Exhibit 7(i)
Amendment No. 1
Effective as of August 1, 2007, American Skandia Life Assurance Corporation
("Reinsured") and Pruco Reinsurance, Ltd. ("Reinsurer") amend the Automatic
Coinsurance Agreement effective as of July 1, 2005 (the "Agreement") reinsuring
certain Lifetime 5 Withdrawal Benefit ("LT5WB") riders written by the Reinsured
as follows. This Amendment shall be attached to and become a part of the
Agreement. All terms not otherwise defined herein are defined in the Agreement.
I. Article I - Automatic Reinsurance, Paragraph 1 is deleted and
replaced with the following:
1. Insurance. The Reinsured will cede and the Reinsurer will accept
as reinsurance the underlying benefit provided by the Life Time 5
Withdrawal Benefit (LT5WB) riders written by the Reinsured as shown
in Schedule A or any amendments thereto.
II. Article IV - Reinsurance Premiums is amended to add the following:
III. Article V - Payments by Reinsurer is deleted and replaced with the
following:
Benefits: As more fully described on Schedule B, the Reinsurer will
pay the Reinsured the remaining obligation under the LT5WB benefit
rider on the maturity date of the guarantee, to the extent that the
guarantee exceeds the contract's account value, subject to the
limits defined in Schedule A (2).
IV. Article IX - General Provisions, paragraph 5 is amended to include
the following at the end:
No assignment or transfer shall be effective unless such assignment
or transfer is (i) filed with the Reinsured's appropriate
domiciliary regulator(s) at least 30 days prior to the proposed
effective date, (ii) not disapproved, (iii) made in writing, and
(iv) signed by the parties hereto.
V. Article IX - General Provisions, paragraph 8 is amended to include
the following at the end of the second paragraph:
Failure to give such notice shall not excuse the obligation of the
Reinsurer unless it is substantially prejudiced thereby.
1
VI. Article XIII - Duration of Agreement, paragraph 1 is amended to
include the following at the end:
No termination shall be effective unless such termination is
(i) filed with the Reinsured's appropriate domiciliary regulator(s)
at least 30 days prior to the proposed effective date, (ii) not
disapproved, (iii) made in writing, and (iv) signed by the parties
hereto.
VII. SCHEDULE A - Business Reinsured, Item 1 is amended to add LT5WB
riders issued on new business between March 15, 2005 through May 5,
2005. As a result, the Item 1 Chart is deleted and replaced by the
following:
1. Form Name and Type Issue Dates Form Number
------------------------------ ------------------ ---------------
LT5WB Riders 5/06/05 - present RID-WB (11/04)
Issued on new business SCH-WB (11/04)
LT5WB Riders 3/15/05 - present RID-WB (11/04)
Issued on business in force SCH-WB (11/04)
before March 15, 2005
LT5WB Riders 3/15/05 - 5/5/05 RID-WB(11/04)
Issued on new business issued SCH-WB(11/04)
between 3/15/05 and 5/5/05
VIII. SCHEDULE B - Monthly Settlement Report, paragraph B - Due Reinsured
is amended to read as follows:
2
This Amendment does not alter, amend or modify the Agreement other than as set
forth herein, and it is otherwise subject to all the terms and conditions of
the Agreement together with all amendments and supplements thereto. This
Amendment may be executed in counterparts, each of which shall constitute an
original and all of which together shall constitute one and the same agreement.
Executed in Duplicate By:
IX. AMERICAN SKANDIA LIFE ASSURANCE CORPORATION
BY: ---------------------
NAME: ---------------------
TITLE: ---------------------
DATE: ---------------------
X. PRUCO REINSURANCE LTD
BY: ---------------------
NAME: ---------------------
TITLE: ---------------------
DATE: ---------------------
3
