Exhibit 10.12
Amendment Number 7
To the Reinsurance Agreement
Effective January 1, 1984
between
Allstate Life Insurance Company of New York
(hereinafter called the "Ceding Company")
and
Allstate Life Insurance Company
(hereinafter called the "Accepting Company")
IT IS HEREBY AGREED, that the Reinsurance Agreement effective January 1, 1984,
between the Ceding Company and the Accepting Company, as previously amended by
Amendment Numbers 1 through 6 (hereinafter "Agreement") is hereby amended as
provided below.
A. Effective November 1, 2009, Article IV (Premium Accounting) is amended
by adding the following to paragraph 1:
Beginning on the first policy anniversary month following
November 1, 2009, of each policy reinsured under this Agreement
(except Accidental Death Benefit riders), the Ceding Company
shall pay to the Accepting Company the annual reinsurance premium
for such policy. Beginning on the first policy anniversary month
following December 31, 2010, of each Accidental Death Benefit
rider reinsured under this Agreement the Ceding Company shall pay
to the Accepting Company the annual reinsurance premium for such
policy.
B. Effective November 1, 2009, Article IV (Premium Accounting) is further
amended by adding the following to paragraph 2:
Within 35 (thirty-five) days after the end of each month, the
Ceding Company shall remit to the Accepting Company the annual
reinsurance premium for all policies reinsured hereunder whose
policy anniversary occurred during that month subject to the
implementation schedule specified in the preceding paragraph 1 of
this Article IV. In the event any policy reinsured under this
Agreement terminates before its anniversary, the Accepting
Company will refund the pro-rata portion of reinsurance premium
previously paid by the Ceding Company.
Except as amended hereby, the Agreement shall remain unchanged.
IN WITNESS WHEREOF, the parties to the Agreement have caused this Amendment
Number 7 to be duly executed by their respective officers on the dates shown
below.
Allstate Life Insurance Company of New York
By: /s/ Xxxxxx X. Xxxxx
-----------------------------------
Name: Xxxxxx X. Xxxxx
Title: Group Vice President and Controller
Date: February 8, 2010
Allstate Life Insurance Company
By: /s/ Xxxxxx X. Xxxxx
-----------------------------------
Name: Xxxxxx X. Xxxxx
Title: Group Vice President and Controller
Date: February 8, 2010
