THE REGISTRANT HAS APPLIED FOR CONFIDENTIAL TREATMENT OF CERTAIN TERMS IN THIS
EXHIBIT WITH THE SECURITIES AND EXCHANGE COMMISSION. THE CONFIDENTIAL PORTIONS
OF THIS EXHIBIT ARE MARKED WITH AN ASTERISK [*] AND HAVE BEEN OMITTED. THE
OMITTED PORTIONS OF THIS EXHIBIT WILL BE FILED SEPARATELY WITH THE SECURITIES
AND EXCHANGE COMMISSION PURSUANT TO A CONFIDENTIAL TREATMENT REQUEST.
VARIABLE ANNUITY GUARANTEED DEATH BENEFIT REINSURANCE
Effective JULY 1, 1995
between
NORTH AMERICAN SECURITY LIFE INSURANCE COMPANY
(BOSTON, MA)
and
CONNECTICUT GENERAL LIFE INSURANCE COMPANY
CIGNA REINSURANCE
(Hartford, Connecticut)
REINSURANCE AGREEMENT, Effective JULY 1, 1995
between
NORTH AMERICAN SECURITY LIFE INSURANCE COMPANY
(BOSTON, MA)
and
CONNECTICUT GENERAL LIFE INSURANCE COMPANY
CIGNA REINSURANCE
(Hartford, Connecticut)
INDEX
ARTICLE PAGE
------- ----
Access to Records XI 8
Amounts at Risk II 2
Arbitration XVI 11
Automatic Excess Reinsurance III 3
Claims VII 6
Currency XIII 9
DAC Tax Regulation Election XVII 12
Delays, Errors, or Omissions XII 9
Effective Date; Term and Termination XVIII 13
Extra Contractual Obligations VIII 7
Hold Harmless XIV 9
Insolvency XV 10
Liability of Connecticut General IV 3
Litigation IX 8
Notices XIX 16
Offset X 8
Parties to the Agreement I 1
Premium Accounting VI 6
Reinsurance Premiums V 4
SCHEDULES
A Maximum Limits of Reinsurance in Connecticut General
B Policy Forms and Funds Subject to this Reinsurance Agreement
C Limits and Rules of NASL
D Reinsurance Premium Rates
E Reporting Format Description
REINSURANCE AGREEMENT
(hereinafter called Agreement)
between
NORTH AMERICAN SECURITY LIFE INSURANCE COMPANY
(hereinafter called NASL)
and
CONNECTICUT GENERAL LIFE INSURANCE COMPANY
(hereinafter called Connecticut General or Reinsurer)
It is agreed by the two companies as follows:
ARTICLE I PARTIES TO THE AGREEMENT
This Agreement shall be binding upon and shall inure solely to the benefit of
NASL and Connecticut General. This Agreement shall not and is not intended to
create any right or interest in any third party and shall not and is not
intended to create any legal relationship between either party and any third
party, including, without limitation, annuitants, insureds, certificate holders,
employees, dependents, beneficiaries, policy owners, applicants or assignees
under any policy or contract issued by NASL.
NORTH AMERICAN SECURITY LIFE CIGNA REINSURANCE
VEN 20, 21, 22, 23 DECEMBER 20, 1995
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ARTICLE II AMOUNTS AT RISK
ALL FORMS BEGINNING WITH VENTURE
A. The reinsurance death benefit is 50% of the excess of the guaranteed
minimum death benefit over the contract value. The death benefit is paid
upon the death of any owner.
If any Owner dies on or prior to their 85th birthday and the oldest Owner
had an attained age of less than 81 years on the Contract Date, the Death
Benefit during the first Contract Year, will be the greater of: the
Contract Value, or the sum of all Payments made, less any amount deducted
in connection with partial withdrawals. During any subsequent Contract
Year, the Death Benefit will be the greater of: the Contract Value, or the
Death Benefit on the last day of the previous Contract Year plus any
Payments made and less any amounts deducted in connection with partial
withdrawals, since then.
Death Benefits payable after age 85 are not covered under this treaty.
If any Owner dies and the oldest Owner had an attained age of 81 or greater
on the Contract Date, the policy does not provide a minimum death benefit
and is not covered under this treaty.
Please refer to Schedule C for a detailed discussion of the guaranteed
minimum death benefit.
B. The contract value represents the owner's invested assets in the funds in
Schedule B as it appears in the records of NASL before application of any
surrender charges, on any given date.
C. In determining the amount at risk, the guaranteed minimum death benefit and
the contract value are calculated as the average of the values at the end
of the current calendar quarter and the end of the prior calendar quarter.
The amount at risk cannot fall below zero.
NORTH AMERICAN SECURITY LIFE CIGNA REINSURANCE
VEN 20, 21, 22, 23 DECEMBER 20, 1995
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ARTICLE III AUTOMATIC EXCESS REINSURANCE
A. On and after the Effective Date of this Agreement, subject to the limit of
Reinsurer's liability set forth in Schedule A and all other terms,
conditions and limitations set forth in this Agreement and the Schedules
attached to and made a part hereof, NASL shall cede and the Reinsurer shall
accept [*] of NASL'S guaranteed death benefit liability under the Variable
Annuity Contracts, as described in Article II A.
B. This Agreement covers only NASL'S liability for claims paid under Variable
Annuity Contracts written on forms and investment in funds which were
reviewed by the Reinsurer prior to their issuance. Forms, as supplemented
by additional materials, and funds available as of the date of this
Agreement are listed on Schedule B, attached hereto and made a part hereof.
If NASL intends to cede to Reinsurer liability with respect to a new form
or fund, or a revised version of an approved form or fund, it must provide
to the Reinsurer written notice of such intention together with a copy of
the proposed form, fund or revision, and a revised Schedule B.
C. NASL shall provide written notice to Connecticut General of any changes in
its published limits and rules identified on Schedule C, and Connecticut
General shall have no liability pursuant to revised limits and rules unless
and until Connecticut General provides written notice to NASL that such
revised limits and rules are acceptable.
ARTICLE IV LIABILITY OF CONNECTICUT GENERAL
Connecticut General's liability for reinsurance under this Agreement shall
follow that of NASL in every case, and be subject in all respects to the general
stipulations, terms, clauses, conditions, waivers and modifications of the
Variable Annuity Contracts.
In no event shall Connecticut General have any reinsurance liability unless the
Variable Annuity Contract issued by NASL is in force and the underwriting and
issuance of coverage by NASL constitutes the doing of business in a state of the
United States of America in which NASL is properly licensed and authorized to do
business.
NORTH AMERICAN SECURITY LIFE CIGNA REINSURANCE
VEN 20, 21, 22, 23 DECEMBER 20, 1995
-3-
ARTICLE V REINSURANCE PREMIUMS
THE calendar quarterly premiums for reinsurance subject to the terms and
conditions of this Agreement shall be determined by application of the rates set
forth in Schedule D to the amount of reinsurance coverage provided for each
annuity insured by NASL, subject to the following:
1. The reinsurance shall be based on the owner's age at the end of each
calendar quarter. If the contract has more than one owner, the
reinsurance premiums shall be based on the age listed on the records
of NASL. NASL shall determine the owner's age at the time it prepares
the quarterly exposure data submission for the variable annuity
guaranteed death benefit, as set forth in Schedule E, attached hereto.
2. The reinsurance premiums shall be calculated separately for funds
identified as variable and guaranteed in Schedule B.
3. The Age Adjusted Aggregate Contract Value is the sum of the contract
values in all of NASL'S variable annuities subject to this Agreement,
minus contract values attributable to amounts in excess of the maximum
purchase amounts listed in Schedule A.
4. For funds identified as variable in Schedule B, and for attained ages
less than 70, the premium over each calendar year will be at least
equivalent to [*] of the Age Adjusted Aggregate Contract Values times
[*] for year one (1); and [*] thereafter. For attained ages 70 and
older the premium over each calendar year will be at least equivalent
to [*] of the Age Adjusted Aggregate Contract Values times [*] for
year one (1); and [*] thereafter.
5. For funds identified as guaranteed in Schedule B, there will be no
minimum premium regardless of attained age.
6. For all funds identified in Schedule B, and for ages less than 70, the
premium over each calendar year will not exceed [*] of the Age
Adjusted Aggregate Contract Values times [*] for year one (1); and [*]
thereafter. For attained ages 70 and older the premium over each
calendar year will not exceed [*] of the Age Adjusted Aggregate
Contract Values times [*] for year one (1); and [*] thereafter.
NORTH AMERICAN SECURITY LIFE CIGNA REINSURANCE
VEN 20, 21, 22, 23 DECEMBER 20, 1995
-4-
7. 50% of the Age Adjusted Aggregate Contract Values times one fourth
(1/4) of the minimum premium rate will be remitted to Connecticut
General in advance for the current calendar quarter, at the time of
settlement for the prior calendar quarter.
NORTH AMERICAN SECURITY LIFE CIGNA REINSURANCE
VEN 20, 21, 22, 23 DECEMBER 20, 1995
-5-
ARTICLE VI PREMIUM ACCOUNTING
NASL shall forward to Connecticut General within thirty (30) days of the end of
the reporting period a quarterly statement as set forth in Schedule E. NASL
shall also remit any premium due for the prior quarter along with an advance
premium for the current quarter, in accordance with Article V. In the event of
any over payment by NASL of premiums or advance premiums, Connecticut General
shall remit to NASL the excess amount within thirty (30) days following receipt
of the quarterly reinsurance statement.
If the amounts described in Article V cannot be determined by the dates set
forth in the above paragraph, on an exact basis, such payments will be made with
a generally agreed upon formula which will approximate the actual payments.
Adjustments will then be made to reflect actual amounts when they become
available.
ARTICLE VII CLAIMS
A. NASL is solely responsible for payment of its claims under the Underlying
Annuity Contracts, policies, master contracts or certificates identified on
Schedule B. NASL shall provide Connecticut General with proof of claim,
proof of claim payment and any other claim documentation requested by
Connecticut General on a quarterly basis. Payment of reinsurance shall be
made by Connecticut General in one sum regardless of the method of payment
by NASL and within thirty (30) days following receipt of the quarterly
reinsurance statement, as set forth in Schedules E-1 and E-2.
B. NASL shall notify Connecticut General of NASL'S intention to contest, or
deny a claim which may involve the reinsurance coverage under this
Agreement before any notice of contest or denial is provided to the
claimant. Connecticut General shall then have thirty (30) days within which
to advise NASL whether it agrees that the claim should be contested or
denied. If Connecticut General does not agree that the claim should be
contested or denied, then it shall pay to NASL the full amount of the
reinsurance on the risk reinsured, as set forth in Article II, and
Connecticut General shall have no further obligation in respect to such
claim. If Connecticut General agrees that the claim should be contested or
denied, then Connecticut General shall pay its share of the following in
accordance with its share of liability set forth in Article II:
- Expenses incurred by NASL in investigating, contesting, or litigating
or otherwise resisting the claim, excluding salaries and expenses of
employees, officers and agents of NASL and ordinary overhead expenses
of NASL, and costs of third party administrators acting on behalf of
NASL; and
- Interest which is paid by NASL in respect of the claim.
NORTH AMERICAN SECURITY LIFE CIGNA REINSURANCE
VEN 20, 21, 22, 23 DECEMBER 20, 1995
-6-
ARTICLE VIII EXTRA CONTRACTUAL OBLIGATIONS
A. In no event shall Connecticut General be liable for extra contractual
damages (whether they constitute Compensatory damages, Statutory penalties,
Exemplary or Punitive damages) which are awarded against NASL as a result
of an act, omission or course of conduct by NASL in connection with
policies subject to this Agreement, unless the Reinsurer shall have
received notice of and concurred with the actions taken or not taken by
NASL which led to its liability, in which case the Reinsurer shall pay its
share of such liability. For this purpose, the Reinsurer's share shall be
proportionate with its risk under the business reinsured hereunder.
B. The following definitions shall apply:
(1) Punitive damages and Exemplary damages are those damages awarded as a
penalty, the amount of which is not governed nor fixed by statute.
(2) Statutory penalties are those amounts which are awarded as a penalty
but fixed in amount by statute.
(3) Compensatory damages are those amounts awarded to compensate for the
actual damages sustained and are not awarded as a penalty nor fixed in
amount by statute.
NORTH AMERICAN SECURITY LIFE CIGNA REINSURANCE
VEN 20, 21, 22, 23 DECEMBER 20, 1995
-7-
ARTICLE IX LITIGATION
A. In the event of any action brought against NASL under any Underlying
Annuity Contract that is subject to the terms and conditions of this
Agreement, NASL shall provide to Connecticut General a copy of such action
within ten (10) business days following NASL'S direct receipt of the
service process. If Connecticut General is a party to action brought
against NASL, NASL shall counsel with Connecticut General on the selection
and appointment of local counsel to represent NASL in such action.
B. If NASL pursues any litigation where Connecticut General is not a party or
where Connecticut General is a party but does not agree to pursue
litigation, NASL and Connecticut General agree that all litigation costs,
excluding the salaries of employees of NASL and Connecticut General, shall
be borne by NASL. However, if NASL and Connecticut General agree to jointly
defend any litigation, or if Connecticut General agrees that NASL should
pursue litigation, litigation costs will be borne in proportion to the net
liability borne by each party.
ARTICLE X OFFSET
Either party shall have, and may exercise at any time and from time to time, the
right to offset any balance or amounts whether on account of premiums or on
account of losses or otherwise, due from one party to the other under the terms
of this Agreement. However, in the event of insolvency of NASL subject to the
provisions of Article XV, offset shall only be allowed in accordance with the
statutes and/or regulations of the state having jurisdiction over the
insolvency.
ARTICLE XI ACCESS TO RECORDS
NASL and Connecticut General (or its duly authorized representative) each shall
have the right during normal business and at reasonable intervals, to audit at
the office of the other, all records relating to this reinsurance.
Books and records shall be maintained in accordance with prudent standards of
insurance company record keeping and must be retained for a period of at least
seven (7) years from the date of creation. Within one hundred and fifty (150)
days following the end of each calendar year, NASL and Connecticut General will
provide each office with copies of their respective audited financial
statements.
NORTH AMERICAN SECURITY LIFE CIGNA REINSURANCE
VEN 20, 21, 22, 23 DECEMBER 20, 1995
-8-
ARTICLE XII DELAYS, ERRORS OR OMISSIONS
No accidental delay, errors or omissions on the part of NASL shall relieve
Connecticut General of liability provided such delay, errors or omissions are
rectified as soon as possible after discovery. However, Connecticut General
shall not be liable with respect to any reinsurance which may have been
inadvertently included in the premium computation but which ought not to have
been included by reason of the terms and conditions of this Agreement. It is
expressly understood and agreed that if failure to comply with any terms of this
Agreement is hereby shown to be unintentional or the result of misunderstanding
or oversight on the part of either party, both parties shall be restored to the
position they would have occupied had no such error or oversight occurred,
subject always to the correction of the error or oversight.
ARTICLE XIII CURRENCY
All retentions and limits hereunder are expressed in United States dollars and
all premium and loss payments shall be made in United States currency. For the
purposes of this Agreement, amounts paid or received by Connecticut General in
any other currency shall be converted into United States dollars at the rates of
exchange on the date such transactions are entered on the books of Connecticut
General.
ARTICLE XIV HOLD HARMLESS
A. Connecticut General shall indemnify and hold NASL harmless from any and all
liability, loss, damage, fines, punitive damages, penalties and costs,
including expenses and attorney's fees, which results from any negligence
or willful misconduct of Connecticut General in fulfilling its duties and
obligations under this Agreement or which results from any action which
exceeds its authority under this Agreement.
B. NASL shall indemnify and hold Connecticut General harmless from any and all
liability, loss, damage, fines, punitive damages, penalties and costs,
including expenses and attorney's fees, which results from any negligence
or willful misconduct of NASL in fulfilling its duties and obligations
under this Agreement or which results from any action which exceeds its
authority under this Agreement.
NORTH AMERICAN SECURITY LIFE CIGNA REINSURANCE
VEN 20, 21, 22, 23 DECEMBER 20, 1995
-9-
ARTICLE XV INSOLVENCY
In the event of insolvency of NASL, the reinsurance under this Agreement shall
be payable directly by Connecticut General to NASL or to its liquidator,
receiver, conservator or statutory successor on the basis of Connecticut
General's liability to NASL without diminution because of the insolvency of NASL
or because the liquidator, receiver, conservator or statutory successor of NASL
has failed to pay all or a portion of any claim. It is agreed, however, that the
liquidator, receiver, conservator or statutory successor of NASL shall give
prompt written notice to Connecticut General of the pendency of a claim against
NASL within a reasonable time after such claim is filed in the receivership,
conservation, insolvency or liquidation proceeding and that during the pendency
of such claim, Connecticut General may investigate such claim and interpose, at
its own expense, in the proceeding where such claim is to be adjudicated, any
defense or defenses that it may deem available to NASL or its liquidator,
receiver, conservator or statutory successor. The expense thus incurred by
Connecticut General shall be chargeable, subject to the approval of the Court,
against NASL as part of the expense of conservation or liquidation to the extent
of a pro-rata share of the benefit which may accrue to NASL solely as a result
of the defense undertaken by Connecticut General.
Where two or more reinsurers are involved in the same claim and a majority in
interest elect to interpose defense to such claim, the expense shall be
apportioned in accordance with the terms of this Agreement as though such
expense had been incurred by NASL.
NORTH AMERICAN SECURITY LIFE CIGNA REINSURANCE
VEN 20, 21, 22, 23 DECEMBER 20, 1995
-10-
ARTICLE XVI ARBITRATION
A. As a condition precedent to any right of action hereunder, any dispute
between the parties with respect to the interpretation of this Agreement or
any right, obligation or liability of either party, whether such dispute
arises before or after termination of this Agreement, shall be submitted to
arbitration upon the written request of either party. Each party shall
select an arbitrator within thirty (30) days of the written request for
arbitration. If either party refuses or neglects to appoint an arbitrator
within thirty (30) days of the written request for arbitration, the other
party may appoint the second arbitrator. The two arbitrators shall select
an umpire within thirty (30) days of the appointment of the second
arbitrator. If the two arbitrators fail to agree on the selection of the
umpire within thirty (30) days of the appointment of the second arbitrator,
each arbitrator shall submit to the other a list of three umpire
candidates, each arbitrator shall select one name from the list submitted
by the other and the umpire shall be selected from the two names chosen by
a lot drawing procedure to be agreed upon by the arbitrators.
B. The arbitrators and the umpire all shall be active or retired,
disinterested executive officers of insurance or reinsurance companies.
C. The arbitration panel shall interpret this Agreement as an honorable
engagement rather than merely as a legal obligation and shall make its
decision considering the custom and practice of the applicable insurance
and reinsurance business. The arbitration panel is released from judicial
formalities and shall not be bound by strict rules of procedure and
evidence.
D. The decision of the arbitration panel shall be final and binding on both
parties. The arbitration panel may, at its discretion, award costs and
expenses as it deems appropriate, including, but not limited to, attorneys'
fees and interest. Judgment may be entered upon the final decision of the
arbitration panel in any court of competent jurisdiction.
E. All meetings and hearings before the arbitration panel shall take place in
Worcester, Massachusetts unless some other place is mutually agreed upon by
the parties.
F. Each party shall bear the expense of its own arbitrator and shall jointly
and equally bear with the other party the expenses of the umpire and of the
arbitration.
NORTH AMERICAN SECURITY LIFE CIGNA REINSURANCE
VEN 20, 21, 22, 23 DECEMBER 20, 1995
-11-
ARTICLE XVII DAC TAX REGULATION ELECTION
Connecticut General and NASL hereby agree to make an election pursuant to
Internal Revenue Code Regulation Section 1.848-2(g)(8). This election shall be
effective for all taxable years for which the Reinsurance Agreement remains in
effect.
The terms used in this article are defined by reference to Regulation Section
1.848-2 promulgated on December 28, 1992.
Connecticut General and NASL agree that the entity with net positive
consideration for the reinsurance agreement for each taxable year will
capitalize specified policy acquisition expenses with respect to the reinsurance
agreement without regard to the general deductions limitation of Section
848(c)(1) of the Internal Revenue Code of 1986, as amended.
Connecticut General and NASL agree to exchange information pertaining to the
amount of net consideration under the reinsurance agreement each year to ensure
consistency. To achieve this, NASL shall provide Connecticut General with a
schedule of its calculation of the net consideration for all reinsurance
agreements in force between them for a taxable year by no later than April 30 of
the succeeding year. Connecticut General shall advise NASL if it disagrees with
the amounts provided by no later than May 31, otherwise the amounts will be
presumed correct and shall be reported by both parties in their respective tax
returns for such tax year. If Connecticut General contests NASL'S calculation of
the net consideration, the Parties agree to act in good faith to resolve any
differences within thirty (30) days of the date Connecticut General submits its
alternative calculation and report the amounts agreed upon in their respective
tax returns for such tax year.
Connecticut General represents and warrants that it is subject to U.S. taxation
under either Subchapter L or Subpart F of Part III of Subchapter N of the
Internal Revenue Code of 1986, as amended.
NORTH AMERICAN SECURITY LIFE CIGNA REINSURANCE
VEN 20, 21, 22, 23 DECEMBER 20, 1995
-12-
ARTICLE XVIII EFFECTIVE DATE; TERM AND TERMINATION
A. The effective date of this Agreement is JULY 1, 1995. This Agreement
remains effective for all annuity contracts subject to this Agreement
written by NASL through JUNE 30, 1998, unless terminated pursuant to the
paragraphs listed below:
B. Either Connecticut General or NASL shall have the option of terminating
this agreement with one hundred and eighty (180) days written notice to the
other party for new business anytime on or after June 30, 1998.
C. Once each calendar year, NASL shall have the option to recapture existing
contracts beginning with the [*] anniversary of their reinsurance
hereunder. If NASL elects to recapture, [*] of the contracts can be
recaptured in the first year eligible, [*] of the remaining contracts can
be recaptured in the second year, and the balance of the contracts can be
recaptured in the third year. Recapture must be made on an issue year basis
beginning with the earliest issue year. Recapture cannot occur on contracts
with later issue years until all contracts with earlier issue dates have
been recaptured.
D. Upon delivery of sixty (60) days written notice to NASL, Connecticut
General shall have the option of terminating this Agreement for new
business within sixty (60) days of the happening of any of the following
events:
(1) NASL'S A. M. Best rating is reduced to a "C" or lower.
(2) NASL'S parent company is placed upon a "watch list" by its domiciliary
state's insurance regulators;
(3) An order appointing a receiver, conservator or trustee for management
of NASL is entered or a proceeding is commenced for rehabilitation,
liquidation, supervision or conservation of NASL;
(4) NASL is merged, purchased or there is any other material change (in
whole or in part in the ownership of NASL other than is currently
contemplated by the following agreement: An agreement and plan of
reorganization dated September 5, 1995 among North American Life
Assurance Company, NASL, Xxxx Xxxxx Associates, Inc., H. Xxxxxxx Xxxx,
A. Xxxxx Xxxxx and NAWL Holding Co., Inc., and an Amalgamation
Agreement dated September 15, 1995 between The Manufacturers Life
Insurance Company and North American Life Assurance Company;
NORTH AMERICAN SECURITY LIFE CIGNA REINSURANCE
VEN 20, 21, 22, 23 DECEMBER 20, 1995
-13-
(5) The Securities and Exchange Commission revokes the licenses of NASL to
conduct business.
(6) Failure by NASL to pay premium in accordance with Article V and
Article VI. If, during the sixty (60) days notice period, the
Reinsurer receives all premiums in arrears and all premiums which may
become due within the sixty (60) days notice period, the notice of
termination shall be deemed withdrawn. In the event of termination
under this paragraph, this Agreement may be reinstated upon the
written consent of the Reinsurer if, at any time within sixty (60)
days of termination, NASL pays and the Reinsurer receives all premiums
due with interest thereon and payable up to the date of reinstatement.
(Please refer to paragraph J below for the interest calculation
description)
E. Upon delivery of sixty (60) days written notice to Connecticut General,
NASL shall have the option of terminating this Agreement for new business
within sixty (60) days of the happening of any of the following events:
(1) Connecticut General's A. M. Best rating is reduced to a "C" or lower;
(2) Connecticut General is placed upon a "watch list" by its domiciliary
state's insurance regulators;
(3) An order appointing a receiver, conservator or trustee for management
of Connecticut General is entered or a proceeding is commenced for
rehabilitation, liquidation, supervision or conservation of
Connecticut General;
(4) Connecticut General is merged, purchased or there is any other
material change (in whole or in part) in the ownership of Connecticut
General;
(5) Failure by Connecticut General to pay reinsurance death benefits in
accordance with Article II. If, during the sixty (60) days notice
period, NASL receives all reinsurance death benefits in arrears, the
notice of termination shall be deemed withdrawn. In the event of
termination under this paragraph, this Agreement may be reinstated
upon the written consent of NASL if, at any time within sixty (60)
days of termination, the Reinsurer pays and NASL receives all
reinsurance death benefits due with interest thereon and payable up to
the date of reinstatement. (Please refer to paragraph J below for the
interest calculation description)
F. If this Agreement is terminated for new and existing business, Connecticut
General shall be relieved of all liability to NASL for claims incurred
following the termination date of this Agreement under such Underlying
Annuity Contracts issued by NASL, and
NORTH AMERICAN SECURITY LIFE CIGNA REINSURANCE
VEN 20, 21, 22, 23 DECEMBER 20, 1995
-14-
G. If this Agreement is terminated for new business only, Connecticut General
will remain liable, after termination, in accordance with the terms and
conditions of this Agreement, with respect to all reinsurance effective
prior to termination of the Agreement.
H. Both parties shall continue to be entitled to all offset credits provided
by Article X up to the effective date of termination.
I. NASL shall not have the right to assign or transfer any portion of the
rights, duties and obligations of NASL under the terms and conditions of
this Agreement without the written approval of Connecticut General.
J. In the event of reinstatement as described in paragraph D and E above,
there will be an interest charge at the [*], plus [*] determined on the
first business day following the end of the 60 day notice period. The
settlement is considered overdue at the end of the 60 day notice period and
interest shall commence from the overdue date.
NORTH AMERICAN SECURITY LIFE CIGNA REINSURANCE
VEN 20, 21, 22, 23 DECEMBER 20, 1995
-15-
ARTICLE XIX NOTICES
All notices required to be given hereunder shall be in writing and shall be
deemed delivered if personally delivered, sent via facsimile, or dispatched by
certified or registered mail, return receipt requested, postage prepaid,
addressed to the parties as follows:
XXXXXXX X. XXXXXX
VICE PRESIDENT, TREASURER AND CHIEF FINANCIAL OFFICER
NORTH AMERICAN SECURITY LIFE INSURANCE COMPANY
X.X. XXX 0000
XXXXXX, XX 00000-0000
PHONE NO. (000) 000-0000 (X253) FAX NO. (000) 000-0000
XXXXXXX X. XXXXX, FSA
ASSISTANT VICE PRESIDENT AND ACTUARY
CIGNA REINSURANCE, R26
000 XXXXXXX XXXXX XXXX
XXXXXXXX, XX 00000-0000
PHONE NO. (000) 000-0000 FAX NO. (000) 000-0000
Notice shall be deemed given on the date it is deposited in the mail or sent via
facsimile in accordance with the foregoing. Any party may change the address to
which to send notices by notifying the other party of such change of address in
writing in accordance with the foregoing.
This Agreement constitutes the entire contract between the parties and shall be
deemed to have been made under and governed by the laws of the State of
Connecticut. Any amendment or modification hereto shall be in writing, endorsed
upon or attached hereto and signed by both NASL and Connecticut General.
In witness whereof, the parties hereto have caused this Agreement to be signed
in duplicate on the dates indicated to be effective as of the date specified
above.
NORTH AMERICAN SECURITY LIFE INSURANCE
COMPANY
Date: Dec 29, 1995 By: /s/ illegible
------------------------------------
Date: Dec 29, 1995 By: /s/ Xxxx X. Xxxxxx
------------------------------------
CONNECTICUT GENERAL LIFE INSURANCE
COMPANY
Date: Dec 28, 1995 By: /s/ illegible
------------------------------------
NORTH AMERICAN SECURITY LIFE CIGNA REINSURANCE
VEN 20, 21, 22, 23 DECEMBER 20, 1995
-16-
SCHEDULE A
Maximum Limits of Reinsurance in Connecticut General
The maximum purchase amount issued on the life of each insured:
$3,500,000
The maximum purchase amount is the sum of all premium contributions less
withdrawals in the contract. For purchase amounts in excess of the maximum,
Connecticut General's death benefit liability will be reduced by the ratio of
purchase amounts in excess of the maximum to the total purchase amounts.
NORTH AMERICAN SECURITY LIFE CIGNA REINSURANCE
VEN 20, 21, 22, 23 DECEMBER 20, 1995
SCHEDULE A
SCHEDULE B
Contracts and Funds Subject to this Reinsurance Agreement
Form
Number* Policy Description Date
------- ----------------------------- ---------------
All contracts with form Flexible Purchase Payment August 15, 1994
numbers: Individual Deferred Fixed and
VENTURE.001 Variable Annuity Contract
VENTURE.001.94 Non Participating
VENTURE.005
All certificates with form
number:
VENTURE.003
* Includes all state variations
Fund Date Fund Description
--------- -----------------------------------
VARIABLE FUNDS:
January 9, 1995 International Growth & Income Trust
February 19, 1993 Value Equity Trust
May 1, 1989 U.S. Government Securities Trust
February 19, 1993 Strategic Bond Trust
April 23, 1991 Growth & Income Trust
June 18, 1985 Investment Quality Bond Trust
June 18, 1985 Money Market Trust
June 18, 1985 Equity Trust
August 3, 1989 Conservative Asset Allocation Trust
August 3, 1989 Moderate Asset Allocation Trust
August 3, 1989 Aggressive Asset Allocation Trust
December 11, 1992 Pasadena Growth Trust
March 18, 1988 Global Equity Trust
March 18, 1988 Global Government Bond Trust
March 1, 1996 International Small Cap Trust
March 1, 1996 Small\Mid Cap Trust
FIXED FUNDS:
August 8, 1989 One Year
August 8, 1989 Three Year
August 8, 1989 Five Year
August 15, 1994 Seven Year
NORTH AMERICAN SECURITY LIFE CIGNA REINSURANCE
VEN 20, 21, 22, 23 DECEMBER 20, 1995
SCHEDULE B
SCHEDULE C
Limits and Rules of NASL
1) NASL will determine the Guaranteed Minimum Death Benefit for each deceased
within seven (7) working days of due proof of death.
2) The maximum purchase payment allowed without company approval is
$1,000,000.
3) The minimum purchase payment is $300.
MINIMUM DEATH BENEFIT
ALL CONTRACTS WITH FORM NUMBERS:
VENTURE.001, VENTURE.001.94, VENTURE
DEATH BENEFIT BEFORE MATURITY DATE
A Death Benefit will be determined as of the date on which written notice and
proof of death and all required claim forms are received at the Company's
Annuity Service Office as follows:
1) If any Owner dies on or prior to their 85th birthday and the oldest Owner
had an attained age of less than 81 years on the Contract Date, the Death
Benefit will be determined as follows:
a) During the first Contract Year, the Death Benefit will be the greater
of:
(i) the Contract Value, or
(ii) the sum of all Payments made, less any amount deducted in
connection with partial withdrawals.
b) During any subsequent Contract Year, the Death Benefit will be the
greater of:
(i) the Contract Value, or
(ii) the Death Benefit on the last day of the previous Contract Year
plus any Payments made and less any amounts deducted in
connection with partial withdrawals, since then.
2) If any Owner dies after their 85th birthday and the oldest Owner had an
attained age of less than 81 years on the Contract Date, the Death Benefit
will be determined as the greater of:
NORTH AMERICAN SECURITY LIFE CIGNA REINSURANCE
VEN 20, 21, 22, 23 DECEMBER 20, 1995
SCHEDULE C-l
SCHEDULE C
(continued)
a) the Contract Value, or
b) the excess of (i) over (ii) where:
(i) equals the sum of all Payments.
(ii) equals the sum of any amounts deducted in connection with partial
withdrawals.
3) If any Owner dies and the oldest Owner had an attained age of 81 or greater
on the Contract Date, the Death Benefit will be the Contract Value less any
applicable Withdrawal Charges at the time of payment of benefits.
If there is any Debt, the Death Benefit equals the amount described above less
the Debt under the Contract.
MINIMUM DEATH BENEFIT
ALL CERTIFICATES WITH FROM NUMBER VENTURE.003
DEATH BENEFIT BEFORE MATURITY DATE
A Death Benefit will be determined as of the date on which written notice and
proof of death and all required claim forms are received at the Company's
Annuity Service Office as follows:
1) If any Owner dies on or prior to their 85th birthday and the oldest Owner
had an attained age of less than 81 years on the Certificate Date, the
Death Benefit will be determined as follows:
(a) During the first Certificate Year, the Death Benefit will be the
greater of:
(i) the Contract Value, or
(ii) the sum of all Payments less any amount deducted in connection
with partial withdrawals made by or on behalf of the Owner.
(b) During any subsequent certificate Year, the Death Benefit will be the
greater of:
(i) the Contract Value, or
NORTH AMERICAN SECURITY LIFE CIGNA REINSURANCE
VEN 20, 21, 22, 23 DECEMBER 20, 1995
SCHEDULE C-2
SCHEDULE C
(continued)
(ii) the Death Benefit on the last day of the previous Certificate
Year plus any Payments and less any amount deducted in connection
with partial withdrawals, since then, made by or on behalf of the
Owner.
2) If any Owner dies after their 85th birthday and the oldest Owner had an
attained age of less than 81 years on the Certificate Date, the Death
Benefit will be determined as the greater of:
(a) the Contract Value, or
(b) the excess of (i) over (ii) where:
(i) equals the sum of all payments made by or on behalf of the Owner.
(ii) equals the sum of any amounts deducted in connection with partial
withdrawals made by or on behalf of the Owner.
3) If any Owner dies and the oldest Owner had an attained age of 81 or greater
on the Certificate Date, the Death Benefit will be the Contract Value less
any applicable Withdrawal Charges at the time of payment of the benefits.
If there is any Debt, the Death Benefit equals the amount described above less
the Debt under this Certificate.
NORTH AMERICAN SECURITY LIFE CIGNA REINSURANCE
VEN 20, 21, 22, 23 DECEMBER 20, 1995
SCHEDULE C-3
SCHEDULE D
Quarterly Reinsurance Premium Rates
Exposure Based
Per $1,000 Exposed
Ages Unisex
----- ------
<35 [*]
35-39 [*]
40-44 [*]
45-49 [*]
50-54 [*]
55-59 [*]
60-64 [*]
65-69 [*]
70-74 [*]
75-79 [*]
80-84 [*]
NORTH AMERICAN SECURITY LIFE CIGNA REINSURANCE
VEN 20, 21, 22, 23 DECEMBER 20, 1995
SCHEDULE D
SCHEDULE E
Quarterly Reporting Format
1. Following the end of each calendar quarter, the Quarterly Detail Page,
Fund/Exposure-Based exhibit (attached) must be prepared for each Qualified
plan and Non-Qualified plan separately.
2. The tabulation should be on an Adjusted Basis, which requires omission of
excess contract values due to an issue amount in excess of $3.5 million.
3. The tabulation is on a seriatim basis, with each contract contributing
toward the totals for both exposure and aggregate contract value.
4. An exhibit demonstrating the aggregate allocation of contract values by
fund shall be provided each calendar quarter.
5. At year end reporting, a tabulation of exposures by age based on a
percentage decrease in account value by fund type as specified by the NAIC
must be submitted for reserve purposes.
NORTH AMERICAN SECURITY LIFE CIGNA REINSURANCE
VEN 20, 21, 22, 23 DECEMBER 20, 1995
SCHEDULE E
AMENDMENT No. 1
to the Variable Annuity Guaranteed Death Benefit Reinsurance Agreement
Effective July 1, 1995
between
NORTH AMERICAN SECURITY LIFE INSURANCE COMPANY
and
CONNECTICUT GENERAL LIFE INSURANCE COMPANY
It is agreed by the two companies that the attached Schedule B will be
substituted for the corresponding schedule attached to this Agreement.
This amendment will be effective March 1, 1996.
In witness whereof, this amendment is signed in duplicate on the dates indicated
at the home office of each company.
NORTH AMERICAN SECURITY LIFE INSURANCE
COMPANY
By /s/ Xxxx XxXxxxxx
-------------------------------------
Date July 31, 1996
CONNECTICUT GENERAL LIFE INSURANCE
COMPANY
By /s/ illegible
-------------------------------------
Date July 26, 1996
NORTH AMERICAN SECURITY LIFE CIGNA REINSURANCE
VEN 20, 21, 22, 23 OF AMENDMENT NO. 1
JULY 1, 1995 EFFECTIVE MARCH 1, 1996
SCHEDULE B
Contracts and Funds Subject to this Reinsurance Agreement
Form Numbers* Policy Description Date
-------------- ----------------------------- ---------------
All contracts with Form Flexible Purchase Payment August 15, 1987
Numbers: Individual Deferred Fixed and
VENTURE.001 Variable Annuity Contract
VENTURE.001.94 Non-Participating
VENTURE.005
All certificates with Form
Number:
VENTURE.003
* Includes All State Variations
Fund Date Fund Description
--------- -----------------------------------
VARIABLE FUNDS:
January 9, 1995 International Growth & Income Trust
February 19, 1993 Value Equity Trust
May 1, 1989 U.S. Government Securities Trust
February 19, 1993 Strategic Bond Trust
April 23, 1991 Growth & Income Trust
June 18, 1985 Investment Quality Bond Trust
June 18, 1985 Money Market Trust
June 18, 1985 Equity Trust
August 3, 1989 Conservative Asset Allocation Trust
August 3, 1989 Moderate Asset Allocation Trust
August 3, 1989 Aggressive Asset Allocation Trust
December 11, 1992 Pasadena Growth Trust
March 18, 1988 Global Equity Trust
March 18, 1988 Global Government Bond Trust
March 4, 1996 International Small Cap Trust
March 4, 1996 Small/Mid Cap Trust
July 15, 1996 Growth Trust
NORTH AMERICAN SECURITY LIFE CIGNA REINSURANCE
VEN 20, 21, 22, 23 OF AMENDMENT NO. 1
JULY 1, 1995 EFFECTIVE MARCH 1, 1996
SCHEDULE B, Page 1
AMENDMENT No. 2
to the Variable Annuity Guaranteed Death Benefit Reinsurance Agreement
Effective July 1, 1995
between
NORTH AMERICAN SECURITY LIFE INSURANCE COMPANY
and
CONNECTICUT GENERAL LIFE INSURANCE COMPANY
It is agreed by the two companies that the attached SCHEDULE B will be
substituted for the corresponding schedule attached to this Agreement.
This amendment will be effective January 1, 1997.
In witness whereof, this amendment is signed in duplicate on the dates indicated
at the home office of each company.
NORTH AMERICAN SECURITY LIFE INSURANCE
COMPANY
By /s/ Xxxx XxXxxxxx
-------------------------------------
Date January 28, 1997
CONNECTICUT GENERAL LIFE INSURANCE
COMPANY
By /s/ Xxxxx X. Xxxxxxxxxx
-------------------------------------
Date January 22, 1997
NORTH AMERICAN SECURITY LIFE CIGNA REINSURANCE
VEN 20, 21, 22, 23 TREATY EFF. JULY 1, 1995 PREPARED JANUARY 21, 1997
AMENDMENT NO. 2 EFF. JANUARY 1, 1997
SCHEDULE B
Contracts and Funds Subject to this Reinsurance Agreement
Form Number* Date
------------ -------------
VENTURE April 5, 1987
All contracts with Form Numbers VENTURE.001, VENTURE.001.94, and VENTURE.005 All
certificates with Form Number VENTURE.003
Policy Description
Flexible Purchase Payment Individual Deferred Combination Fixed and Variable
Annuity Contract Non-Participating.
* Includes All State Variations
Fund Date Fund Description
------------ -----------------------------------
FIXED FUNDS:
May 1, 1995 One Year
VARIABLE FUNDS:
X. X. Xxxxxx Investment Management Inc.
January 9, 1995 International Growth & Income Trust
Salomon Brothers Asset Management Inc.
May 1, 1988 U.S. Government Securities Trust
February 19, 1993 Strategic Bond Trust
Wellington Management Company
April 23, 1991 Growth & Income Trust
June 18, 1985 Investment Quality Bond Trust
June 18, 1985 Money Market Trust
Fidelity Management Trust Company
June 18, 1985 Equity Trust
August 3, 1989 Conservative Asset Allocation Trust
August 3, 1989 Moderate Asset Allocation Trust
August 3, 1989 Aggressive Asset Allocation Trust
NORTH AMERICAN SECURITY LIFE CIGNA REINSURANCE
VEN 20, 21, 22, 23 TREATY EFF. JULY 1, 1995 PREPARED JANUARY 21, 1997
AMENDMENT NO. 2 EFF. JANUARY 1, 1997
SCHEDULE B, Page 1
SCHEDULE B
Contracts and Funds Subject to this Reinsurance Agreement (Continued)
Fund Date Fund Description
--------- -------------------------------------
VARIABLE FUNDS:
Xxxxxxx International Advisors, L. P.
March 18, 1988 Global Equity Trust
March 18, 1988 Global Government Bond Trust
Founders Asset Management, Inc.
March 4, 1996 International Small Cap Trust
March 4, 1996 Small/Mid Cap Trust
January 1, 1997 Worldwide Growth Trust
January 1, 1997 Balanced Trust
Xxxx Xxxxx Management, Inc.
July 15, 1996 Growth Trust
Manufacturers Adviser Corporation
October 4, 1994 Pacific Rim Emerging Markets Trust
October 4, 1994 Quantitative Equity Trust
April 30, 1987 Real Estate Securities Trust
June 26, 1984 Capital Growth Bond Trust
January 1, 1997 Lifestyle Conservative 280 Trust
January 1, 1997 Lifestyle Moderate 460 Trust
January 1, 1997 Lifestyle Balanced 640 Trust
January 1, 1997 Lifestyle Growth 820 Trust
January 1, 1997 Lifestyle Aggressive 1000 Trust
X. Xxxx Price Associates, Inc. Blue Chip Growth Trust
December 11, 1992 Science & Technology Trust
January 1, 1997 Equity-Income Trust (formerly
February 19, 1993 Xxxxxxx Sachs Asset Management, Value
Equity Trust)
Warburg, Xxxxxx Counsellors, Inc.
January 1, 1997 Emerging Growth Trust
Pilgrim Xxxxxx & Associates, Ltd.
January 1, 1997 Pilgrim Xxxxxx Growth Trust
Xxxx Xxxxx-Xxxxxxx International, Inc.
January 1, 1997 International Stock Trust
NORTH AMERICAN SECURITY LIFE CIGNA REINSURANCE
VEN 20, 21, 22, 23 TREATY EFF. JULY 1, 1995 PREPARED JANUARY 21, 1997
AMENDMENT NO. 2 EFF. JANUARY 1, 1997
SCHEDULE B, Page 2
SCHEDULE B
FIXED FUNDS:
------------
August 8, 1989 One Year
August 8, 1989 Three Year
August 8, 1989 Five Year
August 15, 1994 Seven Year
NORTH AMERICAN SECURITY LIFE CIGNA REINSURANCE
VEN 20, 21, 22, 23 OF AMENDMENT NO. 1
JULY 1, 1995 EFFECTIVE MARCH 1, 1996
SCHEDULE B, Page 2
SCHEDULE B
Contracts and Funds Subject to this Reinsurance Agreement (Continued)
Fund Date Fund Description
--------- ----------------
VARIABLE FUNDS:
Xxxxxx Xxxxxxxx & Xxxxxxxx, LLP
January 1, 1997 Value Trust
January 1, 1997 High Yield Trust
NORTH AMERICAN SECURITY LIFE CIGNA REINSURANCE
VEN 20, 21, 22, 23 TREATY EFF. JULY 1, 1995 PREPARED JANUARY 21, 1997
AMENDMENT NO. 2 EFF. JANUARY 1, 1997
SCHEDULE B, PAGE 3
AMENDMENT No. 3
to the Variable Annuity Guaranteed Death Benefit Reinsurance Agreement
Effective July 1, 1995
between
NORTH AMERICAN SECURITY LIFE INSURANCE COMPANY
and
CONNECTICUT GENERAL LIFE INSURANCE COMPANY
It is agreed by the two companies that the following Articles will be amended
and substituted for the corresponding Articles of the Agreement as attached
hereto and made a part hereof.
ARTICLE XV - INSOLVENCY
ARTICLE XVI - ARBITRATION
ARTICLE XIX - NOTICES
This amendment will be effective March 1, 1997.
In witness whereof, this amendment is signed in duplicate on the dates indicated
at the home office of each company.
NORTH AMERICAN SECURITY LIFE INSURANCE
COMPANY
By /s/ Xxxx XxXxxxxx
-------------------------------------
Date April 7, 1997
CONNECTICUT GENERAL LIFE INSURANCE
COMPANY
By /s/ Xxxxx Xxxxxxxxxx
-------------------------------------
Date March 29, 1997
NORTH AMERICAN SECURITY LIFE (CIGNA REINSURANCE LOGO)
VEN 20, 21, 22, 23 TREATY EFFECTIVE JULY 1, 1995
AMENDMENT NO. 3 - MARCH 1, 1997
ARTICLE XV INSOLVENCY
In the event of insolvency and the appointment of a conservator, liquidator,
receiver, or statutory successor of NASL, the portion of any risk or obligation
assumed by Connecticut General, as reinsurer, shall be payable to the
conservator, liquidator, receiver, or statutory successor on the basis of claims
allowed against the insolvent company by any court of competent jurisdiction or
by any conservator, liquidator, receiver, or statutory successor of the company
having authority to allow such claims, without diminution because of that
insolvency or because the conservator, liquidator, receiver, or statutory
successor has failed to pay all or a portion of any claims. Payments by
Connecticut General as above set forth shall be made directly to NASL or to its
conservator, liquidator, receiver, or statutory successor, except where the
contract of insurance or reinsurance specifically provides another payee of such
reinsurance in the event of the insolvency of NASL.
It is agreed, however, that the liquidator, receiver, conservator or statutory
successor of NASL shall give prompt written notice to Connecticut General of the
pendency of a claim against NASL within a reasonable time after such claim is
filed in the receivership, conservation, insolvency or liquidation proceeding
and that during the pendency of such claim, Connecticut General may investigate
such claim and interpose, at its own expense, in the proceeding where such claim
is to be adjudicated, any defense or defenses that it may deem available to NASL
or its liquidator, receiver, conservator or statutory successor. The expense
thus incurred by Connecticut General shall be chargeable, subject to the
approval of the Court, against NASL as part of the expense of conservation or
liquidation to the extent of a pro-rata share of the benefit which may accrue to
NASL solely as a result of the defense undertaken by Connecticut General.
Where two or more reinsurers are involved in the same claim and a majority in
interest elect to interpose defense to such claim, the expense shall be
apportioned in accordance with the terms of this Agreement as though such
expense had been incurred by NASL.
NORTH AMERICAN SECURITY LIFE (CIGNA REINSURANCE LOGO)
VEN 20, 21, 22, 23 TREATY EFFECTIVE JULY 1, 1995
AMENDMENT NO. 3 - MARCH 1, 1997
-10-
ARTICLE XVI ARBITRATION
A. As a condition precedent to any right of action hereunder, any dispute
between the parties with respect to the interpretation of this Agreement or
any right, obligation or liability of either party, whether such dispute
arises before or after termination of this Agreement, shall be submitted to
arbitration upon the written request of either party. Each party shall
select an arbitrator within thirty (30) days of the written request for
arbitration. If either party refuses or neglects to appoint an arbitrator
within thirty (30) days of the written request for arbitration, the other
party may appoint the second arbitrator. The two arbitrators shall select
an umpire within thirty (30) days of the appointment of the second
arbitrator. If the two arbitrators fail to agree on the selection of the
umpire within thirty (30) days of the appointment of the second arbitrator,
each arbitrator shall submit to the other a list of three umpire
candidates, each arbitrator shall select one name from the list submitted
by the other and the umpire shall be selected from the two names chosen by
a lot drawing procedure to be agreed upon by the arbitrators.
B. The arbitrators and the umpire all shall be active or retired,
disinterested executive officers of insurance or reinsurance companies.
C. The arbitration panel shall interpret this Agreement as an honorable
engagement rather than merely as a legal obligation and shall make its
decision considering the custom and practice of the applicable insurance
and reinsurance business. The arbitration panel is released from judicial
formalities and shall not be bound by strict rules of procedure and
evidence.
D. The decision of the arbitration panel shall be final and binding on both
parties, shall be made in writing and handed down within forth-five days of
the close of arbitration hearings. The arbitration panel may, at its
discretion, award costs and expenses as it deems appropriate, including,
but not limited to, attorneys' fees and interest. Judgment may be entered
upon the final decision of the arbitration panel in any court of competent
jurisdiction.
E. All meetings and hearings before the arbitration panel shall take place in
Worcester, Massachusetts unless some other place is mutually agreed upon by
the parties.
F. Each party shall bear the expense of its own arbitrator and shall jointly
and equally bear with the other party the expenses of the umpire and of the
arbitration.
NORTH AMERICAN SECURITY LIFE (CIGNA REINSURANCE LOGO)
VEN 20, 21, 22, 23 TREATY EFFECTIVE JULY 1, 1995
AMENDMENT NO. 3 - MARCH 1, 1997
-11-
ARTICLE XIX NOTICES
All notices required to be given hereunder shall be in writing and shall be
deemed delivered if personally delivered, sent via facsimile, or dispatched by
certified or registered mail, return receipt requested, postage prepaid,
addressed to the parties as follows:
XXXXXXX X. XXXXXX
VICE PRESIDENT, TREASURER AND CHIEF FINANCIAL OFFICER
NORTH AMERICAN SECURITY LIFE INSURANCE COMPANY
X.X. XXX 0000
XXXXXX, XX 00000-0000
PHONE NO. (000) 000-0000 (X253) FAX NO. (000) 000-0000
XXXXXXX X. XXXXX, FSA
ASSISTANT VICE PRESIDENT AND ACTUARY
CIGNA REINSURANCE, R26
000 XXXXXXX XXXXX XXXX
XXXXXXXX, XX 00000-0000
PHONE NO. (000) 000-0000 FAX NO. (000) 000-0000
Notice shall be deemed given on the date it is deposited in the mail or sent via
facsimile in accordance with the foregoing. Any party may change the address to
which to send notices by notifying the other party of such change of address in
writing in accordance with the foregoing.
This Agreement constitutes the entire contract between the parties with respect
to the business being reinsured hereunder and there are no understandings
between the parties other than as expressed in this Agreement. This Agreement
shall be deemed to have been made under and governed by the laws of the State of
Connecticut. Any amendment or modification hereto shall be in writing, endorsed
upon or attached hereto and signed by both NASL and Connecticut General.
NORTH AMERICAN SECURITY LIFE (CIGNA REINSURANCE LOGO)
VEN 20, 21, 22, 23 TREATY EFFECTIVE JULY 1, 1995
AMENDMENT XX. 0 - XXXXX 0, 0000
-00-
XXXXXXXXX Xx. 0
to the Variable Annuity Reinsurance Agreement Effective July 1, 1995
between
CONNECTICUT GENERAL LIFE INSURANCE COMPANY
and
NORTH AMERICAN SECURITY LIFE INSURANCE COMPANY
It is agreed by the two companies as follows:
1. Effective January 1, 1997, the New Generation Venture Annuity with plan
codes VEN 25, VEN 26 and VEN 27 will be added to Schedule B.
2. Effective October 1, 1997 North American Security Life Insurance Company
has changed its name to The Manufacturers Life Insurance Company of North
America (hereinafter Manufacturers Life);
3. The attached SCHEDULE B will be substituted for the corresponding schedule
attached to this Agreement indicating new funds which have been added to
the Agreement, with corresponding inception dates.
CONNECTICUT GENERAL LIFE THE MANUFACTURERS LIFE INSURANCE
INSURANCE COMPANY COMPANY OF NORTH AMERICA
By /s/ Xxxxx X. Xxxxxxxxxx By /s/ Xxxx XxxXxxx III
---------------------------------- -------------------------------------
Date Jan 22, 98 Date 1/26/98
THE MANUFACTURERS LIFE INSURANCE CIGNA REINSURANCE
COMPANY OF NORTH AMERICAN PREPARED 1/21/98
VENT 20, 21, 22, 23, 25, 26, 27 TREATY EFFECTIVE 7/1/95
AMENDMENT NO. 4
Connecticut General Life Insurance Company
SCHEDULE B
Contracts and Funds Subject to this Reinsurance Agreement
Form Number Date
----------- -------------
VENTURE April 5, 1987
All contracts with Form Numbers
VENTURE.001, VENTURE.001.94, and VENTURE.005
All certificates with Form Number
VENTURE.003
All contracts from New Generation Venture Annuity Jan. 1, 1997
with plan codes VEN 25, VEN 26, VEN 27
Policy Description
Flexible Purchase Payment Individual Deferred Combination Fixed and Variable
Annuity Contract Non-Participating. Form numbers identified herein include All
State Variations.
Fund Date Fund Description
--------- -----------------------------------
FIXED FUNDS:
May 1, 1995 One Year
VARIABLE FUNDS:
X. X. Xxxxxx Investment Management Inc.
January 9, 1995 International Growth & Income Trust
Salomon Brothers Asset Management Inc.
May 1, 1988 U.S. Government Securities Trust
February 19, 1993 Strategic Bond Trust
Wellington Management Company
April 23, 1991 Growth & Income Trust
June 18, 1985 Investment Quality Bond Trust
June 18, 1985 Money Market Trust
Fidelity Management Trust Company
June 18, 1985 Equity Trust
August 3, 1989 Conservative Asset Allocation Trust
August 3, 1989 Moderate Asset Allocation Trust
August 3, 1989 Aggressive Asset Allocation Trust
THE MANUFACTURERS LIFE INSURANCE CIGNA REINSURANCE
COMPANY OF NORTH AMERICAN PREPARED 1/21/98
VENT 20, 21, 22, 23, 25, 26, 27 TREATY EFFECTIVE 7/1/95
AMENDMENT NO. 4
SCHEDULE B
Contracts and Funds Subject to this Reinsurance Agreement (Continued)
Fund Date Fund Description
--------- -------------------------------------
VARIABLE FUNDS:
Xxxxxxx International Advisors, L. P.
March 18, 1988 Global Equity Trust
March 18, 1988 Global Government Bond Trust
Founders Asset Management, Inc.
March 4, 1996 International Small Cap Trust
March 4, 1996 Small/Mid Cap Trust
January 1, 1997 Worldwide Growth Trust
January 1, 1997 Balanced Trust
Xxxx Xxxxx Management, Inc.
July 15, 1996 Growth Trust
Manufacturers Adviser Corporation
October 4, 1994 Pacific Rim Emerging Markets Trust
October 4, 1994 Quantitative Equity Trust
April 30, 1987 Real Estate Securities Trust
June 26, 1984 Capital Growth Bond Trust
January 1, 1997 Lifestyle Conservative 280 Trust
January 1, 1997 Lifestyle Moderate 460 Trust
January 1, 1997 Lifestyle Xxxxxxxx 000 Xxxxx
Xxxxxxx X, 0000 Lifestyle Growth 820 Trust
January 1, 1997 Lifestyle Aggressive 1000 Trust
X. Xxxx Price Associates, Inc.
December 11, 1992 Blue Chip Growth Trust
January 1, 1997 Science & Technology Trust
February 19, 1993 Equity-Income Trust (formerly
Xxxxxxx Sachs Asset Management, Value
Equity Trust)
Warburg, Xxxxxx Counsellors, Inc.
January 1, 1997 Emerging Growth Trust
Pilgrim Xxxxxx & Associates, Ltd.
January 1, 1997 Pilgrim Xxxxxx Growth Trust
Xxxx Xxxxx-Xxxxxxx International, Inc.
January 1, 1997 International Stock Trust
THE MANUFACTURERS LIFE INSURANCE CIGNA REINSURANCE
COMPANY OF NORTH AMERICAN PREPARED 1/21/98
VENT 20, 21, 22, 23, 25, 26, 27 TREATY EFFECTIVE 7/1/95
AMENDMENT NO. 4
SCHEDULE B
Contracts and Funds Subject to this Reinsurance Agreement (Continued)
Fund Date Fund Description
--------- -------------------------------------
VARIABLE FUNDS:
Xxxxxx Xxxxxxxx & Xxxxxxxx, LLP
January 1, 1997 Value Trust
January 1, 1997 High Yield Trust
Xxxxxxx Xxxxx
October 13, 1997 MLAM Basic Value Focus
October 13, 1997 MLAM Special Value Focus
October 13, 1997 MLAM Developing Capital Markets Focus
Xxxxxxxxx
October 1, 1997 Small Company Value
THE MANUFACTURERS LIFE INSURANCE CIGNA REINSURANCE
COMPANY OF NORTH AMERICAN PREPARED 1/21/98
VENT 20, 21, 22, 23, 25, 26, 27 TREATY EFFECTIVE 7/1/95
AMENDMENT XX. 0
XXXXXXXXX XX. 0
to the Ven 20, 21, 22, 23, 25, 26
Variable Annuity Reinsurance Agreement Effective July 1, 1995
between
CONNECTICUT GENERAL LIFE INSURANCE COMPANY
(hereinafter referred to as Connecticut General)
and
THE MANUFACTURERS LIFE INSURANCE COMPANY OF NORTH AMERICA
(hereinafter referred to as MNA)
It is agreed by the two companies to amend the Agreement effective May 1, 1998,
as follows:
1. To amend Article II entitled AMOUNTS AT RISK to include:
D. For all contracts issued on and after May 1, 1998, the Guaranteed
Minimum Death Benefit (GMDB) reinsured hereunder shall be extended to
include:
1. If any contract owner dies and the oldest owner had an attained
age of less than 81 years on the contract date, the death benefit
will be determined as follows:
A. During the first contract year, the death benefit will be
the greater of:
(i) the Contract Value or
(ii) the sum of all purchase payments made, less any amounts
for partial withdrawals.
B. During any subsequent contract year, the death benefit will
be the greater of:
(i) the Contract Value or
(ii) the death benefit on the last day of the previous
contract year, plus any purchase payments made and less
any amounts for partial withdrawals.
2. If any contract owner dies on or after their 81st birthday, the
death benefit will be the greater of:
A. the Contract Value or
B. The death benefit on the last day of the contract year
ending just prior to the owner's 81st birthday, plus any
payments made, less amounts deducted for
THE MANUFACTURERS LIFE INSURANCE
COMPANY OF NORTH AMERICA
VEN 20, 21, 22, 23, 25, 26
TREATY EFFECTIVE JULY 1, 1995
AMENDMENT NO. 5 EFFECTIVE MAY 1, 1998
partial withdrawals.
3. If any contract owner dies and the oldest owner had an attained
age of 81 years or greater on the contract date, the death
benefit will be the greater of:
A. The Contract Value or
B. The excess of
(i) the sum of all purchase payments over
(ii) the sum of any amounts deducted for partial
withdrawals.
Reinsurance coverage is added for issue ages 81 and above on all
contracts issued on or after May 1, 1998, where the GMDB is defined as
above.
Reinsurance coverage is added at the rates specified in Schedule D-1.
D. A Guaranteed Income Rider (GIR) reinsurance benefit shall be added to
the Agreement and is the excess of the cost of providing the Income
Benefit, as defined in Schedule A-1, attached hereto and made a part
hereof, over [*] of the Contract Value.
E. At issue, for all contracts issued on and after May 1, 1998, MNA will
cede to Connecticut General and Connecticut General will reinsure and
fully indemnify MNA for the percentage liability on the Guaranteed
Minimum Death Benefit or Guaranteed Income Rider, as defined in (D)
and (E) above, as follows:
1. [*] of all new issues of the Guaranteed Income Rider where the
owner selects the Guaranteed Income Rider benefit; and
2. [*] of all new issues of the GMDB;
G. The Contract Value represents the owner's invested assets in the funds
in Schedule B as it appears in the records of MNA before application
of any surrender charges, on any given date.
3. To amend Article V entitled REINSURANCE PREMIUMS to include:
8. For all contracts issued on and after May 1, 1998, refer to
Schedule D-1, attached hereto and made a part hereof, for a
detailed description of the Reinsurance Premiums.
THE MANUFACTURERS LIFE INSURANCE
COMPANY OF NORTH AMERICA
VEN 20, 21, 22, 23, 25, 26
TREATY EFFECTIVE JULY 1, 1995
AMENDMENT NO. 5 EFFECTIVE MAY 1, 1998
4. For all contracts issued on and after May 1, 1998, refer to Schedule B, and
Schedule B-1 attached hereto and made a part hereof, for a description of
the forms and funds subject to this Reinsurance Agreement.
In witness whereof, this Amendment is signed in duplicate on the dates indicated
at the home office of each company.
CONNECTICUT GENERAL LIFE THE MANUFACTURERS LIFE INSURANCE
INSURANCE COMPANY COMPANY OF NORTH AMERICA
By: /s/ Xxxxx X. Xxxxxxxxxx By: /s/ Xxxx XxXxxxxx
--------------------------------- ------------------------------------
Date: 4-29-98 Date: 4/28/98
THE MANUFACTURERS LIFE INSURANCE
COMPANY OF NORTH AMERICA
VEN 20, 21, 22, 23, 25, 26
TREATY EFFECTIVE JULY 1, 1995
AMENDMENT NO. 5 EFFECTIVE MAY 1, 1998
SCHEDULE A-1
Effective May 1, 1998, the following Guaranteed Income Rider benefit reinsured
hereunder must be exercised within 30 days immediately following an election
date. Election of the Rider is irrevocable and may only be terminated as
provided in the Rider. An election date is the seventh or later contract
anniversary following the date the income benefit is elected or, in the case of
a step-up of the Income Base, the seventh or later contract anniversary
following the step-up date. The Income Benefit must be exercised by the later of
(a) the contract anniversary immediately prior to the annuitant's 85th birthday
or (b) the tenth contract anniversary.
Upon exercise of the Income Benefit option:
A. The Income Benefit for annuitants with issue ages below age 76 is based on
the Income Base, which is the aggregate net purchase payments applied to
the contract, accumulated at six percent (6%) interest, minus adjustments
for partial withdrawals.
B. The Income Benefit for annuitants with issue ages 76 to 85 is based on the
Income Base, which is the aggregate net purchase payments applied to the
contract, accumulated at four percent (4%) interest, minus adjustments for
partial withdrawals.
C. Upon exercise of the Step Up feature, the Income Base is the Contract Value
as of the Step Up date plus any subsequent payments accumulated at the rate
specified in (A) or (B) above, minus adjustments for partial withdrawals
subsequent to the Step Up date.
D. The Income Benefit is determined by applying the Income Base to the Monthly
Income Factors to purchase a guaranteed lifetime income under the following
Options:
1. Life Annuity with a 10-year period certain as described in the
Rider.
2. Joint and Survivor with 20-year period certain as described in
the Rider.
The guaranteed annuity purchase rates are calculated using a 3% interest
rate and mortality based on 1983 Table "a" projected at Scale G for 35
years.
E. The cost of providing the Income Benefit is the present value of the Income
Benefit using an interest rate equal to [*] bps over the then current [*]
year Treasury and mortality rates equal to the 1983 [*]. A load of [*] bps
applies, for a net interest rate of [*] year treasuries minus [*]. A
minimum treasury of [*] applies
THE MANUFACTURERS LIFE INSURANCE
COMPANY OF NORTH AMERICA
VEN 20, 21, 22, 23, 25, 26
TREATY EFFECTIVE JULY 1, 1995
AMENDMENT NO. 5 EFFECTIVE MAY 1, 1998
SCHEDULE B-1
Effective May 1, 1998
Contracts and Funds Subject to this Reinsurance Agreement
Form Number* Policy Description Date
------------ ---------------------- ------
Venture .001, Venture .003 Combination Fixed and 5/1/98
Venture .004, Venture .005 Variable Annuity
BR.001.98 Guarantee Income Rider 5/1/98
G-BR.001.98
* Includes all state variations of Venture 20, 21, 22, 23, 25, 26
Fund/Portfolio Description
VARIABLE FUNDS:
Pacific Rim Emerging Markets Trust
Science & Technology Trust
International Small Cap Trust
Emerging Growth Trust
Pilgrim Xxxxxx Growth Trust
Small/Mid Cap Trust
International Stock Trust
Worldwide Growth Trust
Global Equity Trust
Small Company Value
Growth Trust
Equity Trust
Quantitative Equity Trust
Blue Chip Growth Trust
Real Estate Securities Trust
Value Trust
International Growth and Income
Growth and Income Trust
Equity-Income Trust
Balanced Trust
Aggressive Asset Allocation Trust
High Yield Trust
Moderate Asset Allocation Trust
Conservative Asset Allocation Trust
Strategic Bond Trust
Global Government Bond Trust
Capital Growth Bond Trust
Investment Quality Bond Trust
U.S. Government Securities Trust
Money Market Trust
Lifestyle Aggressive 1000 Trust
Lifestyle Growth 820 Trust
Lifestyle Balanced 640 Trust
Lifestyle Moderate 460 Trust
Lifestyle Conservative 280 Trust
Special Value Trust
Basic Value Trust
Developing Markets Trust
GUARANTEED FUNDS
One Year
Three Year
Five Year
Seven Year
THE MANUFACTURERS LIFE INSURANCE
COMPANY OF NORTH AMERICA
VEN 20, 21, 22, 23, 25, 26
TREATY EFFECTIVE JULY 1, 1995
AMENDMENT NO. 5 EFFECTIVE MAY 1, 1998
SCHEDULE D-1
Reinsurance Premiums
The following reinsurance premiums shall apply to all contracts with purchase
dates on or after May 1, 1998, except that for funds identified as guaranteed in
Schedule B, there will be no minimum premium regardless of attained age:
1. The reinsurance premiums shall be based on the owner's age at the end of
each quarter. MNA shall determine the owner's age at the time it prepares
the quarterly exposure data submission for the variable annuity guaranteed
death benefit, as set forth in Schedules E, attached hereto.
2. For the GMDB, the Adjusted Aggregate Contract Value is the sum of the
contract values in all of MNA'S variable annuities subject to this
Agreement, minus contract values attributable to amounts in excess of the
maximum purchase amounts listed in Schedules A and A-1.
3. The amount at risk each quarter will be calculated as the reinsurance
benefit for each variable annuity contract covered under this agreement.
For determining the amount at risk, the guaranteed minimum death benefit
and the contract value are calculated as the average of the values at the
end of the current quarter and the end of the prior quarter. The amount at
risk cannot fall below zero
4. The actual death benefit exposure will be calculated. A table of quarterly
reinsurance rates will be applied to the exposure to determine the
reinsurance premium. The actual quarterly premium is then subject to a
minimum or maximum determined as basis points of Contract Value. Fund based
charges, expressed as an annual rate are as follows:
Issue Age Less than 81
---------------------------------------------------------
Minimum Minimum Maximum Maximum
Attained Age Annual Quarterly Annual Quarterly
------------ ------- --------- -------- ---------
0 to 69 [*] [*] [*] [*]
70+ [*] [*] [*] [*]
Issue Ages 81 +
-----------------------------------------
Minimum Minimum Maximum Maximum
Annual Quarterly Annual Quarterly
------- --------- ------- ---------
8.0 bps [*] [*] [*]
THE MANUFACTURERS LIFE INSURANCE
COMPANY OF NORTH AMERICA
VEN 20, 21, 22, 23, 25, 26
TREATY EFFECTIVE JULY 1, 1995
AMENDMENT XX. 0 XXXXXXXXX XXX 0, 0000
XXXXXXXX X-0 Continued
5. For the GIR, the Average Aggregate Income Value is the sum of the Income
Base in all of MNA'S annuities with the GIR subject to this Agreement,
minus Income Bases attributable to amounts in excess of the maximum
purchase amounts listed in Schedules A and A-1.
6. The premium rate for the GIR shall be equal to an annual rate of [*] of
Average Aggregate Income Value, plus [*] of reserves attributable to the
GIR, which shall not exceed an additional [*] of Average Aggregate Income
Value from May 1, 1998 to June 30, 1999; [*] of Income Base from July 1,
1999 to June 30, 2000; and [*] of Income Base on or after July 1, 2000,
held at the end of each calendar quarter.
Quarterly Reinsurance Premium Rates for the GMDB
Exposure Based - Per $1,000 Exposed
AGES Unisex
----- ------
<35 [*]
35-39 [*]
40-44 [*]
45-49 [*]
50-54 [*]
55-59 [*]
60-64 [*]
65-69 [*]
70-74 [*]
75-79 [*]
80-84 [*]
85-89 [*]
THE MANUFACTURERS LIFE INSURANCE
COMPANY OF NORTH AMERICA
VEN 20, 21, 22, 23, 25, 26
TREATY EFFECTIVE JULY 1, 1995
AMENDMENT NO. 5 EFFECTIVE MAY 1, 1998
AMENDMENT NO. 6
to the Variable Annuity Reinsurance Agreement Effective July 1, 1995
between
CONNECTICUT GENERAL LIFE INSURANCE COMPANY
(hereinafter referred to as Connecticut General)
and
THE MANUFACTURERS LIFE INSURANCE COMPANY OF NORTH AMERICA
(hereinafter referred to as MNA)
It is agreed by the two companies as follows:
A. The Agreement shall terminate for all new business effective at midnight on
June 30, 1998.
B. MNA shall no longer cede and Connecticut General will no longer accept
reinsurance under this Agreement.
C. Reinsurance in force hereunder will continue to be governed by the terms
and conditions of this Agreement until the termination or expiry of each
reinsurance cession.
In witness whereof, this Amendment is signed in duplicate on the dates indicated
at the home office of each company.
CONNECTICUT GENERAL LIFE THE MANUFACTURERS LIFE INSURANCE
INSURANCE COMPANY COMPANY OF NORTH AMERICA
By: /s/ Xxxxx X. Xxxxxxxxxx By: /s/ Xxxx XxXxxxxx
--------------------------------- ------------------------------------
Date: 4-29-98 Date: 4-28-98
THE MANUFACTURERS LIFE INSURANCE
COMPANY OF NORTH AMERICA
VEN 20, 21, 22, 23, 25, 26
TREATY EFFECTIVE JULY 1, 1995
AMENDMENT NO. 5 EFFECTIVE MAY 1, 1998
AMENDMENT No. 7
to the Variable Annuity Reinsurance Agreement Effective July 1, 1995
between
CONNECTICUT GENERAL LIFE INSURANCE COMPANY
and
THE MANUFACTURERS LIFE INSURANCE COMPANY
OF NORTH AMERICA
It is agreed by the two companies as follows:
1. The attached SCHEDULE B and SCHEDULE B-1 will be substituted for the
corresponding schedule attached to this Agreement indicating new funds
which have been added to the Agreement.
2. This Amendment shall be effective May 1, 2000
In Witness whereof, this amendment is signed in duplicate on the dates included
at the home office of each company.
CONNECTICUT GENERAL LIFE THE MANUFACTURERS LIFE INSURANCE
INSURANCE COMPANY COMPANY OF NORTH AMERICA
By /s/ illegible By /s/ illegible
--------------------------------- ------------------------------------
Date illegible Date 3/17/2000
THE MANUFACTURERS LIFE INSURANCE COMPANY OF NORTH AMERICA CIGNA REINSURANCE
VENTURE 20, 21, 22, 23 TREATY EFFECTIVE JULY 1, 1995 PREPARED 3/10/00
AMENDMENT NO. 7 EFFECTIVE MAY 1, 2000
SCHEDULE B
Contracts and Funds Subject to this Reinsurance Agreement
Form Number* Policy Description Date
------------ ------------------------------ ----
VENTURE .001, VENTURE .003, Combination Fixed and Variable 4/87
VENTURE .005 Annuity
* includes all state variations of Venture 20, 21, 22, 23, 25, 26
Fund Date Fund Description
--------- --------------------------------------
VARIABLE FUNDS:
Manufacturers Advisor Corporation
October 4, 1994 Pacific Rim Emerging Markets Trust
October 4, 1994 Quantitative Equity Trust
April 30, 1987 Real Estate Securities Trust
June 18, 1985 Money Market Trust
January 1, 1997 Lifestyle Aggressive 1000
January 1, 1997 Lifestyle Growth 820
January 1, 1997 Lifestyle Balanced 640
January 1, 1997 Lifestyle Moderate 460
January 1, 1997 Lifestyle Conservative 280
May 1, 2000 Total Stock Market Trust
May 1, 2000 500 Index Trust
May 1, 2000 Mid Cap Index Trust
May 1, 2000 Small Cap Index Trust
May 1, 2000 International Index Trust
X. Xxxx Price Associates, Inc.
January 1, 1997 Science & Technology Trust
December 11, 1992 Blue Chip Growth Trust
February 19, 1993 Equity Income Trust
Founders Asset Management, Inc.
March 4, 1996 International Small cap Trust
January 1, 1997 Balanced Trust
Franklin Advisors, Inc.
January 1, 1997 Emerging Small Company Trust
AIM Capital Management, Inc.
January 1, 1997 Aggressive Growth Trust
March 4, 1996 All Cap Growth Trust
Capital Guardian Trust Company
May 1, 1999 Small Company Blend Trust
May 1, 1999 U.S. Large Cap Value Trust
August 3, 1989 Income & Value Trust
August 3, 1989 Diversified Bond Trust
Wellington Management Company, LLP
May 1, 1999 Mid Cap Stock Trust
April 23, 1991 Growth & Income Trust
June 18, 1985 Investment Quality Bond Trust
Fidelity Management Trust Company
January 9, 1995 Overseas Trust
June 18, 1985 Mid Cap Blend Trust
August 3, 1989 Large Cap Growth Trust
THE MANUFACTURERS LIFE INSURANCE COMPANY OF NORTH AMERICA CIGNA REINSURANCE
VENTURE 20, 21, 22, 23 TREATY EFFECTIVE JULY 1, 1995 PREPARED 3/10/00
AMENDMENT NO. 7 EFFECTIVE MAY 1, 2000
SCHEDULE B
Contracts and Funds Subject to this Reinsurance Agreement (Continued)
Fund Date Fund Description
--------- --------------------------------------
VARIABLE FUNDS:
Xxxx Price Xxxxxxx International, Inc.
January 1, 1997 International Stock Trust
Xxxxxxxxx Investment Counsel, Inc.
May 1, 1999 International Value Trust
Xxxxxxxxx
October 1, 1997 Small Company Value Trust
Xxxxxx Xxxxxxx Asset Management, Inc.
March 18, 1988 Global Equity Trust
State Street Global Advisors
July 15, 1996 Growth Trust
Xxxxxx Xxxxxxxx & Xxxxxxxx, LLP
January 1, 1997 High Yield Trust
January 1, 1997 Value Trust
Solomon Brothers Asset Management, Inc.
February 19, 1993 Strategic Bond Trust
May 1, 1988 U.S. Government Securities Trust
Pacific Investment Management Company
March 18, 1988 Global Bond Trust
May 1, 1999 Total Return Trust
Janus
May 1, 2000 Dynamic Growth Trust
Xxxxxxxx Xxxxxxxx
May 1, 2000 Tactical Allocation Trust
Munder Capital Management
May 1, 2000 Internet Technology Trust
Xxxxxxx Xxxxx
October 13, 1997 MLAM Basic Value Focus
October 13, 1997 MLAM Special Value Focus
October 13, 1997 MLAM Developing Capital Markets Focus
FIXED FUNDS:
May 1, 1995 One Year
May 1, 1995 Three Year
May 1, 1995 Five Year
May 1, 1995 Seven Year
May 1, 0000 Xxx Xxxxx XXX Account
May 1, 0000 Xxxxxx Xxxxx XXX Account
THE MANUFACTURERS LIFE INSURANCE COMPANY OF NORTH AMERICA CIGNA REINSURANCE
VENTURE 20, 21, 22, 23 TREATY EFFECTIVE JULY 1, 1995 PREPARED 3/10/00
AMENDMENT XX. 0 XXXXXXXXX XXX 0, 0000
XXXXXXXX X-0
Contracts and Funds Subject to this Reinsurance Agreement
Form Number* Policy Description Date
------------ ------------------------------ ------
VENTURE .001, VENTURE .003, Combination Fixed and Variable 5/1/98
VENTURE .004, VENTURE .005 Annuity
BR .001.98
G-BR .001.98 Guaranteed Income Rider 5/1/98
* includes all state variations of Venture 20, 21, 22, 23, 25, 26
Fund Date Fund Description
--------- --------------------------------------
VARIABLE FUNDS:
Manufacturers Advisor Corporation
October 4, 1994 Pacific Rim Emerging Markets Trust
October 4, 1994 Quantitative Equity Trust
April 30, 1987 Real Estate Securities Trust
June 18, 1985 Money Market Trust
January 1, 1997 Lifestyle Aggressive 1000
January 1, 1997 Lifestyle Growth 820
January 1, 1997 Lifestyle Balanced 640
January 1, 1997 Lifestyle Moderate 460
January 1, 1997 Lifestyle Conservative 280
May 1, 2000 Total Stock Market Trust
May 1, 2000 500 Index Trust
May 1, 2000 Mid Cap Index Trust
May 1, 2000 Small Cap Index Trust
May 1, 2000 International Index Trust
X. Xxxx Price Associate, Inc.
January 1, 1992 Science & Technology Trust
December 11, 1992 Blue Chip Growth Trust
February 19, 1993 Equity Income Trust
Founders Asset Management, Inc.
March 4, 1996 International Small Cap Trust
January 1, 1997 Balanced Trust
Franklin Advisors, Inc.
January 1, 1997 Emerging Small Company Trust
AIM Capital Management, Inc.
January 1, 1997 Aggressive Growth Trust
March 4, 1996 All Cap Growth Trust
Capital Guardian Trust Company
May 1, 1999 Small Company Blend Trust
May 1, 1999 U.S. Large Cap Value Trust
August 3, 1989 Income & Value Trust
August 3, 1989 Diversified Bond Trust
Wellington Management Company, LLP
May 1, 1999 Mid Cap Stock Trust
April 23, 1991 Growth & Income Trust
June 18, 1985 Investment Quality Bond Trust
THE MANUFACTURERS LIFE INSURANCE COMPANY OF NORTH AMERICA CIGNA REINSURANCE
VENTURE 20, 21, 22, 23 TREATY EFFECTIVE JULY 1, 1995 PREPARED 3/10/00
AMENDMENT XX. 0 XXXXXXXXX XXX 0, 0000
XXXXXXXX X-0
Contracts and Funds subject to this Reinsurance Agreement (Continued)
Fund Date Fund Description
--------- ----------------
VARIABLE FUNDS:
Fidelity Management Trust Company
January 9, 1995 Overseas Trust
June 18, 1985 Mid Cap Blend Trust
August 3, 1989 Large Cap Growth Trust
Xxxx Xxxxx - Xxxxxxx International, Inc.
January 1, 1997 International Stock Trust
Xxxxxxxxx Investment Counsel, Inc.
May 1, 1999 International Value Trust
Xxxxxxxxx
October 1, 1997 Small Company Value Trust
Xxxxxx Xxxxxxx Asset Management, Inc.
March 18, 1988 Global Equity Trust
State Street Global Advisors
July 15, 1996 Growth Trust
Xxxxxx Xxxxxxxx & Xxxxxxxx, LLP
January 1, 1997 High Yield Trust
January 1, 1997 Value Trust
Salomon Brothers Asset Management, Inc.
February 19, 1993 Strategic Bond Trust
May 1, 1988 U.S. Government Securities Trust
Pacific Investment Management Company
March 18, 1988 Global Bond Trust
May 1, 1999 Total Return Trust
Janus
May 1, 2000 Dynamic Growth Trust
Xxxxxxxx Xxxxxxxx
May 1, 2000 Tactical Allocation Trust
Munder Capital Management
May 1, 2000 Internet Technology Trust
Xxxxxxx Xxxxx
October 13, 1997 MLAM Basic Value Focus
October 13, 1997 MLAM Special Value Focus
October 13, 1997 MLAM Developing Capital Markets Focus
FIXED FUNDS:
May 1, 1995 One Year
May 1, 1995 Three Year
May 1, 1995 Five Year
May 1, 1995 Seven Year
May 1, 0000 Xxx Xxxxx XXX Account
May 1, 0000 Xxxxxx Xxxxx XXX Account
THE MANUFACTURERS LIFE INSURANCE COMPANY OF NORTH AMERICA CIGNA REINSURANCE
VENTURE 20, 21, 22, 23 TREATY EFFECTIVE JULY 1, 1995 PREPARED 3/10/00
AMENDMENT NO. 7 EFFECTIVE MAY 1, 2000
AMENDMENT No. 8
to the Variable Annuity Reinsurance Agreement Effective July 1, 1995
between
CONNECTICUT GENERAL LIFE INSURANCE COMPANY
and
THE MANUFACTURERS LIFE INSURANCE COMPANY
OF NORTH AMERICA
It is agreed by the two companies as follows:
1. The attached SCHEDULE B and SCHEDULE B-1 will be substituted for the
corresponding schedule attached to this Agreement indicating the new fund
which has been added to the Agreement.
2. This Amendment shall be effective November 1, 2000
In Witness whereof, this amendment is signed in duplicate on the dates included
at the home office of each company.
CONNECTICUT GENERAL LIFE INSURANCE THE MANUFACTURERS LIFE INSURANCE
COMPANY COMPANY OF NORTH AMERICA
By /s/ illegible By /s/ illegible
---------------------------------- -------------------------------------
Date 11/3/00 Date 10/2/00
THE MANUFACTURERS LIFE INSURANCE COMPANY OF NORTH AMERICA CIGNA REINSURANCE
VENTURE 20, 21, 22, 23 TREATY EFFECTIVE JULY 1, 1995 PREPARED 9/27/00
AMENDMENT NO. 8 EFFECTIVE November 1, 2000
SCHEDULE B
Contracts and Funds Subject to this Reinsurance Agreement
Form Number* Policy Description Date
------------ ------------------------------ ----
VENTURE.001, VENTURE.003, Combination Fixed and Variable 4/87
VENTURE.005 Annuity
* includes all state variations of Venture 20, 21, 22, 23, 25, 26
Fund Date Fund Description
--------- ----------------------------------
VARIABLE FUNDS:
Manufacturers Advisor Corporation
October 4, 1994 Pacific Rim Emerging Markets Trust
October 4, 1994 Quantitative Equity Trust
April 30, 1987 Real Estate Securities Trust
June 18, 1985 Money Market Trust
January 1, 1997 Lifestyle Aggressive 1000
January 1, 1997 Lifestyle Growth 820
January 1, 1997 Lifestyle Balanced 640
January 1, 1997 Lifestyle Moderate 460
January 1, 1997 Lifestyle Conservative 280
May 1, 2000 Total Stock Market Trust
May 1, 2000 500 Index Trust
May 1, 2000 Mid Cap Index Trust
May 1, 2000 Small Cap Index Trust
May 1, 2000 International Index Trust
X. Xxxx Price Associates, Inc.
January 1, 1997 Science & Technology Trust
December 11, 1992 Blue Chip Growth Trust
February 19, 1993 Equity Income Trust
Founders Asset Management, Inc.
March 4, 1996 International Small Cap Trust
January 1, 1997 Balanced Trust
Franklin Advisers, Inc.
January 1, 1997 Emerging Small Company Trust
AIM Capital Management, Inc.
January 1, 1997 Aggressive Growth Trust
March 4, 1996 All Cap Growth Trust
Capital Guardian Trust Company
May 1, 1999 Small Company Blend Trust
May 1, 1999 U.S. Large Cap Value Trust
August 3, 1989 Income & Value Trust
August 3, 1989 Diversified Bond Trust
Wellington Management Company, LLP
May 1, 1999 Mid Cap Stock Trust
April 23, 1991 Growth & Income Trust
June 18, 1985 Investment Quality Bond Trust
Fidelity Management Trust Company
January 9, 1995 Overseas Trust
June 18, 1985 Mid Cap Blend Trust
August 3, 1989 Large Cap Growth Trust
THE MANUFACTURERS LIFE INSURANCE COMPANY OF NORTH AMERICA CIGNA REINSURANCE
VENTURE 20, 21, 22, 23 TREATY EFFECTIVE JULY 1, 1995 PREPARED 9/27/00
AMENDMENT NO. 8 EFFECTIVE NOVEMBER 1, 2000
SCHEDULE B
Contracts and Funds Subject to this Reinsurance Agreement (Continued)
Fund Date Fund Description
--------- --------------------------------
VARIABLE FUNDS:
Xxxx Xxxxx - Xxxxxxx International, Inc.
January 1, 1997 International Stock Trust
Xxxxxxxxx Investment Counsel, Inc.
May 1, 1999 International Value Trust
Xxxxxxxxx
October 1, 1997 Small Company Value Trust
Xxxxxx Xxxxxxx Asset Management, Inc.
March 18, 1988 Global Equity Trust
State Street Global Advisors
July 15, 1996 Growth Trust
Xxxxxx Xxxxxxxx & Xxxxxxxx, LLP
January 1, 1997 High Yield Trust
January 1, 1997 Value Trust
Salomon Brothers Asset Management, Inc.
February 19, 1993 Strategic Bond Trust
May 1, 1988 U.S. Government Securities Trust
Pacific Investment Management Company
March 18, 1988 Global Bond Trust
May 1, 1999 Total Return Trust
Janus
May 1, 2000 Dynamic Growth Trust
Xxxxxxxx Xxxxxxxx
May 1, 2000 Tactical Allocation Trust
Munder Capital Management
May 1, 2000 Internet Technology Trust
Xxxxxxxx Associates LLC
November 1, 2000 Capital Appreciation Trust
Xxxxxxx Xxxxx
October 13, 1997 MLAM Basic Value Focus
October 13, 1997 MLAM Special Value Focus
October 13, 1997 MLAM Developing Capital Markets Focus
FIXED FUNDS:
May 1, 1995 One Year
May 1, 1995 Three Year
May 1, 1995 Five Year
May 1, 1995 Seven Year
May 1, 0000 Xxx Xxxxx XXX Account
May 1, 0000 Xxxxxx Xxxxx XXX Account
THE MANUFACTURERS LIFE INSURANCE COMPANY OF NORTH AMERICA CIGNA REINSURANCE
VENTURE 20, 21, 22, 23 TREATY EFFECTIVE JULY 1, 1995 PREPARED 9/27/00
AMENDMENT XX. 0 XXXXXXXXX XXXXXXXX 0, 0000
XXXXXXXX X-0
Contracts and Funds Subject to this Reinsurance Agreement
Form Number* Policy Description Date
------------ ------------------------------ ------
VENTURE.001, VENTURE.003, Combination Fixed and Variable 5/1/98
VENTURE.004, VENTURE.005 Annuity
BR.001.98
G-BR.001.98 Guaranteed Income Rider 5/1/98
* includes all state variations of Venture 20, 21, 22, 23, 25, 26
Fund Date Fund Description
--------- -------------------------------------
VARIABLE FUNDS:
Manufacturers Advisor Corporation
October 4, 1994 Pacific Rim Emerging Markets Trust
October 4, 1994 Quantitative Equity Trust
April 30, 1987 Real Estate Securities Trust
June 18, 1985 Money Market Trust
January 1, 1997 Lifestyle Aggressive 1000
January 1, 1997 Lifestyle Growth 820
January 1, 1997 Lifestyle Balanced 640
January 1, 1997 Lifestyle Moderate 460
January 1, 1997 Lifestyle Conservative 280
May 1, 2000 Total Stock Market Trust
May 1, 2000 500 Index Trust
May 1, 2000 Mid Cap Index Trust
May 1, 2000 Small Cap Index Trust
May 1, 2000 International Index Trust
X. Xxxx Price Associates, Inc.
January 1, 1997 Science & Technology Trust
December 11, 1992 Blue Chip Growth Trust
February 19, 1993 Equity Income Trust
Founders Asset Management, Inc.
March 4, 1996 International Small Cap Trust
January 1, 1997 Balanced Trust
Franklin Advisers, Inc.
January 1, 1997 Emerging Small Company Trust
AIM Capital Management, Inc.
January 1, 1997 Aggressive Growth Trust
March 4, 1996 All Cap Growth Trust
Capital Guardian Trust Company
May 1, 1999 Small Company Blend Trust
May 1, 1999 U.S. Large Cap Value Trust
August 3, 1989 Income & Value Trust
August 3, 1989 Diversified Bond Trust
Wellington Management Company, LLP
May 1, 1999 Mid Cap Stock Trust
April 23, 1991 Growth & Income Trust
June 18, 1985 Investment Quality Bond Trust
THE MANUFACTURERS LIFE INSURANCE COMPANY OF NORTH AMERICA CIGNA REINSURANCE
VENTURE 20, 21, 22, 23 TREATY EFFECTIVE JULY 1, 1995 PREPARED 9/27/00
AMENDMENT XX. 0 XXXXXXXXX XXXXXXXX 0, 0000
XXXXXXXX X-0
Contracts and Funds Subject to this Reinsurance Agreement (Continued)
Fund Date Fund Description
--------- -------------------------------------
VARIABLE FUNDS:
Fidelity Management Trust Company
January 9, 1995 Overseas Trust
June 18, 1985 Mid Cap Blend Trust
August 3, 1989 Large Cap Growth Trust
Xxxx Xxxxx - Xxxxxxx International, Inc.
January 1, 1997 International Stock Trust
Xxxxxxxxx Investment Counsel, Inc.
May 1, 1999 International Value Trust
Xxxxxxxxx
October 1, 1997 Small Company Value Trust
Xxxxxx Xxxxxxx Asset Management, Inc.
March 18, 1988 Global Equity Trust
State Street Global Advisors
July 15, 1996 Growth Trust
Xxxxxx Xxxxxxxx & Xxxxxxxx, LLP
January 1, 1997 High Yield Trust
January 1, 1997 Value Trust
Salomon Brothers Asset Management, Inc.
February 19, 1993 Strategic Bond Trust
May 1, 1988 U.S. Government Securities Trust
Pacific Investment Management Company
March 18, 1988 Global Bond Trust
May 1, 1999 Total Return Trust
Janus
May 1, 2000 Dynamic Growth Trust
Xxxxxxxx Xxxxxxxx
May 1, 2000 Tactical Allocation Trust
Munder Capital Management
May 1, 2000 Internet Technology Trust
Xxxxxxxx Associates LLC
November 1, 2000 Capital Appreciation Trust
Xxxxxxx Xxxxx
October 13, 1997 MLAM Basic Value Focus
October 13, 1997 MLAM Special Value Focus
October 13, 1997 MLAM Developing Capital Markets Focus
FIXED FUNDS:
May 1, 1995 One Year
May 1, 1995 Three Year
May 1, 1995 Five Year
May 1, 1995 Seven Year
May 1, 0000 Xxx Xxxxx XXX Account
May 1, 0000 Xxxxxx Xxxxx XXX Account
THE MANUFACTURERS LIFE INSURANCE COMPANY OF NORTH AMERICA CIGNA REINSURANCE
VENTURE 20, 21, 22, 23 TREATY EFFECTIVE JULY 1, 1995 PREPARED 9/27/00
AMENDMENT NO. 8 EFFECTIVE NOVEMBER 1, 2000
