EXHIBIT 10.50
AMENDMENT NUMBER 7 TO THE
AUTOMATIC VARIABLE ANNUITY REINSURANCE AGREEMENT
(REFERRED TO AS THE AGREEMENT)
BETWEEN
WESTERN RESERVE LIFE ASSURANCE CO. OF OHIO
ST. PETERSBURG, FLORIDA
(REFERRED TO AS THE REINSURED)
AND
GLOBAL PREFERRED RE LIMITED
(F/K/A WMA LIFE INSURANCE COMPANY LIMITED)
XXXXXXXX, BERMUDA
(REFERRED TO AS THE REINSURER)
Effective January 1, 2002
Pursuant to the terms and conditions of this Agreement, Reinsurer shall:
A. Increase its quota share basis on all policies issued from
January 1, 1999 through December 31, 2001, reinsured under
this Agreement, from the current ten percent (10%) to fourteen
percent (14%).
B. Increase its quota share basis on all policies issued on or
after January 1, 2002, reinsured under this Agreement, from
the current ten percent (10%) to fourteen percent (14%).
C. Cease reinsuring Freedom Wealth Creator annuities sold after
December 31, 2001.
Except as expressed herein, all terms, covenants and provisions of this
Agreement, as amended, that are not in conflict with the provisions of this
Amendment Number 7 shall remain unaltered and in full force and effect.
In Witness Whereof, the Reinsured and the Reinsurer, by their respective
officers have executed this amendment in duplicate at the dates and places
indicated.
WESTERN RESERVE LIFE ASSURANCE GLOBAL PREFERRED RE LIMITED
CO. OF OHIO
at St. Petersburg, Florida at Duluth, Georgia
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on March 28, 2002 on March 28, 2002
By: /s/ Xxxxx Xxxxxxxx By: /s/ Xxxxxx XxXxxxxx
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Title: Vice President/ Title: Chief Executive Officer/
Managing Actuary President
By: /s/Xxxxxxxxx X. Xxxxxx By:
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Title: Staff Actuary Title:
