CAPITAL MAINTENANCE AGREEMENT
This is a CAPITAL MAINTENANCE AGREEMENT (the "Agreement") by and among Hartford
Life Insurance Company ("HLIC"), a stock life insurance company with its
principal offices at 000 Xxxxxxxxx Xxxxxx, Xxxxxxxx, Xxxxxxxxxxx 00000 and
Hartford Life, Inc. ("HLI"), a Delaware corporation with its principal offices
at 000 Xxxxxxxxx Xxxxxx, Xxxxxxxx, Xxxxxxxxxxx 00000.
WHEREAS, HLI owns, through its subsidiary, Hartford Life and Accident Insurance
Company, all of the outstanding Common Stock of HLIC.
WHEREAS, HLIC is the principal insurance entity through which HLI conducts its
individual and group variable life insurance and annuity products business,
including variable life insurance, variable annuity and modified guaranteed
annuity products business registered with the United States Securities and
Exchange Commission.
WHEREAS, HLIC has requested that HLI, and HLI wishes to, provide a capital
maintenance agreement in favor of HLIC.
NOW THEREFORE, the parties agree as follows:
1. During the term of this Agreement, if at any time HLIC retrospectively
determines that its Total Adjusted Capital, as defined and determined in
accordance with the NAIC Risk-Based Capital for Life and/or Health Insurers
Model Act and the NAIC's RBC Instructions (the "RBC Act"), effective on the
determination date, is less than 125% of the Company Action Level RBC (as
defined in the RBC Act), then HLI will, within 30 days of HLIC's retrospective
determination, contribute to HLIC an amount sufficient to increase its Total
Adjusted Capital so that it is at least 125% of Company Action Level RBC.
2. HLIC will notify HLI in writing when HLI's contribution to HLIC is
necessary. This notification will be signed by HLIC's chief financial officer
and will certify and appropriately document the amount of and the need for such
contribution.
3. This Agreement will become effective upon the approval by the Board of
Directors of HLI following the approval of the Connecticut Department of
Insurance.
4. This Agreement will terminate when HLIC ceases to include HLI financial
statements in HLIC insurance product registration statements, or upon mutual
agreement of HLI and HLIC. In the first event, HLIC shall promptly, but in no
event later than thirty (30) days thereafter, notify HLI that the circumstance
has occurred.
5. This Agreement may be amended at any time by a document signed by the
parties.
6. Any notices under this Agreement shall be in writing, addressed as follows:
TO: HLIC TO: HLI
Hartford Life Insurance Company Hartford Life, Inc.
X.X. Xxx 0000 X.X. Xxx 0000
Xxxxxxxx, XX 00000-0000 Xxxxxxxx, XX 00000-0000
Attn: President Attn: President
7. The validity, construction, and effect of this Agreement shall be governed
according to the laws of the State of Connecticut.
8. If any provision of this Agreement is determined by any court of competent
Jurisdiction to be invalid, its other terms shall not be affected and shall
remain in full force and effect.
9. This Agreement is for the benefit of HLIC and may be enforce by it. This
Agreement does not confer any rights on any persons other than the parties.
10. This Agreement constitutes the entire agreement among the parties with
respect to the matters discussed herein.
HARTFORD LIFE, INC. HARTFORD LIFE INSURANCE COMPANY
BY: Xxxxxxxxx Xxxxx Xxxxxx BY: Xxxxxxxx X'Xxxxxxx
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TITLE: Sr. VP & General Counsel TITLE: Assistant General Counsel
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DATE: 3/12/01 DATE: 3/12/01
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