AMENDMENT ONE
(THE "AMENDMENT")
TO THE
REINSURANCE AGREEMENT
(THE "AGREEMENT")
BETWEEN
FIRST METLIFE INVESTORS INSURANCE COMPANY
(THE "CEDENT")
AND
METROPOLITAN LIFE INSURANCE COMPANY
(THE "REINSURER")
WHEREAS, the Cedent and the Reinsurer entered into the Agreement as of July 1,
2002; and
WHEREAS, the Cedent and the Reinsurer desire to amend the Agreement as set
forth below.
NOW, THEREFORE, this Agreement shall be and is hereby amended, as of May 1,
2003, as follows:
1. By amending and, as amended, restating Schedule F, Paragraph 1. to read as
follows:
Ceding Allowance. The Reinsurer shall indemnify the Cedent for ceding
----------------
allowances equal to a fixed rate times its quota share of premiums collected
with respect to Policies according to the following schedule:
Ceding Allowance
Product Name Cumulative Premium By Plan Code
------------ ---------------------- ----------------
Class A (Front-End Load; FL3EDR & All Other
A-Share; ▇▇▇▇▇▇ ▇▇▇▇▇) FL3ER3 Plan Codes
Less than $50,000 0.50% 7.00%
$50,000 - 99,999.99 0.50% 5.75%
$100,000 - 249,999.99 0.50% 4.75%
$250,000 - 499,999.99 0.50% 4.00%
$500,000 - 999,999.99 0.50% 3.60%
$1 million or greater 0.50% 3.00%
------------------------------------------------------------------------------
1
Age of
Oldest
Owner Upon
Acceptance
of Purchase Commission Ceding Allowance
Product Name Payment Option By Plan Code
------------ ----------- ---------- -------------------------------------
Class VA ST110R,
(7-Year ▇▇▇▇▇▇ ▇▇▇▇▇▇,
Back-End Load) & ST110X& ST11R3 & All Other
ST11M3 ST11X3 ST13R3 Plan Codes
0-79 A 7.50% 7.00% 0.50% 8.50%
B 3.20% 7.00% 0.50% 7.00%
C -- 7.00% 0.50% 4.00%
80-85 A 4.60% 7.00% 0.50% 5.25%
B 2.60% 7.00% 0.50% 4.50%
C -- 7.00% 0.50% 3.00%
86-90 A 3.30% 7.00% 0.50% 3.63%
B 2.30% 7.00% 0.50% 3.25%
C -- 7.00% 0.50% 2.50%
-------------------------------------------------------------------------------
Class B (7-Year ST1EDR
Back-End Load; & All Other
▇▇▇▇▇▇ ▇▇▇▇▇) ST1ER3 Plan Codes
0 - 79 All 0.50% 6.75%
80 - 85 All 0.50% 4.50%
86 - 90 All 0.50% 3.25%
-------------------------------------------------------------------------------
Class AA ST1AGB,
(7-Year ST1AGX ST1AGR
Back-End Load; & & All Other
▇▇ ▇▇▇▇▇▇▇) ST1AG3 ST1AR3 Plan Codes
0 - 79 A 7.00% 0.50% 7.75%
B 7.00% 0.50% 4.00%
80 - 85 A 7.00% 0.50% 5.00%
B 7.00% 0.50% 3.00%
86 - 90 A 7.00% 0.50% 3.50%
B 7.00% 0.50% 2.50%
-------------------------------------------------------------------------------
2
Class XC BN21ML
(Bonus; & All Other
Wirehouses) BN21M3 Plan Codes
0 - 79 A 7.25% 8.50%
B 3.20% 7.00%
80 - 85 A 4.60% 5.25%
B 2.60% 4.50%
86 - 90 A 3.30% 3.63%
B 2.30% 3.25%
-------------------------------------------------------------------------------------------
Class C (Level CS510R,
Load; C-Share; CS51MR,
Wirehouses) CS51ML CS51R3
& & All Other
CS51M3 CS53R3 Plan Codes
0 - 79 All 3.20% 0.50% 4.25%
80 - 85 All 2.60% 0.50% 3.12%
86 - 90 All 2.30% 0.50% 2.56%
-------------------------------------------------------------------------------------------
Class L (3-Year LS410R,
Back-End Load; ▇▇▇▇▇▇ ▇▇▇▇▇▇,
L-Share; & LS41R3 & All Other
Wirehouses) LS41M3 LS43R3 Plan Codes
0-79 A 4.75% 0.50% 6.87%
B 4.75% 0.50% 5.12%
80-85 A 3.60% 0.50% 4.62%
B 3.60^ 0.50% 3.72%
86-90 A 2.80% 0.50% 3.52%
B 2.80% 0.50% 3.07%
-------------------------------------------------------------------------------------------
3
2. Other Reinsurance Agreement terms and conditions remain unchanged.
IN WITNESS WHEREOF, the parties have caused this Amendment One to be signed as
of the date first above written.
FIRST METLIFE INVESTORS INSURANCE COMPANY
By: [Illegible Signature]
-------------------------
Title: EVP, Product Mgmt
METROPOLITAN LIFE INSURANCE COMPANY
By: [Illegible Signature]
-------------------------
Title: Vice President & Actuary
4
AMENDMENT TWO
(THE "AMENDMENT")
TO THE
REINSURANCE AGREEMENT
(THE "AGREEMENT")
BETWEEN
FIRST METLIFE INVESTORS INSURANCE COMPANY
(THE "CEDENT")
AND
METROPOLITAN LIFE INSURANCE COMPANY
(THE "REINSURER")
WHEREAS, the Cedent and the Reinsurer entered into the Agreement as of July 1,
2002; and
WHEREAS, the Cedent and the Reinsurer desire to amend the Agreement as set
forth below.
NOW, THEREFORE, this Agreement shall be and is hereby amended, as of May 1,
2004, as follows:
1. By amending and replacing Article VI to read as follows:
ARTICLE VI. EXPERIENCE REFUND
--------------------------------------------------------------------------------
1. General. For the period set forth in Paragraph 2, the Reinsurer shall pay
-------
an Experience Refund to the Ceding Company equal to the greater of (a) and
(b), where:
(a) is ninety-five percent (95%) of the Trial Experience Refund detailed
in Paragraph 3 below at the end of each Accounting Period with respect
to the reinsurance hereunder, if such Trial Experience Refund is
positive for that Accounting Period. If the Trial Experience Refund is
negative for the current Accounting Period, then the Experience Refund
is set equal to zero; and
(b) is twenty percent (20%) of (i) less (ii) plus (iii), but not less than
zero, where
(i) are the amounts defined in paragraph 3(a), below; and
1
(ii) are the amounts defined in paragraph 3(b), below; and
(iii)is the ceding allowance defined in Schedule F, Paragraph 1.
2. Period. The Reinsurer shall pay an Experience Refund at the end of each
------
Accounting Period.
3. Trial Experience Refund. With respect to each Accounting Period, the
-----------------------
"Trial Experience Refund" for any Reinsurer shall be equal to (a) minus
(b) minus (c), in which:
(a) equals the sum of:
(i) the Reinsurance Premium determined in accordance with Article II;
and
(ii) any Modified Coinsurance Reserve Adjustment payable to the
Reinsurer determined in accordance with Article IV;
(b) equals the sum of:
(i) the Indemnification for Benefit Payments, determined in
accordance with Article V;
(ii) the Allowance determined in accordance with Article III; and
(iii)any Modified Coinsurance Reserve Adjustment payable to the Ceding
Company determined in accordance with Article IV; and
(c) equals the Recapture Charge defined in Article IX, Paragraph 5 as of
the end of the prior Accounting Period plus interest as described in
Article IX, Paragraph 5(b)(i).
2. By amending, and as amended, restating Article IX, Paragraph 5(b)(i) to read
as follows:
(i) equals interest on the Recapture Charge at the end of the prior
Accounting Period for the number of days between the end of the
prior Accounting Period and the end of the current Accounting
Period calculated at an annualized rate equal to the monthly
average 7-year swap rate as published in the Federal Reserve
statistical release, H15 Selected Interest Rates, for the current
Accounting Period plus 100 basis points.
2
3. By amending and, as amended, restating Schedule F, Paragraph 1. to read as
follows:
Ceding Allowance. The Reinsurer shall indemnify the Cedent for ceding
----------------
allowances equal to a fixed rate times its quota share of premiums collected
with respect to Policies according to the following schedule:
Ceding Allowance
Product Name Cumulative Premium By Plan Code
------------ ---------------------- ----------------
Class A (Front-End Load; FL3EDR
A-Share; ▇▇▇▇▇▇ ▇▇▇▇▇) FL3ER3 & All Other
FL3ER4 Plan Codes
Less than $50,000 0.50% 7.00%
$50,000 - 99,999.99 0.50% 5.75%
$100,000 - 249,999.99 0.50% 4.75%
$250,000 - 499,999.99 0.50% 4.00%
$500,000 - 999,999.99 0.50% 3.60%
$1 million or greater 0.50% 3.00%
------------------------------------------------------------------------------
Age of
Oldest
Owner Upon
Acceptance
of Purchase Commission Ceding Allowance
Product Name Payment Option By Plan Code
------------ ----------- ---------- -------------------------------------
Class VA ST110R,
(7-Year ▇▇▇▇▇▇ ▇▇▇▇▇▇,
Back-End Load) & ST110X& ST11R3 & All Other
ST11M3 ST11X3 ST13R3 Plan Codes
0-79 A 7.50% 7.00% 0.50% 8.50%
B 3.20% 7.00% 0.50% 7.00%
C -- 7.00% 0.50% 4.00%
80-85 A 4.60% 7.00% 0.50% 5.25%
B 2.60% 7.00% 0.50% 4.50%
C -- 7.00% 0.50% 3.00%
86-90 A 3.30% 7.00% 0.50% 3.63%
B 2.30% 7.00% 0.50% 3.25%
C -- 7.00% 0.50% 2.50%
-------------------------------------------------------------------------------
Class B (7-Year ST1EDR
Back-End Load; ST1ER3 & All Other
▇▇▇▇▇▇ ▇▇▇▇▇) ST1ER4 Plan Codes
0 - 79 All 0.50% 6.75%
80 - 85 All 0.50% 4.50%
86 - 90 All 0.50% 3.25%
3
-------------------------------------------------------------------------------------------
Class AA (7- ST1AGB,
Year Back-End ST1AGX ST1AGR All Other
Load; ▇▇ ▇▇▇▇▇▇ & ▇▇▇▇▇▇ & ▇▇▇▇
▇▇▇▇▇▇▇) ▇▇▇▇▇▇ ▇▇▇▇▇▇ Codes
0 - 79 A 7.00% 0.50% 7.75%
B 7.00% 0.50% 4.00%
80 - 85 A 7.00% 0.50% 5.00%
B 7.00% 0.50% 3.00%
86 - 90 A 7.00% 0.50% 3.50%
B 7.00% 0.50% 2.50%
-------------------------------------------------------------------------------------------
Class XC All Other
(Bonus; ▇▇▇▇▇▇ & ▇▇▇▇
▇▇▇▇▇▇▇▇▇▇) ▇▇▇▇▇▇ Codes
0 - 79 A 7.25% 8.50%
B 3.20% 7.00%
80 - 85 A 4.60% 5.25%
B 2.60% 4.50%
86 - 90 A 3.30% 3.63%
B 2.30% 3.25%
-------------------------------------------------------------------------------------------
Class C (Level CS510R,
Load; C-Share; CS51MR, All Other
Wirehouses) CS51ML & CS51R3 & Plan
CS51M3 CS53R3 Codes
0 - 79 All 3.20% 0.50% 4.25%
80 - 85 All 2.60% 0.50% 3.12%
86 - 90 All 2.30% 0.50% 2.56%
-------------------------------------------------------------------------------------------
Class L (3-Year LS410R,
Back-End Load; LS41MR, All Other
L-Share; LS41ML & LS41R3 & Plan
Wirehouses) LS41M3 LS43R3 Codes
0-79 A 4.75% 0.50% 6.87%
B 4.75% 0.50% 5.12%
80-85 A 3.60% 0.50% 4.62%
B 3.60^ 0.50% 3.72%
86-90 A 2.80% 0.50% 3.52%
B 2.80% 0.50% 3.07%
4
4. Other Reinsurance Agreement terms and conditions remain unchanged.
IN WITNESS WHEREOF, the parties have caused this Amendment Two to be signed as
of the date first above written.
FIRST METLIFE INVESTORS INSURANCE COMPANY
By: /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
-------------------------------
Title: Executive Vice President
METROPOLITAN LIFE INSURANCE COMPANY
By: /s/ RBB
-------------------------------
Title: Vice President and Sr. Actuary
5
