AMENDMENT NO. 17 TO
AUTOMATIC REINSURANCE AGREEMENT
EFFECTIVE AS OF APRIL 1, 2001
AMENDED AND RESTATED AS OF JULY 1, 2004
(Agreement)
between
METLIFE INVESTORS USA INSURANCE COMPANY
(Cedent)
and
EXETER REASSURANCE COMPANY, LTD.
(Reinsurer)
The Agreement is hereby amended, as of APRIL 1ST, 2012, as follows:
1. The attached Article V, Reinsurance Premiums amends and, as amended,
restates Article V, Reinsurance Premiums. This restated Article V
updates the Reinsurance Premium calculation for the Enhanced Death
Benefit Guaranteed Minimum Death Benefits.
This Amendment No. 17 does not alter, amend or modify the Agreement other than
as set forth herein, and the terms and conditions of the Agreement, as amended
herein, continue in effect without other change.
In Witness whereof, the parties have caused this Amendment No. 17 to be signed
in duplicate counterparts as of the date first above written.
METLIFE INVESTORS USA INSURANCE COMPANY
By: /s/ ▇▇▇▇▇▇▇ ▇▇▇▇▇
------------------------------
Name: ▇▇▇▇▇▇▇ ▇▇▇▇▇
------------------------------
Title: Vice President
------------------------------
EXETER REASSURANCE COMPANY, LTD.
By: /s/ ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
------------------------------
Name: ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
------------------------------
Title: Vice President and Actuary
------------------------------
Page 1 of 3
ARTICLE V
REINSURANCE PREMIUMS
A. The Cedent shall pay the Reinsurer an Initial Reinsurance Premium equal to
$10,893,915.
B. The total Reinsurance Premium for the business ceded hereunder is the sum
of the GMDB Reinsurance Premium, the EPB Reinsurance Premium, the GMIB
Reinsurance Premium, the GWB Reinsurance Premium, and the GMAB Reinsurance
Premium, each of which is defined separately in this article.
C. The Reinsurance Premium rates and structure described above are subject to
change in accordance with the criteria described in Article XV.
D. The Reinsurance Premium rates are expressed in terms of basis points and
are defined in Exhibit II.
GMDB Reinsurance Premium
------------------------
E. For Guaranteed Minimum Death Benefits other than Enhanced Death Benefits,
the Cedent shall calculate, for each premium class, the Reinsurer's
Percentage of the average aggregate account value for the reporting month.
This value shall be applied to the GMDB Reinsurance Premium rates per
premium class on a 1/12th basis.
F. For Enhanced Death Benefit Guaranteed Minimum Death Benefits, the Cedent
shall calculate, for each premium class, the Reinsurer's Percentage of the
average aggregate Death Benefit Base for the reporting month. This value
shall be applied to the GMDB Reinsurance Premium rates per premium class on
a 1/12th basis.
EPB Reinsurance Premium
-----------------------
G. The Cedent shall calculate the Reinsurer's Percentage of the average
aggregate account value for the reporting month. This value shall be
applied to the annualized EPB reinsurance premium rates per premium class
on a 1/12th basis.
GMIB Reinsurance Premium
------------------------
H. The Cedent shall calculate, for each premium class, the Reinsurer's
Percentage of the average aggregate IBB value for the reporting month. This
value shall be applied to the annualized GMIB cession premium rates on a
1/12th basis.
Page 2 of 3
GWB Reinsurance Premium
-----------------------
I. The Cedent shall calculate the Reinsurer's Percentage of the Guaranteed
Withdrawal Amount (Total Guaranteed Withdrawal Amount for Lifetime GWB) for
the reporting month. This value shall be applied to the annualized GWB
Reinsurance Premium rates per premium class on a 1/12th basis.
GMAB Reinsurance Premium
------------------------
J. For the PEP product, the Cedent shall calculate for the reporting month
the Reinsurer's Percentage of the average aggregate separate account value.
This value shall be applied to the annualized GMAB cession premium rates on
a 1/12th basis.
K. For other products, the Cedent shall calculate for the reporting month the
Reinsurer's Percentage of the Guaranteed Accumulation Amount. This value
shall be applied to the annualized GMAB cession premium rates on a 1/12th
basis.
Page 3 of 3
AMENDMENT NO. 18 TO
AUTOMATIC REINSURANCE AGREEMENT
EFFECTIVE AS OF APRIL 1, 2001
AMENDED AND RESTATED AS OF JULY 1, 2004
(Agreement)
between
METLIFE INVESTORS USA INSURANCE COMPANY
(Cedent)
and
EXETER REASSURANCE COMPANY, LTD.
(Reinsurer)
The Agreement is hereby amended, as of JULY 1, 2012, as follows:
1. The attached Schedule A, Plans of Reinsurance, amends and, as
amended, restates Schedule A, Plans of Reinsurance.
2. The attached Exhibit II, Reinsurance Premiums, amends and, as
amended, restates Exhibit II, Reinsurance Premiums.
This Amendment No. 18 does not alter, amend or modify the Agreement other than
as set forth herein, and the terms and conditions of the Agreement, as amended
herein, continue in effect without other change.
In Witness whereof, the parties have caused this Amendment No. 18 to be signed
in duplicate counterparts as of the date first above written.
METLIFE INVESTORS USA INSURANCE COMPANY
By: /s/ ▇▇▇▇▇▇▇ ▇▇▇▇▇
------------------------------
Name: ▇▇▇▇▇▇▇ ▇▇▇▇▇
------------------------------
Title: Vice President
------------------------------
EXETER REASSURANCE COMPANY, LTD.
By: /s/ ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
------------------------------
Name: ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
------------------------------
Title: Vice President and Actuary
------------------------------
Page 1 of 10
SCHEDULE A
PLANS OF REINSURANCE
A. Reinsurer's Percentage:
Prior to July 1, 2004, 25% of the business described herein.
Effective, July 1, 2004, 100% of the business described herein.
B. Effective Date:
April1, 2001
C. Reinsured Contracts:
METLIFE INVESTORS USA INSURANCE COMPANY
DEFERRED ANNUITY CONTRACTS
--------------------------
VA Series Contract (Standard Contract, 7-year surrender charge schedule)
XC Series Contract (Bonus Contract, 9-year surrender charge schedule)
L Series Contract (3-year surrender charge schedule)
L Series Contract (4-year surrender charge schedule)
C Series Contract (No surrender charges)
S Series Contract (Standard and L Series)
Vintage VA (Standard Contract, 7-year surrender charge schedule)
Vintage XC (Bonus Contract, 9-year surrender charge schedule)
Vintage L (4-year surrender charge schedule)
Marquis Portfolios (No surrender charges)
USA PEP (10-year surrender charge schedule)
PrimElite III (8-year surrender charge schedule)
PrimElite IV (8-year surrender charge schedule)
PRISM (7-year surrender charge schedule)
PRISM L (4-year surrender charge schedule)
Pioneer PRISM XC (9-year surrender charge schedule)
Series XTRA (9-year surrender charge schedule)
Series XTRA 6 (9-year surrender charge schedule)
Simple Solutions (6-year surrender charge schedule)
Page 2 of 10
FORM NUMBERS
-------------
Guaranteed Minimum Death Benefits Ceded:
--------------------------------------------
Return of Account Value
Principal Protection: Form 8015 (11/00)
Annual Step-Up: Form 8017 (11/00)
Greater of Annual Step-Up and 5% Rollup: Form 8016(11/00)
Enhanced Death Benefit - Form MLIU-640-1 (4/08)
Enhanced Death Benefit II - Endorsement MLIU-RMD (7/10)-E
Additional Death Benefit - Earnings Preservation Benefit (EPB): Form 8019
(11/00)
Guaranteed Minimum Income Benefits Ceded:
---------------------------------------------
Guaranteed Minimum Income Benefit: Form 8018 (11/00)
Guaranteed Minimum Income Benefit II: Form 8018-1 (03/03)
Guaranteed Minimum Income Benefit Plus: Form 8018-2 (05/05)
Guaranteed Minimum Income Benefit Plus: Form MLU-560-4 (4/08)
Guaranteed Minimum Income Benefit Plus III: Endorsement MLIU-RMD (7/10)-E
Guaranteed Withdrawal Benefits Ceded:
----------------------------------------
Guaranteed Withdrawal Benefit: Form MLIU-690-1 (7/04)
Guaranteed Withdrawal Benefit: Form MLIU-690-2 (11/05)
Lifetime Guaranteed Withdrawal Benefit: Form MLIU-690-3 (6/06)
Lifetime Withdrawal Guaranteed Benefit (2008 Version): Form MLIU-690-4
(4/08) or MLIU-690-5 (7/09)
Lifetime Withdrawal Guaranteed Benefit III: Form MLIU-690-4 (4/08) or
MLIU-690-5 (7/09)
Guaranteed Minimum Accumulation Benefits Ceded:
---------------------------------------------------
Guaranteed Minimum Accumulation Benefit: Form MLIU 670-1 (11/05)
Page 3 of 10
EXHIBIT II
REINSURANCE PREMIUMS
A. GMDB PROGRAM
REINSURANCE PREMIUM
GMDB PROGRAM PRODUCTS COVERED (BASIS POINTS)
------------------------- --------------------------------------------- -------------------
Return of Account Value All Products 2.00
Principal Protection All Products, except PRISM, PRISM L & 9.00
Pioneer PRISM XC
Principal Protection PRISM, PRISM L & Pioneer PRISM XC 15.00
Annual Step-Up Plan Codes: BN2201, BN22ML, CS5201, 10.00
CS520R, CS52ML, CS52MR, LS4201,
LS420R, LS42ML, LS42MR, ST1201,
ST120R, ST120X, ST12ML, and ST12MR
Annual Step-Up Other Plan Codes for all products, except 20.00
PRISM, PRISM L & Pioneer PRISM XC
Annual Step-Up PRISM, PRISM L & Pioneer PRISM XC 30.00
Greater of Annual Step-Up Plan Codes: BN2201, BN22ML, CS5201, 25.00
and 5% Rollup CS520R, CS52ML, CS52MR, LS4201,
LS420R, LS42ML, LS42MR, ST1201,
ST120R, ST120X, ST12ML, and ST12MR
Greater of Annual Step-Up Other Plan Codes for all products, except 35.00
and 5% Rollup PRISM, PRISM L & Pioneer PRISM XC
Greater of Annual Step-Up PRISM, PRISM L & Pioneer PRISM XC 45.00
and 5% Rollup
Enhanced Death Benefit All Products, except Marquis Portfolio, sold 65.00*
before May 4, 2009, Issue Age 0-69
Enhanced Death Benefit Marquis Portfolio sold before May 4, 2009, 85.00*
Issue Age 0-69
Enhanced Death Benefit All Products, except Marquis Portfolio, sold 75.00
on or after May 4, 2009, Issue Age 0-69
Enhanced Death Benefit Marquis Portfolio sold on or after May 4, 95.00
2009, Issue Age 0-69
Enhanced Death Benefit All Products, except Marquis Portfolio, sold 85.00*
on or before February 20, 2009, Issue Age
70-75
Enhanced Death Benefit Marquis Portfolio sold on or before February 105.00*
20, 2009, Issue Age 70-75
Enhanced Death Benefit All Products, except Marquis Portfolio, sold 90.00*
after February 20, 2009 and before May 4,
2009, Issue Age 70-75
Enhanced Death Benefit Marquis Portfolio sold after February 20, 110.00*
2009 and before May 4, 2009, Issue Age 70-
75
Enhanced Death Benefit All Products, except Marquis Portfolio, sold 95.00
on or after May 4, 2009, Issue Age 70-75
Page 4 of 10
Enhanced Death Benefit Marquis Portfolio sold on or after May 4, 115.00
2009, Issue Age 70-75
Enhanced Death Benefit II Marquis Portfolio, Issue Ages 0-69 80.00
Enhanced Death Benefit II Marquis Portfolio, Issue Ages 70-75 135.00
Enhanced Death Benefit II All products, except Marquis Portfolio, Issue 60.00
Ages 0-69
Enhanced Death Benefit II All products, except Marquis Portfolio, Issue 115.00
Ages 70-75
Earnings Preservation All Products 25.00
Benefit
*Prior to May 4, 2009, if the Enhanced DB is elected in combination with
Guaranteed Minimum Income Benefit Plus (Form MLIU-560-4), there will be a 5
bps reduction in the fee
Page 5 of 10
B. INCOME PROGRAM
REINSURANCE
PREMIUM
INCOME PROGRAM PRODUCTS COVERED (BASIS POINTS)
--------------------- --------------------------------------------------- -------------------
GMIB All Products sold prior to February 15, 2003 35
GMIB and GMIB II Plan codes BN2203, BN22M3, CS5203, CS52M3, 45
CS52R3, CS53MR, LS4203, LS4204, LS42M3,
LS42R3, LS42R4, ▇▇▇▇▇▇, ▇▇▇▇▇▇, ▇▇▇▇▇▇,
▇▇▇▇▇▇, ▇▇▇▇▇▇, and ST13MR sold after April 30,
2003 and before May 1, 2005 if GMDB program is
Annual Step-Up or Greater of Annual Step-Up and
5% Rollup
GMIB and GMIB II All other Products sold after February 14, 2003 and 50
before May 1, 2005 and for All Products sold after
April 30,2005
GMIB Plus I All Products sold after April 30, 2005 and before 75
February 26, 2007, for which the contract's Income
Base is not increased due to an Annual Step-Up on
a contract anniversary occurring on July 1, 2012 or
later.
GMIB Plus I All Products sold after April 30, 2005 and before 100
February 26, 2007, for which the contract's Income
Base is increased due to an Annual Step-Up on a
contract anniversary occurring on July 1, 2012 or
later.
GMIB Plus I and GMIB All Products, except Marquis Portfolio, sold on or 80
Plus II after February 26, 2007 and on or before February 20,
2009, for which the contract's Income Base is
not increased due to an Annual Step-Up on a
contract anniversary occurring on July 1, 2012 or
later.
GMIB Plus I and GMIB All Products, except Marquis Portfolio, sold on or 120
Plus II after February 26, 2007 and on or before February 20,
2009, for which the contract's Income Base is
increased due to an Annual Step-Up on a contract
anniversary occurring on July 1, 2012 or later
GMIB Plus I and GMIB Marquis Portfolio sold on or before February 20, 95
Plus II 2009, for which the contract's Income Base is not
increased due to an Annual Step-Up on a contract
anniversary occurring on July 1, 2012 or later.
GMIB Plus I and GMIB Marquis Portfolio sold on or before February 20, 135
Plus II 2009, for which the contract's Income Base is
increased due to an Annual Step-Up on a contract
anniversary occurring on July 1, 2012 or later.
GMIB Plus II All Products, except Marquis Portfolio, sold after 100
February 20, 2009 and before May 04, 2009, for
which the contract's Income Base is not increased
due to an Annual Step-Up on a contract
anniversary occurring on July 1, 2012 or later.
Page 6 of 10
GMIB Plus II All Products, except Marquis Portfolio, sold after 120
February 20, 2009 and before May 4, 2009, for
which the contract's Income Base is increased due
to an Annual Step-Up on a contract anniversary
occurring on July 1, 2012 or later.
GMIB Plus II Marquis Portfolio sold after February 20, 2009 and 115
before May 4, 2009, for which the contract's
Income Base is not increased due to an Annual
Step-Up on a contract anniversary occurring on
July 1, 2012 or later.
GMIB Plus II Marquis Portfolio sold after February 20, 2009 and 135
before May 4, 2009, for which the contract's
Income Base is increased due to an Annual Step-
Up on a contract anniversary occurring on July 1,
2012 or later.
GMIB Plus II and GMIB All Products, except Marquis Portfolio, sold on or 100
Plus III after May 4, 2009.
GMIB Plus II and GMIB Marquis Portfolio, sold on or after May 4, 2009. 115
Plus III
Page 7 of 10
C. WITHDRAWAL PROGRAM
REINSURANCE PREMIUM
WITHDRAWAL PROGRAM PRODUCTS COVERED (BASIS POINTS)
------------------------ -------------------------------------------------------- -------------------
Guaranteed Withdrawal All Products sold before July 16, 2007 50
Benefit
Guaranteed Withdrawal All Products sold on or after July 16, 2007 55
Benefit
Principal Guarantee All Products 50
Principal Guarantee All Products 25
Value
Lifetime GWB - Single All Products, except Marquis Portfolio and PrimElite IV, 50
Life Version for which the contract's GWB Benefit Base is not
increased due to an Annual Step-Up on a contract
anniversary occurring on July 1, 2012 or later.
Lifetime GWB - Single All Products, except Marquis Portfolio and PrimElite IV, 80
Life Version for which the contract's GWB Benefit Base is increased
due to an Annual Step-Up on a contract anniversary
occurring on July 1, 2012 or later.
Lifetime GWB - Single PrimElite IV sold before May 4, 2009, for which 65
Life Version the contract's GWB Benefit Base is not increased due to
an Annual Step-Up on a contract anniversary occurring
on July 1, 2012 or later.
Lifetime GWB - Single PrimElite IV sold before May 4, 2009, for which 95
Life Version the contract's GWB Benefit Base is increased due to an
Annual Step-Up on a contract anniversary occurring on
July 1, 2012 or later.
Lifetime GWB - Single PrimElite IV sold on or after May 4, 2009 110
Life Version
Lifetime GWB - Single Marquis Portfolios, for which the contract's GWB Benefit 70
Life Version Base is not increased due to an Annual Step-Up on a
contract anniversary occurring on July 1, 2012 or later.
Lifetime GWB - Single Marquis Portfolios, for which the contract's GWB Benefit 100
Life Version Base is increased due to an Annual Step-Up on a
contract anniversary occurring on July 1, 2012 or later
Lifetime GWB - Joint Life All Products, except Marquis Portfolio and PrimElite IV, 70
Version for which the contract's GWB Benefit Base is not
increased due to an Annual Step-Up on a contract
anniversary occurring on July 1, 2012 or later.
Lifetime GWB - Joint Life All Products, except Marquis Portfolio and PrimElite IV, 105
Version for which the contract's GWB Benefit Base is increased
due to an Annual Step-Up on a contract anniversary
occurring on July 1, 2012 or later.
Lifetime GWB - Joint Life PrimElite IV sold before May 4, 2009, for which 85
Version the contract's GWB Benefit Base is not increased due to
an Annual Step-Up on a contract anniversary occurring
on July 1, 2012 or later.
Lifetime GWB - Joint Life PrimElite IV sold before May 4, 2009, for which 120
Version the contract's GWB Benefit Base is increased due to an
Annual Step-Up on a contract anniversary occurring on
July 1, 2012 or later.
Page 8 of 10
Lifetime GWB - Joint Life PrimElite IV sold on or after May 4, 2009 125
Version
Lifetime GWB - Joint Life Marquis Portfolios, for which the contract's GWB Benefit 90
Version Base is not increased due to an Annual Step-Up on a
contract anniversary occurring on July 1, 2012 or later.
Lifetime GWB - Joint Life Marquis Portfolios, for which the contract's GWB Benefit 125
Version Base is increased due to an Annual Step-Up on a
contract anniversary occurring on July 1, 2012 or later.
Lifetime GWB (2008 All Products, except Marquis Portfolio, sold on or before 65
Version) - Single Life February 20, 2009, for which the contract's GWB Benefit
Version Base is not increased due to an Annual Step-Up on a
contract anniversary occurring on July 1, 2012 or later.
Lifetime GWB (2008 All Products, except Marquis Portfolio, sold on or before 95
Version) - Single Life February 20, 2009, for which the contract's GWB Benefit
Version Base is increased due to an Annual Step-Up on a
contract anniversary occurring on July 1, 2012 or later.
Lifetime GWB (2008 Marquis Portfolios, sold on or before February 20, 2009, 85
Version) - Single Life for which the contract's GWB Benefit Base is not
Version increased due to an Annual Step-Up on a contract
anniversary occurring on July 1, 2012 or later.
Lifetime GWB (2008 Marquis Portfolios, sold on or before February 20, 2009, 115
Version) - Single Life for which the contract's GWB Benefit Base is increased
Version due to an Annual Step-Up on a contract anniversary
occurring on July 1, 2012 or later.
Lifetime GWB (2008 All Products, except Marquis Portfolio, sold on or before 85
Version) - Joint Life February 20, 2009, for which the contract's GWB Benefit
Version Base is not increased due to an Annual Step-Up on a
contract anniversary occurring on July 1, 2012 or later.
Lifetime GWB (2008 All Products, except Marquis Portfolio, sold on or before 120
Version) - Joint Life February 20, 2009, for which the contract's GWB Benefit
Version Base is increased due to an Annual Step-Up on a
contract anniversary occurring on July 1, 2012 or later.
Lifetime GWB (2008 Marquis Portfolios, sold on or before February 20, 2009, 105
Version) - Joint Life for which the contract's GWB Benefit Base is not
Version increased due to an Annual Step-Up on a contract
anniversary occurring on July 1, 2012 or later.
Lifetime GWB (2008 Marquis Portfolios, sold on or before February 20, 2009, 140
Version) - Joint Life for which the contract's GWB Benefit Base is increased
Version due to an Annual Step-Up on a contract anniversary
occurring on July 1, 2012 or later.
Lifetime GWB (2008 All Products, except Marquis Portfolio, sold after 125
Version) - Single Life February 20, 2009
Version
Lifetime GWB (2008 Marquis Portfolios, sold after February 20, 2009 145
Version) - Single Life
Version
Lifetime GWB (2008 All Products, except Marquis Portfolio, sold after 150
Version) - Joint Life February 20, 2009
Version
Page 9 of 10
Lifetime GWB (2008 Marquis Portfolios, sold after February 20, 2009 170
Version) - Joint Life
Version
Lifetime LWG III - Single Simple Solutions 100
Life Version
Lifetime LWG III - Joint Simple Solutions 120
Life Version
D. ACCUMULATION PROGRAM
REINSURANCE PREMIUM
ACCUMULATION PROGRAM PRODUCTS COVERED (BASIS POINTS)
------------------------------- ------------------------------------------------- -------------------
Guaranteed Accumulation Benefit PEP Product 150.00
Guaranteed Accumulation Benefit All Other Products 75.00
Page 10 of 10
