AUTOMATIC YEARLY RENEWABLE TERM
REINSURANCE AGREEMENT
between
HARTFORD LIFE AND ACCIDENT INSURANCE COMPANY
HARTFORD LIFE INSURANCE COMPANY
and
HARTFORD LIFE AND ANNUITY INSURANCE COMPANY
and
CONTINENTAL ASSURANCE COMPANY OF CHICAGO ILLINOIS
Effective: October 15, 1999
ARTICLES
I. Parties to the Agreement 2
II. Reinsurance Coverage 2
III. Liability 5
IV. Reinsurance Premiums 5
V. Oversights 7
VI. Conversions 7
VII. Changes, Reductions and Terminations 7
VIII. Increase in Retention 9
IX. Reinstatement 10
X. Expenses 10
XI. Claims 11
XII. Extra-Contractual Damages 13
XIII. Inspection of Records 13
XIV. DAC Tax -- Section 1.848-2 (g)(8) Election 13
XV. Insolvency 14
XVI. Offset 15
XVII. Arbitration 16
XVIII. Termination 16
XIX. Entire Agreement and Amendments 17
XX. Effective Date 17
XXI. Execution 18
SCHEDULES
A. Specifications
B. Basis of Reinsurance
EXHIBITS
I. Reinsurance Premiums
II. Retention, Binding, and Issue Limits
AMENDMENTS
Number 1
Number 2
FOREIGN NATIONAL EXHIBITS
I. Underwriting Guidelines for Foreign National Business
II. Foreign National Loadings
TABLE TWO TO STANDARD PROGRAM
I. Eligibility Requirements
All Schedules and Exhibits attached will be considered part of this Reinsurance
Agreement.
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ARTICLE I
PARTIES TO THE AGREEMENT
This Agreement is between three Hartford Life Companies, Hartford Life Insurance
Company, Hartford Life and Accident Insurance Company, and Hartford Life and
Annuity Insurance Company (collectively referred to as the Ceding Company) and
Continental Assurance Company of Chicago Illinois (referred to as the
Reinsurer). The Reinsurer agrees that the terms and conditions of this Agreement
shall apply to each of the Hartford Life Companies individually, unless
otherwise set forth herein.
ARTICLE II
REINSURANCE COVERAGE
Reinsurance under this Agreement will apply to insurance issued by Ceding
Company on the Plans of Insurance shown in Schedule A. Such Plans of Insurance
shall be reinsured with the Reinsurer on an automatic basis, subject to the
requirements set forth in Section A below or on a facultative basis, subject to
the requirements set forth in Section B below or on a facultative obligatory
basis, subject to the requirements set forth in Section C below. The
specifications for all reinsurance under this Agreement are provided in Schedule
A.
A. Requirements for Automatic Reinsurance
For risks which meet the requirements for automatic reinsurance as set forth
below, Reinsurer will participate in a reinsurance pool whereby Reinsurer will
automatically reinsure a portion of the insurance risks as indicated in Schedule
A. The requirements for automatic reinsurance are as follows:
1. The individual must be a resident of the United States or Canada at
the time of application.
2. The individual risk must be underwritten according to the Ceding
Company's standard underwriting practices and guidelines. Any risk
falling into the category of special underwriting programs will be
excluded from this Agreement unless previously agreed to by the
Reinsurer via a written amendment.
3. Any risk offered on a facultative basis by the Ceding Company to the
Reinsurer or any other company will not qualify for automatic
reinsurance under this Agreement for the same risk and same life.
4. The maximum issue age on any risk will be age 90.
B. Requirements for Facultative Reinsurance
1. If the requirements for automatic reinsurance are met, but the
Ceding Company prefers to apply for facultative reinsurance with the
Reinsurer, or if the requirements for automatic reinsurance are not
met and the Ceding Company applies for facultative reinsurance with
the Reinsurer, then the Ceding Company must submit to the Reinsurer
all the papers relating to the insurability of the individual risk
for facultative reinsurance.
2. For applications for facultative reinsurance, Ceding Company will
send copies of all of the papers relating to the insurability of the
individual risk to the Reinsurer. After the Reinsurer has examined
the request, the Reinsurer will promptly notify the Ceding Company
of the underwriting offer subject to additional requirements or the
final underwriting offer. The final underwriting offer on the
individual risk will automatically terminate upon the earlier of the
withdrawal of the application or 120 days from the date of the final
offer, unless accepted earlier.
3. Notwithstanding the above, if the requirements for automatic
reinsurance are met except that the face amount of insurance applied
for is greater than the Automatic Issue Limit, but does not exceed
the Auto Process Limit, then the Ceding Company will, submit to the
Lead Reinsurer, (as designated in Schedule A), all papers relating
to the insurability of the individual risk. The Lead Reinsurer shall
review the papers to determine if the Pool should reinsure the risk,
and, if so, on what basis. The Lead Reinsurer shall provide Ceding
Company with a response within 24 hours of receipt of the papers.
Approval of the Lead Reinsurer shall be binding on all other Pool
members. This process shall be known as Automatic Processing and
subject to the limitations in Exhibit II.
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C. Requirements for Facultative Obligatory Reinsurance
The Reinsurer agrees to a facultative obligatory arrangement whereby the Ceding
Company may cede a risk to the Reinsurer and the Reinsurer agrees to accept the
risk using the Ceding Company's underwriting evaluation, subject to the
following conditions:
1. The requirements for automatic reinsurance specified in Article II
must be met except that the total amount of insurance issued and
applied for in all companies on each risk has exceeded the jumbo
limits set forth in Exhibit II.
2. The arrangement is available on all policy forms covered under this
Reinsurance Agreement except for term life insurance products.
3. The ceded risk is subject to the Facultative Obligatory Automatic
Binding Limits as stated in Exhibit II.
4. The ceded risk is subject to the Facultative Obligatory Automatic
Issue Limit is as stated in Exhibit II.
5. The Reinsurer provides the minimum facultative obligatory capacity
as stated in Schedule A. However, to the extent that Reinsurer has
already filled its available capacity on the risk, the Reinsurer may
reduce the provided capacity by notifying the Ceding Company of the
reduced capacity. Such notification must occur within 3 business
days of the Ceding Company's request for facultative obligatory
capacity on that risk.
6. The final capacity offer on the individual risk will automatically
terminate upon the earlier of the withdrawal of the application or
120 days from the date of the final offer, unless accepted earlier.
D. Basis of Reinsurance
Reinsurance under this Agreement will be on the basis as stated in Schedule B.
E. Policy Forms.
When requested, the Ceding Company will furnish the Reinsurer with a copy of
each policy, rider, rate book, and applicable sales or marketing material that
applies to the life insurance reinsured hereunder.
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ARTICLE III
LIABILITY
A. The Reinsurer's liability for automatic reinsurance coverage will begin
simultaneously with the Ceding Company's liability except for those risks which
qualify for automatic reinsurance but are submitted on a facultative basis.
B. The Reinsurer's liability for facultative reinsurance coverage on the
individual risk will begin simultaneously with the Ceding Company's liability
once the Reinsurer has accepted the application for facultative reinsurance and
the Ceding Company has accepted the offer.
C. In no event shall the reinsurance be in force and binding if the issuance
and delivery of such insurance constituted the doing of business in a
jurisdiction in which the Ceding Company was not properly licensed.
D. The Reinsurer's liability for reinsurance coverage on each risk will
terminate when the Ceding Company's liability terminates.
E. The liability of each pool member shall be separate and not joint with the
other pool members.
F. Payment of reinsurance premiums is a condition precedent to reinsurance
coverage.
G. The Reinsurer shall establish reserves on Reinsurer's portion of the policy
on the reserve basis specified in Schedule B.
ARTICLE IV
REINSURANCE PREMIUMS
A. Computation.
Premiums for reinsurance under this Agreement will be computed as described in
Exhibit I.
B. Premium Accounting.
1. Payment of Reinsurance Premiums.
For automatic and facultative reinsurance, following the close of each calendar
month, the Ceding Company will send the Reinsurer a statement
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and a listing of new business, changes and terminations.
If a net reinsurance premium balance is payable to the Reinsurer, the Ceding
Company will forward this balance within (60) sixty days after the close of each
month.
If a net reinsurance premium balance is payable to the Ceding Company, the
balance due will be subtracted from the reinsurance premium payable by Ceding
Company for the current month. The Reinsurer shall pay any remaining balance due
the Ceding Company sixty days after the Ceding Company submits the statement.
2. Non-Payment of Premium
If reinsurance premiums are delinquent, the Reinsurer has the right to terminate
the reinsurance risks on those policies listed on the delinquent monthly
statement by giving the Ceding Company ninety days' advance written notice. If
the delinquent premiums have not been paid as of the close of the ninety-day
period, the Reinsurer's liability will terminate for the risks described in the
delinquency notice.
Regardless of the termination, the Ceding Company will continue to be liable to
the Reinsurer for all unpaid reinsurance premiums earned.
3. Reinstatement
The Ceding Company may reinstate the risks terminated due to non-payment of
reinsurance premium within sixty days after the effective date of termination by
paying the unpaid reinsurance premiums for the risks in force prior to the
termination. However, the Reinsurer will not be liable for any claim incurred
between the date of termination and reinstatement. The effective date of
reinstatement will be the date the required back premiums are received.
4. Currency
The reinsurance premiums and benefits payable under this Agreement will be
payable in the lawful money of the United States.
5. Detailed Listing
The Ceding Company will send the Reinsurer a detailed listing of all reinsurance
in force as of the close of the immediately preceding calendar year.
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6. Guaranteed Rates
Although the Reinsurer anticipates continuing to accept reinsurance premiums at
the current level, the Reinsurer reserves the right to increase the reinsurance
premiums but only when the Ceding Company increases the cost of insurance rates
to the policyowner. The increase to the reinsurance premium shall be no more
than proportional to the increase to the policy owner's cost of insurance rates.
ARTICLE V
OVERSIGHTS
If there is an unintentional oversight or misunderstanding in the administration
of this Agreement by Ceding Company or Reinsurer, it can be corrected provided
the correction takes place within a reasonable time after the oversight or
misunderstanding is first discovered. Both Ceding Company and the Reinsurer will
be restored to the position they would have occupied had the oversight or
misunderstanding not occurred.
ARTICLE VI
CONVERSIONS
Conversions from existing term plans of insurance reinsured under this Agreement
will be reinsured using the YRT premiums attached as Exhibit I on a
point-in-scale basis up to the original face amount. The converted policy will
be reinsured with the Reinsurer in the same proportion as was determined for the
original term policy.
ARTICLE VII
CHANGES, REDUCTIONS AND TERMINATIONS
A. Replacement or Change
If there is a contractual change or non-contractual replacement of the insurance
reinsured under this Agreement where full underwriting evidence according to the
Ceding Company's regular underwriting rules is not required, the insurance may
continue to be reinsured with the Reinsurer provided it meets the minimum
reinsurance cession amount stated in Schedule A. If a non-contractual change is
requested on a facultatively reinsured policy, the Reinsurer must consent to the
change.
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B. Increases or Decreases
1. If the policy face amount of a risk reinsured automatically under this
Agreement increases and:
a. The increase is subject to new underwriting evidence, then the
provisions of Article II, Section A, shall apply to the increase in
reinsurance.
b. The increase is not subject to new underwriting evidence, then
Reinsurer will accept automatically the increase in reinsurance but
not to exceed the automatic binding limit.
2. If the policy face amount increases, the Ceding Company's retention will be
filled first, then any remaining risk of the increase will be ceded to the
Reinsurer as of the effective date of the increase. If the policy face amount is
reduced, the reinsurance will be reduced first, thereby maintaining the Ceding
Company's retention. Reinsurer will refund to Ceding Company all unearned
reinsurance premiums not including policy fees, less applicable allowances,
arising from reductions, terminations and changes as described in this Article.
3. In the event of a reduction in the face amount of a policy which was ceded
facultatively, the Reinsurer's percentage of the reduced face amount should be
the same percentage of the initial reinsurance ceded.
4. Increases in face amount of policies reinsured on a facultative basis, will
be submitted to the Reinsurer for acceptance.
C. Reduction in Retained Coverage
If any portion of the aggregate insurance retained by Ceding Company on an
individual life reduces or terminates any reinsurance under this Agreement based
on the same life may also be reduced or terminated. Ceding Company will reduce
the reinsurance by applying the retention limits that were in effect at the time
each policy was issued. Ceding Company will not be required to retain an amount
in excess of its regular retention limit for the age, mortality rating and risk
classification at the time of issue for any policy on which reinsurance is being
reduced.
The reinsurance to be terminated or reduced will be determined by chronological
order in which the reinsurance was first reinsured, thereby reducing or
terminating the oldest risks first.
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D. Multiple Reinsurers
If a risk is shared by more than one Reinsurer, Reinsurer's percentage of any
increased or reduced reinsurance will be the same as its initial percentage of
the reinsurance for that risk.
E. Termination
If the policy for a risk reinsured under this Agreement is terminated, the
reinsurance for the risk involved will be terminated on the effective date of
termination.
F. Facultative
On facultative reinsurance, if Ceding Company wishes to reduce the mortality
rating, this reduction will be subject to and reinsured under the facultative
provisions of this Agreement.
ARTICLE VIII
INCREASE IN RETENTION
A. If the Ceding Company should increase the retention limits as listed in
Exhibit II, prompt written notice of the increase must be given to the
Reinsurer.
B. In the event of an increase in retention, the Ceding Company will have the
option of recapturing the reinsurance under this Agreement when the retention
limit increases. The Ceding Company may exercise its option to recapture by
giving written notice to the Reinsurer within ninety days after the effective
date of the increase.
C. If the Ceding Company exercises its option to recapture, then
1. The Ceding Company must reduce the reinsurance on each individual life on
which the Ceding Company retained the maximum retention limit for the age and
mortality rating that was in effect at the time the reinsurance was ceded to the
Reinsurer.
2. No recapture will be made to reinsurance on an individual life if (a) the
Ceding Company retained a special retention limit less than the maximum
retention limit in effect at the time the reinsurance was ceded to the
Reinsurer, or if (b) the Ceding Company did not retain insurance on the risk.
3. The Ceding Company must increase its total amount of insurance on the
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risk up to the new retention limit by reducing the reinsurance. If a risk is
shared by more than one Reinsurer, the Reinsurer's percentage of the reduced
reinsurance will be the same as the initial percentage on the individual risk.
4. Upon increasing the retention limit, the reduction in reinsurance will
become effective on the next annual premium anniversary of those policies that
have been inforce for at least ten (10) years.
ARTICLE IX
REINSTATEMENT
If an insurance policy lapses for nonpayment of premium and is reinstated under
the Ceding Company's terms and rules, the Reinsurer will reinstate the
reinsurance as follows:
A. Automatic Cases:
The Ceding Company must pay the Reinsurer all back reinsurance premiums in the
same manner as the Ceding Company received insurance premiums under the policy.
When the Ceding Company reinstates the policy, the reinsurance will be
automatically reinstated.
B. Facultative Cases:
If the Ceding Company requires reinstatement evidence of insurability, the
Ceding Company will submit it to the Reinsurer for approval. In such cases, the
Reinsurer's approval is required for the reinsurance to be reinstated. Upon the
Reinsurer's approval, the Ceding Company must pay the Reinsurer all back
reinsurance premiums in the same manner as the Ceding Company received insurance
premium under the policy.
ARTICLE X
EXPENSES
The Ceding Company must pay the expense of all medical examinations, inspection
fees and other charges in connection with the issuance of the insurance.
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ARTICLE XI
CLAIMS
A. Liability
If the Ceding Company is liable for insurance benefits on a policy reinsured
under this Agreement, the Reinsurer shall be liable for its portion of the
reinsurance on that policy, as described in Schedule A. All reinsurance claim
settlements will be subject to the terms and conditions of the particular
contract under which the Ceding Company is liable.
B. Notification
When the Ceding Company is advised of a claim, the Reinsurer must be notified
promptly.
C. Claim Payment
1. Automatic Reinsurance on a Risk
If a claim is made on a risk reinsured automatically under this Agreement and is
not contested by the Ceding Company, Reinsurer will abide by the issue as the
Ceding Company settles it. Copies of proofs or other written matters relating to
any claim reimbursements under this Agreement shall be furnished to the
Reinsurer upon written request. The Ceding Company will receive payment of the
reinsurance proceeds from the Reinsurer when the Ceding Company makes the
settlement of the policy proceeds and delivers a copy of the proof of death,
check copy or proof of payment and the claimant's statement to the Reinsurer.
2. Facultative Reinsurance on a Risk
If a claim is made on a risk reinsured facultatively under this Agreement, the
Ceding Company shall submit to Reinsurer all relevant and/or requested documents
and papers related to the claim along with Ceding Company's recommendation.
Ceding Company shall then wait five days from the date of mailing during which
time Reinsurer shall have the opportunity to advise Ceding Company of its
consent or disagreement with the recommendation. In the event Reinsurer does not
contact Ceding Company within the five-day period, Reinsurer shall be deemed to
have approved the recommendation and Ceding Company shall be authorized to act
accordingly. The Ceding Company will receive payment of the reinsurance proceeds
from Reinsurer when Ceding Company makes the settlement of the policy proceeds
and delivers proof of
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payment to the Reinsurer.
3. Payment of Reinsurance Proceeds
Payment of life reinsurance proceeds will be made in a single sum regardless of
the Ceding Company's mode of settlement with the payee.
D. Contested Claims
The Ceding Company must promptly notify the Reinsurer of any intent to contest a
claim reinsured under this Agreement or to assert defenses. If the Ceding
Company's contest of such claim results in the increase or reduction of
liability, the Reinsurer will share in this increase or reduction. The
Reinsurer's share of the increase or decrease shall be proportional to their
share of the net amount at risk on the date of death of the insured.
If the Reinsurer should decline to participate in the contest or assertion of
defenses, the Reinsurer will then release all of the liability by paying the
Ceding Company the full amount of reinsurance and not sharing in any subsequent
increase or reduction in liability.
E. Misstatement of Age or Sex
If the amount of insurance provided by the policy or policies reinsured under
this Agreement is increased or reduced because of misstatement of age or sex
established after the death of the insured, the Reinsurer will share with the
Ceding Company in this increase or reduction.
F. Routine Expenses
The Ceding Company will pay the routine expenses incurred in connection with
settling claims. These expenses may include compensation of agent and employees
and the cost of routine investigations such as inspection reports.
G. Non-Routine Expenses
The Reinsurer will share with the Ceding Company all expenses that are not
routine. Expenses that are not routine are those directly incurred in connection
with the contest or the possibility of a contest of a claim or the assertion of
defenses, including legal expenses. The expenses will be shared in proportion to
the net amount at risk for the Ceding Company and Reinsurer. However, if the
Reinsurer has released the liability under Section D of this Article, the
Reinsurer will not share in any expenses incurred after the date of the
Reinsurer's release.
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X. Xxxxxxxxxxx Period
If, during the contestable period, Ceding Company is notified of the death of
the insured, the Ceding Company will investigate the case.
I. Return of Premium for Misrepresentations and Suicides
If a misrepresentation or misstatement on an application or a death of an
insured risk by suicide results in the Ceding Company returning the policy
premiums to the policy owner rather than paying the policy benefits, the
Reinsurer will refund all of the reinsurance premiums it received on that policy
to the Ceding Company. This refund given by the Reinsurer will be in lieu of all
other reinsurance benefits payable on that policy under this Agreement.
ARTICLE XII
EXTRA-CONTRACTUAL DAMAGES
In no event will the Reinsurer have any liability for any extra-contractual
damages which are awarded against the Ceding Company as a result of acts,
omissions or course of conduct committed by the Ceding Company in connection
with the insurance reinsured under this Agreement.
The Reinsurer does recognize that circumstances may arise under which the
Reinsurer, in equity, should share, to the extent permitted by law, in paying
certain assessed damages. Such circumstances are difficult to define in advance,
but involve those situations in which the Reinsurer was an active party in the
act, omission or course of conduct which ultimately results in the assessment of
such damages. The extent of such sharing is dependent on good faith assessment
of culpability in each case, but all factors being equal, the division of any
such assessment would be in the proportion of total risk accepted by each party
for the plan of insurance involved.
ARTICLE XIII
INSPECTION OF RECORDS
Each party will have the right, at any reasonable time and upon reasonable
notice, to inspect the other party's books and documents that relate to
reinsurance under this Agreement.
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ARTICLE XIV
DAC TAX
SECTION 1.848-2(G) (8) ELECTION
A. The Reinsurer and the Ceding Company hereby agree to the following pursuant
to section 1.848-2(g)(8) of the Income Tax Regulations issued December 1992
under Section 848 of the Internal Revenue Code of 1986, as amended. This
election shall be effective for 1993 and for all subsequent taxable years for
which this Agreement remains in effect.
B. The terms used in this Article are defined by reference to Regulation
Section 1.848-2 in effect December 1992.
C. The party with net positive consideration for this Agreement for each
taxable year will capitalize specified policy acquisition expenses with respect
to this Agreement without regard to the general deduction limitation of section
848(c)(1).
D. Both parties agree to exchange information pertaining to the amount of net
consideration under this Agreement each year to ensure consistency or as
otherwise required by the Internal Revenue Service.
E. The Ceding Company will submit to the Reinsurer by May 1st of each year a
schedule of the calculation of the net consideration for the preceding calendar
year. This schedule of calculations will be accompanied by a statement signed by
an officer of the Ceding Company stating that such net consideration will be
reported in the tax return for the preceding calendar year.
F. The Reinsurer may contest such calculation by providing an alternative
calculation to the Ceding Company in writing within 30 days of receipt of Ceding
Company's calculation. If the Reinsurer does not notify the Ceding Company,
Reinsurer will report the net consideration as determined by the Ceding Company
in the tax return for the preceding calendar year.
G. If the Reinsurer contests the Ceding Company's calculation of the net
consideration, both parties will act in good faith to reach an agreement as to
the correct amount within thirty (30) days of the date the Reinsurer submits
their alternative calculation. If both parties reach agreement on an amount of
net consideration, both parties shall report such amount in their respective tax
returns for the previous calendar year.
ARTICLE XV
INSOLVENCY
A. Insolvency of Reinsurer
If the Reinsurer becomes insolvent as determined by the Department of Insurance
responsible for such determination, amounts due the Reinsurer will be paid net
of the terms of this Agreement and directly to the liquidator, receiver, or
statutory successor without decrease. The Ceding Company may recapture all
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reinsurance ceded under this Agreement without charge or penalty as of the date
Reinsurer fails to meet its obligations under this Agreement.
B. Insolvency of Ceding Company
If Hartford Life Insurance Company, Hartford Life and Accident Insurance Company
or Hartford Life and Annuity Insurance Company should become insolvent, all
reinsurance under this Agreement covering risks ceded by that particular company
will be payable by Reinsurer directly to that Company's liquidator, receiver or
statutory successor, on the basis of the liability of that Company under the
policy or policies reinsured and without diminution because of the insolvency of
the Company. However, in the event of such insolvency, the liquidator, receiver
or statutory successor will give written notice of a pending claim against
Ceding Company on the reinsured policy. It will do so within a reasonable time
after the claim is filed in the insolvency proceedings. During the pendency of
such a claim, Reinsurer may investigate the claim and may, at its own expense,
interpose any defense or defenses which it may deem available to the insolvent
Company, its liquidator, receiver or statutory successor, in the proceedings
where the claim is to be adjudicated.
The expense thus incurred by Xxxxxxxxx will be chargeable against the insolvent
Company, subject to court approval, as part of the expense of liquidation to the
extent of a proportionate share of the benefit which may accrue to the insolvent
Company solely as a result of the defense undertaken by Reinsurer.
Where two or more Reinsurers are involved in the same claim and a majority in
interest elect to interpose defense to the claim, the expense will be
apportioned in accord with the terms of the reinsurance agreement as though the
expense had been incurred by the insolvent Company.
It is agreed that the insolvency of any one of the Hartford Life Companies shall
not affect this Agreement as it applies to the remaining solvent companies.
ARTICLE XVI
OFFSET
Any debts or credits, matured or unmatured, liquidated or unliquidated,
regardless of when they arose or were incurred, in favor of or against either
the Ceding Company or the Reinsurer with respect to this Agreement or with
respect to any other claim of one party against the other are deemed mutual
debts or credits, as the case may be, and shall be set off, and only the balance
shall be allowed or paid. In the event the Ceding Company becomes insolvent,
offsets shall be allowed in accordance with applicable law.
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ARTICLE XVII
ARBITRATION
Any disagreement, controversy, or claim arising out of or relating to this
Agreement between the Reinsurer and any one of the Hartford Life Companies will
be settled by arbitration. There will be three arbitrators chosen among current
or retired officers of life insurance companies other than parties or their
affiliates. Each party to the dispute will appoint one of the arbitrators and
these two arbitrators will select the third arbitrator. In the event that either
party should fail to choose an arbitrator within 30 days following a written
request by the other party to do so, the requesting party may choose two
arbitrators who shall in turn choose a third arbitrator before entering upon
arbitration. If the two arbitrators fail to agree upon the selection of a third
arbitrator within 30 days following their appointment, each arbitrator shall
nominate three candidates within 10 days thereafter, two of whom the other shall
decline, and the decision shall be made by drawing lots.
Arbitration will be conducted in accordance with the Commercial Arbitration
Rules of the American Arbitration Association that will be in effect on the date
of delivery of demand for arbitration. The arbitrators will base their decision
on the terms and conditions of this Agreement plus, as necessary, on the customs
and practices of the insurance and reinsurance industry rather than solely on a
strict interpretation of the applicable law. The site of any arbitration will be
determined by a majority vote of the arbitrators. All expenses and fees of the
arbitration will be borne equally by the parties unless otherwise decreed by the
arbitrators.
The award agreed to by a majority of the arbitrators will be final and binding
and there will be no appeal from their decision. Judgment may be entered upon it
in any court having jurisdiction.
ARTICLE XVIII
TERMINATION
A. Each Hartford Life Insurance Company and the Reinsurer may terminate this
Agreement as it applies to the new business of each by giving (90) ninety days'
written notice of termination. The day the notice is deposited in the mail
addressed to the Home Office, or to an Officer of each party, will be the first
day of the (90) ninety-day period.
B. During the (90) ninety-day period, this Agreement will continue to be in
force between the terminating parties.
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C. After termination, the terminating parties shall remain liable under the
terms of this Agreement for all automatic reinsurance that becomes effective
prior to termination of this Agreement. After termination the terminating
parties shall be liable for all automatic and facultative reinsurance which has
an application date on or before the effective date of the termination.
D. Termination by one or two of the Hartford Life Companies shall not affect
this Agreement as it relates to the non-terminating Hartford Life Company (ies).
ARTICLE XIX
ENTIRE AGREEMENT AND AMENDMENT
A. Entire Contract
This Agreement with any attached Schedules and Exhibits, shall constitute the
entire agreement between the parties with respect to the business being
reinsured hereunder and there are no understandings between the parties other
than as expressed herein.
B. Modifications
Any modification or change to the provisions of this Agreement shall be null and
void unless set forth in a written amendment to the Agreement which is signed by
all parties to the amendment.
ARTICLE XX
EFFECTIVE DATE
The provisions of this Agreement shall be effective with respect to policies
issued on or after October 15, 1999.
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ARTICLE XXI
EXECUTION
CONTINENTAL ASSURANCE COMPANY OF CHICAGO ILLINOIS
By [ILLEGIBLE] Attest [ILLEGIBLE]
------------------------------ ------------------------------
Title President, CNA LIFE RE Title [ILLEGIBLE]
Date 5/30/2000 Date 5/30/2000
HARTFORD LIFE INSURANCE COMPANY
HARTFORD LIFE AND ACCIDENT INSURANCE COMPANY
HARTFORD LIFE AND ANNUITY INSURANCE COMPANY
By /s/ Xxxxxxx X. Xxxxx Attest /s/ Xxxxxx X.Xxxxxxxx
------------------------------ ------------------------------
Xxxxxxx X. Xxxxx, FSA, CLU Xxxxxx X.Xxxxxxxx, FSA, MAAA
Vice President Individual Life Director, Individual Life
Product & Marketing Pricing
Date 5/19/00 Date 5/22/2000
SCHEDULE A
SPECIFICATIONS
TYPE OF BUSINESS Individual life insurance issued by the
Ceding Company
REINSURANCE POOL SHARE Reinsurer shall amount at risk
on a policy reinsured by the Pool.
FACULTATIVE OBLIGATORY [Redacted]
PLANS OF INSURANCE
POLICY TYPES RIDERS
Interest Sensitive Whole Life Other Covered Insured (UL)
Stag Universal Life Term Rider (on base or other insured)
ART, 5, and 10 Yr Term (NY) Additional Insurance Benefit Rider
(ISWL)
Stag Variable Life Increase in Coverage Option Rider (VL)
Artisan Variable Life Cost of Living Rider (UL)
Protector Variable Life Waiver of Premium
One Year Term ADB Benefit (not reinsured)
Accumulator Variable Life Deduction Amount Waiver Rider
Life Solutions I UL Waiver of Monthly Deduction
Life Solutions II UL Additional Purchase Option Rider
LBS I UL
Universal Life V
20 Year Term
Single Premium Variable Life (fully
underwritten only)
MINIMUM REINSURANCE CESSION [Redacted]
LEAD REINSURER [Redacted]
SCHEDULE B
BASIS OF REINSURANCE
LIFE PRODUCTS Life reinsurance will be on the yearly renewable term
(YRT) basis for the amount at risk on the portion of the
policy reinsured by Reinsurer. The amount at risk on a
policy shall be the death benefit of the policy less the
amount retained by the Ceding Company, less the cash value
under the policy. The basis for determining Reinsurer's
liability shall be the amount at risk used for computation
of the reinsurance premium.
EXCHANGES Exchanges from one single life plan reinsured under this
agreement to a different single life plan, for the purpose
of allowing the policyowner premium flexibility (UL) or
potentially higher investment return (VL), will be
reinsured hereunder as new business at first year
reinsurance rates if the new plan has been fully
underwritten and has new contestable and suicide exclusion
periods. Otherwise, the reinsurance rates will be
point-in-scale.
RESERVE BASIS [Redacted]
EXHIBIT I
REINSURANCE PREMIUMS
1. Life Reinsurance Premium
[Redacted]
2. Flat Extra Premiums
[Redacted]
3. Premium Tax
Premium tax will not be reimbursed.
4. Riders
Term riders, cost of living riders, and other riders providing additional or
increasing coverage will use the same methods and YRT rates as the base plan.
Waiver of premium rates are attached and are per dollar of annualized amount.
Deduction amount waiver rates (also called "waiver of monthly deductions") are
attached, and the charge for this benefit is a rate times the monthly deduction
amount. Our retention on both types of waivers is proportional to our retention
on the death benefit.
EXHIBIT II
SINGLE LIFE RETENTION, BINDING, AND ISSUE LIMITS
Effective 10/15/99
RETENTION LIMIT
[ILLEGIBLE]
AUTOMATIC BINDING LIMIT (EXCLUDES RETENTION)
[ILLEGIBLE]
AUTOMATIC ISSUE LIMIT (INCLUDES RETENTION)
[ILLEGIBLE]
AUTOMATIC PROCESSING LIMIT (INCLUDES RETENTION)
[ILLEGIBLE]
FACULTATIVE OBLIGATORY AUTOMATIC BINDING LIMIT (EXCLUDES RETENTION)
[ILLEGIBLE]
FACULTATIVE OBLIGATORY AUTOMATIC ISSUE LIMIT (INCLUDES RETENTION)
[ILLEGIBLE]
JUMBO LIMIT
[ILLEGIBLE]
AMENDMENT NUMBER 1
This Amendment, effective October 15, 1999, is made by and between the three
Hartford Life Companies, HARTFORD LIFE INSURANCE COMPANY, HARTFORD LIFE AND
ACCIDENT INSURANCE COMPANY, and HARTFORD LIFE AND ANNUITY INSURANCE COMPANY
(collectively referred to as the Ceding Company) AND CONTINENTAL ASSURANCE
COMPANY OF CHICAGO ILLINOIS (referred to as the Reinsurer). It is attached to
and becomes a part of the Automatic Yearly Renewable Term Reinsurance Agreement
dated October 15, 1999.
The Reinsurer and Ceding Company agree that the Ceding Company's Foreign
National business will be reinsured under the terms of this Agreement except for
the following differences:
EXECUTION
This Amendment does not alter, amend or modify the Reinsurance Agreement other
than as set forth in this Amendment, and it is subject otherwise to all the
terms and conditions of the Reinsurance Agreement together with all amendments
and supplements thereto. It is executed in duplicate by:
CONTINENTAL ASSURANCE COMPANY OF CHICAGO ILLINOIS
By /s/ [ILLEGIBLE] Attest /s/ [ILLEGIBLE]
------------------------------ ------------------------------
Title [ILLEGIBLE] Title [ILLEGIBLE]
Date 5/30/2000 Date 5/30/2000
HARTFORD LIFE INSURANCE COMPANY
HARTFORD LIFE AND ACCIDENT INSURANCE COMPANY
HARTFORD LIFE AND ANNUITY INSURANCE COMPANY
By /s/ Xxxxxxx X. Xxxxx Attest /s/ Xxx Xxxxxxxx
------------------------------ ------------------------------
Xxxxxxx X. Xxxxx, FSA, CLU Xxx Xxxxxxxx, FSA, MAAA
Vice President Individual Life Director Individual Life
Product & Marketing Product Development
Date 5/19/00 Date 5/22/2000
EXHIBIT II
SINGLE LIFE RETENTION, BINDING, AND ISSUE LIMITS
EFFECTIVE 10/15/99
RETENTION LIMIT
[ILLEGIBLE]
AUTOMATIC BINDING LIMIT (EXCLUDES RETENTION)
[ILLEGIBLE]
AUTOMATIC ISSUE LIMIT (INCLUDES RETENTION)
Issue Age Standard -- Table F Table G -- Table P
AUTOMATIC PROCESSING LIMIT (INCLUDES RETENTION)
[ILLEGIBLE]
FACULTATIVE OBLIGATORY AUTOMATIC BINDING LIMIT (EXCLUDES RETENTION)
[ILLEGIBLE]
FACULTATIVE OBLIGATORY AUTOMATIC ISSUE LIMIT (INCLUDES RETENTION)
[ILLEGIBLE]
JUMBO LIMIT
[ILLEGIBLE]
FOREIGN NATIONAL EXHIBIT I
UNDERWRITING GUIDELINES FOR FOREIGN NATIONAL BUSINESS
[Redacted]
FOREIGN NATIONAL EXHIBIT II
FOREIGN NATIONAL LOADINGS PER $1,000 OF FACE AMOUNT
[Redacted]
REGION COUNTRIES LOADINGS
----------------------------------------------------------------
Latin America & Argentina
Caribbean Brazil
Chile
Costa Rica
Dominican Republic
Mexico
Panama
Paraguay
Uruguay
Venezuela
Cayman Islands
Belize
Virgin Islands
Western Europe Austria
Belgium
Denmark
Finland
France
Germany (Reunified)
Greece
Ireland
Italy
Netherlands
Norway
Portugal
Spain
Sweden
Switzerland
United Kingdom
Far East Hong Kong
Japan
Malaysia
Philippines
Singapore
Taiwan
South Korea
Australia
AMENDMENT NUMBER 2
This Amendment, effective October 15, 1999, is made by and between the three
Hartford Life Companies, HARTFORD LIFE INSURANCE COMPANY, HARTFORD LIFE AND
ACCIDENT INSURANCE COMPANY, and HARTFORD LIFE AND ANNUITY INSURANCE COMPANY
(collectively referred to as the Ceding Company) AND CONTINENTAL ASSURANCE
COMPANY OF CHICAGO ILLINOIS (referred to as the Reinsurer). It is attached to
and becomes a part of the Automatic Yearly Renewable Term
Reinsurance Agreement
dated October 15, 1999.
EXECUTION
This Amendment does not alter, amend or modify the
Reinsurance Agreement other
than as set forth in this Amendment, and it is subject otherwise to all the
terms and conditions of the
Reinsurance Agreement together with all amendments
and supplements thereto. It is executed in duplicate by:
CONTINENTAL ASSURANCE COMPANY OF CHICAGO ILLINOIS
By /s/ [ILLEGIBLE] Attest /s/ [ILLEGIBLE]
------------------------------ ------------------------------
Title President, [ILLEGIBLE] Title [ILLEGIBLE]
Date 5/30/2000 Date 5/30/2000
HARTFORD LIFE INSURANCE COMPANY
HARTFORD LIFE AND ACCIDENT INSURANCE COMPANY
HARTFORD LIFE AND ANNUITY INSURANCE COMPANY
By /s/ Xxxxxxx X. Xxxxx Attest /s/ Xxx Xxxxxxxx
------------------------------ ------------------------------
Xxxxxxx X. Xxxxx, FSA, CLU Xxx Xxxxxxxx, FSA, MAAA
Vice President Individual Life Director Individual Life
Product & Marketing Product Development
Date 5/19/00 Date 5/22/2000
EXHIBIT I
TABLE 2 TO STANDARD PROGRAM EFFECTIVE MARCH 15, 2000
ELIGIBILITY REQUIREMENTS [Redacted]
ALLOCATION OF CASES AMONG THE REINSURER, CEDING COMPANY'S RETENTION, AND THE
POOL [Redacted]
REINSURANCE RATES [Redacted]
AMENDMENT NUMBER 3
This Amendment is made by and between the three Hartford Life Companies,
HARTFORD LIFE INSURANCE COMPANY, HARTFORD LIFE AND ACCIDENT INSURANCE COMPANY,
and HARTFORD LIFE AND ANNUITY INSURANCE COMPANY(collectively referred to as the
Ceding Company) AND CONTINENTAL ASSURANCE COMPANY OF CHICAGO ILLINOIS (referred
to as the Reinsurer). It is attached to and becomes a part of the Automatic
Yearly Renewable Term Reinsurance Agreement dated October 15, 1999 (referred to
as the Reinsurance Agreement).
1. Effective October 1, 2000, Schedule A of the Reinsurance Agreement shall be
amended to reflect the inclusion of the Guaranteed Cost of Insurance Benefit
Rider. This Rider shall be reinsured under the terms of this Reinsurance
Agreement if and only if the policy to which the A revised Schedule A
is attached and shall replace the existing Schedule A.
2. This Amendment does not alter, amend or modify the Reinsurance Agreement
other than as set forth in this Amendment, and it is subject otherwise to all
the terms and conditions of the Reinsurance Agreement together with all
amendments and supplements thereto.
CONTINENTAL ASSURANCE COMPANY OF CHICAGO ILLINOIS
By /s/ [ILLEGIBLE] Attest /s/ [ILLEGIBLE]
------------------------------ ------------------------------
Title Senior Vice President - Munich Title [ILLEGIBLE]
American, an behalf of
Continental Assurance
Date March 12, 2001 Date 3/12/01
HARTFORD LIFE INSURANCE COMPANY
HARTFORD LIFE AND ACCIDENT INSURANCE COMPANY
HARTFORD LIFE AND ANNUITY INSURANCE COMPANY
By /s/ Xxxxxxx X. Xxxxx Attest /s/ Xxx Xxxxxxxx
------------------------------ ------------------------------
Xxxxxxx X. Xxxxx FSA, CLU Xxx Xxxxxxxx, FSA, MAAA
Vice President Individual Life Director Individual Life
Product & Marketing Product Development
Date 2/13/2001 Date 2/16/2001
SCHEDULE A
SPECIFICATIONS
(OCTOBER 1, 2000)
TYPE OF BUSINESS Individual life insurance issued by the
Ceding Company
REINSURANCE POOL SHARE Reinsurer shall automatically [Redacted] the
amount at risk on a policy reinsured by the
Pool.
FACULTATIVE OBLIGATORY [Redacted]
PLANS OF INSURANCE
POLICY TYPES RIDERS
------------------------------------------------------------------------
Interest Sensitive Whole Life Other Covered Insured (UL)
Stag Universal Life Term Rider (on base or other
insured)
ART, 5, and 10 Yr Term (NY) Additional Insurance Benefit Rider
(ISWL)
Stag Variable Life Increase in Coverage Option Rider
(VL)
Artisan Variable Life Cost of Living Rider (UL)
Protector Variable Life Waiver of Premium
One Year Term ADB Benefit (not reinsured)
Accumulator Variable Life Deduction Amount Waiver Rider
Life Solutions I UL Waiver of Monthly Deduction
Life Solutions II UL Additional Purchase Option Rider
LBS I UL Guaranteed COI Benefit Rider
Universal Life V
20 Year Term
Single Premium Variable Life
(fully underwritten only)
MINIMUM REINSURANCE
CESSION
[Redacted]
LEAD REINSURER
[Redacted]
AMENDMENT NUMBER 4
This Amendment, effective October 15, 1999, is made by and between the three
Hartford Life Companies, HARTFORD LIFE INSURANCE COMPANY, HARTFORD LIFE AND
ACCIDENT INSURANCE COMPANY, and HARTFORD LIFE AND ANNUITY INSURANCE COMPANY
(collectively referred to as the Ceding Company) AND MUNICH AMERICAN REASSURANCE
COMPANY (referred to as the Reinsurer). It is attached to and becomes a part of
the Automatic yearly Renewable Term Reinsurance Agreement dated October 15,
1999.
In all other respects, said Agreement shall remain unchanged.
MUNICH AMERICAN REASSURANCE COMPANY
By /s/ [ILLEGIBLE] Attest /s/ [ILLEGIBLE]
------------------------------ ------------------------------
Title 2nd Vice President Title Associate Actuary
Date 18 March 2003 Date 18 March 2003
HARTFORD LIFE INSURANCE COMPANY
HARTFORD LIFE AND ACCIDENT INSURANCE COMPANY
HARTFORD LIFE AND ANNUITY INSURANCE COMPANY
By /s/ Xxxxxxx X. Xxxxx Attest /s/ Xxxxxx X. Xxxxxxxx
------------------------------ ------------------------------
Xxxxxxx X. Xxxxx, FSA, CLU Xxxxxx X. Xxxxxxxx, FSA, MAAA
Senior Vice President Assistant Vice President
Individual Life Product &
Marketing
Date 3/4/2003 Date 2/28/2003
AMENDMENT 5
EFFECTIVE JUNE 25, 2002
TO THE
AUTOMATIC YEARLY RENEWABLE TERM REINSURANCE AGREEMENT
EFFECTIVE OCTOBER 15, 1999
BETWEEN
HARTFORD LIFE AND ACCIDENT INSURANCE COMPANY
HARTFORD LIFE INSURANCE COMPANY
AND
HARTFORD LIFE AND ANNUITY INSURANCE COMPANY
("CEDING COMPANY")
AND
MUNICH AMERICAN REASSURANCE COMPANY
("REINSURER")
("AGREEMENT")
WHEREAS, the Reinsurer currently reinsures the Ceding Company's plans or
policies under the Agreement; and
WHEREAS, the Reinsurer has agreed to automatically reinsure a policy that did
not otherwise qualify for Automatic Reinsurance when it was issued.
NOW, THEREFORE, for good and valuable consideration, receipt of which is hereby
acknowledged, the Ceding Company and the Reinsurer hereby agree as follows:
1. The above recitals are true and accurate and are incorporated herein.
2. The policy listed below shall be reinsured, on an Automatic Reinsurance
basis, under the terms of the Agreement.
3. Capitalized terms not defined in this Amendment shall have the meaning set
forth in the Agreement.
4. Except as herein amended, all other terms and conditions of the Agreement
shall remain unchanged.
Single Life Excess Treaty -- Effective 10/15/1999
Between HLA, HLIC, HLAIC and Munich
Amendment #5 -- Effective 06/25/2002
Reinsurer's Treaty ID : 2616 -- 8
1
In witness of the foregoing, the Ceding Company and the Reinsurer have, by their
respective officers, hereby executed this Amendment in duplicate on the dates
indicated below.
MUNICH AMERICAN REASSURANCE COMPANY
By: /s/ Xxxx Xxxxxxxx Attest: /s/ Xxxxxxx X. Xxxx
------------------------------ ------------------------------
Name: Xxxx Xxxxxxxx Name: Xxxxxxx X. Xxxx
Title: Vice President & Actuary Title: Second Vice President, Treaty
Date: November 16, 2011 Date: 11/16/11
HARTFORD LIFE INSURANCE COMPANY
HARTFORD LIFE AND ACCIDENT INSURANCE COMPANY
HARTFORD LIFE AND ANNUITY INSURANCE COMPANY
By: /s/ Xxxx Xxxxxxx Attest: /s/ Xxxxxxx Xxxxxx
------------------------------ ------------------------------
Name: Xxxx Xxxxxxx, FSA, MAAA Name: Xxxxxxx Xxxxxx, FSA, MAAA
Title: Assistant Vice President and Title: Senior Vice President
Actuary Individual Life Individual Life Product
Product Management Management
Date: November 29, 2011 Date: 12/2/11
Single Life Excess Treaty -- Effective 10/15/1999
Between HLA, HLIC, HLAIC and Munich
Amendment #5 -- Effective 06/25/2002
Reinsurer's Treaty ID : 2616 -- 8
2
ADDENDUM
TO THOSE REINSURANCE AGREEMENTS LISTED IN
THE ATTACHED SCHEDULE 1
(REFERRED TO INDIVIDUALLY AS "THE AGREEMENT" AND
COLLECTIVELY AS "THE AGREEMENTS")
BETWEEN
HARTFORD LIFE INSURANCE COMPANY
HARTFORD LIFE AND ANNUITY INSURANCE COMPANY
HARTFORD LIFE AND ACCIDENT INSURANCE COMPANY
("THE CEDING COMPANY")
AND
MUNICH AMERICAN REASSURANCE COMPANY ("THE REINSURER")
WHEREAS, the Reinsurer currently reinsures certain plans or policies of the
Ceding Company under the Agreements; and
WHEREAS, the Ceding Company and the Reinsurer agree that for facultative
reinsurance, any references in the Agreements to the following terms shall be
interpreted to mean the reinsurance amount requested at time of facultative
reinsurance application, regardless of the amount of insurance ultimately
reinsured:
- Minimum initial amount to be reinsured
- Minimum Cession
- Minimum Reinsurance Cession
- Minimum Reinsurance Cession to Reinsurer
- Minimum facultative threshold
- Minimum Facultative Reinsurance Cession; and
WHEREAS, the Ceding Company and the Reinsurer agree that such change in
interpretation shall be as of the Effective Date of each Agreement listed in the
attached Schedule 1.
NOW, THEREFORE, for good and valuable consideration, receipt of which is hereby
acknowledged, the Ceding Company and the Reinsurer hereby agree as follows:
1. The above recitals are true and accurate and are incorporated herein.
2. Except as herein amended, all other terms and conditions of the Agreements
shall remain in full force and effect and unchanged.
Between HLIC/HLA/HLAIC and Munich Re
Addendum
1
In witness of the foregoing, the Ceding Company and the Reinsurer have, by their
respective officers, executed this Amendment in duplicate on the dates indicated
below.
MUNICH AMERICAN REASSURANCE COMPANY
By: /s/ [ILLEGIBLE] Attest: /s/ Xxxxxxx X. Xxxx
------------------------------ ------------------------------
Name: [ILLEGIBLE] Name: Xxxxxxx X. Xxxx
Title: [ILLEGIBLE] Title: 2nd Vice President, Treaty
Date: June 10, 2011 Date: 6/10/11
HARTFORD LIFE INSURANCE COMPANY
HARTFORD LIFE AND ANNUITY INSURANCE COMPANY
HARTFORD LIFE AND ACCIDENT INSURANCE COMPANY
By: /s/ Xxxx Xxxxxxx Attest: /s/ Xxxxxxx Xxxxxx
------------------------------ ------------------------------
Name: Xxxx Xxxxxxx Name: Xxxxxxx Xxxxxx
Title: Assistant Vice President & Title: Senior Vice President &
Actuary Actuary
Date: 6-29-2011 Date: 6-30-2011
Between HLIC/HLA/HLAIC and Munich Re
Addendum
2
SCHEDULE 1
[Redacted]
CEDING
COMPANY
CEDING TREATY REINSURER
AGREEMENT EFFECTIVE DATE COMPANY* NUMBER TREATY NUMBER
---------------------------------------------------------------------------------------------------------------------
Individual Risks -- Fac November 18, 1974 HLIC CL-100142 2102
Individual Risks -- Fac November 18, 1974 HLA CL-100143 2100
Individual Risks -- Fac August 1, 1981 XXX CL-100141 1191
Individual Risks -- Fac July 1, 1983 XXX CL-100140 2459
Universal Life -- Fac December 1, 1983 HLIC CL-100320 2103
Universal Life -- Fac January 1, 1994 XXX CL-100144 2101
Life Solutions October 15, 1999 HLIC, HLA, XXX CL-100206 2616, 2659, 2657
Term December 1, 2000 HLIC, HLA, XXX CL-100178 1786, 2717
Last Survivor Excess January 1, 2002 XXX CL-100007 3217
Last Survivor Excess January 1, 2002 HLIC CL-100008 2781
Single Life Excess November 1, 2002 (Fac) / XXX CL-100013 3209
December 1, 2002 (Auto)
Single Life Excess November 1, 2002 (Fac) / HLIC CL-100040 2916
December 1, 2002 (Auto)
Last Survivor AUL January 1, 2005 HLIC CL-100130 3314
Last Survivor AUL January 1, 2005 XXX CL-100131 3315
*Ceding Company abbreviations
HLIC: Hartford Life Insurance Company
XXX: Hartford Life and Annuity Insurance Company
HLA: Hartford Life and Accident Insurance Company
Between HLIC/HLA/HLAIC and Munich Re
Addendum
3
