1
Exhibit 10.9
ASSIGNMENT AND NOVATION AGREEMENT
WHEREAS, The Mutual Life Insurance Company of New York (the "Ceding
Company") and Xxxxxx Life Insurance Company (formerly ITT Xxxxxx Life Insurance
Company and hereinafter referred to as "ITTLL") entered into Reinsurance
Agreement Number 1290-46, effective December 31, 1990 and amended the same by
Amendment One Number 1290-46-A1, effective December 31, 1990, Amendment Number
Two 1290-46-A2, effective June 30, 1991, Amendment Three Number 1290-46-A3,
effective December 31, 1991, Amendment Four Number 1290-46-A4, effective January
1, 1992, Amendment Five Number 1290-46-A5, effective July 1, 1992, Amendment Six
Number 1290-46-A6, effective December 31, 1992, Amendment Seven Number
1290-46-A7, effective April 1, 1993, Amendment Eight Number 1290-46-A8,
effective December 31, 1993, Amendment Nine Number 1290-46-A9, effective January
1, 1995 Amendment Ten Number 1290-46-A10, effective December 31, 1995, and
Amendment Eleven Number 1290-46-A11, effective December 31, 1995 (collectively
referred to as the "Agreement") under which ITTLL assumes a 40.5 percent quota
share of certain par whole life insurance policies issued by the Ceding Company
(the "Reinsured Business"); and
WHEREAS, by this Agreement and Novation Agreement (the
"Assignment"), the Ceding Company, ITTLL and RGA Reinsurance Company ("RGA")
mutually agree that RGA will assume the Reinsured Business on the same terms and
conditions described in the Agreement, except as specified below, a copy of
which is attached hereto and incorporated herein.
1
2
NOW THEREFORE, in consideration of the foregoing and other mutual
promises contained herein, the parties agree as follows.
1. CHANGE OF COMPANY. RGA will assume the Reinsured Business, as of the
Effective Date of this Assignment, and wherever the terms
"Reinsurer" or "ITT Xxxxxx Life Insurance Company" are used in the
Agreement, these terms shall be deemed to refer to RGA.
2. REPORTS, SETTLEMENTS AND NOTICES. All monies, consideration, reports
or notices to the Reinsurer under the Agreement will from the
Effective Date of this Agreement forward to be sent directly to
RGA/Swiss Financial Group, L.L.C. to the attention of:
Xxxxx X. Xxxxxxx
President and Treasurer
RGA/Swiss Financial Group, L.L.C.
000 Xxxxxxx Xxxxx Xxxxxx Xxxxx, Xxxxx 000
Xx. Xxxxx, Xxxxxxxx 00000
3. LIABILITY. As of the Effective Date of this Assignment, it is
understood that ITTLL is no longer the reinsurer of the Reinsured
Business, that ITTLL has been released from all obligations
expressed, implied, or arising under the Agreement on or after the
Effective Date of this Assignment, and that all obligations,
properties, rights, monies, considerations, accounting and/or
liabilities of the Reinsurer, as described under the Agreement with
respect to the Reinsured Business will become the sole obligations,
properties, rights, monies, considerations, accounting and/or
liabilities of RGA.
4. EFFECTIVE DATE. The Effective Date of this Agreement is January 1,
1996.
2
3
IN WITNESS WHEREOF, the parties hereto have caused this Assignment
to be executed in triplicate on the dates indicated below.
ATTEST: THE MUTUAL LIFE INSURANCE COMPANY OF NEW
YORK ("Ceding Company")
By: /s/ Xxxxxx X. Xxxxxxxxxx By: /s/ Xxxxxxx X. Xxxxxxxxx
------------------------ ------------------------
Title: VP & Actuary Title: Sr. VP & Chief Actuary
Date: 3/27/96 Date: 3/27/96
ATTEST: XXXXXX LIFE INSURANCE COMPANY
("ITTLL")
By: /s/ Xxxxx X. Caioler By: /s/ Xxxxxx Xxxxxxxx
------------------------ ---------------------------
Title: VP and Controller Title: President
Date: 3/26/96 Date: 3/26/96
ATTEST: RGA REINSURANCE COMPANY("RGA")
By: /s/ Xxxxx X. Xxxxxx By: /s/ Xxxx X. Salente
------------------------ ---------------------------
Title: 2nd VP & Actuary Title: Senior Vice President
Date: 3/29/96 Date: 3/29/96
3
