Exhibit (i)(24)
NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION
ADMINISTRATIVE SERVICES AND REVENUE SHARING AGREEMENT
WHEREAS, New York Life Insurance and Annuity Corporation (the "Company")
and OppenheimerFunds, Inc., investment adviser to certain registered, open-end
investment companies ("Funds") (OppenheimerFunds, Inc. is referred to as the
"Fund Party") have previously entered into a Participation Agreement, as amended
(the "Participation Agreement"); and
WHEREAS, COMPANY desires to provide, and Fund Party desires to receive,
services relating to the promotion, offering, marketing or distribution of the
Funds and/or retention of assets maintained in the Funds;
NOW, THEREFORE, in consideration of the foregoing and the mutual agreements
contained herein, and for other good and valuable consideration, the receipt and
adequacy of which is hereby acknowledged, the Fund Party and COMPANY hereby
agree as follows:
1. COMPANY will provide the services specified in SCHEDULE A and Fund Party
agrees to pay, from its own resources and/or assets, COMPANY as specified
in SCHEDULE B.
2. Either party may terminate this Administrative Services and Revenue Sharing
Agreement ("Agreement") upon 30 days' prior written notice, or immediately
upon termination of the Participation Agreement. Termination of this
Agreement will not affect the obligations of the parties arising prior to
termination.
3. With respect to the sales of shares of the Funds, COMPANY will provide any
and all point of sale disclosure documents to customers and clients of the
COMPANY in accordance with current laws, rules and regulations.
4. Unless modified by this Agreement, the terms and conditions of, and the
responsibilities and obligations imposed by, the Participation Agreement
remain in full force and effect and govern the activities of COMPANY and
Fund Party performed under this Agreement.
The parties hereto through their duly authorized representatives have executed
this Agreement as of the 1st day of May, 2007:
OPPENHEIMERFUNDS, INC. NEW YORK LIFE INSURANCE AND ANNUITY
CORPORATION
By: By:
--------------------------------- ------------------------------------
Name: Name: Xxxxxx X. Xxxxxx
------------------------------- Title: Senior Vice President
Title:
------------------------------
Address for notices: Address for notices:
OppenheimerFunds, Inc. New York Life Insurance and
Two World Financial Center, 11th Fl Annuity Corporation
000 Xxxxxxx Xx 00 Xxxxxxx Xxxxxx
Xxx Xxxx, XX 00000 Xxx Xxxx, XX 00000
000 000 0000 Attention: Xxxxxx X. Xxxxxx, SVP
Attention: Director of Variable
Accounts
with a copy to: Variable Products
Attorney
with a copy to: Xxxxxx Xxxx, General
Counsel
SCHEDULE A
As part of its obligation under this Agreement, COMPANY shall provide services
relating to the promotion, offering, marketing or distribution of the Funds
and/or retention of assets maintained in the Funds, including, but not limited
to:
(i) Facilitating meetings, access and communications regarding the Funds
with COMPANY's sales representatives, branches and regional managers;
(ii) Providing access to COMPANY's sales platform, network or program;
(iii) Providing appropriate contact lists;
(iv) Providing Fund Party with information regarding COMPANY's marketing
calendars and sales initiatives;
(v) Providing monthly reporting on Fund sales;
(vi) Facilitating meetings and communications regarding the Funds with
COMPANY's operational support personnel;
(vii) Providing access to home office and product personnel;
(viii) Providing opportunities to participate in conferences, meetings, and
due diligence trips as agreed by the parties;
(ix) Providing transactional support; and/or
(x) Providing other support mutually agreed upon from time to time
including, but not limited to, the services identified on the attached
Addendum.
As part of its obligation under this Agreement, COMPANY shall also provide
administrative support services to contract owners of any COMPANY variable
annuity and variable life insurance products "COMPANY Products" with contract
values allocated to investment options investing in shares of the Funds,
including, but not limited to:
(i) Maintenance of Books and Records
Assist as necessary to maintain book entry records on behalf of the
Funds regarding issuance to, transfer within (via net purchase orders)
and redemption by the Accounts of Fund shares.
Maintain general ledgers regarding the Accounts' holdings of Fund
shares, coordinate and reconcile information, and coordinate
maintenance of ledgers by other contract owner service providers.
(ii) Communication with the Funds
Serve as the designee of the Funds for receipt of purchase and
redemption orders from the Account and transmit such orders, and
payment therefore, to the Funds. Coordinate with the Funds' agents
respecting daily valuation of the Funds' shares and the Accounts'
units.
Purchase Orders
-- Determine net amount available for investment in the Funds.
-- Deposit receipts at the Funds or the Funds' custodian (generally
by wire transfer).
-- Determine net amount required for redemption from the Funds.
Notify the custodian and Funds of cash required to meet payments.
Purchase and redeem shares of the Funds on behalf of the Accounts at
the then current price in accordance with the terms of the
Participation Agreement.
Distribute the Fund's prospectus, proxy materials, communications and
reports to Contract owners.
(iii) Processing Distributions from the Funds
Record ordinary dividends and capital gain distributions.
(iv) Reports
Periodic information reporting to the Funds, including, but not
limited to, furnishing registration statements, prospectuses,
statements of additional information, reports, solicitations for
voting instructions, and any other SEC filings with respect to the
Accounts invested in the Funds, as not otherwise provided for.
Periodic information reporting about the Funds to Contract owners,
including any necessary delivery of the Funds' prospectus and annual
and semi-annual reports to contract owners, as not otherwise provided
for. Provide sales data in a format mutually agreed upon. This data
will only be used to support the activities of COMPANY's products.
(v) Fund-related Contract Owner Services
Provide ministerial information with respect to Fund inquiries (but
excluding fund allocation recommendations, performance projections or
any other sales-related information or advice).
Oversee and assist the solicitation, counting and voting of contract
owner voting interests in the Funds pursuant to Fund proxy statements.
(vi) Other Administrative Support
Provide other administrative and support for the Funds as mutually
agreed upon by COMPANY and the Funds or the Fund Administrator.
Relieve the Funds of other usual or incidental administrative services
provided to individual contract owners.
SCHEDULE B
Fund Party shall pay COMPANY __% per annum on all COMPANY assets invested in
shares of the Funds that are attributable to variable life or variable annuity
products listed on Schedule C..
Payments made to COMPANY under this Agreement will be made by federal funds wire
to:
Bank: XX Xxxxxx Chase
(ABA # _________________)
Account Name: NYLIAC Insurance Company
Account Number: ___________________
Reference: Attention: ________________________
Notification of wire transfers shall be provided by e-mail or fax to:
Xxxx Xxxx
Separate Account Accounting
Email: xxxxxxxx@xxxxxxxxxxx.xxx
Fax: 000-000-0000
or to such other person, address, facsimile numbers or accounts as COMPANY may
subsequently direct in writing.
Payment under this SCHEDULE B will be made to COMPANY quarterly during the
term this Agreement is in effect, no later than sixty (60) days following the
end of the quarter starting with the quarter ending June 30, 2007. Payments
shall be computed and paid as set forth above.
COMPANY shall notify Fund Party in writing within thirty (30) calendar days
following the receipt of a quarterly payment if COMPANY is disputing the amount
in good faith. If COMPANY does not provide such notice of dispute within the
required time, the payment amount will be deemed correct and accepted by
COMPANY.
SCHEDULE C
(COMPANY Assets and COMPANY -Administered Assets Upon Which Payments
to COMPANY will be Computed)
Separate Accounts Products
----------------- --------
NYLIAC Corporate Sponsored Variable CorpExec Variable Universal Life
Universal Life Separate Account-I
NYLIAC Private Placement Variable CorpExec Private Placement
Universal Life Insurance Separate Variable Universal Life
Account-I
NYLIAC Private Placement Variable CorpExec Private Placement
Universal Life Insurance Separate Variable Universal Life
Account-II
