the first quarter.
On the first $20 million of the Coinsurance Reserves the risk charge shall
equal:
1995-1997 0.375%
1998 0.5%
1999 0.625%
2000 - later 0.75%
Any Coinsurance Reserves over $20 million shall have a risk charge of 0.3%.
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EXECUTION
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed
in duplicate by their duly authorized representatives.
THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
By: /s/ Xxxxxxx X. Xxxxxxxxx, Xx. VP & Chief Actuary
Title
Attest:
By: /s/ Xxxxxx X. Xxxxxxxxxx, AVP & Actuary
Title
Date: 12/31/96,
THE GUARDIAN LIFE INSURANCE COMPANY OF AMERICA
By:/s/ Xxxxxx X. Xxxxxx, Xx. VP
Title
Attest:
By: /s/ Xxxxxx Xxxxxx, Actuarial Associate
Title
Date: 12/30/96
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