AMENDMENT NUMBER TWO AUTOMATIC REINSURANCE AGREEMENT NUMBER 2509-09AY10 between AMERICAN LIFE AND SECURITY CORPORATION Lincoln, Nebraska 68510 (The Ceding Company) and OPTIMUM RE INSURANCE COMPANY Dallas, TX 75247 (The Reinsurer) Respecting the...
Exhibit 10.8
AMENDMENT NUMBER TWO
AUTOMATIC REINSURANCE AGREEMENT
NUMBER 2509-09AY10 between
AMERICAN LIFE AND SECURITY CORPORATION
0000 X Xxxxxx, Xxxxx 000
Xxxxxxx, Xxxxxxxx 00000
(The Ceding Company)
and
OPTIMUM RE INSURANCE COMPANY
0000 Xxxxx Xxxx Xxxxx, Xxxxx 000
Xxxxxx, XX 00000
(The Reinsurer)
Respecting the reinsurance premium calculation and submission.
1. Effective from inception, August 1, 2009, this Agreement shall be amended to reflect a change in the reinsurance premium calculation and submission from an annual basis to a monthly basis as follows:
A. Article 5.2., Standard Risks, shall be deleted and replaced by the following language:
Monthly reinsurance premiums for standard risks shall be calculated at 1/12th of the annual premium rates specified in SCHEDULE F.
B. Article 8.1., Reinsurance Premiums, shall be deleted and replaced by the following language:
The reinsurance premiums are due on the policy issue date of the policy and every subsequent month thereafter and payable to OPTIMUM RE on a monthly basis regardless of how premiums are paid to THE COMPANY.
2. Signatures The terms and conditions of this Agreement are not changed in any way except as stated herein.
In witness of the above, this Amendment is signed in duplicate at the dates and places indicated.
FOR AMERICAN LIFE AND SECURITY CORPORATION
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DATE: |
6/6/11 |
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SIGNATURE: |
/S/ Xxxx Xxxxxx | ||||
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PLACE: |
Lincoln, NE |
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NAME: |
Xxxx X. Xxxxxx | ||||
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WITNESS: |
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TITLE: |
CEO | ||||
FOR OPTIMUM RE INSURANCE COMPANY
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DATE: |
5/23/11 |
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SIGNATURE: |
/S/ Xxxxx Xxxxxxxx | ||||
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PLACE: |
Dallas, TX |
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NAME: |
Xxxxx Xxxxxxxx | ||||
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WITNESS: |
/S/ Unknown |
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TITLE: |
CEO | ||||
