Exhibit 7.1
AUTOMATIC COINSURANCE AGREEMENT
between
GE LIFE AND ANNUITY ASSURANCE COMPANY
(a corporation organized under the laws of the state of Virginia,
having its principal place of business in Richmond, Virginia;
hereinafter referred to as the CEDING COMPANY)
and
AXA CORPORATE SOLUTIONS LIFE REINSURANCE COMPANY
(a corporation organized under the laws of the state of Delaware,
having its principal place of business in New York, New York;
hereinafter referred to as the REINSURER)
Effective Date of this Agreement: February 15, 2002
(hereinafter referred to as the EFFECTIVE DATE)
Agreement No. NY154
Table of Contents
PREAMBLE ............................................................ 1
Article I. Scope of Agreement.......................................... 1
Article II. Commencement and Termination of Liability................... 3
Article III. Oversights and Clerical Errors.............................. 5
Article IV. Net Amount at Risk.......................................... 6
Article V. Reinsurance Premiums........................................ 7
Article VI. Reinsurance Administration.................................. 8
Article VII. Settlement of Claims........................................ 11
Article VIII. Treaty Reserve.............................................. 13
Article IX. Recapture Privileges........................................ 14
Article X. Inspection of Records....................................... 15
Article XI. Insolvency.................................................. 16
Article XII. Negotiation................................................. 18
Article XIII. Arbitration................................................. 19
Article XIV. Right to Offset Balances Due................................ 20
Article XV. Contract and Program Changes................................ 21
Article XVI. Confidentiality............................................. 22
Article XVII. Other Provisions............................................ 23
A.Notifications.......................................... 23
B.Assignment............................................. 23
C.Severability........................................... 23
D.Currency............................................... 23
Article XVIII. Entire Agreement............................................ 24
Article XIX. DAC Tax..................................................... 25
Article XX. Duration of Agreement....................................... 26
Article XXI. Execution of Agreement...................................... 27
Schedules and Exhibits
Schedule A Reinsurance Specifications
Schedule B Specifically Excluded Business
Schedule C Required Data and Suggested Data Layout
Exhibit I CEDING COMPANY's Underwriting Procedures
Exhibit II CEDING COMPANY's Claims Adjudication Policy
Exhibit III Reinsurance Premium Rates
Exhibit IV Confidentiality and Non-Disclosure Agreement
Exhibit V Reserve Methodology
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GE Life and Annuity Assurance Co., Agreement No. NY154
Effective February 15, 2002
i
PREAMBLE
This Agreement is an indemnity reinsurance agreement solely between the CEDING
COMPANY and the REINSURER. The acceptance of reinsurance hereunder shall not
create any right or legal relation whatever between the REINSURER and the
annuitant, owner, beneficiary or any other party under any contracts or riders
of the CEDING COMPANY which may be reinsured hereunder. The CEDING COMPANY shall
be and remain solely liable to such parties under such contracts reinsured
hereunder.
All provisions of this Agreement are subject to the laws of the State of
Delaware.
Article I.
Scope of Agreement
A. Subject to the terms set forth herein, on and after the EFFECTIVE DATE of
this Agreement, the CEDING COMPANY shall automatically cede to the
REINSURER and the REINSURER shall automatically accept, coinsurance of the
RNAR (defined in Article IV), generated prior to termination of the
REINSURER's liability (defined in Article II), by the waiver of Scheduled
Purchase Payments (SPP) provisions within the specified riders attached to
the variable annuity contracts issued by the CEDING COMPANY and reinsured
hereunder (defined in Schedule A).
The SPP benefit reinsured hereunder waives one hundred percent (100%), of
the insured's monthly Scheduled Purchase Payment should one of the
following events occur, as determined by the type or types of rider(s)
purchased by the insured(s):
Disablement of the insured
Unemployment of the insured
Death of a joint insured
Where joint insureds are covered under a contract, the split percentage of
waived SPP benefit allocated to each life is elected at issue. Under no
circumstances will the REINSURER concurrently reimburse more than one type
of SPP benefit per insured, nor will the REINSURER reimburse more than 100%
of waived SPP benefit per contract.
B. The REINSURER's acceptance of automatic new business hereunder shall be
subject to a limit that is expressed as an accumulation of first year
reinsurance premium. The REINSURER's maximum aggregate annualized first
year reinsurance premium (defined in Article V) across all riders in any
one calendar year shall not exceed two million dollars ($2,000,000).
C. Unless the REINSURER has specifically agreed to such reinsurance in
writing, no reinsurance may be ceded automatically to this Agreement where:
1. the REINSURER's share of the SPP benefit would exceed the REINSURER's
automatic binding limit specified in Schedule A;
2. the SPP exceeds the SPP coverage limits for the rider as specified in
the CEDING COMPANY's Underwriting Procedures described in Exhibit I;
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GE Life and Annuity Assurance Co., Agreement No. Page 1
Effective February 15, 2002
Article I, Scope of Agreement
(Continued)
3. the CEDING COMPANY did not employ its standard application and
underwriting practices described in Exhibit I, in the underwriting of
the risk;
4. the insured is a substandard risk as determined by the CEDING
COMPANY's written underwriting guidelines described in Exhibit I.
(Note: Risks ratable up to 200% extra according to the Cologne
Underwriting Manual shall be considered "standard" for the riders
covered hereunder.);
5. the insured belongs to a Specifically Excluded underwriting class as
listed in Schedule B;
6. coverage is granted to insureds who are not citizens or permanent
residents of the United States and its territories or Canada;
7. the risk has been submitted to another reinsurer for facultative
consideration.
D. Except as otherwise provided in this Agreement, the reinsurance ceded
hereunder shall be subject to the same terms, conditions, limitations and
restrictions as those contained in the rider forms issued by the CEDING
COMPANY specified in Schedule A.
E. This Agreement covers only the CEDING COMPANY's contractual liability for
claims paid under variable annuity rider forms specified in Schedule A,
that were submitted to the REINSURER in accordance with the terms of this
Agreement set forth in Article XV, Contract and Program Changes.
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GE Life and Annuity Assurance Co., Agreement No. Page 2
Effective February 15, 2002
Article II.
Commencement and Termination of Liability
A. On reinsurance ceded under the terms of this Agreement, the liability of
the REINSURER shall commence simultaneously with that of the CEDING
COMPANY.
B. The liability of the REINSURER for all reinsured contracts under this
Agreement may terminate in accordance with
1. the termination provisions set forth within Article VI,
Administration, or
2. the Recapture Privileges set forth in Article IX.
C. For an individual contract, the liability of the REINSURER under this
Agreement will terminate either in accordance with Paragraph B, above, or
upon the earliest of the following occurrences as may be defined in the
rider(s) and/or contracts reinsured hereunder:
For the Disability Rider
1. The death of the covered insured;
2. The lapsation of the rider or of the underlying annuity contract;
3. The end of the benefit period;
4. The Annuity Commencement Date;
5. The Contract Anniversary on or next following the covered annuitant's
sixty-fifth (65th) birthday;
6. The termination of the CEDING COMPANY's liability.
For the Unemployment Rider
1. The death of the covered insured;
2. The disablement of the covered insured;
3. The lapsation of the rider or of the underlying annuity contract;
4. The end of the benefit period;
5. The Annuity Commencement Date;
6. The Contract Anniversary on or next following the covered annuitant's
sixty-fifth (65th) birthday;
7. The termination of the CEDING COMPANY's liability.
For the Life Rider
1. The death of the remaining joint annuitant;
2. The lapsation of the rider or of the underlying annuity contract;
3. The end of the benefit period;
4. The Annuity Commencement Date;
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GE Life and Annuity Assurance Co., Agreement No. Page 3
Effective February 15, 2002
Article II, Commencement and Termination of Liability
(Continued)
5. The Contract Anniversary on or next following the covered annuitant's
sixty-fifth (65th) birthday;
6. The termination of the CEDING COMPANY's liability.
D. The REINSURER shall be liable to reimburse waiver of SPP claims in
accordance with Article VII, only on those claims where the actual date of
disability, unemployment or death is on or after the EFFECTIVE DATE.
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GE Life and Annuity Assurance Co., Agreement No. Page 4
Effective February 15, 2002
Article III.
Oversights and Clerical Errors
A. Should either the CEDING COMPANY or the REINSURER fail to comply with any
of the terms of this Agreement, and if this is shown to be unintentional
and the result of a misunderstanding, oversight or clerical error on the
part of either the CEDING COMPANY or the REINSURER, then this Agreement
shall not be deemed abrogated thereby, but both companies shall be restored
to the positions they would have occupied had no such oversight,
misunderstanding or clerical error occurred. Such conditions are to be
reported and corrected promptly after discovery.
B. If the CEDING COMPANY or the REINSURER discovers that the CEDING COMPANY
did not cede reinsurance on a contract it should have reinsured under this
Agreement, the CEDING COMPANY will take prompt, reasonable and necessary
steps to ensure that similar oversights do not recur. Then this Agreement
shall not be deemed abrogated thereby, but both companies shall be restored
to the positions they would have occupied had the CEDING COMPANY ceded such
reinsurance at the original date. If the REINSURER receives no evidence
that the CEDING COMPANY has taken action to remedy such a situation, the
REINSURER reserves the right to limit its liability to reported contracts
only.
C. The provisions of this Article may not be used to supersede or void the
termination provisions set forth in Article VI, Paragraph G.
D. Any negligent or deliberate wrongful acts or omissions by the CEDING
COMPANY regarding the insurance or reinsurance provided are the
responsibility of the CEDING COMPANY and its liability insurer, if any, but
not that of the REINSURER. The previous sentence does not negate the
REINSURER's liability under Article VII, Settlement of Claims, of this
Agreement.
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GE Life and Annuity Assurance Co., Agreement No. Page 5
Effective February 15, 2002
Article IV.
Net Amount at Risk
A. The RNAR (Reinsured Net Amount at Risk) for each rider reinsured hereunder
shall be equal to the following:
RNAR = NAR multiplied by the REINSURER's Quota Share Percentage subject to
the maximum of the Automatic Binding Limit and the minimum of the Minimum
Cession Amount, both as specified in Schedule A.
Where:
. NAR (Net Amount at Risk) = Monthly Waived Scheduled Purchase Payment,
and:
. Monthly Waived Scheduled Purchase Payment = Scheduled Purchase Payment
multiplied, for joint insureds, by the Waiver percentage elected by
each insured not to exceed 100% in the aggregate.
Note: For joint insureds that have purchased multiple riders, the
allocation percentages shall remain the same for each life across any
rider which has been elected for financial underwriting purposes.
Flexible Purchase Payments and/or withdrawals made under the contract
may result in decreases or increases in the SPP amount.
B. The monthly waived SPP will be as described in the rider forms attached to
the variable annuity contract forms specified in Schedule A.
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GE Life and Annuity Assurance Co., Agreement No. Page 6
Effective February 15, 2002
Article V.
Reinsurance Premiums
A. Reinsurance premiums hereunder shall be on a monthly basis per SPP rider.
The total Reinsurance Premium for the business reinsured hereunder is the
sum of the Disability, Unemployment and Life rider premiums, as applicable,
each of which is defined separately in this paragraph, as follows:
1. The monthly Disability rider reinsurance premium rates, expressed as a
rate per hundred (100) of RNAR by issue age, sex and time to Annuity
Commencement Date, are set forth in Exhibit III. The reinsurance
premium rate shall be multiplied by the RNAR per contract and divided
by one hundred (100).
2. The monthly Unemployment rider reinsurance premium rates, expressed as
a flat amount per hundred (100) of RNAR regardless of issue age, sex
and time to Annuity Commencement Date, is set forth in Exhibit III.
The reinsurance premium rate shall be multiplied by the RNAR per
contract and divided by one hundred (100).
3. The monthly Life rider reinsurance premium rates, expressed as a rate
per hundred (100) of RNAR by issue age, sex and time to Annuity
Commencement Date, are set forth in Exhibit III. The reinsurance
premium rate shall be multiplied by the RNAR per contract and divided
by one hundred (100).
B. For the purposes of calculating the limit on first year reinsurance
premium, as described in Article I, Paragraph B, the first year premium per
contract, per calendar year, will be equal to the monthly reinsurance
premium due in each month of the first contract year times the number of
months in the first contract year that fall in the calendar year. The sum
of this calculation for all reinsured contracts will determine the first
year reinsurance premium exposure in any one calendar year.
C. On single life contracts, reinsurance premium payments cease for an insured
during any period of claims-paying status. For joint insureds, reinsurance
premium payments cease for the waived life only. Reinsurance premium
payments continue to be due on the unwaived life.
D. Although the rates are not guaranteed, the REINSURER expects not to
increase the reinsurance premium rates unless one or more of the following
situations occurs:
1. the CEDING COMPANY increases the rates it charges the insureds. In
that event, the REINSURER reserves the right to increase the
reinsurance premium rates in a like amount;
2. the CEDING COMPANY makes a change based on the criteria described in
Article XV, Contract and Program Changes. The REINSURER's rights are
described therein;
3. the REINSURER is requested by the CEDING COMPANY or required as per
Article VIII to employ a reserve methodology other than the previously
agreed-upon reserve methodology described in Exhibit V. In that event,
the REINSURER reserves the right to renegotiate mutually acceptable
reinsurance premium rates with the CEDING COMPANY.
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GE Life and Annuity Assurance Co., Agreement No. Page 7
Effective February 15, 2002
Article VI.
Reinsurance Administration
A. Within thirty (30) days of the end of each calendar month (the "Due Date"),
the CEDING COMPANY shall provide to the REINSURER:
1. the seriatim electronic data,
2. the Summary Statement, and
3. the reinsurance premium payment due
(altogether referred to as the "Remittance"), in the manner described
below.
B. The CEDING COMPANY acknowledges the importance of timely submissions of
credible data, as defined herein, to enable the REINSURER to manage
effectively the risk associated with the products reinsured hereunder.
Therefore, by the Due Date for each calendar month, the CEDING COMPANY will
take the necessary steps to furnish the REINSURER with the seriatim
electronic data as detailed in Schedule C, for each contract specified in
Schedule A, valued as of the last day of that month. The CEDING COMPANY
shall provide the REINSURER with the file format and record layout of the
seriatim electronic data and shall keep the REINSURER informed of any
changes to the file format as they may occur. The data provided shall
constitute a component of the Remittance provided both of the following
conditions are met:
1. the file contains correct data for all the contracts reinsured, and
2. each record contains all of the applicable data elements set forth in
Schedule C.
The CEDING COMPANY shall promptly notify the REINSURER when it becomes
aware of any deficiency in its seriatim electronic data and/or its
associated reporting process. For its part, if the REINSURER becomes aware
of any deficiency in the CEDING COMPANY's seriatim electronic data and/or
its associated reporting process, the REINSURER shall promptly notify the
CEDING COMPANY of the deficiency. The CEDING COMPANY shall initiate the
cure for the deficiency within thirty (30) days after either notice, to be
effectuated as reasonably promptly as possible.
Any error or incomplete item that does not materially affect the
REINSURER's ability to manage its risk associated with the reinsured
contracts shall not cause the seriatim electronic data provided by the
CEDING COMPANY to fail to constitute the seriatim electronic data component
of a Remittance.
C. Additionally, by the Due Date for each calendar month, the CEDING COMPANY
will furnish the REINSURER with a Summary Statement containing the
following:
1. reinsurance premiums due the REINSURER summarized separately for each
SPP benefit type;
2. month end date for the period covered by the Summary Statement.
D. If the net balance is due to the REINSURER, the amount due shall be
remitted with the Summary Statement. If the net balance is due to the
CEDING COMPANY, the REINSURER shall remit the amount to the CEDING COMPANY
within ten (10) days of receipt of the Summary Statement.
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GE Life and Annuity Assurance Co., Agreement No. Page 8
Effective February 15, 2002
Article VI, Reinsurance Administration
(Continued)
E. Furthermore, the REINSURER will use the seriatim data in Schedule C to
calculate and monitor, throughout the calendar year, the maximum aggregate
annualized first year reinsurance premium limit, referenced in Article I,
Paragraph B.
F. In addition, within thirty (30) days of the end of each calendar quarter,
the CEDING COMPANY shall supply the REINSURER with a seriatim reserve
report as detailed in Schedule C.
G. The submission of the Remittance is a condition precedent to the liability
of the REINSURER under this Agreement. In the event the CEDING COMPANY does
not make the Remittance in accordance with the provisions of this Article,
the REINSURER may exercise the following rights:
1. The REINSURER reserves the right to charge interest if a Remittance is
not made within thirty (30) days of the Due Date. The interest rate
charged shall be based on the ninety-(90) day Federal Government
Treasury Xxxx as first published by the Wall Street Journal in the
month following the Due Date of the Remittance plus one hundred (100)
basis points. The method of calculation shall be simple interest
(360-day year). This interest calculation shall be based on the
reinsurance premium component of the overdue Remittance.
For the seriatim data component of a Remittance subsequently judged
not to meet the criteria for a valid remittance according to the
criteria set forth in Paragraph B, above, the REINSURER reserves the
right to charge interest, calculated as described above in this
Paragraph G.1 ., if valid seriatim data is not submitted within thirty
(30) days of the end of the thirty (30) day cure period described in
Paragraph B, above.
2. The REINSURER will have the right to terminate this Agreement if
Remittances otherwise due to the REINSURER from the CEDING COMPANY are
not made within sixty (60) days of the Due Date, by giving sixty (60)
days written notice of termination to the CEDING COMPANY. As of the
close of the last day of this sixty(60) day notice period, the
REINSURER's liability for all risks reinsured associated with the
defaulted Remittance under this Agreement will terminate unless such
Remittances have been made. If all Remittances in default are received
by the REINSURER within the sixty-(60) day time period, the Agreement
will remain in effect.
For the seriatim data component of a Remittance subsequently judged
not to meet the criteria for a valid Remittance according to the
criteria set forth in Paragraph B, above, the REINSURER will have the
right to terminate this Agreement if valid seriatim data is not
submitted within sixty (60) days of the end of the thirty (30) day
cure period described in Paragraph B, above by giving sixty (60) days
written notice of termination to the CEDING COMPANY. As of the close
of the last day of this sixty-(60) day notice period, the REINSURER's
liability for all risks reinsured associated with the defaulted
Remittance under this Agreement will terminate unless such Remittances
have been made. If all Remittances in default are received by the
REINSURER within the sixty-(60) day notice period, the Agreement will
remain in effect.
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GE Life and Annuity Assurance Co., Agreement No. Page 9
Effective February 15, 2002
Article VI, Reinsurance Administration
(Continued)
Receipt by the REINSURER of a partial submission, such as reinsurance
premiums without accompanying seriatim electronic data or vice versa, does
not constitute a Remittance and thus would not settle a delinquency or a
default, as described in Paragraphs 1 and 2, above.
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GE Life and Annuity Assurance Co., Agreement No. Page 10
Effective February 15, 2002
Article VII.
Settlement of Claims
A. The SPP claims that are eligible for reimbursement are only those that the
CEDING COMPANY is contractually required to pay on claim events that occur
on or after the Effective Date of this Agreement subject to the benefit
limitations described below.
B. In the event the CEDING COMPANY follows its Claims Adjudication Policy, as
set forth in Exhibit II, and provides satisfactory proof of claim liability
to the REINSURER, claim settlements made by the CEDING COMPANY shall be
unconditionally binding on the REINSURER. In every case of claim, copies of
the proofs obtained by the CEDING COMPANY shall be taken by the REINSURER
as sufficient. Payment, based on the RNAR defined in Article IV, in
settlement of the reinsurance under a claim approved and paid by the CEDING
COMPANY for a life reinsured hereunder, shall be made by the REINSURER upon
receipt of the claim papers referenced in this Paragraph B.
C. Should an insured be covered under multiple SPP riders that generate a
waiver benefit at the same time, the CEDING COMPANY shall employ its
Underwriting Procedures, as set forth in Exhibit I, for the determination
of the one SPP rider under which waiver benefits will be paid.
D. Should the SPP claim involve disability or unemployment, the CEDING
COMPANY, upon request of the REINSURER, shall provide proof of the insured
person's continuing disability or unemployment. The CEDING COMPANY shall
notify the REINSURER when the insured person is no longer eligible for such
SPP waiver claim, and the CEDING COMPANY shall resume paying reinsurance
premiums on the insured person on the next due date in accordance with
Article VI. For the purposes of this Agreement, the date of loss shall be
the actual date of the disability or unemployment.
E. For claims occurring during the contestable period, the CEDING COMPANY
shall provide the REINSURER with prompt notification of the claim and with
a complete set of papers for review. The CEDING COMPANY will wait for up to
ten business days from the date of submission of papers to the REINSURER
for the REINSURER's recommendation before conceding liability or making
settlement to the claimant. Such consultation and review shall not impair
the CEDING COMPANY's freedom to determine the proper action on the claim.
F. The CEDING COMPANY shall immediately notify the REINSURER of its intention
to contest, compromise or litigate a claim and shall give the REINSURER the
opportunity to review the claim file. If the REINSURER agrees to
participate in such a contest, the REINSURER shall share in the expense of
any contest or compromise of that claim in the same proportion that the net
amount at risk reinsured with the REINSURER bears to the total net risk of
the CEDING COMPANY under all policies on that life being contested by the
CEDING COMPANY and shall share in the total amount of any reduction in
liability in the same proportion. Compensation of salaried officers and
employees, including legal counsel, of the CEDING COMPANY shall not be
considered claim expenses.
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GE Life and Annuity Assurance Co., Agreement No. Page 11
Effective February 15, 2002
Article VII, Settlement of Claims
(Continued)
G. If the REINSURER declines to be a party to the contest, compromise or
litigation, the REINSURER shall so notify the CEDING COMPANY within fifteen
(15) days of the receipt of the final claim papers and shall pay its share
of reinsurance to the CEDING COMPANY and thus be discharged of any future
liability on that claim. The REINSURER shall not be liable for future costs
of legal and/or investigative expenses incurred subsequent to the date of
the REINSURER's notice of declination, nor shall it share in any subsequent
increase or reduction of liability.
H. With respect to Extra-Contractual Damages, in no event shall the REINSURER
participate in punitive or compensatory damages or statutory penalties
which are awarded against the CEDING COMPANY as a result of an act,
omission or course of conduct committed solely by the CEDING COMPANY in
connection with the insurance reinsured under this Agreement.
I. The parties recognize that circumstances may arise in which equity would
require the REINSURER, to the extent permitted by law, to share
proportionately in certain assessed situations in which the REINSURER was
an active party and directed, consented to, or ratified the act, omission
or course of conduct of the CEDING COMPANY which ultimately resulted in the
assessment of the extra-contractual damages. In such situations, the
REINSURER and the CEDING COMPANY shall share such damages so assessed in
equitable proportions.
J. If the amount of claim liability changes due to misstatement of age, rate
classification or any error causing a change in liability, the REINSURER's
share of reinsurance liability shall change proportionately, subject to the
Reinsurance Specifications set forth in Schedule A.
K. In no event will the REINSURER be liable for expenses incurred in
connection with a dispute or contest arising out of conflicting or any
other claims of entitlement to contract proceeds or benefits.
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GE Life and Annuity Assurance Co., Agreement No. Page 12
Effective February 15, 2002
Article VIII.
Treaty Reserve
The reserves held by the REINSURER in its statutory financial statement will be
greater than or equal to those required by the state where the statement is
filed.
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GE Life and Annuity Assurance Co., Agreement No. Page 13
Effective February 15, 2002
Article IX.
Recapture Privileges
A. If the CEDING COMPANY increases its limit of retention, a corresponding
reduction may be made at the option of the CEDING COMPANY in the
reinsurance in force on all lives on which the CEDING COMPANY had its
maximum limit of retention at the time reinsurance was ceded. The CEDING
COMPANY may recapture existing reinsurance in force in accordance with the
rules set forth in this Article IX.
B. The CEDING COMPANY will notify the REINSURER of its intent to recapture at
least ninety (90) days prior to any recaptures.
C. No recapture will be made unless reinsurance has been in force for fifteen
(15) years, as measured from the EFFECTIVE DATE.
D. The recapture shall apply to all the eligible reinsurance in force under
the Agreement.
E. If the CEDING COMPANY elects to recapture, the CEDING COMPANY shall
commence a recapture of the reinsurance whereby each contract reinsured
hereunder is reduced or recaptured on its fifteenth (15th) contract
anniversary, measured from the original issue date of the contract.
F. If at the time of recapture the risk is on active claim for any cause the
reinsurance shall remain in force until such time as the contract may be
returned to a premium-paying status. The Disability or Unemployment risk
shall be recaptured upon such return to premium-paying status. If within
thirty days of said recapture the Disability or Unemployment claim is
resumed according to the terms of the rider, due to an extension of the
initial disablement or unemployment status, the REINSURER shall again be
liable for payment of its share of SPP waived by the CEDING COMPANY,
subject to collection of reinsurance premiums on the REINSURER's share of
the risk for the period in which the contract was in a premium-paying
status.
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GE Life and Annuity Assurance Co., Agreement No. Page 14
Effective February 15, 2002
Article X.
Inspection of Records
A. The REINSURER, or its duly appointed representatives, shall have the right
at all reasonable times and for any reasonable purpose and upon reasonable
prior notice to inspect at the office of the CEDING COMPANY all records
referring to reinsurance ceded to the REINSURER.
B. Relating to the business reinsured hereunder, the CEDING COMPANY or its
duly appointed representatives shall have the right at all reasonable times
and for any reasonable purpose and upon reasonable prior notice, to inspect
at the office of the REINSURER all records referring to reinsurance ceded
from the CEDING COMPANY.
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GE Life and Annuity Assurance Co., Agreement No. Page 15
Effective February 15, 2002
Article XI.
Insolvency
A. A party to this Agreement will be deemed insolvent when it:
a. Applies for or consents to the appointment of a receiver,
rehabilitator, conservator, liquidator or statutory successor
("Authorized Representative") of its properties or assets; or
b. Is adjudicated as bankrupt or insolvent; or
c. Files or consents to the filing of a petition in bankruptcy,
seeks reorganization or an arrangement with creditors or takes
advantage of any bankruptcy, dissolution, liquidation, or similar
law or statute; or
d. Becomes the subject of an order to rehabilitate or an order to
liquidate as defined by the insurance code of the jurisdiction of
the party's domicile.
B. In the event of the insolvency of the CEDING COMPANY, all reinsurance will
be payable, on the basis of the liability of the CEDING COMPANY on the
policies reinsured, directly to the CEDING COMPANY or its Authorized
Representative without diminution because of the insolvency of the CEDING
COMPANY.
C. In the event of insolvency of the CEDING COMPANY, the Authorized
Representative will, within a reasonable time after the claim is filed in
the insolvency proceeding, give written notice to the REINSURER of all
pending claims against the CEDING COMPANY on any policies reinsured. While
a claim is pending, the REINSURER may investigate such claim and interpose,
at its own expense, in the proceedings where the claim is adjudicated, any
defense or defenses which it may deem available to the CEDING COMPANY or
its Authorized Representative. The expenses incurred by the REINSURER will
be chargeable, subject to court approval, against the CEDING COMPANY as
part of the expense of liquidation to the extent of a proportionate share
of the benefit which may accrue to the CEDING COMPANY solely as a result of
the defense undertaken by the REINSURER. Where two or more reinsurers are
participating in the same claim and a majority in interest elect to
interpose a defense or defenses to any such claim, the expenses will be
apportioned in accordance with the terms of the Reinsurance Agreement as
though such expense had been incurred by the CEDING COMPANY.
D. Any debts or credits, matured or unmatured, liquidated or unliquidated, in
favor of or against either the REINSURER or CEDING COMPANY with respect to
this Agreement are deemed mutual debts or credits, as the case may be, and
will be offset, and only the balance will be allowed or paid. However, in
the event of liquidation, the REINSURER may offset against undisputed
amounts which are due and payable to the CEDING COMPANY, only those
undisputed amounts due the REINSURER which are not more than one hundred
and eighty (180) days past due at the date of the court order of
liquidation.
E. In the event of insolvency of the REINSURER, the liability of the REINSURER
shall not terminate but shall continue with respect to the reinsurance
ceded to the REINSURER by the CEDING COMPANY prior to the date of such
insolvency, and the CEDING COMPANY shall have a security interest in any
and all sums held by or under deposit in the name of the REINSURER. The
provisions of Article XX notwithstanding, the CEDING COMPANY may terminate
this Agreement immediately for new business. The
--------------------------------------------------------------------------------
GE Life and Annuity Assurance Co., Agreement No. Page 16
Effective February 15, 2002
Article XI, Insolvency
(Continued)
CEDING COMPANY shall provide written notification of its intent to terminate the
Agreement for new business, but any required waiting period shall be waived.
--------------------------------------------------------------------------------
GE Life and Annuity Assurance Co., Agreement No. Page 17
Effective February 15, 2002
Article XII.
Negotiation
A. Within ten (10) days after one of the parties has given the other the first
written notification of a specific dispute, each party will appoint a
designated officer to attempt to resolve the dispute. The officers will
meet at a mutually agreeable location, or by teleconference or
videoconference, as early as possible and as often as necessary, in order
to gather and furnish the other with all appropriate and relevant
information concerning the dispute. The officers will discuss the problem
and will negotiate in good faith without the necessity of any formal
arbitration proceedings. During the negotiation process, all reasonable
requests made by one officer to the other for information will be honored.
The designated officers will decide the specific format for such
discussions.
B. If the officers cannot resolve the dispute within thirty (30) days of their
first meeting, the parties will agree to submit the dispute to formal
arbitration, as set forth in Article XIII. However, the parties may agree
in writing to extend the negotiation period for an additional thirty (30)
days.
--------------------------------------------------------------------------------
GE Life and Annuity Assurance Co., Agreement No. Page 18
Effective February 15, 2002
Article XIII.
Arbitration
A. It is the intention of the CEDING COMPANY and the REINSURER that the
customs and practices of the insurance and reinsurance industry will be
given full effect in the operation and interpretation of this Agreement.
The parties agree to act in all things with the highest good faith. If
after the negotiation required by Article XII, the REINSURER or the CEDING
COMPANY cannot mutually resolve a dispute that arises out of or relates to
this Agreement, the dispute will be decided through arbitration. The
arbitrators will base their decision on the terms and conditions of this
Agreement and, as necessary, on the customs and practices of the insurance
and reinsurance industry rather than solely on a strict interpretation of
the applicable law. There will be no appeal of their written decision, and
any court having jurisdiction of the subject matter and the parties, may
reduce that decision to judgement.
B. To initiate arbitration, either the REINSURER or the CEDING COMPANY will
notify the other party in writing of its desire to arbitrate, stating the
nature of its dispute and the remedy sought. The party to which the notice
is sent will respond to the notification in writing within ten (10) days of
its receipt.
C. There will be three arbitrators who will be current or former officers of
life insurance or reinsurance companies other than the contracting
companies or affiliates thereof. Each of the contracting companies will
appoint one of the arbitrators within thirty (30) days from the date
notification is received and these two arbitrators will select the third
arbitrator within thirty (30) days from the date of appointment of the last
arbitrator. If either party refuses or neglects to appoint an arbitrator
within thirty (30) days of the date notification is received, the other
party may appoint the second arbitrator. If the two arbitrators do not
agree on a third arbitrator within thirty (30) days of the appointment of
the last arbitrator, then the appointment of said arbitrator shall be left
to the President of the American Arbitration Association. Once chosen, the
arbitrators are empowered to decide all substantive and procedural issues
by majority vote.
D. It is agreed that each of the three arbitrators should be impartial
regarding the dispute and should resolve the dispute on the basis described
in Paragraph A of this Article.
E. The arbitration hearing will be held on the date fixed by the arbitrators
in New York City. In no event will this date be later than three (3) months
after the appointment of the third arbitrator. As soon as possible, the
arbitrators will establish pre-arbitration procedures as warranted by the
facts and issues of the particular case. At least ten (10) days prior to
the arbitration hearing, each party will provide the other party and the
arbitrators with a detailed statement of the facts and arguments they will
present at the arbitration hearing. The arbitrators may consider any
relevant evidence; they will give the evidence such weight as they deem it
entitled to after consideration of any objections raised concerning it.
Each party may examine any witnesses who testify at the arbitration
hearing.
F. The cost of arbitration will be divided between the parties, unless the
arbitrators decide otherwise.
--------------------------------------------------------------------------------
GE Life and Annuity Assurance Co., Agreement No. Page 19
Effective February 15, 2002
Article XIV.
Right to Offset Balances Due
The CEDING COMPANY and the REINSURER shall have, and may exercise at any time,
the right to offset any balance or balances due one party to the other, its
successors or assignees, against balances due to the other party under this
Agreement. This right of offset shall not be affected or diminished because of
the insolvency of either party to this Agreement.
--------------------------------------------------------------------------------
GE Life and Annuity Assurance Co., Agreement No. Page 20
Effective February 15, 2002
Article XV.
Contract and Program Changes
A. The CEDING COMPANY shall give the REINSURER advance notice of any changes
to its underwriting guidelines, its annuity product design, its fees and
charges, its distribution systems and/or methods, or the addition or
deletion of, and/or changes to any riders to any contract forms reinsured
hereunder. No such change shall be made by the CEDING COMPANY without the
prior approval, if necessary, of the Securities and Exchange Commission
(SEC) and/or the appropriate State Insurance Department(s).
B. Should any such change as stated in Paragraph A, above, result in a
material change in the underlying risk, the REINSURER shall have the right
to modify, for that product line only, any of the terms of this Agreement
in order to restore the REINSURER to its original position. The REINSURER
shall promptly determine whether or not the changes will be covered under
the Agreement or whether amendments or revisions to the Agreement will be
necessary to cover the changes. For the purposes of this Agreement,
material is understood to mean a substantial variance from either the
original pricing profile or the past experience on this account, that is
expected to be permanent or long-lasting.
C. The CEDING COMPANY agrees to provide the REINSURER with all contractholder
communications as though the REINSURER were a contractholder in the CEDING
COMPANY's state of domicile.
--------------------------------------------------------------------------------
GE Life and Annuity Assurance Co., Agreement No. Page 21
Effective February 15, 2002
Article XVI.
Confidentiality
A. This Agreement incorporates the confidentiality agreement previously agreed
to between the parties on October 22, 1998 (the "Confidentiality
Agreement"), a copy of which is attached hereto as Exhibit IV. All matters
with respect to this Agreement require the utmost good faith of both
parties. Both the CEDING COMPANY and the REINSURER shall, in accordance
with the terms of the Confidentiality Agreement, hold confidential and not
disclose or make competitive use of any shared Confidential Information of
the other party (as such term is defined in the Confidentiality Agreement),
unless otherwise agreed to in writing, or unless the information otherwise
becomes publicly available by means other than by either party or their
agents, or unless the disclose is required for retrocession purposes, has
been mandated by law, or is duly required by external auditors.
B. The REINSURER will treat all personal contractholder information received
from the CEDING COMPANY as confidential information and will use good faith
efforts to keep such information private and secure, in accordance with the
CEDING COMPANY's commitment to its contractholders and in accordance with
federal and state privacy laws. The CEDING COMPANY recognizes that the
REINSURER may need to share certain information with auditors, regulators
and risk management entities, such as retrocessionaires, financial
institutions and consultants, in the normal course of conducting business.
--------------------------------------------------------------------------------
GE Life and Annuity Assurance Co., Agreement No. Page 22
Effective February 15, 2002
Article XVII.
Other Provisions
A. Notifications. Any notice or communication given pursuant to this
Reinsurance Agreement must be in writing and either 1) delivered
personally, 2) sent by facsimile or other similar transmission to a number
specified in writing by the recipient, 3) delivered by overnight express,
or 4) sent by Registered or Certified Mail, Postage Prepaid, Return Receipt
Requested, as follows:
If to CEDING COMPANY: GE Life and Annuity Assurance Company
0000 X. Xxxxx Xxxxxx
Xxxxxxxx, XX 00000
Attn: Xxxxx Xxxxxx, Senior Vice President, Risk
If to REINSURER: AXA Corporate Solutions Life Reinsurance Company
00 Xxxxx Xxxxxx, 00xx Xxxxx
Xxx Xxxx, Xxx Xxxx 00000
Attn: Xxxxx Xxxxxxx, Reinsurance Treaty Officer
All notices and other communications required or permitted under this
Reinsurance Agreement that are addressed as provided in this Section will
1) if delivered personally or by overnight express, be deemed given upon
delivery; 2) if delivered by facsimile transmission or other similar
transmission, be deemed given when electronically confirmed, and 3) if sent
by Registered or Certified mail, be deemed given when marked Postage
Prepaid by the sender's terminal. Any party from time-to-time may change
its address, but no such notice of change will be deemed to have been given
until it is actually received by the party sought to be charged with the
contents thereof.
B. Assignment. This Agreement shall be binding to the parties and their
respective successors and permitted assignees. This Agreement may not be
assigned by either party without the written consent of the other. Such
consent shall not be unreasonably withheld.
C. Severability. If any provision of this Agreement is determined to be
invalid or unenforceable, such determination will not affect or impair the
validity or the enforceability of the remaining provisions of this
Agreement.
D. Currency. All financial transactions under this Agreement shall be made in
U. S. dollars.
--------------------------------------------------------------------------------
GE Life and Annuity Assurance Co., Agreement No. Page 23
Effective February 15, 2002
Article XVIII.
Entire Agreement
This Agreement shall constitute the entire Agreement between the parties with
respect to business reinsured hereunder. There is no understanding between the
parties other than as expressed in this Agreement and any change or modification
to this Agreement shall be null and void unless made by Amendment or Addendum to
the Agreement and signed by both parties.
--------------------------------------------------------------------------------
GE Life and Annuity Assurance Co., Agreement No. Page 24
Effective February 15, 2002
Article XIX.
DAC Tax
Treasury Regulation Section 1.848-2(g)(8) Election
The CEDING COMPANY and the REINSURER hereby agree to the following pursuant to
Section 1.848-2(g)(8) of the Income Tax Regulations issued December 29, 1992,
under Section 848 of the Internal Revenue Code 1986, as amended. This election
shall be effective for the year this Agreement becomes effective and all
subsequent taxable years for which this Agreement remains in effect.
A. The term "party" will refer to either the CEDING COMPANY or the REINSURER
as appropriate.
B. The terms used in this Article are defined by reference to Treasury
Regulations Section 1.848-2 in effect as of December 29, 1992.
C. The party with the net positive consideration for this Agreement for each
taxable year will capitalize specified policy acquisition expenses with
respect to this Agreement without regard to the general deduction
limitation of IRC Section 848(c)(1).
D. Both parties agree to exchange information pertaining to the amount of net
consideration under this Agreement each year to ensure consistency. The
parties also agree to exchange information, which may be otherwise required
by the IRS.
E. The CEDING COMPANY will submit to the REINSURER by April 1st of each year,
a schedule of its calculation of the net consideration for the preceding
calendar year. This schedule will be accompanied by a statement signed by
an officer of the CEDING COMPANY stating that the CEDING COMPANY will
report such net consideration in its tax return for the preceding calendar
year.
F. The REINSURER may contest such calculation by providing an alternate
calculation to the CEDING COMPANY in writing within thirty (30) days of the
REINSURER's receipt of the CEDING COMPANY's calculation. If the REINSURER
does not notify the CEDING COMPANY, the REINSURER will report the net
consideration as determined by the CEDING COMPANY in the REINSURER's tax
return for the previous calendar year.
G. If the REINSURER contests the CEDING COMPANY's calculation of the net
consideration, the parties will act in good faith to reach an agreement as
to the correct amount within thirty (30) days of the date the REINSURER
submits its alternate calculation. If the REINSURER and CEDING COMPANY
reach agreement on an amount of net consideration, each party shall report
such amount in their respective tax returns for the previous calendar year.
--------------------------------------------------------------------------------
GE Life and Annuity Assurance Co., Agreement No. Page 25
Effective February 15, 2002
Article XX.
Duration of Agreement
A. Initially, this Agreement shall be open for new business for at most two
(2) years as measured from the EFFECTIVE DATE, subject to earlier
termination under:
1. the action of the maximum aggregate first-year reinsurance premium set
forth in Article I.B., or
2. ninety (90) day written notice of cancellation by either the CEDING
COMPANY or the REINSURER.
B. At the end of this initial two (2) year period, or if the Agreement is
terminated as to new business due to reaching the maximum aggregate
first-year reinsurance premium limit, the REINSURER, at its discretion may
extend the Agreement for up to a one (1) year period.
C. At the termination of each one year extension, the REINSURER will hold the
option to extend coverage to new business for an additional year.
D. This Agreement shall be unlimited as to its duration but may be reduced or
terminated for new business as provided in this Article, above.
--------------------------------------------------------------------------------
GE Life and Annuity Assurance Co., Agreement No. Page 26
Effective February 15, 2002
Article XXI.
Execution of Agreement
This Agreement may be executed by the parties in separate counterparts, each of
which when so executed and delivered shall be an original, but all such
counterparts together shall constitute one and the same instrument. Each
counterpart may consist of a number of copies hereof signed by less than both,
but together signed by both of the parties hereto.
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed
in duplicate by their duly authorized representatives as of the EFFECTIVE DATE.
GE LIFE AND ANNUITY ASSURANCE COMPANY
By: /s/Xxxxx X. Naynes Date: July 22, 2002
----------------------------------------------
Name/Title XXXXX X. NAYNES, SR. Vice Presedent
Attest: /s/Illegible
-----------------------------------------
Name/Title
AXA CORPORATE SOLUTIONS LIFE REINSURANCE COMPANY
By: /s/Xxxxxxx X. Xxxx Date: 17 July, 2002
----------------------------------------------
Xxxxxxx X. Xxxx, President
By: /s/Xxxxx Xxxxxx
----------------------------------------------
Xxxxx Xxxxxx, Vice President
Attest: /s/Xxxxx Xxxxxxx
------------------------------------------
Xxxxx Xxxxxxx, Assistant Vice President
--------------------------------------------------------------------------------
GE Life and Annuity Assurance Co., Agreement No. Page 27
Effective February 15, 2002
Schedule A
Reinsurance Specifications
A. Issue Dates:
New Policies issued on or after February 15, 2002
B. REINSURER's Quota Share Percentage:
66.67%
C. CEDING COMPANY's Retention
33.33%
D. Automatic Binding Limits:
REINSURER's Quota Share Percentage of $1,000 of Monthly Waived
Scheduled Purchase Payment per life insured
E. Minimum Cession Amount
REINSURER's Quota Share Percentage of $100 of Monthly Waived Scheduled
Purchase Payment per life insured
F. Related Riders Reinsured when issued with the CEDING COMPANY's GE
Retirement Answer Variable Annuity (XXXX) contracts:
Waiver of Scheduled Purchase Payment Upon Disability Rider, No. P5163
3/01
Waiver of Scheduled Purchase Payment Upon Unemployment Rider, No.
P5164 3/01
Waiver of Scheduled Purchase Payment Joint Annuitant Life Rider, No.
P5165 3/01
--------------------------------------------------------------------------------
GE Life and Annuity Assurance Co., Agreement No. NY154
Effective February 15, 2002
Schedule B
Specifically Excluded Business
Insureds in the following categories of occupation and/or underwriting class are
excluded from reinsurance coverage under the terms of this Agreement.
For the Disability Rider
1. Excluded Occupations:
(a) Physicians
(b) Dentists
(c) Lawyers
(d) Stockbrokers
(e) Blue Collar (including but not limited to Construction,
Agriculture, Wholesale, Factory, Mining, Demolition/Explosives,
Food Preparation and Serving-Related Occupations) as defined by
the Bureau of Labor Statistics
2. Excluded Insureds: Self-employed individuals or those who are not
actively working at least 20 hours per week, at their customary place
of business, and performing their normal duties.
For the Unemployment Rider
1. Excluded Occupations:
(a) Physicians
(b) Dentists
(c) Lawyers
(d) Stockbrokers
(e) Blue Collar (including but not limited to Construction,
Agriculture, Wholesale, Factory, Mining, Demolition/Explosives,
Food Preparation and Serving-Related Occupations) as defined by
the Bureau of Labor Statistics
2. Excluded Insureds: Self-employed individuals or those who are not
actively working at least 20 hours per week, at their customary place
of business, and performing their normal duties.
For the Life Rider
1. Excluded Occupations: Blue Collar (including but not limited to
Construction, Agriculture, Wholesale, Factory, Mining,
Demolition/Explosives, Food Preparation and Serving-Related
Occupations) as defined by the Bureau of Labor Statistics
2. Excluded Insureds:
(a) Those who are not actively working at least 20 hours per week, at
their customary, place of business, and performing their normal
duties.
(b) Joint Annuitants where both annuitants have not elected coverage
--------------------------------------------------------------------------------
GE Life and Annuity Assurance Co., Agreement No. NY154
Effective February 15, 2002
Schedule C
Required Data and Suggested Data Layout
Field Description Comments
Annuitant's ID: Last Name
First Name
Middle Name
Sex M or F
Date of Birth YYYYMMDD
Social Security No. / Social Insurance No.
Joint Annuitant's ID: Last Name If Applicable
First Name
Middle Name
Sex M or F
Date of Birth YYYYMMDD
Social Security No. / Social Insurance No.
Contract Number
Contract Issue Date YYYYMMDD
Annuity Commencement Date YYYYMMDD
Years to Annuity Commencement As measured from issuance of contract
Contract Issue Status NI = True New Issue, SC = Spousal Continuance,
EX = 1035 Exchange
SPP Rider Issued D = Disability Rider; U = Unemployment Rider;
J = Joint Annuitant Rider (Note: Multiple riders may be issued
to the same insured)
Scheduled Purchase Payment Monthly SPP amount per insured's contract
Waiver Percentage Percent of SPP covered by rider as shown on insured's contract
NAR Waiver Percentage times Scheduled Purchase Payment
RNAR NAR times REINSURER's Quota Share Percentage
Monthly Reinsurance Premium Rate
Reinsurance Premium RNAR times Monthly Reinsurance Premium Rate
Reserve Amount Claim Reserve Amount - Required Quarterly only.
Summary Information:
Total number of records
Total of each dollar field Monthly aggregate information
Termination File:
Termination Date YYYYMMDD, If applicable
Reason for Termination Reason for Termination and translation to be provided, if
available
RNAR
Unearned Premium Refund
Claim File:
Claim Settlement Date YYYYMMDD, If applicable
Date of Death YYYYMMDD
RNAR
Unearned Premium Refund If applicable (if premiums were paid beyond the settlement
month)
Note: All values to nearest dollar
--------------------------------------------------------------------------------
GE Life and Annuity Assurance Co., Agreement No. NY154
Effective February 15, 2002
Exhibit I
CEDING COMPANY's Underwriting Procedures
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
GE Life and Annuity Assurance Co., Agreement No. NY154
Effective February 15, 2002
XXXX Express UW Procedures
Index:
I. Underwriting Procedures Overview
II. Product Rules Regarding Issuing Riders
Guideline for Issuing Riders
III. General Express Underwriting Guidelines
Application Review
NIGO Items that may be resolved with a phone call to the Agent
IV. Occupational/Vocational Guidelines
Guidelines for Section 2 on Rider Application
These will result in Escalation to Full Underwriting
V. Height / Weight Guidelines
Table Lookup.
Outside of defined limits will result in Escalation to Full
Underwriting.
VI. Informational Questions Section 3 Questions B through F
Question Review.
A Response of Yes to Any of these Questions will result in escalation
to Full Underwriting
VII. MIB Procedures
Pull MIB. Review for Hit
Any Hit on the MIB will result in Escalation to Full Underwriting
VIII. Resolution Determination
A. Rider Issued
X. Xxxxx Application NIGO-Call for more Information / Clarify
X. Xxxxx Escalation to Full Underwriting
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XXXX Express UW Procedures
I. Underwriting Procedures Overview
Prescreen consists of two separate and distinct processes - the XXXX Application
Prescreen process and the Rider Application Prescreen process.
The SEC and individual states regulate the XXXX application content. The XXXX
Application Prescreen process utilizes the Application Prescreen Review
Worksheet (APW). The APW focuses on the XXXX application content and is
unrelated to underwriting other than to ask a limited number of questions
regarding riders to determine whether or not the Rider Application Prescreen
process is required.
The Rider application is reviewed if and only if the riders selected on the XXXX
application pass the XXXX Application Prescreen process filters. The Rider
Application Prescreen process utilizes the XXXX Underwriting Worksheet (GUW).
When an application with riders is received the following occurs:
The XXXX application moves through the submit process and can be put in force
even while Rider approval/disapproval is being addressed. The policy is not
mailed until rider issues are resolved. If riders cannot be issued the policy is
mailed with a Notice of Adverse Underwriting Action letter attached. If riders
can be issued the policy is mailed including riders.
Jet Issue Underwriters refer to the XXXX Express UW Procedures (GUP) if there is
any doubt about Rider application inputs.
II. Product Rules Regarding Riders
The available riders are Disability, Short Term Unemployment and Joint Annuitant
Life. Riders will be issued in accordance with these Guidelines.
.. The issue ages for the riders are 25-55.
.. Only individuals can purchase the riders.
.. Riders are not available to non-natural owners.
.. In order to purchase a rider, the Annuity Commencement Date must be on or
before age 65.
.. All riders will be underwritten.
Rider premiums can only be paid monthly in cash, not as a "transfer" or
"withdrawal". Rider premium payments are a portion of the Monthly Purchase
Payment (MPP), paid via check or EFT.
.. The rider benefit is limited to the Scheduled Purchase Payment.
.. The available coverage will be limited to the lesser of the SPP or $1,000.
.. Scheduled Purchase Payment at issue may not exceed $1,000 and must be
constant until the earlier of age 65 the Annuity Commencement Date.
Return To Index
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XXXX Express UW Procedures
.. When multiple XXXX contracts are issued on Single or Joint
Owner(s)/Annuitant(s), we will aggregate the rider coverage for all
contracts and will not waive more than $1,000 per Owner/Annuitant.
An exception to this rule is for partially funded 1035 policies. We
will only accept applications for rider coverage for SPPs of $1,000 or
less.
.. Changes to the allocation of coverage between the Joint Annuitants will not
be allowed after issue. If changes to the percentages are desired by the
Annuitants, the riders can be dropped and re-added at attained age, subject
to underwriting, on a policy anniversary date.
.. If Rider Coverage is denied the Applicant will be notified in writing and
the premiums will be refunded.
.. The base contract will be issued upon the receipt of funds even if
underwriting has not been completed on the riders.
.. If coverage is denied and the policyholder does not want the base contract
without rider coverage, they can free-look the base contract upon receipt
of notice of the denied rider coverage.
.. If we do not receive payment of a rider premium within 30 days subsequent
to the due date, we will notify the Owner that the premium is in default.
.. The Owner has 30 days after notification to pay the rider premium; if the
rider premium is not paid by that time, the rider coverage lapses.
.. If there are multiple riders on a policy, the premiums for those riders
will be paid in the following priority order: Life, then Disability, then
Unemployment.
.. If funds available will not pay the entire premium for one of the policy
types, we will split what is left proportionally according to the joint
annuitant's rider percentages.
.. If GMIP is no longer in effect for whatever reason, riders cannot be added
or reinstated. The prospectus describes three scenarios in which the GMIP
will no longer be in effect. Riders cannot be pre-funded. Rider premium
payments are a portion of the Monthly Purchase Payment (MPP), paid monthly
via check or EFT. Rider premiums received more than 30 days in advance will
be returned; Rider premiums not paid within 60 days of the Monthly Due Date
will cause the rider coverage to lapse.
.. The riders can be dropped on a premium Monthly Due Date only.
.. Subject to underwriting requirements and re-insurer constraints, riders can
be added to the policy post-issue only within 30 days of a policy
anniversary.
.. Riders can only be reinstated if the Annuitant is 55 or younger at the time
of reinstatement and are subject to proof of insurability.
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XXXX Express UW Procedures
III. General Express Underwriting Guidelines
Review Following Rules for Compliance. If any failure is detected the
application will be forwarded to a Not In Good Order Specialist. Contact will be
made with the writing agent to establish the next actions. Failures of the
following Types will be treated as Not In Good Order and may be resolved by
further clarification or a new application.
.. Rider Application must be reviewed for Signatures.
.. Rider Application must be the Original Document, may not be a Fax or a Copy
(Wet signature is Required).
.. Rider Application must be appropriate to the State of Sale.
.. Rider must be available in the State of Sale as of the Date of Sale.
.. Percentage of Rider Coverage must be Completed
.. In the case of Joint Annuitants, coverage may be purchased for less than
the full amount of the SPP for each individual.
.. Total Coverage for Joint Annuitants must equal 100%
.. We will require that SPPs covered by the rider be a level dollar amount,
which restricts usage of the rider when the IIA is used.
.. The allocation of coverage between Annuitants must be the same for all
riders chosen.
.. Application must have Age, Gender, Occupation and Salary of Each Annuitant
.. The percentage of coverage that can be made between annuitants cannot be
more than plus or minus 10% of incomes.
Rider Specific Rules
. Disability Rider is available for both Q and NQ Plan Types
. Unemployment and Joint Life Rider are Available on NQ Plan Types Only
. Joint Life Rider Can only be sold on a contract with a Joint Annuitant
. Self-employed annuitants are not eligible for the Unemployment or
Disability Riders.
. Sections 1 and 2 must be completed for Unemployment Rider.
. Sections 1, 2, and 3 must be completed for Joint Life and Disability
Riders.
. The Disability and Unemployment rider can be purchased on one or both
Joint Annuitant/Owners as long as both are working.
. A paycheck stub, dated within one month of application date, must be
attached with application.
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XXXX Express UW Procedures
IV. Occupational/Vocational Guidelines
A. Occupations excluded from coverage:
Physicians
Dentists
Lawyers
Stockbrokers
Blue Collar (as defined by the Bureau of Labor Statistics), including
but not limited to:
Construction
Agriculture
Wholesale
Factory
Mining
Demolition/Explosives
Food Preparation and Serving Related Occupations.Occupation
Titles include:
Chefs and Head Cooks
First-Line Supervisors/Managers of Food Preparation and
Serving Workers
Cooks, Fast Food Cooks, Institution and Cafeteria Cooks,
Short Order Cooks
Food Preparation Workers
Bartenders, Bartender Helpers
Combined Food Preparation and Serving Workers, Including
Fast Food
Counter Attendants, Cafeteria, Food Concession, and Coffee
Shop Waiters and Waitresses
Food Servers, Non-restaurant Dining Room and Cafeteria
Attendants Dishwashers
Hosts and Hostesses, Restaurant, Lounge, and Coffee Shop
Military Aviator
Test Pilot
Hazardous Sports or Activities
B. Must Be Actively working - actively working at least 20 hours per week at
their customary place of business, and performing their normal duties.
Exception: a non-working spouse as joint annuitant is eligible for Life
Rider only at a maximum of 10% of SPP.
C. Self-employed annuitants are not eligible for Unemployment or Disability
riders.
D. Recent Pay stub must be included with the application.
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XXXX Express UW Procedures
V. Height / Weight Guidelines
Review Height and Weight of Each Applicant from Section 3 Question A. Compare to
Matrix listed below:
Height Weight
FT' IN" Inches Female Males
---------------------------------
4'8" 56 197 190
---------------------------------
4'9" 57 204 197
---------------------------------
4'10" 58 211 204
---------------------------------
4'11" 59 219 211
---------------------------------
5'0" 60 226 218
---------------------------------
5'1" 61 234 226
---------------------------------
5'2" 62 241 233
---------------------------------
5'3" 63 249 241
---------------------------------
5'4" 64 257 249
---------------------------------
5'5" 65 266 256
---------------------------------
5'6" 66 274 264
---------------------------------
5'7" 67 282 273
---------------------------------
5'8" 68 291 281
---------------------------------
5'9" 69 299 289
---------------------------------
5'10" 70 308 298
---------------------------------
5'11" 71 317 306
---------------------------------
6'0" 72 326 315
---------------------------------
6'1" 73 335 324
---------------------------------
6'2" 74 344 333
---------------------------------
6'3" 75 354 342
---------------------------------
6'4" 76 363 351
---------------------------------
6'5" 77 373 360
---------------------------------
6'6" 78 383 370
---------------------------------
6'7" 79 393 379
---------------------------------
6'8" 80 403 389
---------------------------------
6'9" 81 413 399
---------------------------------
6'10" 82 423 409
---------------------------------
6'11" 83 434 419
---------------------------------
The weight represents the highest tolerance for the Gender and Height Defined.
Any occurrence outside of these limits will result in escalation for Full
Underwriting.
VI. Informational Questions Section 3 Questions B through F
Review Questions from Application. Applies to Joint Life and Disability riders
only. All must be answered No. Any Response of "Yes" must be escalated for Full
Underwriting.
-------------------------------------------------------------------------------------------------
Primary Joint
-------------------------------------------------------------------------------------------------
Answers to following Questions must be No
-------------------------------------------------------------------------------------------------
B. Drivers License Revoked in the past 3 years? No No
-------------------------------------------------------------------------------------------------
C. Travel for more than 4 consecutive weeks outside the US in the next 2 years? No No
-------------------------------------------------------------------------------------------------
D. Hospitalized, treated, or diagnosed with ......... in the past 10 Years? No No
-------------------------------------------------------------------------------------------------
E. Life, Disability, or Health coverage declined? No No
-------------------------------------------------------------------------------------------------
F. Diagnosed with AIDS in past 10 Years No No
-------------------------------------------------------------------------------------------------
Return To Index
5/29/02 Version 2.1
Approved by X.Xxxxx and X.Xxxxxxxx 6 of 7
XXXX Express UW Procedures
VII. MIB Guidelines
A. Review the Rider Application page 2 for the Signatures. We are only
authorized to pull MIB Information for those parties that have signed the
Rider Application.
B. We must pull an MIB on each applicant.
C. If an applicant has not signed the application, we must obtain that actual
signature from the agent prior to completion of the underwriting.
D. Review returned values for an exact match (Name / DOB / Occupation). If an
exact match is detected, then the application will be escalated for Full
Underwriting.
E. If no Match is returned then continue Express Underwriting Procedures.
VIII. Resolution Determination
There are three determinations in the Express Underwriting Process.
.. The Riders can be approved, if the application meets all documented
guidelines.
.. The Application can be Not In Good Order and a phone call will be required
to clarify or collect further requirements from the Agent.
.. The Rider Application can be forwarded to the Variable Underwriting Group
for a Full Underwriting work-up.
If the Rider is Approved the Contract will be delivered with all appropriate
Rider Contract Forms. If the Rider is denied the contract will be delivered with
the Notice of Adverse Underwriting Action.
Return To Index
5/29/02 Version 2.1
Approved by X.Xxxxx and X.Xxxxxxxx 7 of 7
Exhibit II
CEDING COMPANY's Claims Adjudication Policy
--------------------------------------------------------------------------------
GE Life and Annuity Assurance Co., Agreement No. NY154
Effective February 15, 2002
[LOGO]
A. Unemployment Rider Claims:
To validate a claim, we will require either a copy of the latest unemployment
check, or a certifying document from the state affirming continuing
unemployment. Once the benefit period has expired (generally twenty-six (26)
weeks, although could be longer if benefits have been extended by the state or
federal government), we will require an affidavit executed upon penalty of
perjury for the remaining contractual benefit period (latest rider version is
twelve (12) months). The affadavit will require the claimant to affirm
continuing unemployment on state definition of unemployment.
To validate a claim originated in the state of Utah, we will require a claimant
who is part of the state program to provide standard evidence as above. For a
claimant who is part of other recognized programs. we require an affidavit of
unemployment, affirming unemployment based on state definition of unemployment.
GE will follow-up on the claim to ensure information provided is accurate and
meets the state definition of unemployment.
B. Disability Rider Claims:
Claims will be adjudicated in the same manner that Disability Waiver of Premium
on our Life policies are adjudicated. Initially, we will obtain medical records
and certification of disability from the treating physician. Depending on the
specifics of each case, we will obtain ongoing medical certification of
Disability at different intervals (probably not more frequently than six (6)
months).
In cases of continuing disability of two years or more, we will obtain
additional medical records and the physician's certification that the claimant
is or is not disabled from "any occupation" for remuneration or profit.
C. Joint Annuitant Rider Claims
To validate a claim, we will require copies of death certificates or other valid
proof of death.
Illegible
[LOGO]
D. All Riders
Any Rider claim received that indicates that death or disability occurred less
than two years after the Rider's issuance or reinstatement will be reviewed to
determine the adequacy of the responses to the questions posed to the contract
owner at the time of application. Once our analyst obtains information we deem
sufficient for adjudicating the benefit claim, we will forward you the records
and information we obtain, along with our recommendation for approval or denial
for your review and comment. If you agree with our evaluation, we will proceed
with notification to the claimant. In cases where we cannot agree, we will
refer to our legal department for guidelines. The exact procedures for
transporting the files will be determined as in most expedient for both parties.
Illegible
Exhibit III
Reinsurance Premium Rates
For the Disability Rider
GE Disability Rider Monthly Premium Per Hundred Reinsured Premium Rate Schedule,
as attached.
For the Unemployment Rider
$1.60 Monthly Premium Per Hundred Reinsured
For the Life Rider
GE Life Rider Monthly Premium Per Hundred Reinsured Premium Rate Schedule, as
attached.
--------------------------------------------------------------------------------
GE Life and Annuity Assurance Co., Agreement No. NY154
Effective February 15, 2002
Disability Rider Rates
----------------------------------------------------------------------------------------------------------
GE Disability Rider Monthly Premium Per Hundred Reinsured
----------------------------------------------------------------------------------------------------------
Male 10 Yrs 11 Yrs 12 Yrs 13 Yrs 14 Yrs 15 Yrs 16 Yrs 17 Yrs 18 Yrs 19 Yrs
25 0.76 0.?? 0.78 0.79 0.80 0.?1 0.82 0.83 0.83 0.84
26 0.81 0.82 0.83 0.85 0.86 0.87 0.88 0.?9 0.90 0.91
27 0.86 0.92 0.89 0.90 0.91 0.93 0.94 0.95 0.96 0.97
28 0.91 0.9? 0.94 0.96 0.97 0.99 1.00 1.01 1.02 1.03
29 0.96 1.2? 0.98 1.01 1.03 1.05 1.0? 1.07 1.08 1.09
30 1.01 ?.?? 1.05 1.07 1.08 1.10 1.12 1.13 1.14 1.16
31 1.11 ?.?? 1.15 1.17 1.19 1.21 1.23 1.24 1.26 1.27
32 1.20 ?.?? 1.25 1.27 1.30 1.32 1.34 1.35 1.37 1.39
33 1.30 ?.33 1.35 1.38 1.41 1.43 1.45 1.47 1.49 1.50
34 1.40 ?.43 1.46 1.48 1.51 1.54 1.58 1.58 1.60 1.62
35 1.50 ?.53 1.56 1.59 1.62 1.65 1.67 1.69 1.71 1.73
36 1.?? ?.59 1.73 1.76 1.80 1.83 1.85 1.88 1.90 1.93
37 1.82 ?.?? 1.92 1.95 1.99 ?.?? ?.?? ?.?? ?.?? ?.??
38 1.9? 2.?? 2.12 2.16 2.20 ?.?? ?.?? 2.31 2.33 2.36
39 2.15 ?.?? 2.33 2.38 2.43 2.4? 2.51 2.54 2.57 2.60
40 2.31 ?.?? 2.40 2.45 2.50 2.55 2.5? 2.62 2.85 2.69
41 2.56 ?.?? 2.67 2.72 2.78 2.83 2.67 2.91 2.94 2.94
42 2.?1 ?.?? 2.93 2.99 3.05 3.12 3.15 3.19 3.23 3.27
43 3.06 ?.?? 3.20 3.26 3.33 3.40 3.44 3.48 3.52 3.5?
44 3.31 ?.39 3.46 3.53 3.61 3.68 3.72 3.77 3.81 3.85
45 3.56 ?.54 3.72 3.83 3.?8 3.96 4.01 4.05 4.10 4.15
46 3.98 ?.?? 4.14 4.23 4.31 4.39 4.43 4.48 4.53 4.57
47 4.40 4.48 4.57 4.65 4.73 4.?1 4.56 4.91 4.95 N/A
48 4.82 4.90 4.99 5.07 5.18 5.24 5.29 5.33 N/A N/A
49 5.24 5.32 5.41 5.50 5.58 5.67 5.71 N/A N/A N/A
50 5.66 5.?? 5.83 5.92 6.01 6.09 N/A N/A N/A N/A
51 6.15 ?.?? 6.32 6.41 6.90 X/X X/X X/X X/X X/X
52 6.?4 ?.?? 6.81 6.90 X/X X/X X/X X/X X/X X/X
53 7.13 ?.?? 7.30 X/X X/X X/X X/X X/X X/X X/X
54 7.?2 ?.?? X/X X/X X/X X/X X/X X/X X/X N/A
55 8.11 N/A X/X X/X X/X X/X X/X X/X X/X X/X
Male 20 Yrs 21 Yrs 22 Yrs 23 Yrs 24 Yrs 25 Yrs 26 Yrs 27 Yrs 28 Yrs 29 Yrs
25 0.85 0.86 0.86 0.87 0.87 0.88 0.88 0.88 0.89 0.89
26 0.91 0.92 0.93 0.93 0.94 0.94 0.95 0.95 0.96 0.9?
27 0.98 0.99 0.99 1.00 1.01 1.01 1.02 1.02 1.02 1.03
28 1.04 1.05 1.08 1.0? 1.07 1.08 1.08 1.09 1.09 1.10
29 1.11 1.11 1.12 1.13 1.14 1.15 1.15 1.16 1.16 1.17
30 1.17 1.18 1.19 1.20 1.20 1.21 1.22 1.22 1.23 1.24
31 1.29 1.30 1.31 1.32 1.33 1.34 1.34 1.35 1.35 1.36
32 1.40 1.42 1.43 1.44 1.45 1.46 1.47 1.47 1.48 1.49
33 1.52 1.53 1.55 1.56 1.57 1.58 1.59 1.80 1.60 1.61
34 1.64 1.65 1.67 1.68 1.69 1.70 1.71 1.72 1.73 1.74
35 1.76 1.77 1.78 1.80 1.81 1.83 1.84 1.84 1.85 1.86
36 1.95 1.97 1.98 2.00 2.01 2.03 2.04 2.04 2.05 2.06
37 2.16 2.16 2.20 2.21 2.23 2.23 2.23 2.24 2.25 N/A
38 2.39 2.41 2.43 2.44 2.42 2.43 2.43 2.44 N/A N/A
39 2.64 2.65 2.67 2.61 2.61 2.63 2.83 N/A N/A N/A
40 2.72 2.70 2.76 2.78 2.81 2.83 N/A N/A N/A N/A
41 3.02 3.04 3.06 3.08 3.10 X/X X/X X/X X/X X/X
42 3.31 3.33 3.35 3.37 X/X X/X X/X X/X X/X X/X
43 3.60 3.63 3.65 X/X X/X X/X X/X X/X X/X X/X
44 3.90 3.92 X/X X/X X/X X/X X/X X/X X/X N/A
45 4.19 N/A X/X X/X X/X X/X X/X X/X X/X X/X
46 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X
47 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X
48 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X
49 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X
50 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X
51 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X
52 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X
53 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X
54 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X
55 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X
Male 30 Yrs 31 Yrs 32 Yrs 33 Yrs 34 Yrs 35 Yrs 36 Yrs 37 Yrs 38 Yrs 39 Yrs To 65
25 0.89 0.90 0.90 0.90 0.90 0.90 0.91 0.91 0.91 0.91 0.91
25 0.96 0.97 0.97 0.97 0.97 0.97 0.98 0.98 0.98 0.98 0.98
27 1.03 1.04 1.04 1.04 1.04 1.05 1.05 1.05 1.05 N/A 1.05
28 1.10 1.11 1.11 1.11 1.11 1.12 1.12 1.12 N/A N/A 1.12
29 1.17 1.17 1.15 1.18 1.18 1.19 1.19 N/A N/A N/A 1.19
30 1.24 1.24 1.25 1.25 1.25 1.28 N/A N/A N/A N/A 1.25
31 1.37 1.37 1.37 1.38 1.38 X/X X/X X/X X/X X/X 1.38
32 1.49 1.50 1.50 1.50 X/X X/X X/X X/X X/X X/X 1.50
33 1.62 1.62 1.62 X/X X/X X/X X/X X/X X/X X/X 1.62
34 1.74 1.75 X/X X/X X/X X/X X/X X/X X/X X/X 1.75
35 1.87 X/X X/X X/X X/X X/X X/X X/X X/X N/A 1.87
36 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X 2.06
37 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X 2.25
38 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X 2.44
39 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X 2.63
40 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X 2.83
41 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X 3.10
42 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X 3.37
43 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X 3.65
44 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X 3.92
45 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X 4.19
00 X/X X/X X/X X/X X/X X/X X/X X/X N/A N/A 4.5?
47 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X 4.95
48 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X 5.33
49 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X 5.71
50 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X 6.09
51 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X 6.50
52 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X 6.90
53 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X 7.30
54 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X 7.70
55 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X 8.11
Female 10 Yrs 11 Yrs 12 Yrs 13 Yrs 14 Yrs 15 Yrs 16 Yrs 17 Yrs 18 Yrs 19 Yrs
25 1.40 1.42 1.44 1.46 1.49 1.51 1.52 1.53 1.55 1.56
26 1.52 1.54 1.56 1.59 1.61 1.63 1.65 1.66 1.67 1.69
27 1.64 1.66 1.69 1.71 1.73 1.76 1.77 1.79 1.80 1.82
28 1.76 1.78 1.81 1.83 1.86 1.88 1.90 1.9? 1.93 1.94
29 1.88 1.90 1.93 1.95 1.98 2.01 2.02 2.04 2.06 2.07
30 1.99 2.?2 2.05 2.08 2.11 2.13 2.15 2.17 2.18 2.20
31 2.15 2.18 2.21 2.24 2.27 2.30 2.31 2.33 2.35 2.37
32 2.30 2.33 2.36 2.40 2.43 2.4? 2.48 2.49 2.51 2.53
33 2.46 2.49 2.52 2.55 2.59 2.62 2.64 2.66 2.68 2.70
34 2.61 2.55 2.68 2.71 2.75 2.78 2.80 2.82 2.84 2.86
35 2.77 2.?0 2.84 2.87 2.91 2.94 2.97 2.99 3.01 3.03
36 2.96 3.00 3.04 3.08 3.11 3.15 3.17 3.20 3.22 3.24
37 3.16 3.20 3.24 3.28 3.32 3.38 3.38 3.40 3.43 3.45
38 3.35 3.40 3.44 3.48 3.52 3.57 3.59 3.61 3.64 3.66
39 3.55 3.59 3.64 3.68 3.73 3.77 3.80 3.82 3.84 3.87
40 3.74 3.?9 3.84 3.89 3.93 3.98 4.00 4.03 4.05 4.08
41 4.00 4.05 4.09 4.14 4.19 4.24 4.26 4.28 4.31 4.33
42 4.26 4.30 4.35 4.40 4.45 4.49 4.52 4.54 4.56 4.58
43 4.51 4.56 4.61 4.65 4.70 4.75 4.77 4.79 4.82 4.84
44 4.77 4.81 4.86 4.91 4.96 5.01 5.03 5.05 5.07 5.09
45 5.02 5.07 5.12 5.17 5.22 5.26 5.28 5.30 5.32 5.34
46 5.32 5.36 5.41 5.45 5.49 5.54 5.56 5.58 5.60 5.62
47 5.62 5.55 5.69 5.73 5.77 5.81 5.83 5.85 5.87 N/A
48 5.91 ?.?? 5.98 6.01 6.05 6.08 6.10 6.12 N/A N/A
49 6.21 ?.?? 6.27 6.30 6.33 6.36 6.38 N/A N/A N/A
50 6.51 ?.53 6.55 6.58 6.60 6.63 N/A N/A N/A N/A
51 6.68 ?.?? 6.73 6.76 6.78 X/X X/X X/X X/X X/X
52 6.86 ?.?9 6.91 6.94 X/X X/X X/X X/X X/X X/X
53 7.04 ?.07 7.09 X/X X/X X/X X/X X/X X/X X/X
54 7.22 ?.25 X/X X/X X/X X/X X/X X/X X/X N/A
55 7.40 N/A X/X X/X X/X X/X X/X X/X X/X X/X
Female 20 Yrs 21 Yrs 22 Yrs 23 Yrs 24 Yrs 25 Yrs 26 Yrs 27 Yrs 28 Yrs 29 Yrs
25 1.57 1.58 1.59 1.60 1.60 1.61 1.61 1.62 1.62 1.63
26 1.70 1.71 1.72 1.73 1.73 1.74 1.75 1.75 1.75 1.76
27 1.83 1.84 1.85 1.8? 1.86 1.87 1.88 1.88 1.88 1.89
28 1.96 1.97 1.98 1.99 1.99 2.00 2.01 2.01 2.02 2.02
29 2.09 2.10 2.11 2.12 2.12 2.13 2.14 2.14 2.15 2.15
30 2.22 2.23 2.24 2.25 2.25 2.26 2.27 2.27 2.28 2.28
31 2.38 2.39 2.40 2.41 2.42 2.43 2.44 2.74 2.45 2.45
32 2.55 2.56 2.57 2.58 2.59 2.60 2.61 2.61 2.62 2.62
33 2.72 2.73 2.74 2.75 2.76 2.77 2.78 2.78 2.78 2.79
34 2.89 2.90 2.91 2.92 2.93 2.94 2.94 2.95 2.95 2.96
35 3.06 3.06 3.07 3.09 3.10 3.11 3.11 2.12 3.12 3.13
36 3.26 3.27 3.28 3.30 3.31 3.32 3.22 3.33 3.33 3.34
37 3.47 3.48 3.49 3.50 3.52 3.53 3.53 3.54 3.54 N/A
38 3.68 3.69 3.70 3.71 3.73 3.74 3.74 3.75 N/A N/A
39 3.89 3.90 3.91 3.92 3.93 3.95 3.95 N/A N/A N/A
40 4.10 4.11 4.12 4.13 4.14 4.16 N/A N/A N/A N/A
41 4.35 4.36 4.38 4.39 4.40 X/X X/X X/X X/X X/X
42 4.61 4.62 4.63 4.64 X/X X/X X/X X/X X/X X/X
43 4.86 4.87 4.88 X/X X/X X/X X/X X/X X/X X/X
44 5.11 5.12 X/X X/X X/X X/X X/X X/X X/X N/A
45 5.36 N/A X/X X/X X/X X/X X/X X/X X/X X/X
46 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X
47 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X
48 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X
49 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X
50 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X
51 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X
52 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X
53 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X
54 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X
55 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X
Female 30 Yrs 31 Yrs 32 Yrs 33 Yrs 34 Yrs 35 Yrs 36 Yrs 37 Yrs 38 Yrs 39 Yrs To 65
25 1.63 1.63 1.63 1.64 1.64 1.64 1.64 1.64 1.64 1.64 1.64
26 1.76 1.78 1.77 1.77 1.77 1.77 1.77 1.77 1.77 1.77 1.77
27 1.89 1.89 1.90 1.90 1.90 1.90 1.90 1.90 1.99 N/A 1.91
28 2.02 2.03 2.03 2.03 2.03 2.03 2.04 2.04 N/A N/A 2.04
29 2.16 2.16 2.16 2.16 2.16 2.17 2.17 N/A N/A N/A 2.17
30 2.29 2.29 2.09 2.29 2.30 2.30 N/A N/A N/A N/A 2.30
31 2.46 2.46 2.46 2.46 2.46 X/X X/X X/X X/X X/X 2.46
32 2.63 2.63 2.63 2.63 X/X X/X X/X X/X X/X X/X 2.63
33 2.79 2.80 2.80 X/X X/X X/X X/X X/X X/X X/X 2.80
34 2.96 2.97 X/X X/X X/X X/X X/X X/X X/X X/X 2.97
35 3.13 X/X X/X X/X X/X X/X X/X X/X X/X N/A 3.13
36 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X 3.34
37 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X 3.54
38 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X 3.75
39 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X 3.95
40 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X 4.16
41 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X 4.40
42 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X 4.64
43 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X 4.88
44 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X 5.12
45 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X 5.36
46 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X 5.62
47 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X 5.87
48 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X 6.12
49 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X 6.38
50 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X 6.63
51 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X 6.78
52 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X 6.94
53 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X 7.09
54 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X 7.25
55 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 7.40
-------------------------------------------------------------------------------------------------------------------
Life Rider Rates
----------------------------------------------------------------------------------------------------------
GE Life Rider Monthly Premium Per Hundred Reinsured
----------------------------------------------------------------------------------------------------------
Male 10 Yrs 11 Yrs 12 Yrs 13 Yrs 14 Yrs 15 Yrs 16 Yrs 17 Yrs 18 Yrs 19 Yrs
25 1.45 1.53 1.60 1.67 1.74 1.82 1.82 1.83 1.83 1.84
26 1.41 1.48 1.56 1.63 1.71 1.78 1.79 1.80 1.?1 1.82
27 1.36 1.44 1.52 1.59 1.67 1.75 1.77 1.78 1.79 1.81
28 1.31 1.39 1.47 1.5? 1.64 1.72 1.74 1.76 1.77 1.79
29 1.26 1.35 1.43 1.52 1.50 1.69 1.71 1.73 1.76 1.78
30 1.22 1.30 1.39 1.48 1.57 1.?6 1.68 1.71 1.74 1.76
31 1.2? 1.38 1.47 1.57 1.66 1.76 1.80 1.83 1.?7 1.90
32 1.35 1.45 1.56 1.?? 1.7? 1.?6 1.91 1.95 2.00 2.04
33 1.42 1.53 1.64 1.75 1.86 1.?7 2.02 2.08 2.13 2.19
34 1.49 1.50 1.72 1.84 1.95 ?.?? 2.13 2.20 2.26 2.33
35 1.55 1.58 1.80 1.92 2.05 2.?? 2.24 2.32 2.?? 2.47
36 1.62 ?.?? 1.90 2.?? 2.?8 2.31 2.43 2.54 2.65 2.76
37 ?.?? ?.?? 2.?? 2.19 2.35 2.51 2.68 2.81 2.96 3.11
38 ?.?? ?.?? 2.20 2.38 2.56 2.75 2.94 3.12 3.31 3.49
39 ?.?? ?.?? 2.38 2.59 2.81 3.32 3.24 3.47 3.69 3.91
40 1.90 ?.?? 2.29 2.49 2.69 2.?9 3.15 3.42 3.68 3.94
41 2.08 2.33 2.57 2.81 3.05 3.30 3.59 3.89 4.19 4.49
42 2.27 2.?5 2.84 3.13 3.42 3.71 4.04 4.?7 4.71 5.04
43 2.45 ?.?? 3.12 3.45 3.78 4.11 4.48 4.85 5.2? 5.59
44 2.63 3.?? 3.39 3.77 4.15 4.52 4.93 5.33 5.73 8.13
45 2.82 3.24 3.66 4.09 4.51 4.?3 5.37 5.81 6.24 6.68
46 3.26 ?.?? 4.22 4.70 5.18 5.?6 6.10 6.53 6.97 7.41
47 3.70 4.23 4.77 5.31 5.85 6.39 6.82 7.26 7.70 N/A
48 4.14 4.?? 5.33 5.92 6.52 7.11 7.55 7.99 N/A N/A
49 4.57 5.23 5.88 6.53 7.19 7.?4 8.28 N/A N/A N/A
50 5.01 5.?? 6.44 7.15 7.86 8.57 N/A N/A N/A N/A
51 5.67 5.?? 7.09 7.80 8.51 X/X X/X X/X X/X X/X
52 ?.33 ?.?? 7.75 8.46 X/X X/X X/X X/X X/X X/X
53 ?.99 ?.?? 8.41 X/X X/X X/X X/X X/X X/X X/X
54 7.65 ?.?? X/X X/X X/X X/X X/X X/X X/X N/A
55 8.30 N/A X/X X/X X/X X/X X/X X/X X/X X/X
Male 20 Yrs 21 Yrs 22 Yrs 23 Yrs 24 Yrs 25 Yrs 26 Yrs 27 Yrs 28 Yrs 29 Yrs
25 1.?4 1.91 1.97 2.04 2.10 2.17 2.22 2.27 2.32 2.37
26 1.83 1.90 1.97 2.05 2.12 2.19 2.25 2.30 2.3? 2.42
27 1.82 1.90 1.98 2.05 2.13 2.21 2.27 2.34 2.40 2.46
28 1.81 1.89 1.98 2.06 2.15 2.23 2.30 2.37 2.44 2.51
29 1.80 1.89 1.98 2.07 2.16 2.25 2.33 2.41 2.48 2.56
30 1.79 1.89 1.98 2.08 2.17 2.27 2.35 2.44 2.52 2.?1
31 1.94 2.05 2.16 2.27 2.38 2.49 2.58 2.68 2.78 2.88
32 2.?9 2.21 2.33 2.46 2.58 2.70 2.81 2.93 3.04 3.15
33 2.?? 2.38 2.51 2.65 2.76 2.92 3.04 3.17 3.29 3.42
34 2.39 2.54 2.69 2.84 2.98 3.13 3.27 3.41 3.55 3.69
35 2.54 ?.?? ?.?? 3.02 3.?9 3.35 3.50 3.?5 3.81 3.96
36 2.88 ?.?? ?.?? 3.24 3.60 3.78 3.94 4.09 4.24 4.40
37 3.28 3.?? 3.65 3.?5 4.05 4.22 4.37 4.52 4.68 N/A
38 3.68 3.89 4.10 4.31 4.45 4.65 4.80 4.96 N/A N/A
39 4.14 4.36 4.58 4.65 4.85 5.09 5.24 N/A N/A N/A
40 4.21 4.47 4.73 5.00 5.26 5.52 N/A N/A N/A N/A
41 4.79 5.05 5.32 5.58 5.84 X/X X/X X/X X/X X/X
42 5.37 5.64 5.90 6.16 X/X X/X X/X X/X X/X X/X
43 5.95 6.22 6.48 X/X X/X X/X X/X X/X X/X X/X
44 6.54 6.80 X/X X/X X/X X/X X/X X/X X/X N/A
45 7.12 N/A X/X X/X X/X X/X X/X X/X X/X X/X
46 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X
47 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X
48 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X
49 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X
50 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X
51 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X
52 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X
53 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X
54 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X
55 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X
Male 30 Yrs 31 Yrs 32 Yrs 33 Yrs 34 Yrs 35 Yrs 36 Yrs 37 Yrs 38 Yrs 39 Yrs To 65
25 2.42 2.46 2.50 2.54 2.58 2.62 2.65 2.67 2.70 2.73 2.75
26 2.47 2.52 2.58 2.6? 2.65 2.70 2.73 2.75 2.78 2.?1 2.81
27 2.53 2.5? 2.63 2.68 2.73 2.78 2.?0 2.?3 2.86 N/A 2.86
28 2.58 2.?4 2.69 2.75 2.80 2.85 2.8? 2.91 N/A N/A 2.91
29 2.64 2.70 2.76 2.81 2.87 2.93 2.96 N/A N/A N/A 2.??
30 2.69 2.76 2.82 2.88 2.95 3.01 N/A N/A N/A N/A 3.01
31 2.98 3.04 3.10 3.17 3.23 X/X X/X X/X X/X X/X 3.23
32 3.25 3.33 3.39 3.45 X/X X/X X/X X/X X/X X/X 3.45
33 3.55 3.61 3.68 X/X X/X X/X X/X X/X X/X X/X 3.68
34 3.83 3.90 X/X X/X X/X X/X X/X X/X X/X X/X 3.90
35 4.12 X/X X/X X/X X/X X/X X/X X/X X/X N/A 4.12
36 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X 4.40
37 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X 4.58
38 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X 4.96
39 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X 5.?4
40 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X 5.52
41 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X 5.84
42 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X 6.16
43 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X 6.48
44 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X 6.?0
45 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X 7.12
46 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X 7.41
47 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X 7.70
48 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X 7.99
49 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X 8.28
50 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X 8.57
51 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X 8.51
52 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X 8.46
53 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X 8.41
00 X/X X/X X/X X/X X/X X/X X/X X/X N/A N/A 8.3?
00 X/X X/X X/X X/X X/X N/A N/A N/A N/A N/A 8.30
Female 10 Yrs 11 Yrs 12 Yrs 13 Yrs 14 Yrs 15 Yrs 16 Yrs 17 Yrs 18 Yrs 19 Yrs
25 1.10 1.15 1.20 1.25 1.30 1.35 1.36 1.36 1.36 1.37
26 1.07 1.13 1.18 1.23 1.29 1.34 1.34 1.35 1.38 1.3?
27 1.05 1.11 1.16 1.22 1.27 1.33 1.33 1.34 1.35 1.36
28 1.03 1.?8 1.14 1.20 1.26 1.31 1.32 1.33 1.34 1.35
29 1.00 1.?8 1.12 1.18 1.24 1.30 1.31 1.32 1.34 1.35
30 0.98 1.?4 1.10 1.16 1.23 1.29 1.30 1.32 1.33 1.34
31 1.00 1.07 1.13 1.20 1.26 1.33 1.35 1.36 1.38 1.40
32 1.02 1.?9 1.16 1.23 1.30 1.37 1.39 1.41 1.44 1.46
33 1.05 1.12 1.19 1.27 1.34 1.42 1.44 1.48 1.49 1.51
34 1.07 1.15 1.22 1.30 1.38 1.46 1.49 1.51 1.54 1.57
35 1.09 1.17 1.25 1.34 1.42 1.50 1.53 1.56 1.60 1.63
36 1.13 1.21 1.30 1.39 1.48 1.57 1.62 1.68 1.73 1.78
37 1.16 1.2? 1.35 1.45 1.54 1.63 1.71 1.79 1.88 1.94
38 1.20 1.30 1.40 1.50 1.60 1.70 1.80 1.90 2.00 2.10
39 1.24 1.34 1.45 1.55 1.66 1.77 1.89 2.01 2.13 2.25
40 1.27 1.38 1.50 1.61 1.72 1.83 1.9? 2.12 2.28 2.41
41 1.36 1.50 1.64 1.77 1.91 2.?? 2.22 2.38 2.55 2.71
42 1.44 1.51 1.77 1.94 2.10 2.27 2.45 2.64 2.83 3.01
43 1.53 1.?2 1.91 2.10 2.29 2.49 2.?9 2.90 3.11 3.31
44 1.62 ?.?? 2.50 2.27 2.49 2.70 2.93 3.16 3.39 3.61
45 1.70 ?.?? 2.19 2.43 2.68 2.?? 3.17 3.42 3.67 3.91
46 1.93 2.20 2.47 2.74 3.01 3.28 3.53 3.78 4.03 4.28
47 2.15 2.45 2.75 3.05 3.35 3.?5 3.90 4.14 4.39 N/A
48 2.38 ?.?? 3.03 3.36 3.68 4.01 4.26 4.?? N/A N/A
49 2.60 ?.?? 3.31 3.67 4.02 4.37 4.62 N/A N/A N/A
50 2.83 3.2? 3.59 3.97 4.36 4.74 N/A N/A N/A N/A
51 3.12 3.50 3.88 4.27 4.65 X/X X/X X/X X/X X/X
52 3.41 3.?0 4.18 4.56 X/X X/X X/X X/X X/X X/X
53 3.71 4.39 4.47 X/X X/X X/X X/X X/X X/X X/X
54 4.00 4.38 X/X X/X X/X X/X X/X X/X X/X N/A
55 4.29 N/A X/X X/X X/X X/X X/X X/X X/X X/X
Female 20 Yrs 21 Yrs 22 Yrs 23 Yrs 24 Yrs 25 Yrs 26 Yrs 27 Yrs 28 Yrs 29 Yrs
25 1.37 1.42 1.47 1.52 1.56 1.61 1.65 1.68 1.72 1.75
26 1.37 1.42 1.47 1.52 1.58 1.63 1.67 1.71 1.75 1.79
27 1.37 1.42 1.48 1.53 1.59 1.65 1.69 1.73 1.78 1.82
28 1.36 1.42 1.48 1.54 1.60 1.66 1.71 1.76 1.81 1.86
29 1.36 1.42 1.49 1.55 1.61 1.68 1.73 1.78 1.84 1.89
30 1.36 1.42 1.49 1.56 1.63 1.69 1.75 1.81 1.87 1.92
31 1.42 1.49 1.57 1.64 1.71 1.79 1.85 1.92 1.99 2.05
32 1.48 1.56 1.64 1.72 1.80 1.88 1.96 2.03 2.10 2.18
33 1.54 1.63 1.71 1.80 1.89 1.98 2.06 2.14 2.22 2.30
34 1.60 1.69 1.79 1.88 1.98 2.07 2.16 2.25 2.34 2.43
35 1.6? 1.76 1.?? 1.96 2.07 2.17 2.26 2.36 2.46 2.56
36 1.84 1.95 2.06 2.17 2.29 2.40 2.50 2.59 2.69 2.79
37 2.02 2.14 2.26 2.38 2.51 2.63 2.73 2.82 2.92 N/A
38 2.20 2.33 2.46 2.59 2.73 2.86 2.96 3.06 N/A N/A
39 2.37 2.52 2.6? 2.81 2.95 3.09 3.19 N/A N/A N/A
40 2.55 2.71 2.8? 3.02 3.17 3.32 N/A N/A N/A N/A
41 2.88 3.03 3.19 3.34 3.49 X/X X/X X/X X/X X/X
42 3.20 3.35 3.51 3.66 X/X X/X X/X X/X X/X X/X
43 3.52 3.67 3.83 X/X X/X X/X X/X X/X X/X X/X
44 3.84 4.00 X/X X/X X/X X/X X/X X/X X/X N/A
45 4.16 N/A X/X X/X X/X X/X X/X X/X X/X X/X
46 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X
47 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X
48 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X
49 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X
50 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X
51 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X
52 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X
53 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X
54 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X
55 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X
Female 30 Yrs 31 Yrs 32 Yrs 33 Yrs 34 Yrs 35 Yrs 36 Yrs 37 Yrs 38 Yrs 39 Yrs To 65
25 1.79 1.81 1.84 1.87 1.99 1.92 1.94 1.96 1.97 1.99 2.01
26 1.83 1.85 1.8? 1.91 1.94 1.97 1.99 2.00 2.02 2.04 2.04
27 1.86 1.90 1.93 1.96 1.99 2.02 2.03 2.05 2.07 N/A 2.07
28 1.90 1.94 1.97 2.00 2.03 2.06 2.08 2.10 N/A N/A 2.10
29 1.94 1.98 2.01 2.04 2.08 2.11 2.13 N/A N/A N/A 2.13
30 1.98 2.02 2.05 2.09 2.12 2.1? X/X X/X X/X X/X 2.16
31 2.12 2.15 2.19 2.22 2.26 X/X X/X X/X X/X X/X 2.26
32 2.25 2.29 2.32 2.36 X/X X/X X/X X/X X/X X/X 2.36
33 2.39 2.42 2.46 X/X X/X X/X X/X X/X X/X X/X 2.46
34 2.52 2.56 X/X X/X X/X X/X X/X X/X X/X X/X 2.56
35 2.65 X/X X/X X/X X/X X/X X/X X/X X/X N/A 2.65
36 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X 2.79
37 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X 2.92
38 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X 3.06
39 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X 3.19
40 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X 3.32
41 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X 3.49
00 X/X X/X X/X X/X X/X X/X X/X X/X N/A N/A 3.6?
00 X/X X/X X/X X/X X/X X/X X/X X/X N/A N/A 3.8?
44 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X 4.00
45 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X 4.16
46 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X 4.28
47 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X 4.39
48 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X 4.51
49 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X 4.62
50 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X 4.74
51 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X 4.65
52 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X 4.56
53 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X 4.47
54 N/A N/A X/X X/X X/X X/X X/X X/X X/X X/X 4.38
55 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 4.29
-------------------------------------------------------------------------------------------------------------------
Exhibit IV
Confidentiality and Non-Disclosure Agreement
--------------------------------------------------------------------------------
GE Life and Annuity Assurance Co., Agreement No. NY154
Effective February 15, 2002
[LOGO] AXA Re Life Insurance
CONFIDENTIALITY AND NON-DISCLOSURE AGREEMENT
This Confidentiality and Non-Disclosure Agreement ("Agreement") made as of 22
October, 1998 by and between AXA Re Life Insurance Company ("AXA Re") a life
Insurance company organized and existing under the laws of the State of
Delaware, and Life Insurance Company of Virginia ("Company"), a corporation
organized and existing under the laws of the state of Virginia.
WHEREAS, the parties hereto intend to disclose, both orally and in writing,
certain confidential and proprietary Information ("Confidential lnformation") to
each other, and to the designated Affiliates and representatives of each other,
In furtherance of evaluating the possibility of entering into a reinsurance
program between AXA Re and the Company covering various guaranteed benefits
within new and/or inforce variable annuity and/or variable life contracts that
incorporate Company Confidential Information; and
WHEREAS, the parties wish to protect certain Confidential Information which may
be disclosed between them, particularly regarding AXA Re's program for
reinsuring variable annuity contracts.
NOW THEREFORE, in consideration of the foregoing, and other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the
parties hereto acknowledge and agree that the Confidential Information
disclosed hereunder is confidential, proprietary and trade secret to the
disclosing party and is disclosed to the receiving party on a confidential basis
under this Agreement, to be used only as expressly permitted by the terms and
conditions of this Agreement. Title to the Confidential Information will remain
at all times in the disclosing party and no transfer of any interest is either
expressly granted or implied.
CONFIDENTIAL INFORMATION
As used in this Agreement, the term "Confidential Information" includes but is
not limited to the following items, whether existing now or created in the
future; (a) all knowledge or information concerning the business, operations and
assets of the parties hereto and their respective Subsidiaries and Affiliates
which is not readily available to the public, such as: Internal operating
procedures; investment strategies; sales data and customer lists; financial
plans, projections and reports; and Insurance and Investment company programs,
plans and products; (b) all property owned, licensed and/or developed by or for
the parties, their Subsidiaries or Affiliates or their respective clients and
not readily available to the public, such as computer systems, programs,
software and devices, plus information about the design, methodology and
documentation therefore(c) information, materials, products or any other
tangible or intangible assets in the possession or the control of the parties or
their Subsidiaries or Affiliates which is proprietary to, or confidential to or
about, any other person or entity; (d) proprietary or confidential information
obtained from persons or entities conducting business with the parties or their
Subsidiaries or Affiliates in any capacity; and (e) records and repositories of
all of the foregoing, in whatever form maintained.
1
[LOGO] AXA Re Life Insurance
Without limiting the generality of the foregoing: (a) Confidential Information
of AXA Re shall include, without limitation, all information with respect to AXA
Re's program for reinsuring variable annuities and/or variable life insurance,
any actuarial, pricing and financial information provided by AXA Re or its
Affiliated companies to the Company, and all information conveyed orally or by
any other means by AXA Re or its Affiliated companies to the Company, with
respect to reinsurance of variable annuities and/or variable life insurance; and
(b) Confidential Information of the Company shall include, without limitation,
all information with respect to its variable annuity and/or variable life
contract, any actuarial, pricing and financial information provided by the
Company or its Affiliated companies to AXA Re, the Company annuity pricing
model, and all information conveyed orally or by any other means by the Company
or its Affiliated companies to AXA Re, with respect to Company variable annuity
and/or variable life insurance programs.
Failure to xxxx any material or information "Confidential" shall not affect the
confidential nature therefore.
The restrictions against disclosing and disseminating the Confidential
Information shall not apply to:
i. general skills and experience gained by employees of either party, their
Subsidiaries or their Affiliates; or
ii. information known by the receiving party prior to disclosure under this
Agreement; or
iii. information disclosed to the receiving party by a third party who was not
under an obligation of confidentiality to the disclosing party; or
iv. information which is publicly available or generally known within the
insurance or data processing industries; or
v. information which is independently developed by the receiving party prior
to, concurrent with or subsequent to the disclosing party's disclosure
without any wrongful act or breach of this Agreement by the receiving
party; or
vi. information which becomes available to one party, its Subsidiaries, its
Affiliates or its representatives on a non-confidential basis from sources
other than the other party or its Subsidiaries, Affiliates or
representatives, provided that the recipient of such information does not
know or have reason to know that such sources are prohibited by
contractual, legal or fiduciary obligation from transmitting the
information.
The foregoing notwithstanding, nothing in this Agreement shall be construed to
prohibit the disclosure of Confidential Information in accordance with the terms
of a court order. In the event one of the parties becomes legally compelled to
disclose the Confidential Information of the other, the party being compelled
shall provide prompt and reasonable notice to the other party, so that the other
party may seek a protective order, an appeal, or other appropriate remedy.
2
[LOGO] AXA Re Life Insurance
BREACH
The parties hereto recognize that the unauthorized disclosure, duplication,
reproduction or use of the Confidential Information would cause irreparable harm
to the disclosing party and that monetary damages will be inadequate to
compensate the disclosing party for such breach. For that reason, the parties
hereto shall be entitled to seek, in any court of competent jurisdiction,
injunctive relief including a preliminary injunction and an order of seizure and
impoundment under Section 503 of the Copyright Act and the receiving party will
not object to the entry of an injunction or other equitable relief against it on
the basis of an adequate remedy at law or other reason. Such relief shall be
cumulative and in addition to whatever other remedies the disclosing party may
have.
MISCELLANEOUS
(a) No waiver of any provision of this Agreement shall be effective unless
contained in a writing executed by the party against whom enforcement
thereof is sought. A waiver of any specific term hereof shall not be deemed
to constitute a waiver of any other term hereof, nor shall a waiver on any
one or more occasions be deemed to imply or constitute a waiver of the same
of any other term on any other occasion.
(b) If any part of this Agreement shall be held to be void or unenforceable,
such part shall be treated as severable, leaving valid the remainder of the
Agreement.
(c) This Agreement shall be construed in accordance with the laws of the State
of Delaware.
(d) Anything in this Agreement to the contrary notwithstanding, nothing herein
shall be construed as a commitment by either party to enter into a
Reinsurance Agreement or to engage in anything beyond having initial
discussions and exchanging information which may lead to a formal request
for a reinsurance proposal and subsequent preparation thereof.
(e) Each of the parties shall cause its respective Subsidiaries and Affiliates
to abide by the terms of this Agreement, and in the event of a violation of
this Agreement by their respective Subsidiaries or Affiliates, shall be
liable hereunder to the same extent as if, themselves, had committed such
violation.
(f) For purposes of this Agreement:
(i) "Affiliate" shall mean a person that directly, or indirectly through
one or more intermediaries, controls, is controlled by or is under
common control with another person or beneficially owns or has the
power to vote or direct the vote of twenty-five percent (25%) or more
of any class of voting stock (or of any form of voting equity interest
in the case of a person that is not a corporation) of such other
person. For purposes of this definition, "control", including the
terms "controlling" and "controlled", means the power to direct or
cause the direction of the management and policies of a person,
directly or indirectly, whether
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through the ownership of securities or partnership or other ownership
interests, by contract or otherwise.
(ii) "Subsidiary" of a person means any person with respect to whom such
specified person, directly or indirectly, beneficially owns fifty
percent (50%) or more of the equity interests in, or holds the voting
control of fifty percent (50%) to more of the equity interests in,
such person.
(g) Upon the written request of AXA Re at any time, the Company will return to
AXA Re all AXA Re Confidential Information, provided that if AXA Re enters
into a reinsurance agreement with the Company, that the Company shall be
entitled to retain AXA Re Confidential Information required by the Company
in order to fulfill its obligations under the reinsurance agreement (but
that any such Confidential Information shall not be used for any other
purpose).
(h) Upon the written request of the Company at any time, AXA Re will return to
the Company all Company Confidential Information, provided that if AXA Re
enters into a reinsurance agreement with the Company, that AXA Re shall be
entitled to retain Company Confidential Information required by AXA Re in
order to fulfill its obligations under the reinsurance agreement (but that
any such Confidential Information shall not be used for any other purpose).
(i) Nothing in this agreement shall prevent the Company and AXA Re from
developing reinsurance products, or limit their respective rights to
develop reinsurance products, provided the Company does not use AXA Re
Confidential Information and AXA Re does not use Company Confidential
Information in connection with the development of such products.
COMMENCEMENT AND TERMINATION OF AGREEMENT
This Agreement is effective upon the date first written above. The obligations
of each party set out in the preceding paragraphs above shall survive the
termination of the Agreement.
Notwithstanding anything in this Agreement to the contrary, each party agrees
that any agreement executed between them as a result of these discussions shall
incorporate the confidentiality provisions contained herein, and this Agreement
shall be deemed to continue in full force and effect during all terms of such
subsequent agreement.
GENERAL PROVISIONS
This Agreement shall be governed by and construed, and the legal relations
between the parties shall be determined, in accordance with the laws of the
State of Delaware without giving effect to the principles of conflicts of laws.
This Agreement supersedes all prior understandings and negotiations, oral and
written, and constitutes the entire understanding between the parties on this
subject. This Agreement and any of the rights or obligations hereunder are not
assignable without AXA Re's prior written permission.
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No waiver, modification, or amendment to the Agreement shall be binding upon the
Parties unless it is in writing signed by an Authorized Representative of the
party against whom enforcement is sought
IN WITNESS THEREOF, the parties by their duly Authorized Representatives have
caused this Agreement to be executed as of the date first written above.
AXA RE LIFE INSURANCE COMPANY LIFE INSURANCE COMPANY OF VIRGINIA
By: /s/Xxxxxxx Sakouas By: /s/Xxxxx Xxxx
------------------ -------------
Xxxxxxx Sakouas Xxxxx Xxxx
Title: Vice President Title: Vice President
Risk Management Financial Services Group
Date: 22 October, 1998 Date: 22 October, 1998
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Exhibit V
Reserve Methodology
1. Disability Rider:
(c) Active Life Reserves based on the 1952 Inter-Company Disability Table
(Benefit 5), modified to a 3-month waiting period, combined with the
1980 CSO Ultimate Table, at 4.5% interest
(d) Disabled Life Reserves based on the 1952 Inter-Company Disability
Table, at 4.5%, depending on age at disability, duration since
disability, and the number of years until the scheduled annuity payout
date
2. Unemployment Rider:
(a) Unearned Premium Reserve of 1/2 one month's rider premium
(b) Claim Reserve equal to the discounted value of the remaining waived
payments, at 4.5%, assuming unemployment continues for one year from
the date of claim.
3. Life Rider:
(a) Active Life Reserve methodology based on 1980 CSO Ultimate Table with
a valuation interest that varies as a function of the length of the
accumulation period as measured at the time of issue: 5% for 10 years
or less, 4.75% for over 10 years and less than or equal to 20 years,
and 4.5% for over 20 years
(b) Claim Reserve equal to a temporary life annuity, using the A-2000
Annuity Table, at the attained age of the remaining life, with a term
equal to the number of years from the valuation date until the
scheduled annuity payout date, at 4.5%
The CEDING COMPANY's claim reserve calculation methodology described below is
mutually acceptable to both parties.
Disabled Life Reserve Methodology: A seriatim valuation, using disabled life
annuities from the Society of Actuaries' 1952 Disability Study, at 4.5%
interest, reflecting the age at disability, the duration since disability and
the number of years to run until the scheduled annuity payout date.
Unemployment Rider Claim Reserve Methodology: A seriatim valuation will be
utilized, equal to the discounted value, at 4.5% interest, of the remaining
waived payments, assuming unemployment continues for one year from the date of
claim.
Life Rider Claim Reserve Methodology: A seriatim valuation will be utilized,
equal to a temporary life annuity, using the A-2000 Annuity Table, at the
attained age of the remaining life, with a term equal to the number of years
from the valuation date until the scheduled annuity payout start date, at 4.5%
interest.
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GE Life and Annuity Assurance Co., Agreement No. NY154
Effective February 15, 2002
