AUTOMATIC AND FACULTATIVE YEARLY RENEWABLE TERM
REINSURANCE AGREEMENT
between
HARTFORD LIFE INSURANCE COMPANY
and
MUNICH AMERICAN REASSURANCE 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 8
VIII. Conversions 9
IX. Reductions, Terminations, and Changes 9
X. Increase in Retention 10
XI. Reinstatement 11
XII. Expenses 12
XIII. Claims 12
XIV. Extra-Contractual Damages 14
XV. Inspection of Records 14
XVI. DAC Tax - Section 1.848-2 (g)(8) Election 15
XVII. Insolvency 16
XVIII. Offset 17
XIX. Arbitration 17
XX. Termination 18
XXI. General Provisions 18
XXII. Confidentiality 20
XXIII. Notices and Communications 21
XXIV. Effective Date 22
XXV. Execution 22
SCHEDULES
A. Plans Covered under This Agreement 23
B. Basis of Reinsurance 26
C. Foreign National Program 27
D. Table Two to Standard Program 29
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 Insurance Company (referred to as the
Ceding Company), and Munich American Reassurance 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.
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 120 days from the date of the
final offer, unless coverage is accepted or put in place earlier.
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.
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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 reduce the provided 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:
1. The Automatic Binding limits with the Reinsurer shown in Exhibit II, or
2. The amount for which the Ceding Company is liable, less its retention shown
in Exhibit II
The pre-issue liability applies provided that the Ceding Company has followed
its normal
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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. If a net
reinsurance premium balance is payable to the Reinsurer, the Ceding Company will
forward this balance within (60) sixty 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 Reinsurer shall pay any remaining
balance due the Ceding Company within (60) sixty days after the Ceding Company
submits the statement.
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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 the
(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 date the required
back premiums are received.
4. Currency
The reinsurance premiums and benefits payable under this Agreement will be
payable in the lawful money of the United States.
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 does not guarantee the rates in this treaty but intends to charge
these rates indefinitely. In the event that the Reinsurer does increase the
rates, except as noted below, the Ceding Company shall have the right to
recapture the business as of the date of notice of rate change. At that date,
the Reinsurer in addition to any other amounts due, shall transfer an amount
equal to 0.50 x annual valuation mortality rate x net amount reinsured for each
policy recaptured.
If however, the Ceding Company raises the rates charged to their customers, the
Reinsurer shall have the right to raise rates. In addition, if the Ceding
Company experiences a deterioration in mortality that would reasonable justify a
rate increase, the Reinsurer shall have the right to raise rates without
triggering the recapture option to the Ceding Company.
7. Overpayment of Premium
If the Ceding Company overpays a reinsurance premium and the Reinsurer
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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
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 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. The Reinsurer will bear the expense of establishing any
trusts or letter of credit with respect to this provision.
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
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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.
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, and 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.
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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.
F. Mortality Rating
On Facultative Reinsurance, if the Ceding Company wishes to reduce the mortality
rating, this reduction will be subject to the Reinsurer's approval. On Automatic
Reinsurance, if the Ceding Company wishes to reduce the mortality rating, the
Reinsurer will accept this reduction.
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.
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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:
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.
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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.
C. Claim Payment
1. Automatic Reinsurance on a Risk
If a claim is made under insurance reinsured under this Agreement, the Reinsurer
will abide 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. The
Reinsurer will pay the Ceding Company the reinsurance proceeds within (15)
fifteen days of final notification of the Ceding Company making the settlement
of the policy 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.
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 the Reinsurer all relevant and/or requested
documents and papers related to the claim along with the Ceding Company's
recommendation. The Ceding Company shall then wait (10) ten days from the date
of mailing during which time the Reinsurer shall have the opportunity to advise
the Ceding Company of its consent or disagreement with the recommendation. In
the event the Reinsurer does not contact the Ceding Company within the (10)
ten-day period, the Reinsurer shall be deemed to have approved the
recommendation and the Ceding Company shall be authorized to act accordingly.
The Reinsurer will pay the Ceding Company the reinsurance proceeds when the
Ceding Company makes the settlement of the policy proceeds and delivers proof of
payment to the Reinsurer.
3. Payment of Reinsurance Proceeds
Payment of life reinsurance proceeds will be made in a single sum regardless of
the
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Ceding Company's mode of settlement with the payee.
4. Recapture
Policies reinsured under this Agreement may be eligible for recapture if the
Reinsurer is delinquent on an undisputed net amount due to the Ceding Company
and the Ceding Company has given the Reinsurer sixty (60) days written notice of
its intent to recapture and the Reinsurer has failed to pay the net amount due
by the end of the sixty (60) day notice period.
D. Contested Claims
The Ceding Company must promptly notify the Reinsurer of any intent to contest a
claim reinsured under this Agreement or to assert defenses to a claim for such
insurance. If the Reinsurer agrees to participate in the contest or assertion of
defenses, and if the Ceding Company's contest of such insurance results in the
increase or reduction of liability, then the Reinsurer will share in this
increase or reduction. The Reinsurer's share of the increase or decrease shall
be proportional to their share of the Total Net Amount at Risk, as defined in
Schedule B, on the date of the death of the insured.
If the Reinsurer should decline to participate in the contest or assertion of
defenses, the Reinsurer will then release all of its liability by paying the
Ceding Company the full amount of reinsurance (i.e. the Reinsurer's portion of
Net Amount at Risk at death and interest and Non-Routine Expenses as defined in
Section F of this Article incurred up to the point of claim decision) and not
sharing in any subsequent increase or reduction in liability.
The Ceding Company shall operate in good faith and adjudicate claims to policies
reinsured under this Agreement as if there were not reinsurance. The Ceding
Company's decision to pay a claim in accordance with their contractual liability
is binding on the Reinsurer.
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 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,
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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.
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, including but not limited to Punitive Damages (as defined later in this
Article), 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 does recognize that circumstances may arise under which the
Reinsurer, in equity, should share, to the extent permitted by law, in paying
certain assessed damages. Such circumstances are difficult to define in advance,
but by example may involve those situations in which the Reinsurer was an active
party in the act, omission, or course of conduct that ultimately results in the
assessment of such damages. The extent of such sharing is dependent on good
faith assessment of culpability in each case, but all factors being equal, the
division of any such assessment would be in the proportion of Total Net Amount
at Risk (as defined in Schedule B) accepted by each party for the plan of
insurance involved.
For purposes of this Article, the following definitions will apply:
"Punitive Damages" are those damages awarded as a penalty, the amount of which
is neither governed nor fixed by statute.
ARTICLE XV
INSPECTION OF RECORDS
Each party or their authorized representatives will have the right, at any
reasonable time and
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upon reasonable notice, to inspect the other party's books and documents that
relate to reinsurance under this Agreement.
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") 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.
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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.
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 that particular company will be payable by the Reinsurer
directly to that Company's liquidator, receiver or statutory successor, on the
basis of the liability of that Company under the policy or policies reinsured
and without diminution because of the insolvency of the 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 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 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 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 Company.
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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.
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.
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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 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.
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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, 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
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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
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 our 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. 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 Reinsurer shall maintain the confidentiality of the 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.
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ARTICLE XXIII
NOTICES AND COMMUNICATIONS
All notices and communications under this treaty should be sent to:
Individual Life Product Financial Analysis
Hartford Life
000 Xxxxxxxxx Xx.
Xxxxxxxx, XX 00000
(currently) Attn: Xxxxxx X. Xxxxxxxx, FSA, MAAA
Assistant Vice President
With copies to:
Chief Actuary
Hartford Life
000 Xxxxxxxxx Xx.
Xxxxxxxx, XX 00000
(currently) Attn: Xxxxx X. Xxxxxxx, FSA, MAAA
Vice President
General Counsel
Hartford Life
000 Xxxxxxxxx Xx.
Xxxxxxxx, XX 00000
Notices are deemed received when delivered.
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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
MUNICH AMERICAN REASSURANCE COMPANY
By: [ILLEGIBLE] Attest: [ILLEGIBLE]
---------------------------- ----------------------------
Title: [ILLEGIBLE] Title: Vice President
Date: December 22, 2004 Date: 12/22/04
HARTFORD LIFE INSURANCE COMPANY
By: /s/ Xxxxxx X. Xxxxxxxx Attest: /s/ Xxxxxxx X. Xxxxxx
---------------------------- ----------------------------
Xxxxxx X. Xxxxxxxx, FSA, Xxxxxxx X. Xxxxxx, FSA, MAAA
MAAA Vice President and Actuary
Assistant Vice President Individual Life Product
Management
Date: 12/10/2004 Date: 12/10/2004
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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 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
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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
Children's Life Insurance Rider: Provides additional term coverage for a child
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:
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.
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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 FACULTATIVE 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
The Reinsurer agrees to participate in the Table 2 to Standard Program as
outlined below.
ELIGIBILITY REQUIREMENTS
- Case's Minimum Face:
- Maximum Cession:
- Athletes, Entertainers, Aviation Maximum Cession:
- 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 ThousandxNumber of Years Applied
ALLOCATION OF CASES AMONG THE REINSURER, THE CEDING COMPANY'S RETENTION, AND THE
POOL
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SCHEDULE D
TABLE 2 TO STANDARD PROGRAM
REINSURANCE RATES
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 II UL
20 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:
First Year Renewal Years
[Redacted] [Redacted]
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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
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EXHIBIT III
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: [Redacted]
Stag Protector Variable Universal Life
Stag Accumulator Variable Universal Life
Stag Universal Life
Whole Life with Current Interest Life Insurance Policy
Hartford Stag Wall Street Variable Universal Life
PRODUCTS USING UNI-CLASS RATE TABLES: [Redacted]
LBSI UL
Life Solutions I UL
Life Solutions II UL
20 Year Term
ART (CW)
5 & 10 Year Term (NY)
SPVL
One Year Term
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SINGLE LIFE 2002 MULTICLASS ANNUAL YRT PER 1000 REINSURANCE RATES
[Redacted]
Monthly Per 1000
Waiver of Specified Amount
Male Female Unisex
[Redacted] [Redacted] [Redacted]
ADDENDUM
TO THOSE REINSURANCE AGREEMENTS LISTED IN
THE ATTACHED SCHEDULE 1
(REFERRED TO INDIVIDUALLY AS "THE AGREEMENT" AND
COLLECTIVELY AS "THE AGREEMENTS")
BETWEEN
HARTFORD LIFE INSURANCE COMPANY
HARTFORD LIFE AND ANNUITY INSURANCE COMPANY
HARTFORD LIFE AND ACCIDENT INSURANCE COMPANY
("THE CEDING COMPANY")
AND
MUNICH AMERICAN REASSURANCE COMPANY ("THE REINSURER")
WHEREAS, the Reinsurer currently reinsures certain plans or policies of the
Ceding Company under the Agreements; and
WHEREAS, the Ceding Company and the Reinsurer agree that for facultative
reinsurance, any references in the Agreements to the following terms shall be
interpreted to mean the reinsurance amount requested at time of facultative
reinsurance application, regardless of the amount of insurance ultimately
reinsured:
- Minimum initial amount to be reinsured
- Minimum Cession
- Minimum Reinsurance Cession
- Minimum Reinsurance Cession to Reinsurer
- Minimum facultative threshold
- Minimum Facultative Reinsurance Cession; and
WHEREAS, the Ceding Company and the Reinsurer agree that such change in
interpretation shall be as of the Effective Date of each Agreement listed in the
attached Schedule 1.
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. Except as herein amended, all other terms and conditions of the
Agreements shall remain in full force and effect and unchanged.
Between HLIC/HLA/HLAIC and Munich Re
Addendum
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.
MUNICH AMERICAN REASSURANCE COMPANY
By: /s/ [ILLEGIBLE] Attest: /s/ Xxxxxxx X. Xxxx
------------------------------ ------------------------------
Name: [ILLEGIBLE] Name: Xxxxxxx X. Xxxx
Title: Second Vice President & Title: 2nd Vice President, Treaty
Marketing Actuary
Date: June 10, 2011 Date: 6/10/11
HARTFORD LIFE INSURANCE COMPANY
HARTFORD LIFE AND ANNUITY INSURANCE COMPANY
HARTFORD LIFE AND ACCIDENT INSURANCE COMPANY
By: /s/ Xxxx Xxxxxxx Attest: /s/ Xxxxxxx Xxxxxx
------------------------------ ------------------------------
Name: Xxxx Xxxxxxx Name: Xxxxxxx Xxxxxx
Title: Assistant Vice President & Title: Senior Vice President &
Actuary Actuary
Date: 6-29-2011 Date: 6-30-2011
Between HLIC/HLA/HLAIC and Munich Re
Addendum
2
SCHEDULE 1
CEDING
COMPANY
CEDING TREATY REINSURER
AGREEMENT EFFECTIVE DATE COMPANY* NUMBER TREATY NUMBER
-------------------------------------------------------------------------------------------------------------------------
Individual Risks -- Fac November 18, 1974 HLIC CL-100142 2102
Individual Risks -- Fac November 18, 1974 HLA CL-100143 2100
Individual Risks -- Fac August 1, 1981 XXX CL-100141 1191
Individual Risks -- Fac July 1, 1983 XXX CL-100140 2459
Universal Life -- Fac December 1, 1983 HLIC CL-100320 2103
Universal Life -- Fac January 1, 1994 XXX CL-100144 2101
Life Solutions October 15, 1999 HLIC, HLA, XXX CL-100206 2616, 2659, 2657
Term December 1, 2000 HLIC, HLA, XXX CL-100178 1786, 2717
Last Survivor Excess January 1, 2002 XXX CL-100007 3217
Last Survivor Excess January 1, 2002 HLIC CL-100008 2781
Single Life Excess November 1, 2002 (Fac)/ XXX CL-100013 3209
December 1, 2002 (Auto)
Single Life Excess November 1, 2002 (Fac)/ HLIC CL-100040 2916
December 1, 2002 (Auto)
Last Survivor AUL January 1, 2005 HLIC CL-100130 3314
Last Survivor AUL January 1, 2005 XXX CL-100131 3315
* Ceding Company abbreviations
HLIC: Hartford Life Insurance Company
XXX: Hartford Life and Annuity Insurance Company
HLA: Hartford Life and Accident Insurance Company
Between HLIC/HLA/HLAIC and Munich Re
Addendum
3
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 INSURANCE COMPANY
("CEDING COMPANY")
AND
MUNICH AMERICAN REASSURANCE 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 I.
The List of Countries and Jurisdictions for the Foreign Travel Exclusion Rider
are added as Foreign Travel Exclusion Rider Exhibit II.
Single Life 12/01/2002 -- Amendment 1
Between HLIC and Munich
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.
MUNICH AMERICAN REASSURANCE COMPANY
By: /s/ Xxxxx X. Xxxxxxx Attest: /s/ [ILLEGIBLE]
-------------------------- ---------------------------
Name: Xxxxx X. Xxxxxxx Name: [ILLEGIBLE]
Title: Assistant Vice President & Title: Vice President
Actuary Date: 8-10-05
Date: August 9, 2005
HARTFORD LIFE INSURANCE COMPANY
By: /s/ Xxxxxx X. Xxxxxxxx Attest: /s/ Xxxxxxx X. Xxxxxx
-------------------------- ---------------------------
Name: Xxxxxx X. Xxxxxxxx Name: Xxxxxxx X. Xxxxxx
Title: Assistant Vice President, Title: Vice President
Individual Life Product Date: 8/17/2005
Development
Date: 8/17/2005
Single Life 12/01/2002 -- Amendment 1
Between HLIC and Munich
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 HLIC and Munich
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
Children's Life Insurance Rider: Provides additional term coverage for a child
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:
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 HLIC and Munich
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 HLIC and Munich
5
FOREIGN TRAVEL EXCLUSION RIDER EXHIBIT I
UNDERWRITING GUIDELINES
[Redacted]
Single Life 12/01/2002 -- Amendment 1
Between HLIC and Munich
6
FOREIGN TRAVEL EXCLUSION RIDER EXHIBIT II
LIST OF COUNTRIES AND JURISDICTIONS
[Redacted]
Single Life 12/01/2002 -- Amendment 1
Between HLIC and Munich
7
AMENDMENT 2
EFFECTIVE JULY 21, 2003
TO THE
REINSURANCE AGREEMENT
EFFECTIVE DECEMBER 1, 2002 (AUTO)
EFFECTIVE NOVEMBER 1, 2002 (FAC)
BETWEEN
HARTFORD LIFE INSURANCE COMPANY
("CEDING COMPANY")
AND
MUNICH AMERICAN REASSURANCE 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 Il, 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 2
Between HLIC and Munich
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.
MUNICH AMERICAN REASSURANCE COMPANY
By: /s/ Xxxxx X. Xxxxxxx Attest: /s/ [ILLEGIBLE]
-------------------------------- --------------------------------
Name: Xxxxx X. Xxxxxxx Name: [ILLEGIBLE]
Title: Assistant Vice President & Title: Vice President
Actuary
Date: August 9, 2005 Date: 8-10-05
HARTFORD LIFE INSURANCE COMPANY
By: /s/ Xxxxxx X. Xxxxxxxx Attest: /s/ Xxxxxxx X. Xxxxxx
-------------------------------- --------------------------------
Name: Xxxxxx X. Xxxxxxxx Name: Xxxxxxx X. Xxxxxx
Title: Assistant Vice President, Title: Vice President
Individual Life Product
Development
Date: 8/17/2005 Date: 8/17/2005
Single Life 12/01/2002 -- Amendment 2
Between HLIC and Munich
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.
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.
B Requirements for Facultative Reinsurance
Single Life 12/01/2002 -- Amendment 2
Between HLIC and Munich
3
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
120 days from the date of the final offer, unless coverage is
accepted or put in place earlier.
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 on the risk, the
Reinsurer may reduce the provided capacity by notifying the Ceding
Company. In addition, the Reinsurer may choose to provide
Facultative Obligatory capacity greater than as specified in
Schedule B.
Single Life 12/01/2002 -- Amendment 2
Between HLIC and Munich
4
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 2
Between HLIC and Munich
5
AMENDMENT 3
EFFECTIVE DECEMBER 1, 2003
TO THE
REINSURANCE AGREEMENT
EFFECTIVE DECEMBER 1, 2002 (AUTO)
EFFECTIVE NOVEMBER 1, 2002 (FAC)
BETWEEN
HARTFORD LIFE INSURANCE COMPANY
("CEDING COMPANY")
AND
MUNICH AMERICAN REASSURANCE 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 3
Between HLIC and Munich
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.
MUNICH AMERICAN REASSURANCE COMPANY
By: /s/ Xxxxx X. Xxxxxxx Attest: /s/ [ILLEGIBLE]
------------------------------ ------------------------------
Name: Xxxxx X. Xxxxxxx Name: [ILLEGIBLE]
Title: Assistant Vice President & Title: Vice President
Actuary
Date: August 9, 2005 Date: 8-10-05
HARTFORD LIFE INSURANCE COMPANY
By: /s/ Xxxxxx X. Xxxxxxxx Attest: /s/ Xxxxxxx X. Xxxxxx
------------------------------ ------------------------------
Name: Xxxxxx X. Xxxxxxxx Name: Xxxxxxx X. Xxxxxx
Title: Assistant Vice President, Title: Vice President
Individal Life Product
Development
Date: 8/17/2005 Date: 8/17/2005
Single Life 12/01/2002 -- Amendment 3
Between HLIC and Munich
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 3
Between HLIC and Munich
3
SCHEDULE A
PLANS COVERED UNDER THIS AGREEMENT
EFFECTIVE DECEMBER 1, 2003
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
Children's Life Insurance Rider: Provides additional term coverage for a child
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:
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 3
Between HLIC and Munich
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 3
Between HLIC and Munich
5
AMENDMENT 4
EFFECTIVE MARCH 1, 2004
TO THE
REINSURANCE AGREEMENT
EFFECTIVE DECEMBER 1, 2002 (AUTO)
EFFECTIVE NOVEMBER 1, 2002 (FAC)
BETWEEN
HARTFORD LIFE INSURANCE COMPANY
("CEDING COMPANY")
AND
MUNICH AMERICAN REASSURANCE 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
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 4
Between HLIC and Munich
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.
MUNICH AMERICAN REASSURANCE COMPANY
By: /s/ [ILLEGIBLE] Attest: /s/ [ILLEGIBLE]
------------------------------ ------------------------------
Name: [ILLEGIBLE] Name: [ILLEGIBLE]
Title: Assistant Vice President & Title: Vice President
Actuary
Date: August 9, 2005 Date: 8-10-05
HARTFORD LIFE INSURANCE COMPANY
By: /s/ Xxxxxx X. Xxxxxxxx Attest: /s/ Xxxxxxx X.Xxxxxx
------------------------------ ------------------------------
Name: Xxxxxx X. Xxxxxxxx Name: Xxxxxxx X. Xxxxxx
Title: Assistant Vice President, Title: Vice President
Individual Life Product
Development
Date: 8/17/2005 Date: 8/17/2005
Single Life 12/01/2002 -- Amendment 4
Between HLIC and Munich
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 4
Between HLIC and Munich
3
SCHEDULE C
FOREIGN NATIONAL PROGRAM
EFFECTIVE MARCH 1, 2004
[Redacted]
Single Life 12/01/2002 -- Amendment 4
Between HLIC and Munich
4
AMENDMENT 5
EFFECTIVE MARCH 1, 2004
TO THE
REINSURANCE AGREEMENT
EFFECTIVE DECEMBER 1, 2002 (AUTO)
EFFECTIVE NOVEMBER 1, 2002 (FAC)
BETWEEN
HARTFORD LIFE INSURANCE COMPANY
("CEDING COMPANY")
AND
MUNICH AMERICAN REASSURANCE 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] million, 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 5
Between HLIC and Munich
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.
MUNICH AMERICAN REASSURANCE COMPANY
By: /s/ [ILLEGIBLE] Attest: /s/ [ILLEGIBLE]
------------------------------ ------------------------------
Name: [ILLEGIBLE] Name: [ILLEGIBLE]
Title: Assistant Vice President & Title: Vice President
Actuary
Date: August 9, 2005 Date: 8-10-05
HARTFORD LIFE INSURANCE COMPANY
By: /s/ Xxxxxx X. Xxxxxxxx Attest: /s/ Xxxxxxx X. Xxxxxx
------------------------------ ------------------------------
Name: Xxxxxx X. Xxxxxxxx Name: Xxxxxxx X. Xxxxxx
Title: Assistant Vice President, Title: Vice President
Individual Life Product
Development
Date: 8/17/2005 Date: 8/17/2005
Single Life 12/01/2002 -- Amendment 5
Between HLIC and Munich
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 5
Between HLIC and Munich
3
AMENDMENT 6
EFFECTIVE MARCH 1, 2004
TO THE
REINSURANCE AGREEMENT
EFFECTIVE DECEMBER 1, 2002 (AUTO)
EFFECTIVE NOVEMBER 1, 2002 (FAC)
BETWEEN
HARTFORD LIFE INSURANCE COMPANY
("CEDING COMPANY")
AND
MUNICH AMERICAN REASSURANCE 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 B
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
B to reflect the change in Reinsurance Pool Share from
The parties agree to remove Schedule B, in its entirety and replace it with the
attached Schedule B, 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 6
Between HLIC and Munich
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.
MUNICH AMERICAN REASSURANCE COMPANY
By: /s/ [ILLEGIBLE] Attest: /s/ [ILLEGIBLE]
------------------------------ ------------------------------
Name: [ILLEGIBLE] Name: [ILLEGIBLE]
Title: Assistant Vice President & Title: Vice President
Actuary
Date: August 9, 2005 Date: 8-10-05
HARTFORD LIFE INSURANCE COMPANY
By: /s/ Xxxxxx X. Xxxxxxxx Attest: /s/ Xxxxxxx X. Xxxxxx
------------------------------ ------------------------------
Name: Xxxxxx X. Xxxxxxxx Name: Xxxxxxx X. Xxxxxx
Title: Assistant Vice President, Title: Vice President
Individual Life Product
Development
Date: 8/17/2005 Date: 8/17/2005
Single Life 12/01/2002 -- Amendment 6
Between HLIC and Munich
2
SCHEDULE B
BASIS OF REINSURANCE
EFFECTIVE MARCH 1, 2004
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 FACULTATIVE REINSURANCE CESSION: [Redacted]
FACULTATIVE OBLIGATORY:
The Reinsurer shall provide the following Facultative Obligatory capacity:
Single Life 12/01/2002 -- Amendment 6
Between HLIC and Munich
3
AMENDMENT 7
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 INSURANCE COMPANY
("CEDING COMPANY")
AND
MUNICH AMERICAN REASSURANCE 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.
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 7
Between HLIC and Munich Re
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.
MUNICH AMERICAN REASSURANCE COMPANY
By: /s/ [ILLEGIBLE] Attest: /s/ [ILLEGIBLE]
------------------------------ ------------------------------
Name: [ILLEGIBLE] Name: [ILLEGIBLE]
Title: Assistant Vice President & Title: Vice President
Actuary
Date: August 31, 2005 Date: 8-31-05
HARTFORD LIFE INSURANCE COMPANY
By: /s/ Xxxxxx X. Xxxxxxxx Attest: /s/ Xxxxxxx X. Xxxxxx
------------------------------ ------------------------------
Name: Xxxxxx X. Xxxxxxxx Name: Xxxxxxx X. Xxxxxx
Title: Assistant Vice President Title: Vice President
Date: 9/6/2005 Date: 9/6/2005
Single Life Excess Pool -- Amendment 7
Between HLIC and Munich Re
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:
JUMBO LIMIT: [Redacted]
UNDERWRITING GUIDELINES [Redacted]
Single Life Excess Pool -- Amendment 7
Between HLIC and Munich Re
Effective 11/01/2002 Fac 12/01/2002 Auto
3
SCHEDULE C
FOREIGN NATIONAL PROGRAM
EFFECTIVE JANUARY 18, 2005
Single Life Excess Pool -- Amendment 7
Between HLIC and Munich Re
Effective 11/01/2002 Fac 12/01/2002 Auto
4
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 INSURANCE COMPANY
("CEDING COMPANY")
AND
MUNICH AMERICAN REASSURANCE 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, Schedule A 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 Article
II, Section A to reflect the underwriting of the Return of Premium Death Benefit
Option using the total death benefit amount for policies issued on or after the
effective date.
The parties agree to remove Article II, Section A in its entirety and replace it
with the following, effective July 1, 2005.
ARTICLE II
REINSURANCE COVERAGE
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
Single Life Excess Pool -- Amendment 8
Between HLIC and Munich Re
Effective 11/01/2002 Facultative 12/01/2002 Automatic
1
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. RETURN OF PREMIUM DEATH BENEFIT
OPTION MUST BE UNDERWRITTEN USING THE ULTIMATE DEATH BENEFIT.
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.
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
III to reflect the addition of the Preferred Plus risk class to Stag Protector
Variable Universal Life II and Stag Variable Life Accumulator II, for policies
issued on or after the effective date.
The parties agree to remove Schedule A and Exhibit III, in their entirety and
replace them with the attached Schedule A 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 HLIC and Munich Re
Effective 11/01/2002 Facultative 12/01/2002 Automatic
2
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.
MUNICH AMERICAN REASSURANCE COMPANY
By: /s/ Xxxxx X. Xxxxxxx Attest: /s/ [ILLEGIBLE]
------------------------------ ------------------------------
Name: Xxxxx X. Xxxxxxx Name: [ILLEGIBLE]
Title: Assistant Vice President & Title: Vice President
Actuary
Date: August 9, 2005 Date: 8-10-05
HARTFORD LIFE INSURANCE COMPANY
By: /s/ Xxxxxx X. Xxxxxxxx Attest: /s/ Xxxxxxx X. Xxxxxx
------------------------------ ------------------------------
Name: Xxxxxx X. Xxxxxxxx Name: Xxxxxxx X. Xxxxxx
Title: Assistant Vice President, Title: Vice President
Individual Life Product
Development
Date: 8/17/2005 Date: 8/17/2005
Single Life Excess Pool -- Amendment 8
Between HLIC and Munich Re
Effective 11/01/2002 Facultative 12/01/2002 Automatic
3
SCHEDULE A
PLANS COVERED UNDER THIS AGREEMENT
EFFECTIVE JULY 1, 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 Level Compensation Endorsement
Stag Variable Life Accumulator II Children's Life Insurance Rider
Stag Universal Life Cash Value 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 HLIC and Munich Re
Effective 11/01/2002 Facultative 12/01/2002 Automatic
4
SCHEDULE A
PLANS COVERED UNDER THIS AGREEMENT
EFFECTIVE JULY 1, 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
CHILDREN'S LIFE INSURANCE RIDER: Provides additional term coverage for a child
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:
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 Excess Pool -- Amendment 8
Between HLIC and Munich Re
Effective 11/01/2002 Facultative 12/01/2002 Automatic
5
SCHEDULE A
PLANS COVERED UNDER THIS AGREEMENT
EFFECTIVE JULY 1, 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 HLIC and Munich Re
Effective 11/01/2002 Facultative 12/01/2002 Automatic
6
EXHIBIT III
EFFECTIVE JULY 1, 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: [Redacted]
Stag Protector Variable Universal Life
Stag Accumulator Variable Universal Life
Stag Universal Life
Whole Life with Current Interest Life Insurance Policy
Hartford Stag Wall Street Variable Universal Life
Stag Protector Variable Universal Life II
Stag Variable Life Accumulator II
Stag Universal Life Cash Value
PRODUCTS USING UNI-CLASS RATE TABLES: [Redacted]
LBSI UL
Life Solutions I UL
Life Solutions II UL
20 Year Term
ART (CW)
5 & 10 Year Term (NY)
SPVL
One Year Term
Single Life Excess Pool -- Amendment 8
Between HLIC and Munich Re
Effective 11/01/2002 Facultative 12/01/2002 Automatic
7
AMENDMENT 9
EFFECTIVE DECEMBER 1, 2005
TO THE
REINSURANCE AGREEMENT
EFFECTIVE DECEMBER 1, 2002 (AUTO)
EFFECTIVE NOVEMBER 1, 2002 (FAC)
BETWEEN
HARTFORD LIFE INSURANCE COMPANY
("CEDING COMPANY")
AND
MUNICH AMERICAN REASSURANCE 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 $ [Redacted] 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 change in the maximum Retention Limit from [Redacted] and the
change in the maximum Automatic Issue Limit from [Redacted] 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 HLIC and Munich
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.
MUNICH AMERICAN REASSURANCE COMPANY
By: /s/ Xxxxx X. Xxxxxxx Attest: /s/ [ILLEGIBLE]
------------------------------ ------------------------------
Name: Xxxxx X. Xxxxxxx Name: [ILLEGIBLE]
Title: Assistant Vice President & Title: Vice President
Actuary
Date: November 21, 2005 Date: 11/21/05
HARTFORD LIFE 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 HLIC and Munich
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 HLIC and Munich
3
SCHEDULE C
FOREIGN NATIONAL PROGRAM
EFFECTIVE DECEMBER 1, 2005
[Redacted]
Single Life 12/01/2002 -- Amendment 9
Between HLIC and Munich
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 HLIC and Munich
5
AMENDMENT 10
EFFECTIVE NOVEMBER 1, 2005
TO THE
REINSURANCE AGREEMENT
EFFECTIVE DECEMBER 1, 2002 (AUTO)
EFFECTIVE NOVEMBER 1, 2002 (FAC)
BETWEEN
HARTFORD LIFE INSURANCE COMPANY
("CEDING COMPANY")
AND
MUNICH AMERICAN REASSURANCE 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 II 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 II 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 II, in its
entirety and replace it with the attached Foreign Travel Exclusion Rider Exhibit
II, 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 HLIC and Munich
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.
MUNICH AMERICAN REASSURANCE COMPANY
By: /s/ [ILLEGIBLE] Attest: /s/ [ILLEGIBLE]
------------------------------ ------------------------------
Name: [ILLEGIBLE] Name: [ILLEGIBLE]
Title: Assistant Vice President & Title: Vice President
Actuary
Date: November 21, 2005 Date: 11/21/05
HARTFORD LIFE 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 HLIC and Munich
2
FOREIGN TRAVEL EXCLUSION RIDER EXHIBIT II
LIST OF COUNTRIES AND JURISDICTIONS
EFFECTIVE DECEMBER 1, 2005
Single Life 12/01/2002 -- Amendment 10
Between HLIC and Munich
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 INSURANCE COMPANY ("CEDING COMPANY")
AND
MUNICH AMERICAN REASSURANCE 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
reflect the availability of an increased retention limit on cases that would
otherwise qualify for Automatic Reinsurance; and
WHEREAS, the Ceding Company and the Reinsurer wish to amend the Notification of
Reinsurance article in the Agreement to provide for additional reporting
requirements related to the increased retention limit; and
WHEREAS, the Ceding Company and the Reinsurer wish to amend the Oversights
article in the Agreement to provide for additional remedies in the case of
oversights in such reporting.
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 IV -- Notification of Reinsurance, is deleted in its entirety and
replaced with the attached revised Article IV -- Notification of Reinsurance.
II. Article VII -- Oversights is deleted in its entirety and replaced with the
attached revised Article VII -- Oversights.
III. Schedule B is deleted in its entirety and replaced with the attached
revised Schedule B.
IV. Exhibit II is deleted in its entirety and replaced with the attached
revised Exhibit II.
Single Life Treaty -- Effective 12/01/2002
Between HLIC and Munich Re
Amendment 11 -- Effective 06/01/2007
1
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 June 1, 2007.
MUNICH AMERICAN REASSURANCE COMPANY
By: /s/ Xxxx X Xxxxx Attest: /s/ [ILLEGIBLE]
------------------------------ ------------------------------
Name: Xxxx X Xxxxx Name: [ILLEGIBLE]
Title: Assistant Vice President & Title: Vice President & Actuary
Actuary
Date: August 11, 2008 Date: August 11, 2008
HARTFORD LIFE INSURANCE COMPANY
By: /s/ Xxxxxx X. Xxxxxxxx Attest: /s/ Xxxxxxx X. Xxxxxx
------------------------------ ------------------------------
Name: Xxxxxx X. Xxxxxxxx, FSA, MAAA Name: Xxxxxxx X. Xxxxxx
Title: Vice President Individual Life Title: Senior Vice President &
Product Mgmt. Actuary
Date: 8/19/2008 Date: 8/19/2008
Single Life Treaty -- Effective 12/01/2002
Between HLIC and Munich Re
Amendment 11 -- Effective 06/01/2007
2
ARTICLE IV
NOTIFICATION OF REINSURANCE
EFFECTIVE JUNE 1, 2007
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.
C. For policies that are effective on or after June 1, 2007, the Ceding Company
will group and report, as a separate administrative category, the Retention
Limit II policies reinsured under this Agreement, as described in Schedule
B.
D. For policies that are effective on or after June 1, 2007, and before the
Ceding Company's automated administration system is updated to properly
report Retention Limit II policies to the Reinsurer, the Ceding Company will
provide to the Reinsurer, with monthly updates, a listing of such policies.
Once the Ceding Company's automated administration system is so updated,
this listing will no longer be provided.
Single Life Treaty -- Effective 12/01/2002
Between HLIC and Munich Re
Amendment 11 -- Effective 06/01/2007
3
ARTICLE VII
OVERSIGHTS
EFFECTIVE JUNE 1, 2007
If there is an unintentional oversight, misunderstanding, delay, or error in the
administration of this Agreement ("Oversight") by the Ceding Company or the
Reinsurer, it can be corrected provided the correction takes place within a
reasonable time after the Oversight is first discovered. With the exception of
those specific Oversights provided for below in this Article, both the Ceding
Company and the Reinsurer will be restored to the position they would have
occupied had the Oversight 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.
Oversights with regard to the Ceding Company's reporting that are limited to
Retention Limit I policies incorrectly reported under the Retention Limit II
category and Retention Limit II policies incorrectly reported under the
Retention Limit I category, will be corrected by using the applicable limits
under Retention Limit II, shown in Exhibit II, to limit the Reinsurer's
liability unless agreed to otherwise.
For any policy effective on or after June 1, 2007, that the Ceding Company fails
to report as ceded reinsurance under this Agreement, the policy will be
reinsured following the applicable limits under Retention Limit I or Retention
Limit II, shown in Exhibit II, as documented in the underwriting records as of
the issue date of the insurance, provided the Reinsurer is notified, in writing,
of the Oversight no more than ninety (90) days after the insurance has been
issued. If the Ceding Company fails to notify the Reinsurer within this time
period, the policy will be reinsured using the applicable limits under Retention
Limit II, to limit the Reinsurer's liability, unless agreed to otherwise.
Single Life Treaty -- Effective 12/01/2002
Between HLIC and Munich Re
Amendment 11 -- Effective 06/01/2007
4
SCHEDULE B
BASIS OF REINSURANCE
EFFECTIVE JUNE 1, 2007
REINSURANCE POOL SHARE:
LEAD REINSURER:
AUTOMATIC REINSURANCE
FACULTATIVE REINSURANCE
The Reinsurer will accept X% (as determined at issue) of the risk.
NET AMOUNT AT RISK DEFINITION:
MINIMUM FACULTATIVE REINSURANCE CESSION:
FACULTATIVE OBLIGATORY:
The Reinsurer shall provide the following Facultative Obligatory capacity:
Single Life Treaty -- Effective 12/01/2002
Between HLIC and Munich Re
Amendment 11 -- Effective 06/01/2007
5
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")
AUTOMATIC BINDING LIMIT (EXCLUDES AUTOMATIC BINDING LIMIT (EXCLUDES
RETENTION) RETENTION)
AUTOMATIC ISSUE LIMIT WITH RL I AUTOMATIC ISSUE LIMIT WITH XX XX
AUTOMATIC PROCESSING LIMIT WITH RL I AUTOMATIC PROCESSING LIMIT WITH XX XX
FACULTATIVE OBLIGATORY AUTO BINDING FACULTATIVE OBLIGATORY AUTO BINDING
LIMIT (EXCLUDES RETENTION) LIMIT (EXCLUDES RETENTION)
FACULTATIVE OBLIGATORY AUTO ISSUE FACULTATIVE OBLIGATORY AUTO ISSUE
LIMIT WITH RL I LIMIT WITH XX XX
JUMBO LIMIT JUMBO LIMIT
Single Life Treaty -- Effective 12/01/2002
Between HLIC and Munich Re
Amendment 11 -- Effective 06/01/2007
6
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 INSURANCE COMPANY
("CEDING COMPANY")
AND
MUNICH AMERICAN REASSURANCE 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
revise the maximum issue age to 85; and
WHEREAS, the Ceding Company and the Reinsurer wish to amend the Agreement to
alter the language regarding 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
11.
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:
Single Life Treaty -- Effective 12/01/2002
Between HLIC and Munich
Amendment 13 -- Effective 02/11/2008
1
Single Life Treaty -- Effective 12/01/2002
Between HLIC and Munich
Amendment 13 -- Effective 02/11/2008
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 HLIC and Munich
Amendment 13 -- Effective 02/11/2008
3
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.
MUNICH AMERICAN REASSURANCE COMPANY
By: /s/ Xxxx Xxxxxxxx Attest: /s/ Xxxxxxx X. Xxxxxxxx
------------------------------ ------------------------------
Name: Xxxx Xxxxxxxx Name: Xxxxxxx X. Xxxxxxxx
Title: Second Vice President & Title: 2nd Vice President, Treaty
Marketing Actuary
Date: June 24, 2010 Date: 6/24/2010
HARTFORD LIFE 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: 7/6/2010 Date: 7/8/2010
Single Life Treaty -- Effective 12/01/2002
Between HLIC and Munich
Amendment 13 -- Effective 02/11/2008
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 FEBRUARY 11, 2008
RETENTION LIMIT I ("RL I") RETENTION LIMIT II ("XX XX")
AUTOMATIC BINDING LIMIT (EXCLUDES AUTOMATIC BINDING LIMIT (EXCLUDES
RETENTION) RETENTION)
AUTOMATIC ISSUE LIMIT WITH RL I AUTOMATIC ISSUE LIMIT WITH XX XX
AUTOMATIC PROCESSING LIMIT WITH RL I AUTOMATIC PROCESSING LIMIT WITH XX
XX
FACULTATIVE OBLIGATORY AUTO BINDING FACULTATIVE OBLIGATORY AUTO BINDING
LIMIT (EXCLUDES RETENTION) LIMIT (EXCLUDES RETENTION)
FACULTATIVE OBLIGATORY AUTO ISSUE LIMIT FACULTATIVE OBLIGATORY AUTO ISSUE
WITH RL I LIMIT WITH XX XX
JUMBO LIMIT JUMBO LIMIT
Single Life Treaty -- Effective 12/01/2002
Between HLIC and Munich
Amendment 13 -- Effective 02/11/2008
5
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 INSURANCE COMPANY
("CEDING COMPANY")
AND
MUNICH AMERICAN REASSURANCE 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 HLIC and Munich
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.
MUNICH AMERICAN REASSURANCE COMPANY
By: /s/ Xxxx X. Xxxxx Attest: /s/ Xxxxx X. Xxxxxxx
-------------------------------- -------------------------------
Name: Xxxx X. Xxxxx Name: Xxxxx X. Xxxxxxx
Title: Assistant Vice President & Title: Vice President & Actuary
Actuary
Date: May 9, 2008 Date: May 9, 2008
HARTFORD LIFE INSURANCE COMPANY
By: /s/ Xxxxxx X. Xxxxxxxx Attest: /s/ Xxxx Xxxxxx
-------------------------------- -------------------------------
Name: Xxxxxx X. Xxxxxxxx Name: Xxxx Xxxxxx, FSA, MAAA
Title: Vice President, Individual Life Title: Senior Vice President
Product Individual Life Product
Management
Date: 5/21/2008 Date: 5/21/2008
Single Life Excess Treaty -- Effective 11/01/2002
Between HLIC and Munich
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 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
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 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
Single Life Excess Treaty -- Effective 11/01/2002
Between HLIC and Munich
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 HLIC and Munich
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 HLIC and Munich
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: [Redacted]
Stag Protector Variable Universal Life
Stag Accumulator Variable Universal Life
Stag Universal Life
Whole Life with Current Interest Life Insurance Policy
Hartford Stag Wall Street Variable Universal Life
Stag Protector Variable Universal Life II
Stag Variable Life Accumulator II
Stag Universal Life Cash Value
Leaders VUL Legacy
Leaders VUL Liberty
PRODUCTS USING UNI-CLASS RATE TABLES: [Redacted]
LBSI UL
Life Solutions I UL
Life Solutions II UL
20 Year Term
ART (CW)
5 & 10 Year Term (NY)
SPVL
One Year Term
Single Life Excess Treaty -- Effective 11/01/2002
Between HLIC and Munich
Amendment #14 -- Effective 05/1/2008
6
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 INSURANCE COMPANY
("CEDING COMPANY")
AND
MUNICH AMERICAN REASSURANCE 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 a product and two riders, for policies issued on or
after the effective date of this Amendment. The product is Bicentennial UL
Founders. 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 HLIC and Munich
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.
MUNICH AMERICAN REASSURANCE COMPANY
By: /s/ Xxxx X. Xxxxx Attest: /s/ Xxxxxxx X. Xxxxxxxx
------------------------------ ------------------------------
Name: Xxxx X. Xxxxx Name: Xxxxxxx X. Xxxxxxxx
Title: Vice President & Actuary Title: 2nd Vice President, Treaty
Date: November 5, 2009 Date: 11/5/09
HARTFORD LIFE 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 IMG Product Management
Date: 11/30/2009 Date: 12/4/09
Single Life Excess Treaty -- Effective 11/01/2002
Between HLIC and Munich
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 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
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
Disability Income Rider
WOODBURY PRODUCTS RIDERS
-------------------------------------------------------------------------------------------------
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 HLIC and Munich
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 HLIC and Munich
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 HLIC and Munich
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 HLIC and Munich
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: [Redacted]
Stag Protector Variable Universal Life
Stag Accumulator Variable Universal Life
Stag Universal Life
Stag Whole Life
Hartford Stag Wall Street Variable Universal Life
Stag Universal Life Plus
Stag Universal Life Cash Value
Leaders VUL Legacy
Leaders VUL Liberty
Bicentennial UL Founders
PRODUCTS USING UNI-CLASS RATE TABLES: [Redacted]
LBSI UL
Life Solutions I UL
Life Solutions II UL
20 Year Term
ART (CW)
5 & 10 Year Term (NY)
SPVL
One Year Term
Single Life Excess Treaty -- Effective 11/01/2002
Between HLIC and Munich
Amendment #15 -- Effective 10/1/2008
7
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 INSURANCE COMPANY
("CEDING COMPANY")
AND
MUNICH AMERICAN REASSURANCE 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 Liability and
Termination articles of the Agreement to clarify liability after termination of
the Agreement for new business; and
WHEREAS, the Ceding Company and the Reinsurer wish to amend the Agreement to
terminate it for new business effective March 1, 2009.
NOW, THEREFORE, for good and valuable consideration, receipt of which is hereby
acknowledged, the Ceding Company and the Reinsurer hereby agree as follows:
1. Article III, Liability, is amended to add the following Section H:
H. Following the Termination Date, as described in Article XX, the Reinsurer
shall reinsure, pursuant to the terms of this Agreement, business meeting the
following descriptions:
1. Automatic Reinsurance
a. All business reinsured automatically prior to the Termination
Date; and
b. Policies that, prior to the Termination Date, did not qualify for
Automatic Reinsurance but due to a face amount increase or policy
reinstatement, would qualify for Automatic Reinsurance but for
termination of this Agreement.
Single Life Excess Treaty -- Effective 11/01/2002
Between HLIC and Munich
Amendment 17- Effective 03/1/2009
1
2. Facultative Reinsurance
a. All business reinsured facultatively prior to the Termination
Date; and
b. All business that was submitted to the Reinsurer on a facultative
basis prior to the Termination Date, the offer and acceptance of
which complies with the terms set forth in Article II, Section B.2.
of this Agreement.
2. Article XX, Termination, is deleted in its entirety and replaced with the
following:
A. Following the Termination Date for new business as described in this Article
XX, the Reinsurer's continuing reinsurance obligations shall be governed by the
terms set forth in Article III of this Agreement.
B. This Agreement shall terminate automatically for new business effective
March 1, 2009 ("Termination Date").
Except as herein amended, all other terms and conditions of the Agreement shall
remain unchanged and in full force and effect.
Single Life Excess Treaty -- Effective 11/01/2002
Between HLIC and Munich
Amendment 17- Effective 03/1/2009
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 March 1, 2009.
MUNICH AMERICAN REASSURANCE COMPANY
By: /s/ Xxxx X Xxxxx Attest: /s/ Xxxxxxx X Xxxxxxxx
------------------------------ ------------------------------
Name: Xxxx X Xxxxx Name: Xxxxxxx X. Xxxxxxxx
Title: Vice President & Actuary Title: 2nd Vice President, Treaty
Date: Jan 11, 2010 Date: 1/12/10
HARTFORD LIFE INSURANCE COMPANY
By: /s/ Xxxxxx X. Xxxxxxxx Attest: /s/ Xxxxxxx Xxxxxxxxx
------------------------------ ------------------------------
Name: Xxxxxx X. Xxxxxxxx Name: Xxxxxxx Xxxxxxxxx
Title: Vice President, Individual Title: Assistant Vice Presidnt,
Life Product Individual Life Product
Date: 12/30/2009 Date: 12/31/2009
Single Life Excess Treaty -- Effective 11/01/2002
Between HLIC and Munich
Amendment 17- Effective 03/1/2009
3
AMENDMENT 18
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 INSURANCE COMPANY ("CEDING COMPANY")
AND
MUNICH AMERICAN REASSURANCE 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
reflect an increase in the minimum case size that can be submitted facultatively
under the 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:
- Schedule B is deleted in its entirety and replaced with the attached
revised Schedule B.
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 HLIC and Munich Re
Amendment #18 - 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.
MUNICH AMERICAN REASSURANCE COMPANY
By: /s/ Xxxx X Xxxxx Attest: /s/ Xxxxxxx X. Xxxxxxxx
------------------------------ ------------------------------
Name: Xxxx X Xxxxx Name: Xxxxxxx X. Xxxxxxxx
Title: Vice President & Actuary Title: 2nd Vice President, Treaty
Date: November 5, 2009 Date: 11/5/09
HARTFORD LIFE 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 IMG
Life Product Product Management
Date: 11/30/2009 Date: 12/4/09
Single Life Treaty -- Effective 12/01/2002
Between HLIC and Munich Re
Amendment #18 - Effective 10/01/2008
2
SCHEDULE B
BASIS OF REINSURANCE
EFFECTIVE OCTOBER 1, 2008
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]
MINIMUM FACULTATIVE REINSURANCE CESSION:
[Redacted]
FACULTATIVE OBLIGATORY:
The Reinsurer shall provide the following Facultative Obligatory capacity:
Single Life Treaty -- Effective 12/01/2002
Between HLIC and Munich Re
Amendment #18 - Effective 10/01/2008
3
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 INSURANCE COMPANY
("CEDING COMPANY")
AND
MUNICH AMERICAN REASSURANCE 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 date of the Agreement; and
WHEREAS, the Ceding Company and the Reinsurer acknowledge that neither the
Agreement nor any subsequent amendments reflected the existence 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 by way of a prior amendment and now concur that a prior
amendment was not created; and
WHEREAS, the Ceding Company and the Reinsurer now wish to revise Schedule A to
1. reflect the effective dates of all Products and Riders, including
the Conversion Option Rider, the Guaranteed Issue Option Rider, and
the Liquidity Enhancement Rider since the effective date of the
Agreement, and
2. ensure that such Products and Riders are defined and 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 the Conversion Option Rider, the
Guaranteed Issue Option Rider, or the Liquidity Enhancement Rider under the
Agreement; and
Single Life Excess Treaty -- Effective 11/01/2002
Between HLIC and Munich
Amendment #19- Effective 10/1/2008
1
WHEREAS, the Reinsurer has requested and the Ceding Company has agreed to change
the name of Schedule A on a prospective basis to clarify the schedule's name.
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 renamed "Products and Riders."
III. Schedule A is deleted in its entirety and replaced with the attached,
revised Schedule A.
III. 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.
MUNICH AMERICAN REASSURANCE COMPANY
By: /s/ [ILLEGIBLE] Attest: /s/ Xxxxxxx X Xxxx
------------------------------ ------------------------------
Name: [ILLEGIBLE] Name: Xxxxxxx X Xxxx
Title: Vice President, Living Title: 2nd Vice President, Treaty
Benefits
Date: October 12, 2011 Date: 10/12/11
HARTFORD LIFE 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 Title: Senior Vice President
Actuary Individual Life Individual Life Product
Product Management Management
Date: 10/19/2011 Date: 10/19/2011
Single Life Excess Treaty -- Effective 11/01/2002
Between HLIC and Munich
Amendment #19- Effective 10/1/2008
2
SCHEDULE A
PRODUCTS AND RIDERS
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 (eff. Estate Tax Repeal Benefit Rider*+
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.); December 1, 2002 (auto)+
Bicentennial UL Founders (eff. October 1, 2008) 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*+
Disability Income Rider*+
WOODBURY PRODUCTS RIDERS FOR WOODBURY PRODUCTS
------------------------------------------------------------------------------------------------------------
Hartford Stag Wall Street Variable Universal Life* Term Rider (base or other insured)*
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
Between HLIC and Munich
Amendment #19- Effective 10/1/2008
3
SCHEDULE A
PRODUCTS AND RIDERS
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 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
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 FOR WHICH NO ADDITIONAL PREMIUM IS PAID TO THE
REINSURER. THE BENEFITS PROVIDED BY THESE RIDERS ARE NOT REINSURED UNDER THIS
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
Between HLIC and Munich
Amendment #19- Effective 10/1/2008
4
SCHEDULE A
PRODUCTS AND RIDERS
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 5/1/2008) 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 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 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 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 HLIC and Munich
Amendment #19- Effective 10/1/2008
5
SCHEDULE A
PRODUCTS AND RIDERS
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 ("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
Between HLIC and Munich
Amendment #19- Effective 10/1/2008
6
SCHEDULE A
FOREIGN TRAVEL EXCLUSION RIDER -- EXHIBIT I
UNDERWRITING GUIDELINES
[Redacted]
Single Life Excess Treaty -- Effective 11/01/2002
Between HLIC and Munich
Amendment #19- Effective 10/1/2008
7
SCHEDULE A
FOREIGN TRAVEL EXCLUSION RIDER -- EXHIBIT II
LIST OF COUNTRIES AND JURISDICTIONS
[Redacted]
Single Life Excess Treaty -- Effective 11/01/2002
Between HLIC and Munich
Amendment #19- Effective 10/1/2008
8
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
BETWEEN
HARTFORD LIFE INSURANCE COMPANY ("CEDING COMPANY")
AND
MUNICH AMERICAN REASSURANCE 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
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
b. Seek to reinsure the risk facultatively under this Agreement at
rates more favorable than the True Assessed Risk Class; or
Single Life Treaty -- Effective 11/01/2002
Between HLIC and Munich Re
Amendment #20 -- Effective 06/01/2005
1
c. 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.
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.
MUNICH AMERICAN REASSURANCE COMPANY
By: /s/ Xxxx Xxxxxxxx Attest: /s/ Xxxxxxx X. Xxxxxxxx
------------------------------ ------------------------------
Name: Xxxx Xxxxxxxx Name: Xxxxxxx X. Xxxxxxxx
Title: Second Vice President & Title: 2nd Vice President, Treaty
Marketing Actuary
Date: December 18, 2010 Date: 12/20/10
HARTFORD LIFE INSURANCE COMPANY
By: /s/ Xxxxxxx Xxxxxxxxx Attest: /s/ Xxxxxxx Xxxxxx
------------------------------ ------------------------------
Name: Xxxxxxx Xxxxxxxxx, FAA, MAAA Name: Xxxxxxx Xxxxxx, FSA, MAAA
Title: Asst. Vice President and Title: Senior Vice President
Actuary Individual Life Individual Life Product
Product Management Management
Date: 12/22/2010 Date: 12/22/2010
Single Life Treaty -- Effective 11/01/2002
Between HLIC and Munich Re
Amendment #20 -- Effective 06/01/2005
2
