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Exhibit 10.11
AMENDMENT THIRTEEN
ATTACHED TO AND MADE A PART OF THE
AMENDED AND RESTATED REINSURANCE AGREEMENT NUMBER 1290-46
BETWEEN
THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
"Ceding Company"
AND
RGA REINSURANCE COMPANY
"Reinsurer"
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The Ceding Company and the Reinsurer agree to amend this Reinsurance Agreement
as follows:
I. ARTICLE I, GENERAL PROVISIONS, Paragraph 19, is replaced in its entirety
by the following:
19. Intermediary. The Reinsurer and the Ceding Company acknowledge the
Reinsurer's appointment of RGA/Swiss Financial Group, L.L.C. as the
designated reinsurance manager with respect to this Agreement and
the business reinsured hereunder. The Reinsurer hereby directs the
Ceding Company to submit all notices and reports required to be sent
to the Reinsurer under this Agreement and remit all amounts due the
Reinsurer under this Agreement directly to RGA/Swiss Financial
Group, L.L.C. as the designated reinsurance manager of the
Reinsurer. The Ceding Company acknowledges the Reinsurer's request
and agrees to forward all notices, reports and remittances required
to be sent to the Reinsurer under this Agreement directly to
RGA/Swiss Financial Group, L.L.C. RGA/Swiss Financial Group, L.L.C.
shall receive all notices, reports and remittances on behalf of the
Reinsurer and receipt of such notices, reports and remittances by
RGA/Swiss Financial Group, L.L.C. RGA/Swiss Financial Group, L.L.C.
shall be deemed to be receipt by the Reinsurer.
The Reinsurer and the Ceding Company individually acknowledge that
RGA/Swiss Financial Group, L.L.C. has made written disclosure at the
time of negotiation of this Agreement, or its amendment, whichever
is applicable, in accordance with Section 32.1(f) of the New York
Insurance Regulations.
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II. ARTICLE V, DIVIDENDS, Paragraph 6, is replaced in its entirety by the
following:
6. Excess Year. An Excess Year is defined as any Accounting Period
during which the dividend reimbursement exceeds the Formula Dividend
determined in accordance with Paragraph 4 above.
III. ARTICLE X, ACCOUNTING AND SETTLEMENTS, Paragraph 8, is replaced in its
entirety by the following:
8. Offset of Payments. All monies due either the Ceding Company or the
Reinsurer under this Agreement will be offset against each other,
dollar for dollar, regardless of any insolvency of either party.
IV. ARTICLE XVI, INSOLVENCY, is replaced in its entirety by the following:
Insolvency. In the event of the Ceding Company's insolvency, any
payments due the Ceding Company from the Reinsurer pursuant to the
terms of this Agreement will be made directly to the Ceding Company
or its conservator, liquidator, receiver or statutory successor. The
reinsurance will be payable by the Reinsurer on the basis of the
liability of the Ceding Company under the policies reinsured without
diminution because of the insolvency of the Ceding Company. The
conservator, liquidator, receiver or statutory successor of the
Ceding Company will give the Reinsurer written notice of the
pendency of a claim against the Ceding Company on any policy
reinsured within a reasonable time after such claim is filed in the
insolvency proceeding. During the pendency of
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any such claim, the Reinsurer may investigate such claim and
interpose in the Ceding Company's name (or in the name of the Ceding
Company's conservator, liquidator, receiver or statutory successor),
in the proceeding where such claim is to be adjudicated. Any defense
or defenses which the Reinsurer may deem available to the Ceding
Company or its conservator, liquidator, receiver or statutory
successor. The expense thus incurred by the Reinsurer will be
chargeable, subject to court approval, against the Ceding Company as
a 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.
V. SCHEDULE G, CEDING COMPANY DATA, is replaced in its entirety by the
following:
- Quarterly accounting settlement reports provided to the Reinsurer in
accordance with this Agreement since fourth quarter 1990
- Special Valuation Summary as of June 30, 1990 for the reinsured
block by form, index, year and age group
- Summary of policy count and face amount for the reinsured block as
of June 30, 1990 by year of issue
- Facsimile dated December 24, 1992 from ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ of the
Ceding Company to G. ▇▇▇▇▇▇▇ ▇▇▇▇ of the Reinsurer which included
AIDS mortality information from 1983 through 1992
- Quarterly accounting settlement reports received under this
Agreement since inception
- Summary of policy count, face amount, and reserves inforce by plan
codes as of December 31, 1994 for the additional policies reinsured
effective July 1, 1995
- Diskettes containing a seriatim listing of all policies and riders
in valuation bases 0 through 10 as of December 31, 1994
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- October 23, 1995 letter from ▇▇▇▇▇ ▇▇▇▇▇▇ of MONY to ▇▇▇▇▇ ▇▇▇▇▇▇▇
of RGA/Swiss with descriptions of several plans to be reinsured and
premium rates for the Keyman policy series
- August 18, 1995 facsimile from ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ of MONY to ▇▇▇▇
▇▇▇▇ of RGA/Swiss which states that the dividend factors and formula
in the treaty is an appropriate proxy for MONY's actual dividend
payments based on the following assumptions:
1) the projection model accurately captures the policies in the
block;
2) assumptions are matched by experience; and
3) the dividend scale remains unchanged except for the interest
factor
- These items were neither intended by the Ceding Company nor
interpreted by the Reinsurer to be a guarantee of future performance
of the reinsured block. These items were, however, relied upon and
used by the Ceding Company and the Reinsurer as the basis for the
development of the values in Schedules E and F.
- Projections of the block of business reinsured effective December
31, 1995 under various sets of assumptions with respect to
mortality, lapses, and interest rates for each of four policy
groupings: valuation bases 0 through 3; valuation basis 4; valuation
bases 5 through 8; and valuation bases 9 and 10. These projections
were neither intended by the Ceding Company nor interpreted by the
Reinsurer to be a guarantee of future performance of the reinsured
policies. These items were, however, relied upon and used by the
Ceding Company and the Reinsurer as the basis for the development of
the values in Schedules E and F.
- Summary of policy count, face amount, and reserves inforce by plan
code and valuation basis as of December 31, 1993, December 31, 1994
and September 30, 1995
- Mortality study covering exposures during 1992 and 1993
- Lapse study covering exposures during 1993 and 1994
- Policy forms for the following policy series reinsured effective
December 31, 1995: Whole Life, Flexible Whole Life, MONY-1,
MONYProvider, Whole Life with Increasing Premiums, and Executive
Equity
- May 26, 1995 letter from ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ (MONY) to ▇▇▇▇ ▇▇▇▇
(RGA/Swiss) in which 7 percent of base policy premium is represented
to reflect direct renewal expenses with respect to the policies
reinsured effective December 31, 1995
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In witness of the above, this Amendment Thirteen is executed in duplicate on the
dates indicated below with an Effective Date of January 1, 1996.
ATTEST: THE MUTUAL LIFE INSURANCE COMPANY OF
NEW YORK ("Ceding Company")
By: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇ By: /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇
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Title: AVP & Actuary Title: Sr. VP & Chief Actuary
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Date: 11/15/96 Date: 11/15/96
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ATTEST: ▇▇▇▇▇▇ LIFE INSURANCE COMPANY
("Reinsurer")
By: /s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇ By: /s/ ▇▇▇▇ ▇. Salente
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Title: Actuarial Vice President Title: Senior Vice President
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Date: 11/13/96 Date: 11/13/96
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