Amendment No. I to the Automatic Self Administered YRT Reinsurance Agreement effective April 14, 2008 (hereinafter referred to as "Agreement") between American National Insurance Company One Moody Plaza, Galveston, TX 77550 (hereinafter referred to as...
Amendment
No. I
to
the
effective
April 14, 2008
(hereinafter
referred to as "Agreement")
between
American
National Insurance Company
Xxx Xxxxx
Xxxxx, Xxxxxxxxx, XX 00000
(hereinafter
referred to as the "Ceding Company")
and
ACE
Tempest Life Re
Stamford,
CT
(hereinafter
referred to as the "Reinsurer")
Treaty
ID: Executive UL
It is
hereby declared and agreed that effective January 1, 2009, Exhibit B Plans
Covered and Binding Limits and Exhibit C Reinsurance Premiums shall be replaced
by the attached Exhibit B Plans covered and Binding Limits and Exhibit C
Reinsurance Premiums in order to add a Variable Universal Life product using the
existing reinsurance terms.
All other
terms and conditions of this Agreement shall remain unaltered.
EXECUTION
Made in
duplicate and executed by all parties. The Ceding Company and the Reinsurer have
caused this Amendment to be executed on the dates shown below.
For
American National Insurance Company
EXHIBIT
B
Plans
Covered and Binding Limits
The
business automatically reinsured under this Agreement is defined as
follows:
B.1 PLANS,
RIDERS AND BENEFITS
Policies
issued on plans with effective dates within the applicable period shown below
may qualify for automatic reinsurance under the terms of this
Agreement.
|
Commencement
Plan
Identification Policy
Form Date Basis
Executive
UL EXEC-UL April
14,
2008 1
Executive
UL,
Unisex EXEC-ULU April
14,
2008 1
VUL2008 WQVUL08 January
1,
2009 2
VUL2008
Group
Policy GWQVULP08 January
1,
2009 2
VUL2008
Group
Certificate GWQVULCO8 January
1,
2009 2
|
B.2 BASIS
The
Reinsurer's share will be 3 3.3 3 3 3 3 3 % of the excess over the Ceding
Company' s retention
specified
in Exhibit A. This amount will not exceed the Reinsurer's share of the
maximum
Automatic
Binding Limits specified in Exhibit B.3.
B.3 AUTOMATIC
BINDING LIMITS
(a)
Life
|
Issue
Ages
|
(Pool)
Maximum
Standard
– Table 16
|
|
All
|
$20,000,000
|
The
(pool) maximum autobind amounts above exclude the Ceding Company's
retention.
(b)
Waiver of Premium Disability Benefits: Not Reinsured.
B.4 JUMBO
LIMITS
The
Ceding Company will not cede any risk automatically if, according to information
available to the Ceding Company, the total amount in force and applied for on
the life with all insurance companies, including any amount to be replaced,
exceeds the applicable amounts shown below.
(a) Life:
$50,000,000
(b)
Waiver of Premium Disability Benefits: Not Reinsured.
B.5 CONDITIONAL
RECEIPT OR TEMPORARY INSURANCE AGREEMENT
The
amount of such coverage provided by the Reinsurer will be limited to its share
of the following amounts provided by the Ceding Company's Conditional Receipt or
Temporary Insurance Agreement.
|
Age
|
Maximum
Amount
|
|
All
|
The
lesser of (1) Automatic Binding Limit in Exhibit B.3. and (2) the amount
of
insurance
provided by the Ceding Company's Conditional Receipt or
Temporary
Insurance
Agreement less the Ceding Company's Retention in Exhibit
A.I(b)
|
B.6 CESSION
LIMITS
|
|
(a)
Minimum Initial Cession: Total amount of reinsurance ceded to all reinsurers
on an automatic basis must equal or exceed
$50,000.
|
(b)Trivial
Amount: Total amount of reinsurance ceded to all reinsurers must
equal or exceed $25,000.
EXHIBIT
C
Reinsurance
Premiums
C.1 LIFE
Plans covered under this Agreement will
be reinsured on a YRT basis. Reinsurance
premiums will be based on the 2001 VBT
Smoker/Non-Smoker Distinct Select & Ultimate
(Male & Female) ALB rate scale
shown in Exhibit G times the following multiples in all
years:
Basis 1:
Executive UL
|
Plans
|
Classification
|
Ages
0 - 69
|
Ages
70 - 99
|
|
Life
Coverage
|
Preferred
Plus NT
|
46.1%
|
55.5%
|
|
Preferred
NT
|
54.5%
|
58.0%
|
|
|
Standard
Plus NT
|
60.5%
|
61.0
|
|
|
Standard
NT
|
73.5%
|
73.5%
|
|
|
Preferred
TU
|
77.5%
|
77.5%
|
|
|
Standard
TU
|
90.0%
|
90.0%
|
Basis 2:
Variable UL
|
Plans
|
Classification
|
Ages
0 - 69
|
Ages
70 - 99
|
|
Life
Coverage
|
Preferred
NT
|
52.1%
|
56.5%
|
|
Standard
NT
|
73.5%
|
73.5%
|
|
|
Standard
TU
|
85.5%
|
85.5%
|
C.2 AGE
BASIS
Age Last
Birthday
C.3 POLICY
FEES
The
Reinsurer will not participate in any policy fees.
C.4 RECAPTURE
PERIOD
Number of
years: 20
C.5 STANDARD RATINGS
.
Premiums
will be based on the standard rate increased by an extra 25% per table of
assessed rating.
Multiples
are the same as those for standard life coverage.
C.6 EXTRAS
The total
premium remitted to the Reinsurer will include the flat extra premium minus
the
discounts
shown below.
Type
of Flat Extra
Premium First
Year Renewal
Temporary
(1 -5
years) 10% 10%
Permanent
(6 years &
greater) 75%10%
C.7 RIDERS
AND BENEFITS
Waiver of
Premium: Not Reinsured.
