AMENDMENT NO. 3 TO
AUTOMATIC REINSURANCE AGREEMENT
EFFECTIVE AS OF DECEMBER 1, 2004
(Agreement)
between
METROPOLITAN LIFE INSURANCE COMPANY
(Cedent)
and
EXETER REASSURANCE COMPANY, LTD.
(Reinsurer)
The Agreement is hereby amended, as of June 12, 2006, as follows:
1. The attached Article IV, Net Amount at Risk, amends and, as amended,
restates Article IV, Net Amount at Risk.
2. The attached Schedule A, Plans of Reinsurance, amends and, as amended,
restates Schedule A, Plans of Reinsurance.
3. The attached Exhibit II, Reinsurance Premiums, amends and, as amended,
restates Exhibit II, Reinsurance Premiums.
This Amendment No. 3 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. 3 to be signed in
duplicate counterparts as of the date first above written.
METROPOLITAN LIFE INSURANCE COMPANY
By: /s/ [signature illegible]
---------------------------------
Title: [title illegible]
------------------------------
EXETER REASSURANCE COMPANY, LTD.
By: /s/ [signature illegible]
---------------------------------
Title: President
------------------------------
ARTICLE IV
NET AMOUNT AT RISK
GMDB AND EPB
------------
A. The MNAR (Mortality Net Amount at Risk) for each variable annuity contract
ceded hereunder shall be equal to the following:
MNAR = VNAR + SCNAR + EEMNAR
in which:
VNAR (Variable Net Amount at Risk) = Maximum (a,b) multiplied by the
Reinsurer's Percentage (defined in Schedule A) in which:
a = (Contractual Death Benefit - Account Value) and
b = 0
SCNAR (Surrender Charge Net Amount at Risk) = Surrender Charges multiplied
by the Reinsurer's Percentage
EEMNAR (Earnings Enhancement Mortality Net Amount at Risk) = x% * Maximum
(a,b) multiplied by the Reinsurer's Percentage where:
x% varies by issue age and is as described in the Reinsurance
Contracts specified in Schedule A
a = (Contractual Death Benefit - Total Purchase Payments Not
Withdrawn)
b = 0
B. The death benefit and the surrender charges will be as described in the
variable annuity contract forms specified in Schedule A.
GMIB
----
C. The IBNAR (Income Benefit Net Amount at Risk) for each variable annuity
contract ceded hereunder shall be equal to the following:
(i) The Guaranteed Principal Adjustment as defined in the rider *
Reinsurer's Percentage if the Income Benefit contains a Guaranteed
Principal Option and the option is exercised; or
(ii) IBNAR = Maximum [(IBB * (MAPR/SAPR) - Account Value), 0] * Reinsurer's
Percentage
where:
. IBB equals the INCOME BASE as defined in the rider;
. MAPR is the MINIMUM ANNUITY PURCHASE RATE from the GMIB Annuity Table
defined in the rider; and
. SAPR is the SETTLEMENT ANNUITY PURCHASE RATE per $1000 which is used
at time of annuitization for reinsurance claims settlement and shall
be equal to the fixed annuity purchase rate that the Cedent would
provide to an annuitant in the same class.
D. Premium taxes will be applied on a consistent basis between the MAPR and
SAPR to calculate the IBNAR.
E. The IBNAR for each contract ceded hereunder shall be calculated as of the
last day of each calendar month prior to the termination of liability
contingencies set forth in Article II.
GWB
---
F. The WBNAR (Withdrawal Benefit Net Amount at Risk) for each variable annuity
contract ceded hereunder shall be equal to the following:
Guaranteed Withdrawal Benefit:
WBNAR = Maximum [(GWB Benefit Base - Account Value), 0] * Reinsurer's
Percentage (defined in Schedule A).
Lifetime Guaranteed Withdrawal Benefit:
WBNAR = Maximum [(GWB Benefit Base - Account Value), 0] * Reinsurer's
Percentage (defined in Schedule A) + Present Value of any additional
Lifetime Payments * Reinsurer's Percentage
A claim is incurred when the Account Value equals zero and is paid out in
installments consistent with the reinsured contract.
GMAB
----
G. The ABNAR (Accumulation Benefit Net Amount at Risk) for each variable
annuity contract ceded hereunder shall be equal to the following:
ABNAR = Maximum [(GMAB Guaranteed Accumulation Amount - Account Value),0] *
Reinsurer's Percentage.
A claim is incurred at the maturity date of the GMAB rider if the GMAB
Guaranteed Accumulation Amount exceeds the Account Value.
SCHEDULE A
PLANS OF REINSURANCE
A. Reinsurer's Percentage:
100% of the business described herein.
B. Effective Date:
December 1, 2004
C. Reinsured Contracts:
METROPOLITAN LIFE INSURANCE COMPANY
DEFERRED ANNUITY CONTRACTS
--------------------------
Preference Plus Select Variable Annuity - All Share Classes
FORM NUMBERS
------------
Guaranteed Minimum Death Benefits Ceded:
----------------------------------------
Standard Death Benefit - Fifth Year Step-up: Form ML-535 (07/01)
Optional Death Benefit - Annual Step-Up: Form ML-550 (07/01)
Optional Death Benefit - Greater of Annual Step-Up and 5% Rollup: Form
ML-540(07/01)
Additional Death Benefit - Earnings Preservation Benefit (EPB): ML-570
(07/01)
Guaranteed Minimum Income Benefits Ceded:
-----------------------------------------
Guaranteed Minimum Income Benefit Form ML-560 (07/01)
Guaranteed Minimum Income Benefit II Form ML-560-1 (03/03)
Guaranteed Minimum Income Benefit Plus: Form ML-560-2 (05/05)
Guaranteed Withdrawal Benefits Ceded:
-------------------------------------
Guaranteed Withdrawal Benefit: Form ML-690-1 (7/04)
Guaranteed Withdrawal Benefit: Form ML-690-2 (11/05)
Lifetime Guaranteed Withdrawal Benefit: Form ML-690-3 (6/06)
Guaranteed Minimum Accumulation Benefits Ceded:
-----------------------------------------------
Guaranteed Minimum Accumulation Benefit: Form ML-670-1 (11/05)
EXHIBIT II
REINSURANCE PREMIUMS
A. GMDB PROGRAM
REINSURANCE
PREMIUM (BASIS
GMDB PROGRAM PRODUCTS COVERED POINTS)
------------------------- ------------------------------------------- --------------
Fifth Year Step-up All Products 10.00
Annual Step-up Plan Codes: 225010, 225011, 225020, 225021, 10.00
225030, 225031, 225050, 225110, and 225150
Annual Step-up Other Plan Codes 20.00
Greater of Annual Step-Up Plan Codes: 225010, 225011, 225020, 225021, 25.00
and 5% Rollup 225030, 225031, 225050, 225110, and 225150
Greater of Annual Step-Up Other Plan Codes
and 5% Rollup 35.00
Earnings Preservation All Products 25.00
Benefit
B. INCOME PROGRAM
REINSURANCE
PREMIUM (BASIS
INCOME PROGRAM PRODUCTS COVERED POINTS)
------------------------- ------------------------------------------- --------------
GMIB All Products sold prior to 35.00
May 1, 2003
GMIB & GMIB II Plan codes 225080, 225090, 2250A0, 2250A1, 45.00
2250B0, 2250B1, 2250C0, 2250C1, 2250D0,
2250D1, 2250E0, 2250E1, 2250L0, 2250L1,
225180, and 2251B0 sold after April 30,
2003 and before May 1, 2005 if GMDB program
is Annual Step or Max of Annual Step
and Rollup
GMIB & GMIB II All other Products sold after April 30, 50.00
2003 and before May 1, 2005 and for All
Products sold after April 30, 2005
GMIB Plus All Products sold after April 30, 2005 75.00
C. WITHDRAWAL PROGRAM
REINSURANCE PREMIUM
WITHDRAWAL PROGRAM PRODUCTS COVERED (BASIS POINTS)
------------------------- ---------------- -------------------
Guaranteed Withdrawal All Products 50.00
Benefit
Lifetime GWB - Single All Products 50.00
Life Version
Lifetime GWB - Joint Life All Products 70.00
Version
D. ACCUMULATION PROGRAM
REINSURANCE PREMIUM
ACCUMULATION PROGRAM PRODUCTS COVERED (BASIS POINTS)
------------------------- ---------------- -------------------
Guaranteed Accumulation All Products 75.00
Benefit
