AMENDMENT NO. 1 TO
AUTOMATIC REINSURANCE AGREEMENT
EFFECTIVE AS OF APRIL 1,2001
AMENDED AND RESTATED AS OF
JULY 1, 2004
(Agreement)
between
NEW ENGLAND LIFE INSURANCE COMPANY
(Cedent)
and
EXETER REASSURANCE COMPANY, LTD.
(Reinsurer)
The Agreement is hereby amended, as of May 1, 2005, as follows:
1. The following is added to paragraph F of Schedule A, Reinsured
Contracts
8. Guaranteed Minimum Income Benefit Form NEL-560-2 (05/05)
2. The following paragraph amends and, as amended, restates paragraph
C.2 of Article I, Scope of Agreement:
2. This Agreement covers only the Cedent's contractual liability
for reinsured claims that are realized upon annuitization or
exercise of the Guaranteed Principal Option if applicable under
the contractual terms of the Income Program within the variable
annuity contract forms specified in Schedule A.
3. The following paragraph amends and, as amended, restates paragraph C
of Article IV, Net Amount at Risk:
C. The IBNAR (Income Benefit Net Amount at Risk) for each variable
annuity contract ceded hereunder shall be equal to (i) or (ii),
where:
(i) IBNAR = Maximum [(IBB * (MAPR/SAPR) - Account Value), 0] *
Reinsurer's Percentage
where:
. The INCOME BENEFIT BASE (IBB) is as defined in Schedule A
. The MINIMUM ANNUITY PURCHASE RATE (MAPR) per $1000 is
calculated using the following assumptions:
Mortality Table Annuity 2000 (Exhibit I)
Age Setback 7 Years
Mortality Improvement None
Unisex Blend: Sex distinct only
Interest Rate: 2.5% all years
Expenses: None
Premium Taxes: Applied by state of residence
and market
Age: Attained age on exercise date
Frequency of payment Monthly
Annuity form:
1. Individual Basis: Limited to a Life Annuity with a Period
Certain. The number of years of Period Certain is as defined
below:
Age at Annuitization Period Certain Years
-------------------- --------------------
Up to 79 10
80 9
81 8
82 7
83 6
84-85 5
2. Joint Basis: Limited to a Joint and 100% Survivor Annuity with
10-Year Period Certain
. The SETTLEMENT ANNUITY PURCHASE RATE (SAPR) per $1000, which is used
at time of annuitization for reinsurance claims settlement shall be
equal to the fixed annuity purchase rate that the Cedent would provide
to an annuitant in the same class.
Annuity form:
1. Individual Basis: Limited to a Life Annuity with a Period
Certain The number of years of Period Certain is as defined
below:
Age at Annuitization Period Certain Years
-------------------- --------------------
Up to 79 10
80 9
81 8
82 7
83 6
84-85 5
2. Joint Basis: Limited to a Joint and 100% Survivor Annuity with
10-Year Period Certain
(ii) The Guaranteed Principal Adjustment if the Income Benefit
contains a Guaranteed Principal Option or 0 otherwise.
4. The following paragraph amends and, as amended, restates paragraph A
of Article VII, Settlement of Claims:
A. GMDB and EPB: The Reinsurer shall indemnify the Cedent under
this Agreement only for benefit claims that the Cedent paid as
contractually required under a Reinsured Contract with respect to
deaths that occur on or after the Effective Date.
GMIB: The Reinsurer shall indemnify the Cedent under this
Agreement only for benefit claims that the Cedent paid as
contractually required under a Reinsured Contract on or after the
expiration of the waiting period and upon exercise of benefits
under the terms of the Income Program where such events occur, on
the policies reinsured hereunder, on or after the Effective Date.
GWB: The Reinsurer shall indemnify the Cedent under this
Agreement only for benefit claims that the Cedent paid as
contractually required under a Reinsured Contract under the terms
of the Withdrawal Program on or after the Effective Date.
5. The following paragraph amends and, as amended, restates paragraph C
of Article VII, Settlement of Claims:
C. GMDB and EPB: Within thirty (30) days after the end of each
calendar month, the Cedent shall notify the Reinsurer of the
ceded contractual death benefit claims paid in respect of
Reinsured Contracts in that month, based on the net amount at
risk definition, set forth in Article IV, and the Reinsurer shall
indemnify the Cedent as provided in Article VI for the ceded
benefit claim liabilities.
GMIB: Within thirty (30) days of the end of each calendar month,
the Cedent shall notify the Reinsurer of the ceded contractual
Income Program benefits paid in respect of Reinsured Contracts in
that month, based on the definition set forth in Article IV, and
the Reinsurer shall indemnify the Cedent as provided in Article
VI for the ceded benefits.
GWB: Within thirty (30) days of the end of each calendar month,
the Cedent shall notify the Reinsurer of the ceded contractual
Withdrawal Program benefits paid in respect of Reinsured
Contracts in that month, based on the WBNAR definition set forth
in Article IV, and the Reinsurer shall indemnify the Cedent as
provided in Article VI for the ceded benefits.
6. The following paragraph amends and, as amended, restates paragraph D
of Schedule A, Plans of Reinsurance:
D. GMIB (Contractual Income Program Benefit) Ceded:
Income Benefit Base (IBB)
-------------------------
Version 1 - Greater of an Annual Ratchet to attained age 80 and a 6%
Rollup to attained age 80; frozen thereafter.
Version 2 - Greater of an Annual Ratchet to attained age 80 and a 5%
Rollup to attained age 85; frozen thereafter.
Version 3 - Greater of an Annual Ratchet to attained age 80 and a 5%
Rollup to attained age 85; frozen thereafter.
Annuitization
-------------
Annuitization under the Income Program means that the annuitant is
receiving guaranteed fixed income payments based on the IBB and the
MAPR under one of the life annuity forms specified in the contract.
Guaranteed Principal Option
---------------------------
Under version III, Contractholders can exercise the Guaranteed
Principal Option in lieu of electing income payments based on the IBB.
Contract Provisions
-------------------
All contract provisions are as specified in the contract forms
identified in Schedule A, Paragraph F.
7. The following paragraph amends and, as amended, restates paragraph B
of Exhibit II, Reinsured Premiums:
B. Income Program
REINSURANCE PREMIUM
INCOME PROGRAM PRODUCTS COVERED (BASIS POINTS)
-------------- ---------------- -------------------
Income Program Rider All Products sold prior to 35.00
February 15, 2003
Income Program Rider All Products sold after April 45.00
30, 2003 and before May 1, 2005
if GMDB program is Annual Step
or Max of Annual Step and Rollup
Income Program Rider All other Products sold after 50.00
February 14, 2003 and before May
1, 2005
Income Program Rider All Version I and Version II 50.00
Products sold after April 30,
2005
Income Program Rider All Version III Plus Products 75.00
sold after April 30, 2005
This Amendment No. 1 does not alter, amend or modify the Agreement other than as
set forth herein, and the terms and conditions of the Agreement, as amended
herein, continue in effect without other change.
In Witness whereof, the parties have caused this Amendment No. 1 to be signed in
duplicate counterparts as of the date first above written.
NEW ENGLAND LIFE INSURANCE COMPANY
By: /s/ [Illegible Signature]
-----------------------------------
Title: VP
EXETER REASSURANCE COMPANY, LTD.
By: /s/ RBB
-----------------------------------
Title: President
AMENDMENT NO. 2 TO
AUTOMATIC REINSURANCE AGREEMENT
EFFECTIVE AS OF APRIL 1,2001
AMENDED AND RESTATED AS OF JULY 1, 2004
(Agreement)
between
NEW ENGLAND LIFE INSURANCE COMPANY
(Cedent)
and
EXETER REASSURANCE COMPANY, LTD.
(Reinsurer)
The Agreement is hereby amended, as of November 1, 2005, as follows:
1. The attached Article I, Scope of Agreement, amends and, as amended,
restates Article I, Scope of Agreement.
2. The attached Article IV, Net Amount at Risk, amends and, as amended,
restates Article IV, Net Amount at Risk.
3. The attached Article V, Reinsurance Premiums, amends and, as amended,
restates Article V, Reinsurance Premiums.
4. The attached Article VII, Settlement of Claims, amends and, as
amended, restates Article VII, Settlement of Claims.
5. The attached Schedule A, Plans of Reinsurance, amends and, as
amended, restates Schedule A, Plans of Reinsurance.
6. The attached Exhibit II, Reinsurance Premiums, amends and, as
amended, restates Exhibit II, Reinsurance Premiums.
This Amendment No. 2 does not alter, amend or modify the Agreement other than as
set forth herein, and the terms and conditions of the Agreement, as amended
herein, continue in effect without other change.
In Witness whereof, the parties have caused this Amendment No. 2 to be signed in
duplicate counterparts as of the date first above written.
NEW ENGLAND LIFE INSURANCE COMPANY
By: /s/ [Illegible Signature]
-----------------------------------
Title: VP
EXETER REASSURANCE COMPANY, LTD.
By: /s/ RBB
-----------------------------------
Title: President
ARTICLE I
SCOPE OF AGREEMENT
A. This Agreement shall be effective as of April 1, 2001 (the "Effective
Date") and amended and restated as of July 1, 2004 as described in Schedule
A. While this Agreement continues in effect, the Cedent shall cede and the
Reinsurer shall accept, as indemnity cessions hereunder, Reinsured
Contracts that are issued by the Cedent on and after April 1, 2001.
B. Ceded Liabilities
1. Guaranteed Minimum Death Benefit and Earnings Preservation Benefit
The indemnity cession shall be the share of the MNAR (defined in
Article IV) that is generated, prior to the termination of the
Reinsurer's liability (defined in Article II), by the Guaranteed
Minimum Death Benefit ("GMDB") and Earnings Preservation Benefit
("EPB") provisions of the Reinsured Contracts, as specified in
Schedule A.
2. Guaranteed Minimum Income Benefit
The indemnity cession shall be the share of the IBNAR (defined in
Article IV) that is generated prior to the termination of the
Reinsurer's liability (defined in Article II), by the Guaranteed
Minimum Income Benefit Rider (the "Income Program") provisions of the
Reinsured Contracts, as specified in Schedule A.
3. Guaranteed Withdrawal Benefit
The indemnity cession shall be the share of the WBNAR (defined in
Article IV) that is generated prior to the termination of the
Reinsurer's liability (defined in Article II), by the Guaranteed
Withdrawal Benefit Rider (the "Withdrawal Program") provisions of the
Reinsured Contracts, as specified in Schedule A.
4. Guaranteed Minimum Accumulation Benefit
The indemnity cession shall be the share of the ABNAR (defined in
Article IV) that is generated prior to termination of the Reinsurer's
liability (defined in Article II) by the Guaranteed Minimum
Accumulation Benefit Rider (the "Accumulation" program) provisions of
the Reinsured Contracts, as specified in Schedule A.
C. This Agreement covers only the Cedent's contractual liability for
reinsured claims paid under variable annuity contract forms specified in
Schedule A.
D. There are no aggregate or individual claim limits applicable to the
benefits ceded.
E. Spousal Continuances will be covered under this Agreement to the extent
provided by the insured contract.
ARTICLE IV
NET AMOUNT AT RISK
GMDB AND EPB
------------
A. The MNAR (Mortality Net Amount at Risk) for each variable annuity contract
ceded hereunder shall be equal to the following:
MNAR = VNAR + SCNAR + EEMNAR
in which:
VNAR (Variable Net Amount at Risk) = Maximum (a,b) multiplied by the
Reinsurer's Percentage (defined in Schedule A) in which:
a = (Contractual Death Benefit - Account Value) and
b = 0
SCNAR (Surrender Charge Net Amount at Risk) = Surrender Charges multiplied
by the Reinsurer's Percentage
EEMNAR (Earnings Enhancement Mortality Net Amount at Risk) = x% * Maximum
(a,b) multiplied by the Reinsurer's Percentage where:
x% varies by issue age and is as described in the Reinsurance
Contracts specified in Schedule A
a = (Contractual Death Benefit - Total Purchase Payments Not
Withdrawn)
b = 0
B. The death benefit and the surrender charges will be as described in the
variable annuity contract forms specified in Schedule A.
GMIB
----
C. The IBNAR (Income Benefit Net Amount at Risk) for each variable annuity
contract ceded hereunder shall be equal to the following:
(i) The Guaranteed Principal Adjustment as defined in the rider *
Reinsurer's Percentage if the Income Benefit contains a Guaranteed
Principal Option and the option is exercised; or
(ii) IBNAR = Maximum [(IBB * (MAPR/SAPR) - Account Value), 0] * Reinsurer's
Percentage
where:
. IBB equals the INCOME BASE as defined in the rider;
. MAPR is the MINIMUM ANNUITY PURCHASE RATE from the GMIB Annuity Table
defined in the rider; and
. SAPR is the SETTLEMENT ANNUITY PURCHASE RATE per $1000 which is used
at time of annuitization for reinsurance claims settlement and shall
be equal to the fixed annuity purchase rate that the Cedent would
provide to an annuitant in the same class.
D. Premium taxes will be applied on a consistent basis between the MAPR and
SAPR to calculate the IBNAR.
E. The IBNAR for each contract ceded hereunder shall be calculated as of the
last day of each calendar month prior to the termination of liability
contingencies set forth in Article II.
GWB
---
F. The WBNAR (Withdrawal Benefit Net Amount at Risk) for each variable
annuity contract ceded hereunder shall be equal to the following:
WBNAR = Maximum [(GWB Benefit Base - Account Value), 0] * Reinsurer's
Percentage (defined in Schedule A).
A claim is incurred when the Account Value equals zero and is paid out in
installments consistent with the reinsured contract.
GMAB
----
G. The ABNAR (Accumulation Benefit Net Amount at Risk) for each variable
annuity contract ceded hereunder shall be equal to the following:
ABNAR = Maximum [(GMAB Guaranteed Accumulation Amount - Account Value),0] *
Reinsurer's Percentage.
A claim is incurred at the maturity date of the GMAB rider if the GMAB
Guaranteed Accumulation Amount exceeds the Account Value.
ARTICLE V
REINSURANCE PREMIUMS
A. The Cedent shall pay the Reinsurer an Initial Reinsurance Premium equal to
$894,146.
B. The total Reinsurance Premium for the business ceded hereunder is the sum
of the GMDB Reinsurance Premium, the EPB Reinsurance Premium, the GMIB
Reinsurance Premium, the GWB Reinsurance Premium, and the GMAB Reinsurance
Premium, each of which is defined separately in this article.
C. The Reinsurance Premium rates and structure described above are subject to
change in accordance with the criteria described in Article XV.
D. The Reinsurance Premium rates are expressed in terms of basis points and
are defined in Exhibit II.
GMDB Reinsurance Premium
------------------------
E. The Cedent shall calculate, for each premium class, the Reinsurer's
Percentage of the average aggregate separate account value for the
reporting month. This value shall be applied to the GMDB Reinsurance
Premium rates per premium class on a 1/12th basis.
EPB Reinsurance Premium
-----------------------
F. The Cedent shall calculate the Reinsurer's Percentage of the average
aggregate separate account value for the reporting month. This value shall
be applied to the annualized EPB reinsurance premium rates per premium
class on a 1/12th basis. A.
GMIB Reinsurance Premium
------------------------
G. The Cedent shall calculate, for each premium class, the Reinsurer's
Percentage of the average aggregate IBB value for the reporting month. This
value shall be applied to the annualized GMIB cession premium rates on a
1/12th basis.
GWB Reinsurance Premium
-----------------------
H. The Cedent shall calculate the Reinsurer's Percentage of the Guaranteed
Withdrawal Amount for the reporting month. This value shall be applied to
the annualized GWB Reinsurance Premium rates per premium class on a 1/12th
basis.
GMAB Reinsurance Premium
------------------------
I. The Cedent shall calculate for the reporting month the Reinsurer's
Percentage of the Guaranteed Accumulation Amount. This value shall be
applied to the annualized GMAB cession premium rates on a 1/12th basis.
ARTICLE VII
SETTLEMENT OF CLAIMS
A. The Reinsurer shall indemnify the Cedent under this Agreement only for
benefit claims that the Cedent paid as contractually required under a
Reinsured Contract with respect to claims that occur on or after the
Effective Date.
For GMIB, the Reinsurer shall indemnify the Cedent under this Agreement
only for benefit claims that the Cedent paid as contractually required
under a Reinsured Contract upon exercise of benefits under the terms of the
Income Program where such events occur on or after the Effective Date.
B. In the event that the Cedent provides satisfactory proof of claim
liability to the Reinsurer, benefit claim settlements made by a Cedent and
accepted by the Reinsurer shall be unconditionally binding on the
Reinsurer. The Cedent shall report all approved benefit claims in bordereau
including cause of death, as available, in such format as may be agreed to
from time to time.
C. Within thirty (30) days after the end of each calendar month, the Cedent
shall notify the Reinsurer of the ceded contractual benefit claims paid in
respect of Reinsured Contracts in that month, based on the definition, set
forth in Article IV, and the Reinsurer shall indemnify the Cedent as
provided in Article VI for the ceded benefit claim liabilities.
D. In no event will the Reinsurer be liable for expense incurred in
connection with a dispute or contest arising out of conflicting or any
other claims of entitlement to Reinsured Contract proceeds or benefits.
SCHEDULE A
PLANS OF REINSURANCE
A. Reinsurer's Percentage:
Prior to July 1, 2004, 25% of the business described herein.
Effective, July 1, 2004, 100% of the business described herein.
B. Effective Date:
April1, 2001
C. Reinsured Contracts:
NEW ENGLAND LIFE INSURANCE COMPANY
DEFERRED ANNUITY CONTRACTS
--------------------------
American Forerunner Series Variable Annuity - All share classes.
FORM NUMBERS
------------
Guaranteed Minimum Death Benefits Ceded:
----------------------------------------
Standard Death Benefit - Principal Protection: Form NEL-530 (05/01)
Optional Death Benefit - Annual Step-Up: Form NEL-550 (05/01)
Optional Death Benefit - Greater of Annual Step-Up and 5% Rollup: Form
NEL-540(05/01)
Additional Death Benefit - Earnings Preservation Benefit (EPB):
NEL-570 (05/01)
Guaranteed Minimum Income Benefits Ceded:
-----------------------------------------
Guaranteed Minimum Income Benefit Form NEL-560 (05/01)
Guaranteed Minimum Income Benefit II Form NEL-560-1 (03/03)
Guaranteed Minimum Income Benefit Plus: Form NEL-560-2 (05/05)
Guaranteed Withdrawal Benefits Ceded:
-------------------------------------
Guaranteed Withdrawal Benefit: Form NEL-690-1 (7/04)
Guaranteed Withdrawal Benefit: Form NEL-690-2 (11/05)
Guaranteed Minimum Income Benefits Ceded:
-----------------------------------------
Guaranteed Minimum Accumulation Benefit: Form NEL-670-1 (11/05)
EXHIBIT II
REINSURANCE PREMIUMS
A. GMDB PROGRAM
REINSURANCE
PREMIUM (BASIS
GMDB PROGRAM PRODUCTS COVERED POINTS)
------------ ---------------- --------------
Principal Protection All Products
9.00
Annual Step-Up Plan Codes: 125010, 125011, 125020, 125021,
10.00
125030, 125031, 125040, 125041,125050,
125110, 125140, and 125150
Annual Step-Up Other Plan Codes 20.00
Greater of Annual Step-Up and 5% Plan Codes: 125010, 125011, 125020, 125021, 25.00
Rollup 125030, 125031, 125040, 125041, 125050,
125110, 125140, and 125150
Greater of Annual Step-Up and 5% Other Plan Codes 35.00
Rollup
Earnings Preservation Benefit All Products 25.00
B. INCOME PROGRAM
REINSURANCE
PREMIUM (BASIS
INCOME PROGRAM PRODUCTS COVERED POINTS)
-------------- ---------------- --------------
GMIB All Products sold prior to February
35.00
15, 2003
GMIB and GMIB II Plan codes 125080, 125090, 45.00
125180, 125190, 1250A0, 1250A1,
1250B0, 1250B1, 1250C0, 1250C1,
1250D0, 1250D1, 1250E0, 1250E1,
1250F0,1250F1, 1250L0, 1250L1,
1250P0, 1250P1, 1251A0, 1251B0,
1251F0, and 1251P0 sold after
April 30, 2003 and before
May 1, 2005 if GMDB program is
Annual Step or Max of Annual Step
and Rollup
GMIB and GMIB II All other Products sold after 50.00
February 14, 2003 and before
May 1, 2005 and for All Products
sold after April 30, 2005
GMIB Plus All Products sold after 75.00
April 30, 2005
C. WITHDRAWAL PROGRAM
REINSURANCE
PREMIUM (BASIS
WITHDRAWAL PROGRAM PRODUCTS COVERED POINTS)
------------------ ---------------- -----------------
Guaranteed Withdrawal Benefit All Products 50.00
D. ACCUMULATION PROGRAM
REINSURANCE
PREMIUM (BASIS
ACCUMULATION PROGRAM PRODUCTS COVERED POINTS)
-------------------- ---------------- -----------------
Guaranteed Accumulation Benefit All Products 75.00
AMENDMENT NO. 3 TO
AUTOMATIC REINSURANCE AGREEMENT
EFFECTIVE AS OF APRIL 1, 2001
AMENDED AND RESTATED AS OF JULY 1, 2004
(Agreement)
between
NEW ENGLAND LIFE INSURANCE COMPANY
(Cedent)
and
EXETER REASSURANCE COMPANY, LTD.
(Reinsurer)
The Agreement is hereby amended, as of June 12, 2006, as follows:
1. Article IV, Net Amount at Risk, Paragraph F, GWB, is revised and
amended as follows:
F. The WBNAR (Withdrawal Benefit Net Amount at Risk) for each variable
annuity contract ceded hereunder shall be equal to the following:
Guaranteed Withdrawal Benefit:
WBNAR = Maximum [(GWB Benefit Base - Account Value), 0] * Reinsurer's
Percentage (defined in Schedule A).
Lifetime Guaranteed Withdrawal Benefit:
WBNAR = Maximum [(Remaining Guaranteed Withdrawal Amount - Account
Value), 0] * Reinsurer's Percentage (defined in Schedule A) + Present
Value of any additional Lifetime Payments * Reinsurer's Percentage
A claim is incurred when the Account Value equals zero and is paid out
in installments consistent with the reinsured contract.
2. Article V, Reinsurance Premiums, Paragraph H, GWB Reinsurance
Premium, is revised and amended as follows:
H. The Cedent shall calculate the Reinsurer's Percentage of the
Guaranteed Withdrawal Amount (Total Guaranteed Withdrawal Amount for
Lifetime GWB) for the reporting month. This value shall be applied to
the annualized GWB Reinsurance Premium rates per premium class on a
1/12th basis.
3. The attached Schedule A, Plans of Reinsurance, amends and, as
amended, restates Schedule A, Plans of Reinsurance.
4. Exhibit II, Reinsurance Premiums, Paragraph C, Withdrawal Program, is
revised and amended as follows:
C. WITHDRAWAL PROGRAM
REINSURANCE PREMIUM
WITHDRAWAL PROGRAM PRODUCTS COVERED (BASIS POINTS)
------------------ ---------------- -------------------
Guaranteed Withdrawal
Benefit All Products 50.00
Lifetime GWB - Single
Life Version All Products 50.00
Lifetime GWB - Joint
Life Version All Products 70.00
This Amendment No. 3 does not alter, amend or modify the Agreement other than as
set forth herein, and the terms and conditions of the Agreement, as amended
herein, continue in effect without other change.
In Witness whereof, the parties have caused this Amendment No. 3 to be signed in
duplicate counterparts as of the date first above written.
NEW ENGLAND LIFE INSURANCE COMPANY
By: /s/ [Illegible Signature]
------------------------------------
Title: VP
EXETER REASSURANCE COMPANY, LTD.
By: /s/ RBB
------------------------------------
Title: President
SCHEDULE A
PLANS OF REINSURANCE
A. Reinsurer's Percentage:
Prior to July 1, 2004, 25% of the business described herein.
Effective, July 1, 2004, 100% of the business described herein.
B. Effective Date:
April1, 2001
C. Reinsured Contracts:
NEW ENGLAND LIFE INSURANCE COMPANY
DEFERRED ANNUITY CONTRACTS
--------------------------
American Forerunner Series Variable Annuity - All share classes.
FORM NUMBERS
------------
Guaranteed Minimum Death Benefits Ceded:
----------------------------------------
Standard Death Benefit - Principal Protection: Form NEL-530 (05/01)
Optional Death Benefit - Annual Step-Up: Form NEL-550 (05/01)
Optional Death Benefit - Greater of Annual Step-Up and 5% Rollup:
Form NEL-540(05/01)
Additional Death Benefit - Earnings Preservation Benefit (EPB):NEL-570
(05/01)
Guaranteed Minimum Income Benefits Ceded:
-----------------------------------------
Guaranteed Minimum Income Benefit Form NEL-560 (05/01)
Guaranteed Minimum Income Benefit II Form NEL-560-1 (03/03)
Guaranteed Minimum Income Benefit Plus: Form NEL-560-2 (05/05)
Guaranteed Withdrawal Benefits Ceded:
-------------------------------------
Guaranteed Withdrawal Benefit: Form NEL-690-1 (7/04)
Guaranteed Withdrawal Benefit: Form NEL-690-2 (11/05)
Lifetime Guaranteed Withdrawal Benefit: Form NEL-690-3 (6/06)
Guaranteed Minimum Income Benefits Ceded:
-----------------------------------------
Guaranteed Minimum Accumulation Benefit: Form NEL-670-1 (11/05)
AMENDMENT NO. 4 TO
AUTOMATIC REINSURANCE AGREEMENT
EFFECTIVE AS OF APRIL 1, 2001
AMENDED AND RESTATED AS OF JULY 1, 2004
(Agreement)
between
NEW ENGLAND LIFE INSURANCE COMPANY
(Cedent)
and
EXETER REASSURANCE COMPANY, LTD.
(Reinsurer)
The Agreement is hereby amended, as of February 26, 2007, as follows:
1. The attached Exhibit II, Reinsurance Premiums, amends and, as
amended, restates Exhibit II, Reinsurance Premiums.
This Amendment No. 4 does not alter, amend or modify the Agreement other than as
set forth herein, and the terms and conditions of the Agreement, as amended
herein, continue in effect without other change.
In Witness whereof, the parties have caused this Amendment No. 4 to be signed in
duplicate counterparts as of the date first above written.
NEW ENGLAND LIFE INSURANCE COMPANY
By: /s/ [Illegible Signature]
------------------------------------
Title: VP
EXETER REASSURANCE COMPANY, LTD.
By: /s/ RBB
------------------------------------
Title: President
EXHIBIT II
REINSURANCE PREMIUMS
A. GMDB PROGRAM
REINSURANCE
PREMIUM (BASIS
GMDB PROGRAM PRODUCTS COVERED POINTS)
------------ ---------------- --------------
Principal Protection All Products 9.00
Annual Step-Up Plan Codes: 125010, 125011, 125020, 10.00
125021,125030, 125031, 125040,
125041, 125050, 125110, 125140, and 125150
Annual Step-Up Other Plan Codes 20.00
Greater of Annual Step-Up Plan Codes: 125010, 125011, 125020, 25.00
and 5% Rollup 125021, 125030, 125031, 125040, 125041,
125050, 125110, 125140, and 125150
Greater of Annual Step-Up Other Plan Codes 35.00
and 5% Rollup
Earnings Preservation All Products 25.00
Benefit
B. INCOME PROGRAM
REINSURANCE
PREMIUM (BASIS
INCOME PROGRAM PRODUCTS COVERED POINTS)
-------------- ---------------- --------------
GMIB All Products sold prior to February 15, 2003 35
GMIB and GMIB II Plan codes 125080, 125090, 125180, 125190, 45
1250A0, 1250A1, 1250B0, 1250B1, 1250C0,
1250C1, 1250D0, 1250D1, 1250E0, 1250E1,
1250F0, 1250F1, 1250L0, 1250L1, 1250P0,
1250P1, 1251A0, 1251B0, 1251F0, and 1251P0
sold after April 30, 2003 and before May 1, 2005
if GMDB program is Annual Step or Max of
Annual Step and Rollup
GMIB and GMIB II All other Products sold after February 14, 50
2003 and before May 1, 2005 and for All
Products sold after April 30,2005
GMIB Plus All Products sold after April 30, 2005 and 75
before February 26, 2007.
GMIB Plus All Products sold on or after February 26, 2007. 80
C. WITHDRAWAL PROGRAM
REINSURANCE
PREMIUM
WITHDRAWAL PROGRAM PRODUCTS COVERED (BASIS POINTS)
------------------ ---------------- --------------
Guaranteed Withdrawal
Benefit All Products 50.00
Lifetime GWB - Single
Life Version All Products 50.00
Lifetime GWB - Joint
Life Version All Products 70.00
D. ACCUMULATION PROGRAM
REINSURANCE
PREMIUM
ACCUMULATION PROGRAM PRODUCTS COVERED (BASIS POINTS)
-------------------- ---------------- --------------
Guaranteed Accumulation
Benefit All Products 75.00
AMENDMENT NO. 5 TO
AUTOMATIC REINSURANCE AGREEMENT
EFFECTIVE AS OF APRIL 1, 2001
AMENDED AND RESTATED AS OF JULY 1, 2004
(Agreement)
between
NEW ENGLAND LIFE INSURANCE COMPANY
(Cedent)
and
EXETER REASSURANCE COMPANY, LTD.
(Reinsurer)
The Agreement is hereby amended, as of June 30, 2007, to change the benefit
reimbursement pattern for the GMIB (Guaranteed Minimum Income Benefit) rider.
Therefore, the IBNARP (Income Benefit Net Amount At Risk Percentage) is defined
in Article IV, and Article I and VII, as well as Schedule B, are updated to
reflect this change:
1. The attached Article I, Scope of Agreement, amends and, as amended,
restates Article I, Scope of Agreement.
2. The attached Article IV, Net Amount at Risk, amends and, as amended,
restates Article IV, Net Amount at Risk.
3. The attached Article VII, Settlement of Claims, amends and, as
amended, restates Article VII, Settlement of Claims.
4. The attached Schedule B, Required Data and Suggested Data Layout,
amends and, as amended, restates Schedule B, Required Data and
Suggested Data Layout.
This Amendment No. 5 does not alter, amend or modify the Agreement other than as
set forth herein, and the terms and conditions of the Agreement, as amended
herein, continue in effect without other change.
In Witness whereof, the parties have caused this Amendment No. 5 to be signed in
duplicate counterparts as of the date first above written.
NEW ENGLAND LIFE INSURANCE COMPANY
By: /s/ [Illegible Signature]
------------------------------------
Title: VP
EXETER REASSURANCE COMPANY, LTD.
By: /s/ RBB
------------------------------------
Title: President
ARTICLE I
SCOPE OF AGREEMENT
A. This Agreement shall be effective as of April 1, 2001 (the "Effective
Date") and amended and restated as of July 1, 2004 as described in Schedule
A. While this Agreement continues in effect, the Cedent shall cede and the
Reinsurer shall accept, as indemnity cessions hereunder, Reinsured
Contracts that are issued by the Cedent on and after April 1, 2001.
B. Ceded Liabilities
1. Guaranteed Minimum Death Benefit and Earnings Preservation Benefit
The indemnity cession shall be the share of the MNAR (defined in
Article IV) that is generated, prior to the termination of the
Reinsurer's liability (defined in Article II), by the Guaranteed
Minimum Death Benefit ("GMDB") and Earnings Preservation Benefit
("EPB") provisions of the Reinsured Contracts, as specified in
Schedule A.
2. Guaranteed Minimum Income Benefit
The indemnity cession shall be the share of the annuity payments upon
annuitization that is generated prior to the termination of the
Reinsurer's liability (defined in Article II), by the Guaranteed
Minimum Income Benefit Rider (the "Income Program") provisions of the
Reinsured Contracts, as specified in Schedule A, multiplied by the
IBNARP (defined in Article IV).
3. Guaranteed Withdrawal Benefit
The indemnity cession shall be the share of the WBNAR (defined in
Article IV) that is generated prior to the termination of the
Reinsurer's liability (defined in Article II), by the Guaranteed
Withdrawal Benefit Rider (the "Withdrawal Program") provisions of the
Reinsured Contracts, as specified in Schedule A.
4. Guaranteed Minimum Accumulation Benefit
The indemnity cession shall be the share of the ABNAR (defined in
Article IV) that is generated prior to termination of the Reinsurer's
liability (defined in Article II) by the Guaranteed Minimum
Accumulation Benefit Rider (the "Accumulation" program) provisions of
the Reinsured Contracts, as specified in Schedule A.
C. This Agreement covers only the Cedent's contractual liability for
reinsured claims paid under variable annuity contract forms specified in
Schedule A.
D. There are no aggregate or individual claim limits applicable to the
benefits ceded.
E. Spousal Continuances will be covered under this Agreement to the extent
provided by the insured contract.
ARTICLE IV
NET AMOUNT AT RISK
GMDB AND EPB
------------
A. The MNAR (Mortality Net Amount at Risk) for each variable annuity contract
ceded hereunder shall be equal to the following:
MNAR = VNAR + SCNAR + EEMNAR
in which:
VNAR (Variable Net Amount at Risk) = Maximum (a,b) multiplied by the
Reinsurer's Percentage (defined in Schedule A) in which:
a = (Contractual Death Benefit - Account Value) and
b = 0
SCNAR (Surrender Charge Net Amount at Risk) = Surrender Charges multiplied
by the Reinsurer's Percentage
EEMNAR (Earnings Enhancement Mortality Net Amount at Risk) = x% * Maximum
(a,b) multiplied by the Reinsurer's Percentage where:
x% varies by issue age and is as described in the Reinsurance
Contracts specified in Schedule A
a = (Contractual Death Benefit - Total Purchase Payments Not
Withdrawn)
b = 0
B. The death benefit and the surrender charges will be as described in the
variable annuity contract forms specified in Schedule A.
GMIB
----
C. The IBNAR (Income Benefit Net Amount at Risk) for each variable annuity
contract ceded hereunder shall be equal to the following:
(i) The Guaranteed Principal Adjustment as defined in the rider *
Reinsurer's Percentage if the Income Benefit contains a Guaranteed
Principal Option and the option is exercised; or
(ii) IBNAR = Maximum [(IBB * (MAPR/SAPR) - Account Value), 0] *
Reinsurer's Percentage
D. The IBNARP (Income Benefit Net Amount at Risk Percentage) for each
variable annuity contract ceded hereunder shall be equal to the following:
IBNARP = IBNAR / [IBB * (MAPR/SAPR)]
where:
. IBB equals the INCOME BASE as defined in the rider;
. MAPR is the MINIMUM ANNUITY PURCHASE RATE from the GMIB Annuity Table
defined in the rider; and
. SAPR is the SETTLEMENT ANNUITY PURCHASE RATE per $1000 which is used
at time of annuitization for reinsurance claims settlement and shall
be equal to the fixed annuity purchase rate that the Cedent would
provide to an annuitant in the same class.
E. Premium taxes will be applied on a consistent basis between the MAPR and
SAPR to calculate the IBNARP and IBNAR.
F. The IBNARP and IBNAR for each contract ceded hereunder shall be calculated
as of the last day of each calendar month prior to the termination of
liability contingencies set forth in Article II.
GWB
---
G. The WBNAR (Withdrawal Benefit Net Amount at Risk) for each variable
annuity contract ceded hereunder shall be equal to the following:
Guaranteed Withdrawal Benefit:
WBNAR = Maximum [(GWB Benefit Base - Account Value), 0] * Reinsurer's
Percentage (defined in Schedule A).
Lifetime Guaranteed Withdrawal Benefit:
WBNAR = Maximum [(GWB Benefit Base - Account Value), 0] * Reinsurer's
Percentage (defined in Schedule A) + Present Value of any additional
Lifetime Payments * Reinsurer's Percentage
A claim is incurred when the Account Value equals zero and is paid out in
installments consistent with the reinsured contract.
GMAB
----
H. The ABNAR (Accumulation Benefit Net Amount at Risk) for each variable
annuity contract ceded hereunder shall be equal to the following:
ABNAR = Maximum [(GMAB Guaranteed Accumulation Amount - Account Value),0] *
Reinsurer's Percentage.
A claim is incurred at the maturity date of the GMAB rider if the GMAB
Guaranteed Accumulation Amount exceeds the Account Value.
ARTICLE VII
SETTLEMENT OF CLAIMS
A. The Reinsurer shall indemnify the Cedent under this Agreement only for
benefit claims that the Cedent paid as contractually required under a
Reinsured Contract with respect to claims that occur on or after the
Effective Date.
B. In the event that the Cedent provides satisfactory proof of claim
liability to the Reinsurer, benefit claim settlements made by a Cedent and
accepted by the Reinsurer shall be unconditionally binding on the
Reinsurer. The Cedent shall report all approved benefit claims in bordereau
including cause of death, as available, in such format as may be agreed to
from time to time.
C. Within thirty (30) days after the end of each calendar month, the Cedent
shall notify the Reinsurer of the ceded contractual benefit claims paid in
respect of Reinsured Contracts in that month, based on the definition, set
forth in Article IV, and the Reinsurer shall indemnify the Cedent as
provided in Article VI for the ceded benefit claim liabilities.
D. In no event will the Reinsurer be liable for expense incurred in
connection with a dispute or contest arising out of conflicting or any
other claims of entitlement to Reinsured Contract proceeds or benefits.
SCHEDULE B
REQUIRED DATA AND SUGGESTED DATA LAYOUT
(PAGE 1 OF 3)
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.
Owner's ID: Last Name
First Name
Middle Name
Sex M or F
Date of Birth YYYYMMDD
Social Security No. / Social Insurance No.
Joint Owner's ID: Last Name If Applicable
First Name
Middle Name
Sex M or F
Date of Birth YYYYMMDD
Social Security No. / Social Insurance No.
Policy Number
Policy Issue Date YYYYMMDD
Policy Issue Status NI = True New Issue, SC = Spousal
Continuance,
EX = 1035 Exchange
Tax Status Qualified (Q), or Non-qualified (N)
SCHEDULE B
REQUIRED DATA AND SUGGESTED DATA LAYOUT
(PAGE 2 OF 3)
FIELD DESCRIPTION COMMENTS
----------------- --------
GMDB/EEB SECTION (If applicable)
--------------------------------
Mortality Risk Definition Indicator AV = VNAR; CV = VNAR +
SCNAR
Death Claim Trigger A = Annuitant, 0 = Owner,
1 = 1st to die, 2 = 2nd to die
(e.g., A2 = payable upon
death of second of joint annuitants)
Current Ratchet Value If Applicable
Current Reset Value If Applicable
Current Rollup Value If Applicable
Current Return of Premium Value If Applicable
Minimum Guaranteed Death Benefit
Contract Death Benefit Greater of Account Value and Minimum Guaranteed Death Benefit
Effective Date of the Rider
Account Value as of the Effective Date of the Rider
Mortality Risk VNAR Max [Contractual Death Benefit - Account Value), 0]
SCNAR Surrender Charge, if applicable
EEMNAR X% of Death Benefit less Net Purchase Payments
Earnings Death Benefit less Net Purchase Payments
Earnings CAP X% of Net Purchase Payments
GMIB SECTION (If applicable)
----------------------------
GMIB Indicator Y = benefit elected, N = benefit not elected, NA = not applicable
Income Benefit Elected 01 = option 1, 02 = option 2, etc.
Expiration of Waiting Period YYYYMMDD
GMIB Annuitization Date YYYYMMDD - actual date
Most Recent GMIB Step-up / Reset Date YYYYMMDD, if applicable
Cancellation Date YYYYMMDD, if applicable
Pricing Cohort Indicator
IBB Amount
GMIB IBNAR Amount Calculated using an individual life annuity form with 10 years certain
Treasury Rate Used in IBNAR calculation
IBNARP
Annuity Payments Upon Annuitization
GWB SECTION (if applicable)
---------------------------
GWB Indicator Y = benefit elected, N = benefit not elected, C = rider cancelled
GWB Election Date YYYYMMDD
Total-GWB-Benefit-Base-Amt
Total-GWB-Guar-Withdrl-Amt
Total-GWB-▇▇▇-Benefit-Pymnt
Total-GWB-Rem-Ann-Bnft-Pymnt
Tota-GWB-Rider-Charge
GWB-Optn-Reset-Date
Account Value Current total value
Surrender Charge If reinsured
Cumulative Deposits Total premiums
Cumulative Withdrawals Total withdrawals
Net Purchase Payments Total premiums less total withdrawals (proportional adjustment)
Deposits made in quarter of death dollar value
Quota Share ceded percentage
SCHEDULE B
REQUIRED DATA AND SUGGESTED DATA LAYOUT
(PAGE 3 OF 3)
FIELD DESCRIPTION COMMENTS
------------------ --------
Funding Vehicle Values:
-----------------------
"MorningStar" designations (US)
Aggressive Growth
Balanced
Corporate Bond
Government Bond
Growth
Growth and Income
High Yield Bond
International Bond
International Stock
Money Market
Specialty Fund
Fixed Account
Dollar Cost Averaging
Note: total of funding vehicles should equal account value.
Termination Information:
---------------------------
Termination Date YYYYMMDD, If applicable
Reason for Termination Death (D), Annuitization (A), 1035 Exchange (X),
Cause of Death GMIB Election (I), Other (0). If applicable.
Use your Cause of Death code, and provide translation
Summary Information: For reconciliation purposes (may be paper summary)
-------------------- Monthly aggregate information by GMIB Design, GMAB
Total number of records Design, and Pricing Cohort (if applicable) Monthly
Total of each dollar field aggregate information by GMIB Design, GMAB Design,
and Pricing Cohort (if applicable)
Note: All values to nearest dollar
AMENDMENT NO. 6 TO
AUTOMATIC REINSURANCE AGREEMENT
EFFECTIVE AS OF APRIL 1, 2001
AMENDED AND RESTATED AS OF JULY 1, 2004
(Agreement)
between
NEW ENGLAND LIFE INSURANCE COMPANY
(Cedent)
and
EXETER REASSURANCE COMPANY, LTD.
(Reinsurer)
The Agreement is hereby amended, as of July 16, 2007, as follows:
1. The attached Exhibit II, Reinsurance Premiums, amends and, as amended,
restates Exhibit II, Reinsurance Premiums.
This Amendment No. 6 does not alter, amend or modify the Agreement other than as
set forth herein, and the terms and conditions of the Agreement, as amended
herein, continue in effect without other change.
In Witness whereof, the parties have caused this Amendment No. 6 to be signed in
duplicate counterparts as of the date first above written.
NEW ENGLAND LIFE INSURANCE COMPANY
By: /s/ [Illegible Signature]
----------------------------------
Title: VP
EXETER REASSURANCE COMPANY, LTD.
By: /s/ RBB
----------------------------------
Title: President
EXHIBIT II
REINSURANCE PREMIUMS
A. GMDB PROGRAM
REINSURANCE
PREMIUM (BASIS
GMDB PROGRAM PRODUCTS COVERED POINTS)
------------ ---------------- --------------
Principal Protection All Products 9.00
Annual Step-Up Plan Codes: 125010, 125011, 125020, 125021, 10.00
125030, 125031, 125040, 125041, 125050,
125110, 125140, and 125150
Annual Step-Up Other Plan Codes 20.00
Greater of Annual Step-Up and 5% Plan Codes: 125010, 125011, 125020, 125021, 25.00
Rollup 125030, 125031, 125040, 125041, 125050,
125110, 125140, and 125150
Greater of Annual Step-Up and 5% Other Plan Codes 35.00
Rollup
Earnings Preservation Benefit All Products 25.00
B. INCOME PROGRAM
REINSURANCE
PREMIUM (BASIS
INCOME PROGRAM PRODUCTS COVERED POINTS)
-------------- ---------------- --------------
GMIB All Products sold prior to February 35
15, 2003
GMIB and GMIB II Plan codes 125080, 125090, 45
125180, 125190, 1250A0, 1250A1,
1250B0, 1250B1, 1250C0, 1250C1,
1250D0, 1250D1, 1250E0, 1250E1,
1250F0, 1250F1, 1250L0, 1250L1,
1250P0,1250P1, 1251A0, 1251B0,
1251F0, and 1251P0 sold after
April 30, 2003 and before
May 1, 2005 if GMDB program is
Annual Step or Max of Annual Step
and Rollup
GMIB and GMIB II All other Products sold after 50
February 14, 2003 and before
May 1, 2005 and for All Products
sold after April 30,2005
GMIB Plus All Products sold after 75
April 30, 2005 and before
February 26, 2007.
GMIB Plus All Products sold on or after 80
February 26, 2007.
C. WITHDRAWAL PROGRAM
REINSURANCE
PREMIUM (BASIS
WITHDRAWAL PROGRAM PRODUCTS COVERED POINTS)
------------------- ---------------- ----------------
Guaranteed Withdrawal Benefit All Products sold before July
50.00
16, 2007
Guaranteed Withdrawal Benefit All Products sold on or after July 55.00
16, 2007
Lifetime GWB - Single Life Version All Products 50.00
Lifetime GWB - Joint Life Version All Products 70.00
D. ACCUMULATION PROGRAM
REINSURANCE
PREMIUM (BASIS
ACCUMULATION PROGRAM PRODUCTS COVERED POINTS)
------------------- ---------------- ----------------
Guaranteed Accumulation Benefit All Products 75.00
AMENDMENT NO. 7 TO
AUTOMATIC REINSURANCE AGREEMENT
EFFECTIVE AS OF APRIL 1, 2001
AMENDED AND RESTATED AS OF JULY 1, 2004
(Agreement)
between
NEW ENGLAND LIFE INSURANCE COMPANY
(Cedent)
and
EXETER REASSURANCE COMPANY, LTD.
(Reinsurer)
The Agreement is hereby amended, as of April 28, 2008, as follows:
1. The attached Schedule A, Plans of Reinsurance, amends and, as
amended, restates Schedule A, Plans of Reinsurance.
2. The attached Exhibit II, Reinsurance Premiums, amends and, as
amended, restates Exhibit II, Reinsurance Premiums.
This Amendment No. 7 does not alter, amend or modify the Agreement other than as
set forth herein, and the terms and conditions of the Agreement, as amended
herein, continue in effect without other change.
In Witness whereof, the parties have caused this Amendment No. 7 to be signed in
duplicate counterparts as of the date first above written.
NEW ENGLAND LIFE INSURANCE COMPANY
By: /S/ [Illegible Signature]
------------------------------------
TITLE: VP
EXETER REASSURANCE COMPANY, LTD.
BY: /S/ RBB
------------------------------------
TITLE: President
Page 1 of 6
SCHEDULE A
PLANS OF REINSURANCE
A. Reinsurer's Percentage:
Prior to July 1, 2004, 25% of the business described herein.
Effective, July 1, 2004, 100% of the business described herein.
B. Effective Date:
April 1, 2001
C. Reinsured Contracts:
NEW ENGLAND LIFE INSURANCE COMPANY
DEFERRED ANNUITY CONTRACTS
--------------------------
American Forerunner Series Variable Annuity - All share classes.
FORM NUMBERS
------------
Guaranteed Minimum Death Benefits Ceded:
----------------------------------------
Standard Death Benefit - Principal Protection: Form NEL-530 (05/01)
Optional Death Benefit - Annual Step-Up: Form NEL-550 (05/01)
Optional Death Benefit - Greater of Annual Step-Up and 5% Rollup:
Form NEL-540(05/01)
Additional Death Benefit - Earnings Preservation Benefit (EPB):
NEL-570 (05/01)
Enhanced Death Benefit - Form NL-640-1 (4/08)
Guaranteed Minimum Income Benefits Ceded:
-----------------------------------------
Guaranteed Minimum Income Benefit Form NEL-560 (05/01)
Guaranteed Minimum Income Benefit II Form NEL-560-1 (03/03)
Guaranteed Minimum Income Benefit Plus: Form NEL-560-2 (05/05)
Guaranteed Minimum Income Benefit Plus: Form NL-560-4 (4/08)
Guaranteed Withdrawal Benefits Ceded:
-------------------------------------
Guaranteed Withdrawal Benefit: Form NEL-690-1 (7/04)
Guaranteed Withdrawal Benefit: Form NEL-690-2 (11/05)
Lifetime Guaranteed Withdrawal Benefit: Form NEL-690-3 (6/06)
Lifetime Withdrawal Guaranteed Benefit (2008 Version): Form NL-690-4
(4/08)
Page 2 of 6
Guaranteed Minimum Income Benefits Ceded:
-----------------------------------------
Guaranteed Minimum Accumulation Benefit: Form NEL-670-1 (11/05)
Page 3 of 6
EXHIBIT II
REINSURANCE PREMIUMS
A. GMDB PROGRAM
REINSURANCE
GMDB PROGRAM PRODUCTS COVERED PREMIUM (BASIS POINTS)
------------ ---------------- ----------------------
Principal Protection All Products 9.00
Annual Step-Up Plan Codes: 125010, 125011, 125020, 10.00
125021, 125030, 125031, 125040,
125041, 125050, 125110, 125140, and 125150
Annual Step-Up Other Plan Codes 20.00
Greater of Annual Step-Up Plan Codes: 125010, 125011, 125020, 25.00
and 5% Rollup 125021, 125030, 125031, 125040,
125041, 125050, 125110, 125140, and 125150
Greater of Annual Step-Up Other Plan Codes 35.00
and 5% Rollup
Earnings Preservation Benefit All Products 25.00
Enhanced Death Benefit All Products, Issue Age 0-69 65.00*
Enhanced Death Benefit All Products, Issue Age 70-75 85.00*
* lf the Enhanced DB is elected in combination with Guaranteed Minimum Income
Benefit Plus (Form NL-560-4), there will be a 5 bps reduction in the fee
Page 4 of 6
B. INCOME PROGRAM
REINSURANCE
PREMIUM (BASIS
INCOME PROGRAM PRODUCTS COVERED POINTS)
-------------- ---------------- --------------
GMIB All Products sold prior to February 15, 2003 35
GMIB and GMIB II Plan codes 125080, 125090, 125180, 125190, 45
1250A0, 1250A1, 1250B0, 1250B1, 1250C0, 1250C1,
1250D0, 1250D1, 1250E0, 1250E1, 1250F0, 1250F1,
1250L0, 1250L1, 1250P0,
1250P1, 1251A0, 1251B0, 1251F0, and 1251P0
sold after April 30, 2003 and
before May 1, 2005 if GMDB program is Annual Step
or Max of Annual Step and Rollup
GMIB and GMIB II All other Products sold after February 14, 50
2003 and before May 1, 2005 and for All
Products sold after April 30,2005
GMIB Plus All Products sold after April 30, 2005 and 75
before February 26, 2007.
GMIB Plus All Products sold on or after February 26, 80
2007.
C. WITHDRAWAL PROGRAM
REINSURANCE
PREMIUM (BASIS
WITHDRAWAL PROGRAM PRODUCTS COVERED POINTS)
------------------ ---------------- --------------
Guaranteed Withdrawal Benefit All Products sold before July 16, 2007 50.00
Guaranteed Withdrawal Benefit All Products sold on or after July 16, 2007 55.00
Lifetime GWB - Single All Products 50.00
Life Version
Lifetime GWB - Joint All Products 70.00
Life Version
Lifetime GWB (2008 Version) - All Products 65.00
Single Life Version
Lifetime GWB (2008 Version) - All Products 85.00
Joint Life Version
Page 5 of 6
D. ACCUMULATION PROGRAM
REINSURANCE
ACCUMULATION PROGRAM PRODUCTS COVERED PREMIUM (BASIS POINTS)
-------------------- ---------------- ----------------------
Guaranteed Accumulation Benefit All Products 75.00
Page 6 of 6
AMENDMENT NO. 8 TO
AUTOMATIC REINSURANCE AGREEMENT
EFFECTIVE AS OF APRIL 1, 2001
AMENDED AND RESTATED AS OF JULY 1, 2004
(Agreement)
between
NEW ENGLAND LIFE INSURANCE COMPANY
(Cedent)
and
EXETER REASSURANCE COMPANY, LTD.
(Reinsurer)
The Agreement is hereby amended, as of July 1, 2008, as follows:
Article XV of the Agreement, as amended, is hereby replaced in its entirety
with the attached Article XV, Contract and Program Changes.
This Amendment No. 8 does not alter, amend or modify the Agreement other than as
set forth herein, and the terms and conditions of the Agreement, as amended
herein, continue in effect without other change.
In Witness whereof, the parties have caused this Amendment No. 8 to be signed in
duplicate counterparts as of the date first above written.
NEW ENGLAND LIFE INSURANCE COMPANY
By: /s/ [Illegible Signature]
------------------------------------
Title: VP
EXETER REASSURANCE COMPANY, LTD.
By: /s/ RBB
------------------------------------
Title: President
Page 1 of 2
ARTICLE XV
CONTRACT AND PROGRAM CHANGES
A. The Cedent shall give the Reinsurer thirty (30) days prior written notice,
unless otherwise agreed to by the Cedent and the Reinsurer, of any changes
to the Reinsured Contracts relating to a Cedent's annuity product design
and/or death benefit design, fees and charges, distribution systems and/or
methods or addition of any riders to any Reinsured Contract forms.
B. The Cedent shall give the Reinsurer thirty (30) days written notice,
unless otherwise agreed to by the Cedent and the Reinsurer, of any changes
to reinsurance premium and Net Amount at Risk, including changes for
additional riders and changes to existing riders. Unless the Reinsurer
objects in writing within thirty (30) days after such written notice is
received by the Reinsurer, the additional riders, changes to premium and/or
changes to Net Amount at Risk will be considered reinsured under the
Agreement and included in Schedule A, Plans of Reinsurance, Exhibit II,
Reinsurance Premiums, and Article IV, Net Amount at Risk, respectively.
Reinsurance for additional riders, changes to the reinsurance premium and
Net Amount at Risk, including changes for additional riders and changes to
existing riders shall be effective as of the date specified in the notice
from the Cedent.
C. The Cedent shall provide to the Reinsurer a copy of each general
communication that the Cedent sends to contract holders in any state.
D. The Cedent shall simultaneously provide to the Reinsurer and any
subsequent retrocessionaires, a copy of any notice of any proposed change
in the investment options supporting Reinsured Contracts, and/or any other
accepted changes to the Reinsured Contracts related to a Cedent's annuity
product design and/or death benefit design, fees, charges, distributions
systems and/or methods or additions of any riders to any Reinsured Contract
forms.
Page 2 of 2
AMENDMENT NO. 9 TO
AUTOMATIC REINSURANCE AGREEMENT
EFFECTIVE AS OF APRIL 1, 2001
AMENDED AND RESTATED AS OF JULY 1, 2004
(Agreement)
between
NEW ENGLAND LIFE INSURANCE COMPANY
(Cedent)
and
EXETER REASSURANCE COMPANY, LTD.
(Reinsurer)
The Agreement is hereby amended, as of July 14, 2008, as follows:
1. The attached Schedule A, Plans of Reinsurance, amends and, as
amended, restates Schedule A, Plans of Reinsurance.
2. The attached Exhibit II, Reinsurance Premiums, amends and, as
amended, restates Exhibit II, Reinsurance Premiums.
This Amendment No. 9 does not alter, amend or modify the Agreement other than as
set forth herein, and the terms and conditions of the Agreement, as amended
herein, continue in effect without other change.
In Witness whereof, the parties have caused this Amendment No. 9 to be signed in
duplicate counterparts as of the date first above written.
NEW ENGLAND LIFE INSURANCE COMPANY
By: /s/ [Illegible Signature]
------------------------------------
Title: VP
EXETER REASSURANCE COMPANY, LTD.
By: /s/ RBB
------------------------------------
Title: President
Page 1 of 6
SCHEDULE A
PLANS OF REINSURANCE
A. Reinsurer's Percentage:
Prior to July 1, 2004, 25% of the business described herein.
Effective, July 1, 2004, 100% of the business described herein.
B. Effective Date:
April 1, 2001
C. Reinsured Contracts:
NEW ENGLAND LIFE INSURANCE COMPANY
DEFERRED ANNUITY CONTRACTS
--------------------------
American Forerunner Series Variable Annuity - All share classes.
FORM NUMBERS
------------
Guaranteed Minimum Death Benefits Ceded:
----------------------------------------
Principal Protection: Form NEL-530 (05/01)
Annual Step-Up: Form NEL-550 (05/01)
Greater of Annual Step-Up and 5% Rollup: Form NEL-540(05/01)
Enhanced Death Benefit - Form NL-640-1 (4/08)
Additional Death Benefit - Earnings Preservation Benefit (EPB):
NEL-570 (05/01)
Guaranteed Minimum Income Benefits Ceded:
-----------------------------------------
Guaranteed Minimum Income Benefit Form NEL-560 (05/01)
Guaranteed Minimum Income Benefit II Form NEL-560-1 (03/03)
Guaranteed Minimum Income Benefit Plus: Form NEL-560-2 (05/05)
Guaranteed Minimum Income Benefit Plus: Form NL-560-4 (4/08)
Guaranteed Minimum Income Benefit Plus: Form NL-560-5 (7/08)
Guaranteed Withdrawal Benefits Ceded:
-------------------------------------
Guaranteed Withdrawal Benefit: Form NEL-690-1 (7/04)
Guaranteed Withdrawal Benefit: Form NEL-690-2 (11/05)
Lifetime Guaranteed Withdrawal Benefit: Form NEL-690-3 (6/06)
Lifetime Withdrawal Guaranteed Benefit (2008 Version):
Form NL-690-4 (4/08)
Lifetime Withdrawal Guaranteed Benefit (2008 Version):
Form NL-690-4 (7/08)
Page 2 of 6
Guaranteed Minimum Income Benefits Ceded:
-----------------------------------------
Guaranteed Minimum Accumulation Benefit: Form NEL-670-1 (11/05)
Page 3 of 6
EXHIBIT II
REINSURANCE PREMIUMS
A. GMDB PROGRAM
REINSURANCE
PREMIUM (BASIS
GMDB PROGRAM PRODUCTS COVERED POINTS)
------------ ---------------- --------------
Principal Protection All Products 9.00
Annual Step-Up Plan Codes: 125010, 125011, 125020,
125021, 125030, 125031, 125040,
125041, 125050, 125110, 125140,
and 125150 10.00
Annual Step-Up Other Plan Codes 20.00
Greater of Annual Plan Codes: 125010, 125011, 125020,
Step-Up and 5% Rollup 125021, 125030, 125031, 125040,
125041, 125050, 125110, 125140,
and 125150 25.00
Greater of Annual Other Plan Codes 35.00
Step-Up and 5% Rollup
Enhanced Death Benefit All Products, Issue Age 0-69 65.00*
Enhanced Death Benefit All Products, Issue Age 70-75 85.00*
Earnings Preservation All Products 25.00
Benefit
* lf the Enhanced DB is elected in combination with Guaranteed Minimum Income
Benefit Plus (Form NL-560-4), there will be a 5 bps reduction in the fee
Page 4 of 6
B. INCOME PROGRAM
REINSURANCE
PREMIUM (BASIS
INCOME PROGRAM PRODUCTS COVERED POINTS)
-------------- ---------------- --------------
GMIB All Products sold prior to February 15, 2003 35
GMIB and GMIB II Plan codes 125080, 125090, 125180, 125190, 45
1250A0, 1250A1, 1250B0, 1250B1, 1250C0,
1250C1, 1250D0, 1250D1, 1250E0, 1250E1,
1250F0, 1250F1, 1250L0, 1250L1, 1250P0,
1250P1, 1251A0, 1251B0, 1251F0, and 1251P0
sold after April 30, 2003 and before May 1, 2005
if GMDB program is Annual Step or Max of Annual
Step and Rollup
GMIB and GMIB II All other Products sold after February 14, 2003 50
and before May 1, 2005 and for All Products
sold after April 30,2005
GMIB Plus: Forms All Products sold after April 30, 2005 and 75
NEL-560-2 and NL-560-4 before February 26, 2007.
GMIB Plus: Forms All Products sold on or after February 26, 2007. 80
NEL-560-2 and NL-560-4
GMIB Plus: Form All Products 75
NL-560-5 (7/08)
C. WITHDRAWAL PROGRAM
REINSURANCE
PREMIUM (BASIS
WITHDRAWAL PROGRAM PRODUCTS COVERED POINTS)
------------------ ---------------- --------------
Guaranteed Withdrawal Benefit All Products sold before July 16, 2007 50.00
Guaranteed Withdrawal Benefit All Products sold on or after July 16, 2007 55.00
Lifetime GWB - Single Life All Products 50.00
Version
Lifetime GWB - Joint Life All Products 70.00
Version
Lifetime GWB (2008 Version) - All Products 65.00
Single Life Version
Lifetime GWB (2008 Version) - All Products 85.00
Joint Life Version
Page 5 of 6
D. ACCUMULATION PROGRAM
REINSURANCE
PREMIUM (BASIS
ACCUMULATION PROGRAM PRODUCTS COVERED POINTS)
-------------------- ---------------- --------------
Guaranteed Accumulation Benefit All Products 75.00
Page 6 of 6
AMENDMENT NO. 10 TO
AUTOMATIC REINSURANCE AGREEMENT
EFFECTIVE AS OF APRIL 1, 2001
AMENDED AND RESTATED AS OF JULY 1, 2004
(Agreement)
between
NEW ENGLAND LIFE INSURANCE COMPANY
(Cedent)
and
EXETER REASSURANCE COMPANY, LTD.
(Reinsurer)
The Agreement is hereby amended, as of February 20, 2009, as follows:
1. The attached Exhibit II, Reinsurance Premiums, amends and, as
amended, restates Exhibit II, Reinsurance Premiums.
This Amendment No. 10 does not alter, amend or modify the Agreement other than
as set forth herein, and the terms and conditions of the Agreement, as amended
herein, continue in effect without other change.
In Witness whereof, the parties have caused this Amendment No. 10 to be signed
in duplicate counterparts as of the date first above written.
NEW ENGLAND LIFE INSURANCE COMPANY
By: /s/ [Illegible Signature]
------------------------------------
Title: VP
EXETER REASSURANCE COMPANY, LTD.
By: /s/ RBB
------------------------------------
Title: President
Page 1 of 4
EXHIBIT II
REINSURANCE PREMIUMS
A. GMDB PROGRAM
REINSURANCE
PREMIUM (BASIS
GMDB PROGRAM PRODUCTS COVERED POINTS)
-------------------- ------------------------------------------- --------------
Principal Protection All Products 9.00
Annual Step-Up Plan Codes: 125010, 125011, 125020, 10.00
125021, 125030, 125031, 125040,
125041, 125050, 125110, 125140,
and 125150
Annual Step-Up Other Plan Codes 20.00
Greater of Annual Step-Up Plan Codes: 125010, 125011, 125020,
and 5% Rollup 125021, 125030, 125031, 125040, 25.00
125041, 125050, 125110, 125140,
and 125150
Greater of Annual Step-Up Other Plan Codes 35.00
and 5% Rollup
Enhanced Death Benefit All Products, Issue Age 0-69 65.00*
Enhanced Death Benefit All Products sold on or before 35.00*
February 20, 2009, Issue Age 70-75
Enhanced Death Benefit All Products sold after 90.00*
February 20, 2009, Issue Age 70-75
Earnings Preservation Benefit All Products 25.00
* lf the Enhanced DB is elected in combination with Guaranteed Minimum Income
Benefit Plus (Form NL-560-4), there will be a 5 bps reduction in the fee
Page 2 of 4
B. INCOME PROGRAM
REINSURANCE
PREMIUM (BASIS
INCOME PROGRAM PRODUCTS COVERED POINTS)
-------------- ---------------- --------------
GMIB All Products sold prior to February 15, 2003 35
GMIB and GMIB II Plan codes 125080, 125090, 125180, 125190, 45
1250A0, 1250A1, 1250B0, 1250B1, 1250C0,
1250C1, 1250D0, 1250D1, 1250E0, 1250E1,
1250F0, 1250F1, 1250L0, 1250L1, 1250P0,
1250P1, 1251A0, 1251B0, 1251F0, and 1251P0
sold after April 30, 2003 and before May 1, 2005
if GMDB program is Annual Step or Max of Annual
Step and Rollup
GMIB and GMIB II All other Products sold after February 14, 2003 50
and before May 1, 2005 and for All Products sold
after April 30,2005
GMIB Plus: Forms All Products sold after April 30, 2005 and before 75
NEL-560-2 and February 26, 2007.
NL-560-4
GMIB Plus: Forms All Products sold on or after February 26, 2007 80
NEL-560-2 and and on or before February 20, 2009.
NL-560-4
GMIB Plus: Forms All Products sold after February 20, 2009. 100
NEL-560-2 and
NL-560-4
GMIB Plus: Form All Products sold on or before February 20, 2009 75
NL-560-5 (7/08)
GMIB Plus: Form All Products sold after February 20, 2009 95
NL-560-5 (7/08)
Page 3 of 4
C. WITHDRAWAL PROGRAM
REINSURANCE
PREMIUM (BASIS
WITHDRAWAL PROGRAM PRODUCTS COVERED POINTS)
------------------ ---------------- --------------
Guaranteed Withdrawal Benefit All Products sold before 50.00
July 16, 2007
Guaranteed Withdrawal Benefit All Products sold on or after 55.00
July 16, 2007
Lifetime GWB - Single Life Version All Products 50.00
Lifetime GWB - Joint Life Version All Products 70.00
Lifetime GWB (2008 Version) - All Products sold on or before 65.00
Single Life Version February 20, 2009
Lifetime GWB (2008 Version) - All Products sold on or before 85.00
Joint Life Version February 20, 2009
Lifetime GWB (2008 Version) - All Products sold after 125.00
Single Life Version February 20, 2009
Lifetime GWB (2008 Version) - All Products sold after 150.00
Joint Life Version February 20, 2009
D. ACCUMULATION PROGRAM
REINSURANCE
PREMIUM (BASIS
ACCUMULATION PROGRAM PRODUCTS COVERED POINTS)
-------------------- ---------------- --------------
Guaranteed Accumulation Benefit All Products 75.00
Page 4 of 4
AMENDMENT NO. 11 TO
AUTOMATIC REINSURANCE AGREEMENT
EFFECTIVE AS OF APRIL 1, 2001
AMENDED AND RESTATED AS OF JULY 1, 2004
(Agreement)
between
NEW ENGLAND LIFE INSURANCE COMPANY
(Cedent)
and
EXETER REASSURANCE COMPANY, LTD.
(Reinsurer)
The Agreement is hereby amended, as of May 4, 2009, as follows:
1. The attached Exhibit II, Reinsurance Premiums, amends and, as
amended, restates Exhibit II, Reinsurance Premiums.
This Amendment No.11 does not alter, amend or modify the Agreement other than
as set forth herein, and the terms and conditions of the Agreement, as amended
herein, continue in effect without other change.
In Witness whereof, the parties have caused this Amendment No. 11 to be signed
in duplicate counterparts as of the date first above written.
NEW ENGLAND LIFE INSURANCE COMPANY
By: /s/ [Illegible Signature]
-------------------------------------
Title: VP
EXETER REASSURANCE COMPANY, LTD.
By: /s/ RBB
-------------------------------------
Title: President
Page 1 of 4
EXHIBIT II
REINSURANCE PREMIUMS
A. GMDB PROGRAM
REINSURANCE
GMDB PROGRAM PRODUCTS COVERED PREMIUM (BASIS
POINTS)
------------ ---------------- --------------------
Principal Protection All Products 9.00
Annual Step-Up Plan Codes: 125010, 125011, 125020, 10.00
125021, 125030, 125031, 125040,
125041, 125050, 125110, 125140, and
125150
Annual Step-Up Other Plan Codes 20.00
Greater of Annual Step-Up Plan Codes: 125010, 125011, 125020, 25.00
and 5% Rollup 125021, 125030, 125031, 125040,
125041,125050, 125110, 125140, and
125150
Greater of Annual Step-Up Other Plan Codes 35.00
and 5% Rollup
Enhanced Death Benefit All Products sold before May 4, 2009, 65.00*
Issue Age 0-69
Enhanced Death Benefit All Products sold on or after May 4, 75.00
2009, Issue Age 0-69
Enhanced Death Benefit All Products sold on or before 85.00*
February 20, 2009, Issue Age 70-75
Enhanced Death Benefit All Products sold after February 20, 90.00*
2009 and before May 4, 2009, Issue
Age 70-75
Enhanced Death Benefit All Products sold on or after May 4, 95.00
2009, Issue Age 70-75
Earnings Preservation Benefit All Products 25.00
* Prior to May 4, 2009, if the Enhanced DB is elected in combination with
Guaranteed Minimum Income Benefit Plus (Form NL-560-4), there will be a 5
bps reduction in the fee
Page 2 of 4
B. INCOME PROGRAM
REINSURANCE
PREMIUM (BASIS
INCOME PROGRAM PRODUCTS COVERED POINTS)
-------------- ---------------- ----------------
GMIB All Products sold prior to 35
February 15, 2003
GMIB and GMIB II Plan codes 125080, 125090, 125180, 45
125190, 1250A0, 1250A1, 1250B0,
1250B1, 1250C0, 1250C1, 1250D0,
1250D1, 1250E0, 1250E1, 1250F0,
1250F1, 1250L0, 1250L1, 1250P0,
1250P1, 1251A0, 1251B0, 1251F0,
and 1251P0 sold after April 30,
2003 and before May 1, 2005 if
GMDB program is Annual Step or Max
of Annual Step and Rollup
GMIB and GMIB II All other Products sold after 50
February 14, 2003 and before May 1,
2005 and for All Products sold after
April 30,2005
GMIB Plus: Forms All Products sold after April 30, 75
NEL-560-2 and NL-560-4 2005 and before February 26, 2007.
GMIB Plus: Forms All Products sold on or after 80
NEL-560-2 and NL-560-4 February 26, 2007 and on or before
February 20, 2009.
GMIB Plus: Forms All Products sold after 100
NEL-560-2 and NL-560-4 February 20, 2009.
GMIB Plus: Form All Products sold on or before 75
NL-560-5 (7/08) February 20, 2009
GMIB Plus: Form All Products sold after 95
NL-560-5 (7/08) February 20, 2009
Page 3 of 4
C. WITHDRAWAL PROGRAM
REINSURANCE
PREMIUM (BASIS
WITHDRAWAL PROGRAM PRODUCTS COVERED POINTS)
------------------ ---------------- ---------------
Guaranteed Withdrawal Benefit All Products sold before 50.00
July 16, 2007
Guaranteed Withdrawal Benefit All Products sold on or after 55.00
July 16, 2007
Lifetime GWB - Single Life All Products 50.00
Version
Lifetime GWB - Joint Life All Products 70.00
Version
Lifetime GWB (2008 Version) - All Products sold on or before 65.00
Single Life Version February 20, 2009
Lifetime GWB (2008 Version) - All Products sold on or before 85.00
Joint Life Version February 20, 2009
Lifetime GWB (2008 Version) - All Products sold after 125.00
Single Life Version February 20, 2009
Lifetime GWB (2008 Version) - All Products sold after 150.00
Joint Life Version February 20, 2009
D. ACCUMULATION PROGRAM
REINSURANCE
PREMIUM (BASIS
ACCUMULATION PROGRAM PRODUCTS COVERED POINTS)
-------------------- ---------------- ---------------
Guaranteed Accumulation Benefit All Products 75.00
Page 4 of 4
AMENDMENT NO. 12 TO
AUTOMATIC REINSURANCE AGREEMENT
EFFECTIVE AS OF APRIL 1, 2001
AMENDED AND RESTATED AS OF JULY 1, 2004
(Agreement)
between
NEW ENGLAND LIFE INSURANCE COMPANY
(Cedent)
and
EXETER REASSURANCE COMPANY, LTD.
(Reinsurer)
The Agreement is hereby amended, as of JULY 10, 2009, as follows:
1. The attached Schedule A, Plans of Reinsurance, amends and, as
amended, restates Schedule A, Plans of Reinsurance.
This Amendment No. 12 does not alter, amend or modify the Agreement other than
as set forth herein, and the terms and conditions of the Agreement, as amended
herein, continue in effect without other change.
In Witness whereof, the parties have caused this Amendment No. 12 to be signed
in duplicate counterparts as of the date first above written.
NEW ENGLAND LIFE INSURANCE COMPANY
By: /s/ [Illegible Signature]
-------------------------------------
Title: VP
EXETER REASSURANCE COMPANY, LTD.
By: /s/ RBB
-------------------------------------
Title: President
Page 1 of 3
SCHEDULE A
PLANS OF REINSURANCE
A. Reinsurer's Percentage:
Prior to July 1, 2004, 25% of the business described herein.
Effective, July 1, 2004, 100% of the business described herein.
B. Effective Date:
April 1, 2001
C. Reinsured Contracts:
NEW ENGLAND LIFE INSURANCE COMPANY
DEFERRED ANNUITY CONTRACTS
--------------------------
American Forerunner Series Variable Annuity - All share classes.
FORM NUMBERS
------------
Guaranteed Minimum Death Benefits Ceded:
----------------------------------------
Principal Protection: Form NEL-530 (05/01)
Annual Step-Up: Form NEL-550 (05/01)
Greater of Annual Step-Up and 5% Rollup: Form NEL-540(05/01)
Enhanced Death Benefit - Form NL-640-1 (4/08)
Additional Death Benefit - Earnings Preservation Benefit
(EPB): NEL-570 (05/01)
Guaranteed Minimum Income Benefits Ceded:
-----------------------------------------
Guaranteed Minimum Income Benefit Form NEL-560 (05/01)
Guaranteed Minimum Income Benefit II Form NEL-560-1 (03/03)
Guaranteed Minimum Income Benefit Plus: Form NEL-560-2 (05/05)
Guaranteed Minimum Income Benefit Plus: Form NL-560-4 (4/08)
Guaranteed Minimum Income Benefit Plus: Form NL-560-5 (7/08)
Guaranteed Withdrawal Benefits Ceded:
-------------------------------------
Guaranteed Withdrawal Benefit: Form NEL-690-1 (7/04)
Guaranteed Withdrawal Benefit: Form NEL-690-2 (11/05)
Lifetime Guaranteed Withdrawal Benefit: Form NEL-690-3 (6/06)
Lifetime Withdrawal Guaranteed Benefit (2008 Version):
Form NL-690-4 (4/08) or NL-690-4 (7/08) or
NL-690-5 (7/09) or NL-690-6-NY (7/09)
Page 2 of 3
Guaranteed Minimum Income Benefits Ceded:
---------------------------------------------
Guaranteed Minimum Accumulation Benefit: Form NEL-670-1 (11/05)
Page 3 of 3
AMENDMENT NO. 13 TO
AUTOMATIC REINSURANCE AGREEMENT
EFFECTIVE AS OF APRIL 1, 2001
AMENDED AND RESTATED AS OF JULY 1, 2004
(Agreement)
between
NEW ENGLAND LIFE INSURANCE COMPANY
(Cedent)
and
EXETER REASSURANCE COMPANY, LTD.
(Reinsurer)
The Agreement is hereby amended, as of APRIL 1/ST/, 2012, as follows:
1. The attached Article V, Reinsurance Premiums amends and, as amended,
restates Article V, Reinsurance Premiums. This restated Article V
updates the Reinsurance Premium calculation for the Enhanced Death
Benefit Guaranteed Minimum Death Benefits.
This Amendment No. 13 does not alter, amend or modify the Agreement other than
as set forth herein, and the terms and conditions of the Agreement, as amended
herein, continue in effect without other change.
In Witness whereof, the parties have caused this Amendment No. 13 to be signed
in duplicate counterparts as of the date first above written.
NEW ENGLAND LIFE INSURANCE COMPANY
By: /s/ ▇▇▇▇▇▇▇ ▇▇▇▇▇
-------------------------------------
Name: ▇▇▇▇▇▇▇ ▇▇▇▇▇
Title: Vice President
EXETER REASSURANCE COMPANY, LTD.
By: /s/ ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
-------------------------------------
Name: ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
Title: Vice President and Actuary
Page 1 of 3
ARTICLE V
REINSURANCE PREMIUMS
A. The Cedent shall pay the Reinsurer an Initial Reinsurance Premium equal to
$894,146.
B. The total Reinsurance Premium for the business ceded hereunder is the sum
of the GMDB Reinsurance Premium, the EPB Reinsurance Premium, the GMIB
Reinsurance Premium, the GWB Reinsurance Premium, and the GMAB Reinsurance
Premium, each of which is defined separately in this article.
C. The Reinsurance Premium rates and structure described above are subject to
change in accordance with the criteria described in Article XV.
D. The Reinsurance Premium rates are expressed in terms of basis points and
are defined in Exhibit II.
GMDB Reinsurance Premium
------------------------
E. For Guaranteed Minimum Death Benefits other than Enhanced Death Benefits,
the Cedent shall calculate, for each premium class, the Reinsurer's
Percentage of the average aggregate account value for the reporting month.
This value shall be applied to the GMDB Reinsurance Premium rates per
premium class on a 1/12th basis.
F. For Enhanced Death Benefit Guaranteed Minimum Death Benefits, the Cedent
shall calculate, for each premium class, the Reinsurer's Percentage of the
average aggregate Death Benefit Base for the reporting month. This value
shall be applied to the GMDB Reinsurance Premium rates per premium class on
a 1/12th basis.
EPB Reinsurance Premium
-----------------------
G. The Cedent shall calculate the Reinsurer's Percentage of the average
aggregate account value for the reporting month. This value shall be
applied to the annualized EPB reinsurance premium rates per premium class
on a 1/12th basis.
GMIB Reinsurance Premium
------------------------
H. The Cedent shall calculate, for each premium class, the Reinsurer's
Percentage of the average aggregate IBB value for the reporting month. This
value shall be applied to the annualized GMIB cession premium rates on a
1/12th basis.
Page 2 of 3
GWB Reinsurance Premium
-----------------------
I. The Cedent shall calculate the Reinsurer's Percentage of the Guaranteed
Withdrawal Amount (Total Guaranteed Withdrawal Amount for Lifetime GWB) for
the reporting month. This value shall be applied to the annualized GWB
Reinsurance Premium rates per premium class on a 1/12th basis.
GMAB Reinsurance Premium
------------------------
J. The Cedent shall calculate for the reporting month the Reinsurer's
Percentage of the Guaranteed Accumulation Amount. This value shall be
applied to the annualized GMAB cession premium rates on a 1/12th basis.
Page 3 of 3
AMENDMENT NO. 14 TO
AUTOMATIC REINSURANCE AGREEMENT
EFFECTIVE AS OF APRIL 1, 2001
AMENDED AND RESTATED AS OF JULY 1, 2004
(Agreement)
between
NEW ENGLAND LIFE INSURANCE COMPANY
(Cedent)
and
EXETER REASSURANCE COMPANY, LTD.
(Reinsurer)
The Agreement is hereby amended, as of JULY 1, 2012, as follows:
1. The attached Exhibit II, Reinsurance Premiums, amends and, as amended,
restates Exhibit II, Reinsurance Premiums.
This Amendment No. 14 does not alter, amend or modify the Agreement other than
as set forth herein, and the terms and conditions of the Agreement, as amended
herein, continue in effect without other change.
In Witness whereof, the parties have caused this Amendment No. 14 to be signed
in duplicate counterparts as of the date first above written.
NEW ENGLAND LIFE INSURANCE COMPANY
By: /s/ ▇▇▇▇▇▇▇ ▇▇▇▇▇
------------------------------------
Name: ▇▇▇▇▇▇▇ ▇▇▇▇▇
Title: Vice President
EXETER REASSURANCE COMPANY, LTD.
By: /s/ ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
------------------------------------
Name: ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
Title: Vice President and Actuary
Page 1 of 6
EXHIBIT II
REINSURANCE PREMIUMS
A. GMDB PROGRAM
REINSURANCE
PREMIUM (BASIS
GMDB PROGRAM PRODUCTS COVERED POINTS)
------------ ---------------- ---------------
Principal Protection All Products 9.00
Annual Step-Up Plan Codes: 125010, 125011, 125020, 10.00
125021, 125030, 125031, 125040, 125041,
125050, 125110, 125140, and 125150
Annual Step-Up Other Plan Codes 20.00
Greater of Annual Step- Plan Codes: 125010, 125011, 125020, 25.00
Up and 5% Rollup 125021, 125030, 125031, 125040, 125041,
125050, 125110, 125140, and 125150
Greater of Annual Step- Other Plan Codes 35.00
Up and 5% Rollup
Enhanced Death Benefit All Products sold before May 4, 2009, Issue 65.00*
Age 0-69
Enhanced Death Benefit All Products sold on or after May 4, 2009, 75.00
Issue Age 0-69
Enhanced Death Benefit All Products sold on or before February 20, 85.00*
2009, Issue Age 70-75
Enhanced Death Benefit All Products sold after February 20, 2009 90.00*
and before May 4, 2009, Issue Age 70-75
Enhanced Death Benefit All Products sold on or after May 4, 2009, 95.00
Issue Age 70-75
Earnings Preservation All Products 25.00
Benefit
* Prior to May 4, 2009, if the Enhanced DB is elected in combination with
Guaranteed Minimum Income Benefit Plus (Form NL-560-4), there will be a 5
bps reduction in the fee
Page 2 of 6
B. INCOME PROGRAM
REINSURANCE
PREMIUM
INCOME PROGRAM PRODUCTS COVERED (BASIS POINTS)
-------------- ---------------- ---------------
GMIB All Products sold prior to February 15, 2003 35
GMIB and GMIB II Plan codes 125080, 125090, 125180, 125190, 1250A0, 45
1250A1, 1250B0, 1250B1, 1250C0, 1250C1, 1250D0,
1250D1, 1250E0, 1250E1, 1250F0, 1250F1, 1250L0,
1250L1, 1250P0, 1250P1, 1251A0, 1251B0, 1251F0,
and 1251P0 sold after April 30, 2003 and before May 1,
2005 if GMDB program is Annual Step or Max of Annual
Step and Rollup
GMIB and GMIB II All other Products sold after February 14, 2003 and 50
before May 1, 2005 and for All Products sold after April
30,2005
GMIB Plus: Forms All Products sold after April 30, 2005 and before 75
NEL-560-2 and NL- February 26, 2007, for which the contract's Income Base
560-4 is not increased due to an Annual Step-Up on a contract
anniversary occurring on July 1, 2012 or later.
GMIB Plus: Forms All Products sold after April 30, 2005 and before 100
NEL-560-2 and NL- February 26, 2007, for which the contract's Income Base
560-4 is increased due to an Annual Step-Up on a contract
anniversary occurring on July 1, 2012 or later.
GMIB Plus: Forms All Products sold on or after February 26, 2007 and on or 80
NEL-560-2 and NL- before February 20, 2009, for which the contract's
560-4 Income Base is not increased due to an Annual Step-Up
on a contract anniversary occurring on July 1, 2012 or
later.
GMIB Plus: Forms All Products sold on or after February 26, 2007 and on or 120
NEL-560-2 and NL- before February 20, 2009, for which the contract's
560-4 Income Base is increased due to an Annual Step-Up on
a contract anniversary occurring on July 1, 2012 or later.
GMIB Plus: Forms All Products sold after February 20, 2009 and before 100
NEL-560-2 and NL- May 4, 2009, for which the contract's Income Base is not
560-4 increased due to an Annual Step-Up on a contract
anniversary occurring on July 1, 2012 or later.
GMIB Plus: Forms All Products sold after February 20, 2009 and before 120
NEL-560-2 and NL- May 4, 2009, for which the contract's Income Base is
560-4 increased due to an Annual Step-Up on a contract
anniversary occurring on July 1, 2012 or later.
Page 3 of 6
REINSURANCE
PREMIUM
INCOME PROGRAM PRODUCTS COVERED (BASIS POINTS)
-------------- ---------------- ---------------
GMIB Plus: Forms All Products sold on or after May 4, 2009. 100
NEL-560-2 and NL-
560-4
GMIB Plus: Form NL- All Products sold on or before February 20, 2009, 75
560-5 (7/08) for which the contract's Income Base is not increased
due to an Annual Step-Up on a contract anniversary
occurring on July 1, 2012 or later.
GMIB Plus: Form NL- All Products sold on or before February 20, 2009, for 115
560-5 (7/08) which the contract's Income Base is increased due to an
Annual Step-Up on a contract anniversary occurring on
July 1, 2012 or later.
GMIB Plus: Form All Products sold after February 20, 2009 and before 95
NL-560-5 (7/08) May 4, 2009, for which the contract's Income Base is not
increased due to an Annual Step-Up on a contract
anniversary occurring on July 1, 2012 or later.
GMIB Plus: Form All Products sold after February 20, 2009 and before 115
NL-560-5 (7/08) May 4, 2009, for which the contract's Income Base is
increased due to an Annual Step-Up on a contract
anniversary occurring on July 1, 2012 or later.
GMIB Plus: Form NL All Products sold on or after May 4, 2009. 95
560-5 (7/08)
Page 4 of 6
C. WITHDRAWAL PROGRAM
REINSURANCE PREMIUM
WITHDRAWAL PROGRAM PRODUCTS COVERED (BASIS POINTS)
------------------ ---------------- -------------------
Guaranteed Withdrawal Benefit All Products sold before 50.00
July 16, 2007
Guaranteed Withdrawal Benefit All Products sold on or after 55.00
July 16, 2007
Lifetime GWB - Single Life All Products, for which 50.00
Version the contract's GWB Benefit Base is
not increased due to
an Annual Step-Up on a contract
anniversary occurring on July 1,
2012 or later.
Lifetime GWB - Single Life All Products, for which 80.00
Version the contract's GWB Benefit Base is
increased due to an Annual Step-
Up on a contract anniversary
occurring on July 1, 2012 or later.
Lifetime GWB - Joint Life All Products, for which 70.00
Version the contract's GWB Benefit Base is
not increased due to
an Annual Step-Up on a contract
anniversary occurring on July 1,
2012 or later.
Lifetime GWB - Joint Life All Products, for which 105.00
Version the contract's GWB Benefit Base is
increased due to an Annual Step-
Up on a contract anniversary
occurring on July 1, 2012 or later.
Lifetime GWB (2008 Version) - All Products sold on or before 65.00
Single Life Version February 20, 2009, for which the
contract's GWB Benefit Base is not
increased due to
an Annual Step-Up on a contract
anniversary occurring on July 1,
2012 or later.
Lifetime GWB (2008 Version) - All Products sold on or before 95.00
Single Life Version February 20, 2009, for which the
contract's GWB Benefit Base is
increased due to an Annual Step-
Up on a contract anniversary
occurring on July 1, 2012 or later.
Lifetime GWB (2008 Version) All Products sold on or before 85.00
- Joint Life Version February 20, 2009, for which the
contract's GWB Benefit Base is not
increased due to an Annual Step-
Up on a
contract anniversary occurring on
July 1, 2012 or later.
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REINSURANCE PREMIUM
WITHDRAWAL PROGRAM ODUCTS COVERED (BASIS POINTS)
------------------ -------------- -------------------
Lifetime GWB (2008 Version) All Products sold on or before 120.00
- Joint Life Version February 20, 2009, for which the
contract's GWB Benefit Base is
increased due to an Annual Step-
Up on a contract anniversary
occurring on July 1, 2012 or later.
Lifetime GWB (2008 Version) - All Products sold after 125.00
Single Life Version February 20, 2009
Lifetime GWB (2008 Version) All Products sold after 150.00
- Joint Life Version February 20, 2009
D. ACCUMULATION PROGRAM
REINSURANCE PREMIUM
ACCUMULATION PROGRAM PRODUCTS COVERED (BASIS POINTS)
-------------------- ---------------- -------------------
Guaranteed Accumulation
Benefit All Products 75.00
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