AMENDMENT NO. 5
to the Yearly Renewable Term Reinsurance Agreement Effective August 1, 1983
between
CENTURY LIFE OF AMERICA
and
CONNECTICUT GENERAL LIFE INSURANCE COMPANY
It is agreed by the two companies that the following section entitled
ARBITRATION will be substituted for the corresponding section of Article 16 of
this agreement:
ARBITRATION
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Should a disagreement arise between the two companies regarding the
rights or liabilities of either company under any transaction under this
agreement, the issue will be referred to arbitrators, one to be chosen by
each company from among officers of other life insurance companies, who
are familiar with reinsurance transactions, and a third to be chosen by
the said two arbitrators before entering into arbitration. An arbitrator
may not be a present or former officer, attorney, or consultant of
Century Life or Connecticut General or either's affiliates. If the
arbitrators appointed by the two parties cannot agree on a third person,
then either party may apply to the court, pursuant to Section 52-411 of
the General Statutes of the State of Connecticut, for appointment of a
third arbitrator. The arbitrators will regard this document as an
honorable agreement and not merely as a legal obligation, as they will
consider practical business and equity principles. The arbitrators'
decision will be final and binding upon both companies.
The place of meeting of the arbitrators will be decided by a
majority vote of the members thereof. All expenses and fees of the
arbitrators will be borne equally by Century Life and Connecticut General
(unless the arbitrators decide otherwise).
This amendment will be effective January 1, 1989.
In witness whereof, this amendment is signed in duplicate on the dates
indicated at the home office of each company.
CENTURY LIFE OF AMERICA
By /s/ Xxxxxx X. Xxxxxxxxxx
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Xxxxxx X. Xxxxxxxxxx
Date July 30 1990
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CONNECTICUT GENERAL LIFE INSURANCE COMPANY
By /s/ Xxxxxxx X. Xxxxxxxxxxx
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Xxxxxxx X. Xxxxxxxxxxx
Date July 20 1990
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