AMENDMENT to the AUTOMATIC AND FACULTATIVE YRT AGREEMENT between MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY, (hereinafter the “Ceding Company”) and SWISS RE LIFE & HEALTH AMERICA INC. (hereinafter the “Reinsurer”) Effective: April 1, 2010 Coverage:...
Exhibit 26 (g) vi. a2. 4.
AMENDMENT to the
AUTOMATIC AND FACULTATIVE YRT AGREEMENT
between
MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY,
MML BAY STATE LIFE INSURANCE COMPANY, and
C.M. LIFE INSURANCE COMPANY
(hereinafter the “Ceding Company”)
and
SWISS RE LIFE & HEALTH AMERICA INC.
(hereinafter the “Reinsurer”)
Effective: April 1, 2010
Coverage: Strategic Edge Group Universal Life (GUL) with or without the variable rider
(GVUL) New York State Business Only
Effective April 1, 2010, the Amendment Effective Date, Article I - Automatic Reinsurance of the above-referenced Agreement will be replaced with the attached Article I - Automatic Reinsurance clarifying the facultative rule.
Except as provided herein, all other terms, provisions and conditions of the above-referenced Agreement remain in full force and effect.
[SIGNATURE PAGE FOLLOWS]
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IN WITNESS WHEREOF, this Amendment is hereby executed in good faith by both parties:
| MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY | ||||||||
| By: | /s/ Xxxxx X Xxxxxx |
Date: | 4-1-13 | |||||
| Xxxxx X. Xxxxxx | ||||||||
| Vice President & Actuary | ||||||||
| MML BAY STATE LIFE INSURANCE COMPANY | ||||||||
| By: | /s/ Xxxxx X Xxxxxx |
Date: | 4-1-13 | |||||
| Xxxxx X. Xxxxxx | ||||||||
| Vice President & Actuary | ||||||||
| C. M. LIFE INSURANCE COMPANY | ||||||||
| By: | /s/ Xxxxx X Xxxxxx |
Date: | 4-1-13 | |||||
| Xxxxx X. Xxxxxx | ||||||||
| Vice President & Actuary | ||||||||
| SWISS RE LIFE & HEALTH AMERICA INC. | ||||||||
| By: | /s/ Xxxxx X’Xxxxxxxx |
Date: | 3/13/2013 | |||||
| Print name: | Xxxxx X’Xxxxxxxx |
|||||||
| Title: | Senior Vice President |
|||||||
| SWISS RE LIFE & HEALTH AMERICA INC. | ||||||||
| By: | /s/ Xxxxxx Xxxxxx |
Date: | 3/13/2013 | |||||
| Print name: | Xxxxxx Xxxxxx |
|||||||
| Title: | Senior Vice President |
|||||||
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ARTICLE I: AUTOMATIC REINSURANCE
| A. | The Ceding Company shall automatically cede to the Reinsurer reinsurance of that portion of individual life policies and supplemental benefits as specified in Schedule A – Accepted Coverages, and Schedule B – Reinsurance Limits, and the Reinsurer shall automatically accept such reinsurance that meets the following requirements: |
| 1. | The Ceding Company has retained the Percentage of Participation listed in Schedule B – Reinsurance Limits up to the maximum limit of retention stated therein. |
| 2. | The total amount does not exceed the automatic binding limits shown in Schedule B- Reinsurance Limits. |
| 3. | The amount per issue does not exceed the Issue Limit shown in Schedule B- Reinsurance Limits. |
| 4. | If the certificates are listed on a guaranteed issue basis they must meet the parameters listed in Schedule F- Normal GVUL Underwriting Guidelines. |
| 5. | The plans and riders listed in Schedule A – Accepted Coverages. |
| 6. | The risk is a resident of the United States, Canada or Puerto Rico, or qualifies under the Guaranteed Issue Guidelines listed in Schedule F – Normal GVUL Underwriting Guidelines. |
| 7. | For Fully Underwritten cases, the individual risk shall not have been submitted on a facultative basis by the Ceding Company to the Reinsurer or other reinsurers within the last . |
| 8. | MassMutual’s current underwriting guidelines at time of issue were used. Note that variations from the underwriting on new lives are possible. Variations of significance will be approved by , the Lead Underwriting Reinsurer. Insurance increases on old lives reflect underwriting previously approved by the then current Lead Underwriting Reinsurer. |
| B. | The liability of the Reinsurer for automatically ceded reinsurance shall commence simultaneously with that of the Ceding Company, subject to the provisions of Paragraph C of this Article. The liability of the Reinsurer for reinsurance ceded automatically shall terminate simultaneously with that of the Ceding Company’s liability or as specified in accordance with the provisions of Article IV – Reinsurance Premiums, Payments and Reports or Article XI – Retention Increases & Recapture. |
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ARTICLE I: AUTOMATIC REINSURANCE
(Continued)
| C. | The Ceding Company represents that it is, and shall use its best efforts to remain in compliance with all laws, regulations, judicial and administrative orders applicable to the policies, including, but not limited to, sanctions administered by the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”), as such sanctions may be amended from time to time, and the maintenance of an effective anti-money laundering policy (collectively “Laws”). Neither the Ceding Company nor the Reinsurer shall be required to take any action under this Agreement that would result in it being in violation of said Laws, including making any payments in violation of the Law. Should either party discover a reinsurance payment has been made in violation of the Law, it shall notify the other party and the parties shall cooperate in order to take all necessary corrective actions. |
| D. | The Reinsurer shall not be liable for benefits paid under the Ceding Company’s conditional receipt or temporary insurance agreement unless all the conditions for automatic reinsurance coverage are met. After a policy is issued, no reinsurance benefits are payable under this pre-issue coverage provision. The Reinsurer’s liability under the Ceding Company’s conditional receipt or temporary insurance agreement is limited to the lesser of i. or ii. below: |
| i. | The Automatic Acceptance Limits in Schedule B – Reinsurance Limits. |
| ii. | The amount for which the Ceding Company is liable less its retention, less any amount of reinsurance with other reinsurers. |
AMENDMENT to the
AUTOMATIC YRT AGREEMENT
between
MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY,
MML BAY STATE LIFE INSURANCE COMPANY, and
C.M. LIFE INSURANCE COMPANY
(hereinafter the “Ceding Company”)
and
SWISS RE LIFE & HEALTH AMERICA INC.
(hereinafter the “Reinsurer”)
Effective: April 1, 2010
Coverage: Strategic Edge Group Universal Life (GUL) with or without the variable rider
(GVUL) New York State Business Only
TAI Code:
Effective April 21, 2013, the Amendment Effective Date, Article XI – Retention Increases & , Schedule A – Accepted Coverages and Schedule B – Reinsurance Limits of the above-referenced Agreement will be replaced with the attached Article XI – Retention Increases & , Schedule A – Accepted Coverages and Schedule B – Reinsurance Limits revising the Reinsurer’s and the Ceding Company’s . The change in the Reinsurer’s and the Ceding Company’s will apply to .
Also, Schedule I – Rules for Determining QSP’s for GVUL and Schedule J – MassMutual GVUL Reinsurance Example are hereby removed from the above-referenced Agreement since they are . Placeholders for Schedule I and Schedule J are attached.
All other conditions of this Agreement not in conflict with the terms and conditions of this Amendment will continue unchanged.
[SIGNATURE PAGE FOLLOWS]
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IN WITNESS WHEREOF, both parties in duplicate hereby execute this Amendment in good faith:
| MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY | ||||||||
| By: | /s/ Xxxxx X Xxxxxx |
Date: | 5-31-13 | |||||
| Xxxxx X. Xxxxxx | ||||||||
| Vice President & Actuary | ||||||||
| MML BAY STATE LIFE INSURANCE COMPANY | ||||||||
| By: | /s/ Xxxxx X Xxxxxx |
Date: | 5-31-13 | |||||
| Xxxxx X. Xxxxxx | ||||||||
| Vice President & Actuary | ||||||||
| C. M. LIFE INSURANCE COMPANY | ||||||||
| By: | /s/ Xxxxx X Xxxxxx |
Date: | 5-31-13 | |||||
| Xxxxx X. Xxxxxx | ||||||||
| Vice President & Actuary | ||||||||
| SWISS RE LIFE & HEALTH AMERICA INC. | ||||||||
| By: | /s/ Xxxx Xxxxx |
Date: | 5/23/2013 | |||||
| Print name: | Xxxx Xxxxx |
|||||||
| Title: | VP |
|||||||
| SWISS RE LIFE & HEALTH AMERICA INC. | ||||||||
| By: | /s/ Xxxxxx Xxxx |
Date: | 5/23/2013 | |||||
| Print name: | Xxxxxx Xxxx |
|||||||
| Title: | VP |
|||||||
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ARTICLE XI: RETENTION INCREASES & RECAPTURE
(Effective 4/21/2013)
| A. | Retention Limit Changes |
If the Ceding Company changes its maximum retention limits as applied to all or substantially all of the Company’s life insurance products then in force, it will provide the Reinsurer with written notice of the new maximum retention limits and the effective date.
| B. | The Ceding Company may apply the new limits of retention to existing reinsurance and change its Participation Percentage on reinsurance in force in accordance with the following rules and according to the provision in Schedule B - Reinsurance Limits. |
| 1. | Ceding Company’s %. |
| 2. | The change in Participation Percentage will become effective on the policy anniversary date. |
| 3. | The new Participation Percentage must apply to all business for a given client reinsured under this Agreement to the extent that their concentration maximum at one location has not been breached. |
| C. |
The Ceding Company may provided:
| 1. | The Ceding Company gives the Reinsurer irrevocable written notice of its intention to ; and |
| 2. | Such ; and |
| 3. | The Ceding Company has maintained from the time the policy was issued, its full retention as set out in Schedule B – Reinsurance Limits for the plan and the insured’s classification; and |
| D. | The Ceding Company may not . |
| E. | No . |
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ARTICLE XI: RETENTION INCREASES & RECAPTURE
(Effective 4/21/2013)
(Continued)
| F. | The terms and conditions for the Ceding Company to . |
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SCHEDULE A: ACCEPTED COVERAGES
(Effective 4/21/2013)
Issuing Companies: Policies issued by the MML Bay State Life Insurance Company of Enfield, Connecticut, C.M. Life Insurance Company of Enfield, Connecticut, or Massachusetts Mutual Life Insurance Company of Springfield, Massachusetts, may be reinsured under this Agreement.
Type of Business: under this Agreement.
Plans of Insurance: .
Eligible Policies: .
.
Lead Underwriting Reinsurer: shall be the Lead Underwriting Reinsurer for all Business issued under this Agreement.
Duties and function of the Lead Underwriting Reinsurer:
In the circumstance that an individual case deviation from the guidelines in the underwriting manual occurs, the Lead Underwriting Reinsurer’s approval is the deciding factor in determining the acceptance of each deviation, and the Reinsurer in this Agreement must follow the Lead Underwriting Reinsurer’s decision.
In the circumstance that the underwriting manual is modified, either in whole or in part, any such modification will be reviewed with and approved by the Reinsurer of this Agreement and all pool members. The Reinsurer may accept the modification by an amendment to this Agreement.
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SCHEDULE B: REINSURANCE LIMITS
(Effective 4/21/2013)
Basis of Reinsurance: The Ceding Company will .
Reinsurer’s Share: Reinsurer’s percentage share is %. Reinsurer’s percentage will be .
For purposes of this Agreement, the term “location” will .
Concentration limit: as used in the agreement, .
Ceding Company’s Retention at one location: As described above, .
Issue Ages: 18-75
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SCHEDULE I: RULES FOR DETERMINING QSP’S FOR GVUL
(Effective 4/21/2013)
Not Applicable
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SCHEDULE J: MASSMUTUAL GVUL REINSURANCE EXAMPLE
(Effective 4/21/2013)
Not Applicable
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