Common Contracts
2 similar Novation Agreement contracts by Minnesota Life Variable Life Account
ContractNovation Agreement • April 27th, 2023 • Minnesota Life Variable Life Account
NOVATION AGREEMENT This Novation Agreement (the “Agreement”), dated March 14, 2003 and effective as of the Effective Time (as defined below), is entered into by and among Business Men’s Assurance Company of America, an insurance company organized under the laws of Missouri (“BMA”), Clarica Life Reinsurance Company, an insurance company organized under the laws of Michigan (the “Assignee”), and Minnesota Life Life Insurance Company (the “Consentor”). WITNESSETH WHEREAS, BMA and Liberty Life Insurance Company (“Liberty”) have entered into a purchase agreement pursuant to which, as of the closing of the transactions contemplated by such purchase agreement (the “Closing”), the Assignee has agreed to enter into an assumption reinsurance and coinsurance agreement on the date of Closing providing that Assignee will assume on a 100 percent coinsurance basis, pending assumption by Assignee on a novation basis of, all of BMA’s rights, duties, risks, obligations and liabilities under the reinsura
ContractNovation Agreement • April 27th, 2023 • Minnesota Life Variable Life Account
NOVATION AGREEMENT This Novation Agreement (the “Agreement”), dated March 14, 2003 and effective as of the Effective Time (as defined below), is entered into by and among Business Men’s Assurance Company of America, an insurance company organized under the laws of Missouri (“BMA”), Clarica Life Reinsurance Company, an insurance company organized under the laws of Michigan (the “Assignee”), and Minnesota Life Life Insurance Company (the “Consentor”). WITNESSETH WHEREAS, BMA and Liberty Life Insurance Company (“Liberty”) have entered into a purchase agreement pursuant to which, as of the closing of the transactions contemplated by such purchase agreement (the “Closing”), the Assignee has agreed to enter into an assumption reinsurance and coinsurance agreement on the date of Closing providing that Assignee will assume on a 100 percent coinsurance basis, pending assumption by Assignee on a novation basis of, all of BMA’s rights, duties, risks, obligations and liabilities under the reinsura
