AMENDMENT NO. 14 TO
AUTOMATIC REINSURANCE AGREEMENT
EFFECTIVE AS OF APRIL 1, 2001
AMENDED AND RESTATED AS OF JULY 1, 2004
(Agreement)
between
METLIFE INVESTORS INSURANCE COMPANY
(Cedent)
and
EXETER REASSURANCE COMPANY, LTD.
(Reinsurer)
The Agreement is hereby amended, as of APRIL 1/ST/, 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. 14 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. 14 to be signed
in duplicate counterparts as of the date first above written.
METLIFE INVESTORS INSURANCE COMPANY
By: /s/ ▇▇▇▇▇▇▇ ▇▇▇▇▇
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Name: ▇▇▇▇▇▇▇ ▇▇▇▇▇
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Title: Vice President
----------------------------------
EXETER REASSURANCE COMPANY, LTD.
By: /s/ ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
----------------------------------
Name: ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
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Title: Vice President and Actuary
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Page 1 of 1
ARTICLE V
REINSURANCE PREMIUMS
A. The Cedent shall pay the Reinsurer an Initial Reinsurance Premium equal to
$5,422,942.
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 1
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 1/12/th/ basis.
GMAB Reinsurance Premium
------------------------
J. 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 1/12/th/ basis.
Page 3 of 1
AMENDMENT NO. 15 TO
AUTOMATIC REINSURANCE AGREEMENT
EFFECTIVE AS OF APRIL 1, 2001
AMENDED AND RESTATED AS OF JULY 1, 2004
(Agreement)
between
METLIFE INVESTORS 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. 15 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. 15 to be signed
in duplicate counterparts as of the date first above written.
METLIFE INVESTORS INSURANCE COMPANY
By: /s/ ▇▇▇▇▇▇▇ ▇▇▇▇▇
-------------------------------
Name: ▇▇▇▇▇▇▇ ▇▇▇▇▇
-------------------------------
Title: Vice President
-------------------------------
EXETER REASSURANCE COMPANY, LTD.
By: /s/ ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
-------------------------------
Name: ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
-------------------------------
Title: Vice President and Actuary
-------------------------------
Page 1 of 7
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:
April 1, 2001
C. Reinsured Contracts:
METLIFE INVESTORS INSURANCE COMPANY
DEFERRED ANNUITY CONTRACTS
--------------------------
VA Class Contract (Standard Contract, 7-year surrender charge
schedule)
XC Class Contract (Bonus Contract, 9-year surrender charge schedule)
AA Class Contract (Standard Contract, 7-year surrender charge
schedule, ▇. ▇. ▇▇▇▇▇▇▇ distribution)
B Class Contract (Standard Contract, 7-year surrender charge
schedule, ▇▇▇▇▇▇ ▇▇▇▇▇ distribution)
L Class Contract (3-year surrender charge schedule)
L Class Contract (4-year surrender charge schedule)
C Class Contract (No surrender charges)
A Class Contract (Front-end load, ▇▇▇▇▇▇ ▇▇▇▇▇ distribution)
FORM NUMBERS
------------
Guaranteed Minimum Death Benefits Ceded:
----------------------------------------
Standard Death Benefit - Principal Protection: Form 7015 (11/00)
Optional Death Benefit - Annual Step-Up: Form 7017 (11/00)
Optional Death Benefit - Greater of Annual Step-Up and 5% Rollup:
Form 7016 (11/00)
Additional Death Benefit - Earnings Preservation Benefit (EPB): Form
7019 (11/00)
Enhanced Death Benefit - Form MLI-640-1 (4/08)
Enhanced Death Benefit II - Endorsement MLI-RMD (7/10)-E
Guaranteed Minimum Income Benefits Ceded:
-----------------------------------------
Guaranteed Minimum Income Benefit: Form 7018 (11/00)
Guaranteed Minimum Income Benefit II: Form 7018-1 (03/03)
Guaranteed Minimum Income Benefit Plus: Form 7018-2 (05/05)
Guaranteed Minimum Income Benefit Plus: Form MLI-560-4 (4/08)
Page 2 of 7
Guaranteed Minimum Income Benefit Plus III: Endorsement MLI-RMD
(7/10)-E
Guaranteed Withdrawal Benefits Ceded:
-------------------------------------
Guaranteed Withdrawal Benefit: Form MLI-690-1 (7/04)
Guaranteed Withdrawal Benefit: Form MLI-690-2 (11/05)
Lifetime Guaranteed Withdrawal Benefit: Form MLI-690-3 (6/06)
Lifetime Withdrawal Guaranteed Benefit (2008 Version): Form MLI-690-4
(4/08) or MLI-690-5 (7/09)
Guaranteed Minimum Accumulation Benefits Ceded:
-----------------------------------------------
Guaranteed Minimum Accumulation Benefit: Form MLI 670-1 (11/05)
Page 3 of 7
EXHIBIT II
REINSURANCE PREMIUMS
A. GMDB PROGRAM
REINSURANCE PREMIUM
GMDB PROGRAM PRODUCTS COVERED (BASIS POINTS)
------------------------------ ------------------------------------------ --------------------
Principal Protection All Products 9.00
Annual Step-up Plan Codes: BN2101, CS5101, 10.00
▇▇▇▇▇▇, ▇▇▇▇▇▇, ▇▇▇▇▇▇, ▇▇▇▇▇▇,
▇▇▇▇▇▇, FL3ER3, LS4101, LS410R,
ST1101, ST110R, ST110X, ST1AG3,
ST1AGB, ST1AGR, ST1AGX,
ST1AR3, ST1ED3, ST1EDB, ST1EDJ,
ST1EDR, ST1EDX, ST1ER3,
ST1EX3, ▇▇▇▇▇▇, ▇▇▇▇▇▇, ▇▇▇▇▇▇,
and ST1NAV
Annual Step-up Other Plan Codes 20.00
Greater of Annual Step-Up Plan Codes: BN2101, CS5101, 25.00
And 5% Rollup ▇▇▇▇▇▇, ▇▇▇▇▇▇, ▇▇▇▇▇▇, ▇▇▇▇▇▇,
▇▇▇▇▇▇, FL3ER3, LS4101, LS410R,
ST1101, ST110R, ST110X, ST1AG3,
ST1AGB, ST1AGR, ST1AGX,
ST1AR3, ST1ED3, ST1EDB, ST1EDJ,
ST1EDR, ST1EDX, ST1ER3,
ST1EX3, ▇▇▇▇▇▇, ▇▇▇▇▇▇, ▇▇▇▇▇▇,
and ST1NAV
Greater of Annual Step-Up Other Plan Codes 35.00
and 5% Rollup
Earnings Preservation Benefit All Products 25.00
Enhanced Death Benefit All Products sold before May 4, 2009, 65.00*
Issue Age 0-69
Enhanced Death Benefit All Products sold on or after May 4, 75.00
2009, Issue Age 0-69
Enhanced Death Benefit All Products sold on or before 85.00*
February 20, 2009, Issue Age 70-75
Enhanced Death Benefit All Products sold after February 20, 90.00*
2009 and before May 4, 2009, Issue
Age 70-75
Enhanced Death Benefit All Products sold on or after May 4, 95.00
2009, Issue Age 70-75
Enhanced Death Benefit II All Products, Issue Age 0-69 60.00
Enhanced Death Benefit II All Products, Issue Age 70-75 115.00
* Prior to May 4, 2009, if the Enhanced DB is elected in combination with
Guaranteed Minimum Income Benefit Plus (Form MLI-560-4), there will be a 5
bps reduction in the fee.
Page 4 of 7
B. INCOME PROGRAM
REINSURANCE PREMIUM
INCOME PROGRAM PRODUCTS COVERED (BASIS POINTS)
------------------------------ ------------------------------------------ --------------------
GMIB All Products sold prior to 35
February 15, 2003
GMIB and GMIB II Plan codes BN2103, CS5103, CS51R3, 45
LS4103, LS41R3, LS4104, LS41R4,
ST1103, ST11R3, ST11X3, ST1AG4,
ST1AR4, and ST1NA4 sold after April 30,
2003 and before May 1, 2005 if GMDB
program is Annual Step or Max of Annual
Step and Rollup
GMIB and GMIB II All other Products sold after February 14, 50
2003 and before May 1, 2005 and for All
Products sold after April 30,2005
GMIB Plus I All Products sold after April 30, 2005 and 75
before 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 100
before 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 All Products sold on or after February 26, 80
GMIB Plus II 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 All Products sold on or after February 26, 120
GMIB Plus II 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 All Products sold on or after February 20, 100
GMIB Plus II 2009 and 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 I and All Products sold on or after February 20, 120
GMIB Plus II 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 and All Products sold on or after May 4, 2009. 100
GMIB Plus III
Page 5 of 7
C. WITHDRAWAL PROGRAM
REINSURANCE PREMIUM
WITHDRAWAL PROGRAM PRODUCTS COVERED (BASIS POINTS)
------------------------------ ------------------------------------------ --------------------
Guaranteed Withdrawal Benefit All Products sold before 50
July 16, 2007
Guaranteed Withdrawal Benefit All Products sold on or after 55
July 16, 2007
Principal Guarantee Value All Applicable Products 25
Lifetime GWB - Single Life All Products, for which 50
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 Life All Products, for which 80
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 - Joint Life All Products, for which 70
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.
All Products, for which 105
the contract's GWB Benefit
Lifetime GWB - Joint Life Base is increased due to an
Version Annual Step-Up on a contract
anniversary occurring on July 1,
2012 or later.
Lifetime GWB (2008 Version) - All Products sold on or before 65.00
Single Life Version February 20, 2009, 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 (2008 Version) - All Products sold on or before 95.00
Single Life Version February 20, 2009, 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.
Page 6 of 7
Lifetime GWB (2008 Version) - All Products sold on or before 85.00
Joint Life Version February 20, 2009, 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 (2008 Version) - All Products sold on or before 120.00
Joint Life Version February 20, 2009, 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 (2008 Version) - All Products sold after 125.00
Single Life Version February 20, 2009
Lifetime GWB (2008 Version) - All Products sold after 150.00
Joint Life Version February 20, 2009
D. ACCUMULATION PROGRAM
REINSURANCE PREMIUM
ACCUMULATION PROGRAM PRODUCTS COVERED (BASIS POINTS)
------------------------------ ------------------------------------------ --------------------
Guaranteed Accumulation All Other Products 75.00
Benefit
Page 7 of 7
