between
STATE MUTUAL LIFE ASSURANCE COMPANY
(Worcester, Massachusetts)
and
CONNECTICUT GENERAL LIFE INSURANCE COMPANY
(Hartford, Connecticut)
INDEX
ARTICLE PAGE
------- ----
Accounting Statements 11 6
Amounts at Risk 7 4
Application of Agreement 1 1
Arbitration 16 10
Automatic Reinsurance 2 1
Cancellations 10 5
Changes 10 5
Claim Payments 12 7
Claim Procedures 12 6
Conditions of Reinsurance 6 3
Contested Claims 12 7
Data Requirements 11 6
Duration of Agreement 17 10
Exchanges 10 5
Experience Refunds 14 9
Extra-Contractual Damages 12 7
Facultative Reinsurance 3 2
Insolvency 12 8
Jumbo Risk Defined 2 2
Liability of Connecticut General 5 3
Misstatements of Age or Sex 12 8
New Limits of Retention 2 2
Notification 4 3
Oversights 16 9
Premium Payment Basis 8 4
Premium Rates 8 4
Procedure for Facultative Reinsurance 3 2
Recaptures 13 8
Reductions 10 5
Reinstatements 10 9
Right to Inspect 15 2
Supplementary Benefits 2 4
Tax Reimbursements 9 3
Yearly Renewable Term 7
SCHEDULES
A Retention of State Mutual
B Automatic Reinsurance in Connecticut General
C Reinsurance Application Form
D Monthly and Annual Reporting Forms
E Reinsurance Premiums
YEARLY RENEWABLE TERM REINSURANCE AGREEMENT
between
STATE MUTUAL LIFE ASSURANCE COMPANY
(Hereinafter called State Mutual)
and
CONNECTICUT GENERAL LIFE INSURANCE COMPANY
(Hereinafter called Connecticut General)
It is agreed by the two companies as follows:
ARTICLE 1
APPLICATION OF AGREEMENT
Reinsurance under this agreement will be limited to the mortality risk
portion of insurance issued by SMA Life Assurance Company, a member of
the America Group, and ceded to State Mutual on its Exceptional Life
Plan (Form No. 1012-83).
ARTICLE 2
AUTOMATIC REINSURANCE
Whenever State Mutual requires reinsurance for the excess over its
retention of life insurance issued in accordance with State Mutual's
usual underwriting standards for individually selected risks and such
insurance is issued to a United States or Canadian resident whose
surname begins with any of the letters A through Z inclusive, who is
not classified as a jumbo risk as hereinafter defined, and on whom
State Mutual is retaining its maximum limit of retention as shown in
Schedule A, attached hereto, State Mutual will cede and Connecticut
General will accept under this agreement one-third of the excess over
such retention up to a maximum amount on one life as shown in Schedule
B, attached hereto, provided that such reinsurance is not being
submitted to any reinsurer on a facultative basis.
1
SUPPLEMENTARY BENEFITS
Reinsurance under this provision will include the following
supplementary benefits provided State Mutual is retaining its maximum
limit of retention for such benefit as shown in Schedule A:
1. The disability waiver of premium benefit for an amount not
greater than that of the corresponding life reinsurance.
2. The accidental death benefit, provided that the total amount of
such benefit in force and applied for in all companies does not
exceed $300,000.
JUMBO RISK DEFINED
For the purpose of this agreement, a jumbo risk is defined as one
where the papers of State Mutual indicate that the proposed insured's
total life insurance in force and applied for in all companies exceeds
the following:
INSURANCE AGE TOTAL LINE
------------- -----------
0-75 $ 7,500,000
NEW LIMITS OF RETENTION
State Mutual will have the right to modify its limits affecting
reinsurance by giving Connecticut General fourteen days' notice in
writing. The amount of reinsurance to be ceded automatically to
Connecticut General on any life after such new limits take effect will
be determined by mutual agreement between the two companies.
ARTICLE 3
FACULTATIVE REINSURANCE
Whenever State Mutual desires reinsurance on a risk not eligible for
automatic cession under the provisions of Article 2, State Mutual may
apply to Connecticut General for facultative reinsurance.
PROCEDURE FOR FACULTATIVE REINSURANCE
Whenever State Mutual applies to Connecticut General for facultative
reinsurance, it will forward Connecticut General an application form
in substantial accord with Schedule C, attached hereto, together with
copies of the original application, medical examiners' reports,
inspection reports, and all other papers bearing on the insurability
of the risk. Connecticut General will examine the papers immediately
upon receipt of such application and, as soon as possible, notify
State Mutual of its decision.
2
ARTICLE 4
NOTIFICATION
State Mutual will not be required to send individual notification for
each reinsurance cession except that State Mutual will notify
Connecticut General when reinsurance is not required on a risk for
which reinsurance has been applied on a facultative basis.
ARTICLE 5
LIABILITY OF CONNECTICUT GENERAL
The liability of Connecticut General on any reinsurance under this
agreement, subject to the prior approval of Connecticut General in the
case of facultative reinsurance, will commence simultaneously with
that of State Mutual. Subject to the provisions of Articles 10 and 13,
and subject to the payment of reinsurance premiums as provided under
Articles 8 and 11 of this agreement, each reinsurance will be
continued in force as long as State Mutual is liable under its
respective policy and will terminate when the liability of State
Mutual terminates.
ARTICLE 6
CONDITIONS OF REINSURANCE
Reinsurance under this agreement will be subject to all the applicable
provisions contained in the respective policies of State Mutual.
Connecticut General will not be called upon to participate in policy
loans on policies reinsured hereunder.
State Mutual will furnish Connecticut General with specimen copies of
all of its current application, policy and rider forms, and tables of
rates and values which may be required for the proper administration
of the reinsurance under this agreement and will advise Connecticut
General of all subsequent modifications thereof and new forms under
which reinsurance may be effected. In addition, State Mutual will
promptly notify Connecticut General of any non-contractual
modifications of its policy forms and any systematic revision of
available benefits.
ARTICLE 7
YEARLY RENEWABLE TERM
Life reinsurance under this agreement will be on the Yearly Renewable
Term plan for the amounts at risk on the portion of the original
policy reinsured in Connecticut General.
3
AMOUNTS AT RISK
In the year of issue the amount at risk is defined as the amount of
insurance reinsured. In all subsequent policy years, the amount at
risk is defined as the amount of insurance reinsured less one-third of
the accumulated policy value on the entire policy at the end of the
prior year for automatic reinsurance and less all accumulated policy
values for facultative reinsurance and any exchanges.
Increases in the death benefit that are underwritten in accordance
with State Mutual's usual underwriting standards for individually
selected risks for new issues will be considered as new insurance for
the purpose of determining the reinsurance amount at risk.
ARTICLE 8
PREMIUM RATES
Premiums for reinsurance under this agreement will be computed at the
rates shown in Schedule E, attached hereto. The renewal rates which
are guaranteed for life reinsurance, however, are those shown in
Schedule E, except that where such rates are less than the 1958 CSO
net premiums at 3% for the applicable rating, it is such net premium
rates which are guaranteed.
PREMIUM PAYMENT BASIS
Reinsurance premiums will be payable on an annual basis and in
accordance with the provisions of Article 11.
Whenever reinsurance hereunder is reduced or terminated, Connecticut
General will refund the unearned reinsurance premium.
Whenever reinsurance hereunder is reinstated, State Mutual will pay
Connecticut General the proportionate part of the reinsurance premium,
based on the premiums payable for the year of reinstatement, for the
period from the date of reinstatement to the policy anniversary date
next following. Thereafter, reinsurance premiums will be payable in
accordance with Articles 8 and 11.
In the event of Disability, State Mutual will continue to pay to
Connecticut General the Schedule E premiums for all coverages which
continue during disability, notwithstanding any payments made by
Connecticut General to State Mutual under the provisions of Article
12.
ARTICLE 9
TAX REIMBURSEMENTS
Connecticut General will reimburse State Mutual for Connecticut
General's share of premium taxes paid by State Mutual to those states
and provinces which do not allow reinsurance premiums paid by State
Mutual to Connecticut General to be deducted from State Mutual's
taxable premiums.
4
ARTICLE 10
CHANGES
Whenever a change is made in the plan of a policy or portion of a
policy reinsured hereunder, reinsurance hereunder on that policy or
policy portion will terminate; however, the new policy will be
reinsured in Connecticut General under the provisions of a reinsurance
agreement between the two companies which provides reinsurance on that
particular plan. Whenever a change is made in the underwriting
classification of a policy reinsured hereunder, a corresponding change
will be made in the reinsurance subject to the prior approval of
Connecticut General if such reinsurance was effected on a facultative
basis.
EXCHANGES
State Mutual will inform Connecticut General of company exchange
programs with respect to currently reinsured in force policies so that
good faith negotiations can be undertaken to continue coverage.
REDUCTIONS, CANCELLATIONS
Whenever a policy upon which reinsurance is based is reduced or
terminated or whenever all or part of the insurance which was in force
at the date reinsurance was effected and not covered by previous
reinsurance is reduced or terminated, the reinsurance will be reduced
by a like amount as of the date of such reduction or termination in a
chronological anniversary date order. Off-anniversary cancellation
will have pro-rata reinsurance premium adjustments, but not any
insurance amount adjustment. Cancellations on the anniversary will not
have any reinsurance premium or insurance amount adjustments. If
reinsurance has been effected in more than one company on a given
risk, the reduction in any given policy will be that proportion of the
reduction indicated which the reinsurance on that policy in
Connecticut General is of the total amount reinsured on such policy.
Notwithstanding the above, reinsurance under this agreement will be
cancelled automatically whenever the reinsurance amount at risk
becomes less than $10,000.
REINSTATEMENTS
Whenever a policy reinsured hereunder lapses, or is continued on the
paid-up or extended term insurance basis, and is later approved for
reinstatement by State Mutual in accordance with its usual
underwriting standards, reinsurance of the excess over State Mutual's
original retention resulting from such reinstatement will be
automatically reinstated by Connecticut General for an amount not
exceeding that part of the policy originally reinsured in Connecticut
General.
State Mutual will promptly notify Connecticut General of such
reinstatement, and the reinsurance so reinstated will become effective
as of the date of State Mutual's underwriting approval of
reinstatement.
5
ARTICLE 11
ACCOUNTING STATEMENTS
On or before the 30th day of each month State Mutual will forward
Connecticut General an itemized statement in substantial accord with
Schedule D-Section I, in duplicate, covering the following for the
month immediately preceding:
a. First year premiums due on new reinsurance.
b. Renewal premiums due on existing reinsurance with renewal
anniversaries during the previous month.
c. Premium adjustments outstanding on changes in reinsurance and
previous accounting statement entries.
State Mutual will include with its statement, a remittance for the
balance due Connecticut General. If the balance is due State Mutual,
then Connecticut General will promptly remit the amount of such
balance to State Mutual.
The payment of reinsurance premiums in accordance with the terms of
the preceding paragraph will be a condition precedent to the liability
of Connecticut General under reinsurance covered by this agreement. If
reinsurance premiums due Connecticut General are not paid by State
Mutual within sixty days of the due date described above, Connecticut
General will have the right to terminate the reinsurance under the
policies for which premiums are in default. If Connecticut General
elects to exercise its right of termination, it will give State Mutual
thirty days' written notice of termination. If all reinsurance
premiums in default, including any which may become in default during
the thirty-day period, are not paid before the expiration of such
period, Connecticut General will thereupon be relieved of future
liability under all reinsurance for which premiums remain unpaid.
DATA REQUIREMENTS
1. State Mutual will provide Connecticut General each month with a
listing of new policies included in the monthly accounting statement
in substantial accord with Schedule D-Section II.
2. At the end of each year State Mutual will provide Connecticut General
with the required annual statement data in substantial accord with
Schedule D-Sections III and IV.
3. State Mutual will provide Connecticut General with additional details
pertaining to the policies reinsured hereunder when and as requested
by Connecticut General.
ARTICLE 12
CLAIM PROCEDURES
State Mutual will notify Connecticut General of each claim promptly
after first receipt of such information.
6
Connecticut General will abide the issue as settled between State
Mutual and its claimant, whether with or without contest, and the
claim proofs accepted by State Mutual will also be accepted by
Connecticut General, provided, however, that in any case where the
amount of life or other reinsurance carried by State Mutual in
Connecticut General and in force at the time of claim is greater than
four times the amount of such coverage retained by State Mutual, State
Mutual will obtain Connecticut General's recommendation before
conceding any liability to or making any settlement with its claimant.
State Mutual will furnish Connecticut General with copies of the claim
proofs and will notify Connecticut General of the payment of the
claim, and Connecticut General will then pay its portion of the claim
to State Mutual.
CLAIM PAYMENTS
In settlement of any death claim, Connecticut General will pay one sum
regardless of the method of settlement under the original policy. In
settlement of any Disability Waiver of Premium claim, Connecticut
General will pay State Mutual the reinsured portion of each gross
premium waived. A pro-rata premium adjustment will be made at death,
but no insurance amount adjustment will be made because of
fluctuations in the Exceptional Life death benefit.
CONTESTED CLAIMS
State Mutual WILL NOTIFY Connecticut General of its intention to
context, compromise or litigate a claim involving reinsurance, and
Connecticut General will pay its share of the payment and specific
expenses, including legal or arbitration costs, special investigations
or similar expenses, but excluding salaries of employees, therein
involved, unless it declines to be a party to the contest, compromise
or litigation, in which case it will pay State Mutual the full amount
of the reinsurance. In the event that Connecticut General agrees to be
a party to the contest, it will also pay its pro rata portion of any
penalties, attorneys fees, and interest imposed automatically by
statute against State Mutual and arising solely out of a judgement
being rendered against State Mutual as a result of the contested
claim.
EXTRA-CONTRACTUAL DAMAGES
Connecticut General assumes no liability under this Agreement or
otherwise for any extra-contractual damages assessed against State
Mutual based upon bad faith, failure to exercise good judgement, or
tortious conduct. In determining the reason for the assessment of any
damages against State Mutual, the parties will not be required to
follow the reason indicated by the court which awarded such damage.
Rather, the parties will act in good faith to determine the actual
reason for the award.
7
MISSTATEMENTS OF AGE OR SEX
Whenever the amount of insurance on a policy reinsured hereunder is
increased or reduced because of a misstatement of age or sex
established after the death of the insured, the two companies will
share in such increase or reduction in proportion to the respective
net liabilities carried by the two companies on the policy immediately
prior to the adjustment.
INSOLVENCY
All reinsurance under this agreement will be payable by Connecticut
General directly to State Mutual, its liquidator, receiver or
statutory successor on the basis of the liability of State Mutual
under the policy or policies reinsured, without diminution because of
the insolvency of State Mutual. It is understood, however, that in the
event of such insolvency, the liquidator or receiver or statutory
successor of State Mutual will give written notice of the pendency of
a claim against State Mutual on the policy reinsured within a
reasonable time after such claim is filed in the insolvency
proceedings, and that during the pendency of such claim Connecticut
General may investigate such claim and interpose, at its own expense,
in the proceedings where such claim is to be adjudicated, any defense
or defenses which it may deem available to State Mutual or its
liquidator or receiver or statutory successor.
It is further understood that the expense thus incurred by Connecticut
General will be chargeable, subject to court approval, against State
Mutual as part of the expense of liquidation to the extent of a
proportionate share of the benefit which may accrue to State Mutual
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 will be apportioned in accordance with the terms of the
reinsurance agreement as though such expense had been incurred by
State Mutual.
ARTICLE 13
RECAPTURES
Whenever State Mutual increases its maximum limit of retention for new
business, it will have the option of recapturing a corresponding
amount of insurance on each life reinsured under this agreement,
provided that reinsurance will not be so recaptured before the end of
the respective tenth policy year of any given policy. Reinsurance will
be eligible for recapture on each life on which State Mutual has
maintained its maximum limit of retention, as shown in Schedule A, for
the age, plan and mortality classification of the risk at time of
issue. Special limits for specific underwriting hazards or impairments
will not be considered to be maximum limits of retention.
8
State Mutual will, within ninety days after the effective date for its
increase in retention of new issues, notify Connecticut General of its
intention to exercise its option to recapture and the effective date
such recapture is to commence. Reinsurance in force will then be
reduced, as herein provided, on the respective anniversary date next
following, or the tenth anniversary date, where applicable. If
recapture as provided above is elected by State Mutual, then all
reinsurance eligible for such recapture will be similarly recaptured.
Recapture will commence with the effective date established by State
Mutual and will continue uninterrupted by State Mutual until all
eligible policies have been recaptured.
Notwithstanding the above, whenever reinsurance is issued hereunder on
the conversion of a policy originally reinsured under this or any
other agreement between the two companies, the recapture provisions
applicable to the original reinsurance will continue to apply to the
reinsurance of the new policy.
Reinsurance on a risk eligible for recapture will be reduced by
chronological anniversary date order until State Mutual's share in the
risk is increased to its new maximum limit of retention for the age,
plan and mortality classification at time of issue. If reinsurance is
in force with other companies on a given risk, the reduction in any
given policy will be that proportion of the reduction indicated which
the reinsurance on that policy in Connecticut General is of the total
amount reinsured on such policy.
ARTICLE 14
EXPERIENCE REFUNDS
Life reinsurance accepted under this agreement will not be eligible
for experience refunds.
ARTICLE 15
RIGHT TO INSPECT
Connecticut General may, at all reasonable times, inspect in the
offices of State Mutual the original papers, records, books, files and
other documents referring to the business covered by this agreement.
ARTICLE 16
OVERSIGHTS
If nonpayment of premiums within the time specified or failure to
comply with any of the other terms of this agreement is shown to be
unintentional and the result of oversight or misunderstanding on the
part of either State Mutual or Connecticut General, this agreement
will not be considered abrogated thereby, but both State Mutual and
Connecticut General will be restored to the position they would have
occupied had no such oversight or misunderstanding occurred.
9
ARBITRATION
Should a disagreement arise between the two companies regarding the
rights or liabilities of either company under any transaction under
this agreement, the same will be referred to arbitrators, one to be
chosen by each company from among the officers of other life insurance
companies and a third to be chosen by the said two arbitrators before
entering upon arbitration. If one of the parties declines to appoint
an arbitrator, or if the two appointed arbitrators are unable to agree
on the choice of a third, then the President of the American Council
of Life Insurance will be requested to make such selection. The
arbitrators will regard this document as an honorable agreement and
not merely as a legal obligation, and their decision will be final and
binding upon both companies.
The place of meeting of the arbitrators will be decided by a majority
vote of the members thereof. All expenses and fees of the arbitrators
will be borne equally by State Mutual and Connecticut General (unless
the arbitrators decide otherwise).
ARTICLE 17
DURATION OF AGREEMENT
This agreement will take effect as of August 1, 1983. It is not
limited in duration, but may be amended at any time by mutual consent
of the two companies and may be terminated as to further new
reinsurance at any time by either company upon three months' notice by
registered letter. Such termination as to new reinsurance will not
affect existing reinsurance which will remain in force until the
termination or expiry of each individual reinsurance in accordance
with the terms and conditions of this agreement for any claims or
premium refunds which are not reported to Connecticut General within
180 days following the termination or expiry of all reinsurance
reinsured hereunder.
In witness whereof, this Agreement is signed in duplicate on the dates indicated
at the home office of each company.
STATE MUTUAL LIFE ASSURANCE COMPANY
By /s/
-----------------------------------
Date November 10, 1983
---------------------------------
CONNECTICUT GENERAL LIFE INSURANCE COMPANY
By /s/
-----------------------------------
Date October 28, 1983
---------------------------------
10
SCHEDULE A
Maximum Limits of Retention of the America Group
(For All Plans at Ages Where Issued)
INDIVIDUAL LIFE INSURANCE
STANDARD RISKS,
SPECIAL CLASSES SPECIAL CLASSES SPECIAL CLASSES
A, B, C, & D AND E, F, & H AND J, L, & P
FLAT EXTRAS OF FLAT EXTRAS OF FLAT EXTRAS OF
AGES $10.00 OR LESS (a)(b) $10.01 - $20.00 (c) $20.01 AND OVER
---- --------------------- ------------------- ---------------
0 $ 400,000 $ 200,000 $ 100,000
1-17 800,000 600,000 200,000
18-60 1,000,000 700,000 400,000
61-70 700,000 500,000 200,000
71-75 300,000 200,000 100,000
76-80 200,000 100,000 50,000
(a) Youth Insurance Builder retention limit in terms of Ultimate Sum
Insured - available for standard risks only.
(b) Spouse's Insurance Rider not available above Class D.
(c) Term policies and riders not available above Class H.
Notes: (1) The above maximum limits are also the maximums on any one life
for all plans combined, including the initial commuted value of
Family Income Riders and the total extra liability for
Supplemental Level Term and Payor Riders.
(2) There are conditions where the retention may be limited, such as
in aviation, Armed Forces Personnel, certain avocations and
medical classifications.
(3) The America Group will retain those additional amounts which will
avoid reinsurance cessions of less than $25,000 per reinsurer.
1
Coronary History
Combined Table and Flat Extra Rating
AGES RETENTION
---- ---------
60 and Under $ 250,000
61-70 100,000
71-80 50,000
CIVILIAN AVIATION
PASSENGERS UNDERWRITING ACTION RETENTION
---------- ------------------- ---------
Company Owned Planes
To 200 hours annually Standard $ 1,000,000
Over 200 hours annually Individual Consideration* 500,000
Charter Flying
To 100 hours annually Standard $ 500,000
Over 100 hours annually Individual Consideration* 300,000
Private Business or Pleasure
To 100 hours annually Standard $ 500,000
Over 100 hours annually Individual Consideration* 300,000
Pilots and Crew Members $ 300,000
*Requires complete details of type of planes and equipment, flying terrain and
qualification of pilots.
ARMED FORCES
1. Active duly personnel, Reserves
alerted, National Guard alerted,
ROTC final college year, West
Point Cadets, Annapolis
Midshipmen, Air Force and Coast
Guard Academy Cadets
RETENTION
---------
ENLISTED PERSONNEL
(PAY GRADES E-1
THROUGH E-4 ARE
AGES OFFICERS NOT ELIGIBLE)
---- -------- ------------------
24 and under $ 25,000 $ 15,000
25 - 29 35,000 25,000
30 - 39 50,000 30,000
40 and Over 75,000 45,000
2
2. Submarine Service and Hazardous Special Officers and Enlisted Personnel:
Services E-5 and Up
----------------------------
$10,000 or up to 1/2 the above
limits, whichever is greater.
3. Paratroopers and Airborne
Infantry - All Ages - Officers
and Enlisted Personnel (E-5 and
up) $ 10,000 $ 10,000
4. Doctors, Dentists, Allied
Specialists $ 100,000 -0-
5. Civilians
Participants in Reserve Programs
entering an active duty for up
to six months only, with
remaining military service
obligation to be completed in
Ready Reserve.
All Ages and Ranks $ 50,000
DISABILITY WAIVER OF PREMIUM BENEFIT
Amount corresponding to life insurance retained
ACCIDENTAL DEATH BENEFITS*
AGES RETENTION
---- ---------
5-15 $ 25,000
16-19 50,000
20-29 100,000
30-65 200,000
*For accidental death benefits, the America Group will retain those additional
amounts which will avoid reinsurance cessions for amounts of less than $10,000.
3
SCHEDULE B
Maximum Limits of Automatic Reinsurance in Connecticut General
LIFE INSURANCE
In cases where the America Group is retaining its maximum limits of retention as
shown in Schedule A, Connecticut General will provide automatic reinsurance
equal to one and one-half (1 1/2 ) times such maximum limits of retention
subject to the following limits:
AGES STANDARD - 500%
---- ---------------
0-4 $ 750,000
5-70 1,500,000
71-75 500,000
Civilian Aviation limits will be considered maximum limits of retention for
purpose of determining automatic reinsurance.
DISABILITY WAIVER OF PREMIUM BENEFIT
Amount corresponding to life insurance reinsured
ACCIDENTAL DEATH BENEFIT
AGES RETENTION
---- ---------
5-19 $ 150,000
20-29 200,000
30-65 100,000
SCHEDULE C & D
Omitted 9 Pages
SCHEDULE E
YEARLY RENEWABLE TERM REINSURANCE PREMIUMS
Special State Mutual Program, Non-Experience Rated Basis
LIFE REINSURANCE: Premium rates for Automatic cessions will be 55% and premium
rates for Facultative cessions will be 63% of the premium rates shown on pages
2-13 of this schedule. The total life reinsurance premium on standard cessions
and on those substandard cessions with a percentage rating consists of the
appropriate rate per $1,000 applied to the amount at risk. On substandard
cessions involving flat extra premiums payable for more than five years, the
reinsurance flat extra premium is 20% of the reinsured portion of the gross flat
extra premium charged on the original policy in the first year and 75% in
renewal years. When the flat extra premium is payable for five years or less,
the reinsurance flat extra premium is 75% in all years. Reinsurance premiums on
substandard risks will revert to the standard risk basis on the policy
anniversary on which the insured attains age 65 or on the 20th policy
anniversary, whichever is later.
For joint life cessions with proceeds payable at the first death where the
amount of reinsurance is the same for all lives covered, the total life
reinsurance premium is 95% of the sum of the attained age single life rates
applied to the amount at risk. In all other situations the reinsurance premiums
are calculated as for single life cessions for each life covered.
DISABILITY WAIVER OF PREMIUM AND ACCIDENTAL DEATH AND DISMEMBERMENT: In the
first policy year the reinsurance premium is zero. In renewal years the
reinsurance premium equals 90% of the gross disability or ADB premium charged on
the original policy.
INTERIM INSURANCE
Premiums for interim periods are calculated at the second policy year rate for
the insured's age at the beginning of the interim period. The premium for the
first full policy year will be calculated at the first year rate for the
insured's age at the beginning of the policy year.
TERM RENEWALS AND TERM CONVERSIONS
Term renewals and term conversions are considered as continuations of the
original insurance for the purpose of determining the duration and appropriate
premiums thereon, except that flat extra premiums and premiums for disability
waiver of premium and accidental death benefits are zero for the first policy
year of the new cessions.
SCHEDULE E
SCHEDULE E
YEARLY RENEWAL TERM REINSURANCE PREMIUMS PER $1,000
Omitted 16 Pages
AMENDMENT NO. 1
to the Yearly Renewable Term Reinsurance Agreement Effective August 1, 1983
between
STATE MUTUAL LIFE ASSURANCE 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 simultaneously with the August 1, 1983
effective date of the treaty.
In witness whereof, this amendment is signed in duplicate on the dates indicated
at the home office of each company.
STATE MUTUAL LIFE ASSURANCE COMPANY
By /s/ Xxxxxx X. Xxxxx, Xx.
-----------------------------------
Date October 16, 1984
---------------------------------
CONNECTICUT GENERAL LIFE INSURANCE COMPANY
By /s/
-----------------------------------
Date October 15, 1984
---------------------------------
SCHEDULE B
Maximum Limits of Automatic Reinsurance in Connecticut General
LIFE INSURANCE
In cases where the America Group is retaining its maximum limits of retention as
shown in Schedule A, Connecticut General will provide automatic reinsurance
equal to one and one-half (1 1/2) times such maximum limits of retention subject
to the following limits:
AGES STANDARD - 500%
---- ---------------
0-4 $ 750,000
5-70 1,500,000
71-75 500,000
Civilian Aviation limits will be considered maximum limits of retention for
purpose of determining automatic reinsurance.
In cases where the America Group applied for reinsurance while retaining less
than its maximum limits of retention, Connecticut General will provide automatic
reinsurance equal to the retention of the America Group on the current
application for insurance.
DISABILITY WAIVER OF PREMIUM BENEFIT
Amount corresponding to life insurance reinsured
ACCIDENTAL DEATH BENEFIT
AGES RETENTION
---- ---------
5-19 $ 150,000
20-29 200,000
30-65 100,000
SCHEDULE B
AMENDMENT NO. 2
to the Yearly Renewable Term Reinsurance Agreement Effective August 1, 1983
between
STATE MUTUAL LIFE ASSURANCE COMPANY
and
CONNECTICUT GENERAL LIFE INSURANCE COMPANY
It is agreed by the two companies as follows:
1. Effective for policies issued with policy dates of May 14, 1984, the
following Article 1 entitled APPLICATION OF AGREEMENT will be
substituted for the corresponding article of this agreement:
APPLICATION OF AGREEMENT
Reinsurance under this agreement will be limited to the mortality
risk portion of insurance issued by SMA Life Assurance Company, a
member of the America Group, and ceded to State Mutual on its
Exceptional Life Plan (Form No. 1012-83) and Exceptional
Retirement Life Plan (Form No. 1016-84).
2. Effective for Exceptional Retirement Life policies issued with policy
dates of May 14, 1984 or later, the attached Schedule E - Section II
will be added to and made a part of this agreement.
3. Effective for Exceptional Life policies issued with policy dates of
September 1, 1984 or later the attached Schedule E - Section I will be
substituted for the original Schedule E attached to this agreement
which was in effect prior to May 14, 1984.
In witness whereof, this amendment is signed in duplicate on the dates indicated
at the home office of each company.
STATE MUTUAL LIFE ASSURANCE COMPANY
By /s/ Xxxxxx X. Xxxxx, Xx.
-----------------------------------
Date December 26, 1984
---------------------------------
CONNECTICUT GENERAL LIFE INSURANCE COMPANY
By /s/
-----------------------------------
Date Dec. 11, 1984
---------------------------------
SCHEDULE E
YEARLY RENEWABLE TERM REINSURANCE PREMIUMS
Special State Mutual Program, Non-Experience Rated Basis
Applicable to reinsurance of policies issued on the Exceptional Life Plan.
LIFE REINSURANCE: Premium rates are shown on pages 2 - 9 of this section. The
total life reinsurance premium on standard cessions and on those substandard
cessions with a percentage rating consists of the appropriate rate per $1,000
applied to the amount at risk. Substandard premiums are direct multiples of the
standard premium. On substandard cessions involving flat extra premiums payable
for more than five years, the reinsurance flat extra premium is 20% of the
reinsured portion of the gross flat extra premium charged on the original policy
in the first year and 75% in renewal years. When the flat extra premium is
payable for five years or less, the reinsurance flat extra premiums 75% in all
years. Reinsurance premiums on substandard risks will revert to the standard
risk basis on the policy anniversary on which the insured attains age 65 or on
the 20th policy anniversary, whichever is later.
For joint life cessions with proceeds payable at the first death where the
amount of reinsurance is the same for all lives covered, the total life
reinsurance premium is 95% of the sum of the attained age single life rates
applied to the amount at risk. In all other situations the reinsurance premiums
are calculated as for single life cessions for each life covered.
DISABILITY WAIVER OF PREMIUM AND ACCIDENTAL DEATH AND DISMEMBERMENT: In the
first policy year the reinsurance premium is zero. In renewal years the
reinsurance premium equals 90% of the gross disability premium charged on the
original policy.
EXCHANGES, TERM RENEWALS AND TERM CONVERSIONS
Exchanges, term renewals and term conversions are considered as continuations of
the original insurance for the purpose of determining the duration and
appropriate premiums thereon, except that flat extra premiums and premiums for
disability waiver of premium and accidental death benefits are zero for the
first policy year of the new cessions.
1
SCHEDULE E - SECTION I
Omitted 8 Pages
SCHEDULE E
YEARLY RENEWABLE TERM REINSURANCE PREMIUMS
Special State Mutual Program, Non-Experience Rated Basis
Applicable to reinsurance of policies issued on the Exceptional Retirement Life
Plan.
LIFE REINSURANCE: Premium rates are shown on pages 2 - 9 of this section. The
total life reinsurance premium on standard cessions and on those substandard
cessions with a percentage rating consists of the appropriate rate per $1,000
applied to the amount at risk. Substandard premiums are direct multiples of the
standard premium. On substandard cessions involving flat extra premiums payable
for more than five years, the reinsurance flat extra premium is 20% of the
reinsured portion of the gross flat extra premium charged on the original policy
in the first year and 75% in renewal years. When the flat extra premium is
payable for five years or less, the reinsurance flat extra premiums 75% in all
years. Reinsurance premiums on substandard risks will revert to the standard
risk basis on the policy anniversary on which the insured attains age 65 or on
the 20th policy anniversary, whichever is later.
For joint life cessions with proceeds payable at the first death where the
amount of reinsurance is the same for all lives covered, the total life
reinsurance premium is 95% of the sum of the attained age single life rates
applied to the amount at risk. In all other situations the reinsurance premiums
are calculated as for single life cessions for each life covered.
DISABILITY WAIVER OF PREMIUM AND ACCIDENTAL DEATH AND DISMEMBERMENT: In the
first policy year the reinsurance premium is zero. In renewal years the
reinsurance premium equals 90% of the gross disability premium charged on the
original policy.
EXCHANGES, TERM RENEWALS AND TERM CONVERSIONS
Exchanges, term renewals and term conversions are considered as continuations of
the original insurance for the purpose of determining the duration and
appropriate premiums thereon, except that flat extra premiums and premiums for
disability waiver of premium and accidental death benefits are zero for the
first policy year of the new cessions.
1
SCHEDULE E - SECTION II
Omitted 8 Pages
AMENDMENT NO. 3
to the Yearly Renewable Term Reinsurance Agreement Effective August 1, 1983
between
STATE MUTUAL LIFE ASSURANCE COMPANY
and
CONNECTICUT GENERAL LIFE INSURANCE COMPANY
It is agreed by the two companies that the attached Schedule A will be
substituted for the corresponding schedule attached to this agreement.
This amendment will be effective for policies issued with policy dates of
October 18, 1984 or later.
In witness whereof, this amendment is signed in duplicate on the dates indicated
at the home office of each company.
STATE MUTUAL LIFE ASSURANCE COMPANY
By /s/ Xxxxxx X. Xxxxx, Xx.
-----------------------------------
Date April 10, 1985
---------------------------------
CONNECTICUT GENERAL LIFE INSURANCE COMPANY
By /s/ Xxxxx X. Xxxxx
-----------------------------------
Date April 5, 1985
---------------------------------
SCHEDULE A
Maximum Limits of Retention of the America Group
(For All Plans at Ages Where Issued)
INDIVIDUAL LIFE INSURANCE
STANDARD RISKS,
SPECIAL CLASSES SPECIAL CLASSES SPECIAL CLASSES
A, B, C, & D AND E, F, & H AND J, L, & P
FLAT EXTRAS OF FLAT EXTRAS OF FLAT EXTRAS OF
AGES $10.00 OR LESS (a)(b) $10.01 - $20.00 (c) $20.01 AND OVER
---- --------------------- ------------------- ---------------
0 $ 400,000 $ 200,000 $ 100,000
1-17 800,000 600,000 200,000
18-60 1,000,000 700,000 400,000
61-70 700,000 500,000 200,000
71-75 300,000 200,000 100,000
76-80 200,000 100,000 50,000
(a) Youth Insurance Builder retention limit in terms of Ultimate Sum
Insured - available for standard risks only.
(b) Spouse's Insurance Rider not available above Class D.
(c) Term policies and riders not available above Class H.
Notes: (1) The above maximum limits are also the maximums on any one life
for all plans combined, including the initial commuted value of
Family Income Riders and the total extra liability for
Supplemental Level Term and Payor Riders.
(2) There are conditions where the retention may be limited, such as
in aviation, Armed Forces Personnel, certain avocations and
medical classifications.
(3) The America Group will retain those additional amounts which will
avoid reinsurance cessions of less than $25,000 per reinsurer.
1
Coronary History
Combined Table and Flat Extra Rating
AGES RETENTION
---- ---------
60 and Under $ 250,000
61-70 100,000
71-80 50,000
CIVILIAN AVIATION
PASSENGERS UNDERWRITING ACTION RETENTION
---------- ------------------- ---------
Company Owned Planes
To 200 hours annually Standard $ 1,000,000
Over 200 hours annually Individual Consideration* 500,000
Charter Flying
To 100 hours annually Standard $ 500,000
Over 100 hours annually Individual Consideration* 300,000
Private Business or Pleasure
To 100 hours annually Standard $ 500,000
Over 100 hours annually Individual Consideration* 300,000
Pilots and Crew Members $ 300,000
*Requires complete details of type of planes and equipment, flying terrain and
qualification of pilots.
ARMED FORCES
1. Active duty personnel, Reserves
alerted, National Guard alerted,
ROTC final college year, West
Point Cadets, Annapolis
Midshipmen, Air Force and Coast
Guard Academy Cadets
RETENTION
---------
ENLISTED PERSONNEL
(PAY GRADES E-1
THROUGH E-4 ARE
AGES OFFICERS NOT ELIGIBLE)
---- -------- ------------------
24 and under $ 100,000 $ 50,000
25 and Over 150,000 100,000
(Submarine Service, Hazardous Special Services,
Paratroopers and Airborne Infantry are not eligible.)
2
RETENTION
---------
OFFICERS ENLISTED PERSONNEL*
-------- -------------------
2. Doctors, Dentists, Allied
Specialists $ 200,000 - - - -
3. Civilian participants in Reserve
Programs entering an active duty
for up to six months only, with
remaining military service
obligation to be completed in
Ready Reserve.
All Ages $ 150,000 $ 100,000
*Enlisted Personnel (Pay Grades E-1 through E-3 are not eligible).
DISABILITY WAIVER OF PREMIUM BENEFIT
Amount corresponding to life insurance retained
ACCIDENTAL DEATH BENEFITS**
AGES RETENTION
---- ---------
5-15 $ 25,000
16-19 50,000
20-29 100,000
30-65 200,000
**For accidental death benefits, the America Group will retain those additional
amounts which will avoid reinsurance cessions for amounts of less than $10,000.
3
CIGNA RE Corporation
Correspondence to Xxxxxx X. Xxxxx, Xx.
Omitted 2 Pages
AMENDMENT NO. 4
to the Yearly Renewable Term Reinsurance Agreement Effective August 1, 1983
between
STATE MUTUAL LIFE ASSURANCE COMPANY
and
CONNECTICUT GENERAL LIFE INSURANCE COMPANY
It is agreed by the two companies as follows:
1. The following Article 1 entitled APPLICATION OF AGREEMENT will be
substituted for the corresponding article of this agreement:
ARTICLE 1
APPLICATION OF AGREEMENT
Reinsurance under this agreement will be limited to the mortality
risk portion of insurance issued by SMA Life Assurance Company, a
member of the America Group, on its Exceptional Life plan (Form
Nos. 1012-83 and 1012-86) and Exceptional Retirement Life plan
(Form Nos. 1016-84 and 1016-86) where such insurance is ceded to
State Mutual.
2. The attached Schedules A, B and E will be substituted for the
corresponding schedules attached to this agreement.
This amendment will be effective for policies issued with policy dates of July
1, 1986 or later.
In witness whereof, this amendment is signed in duplicate on the dates indicated
at the home office of each company.
STATE MUTUAL LIFE ASSURANCE COMPANY
By /s/ Xxxxxx X. Xxxxx, Xx.
-----------------------------------
Date August 19, 1986
---------------------------------
CONNECTICUT GENERAL LIFE INSURANCE COMPANY
By /s/ Xxxxx X. Xxxxx
-----------------------------------
Date August 19, 1986
---------------------------------
SCHEDULE A
Maximum Limits of Retention of the America Group
(For All Plans at Ages Where Issued)
INDIVIDUAL LIFE INSURANCE
STANDARD RISKS,
SPECIAL CLASSES SPECIAL CLASSES SPECIAL CLASSES
A, B, C, & D AND E, F, & H AND J, L, & P
FLAT EXTRAS OF FLAT EXTRAS OF FLAT EXTRAS OF
AGES $10.00 OR LESS (a)(b) $10.01 - $20.00 (c) $20.01 AND OVER
---- --------------------- ------------------- ---------------
0 $ 400,000 $ 200,000 $ 100,000
1-17 800,000 600,000 200,000
18-60 1,000,000 700,000 400,000
61-70 700,000 500,000 200,000
71-75 300,000 200,000 100,000
76-80 200,000 100,000 50,000
(a) Spouse's Insurance Rider not available above Class D.
(b) Term policies and riders not available above Class H.
Notes: (1) The above maximum limits are also the maximums on any one life
for all plans and riders combined.
(2) There are conditions where the retention may be limited, such as
in aviation, Armed Forces Personnel, certain avocations and
medical classifications.
(3) The America Group will retain those additional amounts which will
avoid reinsurance cessions of less than $25,000 per reinsurer.
CORONARY HISTORY
(Combined Table and Flat Extra Rating)
AGES RETENTION
---- ---------
60 and Under $ 250,000
61-70 100,000
71-80 50,000
CIVILIAN AVIATION
PASSENGERS UNDERWRITING ACTION RETENTION
---------- ------------------- ---------
Company Owned Business Planes
To 200 hours annually Standard $ 1,000,000
Over 200 hours annually Individual Consideration* 500,000
1
PASSENGERS UNDERWRITING ACTION RETENTION
---------- ------------------- ---------
Charter Flying
To 100 hours annually Standard $ 500,000
Over 100 hours annually Individual Consideration* 300,000
Private Business or Pleasure
To 100 hours annually Standard $ 500,000
Over 100 hours annually Individual Consideration* 300,000
Pilots and Crew Members $ 300,000
*Requires complete details of type of planes and equipment, flying terrain and
qualification of pilots.
ARMED FORCES
1. Active duly personnel, Reserves alerted, National Guard alerted, ROTC final
college year, West Point Cadets, Annapolis Midshipmen, Air Force and Coast
Guard Academy Cadets.
RETENTION
---------
AGES OFFICERS ENLISTED PERSONNEL
---- -------- ------------------
24 and under $ 100,000 $ 50,000
25 and Over 150,000 100,000
(Submarine Service, Hazardous Special Services, Paratroopers and Airborne
Infantry are not eligible.)
2. Doctors, Dentists, Allied Specialists $ 200,000 - - - -
3. Civilian participants in Reserve
Programs entering on active duty
for up to six months only, with
remaining military service
obligation to be completed in
Ready Reserve. All ages. $ 150,000 $ 100,000
*Enlisted Personnel (Pay Grades E-1 through E-3 are not eligible).
DISABILITY WAIVER OF PREMIUM BENEFIT
Fully retained
ACCIDENTAL DEATH BENEFIT
Fully retained
2
SCHEDULE B
Maximum Limits of Automatic Reinsurance in Connecticut General
LIFE INSURANCE
In cases where the America Group is retaining its maximum limits of retention as
shown in Schedule A, Connecticut General will provide automatic reinsurance
equal to two (2) times such maximum limits of retention subject to the following
limits:
AGES STANDARD - 500%
---- ---------------
0-4 $ 800,000
5-70 2,000,000
71-75 600,000
Civilian Aviation Limits will be considered maximum limits of retention for
purpose of determining automatic reinsurance.
In cases where the America Group applied for reinsurance while retaining less
than its maximum limits of retention, Connecticut General will provide automatic
reinsurance equal to the retention of the America Group on the current
application for insurance.
DISABILITY WAIVER OF PREMIUM BENEFIT
-0-
ACCIDENTAL DEATH BENEFIT
-0-
SCHEDULE B
SCHEDULE E
YEARLY RENEWABLE TERM REINSURANCE PREMIUMS
Special State Mutual Program, Non-Experience Rated Basis
Applicable to reinsurance of policies issued on the Exceptional Life Plan.
LIFE REINSURANCE: Premium rates are shown on pages 2 - 9 of this section. The
total life reinsurance premium on standard cessions and on those substandard
cessions with a percentage rating consists of the appropriate rate per $1,000
applied to the amount at risk. Substandard premiums are direct multiples of the
standard premium. On substandard cessions involving flat extra premiums payable
for more than five years, the reinsurance flat extra premium is 20% of the
reinsured portion of the gross flat extra premium charged on the original policy
in the first year and 75% in renewal years. When the flat extra premium is
payable for five years or less, the reinsurance flat extra premiums 75% in all
years. Reinsurance premiums on substandard risks will revert to the standard
risk basis on the policy anniversary on which the insured attains age 65 or on
the 20th policy anniversary, whichever is later.
For joint life cessions with proceeds payable at the first death where the
amount of reinsurance is the same for all lives covered, the total life
reinsurance premium is 95% of the sum of the attained age single life rates
applied to the amount at risk. In all other situations the reinsurance premiums
are calculated as for single life cessions for each life covered.
DISABILITY WAIVER OF PREMIUM: In the first policy year the reinsurance premium
is zero. In renewal years the reinsurance premium equals 90% of the gross
disability premium charged on the original policy.
EXCHANGES, TERM RENEWALS AND TERM CONVERSIONS
Exchanges, term renewals and term conversions are considered as continuations of
the original insurance for the purpose of determining the duration and
appropriate premiums thereon.
1
SCHEDULE E - SECTION I
Omitted 8 Pages
SCHEDULE E - SECTION I
SCHEDULE E
YEARLY RENEWABLE TERM REINSURANCE PREMIUMS
Special State Mutual Program, Non-Experience Rated Basis
Applicable to reinsurance of policies issued on the Exceptional Retirement Life
Plan.
LIFE REINSURANCE: Premium rates are shown on pages 2 - 9 of this section. The
total life reinsurance premium on standard cessions and on those substandard
cessions with a percentage rating consists of the appropriate rate per $1,000
applied to the amount at risk. Substandard premiums are direct multiples of the
standard premium. On substandard cessions involving flat extra premiums payable
for more than five years, the reinsurance flat extra premium is 20% of the
reinsured portion of the gross flat extra premium charged on the original policy
in the first year and 75% in renewal years. When the flat extra premium is
payable for five years or less, the reinsurance flat extra premiums 75% in all
years. Reinsurance premiums on substandard risks will revert to the standard
risk basis on the policy anniversary on which the insured attains age 65 or on
the 20th policy anniversary, whichever is later.
For joint life cessions with proceeds payable at the first death where the
amount of reinsurance is the same for all lives covered, the total life
reinsurance premium is 95% of the sum of the attained age single life rates
applied to the amount at risk. In all other situations the reinsurance premiums
are calculated as for single life cessions for each life covered.
DISABILITY WAIVER OF PREMIUM: In the first policy year the reinsurance premium
is zero. In renewal years the reinsurance premium equals 90% of the gross
disability premium charged on the original policy.
EXCHANGES, TERM RENEWALS AND TERM CONVERSIONS
Exchanges, term renewals and term conversions are considered as continuations of
the original insurance for the purpose of determining the duration and
appropriate premiums thereon.
1
SCHEDULE E - SECTION II
Omitted 8 Pages
SCHEDULE E - SECTION II
SCHEDULE E
YEARLY RENEWABLE TERM REINSURANCE PREMIUMS
Special State Mutual Program, Non-Experience Rated Basis
Applicable to reinsurance of policies issued on the Exceptional Life II and
Exceptional Retirement Life II plans.
LIFE REINSURANCE: State Mutual's Cost of Insurance (COI) rates are shown on
pages 2, 3 and 4 of this section. The total life reinsurance premium on standard
cessions and on those substandard cessions with a percentage rating consists of
the correct percentage from the following table of the appropriate rate per
$1,000 applied to the amount at risk. Substandard premiums are direct multiples
of the standard premium. On substandard cessions involving flat extra premiums
payable for more than five years, the reinsurance flat extra premium is 20% of
the reinsured portion of the gross flat extra premium charged on the original
policy in the first year and 75% in renewal years. When the flat extra premium
is payable for five years or less, the reinsurance flat extra premiums 75% in
all years. Reinsurance premiums on substandard risks will revert to the standard
risk basis on the policy anniversary on which the insured attains age 65 or on
the 20th policy anniversary, whichever is later.
YRT RATES EXPRESSED AS A
PERCENTAGE OF STATE MUTUAL'S
CURRENT COI RATES
----------------------------
TYPE OF BUSINESS DURATION AUTOMATIC FACULTATIVE
---------------- -------- --------- -----------
New Issues 1 -0- -0-
2-10 63% 76%
11+ 80% 80%
Exchanges, terms renewals and term conversions are considered as continuations
of the original insurance for the purpose of determining the duration and
appropriate premiums thereon.
1
SCHEDULE E - SECTION III
Omitted 3 Pages
AMENDMENT NO. 5
to the Yearly Renewable Term Reinsurance Agreement Effective August 1, 1983
between
STATE MUTUAL LIFE ASSURANCE COMPANY
and
CONNECTICUT GENERAL LIFE INSURANCE COMPANY
It is agreed by the two companies that the following section entitled JUMBO RISK
DEFINED will be substituted for the corresponding section of Article 2 of this
agreement.
JUMBO RISK DEFINED
For the purpose of this agreement a jumbo risk is defined as one where
the commonly accepted underwriting evidence of insurability indicates
that the proposed insured's total life insurance in force and applied
for in all companies exceeds the following:
INSURANCE AGE TOTAL LINE
------------- ----------
0-75 $ 10,000,000
This amendment will be effective for policies issued with policy dates of
January 1, 1987 or later.
In witness whereof, this amendment is signed in duplicate on the dates indicated
at the home office of each company.
STATE MUTUAL LIFE ASSURANCE COMPANY
By /s/ Xxxxxx X. Xxxxx, Xx.
-----------------------------------
Date January 16, 1987
---------------------------------
CONNECTICUT GENERAL LIFE INSURANCE COMPANY
By /s/ Xxxxx X. Xxxxx
-----------------------------------
Date January 15, 1987
---------------------------------
AMENDMENT NO. 6
to the Yearly Renewable Term Reinsurance Agreement Effective August 1, 1983
between
STATE MUTUAL LIFE ASSURANCE COMPANY
and
CONNECTICUT GENERAL LIFE INSURANCE COMPANY
It is agreed by the two companies that each disability waiver of premium and
accidental death benefit reinsurance in force hereunder will be terminated on
its 1987 policy anniversary date except that policies with incurred disability
claims will continue to be reinsured until the date of recovery from disability.
In witness whereof, this amendment is signed in duplicate on the dates indicated
at the home office of each company.
STATE MUTUAL LIFE ASSURANCE COMPANY
By /s/ Xxxxxx X. Xxxxx, Xx.
-----------------------------------
Date May 4, 1987
---------------------------------
CONNECTICUT GENERAL LIFE INSURANCE COMPANY
By /s/ Xxxxx X. Xxxxx
-----------------------------------
Date April 30, 1987
---------------------------------
AMENDMENT NO. 6
to the Yearly Renewable Term Reinsurance Agreement Effective August 1, 1983
between
STATE MUTUAL LIFE ASSURANCE COMPANY
and
CONNECTICUT GENERAL LIFE INSURANCE COMPANY
It is agreed by the two companies as follows:
1. The following Article 1 entitled APPLICATION OF AGREEMENT will be
substituted for the corresponding article of this agreement:
ARTICLE 1
APPLICATION OF AGREEMENT
Reinsurance under this agreement will be limited to the mortality
risk portion of insurance issued by SMA Life Assurance Company, a
member of the America Group, on its Exceptional Life plan (Form
Nos. 1012-83 and 1012-86) and Exceptional Retirement plan (Form
Nos. 1016-84 and 1016-86), and Vari-Exceptional Life plan (Form
No. 1018-87) where such insurance is ceded to State Mutual.
2. The attached Schedules E - Section III will be substituted for the
corresponding schedule section of this agreement.
This amendment will be effective for policies issued with policy dates of
October 1, 1987 or later.
In witness whereof, this amendment is signed in duplicate on the dates indicated
at the home office of each company.
STATE MUTUAL LIFE ASSURANCE COMPANY
By /s/ Xxxxxx X. Xxxxx, Xx.
-----------------------------------
Date December 3, 1987
---------------------------------
CONNECTICUT GENERAL LIFE INSURANCE COMPANY
By /s/ Xxxxx X. Xxxxx
-----------------------------------
Date October 15, 1987
---------------------------------
SCHEDULE E
YEARLY RENEWABLE TERM REINSURANCE PREMIUMS
Special State Mutual Program, Non-Experience Rated Basis
Applicable to reinsurance of policies issued on the Exceptional Life II,
Exceptional Retirement II, and Vari-Exceptional Life plans.
LIFE REINSURANCE: State Mutual's Cost of Insurance (COI) rates are shown on
pages 2, 3 and 4 of this section. The total life reinsurance premium on standard
cessions and on those substandard cessions with a percentage rating consists of
the correct percentage from the following table of the appropriate rate per
$1,000 applied to the amount at risk. Substandard premiums are direct multiples
of the standard premium. On substandard cessions involving flat extra premiums
payable for more than five years, the reinsurance flat extra premium is 20% of
the reinsured portion of the gross flat extra premium charged on the original
policy in the first year and 75% in renewal years. When the flat extra premium
is payable for five years or less, the reinsurance flat extra premiums 75% in
all years. Reinsurance premiums on substandard risks will revert to the standard
risk basis on the policy anniversary on which the insured attains age 65 or on
the 20th policy anniversary, whichever is later.
YRT RATES EXPRESSED AS A
PERCENTAGE OF STATE MUTUAL'S
CURRENT COI RATES
----------------------------
TYPE OF BUSINESS DURATION AUTOMATIC FACULTATIVE
---------------- -------- --------- -----------
New Issues 1 -0- -0-
2-10 63% 76%
11+ 80% 80%
EXCHANGES, TERM RENEWALS AND TERM CONVERSIONS
Exchanges, terms renewals and term conversions are considered as continuations
of the original insurance for the purpose of determining the duration and
appropriate premiums thereon.
1
SCHEDULE E - SECTION III
Omitted 16 Pages
AMENDMENT NO. 8
to the Yearly Renewable Term Reinsurance Agreement Effective August 1, 1983
between
STATE MUTUAL LIFE ASSURANCE COMPANY OF AMERICA
and
CONNECTICUT GENERAL LIFE INSURANCE COMPANY
It is agreed by the two companies that the following section entitled
ARBITRATION will be substituted for the corresponding section of Article 16 of
this agreement:
ARBITRATION
Should a disagreement arise between the two companies regarding the
rights or liabilities of either company under any transaction under
this agreement, the issue will be referred to arbitrators, one to be
chosen by each company from among officers of other life insurance
companies, who are familiar with reinsurance transactions, and a third
to be chosen by the said two arbitrators before entering into
arbitration. An arbitrator may not be a present or former officer,
attorney, or consultant of State Mutual or Connecticut General or
either's affiliates. If the arbitrators appointed by the two parties
cannot agree on a third person, then either party may apply to the
court, pursuant to Section 52-411 of the General Statutes of the State
of Connecticut, for appointment of a third arbitrator. The arbitrators
will regard this document as an honorable agreement and not merely as
a legal obligation, as they will consider practical business and
equity principles. The arbitrators' decision will be final and binding
upon both companies.
The place of meeting of the arbitrators will be decided by a majority
vote of the members thereof. All expenses and fees of the arbitrators
will be borne equally by State Mutual and Connecticut General (unless
the arbitrators decide otherwise).
This amendment will be effective January 1, 1989.
In witness whereof, this amendment is signed in duplicate on the dates indicated
at the home office of each company.
STATE MUTUAL LIFE ASSURANCE COMPANY OF
AMERICA
By /s/ Xxxxxx X. Xxxxx, Xx.
-----------------------------------
Date November 27, 1990
---------------------------------
CONNECTICUT GENERAL LIFE INSURANCE COMPANY
By /s/ Xxxxx X. Xxxxx
-----------------------------------
Date November 19, 1990
---------------------------------
AMENDMENT NO. 9
to the Yearly Renewable Term Reinsurance Agreement Effective August 1, 1983
between
STATE MUTUAL LIFE ASSURANCE COMPANY OF AMERICA
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 for policies in force or issued on or after
November 1, 1989.
In witness whereof, this amendment is signed in duplicate on the dates indicated
at the home office of each company.
STATE MUTUAL LIFE ASSURANCE COMPANY OF
AMERICA
By /s/ Xxxxxx X. Xxxxx, Xx.
-----------------------------------
Date December 14, 1989
---------------------------------
CONNECTICUT GENERAL LIFE INSURANCE COMPANY
By /s/ Xxxxx X. Xxxxx
-----------------------------------
Date December 12, 1989
---------------------------------
SCHEDULE B
Maximum Limits of Automatic Reinsurance in Connecticut General
LIFE INSURANCE
In cases where the America Group is retaining its maximum limits of retention as
shown in Schedule A, Connecticut General will provide automatic reinsurance
equal to two (2) times such maximum limits of retention on permanent plans,
subject to the following limits:
AGES STANDARD SUBSTANDARD THROUGH 500%
---- -------- ------------------------
0-4 $ 800,000 $ 800,000
5-70 2,000,000 2,000,000
71-75 600,000 600,000
76-80 400,000 -0-
81+ -0- -0-
Civilian Aviation Limits will be considered maximum limits of retention for the
purpose of determining automatic reinsurance.
In cases where the America Group applied for reinsurance while retaining less
than its maximum limits of retention and on all term plans, Connecticut General
will provide automatic reinsurance equal to the retention of the America Group
on the current application for insurance.
DISABILITY WAIVER OF PREMIUM BENEFIT
-0-
ACCIDENTAL DEATH BENEFIT
-0-
SCHEDULE B
AMENDMENT NO. 10
to the Yearly Renewable Term Reinsurance Agreement Effective August 1, 1983
between
STATE MUTUAL LIFE ASSURANCE COMPANY OF AMERICA
and
CONNECTICUT GENERAL LIFE INSURANCE COMPANY
It is agreed by the two companies as follows:
1. Effective for policies issued with policy dates of February 1, 1988 or
later, the attached Schedule A will be substituted for the
corresponding schedule attached to this agreement.
2. Effective for policies issued with policy dates of January 1, 1991 or
later, the attached Schedule B will be substituted for the
corresponding schedule attached to this agreement.
In witness whereof, this amendment is signed in duplicate on the dates indicated
at the home office of each company.
STATE MUTUAL LIFE ASSURANCE COMPANY OF
AMERICA
By /s/ Xxxxxx X. Xxxxx, Xx.
-----------------------------------
Date March 1, 1991
---------------------------------
CONNECTICUT GENERAL LIFE INSURANCE COMPANY
By /s/ Xxxxx X. Xxxxx
-----------------------------------
Date February 21, 1991
---------------------------------
SCHEDULE A
Maximum Limits of Retention of State Mutual
LIFE INSURANCE
STANDARD RISKS,
SPECIAL CLASSES SPECIAL CLASSES SPECIAL CLASSES
A, B, C, & D AND E, F, & H AND J, L, & P
FLAT EXTRAS OF FLAT EXTRAS OF FLAT EXTRAS OF
AGES $10.00 OR LESS (a) $10.01 - $20.00 (b) $20.01 AND OVER
---- ------------------ ------------------- ---------------
0 $ 400,000 $ 200,000 $ 100,000
1-17 800,000 600,000 200,000
18-60 1,000,000 700,000 400,000
61-70 700,000 500,000 200,000
71-75 300,000 200,000 100,000
76-80 200,000 100,000 50,000
(a) Spouse's Insurance Rider not available above Class D.
(b) Term policies and riders not available above Class H.
Notes: (1) The above maximum limits are also the maximums on any one life
for all plans and riders combined.
(2) There are conditions where the retention may be limited, such as
in aviation, Armed Forces Personnel, certain avocations and
medical classifications.
(3) The America Group will retain those additional amounts which will
avoid reinsurance cessions of less than $25,000 per reinsurer.
(4) In the case of Joint Last Survivor policies, retention will be
based on the insured rated Standard or closest thereto.
CORONARY HISTORY
(Combined Table and Flat Extra Rating)
AGES RETENTION
---- ---------
0-60 $ 300,000
61-70 150,000
71-80 50,000
1
CIVILIAN AVIATION
PASSENGERS UNDERWRITING ACTION RETENTION
---------- ------------------- ---------
Company Owned Business Planes
To 200 hours annually Standard $ 1,000,000
Over 200 hours annually Individual Consideration* 500,000
Charter Flying
To 100 hours annually Standard $ 500,000
Over 100 hours annually Individual Consideration* 300,000
Private Business or Pleasure
To 100 hours annually Standard $ 500,000
Over 100 hours annually Individual Consideration* 300,000
Pilots and Crew Members $ 300,000
*Requires complete details of type of planes and equipment, flying terrain and
qualification of pilots.
ARMED FORCES
1. Active duty personnel, Reserves alerted, National Guard alerted, ROTC final
college year, West Point Cadets, Annapolis Midshipmen, Air Force and Coast
Guard Academy Cadets.
RETENTION
---------
AGES OFFICERS ENLISTED PERSONNEL*
---- -------- -------------------
24 and under $ 100,000 $ 50,000
25 and Over 150,000 100,000
(Submarine Service, Hazardous Special Services, Paratroopers and Airborne
Infantry are not eligible.)
2. Doctors, Dentists, Allied Specialists $ 200,000 - - - -
3. Civilian participants in Reserve
Programs entering an active duty
for up to six months only, with
remaining military service
obligation to be completed in
Ready Reserve. All ages. $ 150,000 $ 100,000
*Enlisted Personnel (Pay Grades E-1 through E-3 are not eligible).
2
SCHEDULE B
Maximum Limits of Automatic Reinsurance in Connecticut General
LIFE INSURANCE
In cases where the America Group is retaining its maximum limits of retention as
shown in Schedule A, Connecticut General will provide automatic reinsurance
equal to two (2) times such maximum limits of retention subject to the following
limits:
AGES STANDARD SUBSTANDARD THROUGH 500%
---- -------- ------------------------
0-4 $ 800,000 $ 800,000
5-70 2,000,000 2,000,000
71-75 600,000 600,000
76-80 400,000 -0-
81+ -0- -0-
Civilian Aviation Limits will be considered maximum limits of retention for
purpose of determining automatic reinsurance.
In cases where the America Group applied for reinsurance while retaining less
than its maximum limits of retention, Connecticut General will provide automatic
reinsurance equal to the retention of the America Group on the current
application for insurance.
SCHEDULE B
AMENDMENT NO. 10
to the Yearly Renewable Term Reinsurance Agreement Effective August 1, 1983
between
STATE MUTUAL LIFE ASSURANCE COMPANY OF AMERICA
and
CONNECTICUT GENERAL LIFE INSURANCE COMPANY
It is agreed by the two companies as follows:
1. The following Article 1 entitled APPLICATION OF AGREEMENT will be
substituted for the corresponding article of this agreement:
ARTICLE 1
APPLICATION OF AGREEMENT
Reinsurance under this agreement will be limited to the mortality
risk portion of insurance issued by SMA Life Assurance Company, a
member of the America Group, on its Exceptional Life plan (Form
Nos. 1012-83 and 1012-86), Exceptional Retirement plan (Form Nos.
1016-84 and 1016-86), Vari-Exceptional Life plan (Form No.
1018-87) and Exceptional Advantage Plan (Form No. 1021-90) where
such insurance is ceded to State Mutual.
2. Connecticut General will participate in the 90 Day Survivor Benefit
associated with the Exceptional Advantage plan and there will be no
reinsurance premium charged on the benefit.
3. The attached Schedule E - Section III, Page 1 will be substituted for
the corresponding page attached to this agreement.
This amendment will be effective for policies issued with policy dates of
December 10, 1990 or later.
In witness whereof, this amendment is signed in duplicate on the dates indicated
at the home office of each company.
STATE MUTUAL LIFE ASSURANCE COMPANY OF
AMERICA
By /s/ Xxxxxx X. Xxxxx, Xx.
-----------------------------------
Date April 30, 1991
---------------------------------
CONNECTICUT GENERAL LIFE INSURANCE COMPANY
By /s/ Xxxxx X. Xxxxx
-----------------------------------
Date April 26, 1991
---------------------------------
SCHEDULE E
YEARLY RENEWABLE TERM REINSURANCE PREMIUMS
Special Universal Life Program, Non-Experience Rated Basis
Applicable to reinsurance of policies issued on the Exceptional Life II,
Exceptional Retirement II Vari-Exceptional Life and Exceptional Advantage plans.
LIFE REINSURANCE: State Mutual's Cost of Insurance (COI) rates are shown on
pages 2, 3 and 4 of this section. The total life reinsurance premium on standard
cessions and on those substandard cessions with a percentage rating consists of
the correct percentage from the following table of the appropriate rate per
$1,000 applied to the amount at risk. Substandard premiums are direct multiples
of the standard premium. On substandard cessions involving flat extra premiums
payable for more than five years, the reinsurance flat extra premium is 20% of
the reinsured portion of the gross flat extra premium charged on the original
policy in the first year and 75% in renewal years. When the flat extra premium
is payable for five years or less, the reinsurance flat extra premiums 75% in
all years. Reinsurance premiums on substandard risks will revert to the standard
risk basis on the policy anniversary on which the insured attains age 65 or on
the 20th policy anniversary, whichever is later.
For joint life cessions with proceeds payable at the first death where the
amount of reinsurance is the same for all lives covered, the total life
reinsurance premium is 95% of the sum of the attained age single life rates
applied to the amount at risk. In all other situations the reinsurance premiums
are calculated as for single life cessions for each life covered.
YRT RATES EXPRESSED AS A
PERCENTAGE OF STATE MUTUAL'S
CURRENT COI RATES
----------------------------
TYPE OF BUSINESS DURATION AUTOMATIC FACULTATIVE
---------------- -------- --------- -----------
New Issues 1 -0- -0-
2-10 63% 76%
11+ 80% 80%
EXCHANGES, TERM RENEWALS AND TERM CONVERSIONS
Exchanges, terms renewals and term conversions are considered as continuations
of the original insurance for the purpose of determining the duration and
appropriate premiums thereon.
1
Correspondence
Omitted 4 Pages
AMENDMENT NO. 12
to the Yearly Renewable Term Reinsurance Agreement Effective August 1, 1983
between
STATE MUTUAL LIFE ASSURANCE COMPANY OF AMERICA
and
CONNECTICUT GENERAL LIFE INSURANCE COMPANY
It is agreed by the two companies as follows:
1. The following Article 1 entitled APPLICATION OF AGREEMENT will be
substituted for the corresponding article of this agreement:
ARTICLE 1
APPLICATION OF AGREEMENT
Reinsurance under this agreement will be limited to the mortality
risk portion of insurance issued by SMA Life Assurance Company, a
member of the America Group, on its Exceptional Life plan (Form
Nos. 1012-83 and 1012-86), Exceptional Retirement plan (Form Nos.
1016-84 and 1016-86), Vari-Exceptional Life plan (Form No.
1018-87), Exceptional Advantage Plan (Form No. 1021-90) and
Exceptional Advantage plan (Form No. 1018-91) where such
insurance is ceded to State Mutual.
2. The attached Schedule E - Section III, Page 1 will be substituted for
the corresponding page attached to this agreement.
This amendment will be effective for policies issued with policy dates of
October 1, 1991 or later.
In witness whereof, this amendment is signed in duplicate on the dates indicated
at the home office of each company.
STATE MUTUAL LIFE ASSURANCE COMPANY OF
AMERICA
By /s/ Xxxxxx X. Xxxxx, Xx.
-----------------------------------
Date April 8, 1992
---------------------------------
CONNECTICUT GENERAL LIFE INSURANCE COMPANY
By /s/ Xxxxx X. Xxxxx
-----------------------------------
Date April 2, 1992
---------------------------------
SCHEDULE E
YEARLY RENEWABLE TERM REINSURANCE PREMIUMS
Special Universal Life Program, Non-Experience Rated Basis
Applicable to reinsurance of policies issued on the Exceptional Life II,
Exceptional Retirement II, Vari-Exceptional Life and Exceptional Advantage
plans.
LIFE REINSURANCE: State Mutual's Cost of Insurance (COI) rates are shown on
pages 2, 3 and 4 of this section. The total life reinsurance premium on standard
cessions and on those substandard cessions with a percentage rating consists of
the correct percentage from the following table of the appropriate rate per
$1,000 applied to the amount at risk. Substandard premiums are direct multiples
of the standard premium. On substandard cessions involving flat extra premiums
payable for more than five years, the reinsurance flat extra premium is 20% of
the reinsured portion of the gross flat extra premium charged on the original
policy in the first year and 75% in renewal years. When the flat extra premium
is payable for five years or less, the reinsurance flat extra premiums 75% in
all years. Reinsurance premiums on substandard risks will revert to the standard
risk basis on the policy anniversary on which the insured attains age 65 or on
the 20th policy anniversary, whichever is later.
For joint life cessions with proceeds payable at the first death where the
amount of reinsurance is the same for all lives covered, the total life
reinsurance premium is 95% of the sum of the attained age single life rates
applied to the amount at risk. In all other situations the reinsurance premiums
are calculated as for single life cessions for each life covered.
YRT RATES EXPRESSED AS A
PERCENTAGE OF STATE MUTUAL'S
MONTHLY CURRENT COI RATES
----------------------------
TYPE OF BUSINESS DURATION AUTOMATIC FACULTATIVE
---------------- -------- --------- -----------
New Issues 1 -0- -0-
2-10 63% 76%
11+ 80% 80%
EXCHANGES, TERM RENEWALS AND TERM CONVERSIONS
Exchanges, terms renewals and term conversions are considered as continuations
of the original insurance for the purpose of determining the duration and
appropriate premiums thereon.
1
AMENDMENT NO. 13
to the Yearly Renewable Term Reinsurance Agreement Effective August 1, 1983
between
STATE MUTUAL LIFE ASSURANCE COMPANY OF AMERICA
and
CONNECTICUT GENERAL LIFE INSURANCE COMPANY
It is agreed by the two companies as follows:
1. This Amendment No. 13 will replace and rescind Amendment No. 12
attached to this agreement, as Amendment No. 12 contained several
errors discovered after signature.
2. The following Article 1 entitled APPLICATION OF AGREEMENT will be
substituted for the corresponding article of this agreement:
ARTICLE 1
APPLICATION OF AGREEMENT
Reinsurance under this agreement will be limited to the mortality
risk portion of insurance issued by SMA Life Assurance Company, a
member of the America Group, on its Exceptional Life plan (Form
Nos. 1012-83 and 1012-86), Exceptional Retirement plan (Form Nos.
1016-84 and 1016-86), Vari-Exceptional Life plan (Form Nos.
1018-87 and 1018-91), and Exceptional Advantage Plan (Form No.
1021-90) where such insurance is ceded to State Mutual.
3. The attached Schedule E - Section III, Page 1 will be substituted for
the corresponding page attached to this agreement.
This amendment will be effective for policies issued with policy dates of
October 1, 1991 or later.
In witness whereof, this amendment is signed in duplicate on the dates indicated
at the home office of each company.
STATE MUTUAL LIFE ASSURANCE COMPANY OF
AMERICA
By /s/ Xxxxxx X. Xxxxx, Xx.
-----------------------------------
Date April 21, 1993
---------------------------------
CONNECTICUT GENERAL LIFE INSURANCE COMPANY
By /s/
-----------------------------------
Date (illegible)
---------------------------------
SCHEDULE E
YEARLY RENEWABLE TERM REINSURANCE PREMIUMS
Special Universal Life Program, Non-Experience Rated Basis
Applicable to reinsurance of policies issued on the Exceptional Life II,
Exceptional Retirement II, Vari-Exceptional Life and Exceptional Advantage
plans.
LIFE REINSURANCE: State Mutual's Cost of Insurance (COI) rates are shown on
pages 2, 3 and 4 of this section. The total life reinsurance premium on standard
cessions and on those substandard cessions with a percentage rating consists of
the correct percentage from the following table of the appropriate rate per
$1,000 applied to the amount at risk. Substandard premiums are direct multiples
of the standard premium. On substandard cessions involving flat extra premiums
payable for more than five years, the reinsurance flat extra premium is 20% of
the reinsured portion of the gross flat extra premium charged on the original
policy in the first year and 75% in renewal years. When the flat extra premium
is payable for five years or less, the reinsurance flat extra premiums 75% in
all years. Reinsurance premiums on substandard risks will revert to the standard
risk basis on the policy anniversary on which the insured attains age 65 or on
the 20th policy anniversary, whichever is later.
For joint life cessions with proceeds payable at the first death where the
amount of reinsurance is the same for all lives covered, the total life
reinsurance premium is 95% of the sum of the attained age single life rates
applied to the amount at risk. In all other situations the reinsurance premiums
are calculated as for single life cessions for each life covered.
YRT RATES EXPRESSED AS A
PERCENTAGE OF STATE MUTUAL'S
MONTHLY CURRENT COI RATES
----------------------------
TYPE OF BUSINESS DURATION AUTOMATIC FACULTATIVE
---------------- -------- --------- -----------
New Issues 1 -0- -0-
2-10 63% 76%
11+ 80% 80%
EXCHANGES, TERM RENEWALS AND TERM CONVERSIONS
Exchanges, terms renewals and term conversions are considered as continuations
of the original insurance for the purpose of determining the duration and
appropriate premiums thereon.
1
AMENDMENT NO. 14
to the Yearly Renewable Term Reinsurance Agreement Effective August 1, 1983
between
STATE MUTUAL LIFE ASSURANCE COMPANY OF AMERICA
and
CONNECTICUT GENERAL LIFE INSURANCE COMPANY
It is agreed by the two companies as follows:
1. The following section entitled AUTOMATIC REINSURANCE will be substituted
for the corresponding section of Article 2 of this agreement:
AUTOMATIC REINSURANCE
Whenever State Mutual requires reinsurance for the excess over its
retention of life insurance issued in accordance with State Mutual's
usual underwriting standards and requirements for individually
selected risks and such insurance is issued to a United States or
Canadian resident whose surname begins with any of the letters A
through Z inclusive, who is not classified as a jumbo risk as
hereinafter defined, and on whom State Mutual is retaining its maximum
limit of retention as shown in Schedule A, attached hereto, State
Mutual will cede and Connecticut General will accept, under this
agreement, thirty percent (30%) of the excess over such retention up
to a maximum amount on one life as shown in Schedule B, attached
hereto, provided that such reinsurance is not being submitted to any
reinsurer on a facultative basis.
State Mutual will not change its existing underwriting and issuance
practices in effect on or after January 1, 1993 which relate to the
policies reinsured hereunder unless State Mutual notifies Connecticut
General in writing.
2. The following section entitled JUMBO RISK DEFINED will be substituted for
the corresponding section of Article 2 of this agreement:
JUMBO RISK DEFINED
For the purpose of this agreement a jumbo risk is defined as one where
the commonly accepted underwriting evidence of insurability indicates
that the proposed insured's total life insurance in force and applied
for in all companies exceeds the following:
INSURANCE AGE TOTAL LINE
------------- ----------
0-80 $ 10,000,000
3. The following section entitled REDUCTIONS, CANCELLATIONS will be
substituted for the corresponding section of Article 10 of this agreement.
REDUCTIONS, CANCELLATIONS
Whenever a policy upon which reinsurance is based is reduced or
terminated, or whenever all or part of the insurance which was in
force at the date reinsurance was effected and not covered by previous
reinsurance is reduced or terminated, the reinsurance will be reduced
by a like amount as of the date of such reduction or termination in a
chronological anniversary date order. Off-anniversary cancellations
will have pro-rata reinsurance premium adjustments, but not any
insurance amount adjustment. Cancellations on the anniversary will not
have any reinsurance premium or insurance amount adjustments. If
reinsurance has been effected in more than one company on a given
risk, the reduction in any given policy will be that proportion of the
reduction indicated which the reinsurance on that policy in
Connecticut General is of the total amount reinsured on such policy.
Notwithstanding the above, reinsurance under this agreement will be
canceled automatically whenever the net amount at risk reduces to
$25,000 of less.
4. The attached Schedules A and B will be substituted for the corresponding
schedules attached to this agreement.
5. The attached Schedule E - Section III will be substituted for the
corresponding section attached to this agreement.
This amendment will be effective for policies issued with policy dates of
January 1, 1993 or later.
In witness whereof, this amendment is signed in duplicate on the dates indicated
at the home office of each company.
STATE MUTUAL LIFE ASSURANCE COMPANY OF
AMERICA
By /s/ Xxxxxx X. Xxxxx, Xx.
-----------------------------------
Date July 6, 1993
---------------------------------
CONNECTICUT GENERAL LIFE INSURANCE COMPANY
By /s/
-----------------------------------
Date (illegible)
---------------------------------
SCHEDULE A
Maximum Limits of Retention of State Mutual
LIFE INSURANCE
STANDARD RISKS,
SPECIAL CLASSES SPECIAL CLASSES
A THROUGH H AND J, L, & P, AND
ISSUE FLAT EXTRAS OF FLAT EXTRAS OF
AGES $20.00 OR LESS $20.01 AND OVER
---- -------------- ---------------
-0- $ 500,000 $ 250,000
1-60 2,000,000 1,000,000
61-70 1,000,000 500,000
71-80 500,000 250,000
(a) Spouse's Insurance Rider no available above Class D.
(b) Term policies and riders not available above Class H.
Notes: (1) The above maximum limits are also the maximums on any one life
for all plans and riders combined.
(2) State Mutual will retain those additional amounts which will
avoid reinsurance cessions of $50,000 or less.
(3) Any situation involving Aviation will use a $500,000 retention.
DISABILITY WAIVER OF PREMIUM
Fully Retained
ACCIDENTAL DEATH BENEFIT
Fully Retained
SCHEDULE B
Maximum Limits of Automatic Reinsurance in Connecticut General
LIFE INSURANCE
In cases where State Mutual is retaining its maximum limits of retention as
shown in Schedule A, Connecticut General will provide automatic reinsurance
equal to one (1) times such maximum limits of retention, subject to the
following limits:
ISSUE AGE STANDARD THROUGH 300% 325% THROUGH 500%
--------- --------------------- -----------------
-0- $ 500,000 $ 250,000
1-60 2,000,000 1,000,000
61-70 1,000,000 500,000
71-80 500,000 250,000
In cases where State Mutual applied for reinsurance while retaining less than
its maximum limits of retention, Connecticut General will provide automatic
reinsurance equal to the retention of State Mutual on the current application
for reinsurance. This provision will be referred to as "Special Automatic
Reinsurance".
SCHEDULE E
YEARLY RENEWABLE TERM REINSURANCE PREMIUMS
Special Universal Life Program, Non-Experience Rated Basis
Applicable to reinsurance of policies issued on SMA Life's Exceptional Life II,
Exceptional Retirement II, Vari-Exceptional Life and Exceptional Advantage plans
as well as increases on all these products and all increases in Exceptional Life
I and Exceptional Retirement Life I. Also applicable to the Other Insured Rider.
LIFE REINSURANCE: State Mutual's Cost of Insurance (COI) rates are shown on
pages 2, 3 and 4 of this section. The total life reinsurance premium on standard
cessions and on those substandard cessions with a percentage rating consists of
the correct percentage from the following table of the appropriate rate per
$1,000 applied to the amount at risk. Substandard premiums are direct multiples
of the standard premium. On substandard cessions involving flat extra premiums
payable for more than five years, the reinsurance flat extra premium is 20% of
the reinsured portion of the gross flat extra premium charged on the original
policy in the first year and 75% in renewal years. When the flat extra premium
is payable for five years or less, the reinsurance flat extra premiums 75% in
all years. Reinsurance premiums on substandard risks will revert to the standard
risk basis on the policy anniversary on which the insured attains age 65 or on
the 20th policy anniversary, whichever is later.
For joint life cessions with proceeds payable at the first death where the
amount of reinsurance is the same for all lives covered, the total life
reinsurance premium is 95% of the sum of the attained age single life rates
applied to the amount at risk. In all other situations the reinsurance premiums
are calculated as for single life cessions for each life covered.
YRT RATES EXPRESSED AS A
PERCENTAGE OF STATE MUTUAL'S
MONTHLY CURRENT COI RATES
----------------------------
TYPE OF BUSINESS DURATION AUTOMATIC FACULTATIVE
---------------- -------- --------- -----------
New Issues 1 -0- -0-
2-10 54% 50%
11+ 75% 70%
EXCHANGES, TERM RENEWALS AND TERM CONVERSIONS
Exchanges, terms renewals and term conversions are considered as continuations
of the original insurance for the purpose of determining the duration and
appropriate premiums thereon.
1
SCHEDULE E - SECTION III
Omitted 4 Pages
AMENDMENT NO. 15
to the Yearly Renewable Term Reinsurance Agreement Effective August 1, 1983
between
STATE MUTUAL LIFE ASSURANCE COMPANY OF AMERICA
and
CONNECTICUT GENERAL LIFE INSURANCE COMPANY
It is agreed by the two companies as follows:
1. The following Article 1 entitled APPLICATION OF AGREEMENT will be
substituted for the corresponding article of this agreement:
ARTICLE 1
APPLICATION OF AGREEMENT
Reinsurance under this agreement will be limited to the mortality
risk portion of insurance issued by SMA Life Assurance Company, a
member of the America Group, on its Exceptional Life plan (Form
Nos. 1012-83, 1012-86 and 1019-93), Exceptional Retirement plan
(Form Nos. 1016-84 and 1016-86), Vari-Exceptional Life plan (Form
Nos. 1018-87, 1018-91and 1018-93), and Exceptional Advantage Plan
(Form No. 1021-90) where such insurance is ceded to State Mutual.
2. The attached Schedule E - Section III, Page 1 will be substituted for
the corresponding page attached to this agreement.
This amendment will be effective for policies issued with policy dates of July
1, 1993 or later.
In witness whereof, this amendment is signed in duplicate on the dates indicated
at the home office of each company.
STATE MUTUAL LIFE ASSURANCE COMPANY OF
AMERICA
By /s/ Xxxxxx X. Xxxxx, Xx.
-----------------------------------
Date October 29, 1993
---------------------------------
CONNECTICUT GENERAL LIFE INSURANCE COMPANY
By /s/
-----------------------------------
Date 10/25/93
---------------------------------
SCHEDULE E
YEARLY RENEWABLE TERM REINSURANCE PREMIUMS
Special Universal Life Program, Non-Experience Rated Basis
LIFE REINSURANCE: State Mutual's Cost of Insurance (COI) rates are shown on
pages 2, 3 and 4 of this section. The total life reinsurance premium on standard
cessions and on those substandard cessions with a percentage rating consists of
the correct percentage from the following table of the appropriate rate per
$1,000 applied to the amount at risk. Substandard premiums are direct multiples
of the standard premium. On substandard cessions involving flat extra premiums
payable for more than five years, the reinsurance flat extra premium is 20% of
the reinsured portion of the gross flat extra premium charged on the original
policy in the first year and 75% in renewal years. When the flat extra premium
is payable for five years or less, the reinsurance flat extra premiums 75% in
all years. Reinsurance premiums on substandard risks will revert to the standard
risk basis on the policy anniversary on which the insured attains age 65 or on
the 20th policy anniversary, whichever is later.
For joint life cessions with proceeds payable at the first death where the
amount of reinsurance is the same for all lives covered, the total life
reinsurance premium is 95% of the sum of the attained age single life rates
applied to the amount at risk. In all other situations the reinsurance premiums
are calculated as for single life cessions for each life covered.
YRT RATES EXPRESSED AS A
PERCENTAGE OF STATE MUTUAL'S
MONTHLY CURRENT COI RATES
----------------------------
TYPE OF BUSINESS DURATION AUTOMATIC FACULTATIVE
---------------- -------- --------- -----------
New Issues 1 -0- -0-
2-10 54% 50%
11+ 75% 70%
EXCHANGES, TERM RENEWALS AND TERM CONVERSIONS
Exchanges, terms renewals and term conversions are considered as continuations
of the original insurance for the purpose of determining the duration and
appropriate premiums thereon.
1
DAC TAX AMENDMENT
This amendment between STATE MUTUAL LIFE ASSURANCE COMPANY OF AMERICA (referred
to as Ceding Company) and CONNECTICUT GENERAL LIFE INSURANCE COMPANY (referred
to as Assuming Company), collectively called the "Parties", hereby amends and
becomes part of all Reinsurance Agreement(s) between the Parties.
1. The attached DAC Tax Article, entitled IRC. Section 1.848-2(g)(8) Election,
is hereby added to the Agreement.
2. This Amendment does not alter, amend or modify the Reinsurance Agreement(s)
other than as stated in this Amendment. It is subject to all of the terms
and conditions of the Reinsurance Agreement(s) together with all Amendments
and Addendums.
In witness whereof, this amendment is signed in duplicate on the dates indicated
at the home office of each company.
STATE MUTUAL LIFE ASSURANCE COMPANY OF
AMERICA
By /s/ Xxxxxx X. Xxxxx, Xx.
-----------------------------------
Date August 16, 1993
---------------------------------
CONNECTICUT GENERAL LIFE INSURANCE COMPANY
By /s/
-----------------------------------
Date July 29, 1993
---------------------------------
DAC TAX ARTICLE
IRC REG. SECTION 1.848-2(g)(8) ELECTION
1. The Parties hereby 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
commencing with the year ending December 31, 1991.
2. The terms used in this Addendum are defined by reference to Regulation
Section 1.848-2 promulgated on December 28, 1992.
3. The Party 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.
4. The Parties agree to exchange information pertaining to the amount of net
consideration under the reinsurance agreement each year to ensure
consistency. To achieve this, the Ceding Company shall provide the Assuming
Company 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 May 1 of the succeeding year (by June 15 for tax year 1992). The
Assuming Company shall advise the Ceding Company if it disagrees with the
amounts provided by no later than May 31 (July 15 for 1992), otherwise the
amounts will be presumed correct and shall be reported by both parties in
their respective tax returns for such tax year. If the Assuming Company
contests the Ceding Company's calculation of the net consideration, the
Parties agree to act in good faith to resolve any differences within thirty
(3) days of the date the Assuming Company submits its alternative
calculation and report the amounts agreed upon in their respective tax
returns for such tax year.
5. The Parties shall attach to their respective 1992 federal income tax
returns a schedule specifying that the joint election herein has been made
for this reinsurance agreement.
6. The Assuming Company 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.
AMENDMENT NO. 16
to the Yearly Renewable Term Reinsurance Agreement Effective August 1, 1983
between
STATE MUTUAL LIFE ASSURANCE COMPANY OF AMERICA
and
CONNECTICUT GENERAL LIFE INSURANCE COMPANY
It is agreed by the two companies as follows:
1. Reinsurance in force under this agreement will be transferred without
interruption to the ACTUALIZER Reinsurance Agreement between the two
companies provided that such reinsurance qualifies within the
parameters of the ACTUALIZER Agreement, was issued on the Execterm,
Flexterm, Universal Life or other traditional product, and carries a
policy issue date of January 1, 1991 or later.
2. The attached Schedules A and B will be substituted for the
corresponding schedules attached to this agreement.
This amendment will be effective simultaneously with the inception of the
January 1, 1994 ACTUALIZER treaty.
In witness whereof, this amendment is signed in duplicate on the dates indicated
at the home office of each company.
STATE MUTUAL LIFE ASSURANCE COMPANY OF
AMERICA
By /s/ Xxxxxx X. Xxxxx, Xx.
-----------------------------------
Date 12/21/93
---------------------------------
CONNECTICUT GENERAL LIFE INSURANCE COMPANY
By /s/
-----------------------------------
Date 10/11/93
---------------------------------
SCHEDULE A
Maximum Limits of Retention of State Mutual
LIFE INSURANCE
STANDARD RISKS,
SPECIAL CLASSES SPECIAL CLASSES
A THROUGH H AND J, L, & P, AND
ISSUE FLAT EXTRAS OF FLAT EXTRAS OF
AGES $20.00 OR LESS $20.01 AND OVER
----- --------------- ---------------
-0- $ 2,500,000* $ 250,000
1-60 4,000,000* 1,000,000
61-70 3,000,000* 500,000
71-75 2,500,000* 250,000
76-80 500,000 250,000
*Includes amounts ($2,000,000) ceded through Connecticut General's
ACTUALIZER Pool.
(a) Spouse's Insurance Rider no available above Class D.
(b) Term policies and riders not available above Class H.
Notes: (1) The above maximum limits are also the maximums on any one life
for all plans and riders combined.
(2) State Mutual will retain those additional amounts which will
avoid reinsurance cessions of $50,000 or less.
(3) Any situation involving Aviation will use a $500,000 retention.
DISABILITY WAIVER OF PREMIUM
Fully Retained
ACCIDENTAL DEATH BENEFIT
Fully Retained
SCHEDULE B
Maximum Limits of Automatic Reinsurance in Connecticut General
LIFE INSURANCE
In cases where State Mutual is retaining its maximum limits of retention as
shown in Schedule A, Connecticut General will provide automatic reinsurance
equal to one (1) times such maximum limits of retention, subject to the
following limits:
ISSUE AGE STANDARD THROUGH 300% 325% THROUGH 500%
--------- --------------------- -----------------
-0- -0- $ 250,000
1-60 -0- 1,000,000
61-70 -0- 500,000
71-75 -0- 250,000
76-80 500,000 250,000
In cases where State Mutual applied for reinsurance while retaining less than
its maximum limits of retention, Connecticut General will provide automatic
reinsurance equal to the retention of State Mutual on the current application
for reinsurance. This provision will be referred to as "Special Automatic
Reinsurance".
AMENDMENT NO. 17
to the Yearly Renewable Term Reinsurance Agreement Effective August 1, 1983
between
STATE MUTUAL LIFE ASSURANCE COMPANY OF AMERICA
and
CONNECTICUT GENERAL LIFE INSURANCE COMPANY
It is agreed by the two companies as follows that the following Article 1
entitled APPLICATION OF AGREEMENT will be substituted for the corresponding
article of this agreement:
ARTICLE 1
APPLICATION OF AGREEMENT
Reinsurance under this agreement will be limited to the mortality risk
portion of insurance issued by Exceptional Life Plan (Form Nos. 1012-83,
1012-86 and 1019-93), Exceptional Retirement Plan (Form Nos. 1016-84 and
1016-86), Vari-Exceptional Life Plan (Form Nos. 1018-87, 1018-91 and
1018-93), and Exceptional Advantage Plan (Form No. 1021-90) where such
insurance is issued by State Mutual or by SMA Life Assurance company (a
member of the America Group) and ceded to State Mutual.
This amendment will be effective for policies issued with policy dates of April
1, 1994 or later.
In witness whereof, this amendment is signed in duplicate on the dates indicated
at the home office of each company.
STATE MUTUAL LIFE ASSURANCE COMPANY OF
AMERICA
By /s/ Xxxxxx X. Xxxxx, Xx.
-----------------------------------
Date April 14, 1994
---------------------------------
CONNECTICUT GENERAL LIFE INSURANCE COMPANY
By /s/
-----------------------------------
Date April 12, 1994
---------------------------------
AMENDMENT NO. 18
to the Yearly Renewable Term Reinsurance Agreement Effective August 1, 1983
between
STATE MUTUAL LIFE ASSURANCE COMPANY OF AMERICA
and
CONNECTICUT GENERAL LIFE INSURANCE COMPANY
It is agreed by the two companies as follows:
1. Joint Life (First-to-Die) policies will be treated as single life
cessions for the purpose of determining retention, automatic limits
and premiums under this agreement.
2. The attached Schedule E - Section III, Page 1 will be substituted for
the corresponding page attached to this agreement.
This amendment will be effective simultaneously with the inception of
reinsurance coverage of the Exceptional Advantage Plan under this agreement on
December 10, 1990.
In witness whereof, this amendment is signed in duplicate on the dates indicated
at the home office of each company.
STATE MUTUAL LIFE ASSURANCE COMPANY OF
AMERICA
By /s/ Xxxxxx X. Xxxxx, Xx.
-----------------------------------
Date 10/4/94
---------------------------------
CONNECTICUT GENERAL LIFE INSURANCE COMPANY
By /s/
-----------------------------------
Date 9/27/94
---------------------------------
SCHEDULE E
YEARLY RENEWABLE TERM REINSURANCE PREMIUMS
Special Universal Life Program, Non-Experience Rated Basis
LIFE REINSURANCE: State Mutual's Cost of Insurance (COI) rates are shown on
pages 2, 3 and 4 of this schedule. The total life reinsurance premium on
standard cessions and on those substandard cessions with a percentage rating
consists of the correct percentage from the following table of the appropriate
rate per $1,000 applied to the amount at risk. Substandard premiums are direct
multiples of the standard premium. On substandard cessions involving flat extra
premiums payable for more than five years, the reinsurance flat extra premium is
20% of the reinsured portion of the gross flat extra premium charged on the
original policy in the first year and 75% in renewal years. When the flat extra
premium is payable for five years or less, the reinsurance flat extra premiums
75% in all years. Reinsurance premiums on substandard risks will revert to the
standard risk basis on the policy anniversary on which the insured attains age
65 or on the 20th policy anniversary, whichever is later.
YRT RATES EXPRESSED AS A
PERCENTAGE OF STATE MUTUAL'S
MONTHLY CURRENT COI RATES
----------------------------
TYPE OF BUSINESS DURATION AUTOMATIC FACULTATIVE
---------------- -------- --------- -----------
New Issues 1 -0- -0-
2-10 54% 50%
11+ 75% 70%
EXCHANGES, TERM RENEWALS AND TERM CONVERSIONS
Exchanges, terms renewals and term conversions are considered as continuations
of the original insurance for the purpose of determining the duration and
appropriate premiums thereon.
1
AMENDMENT NO. 19
to the Yearly Renewable Term Reinsurance Agreement Effective August 1, 1983
between
STATE MUTUAL LIFE ASSURANCE COMPANY OF AMERICA
and
CONNECTICUT GENERAL LIFE INSURANCE COMPANY
It is agreed by the two companies as follows that the following Article 1
entitled APPLICATION OF AGREEMENT will be substituted for the corresponding
article of this agreement:
ARTICLE 1
APPLICATION OF AGREEMENT
Reinsurance under this agreement will be limited to the mortality risk
portion of insurance issued on the Exceptional Life Plan (Form Nos.
1012-83, 1012-86 and 1019-93), Exceptional Retirement Plan (Form Nos.
1016-83 and 1016-86), Vari-Exceptional Life Plan (Form Nos. 1018-87,
1918-91 and 1018-93), Exceptional Advantage Plan (Form No. 1021-90)
and Select Life Plan (Form No. 1027-95) where such insurance is issued
by State Mutual or by SMA Life Assurance company (a member of the
America Group) and ceded to State Mutual.
This amendment will be effective for policies issued with policy dates of May 1,
1995 or later.
In witness whereof, this amendment is signed in duplicate on the dates indicated
at the home office of each company.
STATE MUTUAL LIFE ASSURANCE COMPANY OF
AMERICA
By /s/ Xxxxxx X. Xxxxx, Xx.
-----------------------------------
Date July 6, 1995
---------------------------------
CONNECTICUT GENERAL LIFE INSURANCE COMPANY
By /s/
-----------------------------------
Date May 23, 1995
---------------------------------
AMENDMENT NO. 20
to the Yearly Renewable Term Reinsurance Agreement Effective August 1, 1983
between
STATE MUTUAL LIFE ASSURANCE COMPANY OF AMERICA
and
CONNECTICUT GENERAL LIFE INSURANCE COMPANY
It is agreed by the two companies as follows:
1. WHEREAS, State Mutual has changed its name to First Allmerica
Financial Life Insurance Company; and
2. WHEREAS, SMA Life Assurance Company has changed its name to Allmerica
Financial Life Insurance and Annuity Company (hereinafter called
Allmerica Financial Life);
3. NOW, THEREFORE, this agreement is deemed to be between First Allmerica
Financial Life Insurance Company (hereinafter called First Allmerica
Financial) and Connecticut General, and all references to SMA Life are
deemed to mean Allmerica Financial Life.
4. All provisions of this agreement, as previously amended, will continue
in full force and effect.
This amendment will be effective October 11, 1995.
In witness whereof, this amendment is signed in duplicate on the dates indicated
at the home office of each company.
FIRST ALLMERICA FINANCIAL LIFE INSURANCE
COMPANY
By /s/ Xxxxxx X. Xxxxx, Xx.
-----------------------------------
Date November 22, 1995
---------------------------------
CONNECTICUT GENERAL LIFE INSURANCE COMPANY
By /s/
-----------------------------------
Date 12-1-95
---------------------------------
AMENDMENT NO. 21
to the Yearly Renewable Term Reinsurance Agreement Effective August 1, 1983
between
FIRST ALLMERICA FINANCIAL LIFE INSURANCE COMPANY
and
CONNECTICUT GENERAL LIFE INSURANCE COMPANY
1. The following Article 1 entitled APPLICATION OF AGREEMENT will be
substituted for the corresponding article of this agreement:
APPLICATION OF AGREEMENT
Reinsurance under this agreement will be limited to the mortality risk
portion of insurance issued on the Exceptional Life Plan (Form Nos.
1012-83, 1012-86 and 1019-93), Exceptional Retirement Plan (Form Nos.
1016-83 and 1016-86), Vari-Exceptional Life Plan (Form Nos. 1018-87,
1918-91 and 1018-93), Exceptional Advantage Plan (Form No. 1021-90), Select
Life Plan (Form No. 1027-95) and Single Premium Variable Universal Life
(Form No. 1030-96) where such insurance is issued by First Allmerica
Financial or by Allmerica Financial (a member of the America Group) and
ceded to First Allmerica Financial.
2. The following Article 7 subsection entitled AMOUNTS AT RISK will be
substituted for the corresponding article of this Agreement:
AMOUNT AT RISK
In the year of issue the amount at risk for all plans covered under this
Agreement, excluding the Single Premium Variable Universal Plan, is defined
as the amount of insurance reinsured. For the Single Premium Variable
Universal Life Plan, the amount at risk in the year of issue is defined as
the amount of insurance reinsured less 30% of the single premium for
automatic reinsurance and less the entire single premium for facultative
reinsurance. The first year net amount at risk must equal or exceed $50,001
for any reinsurance to be ceded.
In all subsequent policy years, the amount at risk is defined as the amount
of insurance reinsured less 30% of the accumulated policy value on the
entire policy at the end of the prior policy year for automatic reinsurance
and less all accumulated policy values for facultative reinsurance and any
exchanges.
1
Increases in the death benefit that are underwritten in accordance with
First Allmerica Financial's usual underwriting standards for individually
selected risks for new issues will be considered as new insurance for the
purpose of determining the reinsurance amount at risk.
This amendment will be effective for policies issued with policy dates of
February 1, 1997 or later.
In witness whereof, this amendment is signed in duplicate on the dates indicated
at the home office of each company.
FIRST ALLMERICA FINANCIAL LIFE INSURANCE
COMPANY
By /s/ Xxxxxx X. Xxxxx, Xx.
-----------------------------------
Date May 19, 1997
---------------------------------
CONNECTICUT GENERAL LIFE INSURANCE COMPANY
By /s/
-----------------------------------
Date May 15, 1997
---------------------------------
2
Allmerica Financial Correspondence Letter
to CIGNA RE Corporation
dated March 18,1994
Omitted 1 Page
