AUTOMATIC QUOTA SHARE, FACULTATIVE AND AUTOMATIC EXCESS YRT REINSURANCE AGREEMENT between
Item 30. Exhibit (g) i. a. i.
AMENDMENT #1 to the
AUTOMATIC QUOTA SHARE, FACULTATIVE AND AUTOMATIC EXCESS YRT REINSURANCE AGREEMENT
between
MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY,
(hereinafter referred to as the “Ceding Company”)
and
THE CANADA LIFE ASSURANCE COMPANY
(hereinafter referred to as the “Reinsurer”)
Original Treaty Effective Date: November 21, 2020
Coverage: APEX Variable Universal Life
TAI Code: [ ] Reinsurer Agreement: [ ]
Effective January 1, 2023, the above-referenced Agreement is hereby amended to include the following change:
Exhibit B of the Agreement is hereby deleted and replaced in its entirety with the attached Exhibit B – Plans Covered and Binding Limits (Effective January 1, 2023)
This Amendment does not alter, amend, or modify the Agreement other than as set forth in this Amendment, and all other conditions of this Agreement not in conflict with the terms and conditions of this Amendment will continue unchanged.
[SIGNATURE PAGE FOLLOWS]
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IN WITNESS WHEREOF, both parties in duplicate hereby execute this Amendment in good faith:
| MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY | ||||
| By: | /s/ Xxxx Xxxxxx | Date: | March 7, 2023 | |
| Xxxx Xxxxxx | ||||
| Head of Reinsurance Development | ||||
| THE CANADA LIFE ASSURANCE COMPANY | ||||
| By: | /s/ Xxxx-Xxxxxxxx Xxxxxx | Date: | March 1, 2023 | |
| Xxxx-Xxxxxxxx Xxxxxx | ||||
| EVP, Life Reinsurance | ||||
| THE CANADA LIFE ASSURANCE COMPANY | ||||
| By: | /s/ Xxxxxxx Xxxxxxx | Date: | March 2, 2023 | |
| Xxxxxxx Xxxxxxx | ||||
| SVP, Life Reinsurance | ||||
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EXHIBIT B: Plans Covered and Binding Limits
B.1 Plan, Riders and Benefits
| a) | Issuing Companies: Policies issued by Massachusetts Mutual Life Insurance Company of Springfield, Massachusetts, may be reinsured under this Agreement. |
| b) | Type of Business: Life insurance only. [ ]. |
| c) | Plans of Insurance: [ ] Variable Life Insurance Policy and the following riders: [ ]. |
[ ][ ].
The Ceding Company [ ]:
| 1. | [ ] |
The [ ].
| 2. | [ ] |
From the Reinsurer’s perspective, [ ].
The [ ].
[ ].
[ ].
[ ]
The [ ].
[ ].
| d) | Eligible Policies: [ ] Variable Life Insurance Policies and increases that are entered into the Ceding Company’s new business system on or after the Effective Date of this Agreement or those Policies issued as continuations of such Policies under the Agreement (including Policies [ ] the Effective Date of this Agreement). |
| e) | Basis of Reinsurance: |
[ ]
The Reinsurer shall [ ].
[ ]
The Reinsurer shall [ ].
f) Issue Ages: [ ]
B.2 Automatic Reinsurance Limits
| a) | Reinsurer’s Share: |
[ ]
Automatic Quota Share: [ ]%
Automatic Excess: [ ]%
[ ]
Automatic Quota Share: [ ]%
Automatic Excess: [ ]%
| b) | Ceding Company’s Retention: |
[ ]
Automatic Quota Share: The Ceding Company will retain [ ]% of the first $[ ] up to their maximum per life retention limit.
Automatic Excess: The Ceding Company retains [ ].
[ ]
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Automatic Quota Share: The Ceding Company will retain [ ]% of the first $[ ]up to their maximum per life retention limit.
Automatic Excess: The Ceding Company retains [ ].
| c) | Reinsurer’s Automatic Binding Limit: |
[ ]
Automatic Quota Share: Maximum $[ ]
Automatic Excess: Up to an additional $[ ]
The total of new reinsurance on a life (ultimate amount, including contractual increases) and the ultimate amount already reinsured on that life under this Agreement, and all other agreements between the Parties will not exceed $[ ].
[ ]
Automatic Quota Share: Maximum $[ ]
Automatic Excess: Up to an additional $[ ]
The total of new reinsurance on a life (ultimate amount, including contractual increases) and the ultimate amount already reinsured on that life under this Agreement, and all other agreements between the Parties will not exceed $[ ].
| d) | Automatic Issue Limit: |
[ ]
Automatic Quota Share:
Minimum Face Amount: $[ ]
Maximum Face Amount: $[ ]
Automatic Excess:
Minimum Face Amount: $[ ]
Maximum Face Amount: $[ ]
[ ]
Automatic Quota Share:
Minimum Face Amount: $[ ]
Maximum Face Amount: $[ ]
Automatic Excess:
Minimum Face Amount: $[ ]
Maximum Face Amount: $[ ]
B.3 Jumbo Limit
“Jumbo Limit” means $[ ] of life insurance. If the Jumbo Exposure exceeds the Jumbo Limit it will not be eligible for automatic reinsurance, in accordance with Section 3.1.
“Jumbo Exposure” is defined as the [ ].
“Applied For” means a [ ].
“1035 Exchange” is defined as [ ].
The Ceding Company [ ].
Prior to issuing a Policy, the Ceding Company will [ ].
B.4 Minimum Initial Cession Amount
Minimum $[ ]
B.5 Lead Underwriter Reinsurer
The Parties agree [ ].
Examples of [ ]:
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| • | [ ]. |
| • | [ ]. |
| • | [ ]. |
Requests [ ]:
| • | [ ]; or |
| • | [ ]. |
Regardless [ ].
The [ ].
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