AMENDMENT NO. 1 TO
AUTOMATIC REINSURANCE AGREEMENT
EFFECTIVE AS OF APRIL 1, 2001
(Agreement)
between
NEW ENGLAND LIFE INSURANCE COMPANY
(Cedent)
and
EXETER REASSURANCE COMPANY, LTD.
(Reinsurer)
The Agreement is hereby amended, as of April 1, 2001, as follows:
1. The Reinsurer accepts the cessions that the Cedent proposed in accordance
with the provisions of Article I, Paragraph D, with respect to those
Reinsured Contracts that the Cedents issued between April 1, 2001 and
June 30, 2001, that are referenced in Schedule A, Paragraph B.
This Amendment No. 1 does not alter, amend or modify the Agreement other than as
set forth herein, and the terms and conditions of the Agreement, as amended
herein, continue in effect without other change.
In Witness whereof, the parties have caused this Amendment No. 1 to be signed in
duplicate counterparts as of the date first above written.
NEW ENGLAND LIFE INSURANCE COMPANY
By: /s/ Xxxx XxXxxxxx
------------------------------------
Title: Senior Vice President
EXETER REASSURANCE COMPANY, LTD.
By: /s/ [Illegible Signature]
------------------------------------
Title: Manager
AMENDMENT NO. 2 TO
AUTOMATIC REINSURANCE AGREEMENT
EFFECTIVE AS OF APRIL 1, 2001
(Agreement)
between
NEW ENGLAND LIFE INSURANCE COMPANY
(Cedent)
and
EXETER REASSURANCE COMPANY, LTD.
(Reinsurer)
The Agreement is hereby amended, as of May 1, 2002, as follows:
1. The attached SCHEDULE B (REVISED), INVESTMENT FUNDS, amends and, as
amended, restates Schedule B (Revised), Investment Funds.
This Amendment No. 2 does not alter, amend or modify the Agreement other than as
set forth herein, and the terms and conditions of the Agreement, as amended
herein, continue in effect without other change.
In Witness whereof, the parties have caused this Amendment No. 2 to be signed in
duplicate counterparts as of the date first above written.
NEW ENGLAND LIFE INSURANCE COMPANY
By: /s/ Xxxx XxXxxxxx
------------------------------------
Title: Senior Vice President
EXETER REASSURANCE COMPANY, LTD.
By: /s/ [Illegible Signature]
------------------------------------
Title: Manager
SCHEDULE B (REVISED)
INVESTMENT FUNDS
FUNDS STATUS CHANGES
-------------------------------------------------------- ------------------------
NEW ENGLAND LIFE PORTFOLIOS
NEW ENGLAND ZENITH FUND
Back Bay Advisors Money Market Series
Back Bay Advisors Bond Income Series
Salomon Brothers Strategic Bond Opportunities Series
Salomon Brothers U.S. Government Series
Balanced Series
Xxxxx Equity Growth Series
Xxxxx Venture Value Series
Xxxxxx Oakmark Mid Cap Value Series
Xxxxxx Xxxxxx Small Cap Series
MFS Investors Trust Series
MFS Research Managers Series
Westpeak Growth and Income Series
METROPOLITAN SERIES FUND
Xxxxxx Brothers Aggregate Bond Index Portfolio
Janus Growth Portfolio
Janus Mid Cap Portfolio
MetLife Mid Cap Stock Portfolio
MetLife Stock Index Portfolio
Xxxxxxxxx Xxxxxx Partners Mid Cap Value Portfolio
Xxxxxx Large Cap Growth Portfolio
Franklin Xxxxxxxxx Small Cap Growth Portfolio
Xxxxxx Xxxxxxx EAFE Index Portfolio
Xxxxxx International Stock Portfolio
Xxxxxxx 2000 Index Portfolio
State Street Research Aurora Small Cap Value
Portfolio
State Street Research Investment Trust
Portfolio
MET INVESTORS SERIES TRUST
Lord Xxxxxx Bond Debenture Portfolio
PIMCO Total Return Portfolio
MFS Mid-Cap Growth Portfolio
MFS Research International Portfolio
PIMCO Innovation Portfolio
AMERICAN FUNDS INSURANCE SERIES
American Funds Growth Fund
American Funds Growth-Income Fund
American Funds Global Small Capitalization Fund
AMERICAN FORERUNNER SERIES
FL Mid Cap Opportunities Series added May 1, 2002
Xxxxxx Oakmark Large Cap Value
CONTINUED ON NEXT PAGE...
SCHEDULE B (REVISED)
INVESTMENT FUNDS
FUNDS STATUS CHANGES
-------------------------------------------------------- ------------------------
NEW ENGLAND LIFE PORTFOLIOS
State Street Research Large Cap Value
Met/AIM Mid Cap Core
Met/AIM Small Cap Growth
State Street Research Concentrated International
AMENDMENT NO. 3 TO
AUTOMATIC REINSURANCE AGREEMENT
EFFECTIVE AS OF APRIL 1, 2001
(Agreement)
between
NEW ENGLAND LIFE INSURANCE COMPANY
(Cedent)
and
EXETER REASSURANCE COMPANY, LTD.
(Reinsurer)
The Agreement is hereby amended, as of February 15, 2003, as follows:
1. The attached EXHIBIT II(REVISED), amends and, as amended, restates
Exhibit II.
This Amendment No. 3 does not alter, amend or modify the Agreement other than as
set forth herein, and the terms and conditions of the Agreement, as amended
herein, continue in effect without other change.
In Witness whereof, the parties have caused this Amendment No. 3 to be signed in
duplicate counterparts as of the date first above written.
NEW ENGLAND LIFE INSURANCE COMPANY
By: /s/ Xxxx XxXxxxxx
------------------------------------
Title: Senior Vice President
EXETER REASSURANCE COMPANY, LTD.
By: /s/ [Illegible Signature]
------------------------------------
Title: Manager
EXHIBIT II (REVISED)
REINSURANCE PREMIUMS: GMDB, EPB AND EPB
A. GMDB PROGRAM
REINSURANCE PREMIUM
GMDB PROGRAM PRODUCTS COVERED ISSUE AGES (BASIS POINTS)
------------ ------------------------- ---------- -------------------
Annual Step-up to attained age 80 Standard, Bonus, L-Class, 0 - 79 20.00
P-Class
Annual Step-up to attained age 80 C-Class 0 - 79 16.00
Max (Annual Step-Up, 5% Rollup) Standard, Bonus, L-Class, 0 - 79 26.00
to attained age 80 P-Class
Max (Annual Step-Up, 5% Rollup) C-Class 0 - 79 23.00
to attained age 80
Earnings Preservation Benefit All Products 0 - 79 25.00
with Annual Step-Up GMDB
Earnings Preservation Benefit with All Products 0 - 79 25.00
Max (Annual Step-Up, 5% rollup)
GMDB
B. INCOME PROGRAM
REINSURANCE PREMIUM
INCOME PROGRAM PRODUCTS COVERED ISSUE AGES (BASIS POINTS)
-------------- -------------------------- ---------- -------------------
Income Program Rider All Products sold prior to 0 - 75 35.00
February 15, 2003
Income Program Rider All Products sold after 0 - 75 50.00
February 14, 2003
AMENDMENT NO. 4 TO
AUTOMATIC REINSURANCE AGREEMENT
EFFECTIVE AS OF APRIL 1, 2001
(Agreement)
between
NEW ENGLAND LIFE INSURANCE COMPANY
(Cedent)
and
EXETER REASSURANCE COMPANY, LTD.
(Reinsurer)
The Agreement is hereby amended, as of May 1, 2003, as follows:
1. The attached SCHEDULE A (REVISED), PLANS OF REINSURANCE, amends and,
as amended, restates Schedule A, Plans of Reinsurance. Paragraph E,
Affiliated Companies and Related Contracts, has been revised to
specify, for each Affiliated Company, the class of variable annuity
contract that is reinsured hereunder. This revision does not amend the
Related Contracts covered heretofore in any way.
2. The attached SCHEDULE B (REVISED), INVESTMENT FUNDS, amends and, as
amended, restates Schedule B (Revised), Investment Funds.
3. The following paragraph amends and, as amended, restates paragraph C
of Article XX, Duration of Agreement:
Cessions may be made to this Agreement through August 31, 2003 to the
Reinsurer on the product(s) ceded hereunder; provided, however, that
the parties may, by agreement, amend this Agreement at anytime to
provide for cessions of ceded liabilities under Reinsured Contracts
beyond the limitations set forth herein.
This Amendment No. 4 does not alter, amend or modify the Agreement other than as
set forth herein, and the terms and conditions of the Agreement, as amended
herein, continue in effect without other change.
In Witness whereof, the parties have caused this Amendment No. 4 to be signed in
duplicate counterparts as of the date first above written.
NEW ENGLAND LIFE INSURANCE COMPANY
By: /s/ Xxxx XxXxxxxx
------------------------------------
Title: Senior Vice President,
Individual Business Product
Management - MetLife
EXETER REASSURANCE COMPANY, LTD.
By: /s/ RBB
------------------------------------
Title: President
SCHEDULE A (REVISED)
PLANS OF REINSURANCE
A. Reinsurer's Percentage:
100% of the Cedent's 25% share of the business described herein.
B. Effective Date:
April 1, 2001, contingent upon the Reinsurer's review and acceptance
of business issued from April 1, 2001 to June 30, 2001.
Otherwise, July 1, 2001.
C. Death Benefits Ceded:
Guaranteed Minimum Death Benefits (GMDB)
----------------------------------------
. Annual Step-Up Benefit for issue ages 0-79: Greater Maximum
Anniversary Value to attained age 80; GMDB frozen thereafter.
. Greater of 5% Index and Annual Step-Up for issues ages 0-79:
Greater maximum Anniversary Value to attained age 80 and 5%
Rollup to attained age 80; GMDB frozen thereafter.
Note: Withdrawals reduce the death benefit proportionately.
Earnings Preservation Benefits (EPB)
------------------------------------
. Before the contract anniversary immediately prior to the owner's
81st birthday, the EPB is,
40% of (a) - (b) for issue ages 0-69
25% of (a) - (b) for issue ages 70-79, where
(a) is the death benefit under the contract, and
(b) is the total Purchase Payments not withdrawn. For purposes of
calculating this value, partial withdrawals are first applied
against earnings in the contract (Earnings are equal to the
Account Value less Purchase Payments not withdrawn), and then
against Purchase Payments not withdrawn.
. On or after the contract anniversary immediately prior to the
owner's 81st birthday, the EPB is,
40% of (a) - (b) for issue ages 0-69
25% of (a) - (b) for issue ages 70-79, where
SCHEDULE A (REVISED)
PLANS OF REINSURANCE
(PAGE 2 OF 3)
(a) is the death benefit under the contract anniversary
immediately prior to the owner's 81st birthday, increased by
subsequent Purchase Payments and reduced proportionately by the
percentage reduction in Account Value attributable to each
subsequent partial withdrawal; and
(b) is the total Purchase Payments not withdrawn. For purposes of
calculating this value, partial withdrawals are first applied
against earnings in the contract (Earnings are equal to the
Account Value less Purchase Payments not withdrawn), and then
against Purchase Payments not withdrawn.
Gain = (a) - (b) as defined above.
D. GMIB (Contractual Income Program Benefit) Ceded:
Income Benefit Base (IBB)
-------------------------
Greater of an Annual Ratchet to attained age 80 and a 6% Rollup to
attained age 80; frozen thereafter. The IBB is reduced proportionately
for withdrawals.
Waiting Period
--------------
Contractholders can elect to annuitize under the Income Program thirty
(30) days prior to their tenth (10th) OR later contract anniversary
and also under one of the life annuity forms stated in Article IV.
Annuitization
-------------
Annuitization under the Income Program means that the annuitant is
receiving guaranteed fixed income payments based on the IBB and the
MAPR under one of the life annuity forms shown below under Paragraph
E.
Income Program Rider Election
-----------------------------
The contractholder can only elect the Income Program Rider at issue.
Once election is made, it is irrevocable.
Income Program Rider Cancellation
---------------------------------
The contractholder of the annuity can not cancel the Income Program
rider at any time.
Step-Up Or Reset of IBB
-----------------------
Not Available.
SCHEDULE A (REVISED)
PLANS OF REINSURANCE
(PAGE 3 OF 3)
E. Affiliated Companies and Related Contracts:
NEW ENGLAND LIFE INSURANCE COMPANY
Deferred Annuity Contracts
--------------------------
B Class Contract (Standard Contract, 7-year surrender charge
schedule),
L Class Contract (3-year surrender charge schedule)
P Class Contract (9-year surrender charge schedule)
C Class Contract (No surrender charges)
Form Numbers
------------
1. Death Benefit Rider (Greater of Annual Step-Up and 5% Annual
Increase), Form NEL-540(05/01)
2. Death Benefit Rider (Annual Step-Up) Form NEL-550 (05/01)
3. Additional Death Benefit Rider Form NEL-570 (05/01)
4. Guaranteed Minimum Income Benefit Form NEL-560 (05/01)
SCHEDULE B (REVISED)
INVESTMENT FUNDS
FUNDS STATUS CHANGES
----- --------------
NEW ENGLAND LIFE PORTFOLIOS
METROPOLITAN FUND (NOW COMBINED WITH NEW ENGLAND ZENITH FUND)
State Street Research Money Market Portfolio (NAME CHANGED JULY 1, 2001;
FORMERLY Back Bay Advisors Money Market Series)
Xxxxxx Brothers Aggregate Bond Index Portfolio
Salomon Brothers Strategic Bond Opportunities Portfolio
Salomon Brothers U.S. Government Portfolio
State Street Research Bond Income Portfolio (NAME CHANGED JULY 1, 2001;
FORMERLY Back Bay Advisors Bond Income Series)
Balanced Portfolio
Xxxxx Equity Growth Portfolio
Xxxxx Venture Value Portfolio
FL Structured Equity Portfolio (NAME CHANGED MAY 1, 2002; FORMERLY Westpeak
Growth and Income Series)
Xxxxxx Oakmark Large Cap Value Portfolio (ADDED MAY 1, 2002)
MetLife Stock Index Portfolio
MFS Investors Trust Portfolio
MFS Research Managers Portfolio
Met/Xxxxxx Voyager Fund (NAME CHANGED APRIL 28, 2003; FORMERLY Xxxxxx Large
Cap Growth Portfolio;
State Street Research Investment Trust Portfolio
State Street Research Large Cap Value Portfolio (ADDED MAY 1, 2002)
Fl Mid Cap Opportunities Portfolio (ADDED MAY 1, 2002)
Xxxxxx Oakmark Focused Value Portfolio (NAME CHANGED MAY 1, 2002; FORMERLY
Xxxxxx Oakmark Mid Cap Value Series)
Janus Mid Cap Portfolio
MetLife Mid Cap Stock Index Portfolio
Xxxxxxxxx Xxxxxx Partners Mid Cap Value Portfolio
Franklin Xxxxxxxxx Small Cap Growth Portfolio
Xxxxxx Xxxxxx Small Cap Portfolio
Xxxxxxx 2000 Index Portfolio
State Street Research Aurora Small Cap Value Portfolio
Xxxxxx Xxxxxxx EAFE Index Portfolio
Xxxxxx International Stock Portfolio
CONTINUED ON NEXT PAGE...
SCHEDULE B (REVISED)
INVESTMENT FUNDS
FUNDS STATUS CHANGES
----- --------------
NEW ENGLAND LIFE PORTFOLIOS
MET INVESTORS SERIES TRUST
Lord Xxxxxx Bond Debenture Portfolio
PIMCO Total Return Portfolio
Janus Aggressive Growth Portfolio (ADDED APRIL 28, 2003 DUE TO MERGER OF
Janus Growth Portfolio)
Met/AIM Mid Cap Core Equity Portfolio (ADDED MAY 1, 2002)
X. Xxxx Price Mid-Cap Growth Portfolio (NAME CHANGED DECEMBER 31, 2002;
FORMERLY MFS Mid-Cap Growth Portfolio)
Met/AIM Small Cap Growth Portfolio (ADDED MAY 1, 2002)
PIMCO Innovation Portfolio
Xxxxxx Oakmark International Portfolio - Class B (ADDED MAY 1, 2003)
Xxxxxx Oakmark International Portfolio - Class E (NAME CHANGED DECEMBER 31,
2002; FORMERLY State Street Research Concentrated International,
(ADDED MAY 1, 2002))
MFS Research International Portfolio
AMERICAN FUNDS INSURANCE SERIES
American Funds Growth Fund
American Funds Growth-Income Fund American Funds
Global Small Capitalization Fund
