Amendment Number 9 to the Second Amended and Restated Automatic Indemnity Reinsurance Agreement
Exhibit 7(a)(vii)
CONFIDENTIAL PORTIONS OF THIS EXHIBIT ARE IDENTIFIED AS [REDACTED] AND HAVE
BEEN OMITTED.]
Amendment Number 9
to the
Second Amended and Restated Automatic Indemnity Reinsurance Agreement
This Amendment between The Lincoln National Life Insurance Company of Fort Xxxxx, Indiana (the “Ceding Company”) and Lincoln National
Reinsurance Company (Barbados) Limited, a Barbados Corporation (“the Reinsurer”) is effective January 21, 2020.
RECITALS
| 1. |
The Ceding Company and the Reinsurer entered into an Automatic Indemnity Reinsurance Agreement effective July 1, 2003, as amended and restated effective November 1, 2013, and as further amended by
amendments executed June 9, 2016, and effective August 29, 2016, January 9, 2017, May 22, 2017, February 20, 2018, May 21, 2018, January 14, 2019, and September 16, 2019 (“the Agreement”).
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| 2. |
Article XVII, Section 8 of this Agreement permits amendments as long as they are made in writing and signed by duly authorized officers of both parties.
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3.
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The Ceding Company and the Reinsurer wish to make such an amendment to add to the Agreement a new rider issued by the Ceding Company that is attached to
contracts listed in Schedule B.
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AGREEMENT
NOWTHEREFORE, in consideration of these premises and the mutual covenants contained herein, the Ceding Company and the Reinsurer agree to
amend the Agreement as follows:
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1.
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Effective January 21, 2020, the Target Date Income Benefit rider shall be added to Schedule A and C of the Agreement.
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2.
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Effective January 21, 2020, the American Legacy® Target Date Income B-Share and the American Legacy® Target Date Income Advisory
products shall be added to Schedule B.
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3.
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Effective January 21, 2020, the American Legacy® Target Date Income Guarantee of Principal Death Benefit rider shall be added to schedules A
and C of the Agreement.
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4.
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The Ceding Company and the Reinsurer agree that Schedules A, B and C of the Agreement shall be replaced in their entirety with Schedules A, B and C
attached hereto.
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All terms, provisions and conditions of this Agreement will continue unchanged except as specifically revised in this Amendment.
In WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their duly authorized representatives.
LINCOLN NATIONAL REINSURANCE THE LINCOLN NATIONAL LIFE COMPANY (BARBADOS) LIMITED INSURANCE COMPANY
By: /s/ Xxxxxx Xxxx By: /s/ Xxxxxxx X. Xxxxxxx
Name: Xxxxxx Xxxx Name:
Xxxxxxx X. Xxxxxxx
Title: AVP Title:
AVP
Reinsurance of Guaranteed Benefits (“GB”)
Effective January 21, 2020
Each contract listed in Schedule B contains one or more GB. GBs which are covered by this Agreement include the following:
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Marketing Name of Benefit
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Policy Form Nos.
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Death Benefit Riders
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Guarantee of Principal Death Benefit Rider*
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32148
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Enhanced Guaranteed Minimum Death Benefit Rider*
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32149
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5% Step-Up Death Benefit Rider*
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32150
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7 Year Ratchet Death Benefit on American Legacy I & II*
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- -
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Estate Enhancement Death Benefit Rider*
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32151
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Highest Anniversary Death Benefit Rider eff. 1/9/17*
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AR-593
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Guarantee of Principal Death Benefit Rider eff. 1/9/17*
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ICC16-32148
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Guarantee of Principal Death Benefit Rider eff. 1/9/17*
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32148 (9-16)
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Earnings Optimizer Death Benefit Rider eff. 11/16/15
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AR-590
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American Legacy® Target Date Income
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32148 (9-16)
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Lincoln SmartSecurity® Advantage
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Variable Annuity Rider
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32793
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i4LIFE® Advantage with Guaranteed Income Benefit
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Variable Annuity Income Rider
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I4LA
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Variable Annuity Payment Option Rider
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I4LA-Q
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Variable Annuity Payment Option Rider
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I4LA-NQ
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Guaranteed Income Benefit
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GIB
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Increasing GIB
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IGIB
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Annual XXX
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XXXX
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Select Guaranteed Income Benefit
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AR-528
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i4LIFE® Advantage with Guaranteed Income Benefit (Managed Risk) eff. 5/21/12
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AR-528
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4LATER® Advantage
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Guaranteed Income Later Rider
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4Later
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4LATER® Advantage (Managed Risk) eff. 7/2/12
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AR-547 (3-12)
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4LATER® Select Advantage
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Guaranteed Income Later Rider effective 1/9/17
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AR-547 (3-12)
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Guaranteed Income Later Rider effective 6/11/18
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AR-547 (03/18)
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Lincoln Lifetime Income SMAdvantage
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Variable Annuity Living Benefits Rider
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AR-512
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Variable Annuity Living Benefits Rider (LINC Plus)*
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AR-512P
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Lincoln Lifetime Income SMAdvantage 2.0 &
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Lincoln Lifetime Income SMAdvantage 2.0 (Managed Risk) eff. 4/2/12
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Variable Annuity Living Benefits Rider eff. 4/2/12*
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AR-529
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Variable Annuity Guarantee Income Benefit (NY version)
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AR-529
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Variable Annuity Living Benefits Rider eff. 1/20/15
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AR-566
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Variable Annuity Living Benefits Rider eff. 2/20/18
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AR-607
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Lincoln Market Select ® Advantage
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Variable Annuity Living Benefits Rider eff. 10/5/15
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AR-587
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Variable Annuity Living Benefits Rider eff. 5/16/16
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AR-591
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Variable Annuity Guarantee Income Benefit (NY version) eff. 8/29/16
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AR-529
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Variable Annuity Living Benefits Rider eff. 2/20/18
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AR-607
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Lincoln Long-TermCareSMAdvantage Rider
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Long-Term Care Coverage Endorsement
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AE-517
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Long-Term Care Benefits Rider
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AR-518, AR-519
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Core Income Benefit – eff. 2/21/17
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AR-592
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Lincoln Max 6 SelectSM Advantage – eff. 5/22/17
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AR-600
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Xxxxxxx XXX Income PlusSM – eff. 1/14/19*
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AR-600
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Lincoln Wealth PassSM – eff. 9/16/19*
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AR-623
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Target Date Income Benefit – eff. 1/21/20*
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AR-634
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* issued by Ceding Company only
Contracts covered by this Agreement include all Contracts either issued by the Ceding Company directly or issued by Lincoln Life & Annuity Company of New York
and reinsured with the Ceding Company and included in the following list:
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ChoicePlus Variable Annuity
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ChoicePlus Access Variable Annuity
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ChoicePlus Bonus Variable Annuity (issued by the Ceding Company only)
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ChoicePlus II Variable Annuity
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ChoicePlus II Access Variable Annuity
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ChoicePlus II Bonus Variable Annuity
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ChoicePlus II Advance Variable Annuity
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ChoicePlus Assurance (A Share) (includes wrap fee version)
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ChoicePlus Assurance (B Share)
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ChoicePlus Assurance (C Share)
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ChoicePlus Assurance (Bonus)
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ChoicePlus Assurance (L Share)
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ChoicePlus Momentum Income Option
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ChoicePlus Design (includes all share classes)
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American Legacy I (issued by the Ceding Company only)
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American Legacy II (issued by the Ceding Company only)
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American Legacy III
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American Legacy III Plus
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American Legacy III View
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American Legacy III C-Share
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Shareholders Advantage (includes wrap fee version)
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American Legacy Design (includes all share classes)
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Multi-Fund 1 (issued by the Ceding Company only)
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Multi-Fund 2 (issued by the Ceding Company only)
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Multi-Fund 3 (issued by the Ceding Company only)
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Multi-Fund 4 (issued by the Ceding Company only)
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Multi-Fund 5 (issued by the Ceding Company only)
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Multi-Fund Select (issued by the Ceding Company only)
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Accru Variable Annuity (issued by the Ceding Company only)
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Accru ChoicePlus (issued by the Ceding Company only)
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Lincoln Investor Advantage® C-Share
Lincoln Investor Advantage® Fee Based
Lincoln Investor Advantage® RIA
American Legacy Series B-Share
American Legacy Series L-Share
American Legacy Series C-Share
American Legacy Signature 1
American Legacy Signature 2
American Legacy Fusion
Shareholder’s Advantage A-Class
American Legacy III® B-Class
Lincoln Choice PlusSM Fusion
Lincoln Choice PlusSM Signature 1
Lincoln Choice PlusSM Signature 2
Lincoln Choice Plus AssuranceSM Series B-Share
Lincoln Choice Plus AssuranceSM Series L-Share
Lincoln Choice Plus AssuranceSM Series C-Share
Lincoln Choice Plus AssuranceSM Series B-Class
Lincoln Choice Plus AssuranceSM (Prime)
Lincoln Choice Plus AssuranceSM Rollover
Lincoln Choice Plus AssuranceSM A-Class
American Legacy® Advisory
Lincoln Investment Solutions® RIA
Lincoln Core IncomeSM
SCHEDULE C
Effective January 21, 2020
Initial Reinsurance Premium:
The Initial Reinsurance Premium shall equal the Treaty Reserve applicable to each Individual Policy on the date it is first covered by this Agreement. For all
business the Ceding Company assumes from Lincoln Life & Annuity of New York, the Initial Reinsurance Premium shall equal the Treaty Reserves less an adjustment reflecting the anticipated future profitability on the business assumed by the Ceding
Company effective January 1, 2010. For all business issued by the Ceding Company after the Agreement’s Effective Date, the Initial Premium shall be zero.
Base Reinsurance Premium Rates:
Effective from the Agreement’s Effective Date and the corresponding effective date of any amendment, as appropriate:
[REDACTED]
