Amendment Number 1 Effective May 20, 2019
[CERTAIN PORTIONS OF THIS EXHIBIT CONTAIN CONFIDENTIAL INFORMATION. THE
CONFIDENTIAL PORTIONS OF THIS EXHIBIT ARE IDENTIFIED AS [REDACTED] AND HAVE
BEEN OMITTED.]
Exhibit 7(c)(i)
Amendment Number 1
Effective May 20, 2019
to the
Automatic Indemnity Reinsurance Agreement
between
The Lincoln National Life Insurance Company of Fort Xxxxx, Indiana
(the “Ceding Company”) and
Lincoln National Reinsurance Company (Barbados) Limited
(“the Reinsurer”)
RECITALS
1. |
The Ceding Company and the Reinsurer entered into an Automatic Indemnity Reinsurance Agreement as of January 1, 2018 (“the Agreement”).
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2. |
Article 16.2 of this Agreement permits amendments as long as they are made in writing, and signed by duly authorized officers of both parties.
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3.
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The Ceding Company and the Reinsurer wish to make such an amendment to reflect products currently covered under the Agreement.
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4.
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The Ceding Company and the Reinsurer also wish to amend the Agreement to provide for inclusion of riders on Contracts issued prior to the
Effective Date where a covered rider is added to the Contract after May 20, 2019.
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AGREEMENT
NOWTHEREFORE, in consideration of these promises and the mutual covenants contained herein, the Ceding Company and the Reinsurer
agree to amend the Agreement as follows:
1.
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The Ceding Company and the Reinsurer agree that the definition of Contract(s) shall be replaced with the following wording:
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Contract(s) means those specific annuity contracts enumerated in Schedule B either issued on or after the
Effective Date, or including a rider listed in Schedule A that has been added to a contract issued prior to the Effective Date, where the rider was added on or after May 20, 2019.
2.
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The Ceding Company and the Reinsurer agree that Schedule A of the Agreement shall be replaced in its entirety with Schedule A attached hereto.
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3.
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The Ceding Company and the Reinsurer agree that Schedule B of the Agreement shall be replaced in its entirety with Schedule B attached hereto.
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4.
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The Ceding Company and the Reinsurer agree that Schedule C of the Agreement shall be replaced in its entirety with Schedule C attached hereto.
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5.
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All terms, provisions and conditions of this Agreement will continue unchanged except as specifically revised in this Xxxxxxxxx.Xx WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their duly authorized representatives.
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THE LINCOLN NATIONAL LIFE LINCOLN NATIONAL REINSURANCE
INSURANCE COMPANY COMPANY (BARBADOS) LIMITED
By: /s/ Xxxxxxx X. Xxxxxxx By: /s/ Xxxxxx Xxxx
Name: Xxxxxxx X. Xxxxxxx Name: Xxxxxx Xxxx
Title: Assistant Vice President Title: Assistant Vice President
Date: 7/19/2019 Date: 7/22/2019
SCHEDULE A
GB REINSURANCE BENEFITS
Effective May 20, 2019
Each contract listed in Schedule B contains one or more GB. GBs which are covered by this Agreement include the following:
Marketing Name of Benefit
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Policy Form Nos.
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Living Benefit Riders
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4LATER® Select Advantage
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AR-547 (3-12)
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4LATER® Select Advantage
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AR-547 (07/18)
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Lincoln Lifetime IncomeSMAdvantage 2.0 (Managed Risk)
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AR-529 PF (3-13)
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Lincoln Lifetime IncomeSMAdvantage 2.0 (Managed Risk)
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AR-607
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Lincoln MarketSelectSM Advantage
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AR-529 OA (3-13)
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Lincoln MarketSelectSM Advantage
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AR-607
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Lincoln Max 6 SelectSM Advantage
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AR-600
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Core Income Benefit
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AR-592 (12/16)
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i4LIFE® with
Guaranteed Income Benefit
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Variable Annuity Payment Option Rider
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I4LA-Q (8/10)
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Variable Annuity Payment Option Rider
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I4LA-NQ (8/10)
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i4LIFE® Advantage Guaranteed Income Benefit
(Managed Risk)
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AR-528 PF (3-13)
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i4LIFE® Advantage Select Guaranteed Income
Benefit
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AR-528 OA (3-13)
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i4LIFE® Advantage Guaranteed Income Benefit
(Managed Risk)
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AR-528 (7-18)
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i4LIFE® Advantage Select Guaranteed Income
Benefit
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AR-528 (7-18)
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Death Benefit Riders
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Guarantee of Principal Death Benefit Rider
(included as part of base contract)
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Base Contract Forms
30070BNYL3 5/03
30070BNYC 5/03
30070BNYL 5/03
30070ANY 5/03
30070-AL Des 1 NY12/06
30070-AL Des 2 NY12/06
30070-AL Des 3 NY12/06
30070-B-NY (2-12)
30070-CP Des 1 NY12/06
30070-CP Des 2 NY12/06
30070-CP Des 3 NY12/06
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Enhanced Guaranteed Minimum Death Benefit Rider
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32149-NY
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Highest Anniversary Death Benefit Rider
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AR-593
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Guarantee of Principal Death Benefit Rider
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32148 (9-16)
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SCHEDULE B
CONTRACTS WITH ACCEPTED COVERAGES
Effective May 20, 2019
Contracts covered by this Agreement include all Contracts issued by Lincoln Life & Annuity Company of New York and reinsured with the Ceding Company and
included in the following list:
American Legacy III® (NY)
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American Legacy III ® C-Share (NY)
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American Legacy III® Shareholder’s Advantage (NY)
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American Legacy III ® View (NY)
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American Legacy® Shareholder's Advantage (NY)
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American Legacy® Shareholder’s Advantage – Fee Based (NY)
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American Legacy Advisory® (NY)
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American Legacy® Design 1 (NY)
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American Legacy® Design 2 (NY)
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American Legacy® Design 3 (NY)
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American Legacy® Fusion (NY)
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American Legacy® Signature 1 (NY)
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American Legacy® Signature 2 (NY)
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American Legacy® Series L-Share (NY)
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American Legacy® Series B-Share (NY)
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American Legacy® Series C-Share (NY)
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Lincoln ChoicePlusSM
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Lincoln ChoicePlus IISM (NY)
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Lincoln ChoicePlus IISM Access (NY)
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Lincoln ChoicePlus IISM Advance (NY)
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Lincoln ChoicePlus IISM (NY)
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Lincoln ChoicePlusSM Access
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Lincoln ChoicePlus Assurance℠ A-Share (NY)
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Lincoln ChoicePlus Assurance℠ A-Share – Fee Based (NY)
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Lincoln ChoicePlus AssuranceSM B-Share (NY)
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Lincoln ChoicePlus AssuranceSM C-Share (NY)
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Lincoln ChoicePlus AssuranceSM L-Share (NY)
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Lincoln ChoicePlus℠ Advisory (NY)
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Lincoln ChoicePlus℠ Design 1 (NY)
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Lincoln ChoicePlus℠ Design 2 (NY)
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Lincoln ChoicePlus℠ Design 3 (NY)
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Lincoln ChoicePlus℠ Fusion (NY)
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Lincoln ChoicePlus℠ Signature 1 (NY)
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Lincoln ChoicePlus℠ Signature 2 (NY)
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Lincoln ChoicePlus Assurance℠ Series L-Share (NY)
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Lincoln ChoicePlus Assurance℠ Series B-Share (NY)
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Lincoln ChoicePlus Assurance℠ Series C-Share (NY)
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Lincoln ChoicePlus Assurance℠ Prime (NY)
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Lincoln Investor Advantage® B-Share (NY)
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Lincoln Investor Advantage® C-Share (NY)
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Lincoln Investor Advantage® Advisory (NY)
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Lincoln Investor Advantage® Fee Based (NY)
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Lincoln Core IncomeSM, built with iShares (NY)
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SCHEDULE C
PREMIUM RATE SCHEDULE
Effective May 20, 2019
Initial Reinsurance Premium:
For all business the Ceding Company assumes from Lincoln Life & Annuity of New York on contracts issued after the Effective Date, the Initial Reinsurance
Premium shall be zero. For all business the Ceding Company assumes from Lincoln Life & Annuity of New York on contracts issued prior to the Effective Date, the Initial Reinsurance Premium shall be zero unless the contract previously included a
death benefit from the list below, in which case the Initial Reinsurance Premium shall equal the Statutory Reserve applicable to each Individual Policy on the date it is first covered by this Agreement.
Base Reinsurance Premium Rates:
Effective from Treaty Effective Date and the corresponding effective date of any amendment, as appropriate:
GB Type
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Effective Date of Rate Application
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Rates Applied to:
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Base Reinsurance Premium Annual Rate
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Expense, Profit, and Risk Charge
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Applied to
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4LATER® Select Advantage
(and transitioning to i4LIFE)
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1/1/2018
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Riders effective on or after 1/1/2018
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[REDACTED]
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[REDACTED]
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Current Income Base (#) or for transitioning to i4LIFE greater of Income Base or Account Value prior to transition (increased for GIB step-ups)
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[REDACTED]
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[REDACTED]
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Lincoln Lifetime Income Advantage 2.0 (Managed Risk) (and transitioning to i4LIFE)
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1/1/2018
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Riders effective on or after 1/1/2018 and prior to 5/21/18
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[REDACTED]
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[REDACTED]
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Current Income Base (#) or for transitioning to i4LIFE greater of Income Base or Account Value prior to transition (increased for GIB step-ups)
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[REDACTED]
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[REDACTED]
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5/21/18
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Riders effective on or after 5/21/18
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[REDACTED]
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[REDACTED]
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[REDACTED]
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[REDACTED]
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Lincoln Market Select ® Advantage (and transitioning to i4LIFE)
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1/1/2018
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Riders effective on or after 1/1/2018
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[REDACTED]
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[REDACTED]
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Current Income Base (#) or for transitioning to i4LIFE greater of Income Base or Account Value prior to transition (increased for GIB step-ups)
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[REDACTED]
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[REDACTED]
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Lincoln Max 6 Select ® Advantage
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1/1/2018
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Riders effective on or after 1/1/2018
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[REDACTED]
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[REDACTED]
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Current Income Base (#)
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[REDACTED]
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[REDACTED]
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Core Income Benefit
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1/1/2018
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Riders effective on or after 1/1/2018
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[REDACTED]
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[REDACTED]
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Greater of:
Deposits (adjusted for excess withdrawals)
Account Value
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i4LIFE Advantage GIB Managed Risk
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1/1/2018
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Riders effective on or after 1/1/2018 and prior to 5/21/18
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[REDACTED]
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[REDACTED]
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Variable Account Value
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[REDACTED]
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[REDACTED]
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5/21/2018
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Riders effective on or after 5/21/18
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[REDACTED]
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[REDACTED]
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Variable Account Value
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[REDACTED]
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[REDACTED]
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i4LIFE Advantage Select GIB
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1/1/2018
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Riders effective on or after 1/1/2018 and prior to 5/21/18
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[REDACTED]
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[REDACTED]
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Variable Account Value
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[REDACTED]
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[REDACTED]
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5/21/2018
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Riders effective on or after 5/21/18
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[REDACTED]
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[REDACTED]
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Variable Account Value
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[REDACTED]
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[REDACTED]
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Guarantee of Principal Death Benefit
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1/1/2018
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Riders effective on or after 1/1/2018
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[REDACTED]
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[REDACTED]
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Account Value
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5/20/2019
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Riders effective prior to 1/1/2018 on Contracts issued prior to 7/1/2003
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[REDACTED]
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Riders effective prior to 1/1/2018 on Contracts issued between 7/1/2003 and 7/26/2004
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[REDACTED]
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Riders effective prior to 1/1/2018 on Contracts issued between 7/27/2004 and 12/31/2017
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[REDACTED]
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Enhanced Guaranteed Minimum Death Benefit
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1/1/2018
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Riders effective on or after 1/1/2018
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[REDACTED]
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[REDACTED]
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Account Value
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5/20/2019
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Riders effective prior to 1/1/2018 on Contracts issued prior to 7/1/2003
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[REDACTED]
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Riders effective prior to 1/1/2018 on Contracts issued between 7/1/2003 and 7/26/2004
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[REDACTED]
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Riders effective prior to 1/1/2018 on Contracts issued between 7/27/2004 and 12/31/2017
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[REDACTED]
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Highest Anniversary Death Benefit Rider*
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Highest Anniversary Component
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1/1/2018
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Riders effective on or after 1/1/2018
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[REDACTED]
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[REDACTED]
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Highest Anniversary Value
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Guaranteed of Principal Component
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1/1/2018
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Riders effective on or after 1/1/2018
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[REDACTED]
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[REDACTED]
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Account Value
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Guarantee of Principal Death Benefit*
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1/1/2018
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Riders effective on or after 1/1/2018
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[REDACTED]
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[REDACTED]
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Account Value
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[REDACTED]
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[REDACTED]
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5/20/19
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Riders effective prior to 1/1/2018
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[REDACTED]
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[REDACTED]
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Account Value
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[REDACTED]
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[REDACTED]
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[REDACTED]