EXHIBIT 1.A(8)(i)
AMENDMENT 3 TO
PARTICIPATION AGREEMENT
BY AND AMONG
RELIASTAR LIFE INSURANCE COMPANY
AND
XXXXXX VARIABLE TRUST
AND
XXXXXX MUTUAL FUNDS CORP.
THIS AMENDMENT 3 TO PARTICIPATION AGREEMENT ("Amendment 3") is made and entered
into this 31st day of March, 2000 among Reliastar Life Insurance Company (the
"Company"), Xxxxxx Variable Trust (the "Fund"), and Xxxxxx Mutual Funds Corp.
(the "Distributor").
WHEREAS, the Company, the Fund and the Distributor are parties to the
Participation Agreement dated January 14, 1994 (the "Agreement"); and
WHEREAS, the parties now desire to amend the Agreement to restate the list of
funds which serve as funding vehicles for the Accounts ("Authorized Funds") and
to provide that new life insurance policies and annuity contracts and modified
products offered by a new form of prospectus will invest in Class IB Shares of
the Authorized Funds;
NOW, THEREFORE, in consideration of their mutual promises, the Company, the Fund
and the Distributor agree as follows:
1. AUTHORIZED FUNDS. As of the date hereof, the list of Authorized
Funds is as follows:
Xxxxxx VT Asia Pacific Fund
Xxxxxx VT Diversified Income Fund
Xxxxxx VT Growth & Income Fund
Xxxxxx VT New Opportunities Fund
Xxxxxx Utilities Growth & Income Fund
Xxxxxx VT Voyager Fund
Such list is subject to the letter of the Company, dated May 29, 1998, giving
notice that it will discontinue the sale of certain Authorized Funds.
2. SERVICE FEES. With respect to any investment in Class IB Shares of
the Authorized Funds:
a) Provided the Company complies with its obligations under
the Agreement, the Distributor will pay the Company a
service fee ("Service Fee") on Class IB shares of the
Authorized Funds held in the Account at the rate of
0.15% per annum.
b) The Company understands and agrees that all Service Fee
payments are subject to the limitations contained in
each Authorized Fund's Distribution Plan, which may be
varied or discontinued at any time, and understands and
agrees that it will cease to receive such Service Fee
Payments with respect to an Authorized Fund if the
Authorized Fund ceases to pay fees to the Distributor
pursuant to its Distribution Plan.
c) The Company's failure to provide the services described
in Section 2(e) below or otherwise to comply with the
terms of the Agreement will render it ineligible to
receive Service Fees.
d) The Distributor may, without the consent of the Company,
amend the terms of the Section 2, provided that such
amendment reflects the Distributor's policy to all
holders of Class IB shares and is not directed solely at
the Company.
e) The Company will provide the following services to
Contract owners who allocate purchase payments to
subaccounts of the Account investing in the Authorized
Funds:
i) Maintain regular contact with Contract
owners and assist in answering inquiries
concerning Authorized Funds;
ii) Assist in printing and/or distributing
shareholder reports, prospectuses, service
literature and sales literature or other
promotional materials provided by the
Distributor;
iii) Assist the Distributor and its affiliates in
the establishment and maintenance of
Contract owner and shareholder accounts and
records;
iv) Assist Contract owners in effecting
administrative changes, such as exchanging
into or out of the subaccounts of the
Account investing in shares of the
Authorized Funds;
v) Assist in processing purchase and redemption
transactions; and
vi) Provide any other information or services as
the Contract owners of the Distributor may
reasonably request.
The Company will support the Distributor's
marketing and servicing efforts for granting
reasonable requests for visits to the
Company's offices by representatives of the
Distributor.
2
f) The Company's compliance with the service requirement
set forth in this Amendment 3 will be evaluated from
time to time by the Distributor's monitoring of
redemption levels of Authorized Fund shares held in the
Account and by such other methods as the Distributor
deems appropriate.
g) The provisions of this Section 2 shall remain in effect
for not more than one year from the date hereof and
thereafter for successive annual periods only so long as
such continuance is specifically approved at least
annually by the Trustees in conformity with Rule 12b-1.
This Agreement shall automatically terminate in the
event of its assignment (as defined by the 1940 Act). In
addition, this Section 2 may be terminated at any time,
without the payment of any penalty, with respect to any
Fund or the Trust as a whole by any party upon written
notice delivered or mailed by registered mail, postage
prepaid, to the other party, or, as provided in Rule
12b-1 under the 1940 Act by the Trustees or by the vote
of the holders of the outstanding voting securities of
any Fund.
3. DEFINITIONS. Terms not defined in this Amendment 3 will have the
meaning as those terms defined in the Agreement.
4. COUNTERPARTS. This Amendment 3 may be executed simultaneously in two
or more counterparts, each of which taken together will constitute
one and the same instrument.
3
IN WITNESS WHEREOF, each of the parties hereto has caused this Amendment 3 to be
executed in its name and on its behalf by its duly authorized representatives as
of the date specified above.
XXXXXX VARIABLE TRUST XXXXXX MUTUAL FUNDS CORP.
By: _______________________________ By: _______________________________
Name: _____________________________ Name: _____________________________
Title: ____________________________ Title: ____________________________
RELIASTAR LIFE INSURANCE COMPANY
By: _______________________________
Name: _____________________________
Title: ____________________________
4
SCHEDULE A
CONTRACTS
1. ReliaStar Select Variable Account
(a) Flexible Premium Individual Deferred Retirement Annuity.
Contract Form Number: 81-870 and State Exceptions.
Select*Annuity II.
(b) Flexible Premium Individual Deferred Retirement Annuity.
Contract Form Number: 84-420 and State Exceptions.
Select*Annuity III.
(c) Flexible Premium Individual Deferred Retirement Annuity.
Contract Form Number: 84-420 with, 85-841, 85-843,
85-472 and State Exceptions. Advantage SE.
2. Select*Life Account
(a) Flexible Premium Variable Life Insurance Policy.
Contract Form Number: 83-300 and the State Exceptions.
Select*Life.
(b) Flexible Premium Variable Life Insurance Policy.
Contract Form Number: 84-662 and State Exceptions.
Select*Life II.
(c) Flexible Premium Variable Life Insurance Policy.
Contract Form Number: 84-795 and State Exceptions.
Select*Life III.
(d) Flexible Premium Variable Life Insurance Policy.
Contract Form Number: 85-230 and the State Exceptions.
Variable Estate Design.
(e) Flexible Premium Variable Life Insurance Policy.
Contract Form Number: 85-484 and the State Exceptions.
Flex Design.
