EXHIBIT 99.7(viii)(i)
AMENDMENT XX. 0 XX
XXXXXXXXX XXXXXXXXXXX XXXXXXXXX XX. 0000-00, DATED JULY 1, 2001
between
THE MANUFACTURERS LIFE INSURANCE COMPANY OF NORTH AMERICA
(CEDING COMPANY)
and
AXA CORPORATE SOLUTIONS LIFE REINSURANCE COMPANY
(REINSURER)
Effective January 28, 2002, this Amendment is hereby attached to and becomes a
part of the above-described Reinsurance Agreement. It is mutually agreed that:
- SCHEDULE A, PLANS OF REINSURANCE, is hereby replaced by the attached
Schedule A to document, under Paragraph F, the addition of Vision
Class B shares as a covered product under the terms of this
Agreement. Note that Vision Class A shares, the Vision product
currently reinsured hereunder, will continue to be sold under the
terms currently existing hereunder for that product.
- EXHIBIT II, REINSURANCE PREMIUMS, is hereby replaced by the attached
Exhibit II to set forth the reinsurance premiums applicable to
Vision Class B shares.
This Amendment does not alter, amend or modify the Reinsurance Agreement other
than as set forth in this Amendment, and it is subject otherwise to all the
terms and conditions of the Reinsurance Agreement together with all Amendments
and supplements thereto.
THE MANUFACTURERS LIFE INSURANCE COMPANY OF NORTH AMERICA
By: _______________________________________________
Date: _______________________
Xxxxx Xxxxxx, Vice President and CFO
Attest: _______________________________________________
Xxxx Xxxxxxxxxx, Vice President
AXA CORPORATE SOLUTIONS LIFE REINSURANCE COMPANY
By: _______________________________________________
Date: _______________________
Xxxxxxx X. Xxxx, President
By: _______________________________________________
Xxxx Xxxxxxxxx, Assistant Vice President
Attest: _______________________________________________
Xxxxx Xxxxxxx, Assistant Vice President
SCHEDULE A
PLANS OF REINSURANCE
A. REINSURER's Quota Share Percentage:
100%
B. Issue Dates:
New Policies issued on or after July 1, 2001
Contractholders may, at their sole discretion, elect, revoke or make
changes to their contract within sixty (60) days (hereinafter known as the
60-day window) of the contract issue date. The election or termination of
any optional rider within the 60-day window will be retroactive to date of
issue, and will be covered under this Agreement. All reinsurance premiums
and claims will be trued up accordingly. The CEDING COMPANY will identify
the policies covered under the 60-day window by submitting policyholder
information on a separate data form. The CEDING COMPANY does not plan to
market or develop a program highlighting this 60-day window. (Note: A
maximum of 15% of contracts reported in any month will be covered under
the 60-day window for contracts that have passed their statutory free-look
period. There will be no limit for contracts that are still within their
statutory free-look period.
C. GMDB (Contractual Death Benefit) Reinsured:
Venture Basic Benefit for issue ages 0-80
Annual Ratchet to attained age 81; frozen thereafter and reduced for
withdrawals on a dollar-for-dollar basis.
Venture Basic Benefit for issue ages 81-85
Return of Net Considerations; reduced for withdrawals on a
dollar-for-dollar basis.
Vision Basic Benefit for issue ages 0-80
Rollup to attained age 81 subject to 200% of net considerations; return of
net considerations thereafter and reduced for withdrawals on a
dollar-for-dollar basis.
Venture III Basic Benefit for issue ages 0-85
Return of Net Considerations; reduced proportionately for withdrawals.
Venture III Optional Enhanced Benefit for issue ages 0-80
Annual Ratchet to attained age 81; frozen thereafter and reduced
proportionately for withdrawals.
Continued....
SCHEDULE A, PLANS OF REINSURANCE
(Continued)
D. EEB (Contractual Death Benefit) Reinsured:
Venture and Venture III GEM rider for issue ages 0-69
40% of the contract earnings, where contract earnings are subject to a
maximum of 100% of net purchase payments.
Venture and Venture III GEM rider for issue ages 70-85
25% of the contract earnings, where contract earnings are subject to a
maximum of 100% of net purchase payments.
Note:
- Partial withdrawals will reduce the GEM death benefit on a
proportional basis.
- Excluding the initial deposit, additional deposits made in the six
(6) months prior to death will not be included in determining the
cap on the total purchase payment not withdrawn.
E. Spousal Continuances
A Spousal Continuation occurs if the deceased owner's spouse is the
beneficiary. The surviving spouse continues the contract (including any
optional benefits if these benefits had been elected by the deceased
owner) as the new owner (referred to as a spousal continuation). In such a
case, the distribution rules applicable when a contract owner dies will
apply when the spouse, as the owner, dies. In addition, a death benefit
will be paid upon the death of the spouse. For purposes of calculating the
Death Benefit payable upon the death of the surviving spouse, the death
benefit paid upon the first owner's death will be treated as a payment to
the contract. In addition, all payments made and all amounts deducted in
connection with partial withdrawals prior to the date of the first owner's
death will not be considered in determination of the Death Benefit. In
determination of the Death Benefit, the Anniversary Values for all prior
Contract Anniversaries will be set to zero as of the date of the first
owner's death.
Provided that the CEDING COMPANY can individually identify Spousal
Continuances, as shown in Schedule C, the REINSURER will cover Spousal
Continuances under this Agreement and will treat them as new issues to the
extent that, at time of continuance:
a. this Agreement is open for new business as defined in Article
XX, Paragraph A, and
b. the attained age of the surviving spouse satisfies the issue
age restrictions and benefit limitations under the Related
Contracts covered by this Agreement.
Continued....
SCHEDULE A, PLANS OF REINSURANCE
(Continued)
F. Related Contracts:
Venture, Vision and Venture III Variable Annuity policy forms and
associated rider forms specified below
Policy Forms
VENTURE.001; VENTURE.001.94; VENTURE.001.98
VENTURE.003; VENTURE.003.98
VENTURE.004
VENTURE.005; VENTURE.005.98
VISION.001; VISION.001.94; VISION.001.98; VISION.002; VISION.002.98
VENTURE.100 (Consisting of: VENTURE.100.S01V00, VENTURE.100P01V00,
VENTURE.100P02V00, VENTURE.100P03V00, VENTURE.100P04V00,
VENTURE.100P05V00, VENTURE.100P06V00, VENTURE.100P07V00,
VENTURE.100P08V001, VENTURE.100P09V00, VENTURE.100P10V00,
VENTURE.100P11V001, VENTURE.100P12V00, VENTURE.100.T01V00
GEM Rider Form
BR009.00; BR009.00G
Annual Step Rider Form
BR002.99; BR010.00; BR010.00G
EXHIBIT II
REINSURANCE PREMIUMS
FOR CONTRACTS WITH CUMULATIVE DEPOSITS < $4 MILLION:
REINSURANCE PREMIUMS GUARANTEED
VENTURE GMDB ISSUE AGES MINIMUM MAXIMUM* MAXIMUM
--------------------------------------------------------------------------------
Annual Ratchet 0-49 5.75 8.75 22.00
50-59 11.00 19.25 48.25
60-69 20.00 40.00 100.00
70-79 33.00 74.25 185.75
Return of Premium 80-85 35.00 87.50 218.75
REINSURANCE PREMIUMS GUARANTEED
VISION GMDB (CLASS A) ISSUE AGES MINIMUM MAXIMUM* MAXIMUM
--------------------------------------------------------------------------------
5% Rollup 0-49 6.50 9.75 24.50
50-59 13.50 23.75 59.50
60-69 25.50 44.75 112.00
70-79 45.00 90.00 225.00
VISION GMDB (CLASS B) REINSURANCE PREMIUMS GUARANTEED
EFFECTIVE JANUARY 28, 2002 ISSUE AGES MINIMUM MAXIMUM* MAXIMUM
--------------------------------------------------------------------------------
5% Rollup 0-49 6.75 10.00 24.50
50-59 13.75 24.00 59.50
60-69 25.75 45.00 112.00
70-79 45.25 90.25 225.00
REINSURANCE PREMIUMS GUARANTEED
VENTURE III GMDB ISSUE AGES MINIMUM MAXIMUM* MAXIMUM
--------------------------------------------------------------------------------
Return of Premium 0-49 2.75 4.25 10.75
50-59 5.75 10.25 25.75
60-69 13.00 22.75 57.00
70-79 27.00 54.00 135.00
80-85 35.00 78.75 197.00
Annual Ratchet 0-49 5.75 8.75 22.00
50-59 11.00 19.25 48.25
60-69 20.00 40.00 100.00
70-79 32.00 72.00 180.00
*The current maximum premium rate shall be in effect for a minimum of twenty
(20) years from the EFFECTIVE DATE of this Reinsurance Agreement. Thereafter, it
may be increased based on expected experience but not beyond the stated
guaranteed maximum rates shown.
EXHIBIT II, REINSURANCE PREMIUMS
(CONTINUED)
FOR CONTRACTS WITH CUMULATIVE DEPOSITS >OR = $4 MILLION:
REINSURANCE PREMIUMS GUARANTEED
VENTURE GMDB ISSUE AGES MINIMUM MAXIMUM* MAXIMUM
--------------------------------------------------------------------------------
Annual Ratchet 0-49 5.75 11.50 22.00
50-59 11.00 24.75 48.25
60-69 20.00 50.00 100.00
70-79 33.00 90.75 185.75
Return of Premium 80-85 35.00 105.00 218.75
REINSURANCE PREMIUMS GUARANTEED
VISION GMDB (CLASS A) ISSUE AGES MINIMUM MAXIMUM* MAXIMUM
--------------------------------------------------------------------------------
5% Rollup 0-49 6.50 13.00 24.50
50-59 13.50 30.50 59.50
60-69 25.50 57.50 112.00
70-79 45.00 112.50 225.00
VISION GMDB (CLASS B) REINSURANCE PREMIUMS GUARANTEED
EFFECTIVE JANUARY 28, 2002 ISSUE AGES MINIMUM MAXIMUM* MAXIMUM
--------------------------------------------------------------------------------
5% Rollup 0-49 6.75 13.25 24.50
50-59 13.75 30.75 59.50
60-69 25.75 57.75 112.00
70-79 45.25 112.75 225.00
REINSURANCE PREMIUMS GUARANTEED
VENTURE III GMDB ISSUE AGES MINIMUM MAXIMUM* MAXIMUM
--------------------------------------------------------------------------------
Return of Premium 0-49 2.75 5.50 10.75
50-59 5.75 13.00 25.75
60-69 13.00 29.25 57.00
70-79 27.00 67.50 135.00
80-85 35.00 96.25 197.00
Annual Ratchet 0-49 5.75 11.50 22.00
50-59 11.00 24.75 48.25
60-69 20.00 50.00 100.00
70-79 32.00 88.00 180.00
*The current maximum premium rate shall be in effect for a minimum of twenty
(20) years from the EFFECTIVE DATE of this Reinsurance Agreement. Thereafter, it
may be increased based on expected experience but not beyond the stated
guaranteed maximum rates shown.
EXHIBIT II, REINSURANCE PREMIUMS
(CONTINUED)
EEB PREMIUMS REGARDLESS OF CONTRACT SIZE:
REINSURANCE GUARANTEED
VENTURE GEM (EEB) ISSUE AGES PREMIUMS* MAXIMUM
--------------------------------------------------------------------------------
0-49 3.75 9.50
50-59 8.75 22.00
60-69 16.50 41.25
70-79 18.00 45.00
80-85 40.00 100.00
REINSURANCE GUARANTEED
VENTURE III GEM (EEB) ISSUE AGES PREMIUMS* MAXIMUM
--------------------------------------------------------------------------------
With ROP Death Benefit 0-49 3.25 8.25
50-59 7.75 19.50
60-69 15.50 38.75
70-80 16.75 42.00
With Annual Ratchet Death Benefit 0-49 3.75 9.50
50-59 8.75 22.00
60-69 16.50 41.25
70-79 18.00 45.00
80-85 40.00 100.00
*The current premium rate shall be in effect for a minimum of twenty (20) years
from the EFFECTIVE DATE of this Reinsurance Agreement. Thereafter, it may be
increased based on expected experience but not beyond the stated guaranteed
maximum rates shown.