AUTOMATIC YEARLY RENEWABLE TERM
REINSURANCE AGREEMENT
between
HARTFORD LIFE AND ACCIDENT INSURANCE COMPANY
HARTFORD LIFE INSURANCE COMPANY
and
HARTFORD LIFE AND ANNUITY INSURANCE COMPANY
and
▇▇▇▇▇▇▇ GLOBAL LIFE INSURANCE COMPANY (U.S. BRANCH)
Effective: October 15, 1999
ARTICLES
I. Parties to the Agreement 2
II. Reinsurance Coverage 2
III. Liability 4
IV. Reinsurance Premiums 5
V. Oversights 7
VI. Conversions 7
VII. Changes, Reductions and Terminations 7
VIII. Increase in Retention 9
IX. Reinstatement 10
X. Expenses 10
XI. Claims 10
XII. Extra-Contractual Damages 13
XIII. Inspection of Records 13
XIV. DAC Tax -- Section 1.848-2 (g)(8) Election 13
XV. Insolvency 14
XVI. Offset 15
XVII. Arbitration 15
XVIII. Termination 16
XIX. Entire Agreement and Amendments 17
XX. Effective Date 17
XXI. Execution 18
SCHEDULES
A. Specifications
B. Basis of Reinsurance
EXHIBITS
I. Reinsurance Premiums
II. Retention, Binding, and Issue Limits
AMENDMENTS
Number 1
FOREIGN NATIONAL EXHIBITS
I. Underwriting Guidelines for Foreign National Business
II. Foreign National Loadings
All Schedules and Exhibits attached will be considered part of this Reinsurance
Agreement.
1
ARTICLE I
PARTIES TO THE AGREEMENT
This Agreement is between three Hartford Life Companies, Hartford Life Insurance
Company, Hartford Life and Accident Insurance Company, and Hartford Life and
Annuity Insurance Company (collectively referred to as the Ceding Company) and
▇▇▇▇▇▇▇ Global Life Insurance Company (U.S. Branch) (referred to as the
Reinsurer). The Reinsurer agrees that the terms and conditions of this Agreement
shall apply to each of the Hartford Life Companies individually, unless
otherwise set forth herein.
ARTICLE II
REINSURANCE COVERAGE
Reinsurance under this Agreement will apply to insurance issued by Ceding
Company on the Plans of Insurance shown in Schedule A. Such Plans of Insurance
shall be reinsured with the Reinsurer on an automatic basis, subject to the
requirements set forth in Section A below or on a facultative basis, subject to
the requirements set forth in Section B below. The specifications for all
reinsurance under this Agreement are provided in Schedule A.
A. Requirements for Automatic Reinsurance
For risks which meet the requirements for automatic reinsurance as set forth
below, Reinsurer will participate in a reinsurance pool whereby Reinsurer will
automatically reinsure a portion of the insurance risks as indicated in Schedule
A. The requirements for automatic reinsurance are as follows:
1. The individual must be a resident of the United States or Canada at
the time of application.
2. The individual risk must be underwritten according to the Ceding
Company's standard underwriting practices and guidelines. Any risk
falling into the category of special underwriting programs will be
excluded from this Agreement unless previously agreed to by the
Reinsurer via a written amendment.
3. Any risk offered on a facultative basis by the Ceding Company to the
Reinsurer or any other company will not qualify for automatic
reinsurance under this Agreement for the same risk and same life.
4. The maximum issue age on any risk will be age 90.
5. The mortality rating on each individual risk
2
B. Requirements for Facultative Reinsurance
1. If the requirements for automatic reinsurance are met, but the
Ceding Company prefers to apply for facultative reinsurance with the
Reinsurer, or if the requirements for automatic reinsurance are not
met and the Ceding Company applies for facultative reinsurance with
the Reinsurer, then the Ceding Company must submit to the Reinsurer
all the papers relating to the insurability of the individual risk
for facultative reinsurance.
2. For applications for facultative reinsurance, Ceding Company will
send copies of all of the papers relating to the insurability of the
individual risk to the Reinsurer. After the Reinsurer has examined
the request, the Reinsurer will promptly notify the Ceding Company
of the underwriting offer subject to additional requirements or the
final underwriting offer. The final underwriting offer on the
individual risk will automatically terminate upon the earlier of the
withdrawal of the application or 120 days from the date of the final
offer, unless accepted earlier.
3. Notwithstanding the above, if the requirements for automatic
reinsurance are met except that the face amount of insurance applied
for is greater than the Automatic Issue Limit, but does not exceed
the Auto Process Limit, then the Ceding Company will submit to the
Lead Reinsurer, (as designated in Schedule A), all papers relating
to the insurability of the individual risk. The Lead Reinsurer shall
review the papers to determine if the Pool should reinsure the risk,
and, if so, on what basis. The Lead Reinsurer shall provide Ceding
Company with a response within 24 hours of receipt of the papers.
Approval of the Lead Reinsurer shall be binding on all other Pool
members. This process shall be known as Automatic Processing and
subject to the limitations in Exhibit II.
3
C. Requirements for Facultative Obligatory Reinsurance
The Reinsurer agrees to a facultative obligatory arrangement whereby the Ceding
Company may cede a risk to the Reinsurer and the Reinsurer agrees to accept the
risk using the Ceding Company's underwriting evaluation, subject to the
following conditions:
1. The requirements for automatic reinsurance specified in Article II
must be met except that the total amount of insurance issued and
applied for in all companies on each risk has exceeded the jumbo
limits set forth in Exhibit II.
2. The arrangement is available on all policy forms covered under this
Reinsurance Agreement except for term life insurance products.
3. The ceded risk is subject to the Facultative Obligatory Automatic
Binding Limits as stated in Exhibit II.
4. The ceded risk is subject to the Facultative Obligatory Automatic
Issue Limit is as stated in Exhibit II.
5. The Reinsurer provides the minimum facultative obligatory capacity
as stated in Exhibit I. However, to the extent that Reinsurer has
already filled its available capacity on the risk, the Reinsurer may
reduce the provided capacity by notifying the Ceding Company of the
reduced capacity. Such notification must occur within 2 business
days of the Ceding Company's request for facultative obligatory
capacity on that risk.
D. Basis of Reinsurance
Reinsurance under this Agreement will be on the basis as stated in Schedule B.
E. Policy Forms.
When requested, the Ceding Company will furnish the Reinsurer with a copy of
each policy, rider, rate book, and applicable sales or marketing material that
applies to the life insurance reinsured hereunder.
ARTICLE III
LIABILITY
A. The Reinsurer's liability for automatic reinsurance coverage will begin
simultaneously with the Ceding Company's liability except for those risks which
qualify for automatic reinsurance but are submitted on a facultative basis.
4
B. The Reinsurer's liability for facultative reinsurance coverage on the
individual risk will begin simultaneously with the Ceding Company's liability
once the Reinsurer has accepted the application for facultative reinsurance and
the Ceding Company has accepted the offer.
C. In no event shall the reinsurance be in force and binding if the issuance
and delivery of such insurance constituted the doing of business in a
jurisdiction in which the ceding company was not properly licensed.
D. The Reinsurer's liability for reinsurance coverage on each risk will
terminate when the Ceding Company's liability terminates.
E. The liability of each pool member shall be separate and not joint with the
other pool members.
F. Payment of reinsurance premiums is a condition precedent to reinsurance
coverage.
G. The Reinsurer shall establish reserves on Reinsurer's portion of the policy
on the reserve basis specified in Schedule B.
ARTICLE IV
REINSURANCE PREMIUMS
A. Computation.
Premiums for reinsurance under this Agreement will be computed as described in
Exhibit I.
B. Premium Accounting.
1. Payment of Reinsurance Premiums.
For automatic and facultative reinsurance, following the close of
each calendar month, the Ceding Company will send the Reinsurer a
statement and a listing of new business, changes and
terminations.
If a net reinsurance premium balance is payable to the Reinsurer,
the Ceding Company will forward this balance within (30) thirty
days after the close of each month.
If a net reinsurance premium balance is payable to the Ceding
Company, the balance due will be subtracted from the reinsurance
premium payable by Ceding Company for the current month. The
Reinsurer shall pay any remaining balance due the Ceding Company
thirty days after the Ceding
5
Company submits the statement.
2. Non-Payment of Premium
If reinsurance premiums are delinquent, the Reinsurer has the
right to terminate the reinsurance risks on those policies listed
on the delinquent monthly statement by giving the Ceding Company
ninety days' advance written notice. If the delinquent premiums
have not been paid as of the close of the ninety-day period, the
Reinsurer's liability will terminate for the risks described in
the delinquency notice.
Regardless of the termination, the Ceding Company will continue
to be liable to the Reinsurer for all unpaid reinsurance premiums
earned.
3. Reinstatement
The Ceding Company may reinstate the risks terminated due to
non-payment of reinsurance premium within sixty days after the
effective date of termination by paying the unpaid reinsurance
premiums for the risks in force prior to the termination.
However, the Reinsurer will not be liable for any claim incurred
between the date of termination and reinstatement. The effective
date of reinstatement will be the date the required back premiums
are received.
4. Currency
The reinsurance premiums and benefits payable under this
Agreement will be payable in the lawful money of the United
States.
5. Detailed Listing
Upon request, the Ceding Company will electronically send the
Reinsurer a detailed listing of all reinsurance, including
reserves, of all automatic reinsurance in force as of the close
of the immediately preceding calendar year.
The amount of reserves calculated on the reinsured policies in
force as of December 31st of the preceding year must be certified
by the Ceding Company's valuation actuary and be sent to the
Reinsurer within 31 days of the close of the calendar year.
6. Guaranteed Rates
Reinsurance premium rates are guaranteed for one year. The
Reinsurer reserves the right to increase the reinsurance rates,
but not above the
6
statutory valuation net premium rates in the second year and
later. If this right is exercised, an allowance will be payable
such that the net rate (original rate less allowance) following
the rate increase remains unchanged from the original rate prior
to the increase. In the event the Ceding Company increases the
cost of insurance rates charged to the policyowner, the net rate
of the Reinsurer will increase in like proportion.
ARTICLE V
OVERSIGHTS
If there is an unintentional oversight or misunderstanding in the administration
of this Agreement by Ceding Company or Reinsurer, it can be corrected provided
the correction takes place within a reasonable time after the oversight or
misunderstanding is first discovered. Both Ceding Company and the Reinsurer will
be restored to the position they would have occupied had the oversight or
misunderstanding not occurred.
ARTICLE VI
CONVERSIONS
Conversions from existing term plans of insurance reinsured under this Agreement
will be reinsured using the YRT premiums attached as Exhibit I on a
point-in-scale basis up to the original face amount. The converted policy will
be reinsured with the Reinsurer in the same proportion as was determined for the
original term policy.
ARTICLE VII
CHANGES, REDUCTIONS AND TERMINATIONS
A. Replacement or Change
If there is a contractual change or non-contractual replacement of the insurance
reinsured under this Agreement where full underwriting evidence according to the
Ceding Company's regular underwriting rules is not required, the insurance may
continue to be reinsured with the Reinsurer provided it meets the minimum
reinsurance cession amount stated in Schedule A. If a non-contractual change is
requested on a facultatively reinsured policy, the Reinsurer must consent to the
change.
B. Increases or Decreases
1. If the policy face amount of a risk reinsured automatically under
this
7
Agreement increases and:
a. The increase is subject to new underwriting evidence, then
the provisions of Article II, Section A, shall apply to the
increase in reinsurance.
b. The increase is not subject to new underwriting evidence, then
Reinsurer will accept automatically the increase in
reinsurance but not to exceed the automatic binding limit.
2. If the policy face amount increases, the Ceding Company's retention
will be filled first, then any remaining risk of the increase will
be ceded to the Reinsurer as of the effective date of the increase.
If the policy face amount is reduced, the reinsurance will be
reduced first, thereby maintaining the Ceding Company's retention.
Reinsurer will refund to Ceding Company all unearned reinsurance
premiums not including policy fees, less applicable allowances,
arising from reductions, terminations and changes as described in
this Article.
3. In the event of a reduction in the face amount of a policy which was
ceded facultatively, the Reinsurer's percentage of the reduced face
amount should be the same percentage of the initial reinsurance
ceded.
4. Increases in face amount of policies reinsured on a facultative
basis, will be submitted to the Reinsurer for acceptance.
C. Reduction in Retained Coverage
If any portion of the aggregate insurance retained by Ceding Company on an
individual life reduces or terminates any reinsurance under this Agreement based
on the same life may also be reduced or terminated. Ceding Company will reduce
the reinsurance by applying the retention limits that were in effect at the time
each policy was issued. Ceding Company will not be required to retain an amount
in excess of its regular retention limit for the age, mortality rating and risk
classification at the time of issue for any policy on which reinsurance is being
reduced.
The reinsurance to be terminated or reduced will be determined by chronological
order in which the reinsurance was first reinsured, thereby reducing or
terminating the oldest risks first.
D. Multiple Reinsurers
If a risk is shared by more than one Reinsurer, Reinsurer's percentage of any
8
increased or reduced reinsurance will be the same as its initial percentage of
the reinsurance for that risk.
E. Termination
If the policy for a risk reinsured under this Agreement is terminated, the
reinsurance for the risk involved will be terminated on the effective date of
termination.
F. Facultative
On facultative reinsurance, if Ceding Company wishes to reduce the mortality
rating, this reduction will be subject to and reinsured under the facultative
provisions of this Agreement.
ARTICLE VIII
INCREASE IN RETENTION
A. If the Ceding Company should increase the retention limits as listed in
Exhibit II, prompt written notice of the increase must be given to the
Reinsurer.
B. In the event of an increase in retention, the Ceding Company will have the
option of recapturing the reinsurance under this Agreement when the
retention limit increases. The Ceding Company may exercise its option to
recapture by giving written notice to the Reinsurer within ninety days after
the effective date of the increase.
C. If the Ceding Company exercises its option to recapture, then
1. The Ceding Company must reduce the reinsurance on each individual
life on which the Ceding Company retained the maximum retention
limit for the age and mortality rating that was in effect at the
time the reinsurance was ceded to the Reinsurer.
2. No recapture will be made to reinsurance on an individual life if
(a) the Ceding Company retained a special retention limit less than
the maximum retention limit in effect at the time the reinsurance
was ceded to the Reinsurer, or if (b) the Ceding Company did not
retain insurance on the risk.
3. The Ceding Company must increase its total amount of insurance on
the risk up to the new retention limit by reducing the reinsurance.
If a risk is shared by more than one Reinsurer, the Reinsurer's
percentage of the
9
reduced reinsurance will be the same as the initial percentage on the
individual risk.
4. Upon increasing the retention limit, the reduction in reinsurance
will become effective on the next annual premium anniversary of
those policies that have been inforce for at least ten (10) years.
ARTICLE IX
REINSTATEMENT
If an insurance policy lapses for nonpayment of premium and is reinstated under
the Ceding Company's terms and rules, the Reinsurer will reinstate the
reinsurance as follows:
A. Automatic Cases:
The Ceding Company must pay the Reinsurer all back reinsurance premiums in the
same manner as the Ceding Company received insurance premiums under the policy.
When the Ceding Company reinstates the policy, the reinsurance will be
automatically reinstated.
B. Facultative Cases:
If the Ceding Company requires reinstatement evidence of insurability, the
Ceding Company will submit it to the Reinsurer for approval. In such cases, the
Reinsurer's approval is required for the reinsurance to be reinstated. Upon the
Reinsurer's approval, the Ceding Company must pay the Reinsurer all back
reinsurance premiums in the same manner as the Ceding Company received insurance
premium under the policy.
ARTICLE X
EXPENSES
The Ceding Company must pay the expense of all medical examinations, inspection
fees and other charges in connection with the issuance of the insurance.
10
ARTICLE XI
CLAIMS
A. Liability
If the Ceding Company is liable for insurance benefits on a policy reinsured
under this Agreement, the Reinsurer shall be liable for its portion of the
reinsurance on that policy, as described in Schedule A. All reinsurance claim
settlements will be subject to the terms and conditions of the particular
contract under which the Ceding Company is liable.
B. Notification
When the Ceding Company is advised of a claim, the Reinsurer must be notified
promptly.
C. Claim Payment
1. Automatic Reinsurance on a Risk
If a claim is made on a risk reinsured automatically under this
Agreement and is not contested by the Ceding Company, Reinsurer
will abide by the issue as the Ceding Company settles it. Copies
of proofs or other written matters relating to any claim
reimbursements under this Agreement shall be furnished to the
Reinsurer upon written request. The Ceding Company will receive
payment of the reinsurance proceeds from the Reinsurer when the
Ceding Company makes the settlement of the policy proceeds and
delivers a copy of the proof of death, check copy or proof of
payment and the claimant's statement to the Reinsurer.
2. Facultative Reinsurance on a Risk
If a claim is made on a risk reinsured facultatively under this
Agreement, the Ceding Company shall submit to Reinsurer all
relevant and/or requested documents and papers related to the
claim along with Ceding Company's recommendation. Ceding Company
shall then wait five days from the date of mailing during which
time Reinsurer shall have the opportunity to advise Ceding
Company of its consent or disagreement with the recommendation.
In the event Reinsurer does not contact Ceding Company within the
five-day period, Reinsurer shall be deemed to have approved the
recommendation and Ceding Company shall be authorized to act
accordingly. The Ceding Company will receive payment of the
reinsurance proceeds from Reinsurer when Ceding Company makes the
settlement of the policy proceeds and delivers proof of
11
payment to the Reinsurer.
3. Payment of Reinsurance Proceeds
Payment of life reinsurance proceeds will be made in a single sum
regardless of the Ceding Company's mode of settlement with the
payee. The Reinsurer shall reimburse the Ceding Company for its
proportionate share of any interest paid by the Ceding Company.
Participation in accrued interest by the Reinsurer shall be in
accordance with the applicable state statutory regulations.
D. Contested Claims
The Ceding Company must promptly notify the Reinsurer of any intent to contest a
claim reinsured under this Agreement or to assert defenses. If the Ceding
Company's contest of such claim results in the increase or reduction of
liability, the Reinsurer will share in this increase or reduction. The
Reinsurer's share of the increase or decrease shall be proportional to their
share of the met amount at risk on the date of death of the insured.
If the Reinsurer should decline to participate in the contest or assertion of
defenses, the Reinsurer will then release all of the liability by paying the
Ceding Company the full amount of reinsurance and not sharing in any subsequent
increase or reduction in liability.
E. Misstatement of Age or Sex
If the amount of insurance provided by the policy or policies reinsured under
this Agreement is increased or reduced because of misstatement of age or sex
established after the death of the insured, the Reinsurer will share with the
Ceding Company in this increase or reduction.
F. Routine Expenses
The Ceding Company will pay the routine expenses incurred in connection with
settling claims. These expenses may include compensation of agent and employees
and the cost of routine investigations such as inspection reports.
G. Non-Routine Expenses
The Reinsurer will share with the Ceding Company all expenses that are not
routine. Expenses that are not routine are those directly incurred in connection
with the contest or the possibility of a contest of a claim or the assertion of
defenses, including legal expenses. The expenses will be shared in proportion to
the net amount at risk for the Ceding Company and Reinsurer. However, if the
Reinsurer has released the liability under Section D of this Article, the
12
Reinsurer will not share in any expenses incurred after the date of the
Reinsurer's release.
▇. ▇▇▇▇▇▇▇▇▇▇▇ Period
If, during the contestable period, Ceding Company is notified of the death of
the insured, the Ceding Company will investigate the case.
I. Return of Premium for Misrepresentations and Suicides
If a misrepresentation or misstatement on an application or a death of an
insured risk by suicide results in the Ceding Company returning the policy
premiums to the policy owner rather than paying the policy benefits, the
Reinsurer will refund all of the reinsurance premiums it received on that policy
to the Ceding Company. This refund given by the Reinsurer will be in lieu of all
other reinsurance benefits payable on that policy under this Agreement.
ARTICLE XII
EXTRA-CONTRACTUAL DAMAGES
In no event will the Reinsurer have any liability for any extra-contractual
settlements or damages including but not limited to compensatory, consequential,
exemplary, bad faith or punitive which are awarded against the Ceding Company as
a result of acts, omissions or course of conduct committed by the Ceding Company
or its agents in connection with the insurance reinsured under this Agreement.
However, in situations in which the Reinsurer was an active party in the act,
omission or course of conduct which ultimately results in the assessment of such
damages, the Reinsurer will participate in the extra-contractual payment. The
extent of such sharing is dependent on good faith assessment of culpability in
each case, but all factors being equal, the division of any such assessment
would be in the proportion of total risk accepted by each party for the plan of
insurance involved.
ARTICLE XIII
INSPECTION OF RECORDS
Each party will have the right, at any reasonable time and upon reasonable
notice, to inspect the other party's books and documents that relate to
reinsurance under this Agreement.
13
ARTICLE XIV
DAC TAX
SECTION 1.848-2(g) (8) ELECTION
A. The Reinsurer and the Ceding Company hereby agree to the following pursuant
to section 1.848-2(g)(8) of the Income Tax Regulations issued December 1992
under Section 848 of the Internal Revenue Code of 1986, as amended. This
election shall be effective for 1993 and for all subsequent taxable years for
which this Agreement remains in effect.
B. The terms used in this Article are defined by reference to Regulation
Section 1.848-2 in effect December 1992.
C. The party, with net positive consideration for this Agreement for each
taxable year will capitalize specified policy acquisition expenses with respect
to this Agreement without regard to the general deduction limitation of section
848(c)(1).
D. Both parties agree to exchange information pertaining to the amount of net
consideration under this Agreement each year to ensure consistency or as
otherwise required by the Internal Revenue Service.
E. The Ceding Company will submit to the Reinsurer by May 1st of each year a
schedule of the calculation of the net consideration for the preceding calendar
year. This schedule of calculations will be accompanied by a statement signed by
an officer of the Ceding Company stating that such net consideration will be
reported in the tax return for the preceding calendar year.
F. The Reinsurer may contest such calculation by providing an alternative
calculation to the Ceding Company in writing within 30 days of receipt of Ceding
Company's calculation. If the Reinsurer does not notify the Ceding Company,
Reinsurer will report the net consideration as determined by the Ceding Company
in the tax return for the preceding calendar year.
G. If the Reinsurer contests the Ceding Company's calculation of the net
consideration, both parties will act in good faith to reach an agreement as to
the correct amount within thirty (30) days of the date the Reinsurer submits
their alternative calculation. If both parties reach agreement on an amount of
net consideration, both parties shall report such amount in their respective tax
returns for the previous calendar year.
14
ARTICLE XV
INSOLVENCY
A. Insolvency of Reinsurer
If the Reinsurer becomes insolvent as determined by the Department of Insurance
responsible for such determination, amounts due the Reinsurer will be paid net
of the terms of this Agreement and directly to the liquidator, receiver, or
statutory successor without decrease. The Ceding Company without charge may
recapture all reinsurance ceded under this Agreement or penalty as of the date
Reinsurer fails to meet its obligations under this Agreement.
B. Insolvency of Ceding Company
If Hartford Life Insurance Company, Hartford Life and Accident Insurance Company
or Hartford Life and Annuity Insurance Company should become insolvent, all
reinsurance under this Agreement covering risks ceded by that particular company
will be payable by Reinsurer directly to that Company's liquidator, receiver or
statutory successor, on the basis of the liability of that Company under the
policy or policies reinsured and without diminution because of the insolvency of
the Company. However, in the event of such insolvency, the liquidator, receiver
or statutory successor will give written notice of a pending claim against
Ceding Company on the reinsured policy. It will do so within a reasonable time
after the claim is filed in the insolvency proceedings. During the pendency of
such a claim, Reinsurer may investigate the claim and may, at its own expense,
interpose any defense or defenses which it may deem available to the insolvent
Company, its liquidator, receiver or statutory successor, in the proceedings
where the claim is to be adjudicated.
The expense thus incurred by ▇▇▇▇▇▇▇▇▇ will be chargeable against the insolvent
Company, subject to court approval, as part of the expense of liquidation to the
extent of a proportionate share of the benefit which may accrue to the insolvent
Company solely as a result of the defense undertaken by Reinsurer.
Where two or more Reinsurers are involved in the same claim and a majority in
interest elect to interpose defense to the claim, the expense will be
apportioned in accord with the terms of the reinsurance agreement as though the
expense had been incurred by the insolvent Company.
It is agreed that the insolvency of any one of the Hartford Life Companies shall
not affect this Agreement as it applies to the remaining solvent companies.
15
ARTICLE XVI
OFFSET
Any debts or credits, matured or unmatured, liquidated or unliquidated,
regardless of when they arose or were incurred, in favor of or against either
the Ceding Company or the Reinsurer with respect to this Agreement or with
respect to any other claim of one party against the other are deemed mutual
debts or credits, as the case may be, and shall be set off, and only the balance
shall be allowed or paid. In the event the Ceding Company becomes insolvent,
offsets shall be allowed in accordance with applicable law.
ARTICLE XVII
ARBITRATION
Any disagreement, controversy, or claim arising out of or relating to this
Agreement between the Reinsurer and any one of the Hartford Life Companies will
be settled by arbitration. There will be three arbitrators chosen among current
or retired officers of life insurance companies other than parties or their
affiliates. Each party to the dispute will appoint one of the arbitrators and
these two arbitrators will select the third arbitrator. In the event that either
party should fail to choose an arbitrator within 30 days following a written
request by the other party to do so, the requesting party may choose two
arbitrators who shall in turn choose a third arbitrator before entering upon
arbitration. If the two arbitrators fail to agree upon the selection of a third
arbitrator within 30 days following their appointment, each arbitrator shall
nominate three candidates within 10 days thereafter, two of whom the other shall
decline, and the decision shall be made by drawing lots.
Arbitration will be conducted in accordance with the Commercial Arbitration
Rules of the American Arbitration Association that will be in effect on the date
of delivery of demand for arbitration. The arbitrators will base their decision
on the terms and conditions of this Agreement plus, as necessary, on the customs
and practices of the insurance and reinsurance industry rather than solely on a
strict interpretation of the applicable law. The site of any arbitration will be
determined by a majority vote of the arbitrators. All expenses and fees of the
arbitration will be borne equally by the parties unless otherwise decreed by the
arbitrators.
The award agreed to by a majority of the arbitrators will be final and binding
and there will be no appeal from their decision. Judgment may be entered upon it
in any court having jurisdiction.
16
ARTICLE XVIII
TERMINATION
A. Each Hartford Life Insurance Company and the Reinsurer may terminate this
Agreement as it applies to the new business of each by giving (90) ninety days'
written notice of termination. The day the notice is deposited in the mail
addressed to the Home Office, or to an Officer of each party, will be the first
day of the (90) ninety-day period.
B. During the (90) ninety-day period, this Agreement will continue to be in
force between the terminating parties.
C. After termination, the terminating parties shall remain liable under the
terms of this Agreement for all automatic reinsurance that becomes effective
prior to termination of this Agreement. After termination the terminating
parties shall be liable for all automatic and facultative reinsurance which has
an application date on or before the effective date of the termination.
D. Termination by one or two of the Hartford Life Companies shall not affect
this Agreement as it relates to the non-terminating Hartford Life Company (ies).
ARTICLE XIX
ENTIRE AGREEMENT AND AMENDMENT
A. Entire Contract
This Agreement with any attached Schedules and Exhibits, shall constitute the
entire agreement between the parties with respect to the business being
reinsured hereunder and there are no understandings between the parties other
than as expressed herein.
B. Modifications
Any modification or change to the provisions of this Agreement shall be null and
void unless set forth in a written amendment to the Agreement which is signed by
all parties to the amendment.
ARTICLE XX
EFFECTIVE DATE
The provisions of this Agreement shall be effective with respect to policies
issued on or after October 15, 1999.
17
ARTICLE XXI
EXECUTION
▇▇▇▇▇▇▇ GLOBAL LIFE INSURANCE COMPANY
By /s/ [ILLEGIBLE] Attest /s/ [ILLEGIBLE]
------------------------------ ------------------------------
Title Vice President Marketing Title Vice President -- Finance
Date 19.7.2001 Date July 19, 2001
HARTFORD LIFE INSURANCE COMPANY
HARTFORD LIFE AND ACCIDENT INSURANCE COMPANY
HARTFORD LIFE AND ANNUITY INSURANCE COMPANY
By /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇ Attest /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
------------------------------ ------------------------------
▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇, FSA, CLU ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇, FSA, MAAA
Vice President Director, Individual Life
Pricing
Individual Life Product &
Marketing
Date 4/27/2000 Date 4/27/2000
SCHEDULE A
SPECIFICATIONS
TYPE OF BUSINESS Individual life insurance issued by the Ceding
Company
REINSURANCE POOL SHARE Reinsurer shall automatically reinsure
of the amount at risk on a policy reinsured by the
Pool.
FACULTATIVE OBLIGATORY
PLANS OF INSURANCE
POLICY TYPES RIDERS
-----------------------------------------------------------------------------------------------------------------
Interest Sensitive Whole Life Other Covered Insured (UL)
Stag Universal Life Term Rider (on base or other insured)
ART, 5, and 10 Yr Term (NY) Additional Insurance Benefit Rider (ISWL)
Stag Variable Life Increase in Coverage Option Rider (VL)
Artisan Variable Life Cost of Living Rider (UL)
Protector Variable Life Waiver of Premium
One Year Term ADB Benefit (not reinsured)
Accumulator Variable Life Deduction Amount Waiver Rider
Life Solutions I UL Waiver of Monthly Deduction
Life Solutions II UL Additional Purchase Option Rider
LBS I UL
Universal Life V
20 Year Term
Single Premium Variable Life (fully underwritten
only)
MINIMUM REINSURANCE CESSION
[Redacted]
LEAD REINSURER
[Redacted]
SCHEDULE B
BASIS OF REINSURANCE
LIFE PRODUCTS Life reinsurance will be on the yearly renewable term
(YRT) basis for the amount at risk on the portion of the
policy reinsured by Reinsurer. The amount at risk on a
policy shall be the death benefit of the policy less the
amount retained by the Ceding Company, less the cash value
under the policy. The basis for determining Reinsurer's
liability shall be the amount at risk used for computation
of the reinsurance premium.
EXCHANGES Exchanges from one single life plan reinsured under this
agreement to a different single life plan, for the purpose
of allowing the policyowner premium flexibility (UL) or
potentially higher investment return (VL), will be
reinsured hereunder as new business at first year
reinsurance rates if the new plan has been fully
underwritten and has new contestable and suicide exclusion
periods. Otherwise, the reinsurance rates will be
point-in-scale.
RESERVE BASIS [Redacted]
EXHIBIT I
REINSURANCE PREMIUMS
1. LIFE REINSURANCE PREMIUM
[Redacted]
2. FLAT EXTRA PREMIUMS
[Redacted]
3. PREMIUM TAX
Premium tax will not be reimbursed.
4. RIDERS
Term riders, cost of living riders, and other riders providing additional or
increasing coverage will use the same methods and YRT rates as the base plan.
Waiver of premium rates are attached and are per dollar of annualized amount.
Deduction amount waiver rates (also called "waiver of monthly deductions") are
attached, and the charge for this benefit is a rate times the monthly deduction
amount. Our retention on both types of waivers is proportional to our retention
on the death benefit.
EXHIBIT II
[Redacted]
SINGLE LIFE RETENTION, BINDING, AND ISSUE LIMITS
EFFECTIVE 10/15/99
RETENTION LIMIT
Issue Age Standard -- Table F Table G -- Table P
AUTOMATIC BINDING LIMIT (EXCLUDES RETENTION)
Issue Age Standard -- Table F Table G -- Table P
AUTOMATIC ISSUE LIMIT (INCLUDES RETENTION)
Issue Age Standard -- Table F Table G -- Table P
AUTOMATIC PROCESSING LIMIT (INCLUDES RETENTION)
Issue Age Standard -- Table F Table G -- Table P
FACULTATIVE OBLIGATORY AUTOMATIC BINDING LIMIT (EXCLUDES RETENTION)
Issue Age Standard -- Table F Table G -- Table P
FACULTATIVE OBLIGATORY AUTOMATIC ISSUE LIMIT (INCLUDES RETENTION)
Issue Age Standard -- Table F Table G -- Table P
JUMBO LIMIT
Issue Age Standard -- Table F Table G -- Table P
AMENDMENT NUMBER 1
This Amendment, effective October 15, 1999, is made by and between the three
Hartford Life Companies, HARTFORD LIFE INSURANCE COMPANY, HARTFORD LIFE AND
ACCIDENT INSURANCE COMPANY, and HARTFORD LIFE AND ANNUITY INSURANCE COMPANY
(collectively referred to as the Ceding Company) AND ▇▇▇▇▇▇▇ GLOBAL LIFE
INSURANCE COMPANY (referred to as the Reinsurer). It is attached to and becomes
a part of the Automatic Yearly Renewable Term
Reinsurance Agreement dated
October 15, 1999.
The Reinsurer and Ceding Company agree that the Ceding Company's Foreign
National business will be reinsured under the terms of this Agreement except for
the following differences:
EXECUTION
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. It is executed in duplicate by:
▇▇▇▇▇▇▇ GLOBAL LIFE INSURANCE COMPANY
By /s/ [ILLEGIBLE] Attest /s/ [ILLEGIBLE]
------------------------------ ------------------------------
Title [ILLEGIBLE] Title Vice President-Finance
Date 19.7.2001 Date July 19, 2001
HARTFORD LIFE INSURANCE COMPANY
HARTFORD LIFE AND ACCIDENT INSURANCE COMPANY
HARTFORD LIFE AND ANNUITY INSURANCE COMPANY
By /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇ Attest /s/ ▇▇▇ ▇▇▇▇▇▇▇▇
------------------------------ ------------------------------
▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇, FSA, CLU ▇▇▇ ▇▇▇▇▇▇▇▇, FSA, MAAA
Vice President Individual Life Director Individual Life
Product & Marketing Product Development
Date 4/27/2000 Date 4/27/2000
FOREIGN NATIONAL EXHIBIT I
UNDERWRITING GUIDELINES FOR FOREIGN NATIONAL BUSINESS
[Redacted]
FOREIGN NATIONAL EXHIBIT II
FOREIGN NATIONAL LOADINGS PER $1,000 OF FACE AMOUNT
REGION COUNTRIES LOADINGS
-------------------------------------------------------------------------------
Latin America & Caribbean Argentina [Redacted]
Brazil
Chile
Costa Rica
Dominican Republic
Mexico
Panama
Paraguay
Uruguay
Venezuela
Cayman Islands
Belize
Virgin Islands
Western Europe Austria
Belgium
Denmark
Finland
France
Germany (Reunified)
Greece
Ireland
Italy
Netherlands
Norway
Portugal
Spain
Sweden
Switzerland
United Kingdom
Far East Hong Kong
Japan
Malaysia
Philippines
Singapore
Taiwan
South Korea
Australia
AMENDMENT NUMBER 2
This Amendment, effective October 15, 1999, is made by and between the three
Hartford Life Companies, HARTFORD LIFE INSURANCE COMPANY, HARTFORD LIFE AND
ACCIDENT INSURANCE COMPANY, and HARTFORD LIFE AND ANNUITY INSURANCE COMPANY
(collectively referred to as the Ceding Company) AND ▇▇▇▇▇▇▇ GLOBAL LIFE
INSURANCE COMPANY (referred to as the Reinsurer). It is attached to and becomes
a part of the Automatic Yearly Renewable Term
Reinsurance Agreement dated
October 15, 1999.
Although the Reinsurer is not participating, the Reinsurer agrees that effective
March 15, 2000, the Ceding Company will be allowed to participate in a Table Two
to Standard Program as outlined in the Table Two to Standard Program Exhibit I.
EXECUTION
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. It is executed in duplicate by:
▇▇▇▇▇▇▇ GLOBAL LIFE INSURANCE COMPANY
By /s/ [ILLEGIBLE] Attest /s/ [ILLEGIBLE]
------------------------------ ------------------------------
Title [ILLEGIBLE] Title Vice President-Finance
Date 19 July, 2001 Date July 19, 2001
HARTFORD LIFE INSURANCE COMPANY
HARTFORD LIFE AND ACCIDENT INSURANCE COMPANY
HARTFORD LIFE AND ANNUITY INSURANCE COMPANY
By /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇ Attest /s/ ▇▇▇ ▇▇▇▇▇▇▇▇
------------------------------ ------------------------------
▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇, FSA, CLU ▇▇▇ ▇▇▇▇▇▇▇▇, FSA, MAAA
Vice President Individual Life Director Individual Life
Product & Marketing Product Development
Date 4/27/2000 Date 4/27/2000
EXHIBIT I
TABLE 2 TO STANDARD PROGRAM EFFECTIVE MARCH 15, 2000
ELIGIBILITY REQUIREMENTS
[Redacted]
ALLOCATION OF CASES AMONG THE PROGRAM, CEDING COMPANY'S RETENTION, AND THE POOL
[Redacted]
AMENDMENT NUMBER 3
This is an amendment to the Automatic Yearly Renewable Term Reinsurance
Agreement between Hartford Life and Accident Insurance Company, Hartford Life
Insurance Company and Hartford Life and Annuity Insurance Company (collectively
referred to as the Ceding Company), and ▇▇▇▇▇▇▇ Global Life Insurance Company,
(referred to as the Reinsurer), dated October 15, 1999. The parties agree to the
following:
Effective June 1, 2000, the Ceding Company will no longer cede and Reinsurer
will no longer accept reinsurance under this agreement, except for policies with
facultative coverage wherein the original reinsurance application was submitted
prior to June 1, 2000 and the policy was actually issued after that date.
Reinsurance that is now in force under this Agreement will continue to be
governed by the terms and conditions of the Agreement until the termination or
expiration of all such reinsurance.
EXECUTION
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. It is executed in duplicate by:
▇▇▇▇▇▇▇ GLOBAL LIFE INSURANCE COMPANY
By /s/ [ILLEGIBLE] Attest /s/ [ILLEGIBLE]
------------------------------ ------------------------------
Title Vice President [ILLEGIBLE] Title Vice President -- Finance
Date 19-July-2001 Date July 19, 2001
HARTFORD LIFE INSURANCE COMPANY
HARTFORD LIFE AND ACCIDENT INSURANCE COMPANY
HARTFORD LIFE AND ANNUITY INSURANCE COMPANY
By /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇ Witness /s/ ▇▇▇ ▇▇▇▇▇▇▇▇
------------------------------ ------------------------------
▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇, FSA, CLU ▇▇▇ ▇▇▇▇▇▇▇▇, FSA, MAAA
Vice President Director
Individual Life Product & Individual Life Product
Marketing Development
Date 8/7/2000 Date 8/14/2000
AMENDMENT NUMBER 4
This Amendment is made by and between the three Hartford Life Companies,
HARTFORD LIFE INSURANCE COMPANY, HARTFORD LIFE AND ACCIDENT INSURANCE COMPANY,
and HARTFORD LIFE AND ANNUITY INSURANCE COMPANY(collectively referred to as the
Ceding Company) AND ▇▇▇▇▇▇▇ GLOBAL LIFE INSURANCE COMPANY (referred to as the
Reinsurer). It is attached to and becomes a part of the Automatic Yearly
Renewable Term Reinsurance Agreement dated October 15, 1999 (referred to as the
Reinsurance Agreement).
Effective June 1, 2002, the reinsurance rates per thousand for Protector
Variable Life and Accumulator Variable Life are replaced by the ALB annual
premium rates attached for in force policies. These ALB annual premium rates
replace the ALB annual premium rates for Protector Variable Life and Accumulator
Variable Life attached to Exhibit I.
In all other respects, said Agreement shall remain unchanged.
▇▇▇▇▇▇▇ GLOBAL LIFE INSURANCE COMPANY
By /s/ [ILLEGIBLE] Attest /s/ [ILLEGIBLE]
------------------------------ ------------------------------
Title Vice President Marketing Title Vice President - Finance
Date 28. April. 2003. Date April 28/03
HARTFORD LIFE INSURANCE COMPANY
HARTFORD LIFE AND ACCIDENT INSURANCE COMPANY
HARTFORD LIFE AND ANNUITY INSURANCE COMPANY
By /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇ Attest /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
------------------------------ ------------------------------
▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇, FSA, CLU ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇, FSA, MAAA
Senior Vice President Assistant Vice President
Individual Life Product &
Marketing
Date 3/4/2003 Date 2/28/2003
AMENDMENT NUMBER 5
This Amendment is made by and between the three Hartford Life Companies,
HARTFORD LIFE INSURANCE COMPANY, HARTFORD LIFE and ACCIDENT INSURANCE COMPANY,
and HARTFORD LIFE AND ANNUITY INSURANCE COMPANY (collectively referred to as the
Ceding Company) AND ▇▇▇▇▇▇▇ GLOBAL LIFE INSURANCE COMPANY, US BRANCH (referred
to as the Reinsurer). It is attached to and becomes a part of the Automatic
Yearly Renewable Term Reinsurance Agreement dated October 15, 1999 (referred to
as the Reinsurance Agreement).
Effective October 15, 1999, the Reinsurer and the Ceding Company agree to the
following:
1. Article XIX shall be replaced by the attached Article XIX.
2. The attached Article XXII shall be added to the Reinsurance Agreement.
In all other respects, said Agreement shall remain unchanged.
▇▇▇▇▇▇▇ GLOBAL LIFE INSURANCE COMPANY, US BRANCH
By /s/ [ILLEGIBLE] Attest /s/ [ILLEGIBLE]
------------------------------ ------------------------------
Title Vice President Marketing Title Vice President -- Finance
Date April 6/04 Date April 6/04
HARTFORD LIFE INSURANCE COMPANY
HARTFORD LIFE AND ACCIDENT INSURANCE COMPANY
HARTFORD LIFE AND ANNUITY INSURANCE COMPANY
By /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇ Attest /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
------------------------------ ------------------------------
▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇, FSA, CLU ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇. FSA, MAAA
Senior Vice President Assistant Vice President
Individual Life Product &
Marketing
Date 3/5/04 Date 3/22/2004
ARTICLE XIX
ENTIRE AGREEMENT AND AMENDMENTS
A. Entire Contract
This Agreement with any attached Schedules and Exhibits shall constitute the
entire contract between the parties with respect to the business being reinsured
hereunder and there are no understandings between the parties other than as
expressed herein.
B. Modifications
Any modification or change to the provisions of this Agreement shall be null and
void unless set forth in a written amendment to the Agreement which is signed by
all parties to the amendment.
C. Severability
In the event that any provision or term of this Agreement shall be held by any
court, arbitrator, or administrative agency to be invalid, illegal or
unenforceable, all of the other terms and provisions shall remain in full force
and effect to the extent that their continuance is practicable and consistent
with the original intent of the parties. In addition, if any provision or term
is held invalid, illegal or unenforceable, the parties will attempt in good
faith to renegotiate the Agreement to carry out the original intent of the
parties.
D. Survival
All provisions of this Agreement shall survive its termination to the extent
necessary to carry out the purposes of this Agreement or to ascertain and
enforce the parties' rights or obligations hereunder existing at the time of
termination.
E. Non-Waiver
No waiver by either party of any violation or default by the other party in the
performance of any promise, term or condition of this Agreement shall be
construed to be a waiver by such party of any other or subsequent default in
performance of the same or any other promise, term or condition of this
Agreement. No prior transactions or dealings between the parties shall be deemed
to establish any custom or usage waiving or modifying any provision hereof. The
failure of either party to enforce any part of this Agreement shall not
constitute a waiver by such party of its right to do so, nor shall it be deemed
to be an act of ratification or consent.
F. Governing Law
This Agreement shall be governed by the laws of the state of
Connecticut.
G. Assignment
Neither party may assign any of its rights, duties or obligations under this
Agreement without the prior written consent of the other party. Such consent
shall not be unreasonably withheld.
H. Counterparts
This Agreement may be executed in one or more counterparts, each of which shall
constitute an original.
I. Force Majeure
Neither party shall be liable for any delay or non-performance of any covenant
contained herein nor shall any such delay or non-performance constitute a
default hereunder, or give rise to any liability for damages if such delay or
nonperformance is caused by an event of "force majeure." As used herein, the
term "Force Majeure," means an event, explosion, action of the elements, strike
or other labor relations problem, restriction or restraint imposed by law, rule
or regulation of any public authority, whether federal, state or local, and
whether civil or military, act of any military authority, interruption of
transportation facilities or any other cause which is beyond the reasonable
control of such party and which by the exercise of reasonable diligence such
party is unable to prevent. The existence of any event of Force Majeure shall
extend the term of performance on the part of such party to complete performance
in the exercise of reasonable diligence after the event of Force Majeure has
been removed.
ARTICLE XXII
CONFIDENTIALITY
As used herein, "Confidential Information" means all of our confidential,
proprietary, or trade secret information, including, but not limited to, all
information on Ceding Company's customers and claimants and other information
the Ceding Company discloses to the Reinsurer. The term "Confidential
Information" does not include any information which (i) at the time of
disclosure or thereafter is generally available to and known by the public other
than by way of a wrongful disclosure by a party or its Representatives; (ii) was
available on a non-confidential basis from a source other than the parties
hereto or their Representatives, provided that such source is not and was not
bound by a confidentiality agreement with a party hereto; or (iii) was
independently developed without violating any obligations under this Agreement
and without the use of any Confidential Information.
The Reinsurer shall maintain the confidentiality of the Confidential
Information, shall use it only for purposes for which it was disclosed and shall
not disclose it to any other person except to employees, agents, and other
persons who need to know such Confidential Information to carry out the purposes
for which it was disclosed and who agree to maintain the confidentiality of the
information provided herein.
AMENDMENT 6
EFFECTIVE JANUARY 1, 2007
TO THE
AUTOMATIC AND FACULTATIVE YEARLY RENEWABLE TERM REINSURANCE AGREEMENT
EFFECTIVE OCTOBER 15,1999
("AGREEMENT")
BETWEEN
HARTFORD LIFE INSURANCE COMPANY
("CEDING COMPANY")
AND
SCOR LIFE U.S. RE INSURANCE COMPANY
(FORMERLY REVIOS REINSURANCE CANADA, LTD.)
FILE NUMBER HL105YA
("REINSURER")
RECITALS
WHEREAS, the Reinsurer currently reinsures the Ceding Company's plans or
policies under the Agreement; and
WHEREAS, the Ceding Company and the Reinsurer wish to amend or modify the
Agreement to reflect the collateral that will need to be established by the
Reinsurer, to enable the Ceding Company to be able to take reserve credit for
reinsured policies issued in New York.
NOW, THEREFORE for good and valuable considerations, receipt of which is hereby
acknowledged, the Ceding Company and the Reinsurer hereby agree as follows:
AMENDMENT
I. The attached Article XXIII shall be added to the Reinsurance Agreement.
II. The attached Article XXIV shall be added to the Reinsurance Agreement.
III. The attached Article XXV shall be added to the Reinsurance Agreement.
IV. Schedule B shall be replaced by the attached Schedule B.
Except as herein amended, all other terms and conditions of the Agreement shall
remain in full force and effect and unchanged.
Single Life Term YRT Treaty -- Effective 10/15/1999
Between HLIC and SCOR Life US
Amendment 6 -- Effective 01/01/2007
1
In witness of the foregoing, the Ceding Company and the Reinsurer have, by their
respective officers, hereby executed this Amendment in duplicate on the dates
indicated below, with an effective date of January 1, 2007.
SCOR LIFE U.S. RE INSURANCE COMPANY
By: /s/ ▇▇▇▇ ▇. ▇▇▇▇▇▇ Attest: /s/ [ILLEGIBLE]
------------------------------ ------------------------------
Name: ▇▇▇▇ ▇. ▇▇▇▇▇▇ Name: [ILLEGIBLE]
Title: Vice President Title: Manager, [ILLEGIBLE]
Date: 11/26/07 Date: 11/26/07
HARTFORD LIFE INSURANCE COMPANY
By: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇ Attest: /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
------------------------------ ------------------------------
Name: ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇ Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
Title: Vice President Title: Senior Vice President
Date: 12/26/2007 Date: 12/26/07
Single Life Term YRT Treaty -- Effective 10/15/1999
Between HLIC and SCOR Life US
Amendment 6 -- Effective 01/01/2007
2
ARTICLE XXIII
NOTICES
A. Material Communications
For the purpose of this Agreement, Material Communications shall be defined as
those communications associated with material breach of this Agreement,
termination of this Agreement, demand for arbitration or negotiation under this
Agreement, and/or confidentiality and compliance provisions set forth in this
Agreement.
All Material Communications will be addressed as follows:
If to the Ceding Company: If to the Reinsurer:
Individual Life Director of Reinsurance Reinsurance Officer
Hartford Life SCOR Life U.S. Re Insurance Co
▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇
▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇ ▇▇▇▇▇, ▇▇ ▇▇▇▇▇
Facsimile: (▇▇▇) ▇▇▇-▇▇▇▇ Facsimile: (▇▇▇) ▇▇▇-▇▇▇▇
Copy (which shall not constitute Copy (which shall not constitute
notice) to: notice) to:
Corporate Reinsurance Risk Management
Hartford Life
▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇
Facsimile: (▇▇▇) ▇▇▇-▇▇▇▇
Reinsurance Counsel General Counsel
Hartford Life SCOR Life U.S. Re Insurance Co
▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇
▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇ ▇▇▇▇▇, ▇▇ ▇▇▇▇▇
Facsimile: (▇▇▇) ▇▇▇-▇▇▇▇ Facsimile: (▇▇▇) ▇▇▇-▇▇▇▇
Or such other address or fax number as either party may request by notice given
under this Section. The foregoing shall not preclude the effectiveness of actual
written notice given to a party at any address or by any means.
B. Other Communications
All other communications will be sent to the contact either (a) provided by the
receiving party or (b) identified in the course of the routine administration of
this Agreement.
C. Notices
All notices with regard to this Agreement shall be in writing and shall be
deemed to have been duly given (i) on the date when delivered personally; (ii)
on the date sent via facsimile or electronic mail with proof of delivery; or
(iii) on the earlier of the date
Single Life Term YRT Treaty -- Effective 10/15/1999
Between HLIC and SCOR Life US
Amendment 6 -- Effective 01/01/2007
3
received or three (3) business days after any such notice was sent via
nationally recognized courier or via first class mail, postage prepaid, return
receipt requested.
Single Life Term YRT Treaty -- Effective 10/15/1999
Between HLIC and SCOR Life US
Amendment 6 -- Effective 01/01/2007
4
ARTICLE XXIV
CREDIT FOR REINSURANCE
A. The parties intend that credit for reinsurance ceded under this Agreement
shall be allowed the Ceding Company in its statutory financial statements filed
in all jurisdictions in which the Ceding Company is licensed, accredited or
otherwise authorized to transact business ("Credit"). The Reinsurer represents
to the Ceding Company that it is properly licensed or accredited in all such
jurisdictions except the state of New York and shall notify the Ceding Company
immediately upon any change in or loss of such licensing or accreditation in
accordance with Article XXIV.
B. In order for credit for reinsurance ceded under this Agreement to be allowed
the Ceding Company in its statutory financial statements filed in the state of
New York, the Reinsurer shall establish and maintain security at least equal to
the Security Amount, at its sole expense, on a quarterly basis. Such security
will be provided in the form of a clean, irrevocable letter of credit acceptable
under Article XXVI and the insurance laws and regulations of New York Insurance
Regulation 133.
C. The parties shall use best efforts to ensure that Credit shall remain
available to the Ceding Company throughout the duration of this Agreement.
D. For purposes of this Article XXV, Security Amount mean amounts for policy
reserves, reserves for claims and losses incurred (including losses incurred but
not reported), loss adjustment expenses, unearned premiums and reinsurance
recoverables on paid and unpaid losses. The Ceding Company shall calculate the
Security Amount in accordance with the valuation laws, regulations and actuarial
guidelines to which the Ceding Company is subject on each valuation date.
E. If the Reinsurer fails to establish or maintain security as set forth above,
the Ceding Company may recapture the reinsurance ceded under this Agreement
without fee. However, recapture shall not be construed as the sole remedy
available to the Ceding Company.
Single Life Term YRT Treaty -- Effective 10/15/1999
Between HLIC and SCOR Life US
Amendment 6 -- Effective 01/01/2007
5
ARTICLE XXV
LETTER OF CREDIT
A. The Reinsurer will provide at its own cost a letter of credit that is not
less in value than the Security Amount, as defined above. The Ceding Company
will provide to the Reinsurer an initial statement of the Security Amount, and
thereafter annual statements of the Security Amount. A preliminary Security
Amount statement will be provided to the Reinsurer no later than thirty (30)
days before the end of each year that the Agreement remains in effect, and a
statement of any final adjustments must be received by the Reinsurer before the
10th day prior to the last working day of each year.
B. Upon receipt of the initial Security Amount statement, the Reinsurer will
promptly apply for and provide the Ceding Company with a clean, unconditional,
evergreen and irrevocable letter of credit meeting the requirements of the State
of New York and issued by a bank that is neither a parent, subsidiary, or
affiliate of either the Ceding Company or the Reinsurer. The bank must be
organized or licensed in the United States and must appear on the list of
approved banks published by the Securities Valuation Office of the National
Association of Insurance Commissioners.
C. The amount available for draw under the letter of credit, will at all times
equal or exceed the Security Amount reported by the Ceding Company in its most
recent Security Amount statement. If such statement shows that the Security
Amount is greater than the amount available for draw under the letter of credit
as of the statement date, the Reinsurer will provide an amendment to the letter
of credit within thirty (30) days following delivery of such statement
increasing the amount available for draw to the extent necessary. If the
Security Amount statement shows that the Security Amount is less than the amount
available for draw, the Reinsurer may provide an amendment to the letter of
credit within thirty (30) days following delivery of such statement releasing
any unneeded credit. The amount of any letter of credit required under this
Article may be determined net of any portion of the Security Amount that is
funds withheld in accordance with this Agreement.
▇. ▇▇▇▇ letters of credit may be drawn upon at any time, notwithstanding any
other provisions of this Agreement, and be utilized by the Ceding Company or any
successor by operation of law of the Ceding Company, including, without
limitation, any liquidator, rehabilitator, receiver or conservator of the Ceding
Company for the following purposes:
1. to reimburse the Ceding Company for Reinsurer's share of premiums
returned to the owners of the policies reinsured on account of
cancellation of the policies;
2. to reimburse the Ceding Company for ▇▇▇▇▇▇▇▇▇'s share of surrenders
and benefits or losses paid by Ceding Company under the terms and
provisions of the policies ceded under this Agreement;
3. to fund an account with Ceding Company in an amount at least equal
to the deduction, for reinsurance ceded, from Ceding Company's
liabilities for policies ceded under this Agreement. Such amounts
shall include, but not be limited to, amounts for policy reserves,
reserves for claims and losses incurred (including losses incurred
but not reported), loss adjustment expenses and unearned
Single Life Term YRT Treaty -- Effective 10/15/1999
Between HLIC and SCOR Life US
Amendment 6 -- Effective 01/01/2007
6
premiums. Ceding Company shall credit Reinsurer with interest on the
amount in any such account at an annual rate equal to the 91 Day
Federal Government Treasury plus 50 basis points, but not more than
the "prime rate" as reported in the Wall Street Journal on the first
business day of each calendar quarter; and
4. to pay any other amounts Ceding Company claims are due under this
Agreement.
E. The foregoing are to be applied without diminution because of insolvency on
the part of Ceding Company or Reinsurer. Any letter of credit amount that is
drawn in excess of the actual amounts required for subparagraphs (a), (b), and
(c) above, or, in the case of subparagraph (d), any amounts that are
subsequently determined not to be due, shall be promptly returned to Reinsurer.
Single Life Term YRT Treaty -- Effective 10/15/1999
Between HLIC and SCOR Life US
Amendment 6 -- Effective 01/01/2007
7
SCHEDULE B
BASIS OF REINSURANCE
LIFE PRODUCTS Life reinsurance will be on the yearly renewable term
(YRT) basis for the amount at risk on the portion of
the policy reinsured by Reinsurer. The amount at risk
on a policy shall be the death benefit of the policy
less the amount retained by the Ceding Company, less
the cash value under the policy. The basis for
determining Reinsurer' liability shall be the amount
at risk used for computation of the reinsurance
premium.
EXCHANGES Exchanges from one single life plan reinsured under
this agreement to a different single life plan, for
the purpose of allowing the policyowner premium
flexibility (UL) or potentially higher investment
return (VL), will be reinsured hereunder as new
business at first year reinsurance rates if the new
plan has been fully underwritten and has new
contestable and suicide exclusion period. Otherwise,
the reinsurance rates will be point-in-scale.
Single Life Term YRT Treaty -- Effective 10/15/1999
Between HLIC and SCOR Life US
Amendment 6 -- Effective 01/01/2007
8
AUTOMATIC YEARLY RENEWABLE TERM
REINSURANCE AGREEMENT
between
HARTFORD LIFE AND ACCIDENT INSURANCE COMPANY
HARTFORD LIFE INSURANCE COMPANY
AND
HARTFORD LIFE AND ANNUITY INSURANCE COMPANY
and
▇▇▇▇▇▇▇ GLOBAL LIFE REINSURANCE COMPANY
Effective: June 1, 2000
ARTICLES
I. PARTIES TO THE AGREEMENT 2
II. REINSURANCE COVERAGE 2
III. LIABILITY 4
IV. REINSURANCE PREMIUMS 5
V. OVERSIGHTS 7
VI. CONVERSIONS 7
VII. CHANGES, REDUCTIONS AND TERMINATIONS 7
VIII. INCREASE IN RETENTION 9
IX. REINSTATEMENT 10
X. EXPENSES 10
XI. CLAIMS 10
XII. EXTRA-CONTRACTUAL DAMAGES 13
XIII. INSPECTION OF RECORDS 13
XIV. DAC TAX - SECTION 1.848-2 (G)(8) ELECTION 13
XV. INSOLVENCY 14
XVI. OFFSET 15
XVII. ARBITRATION 15
XVIII. TERMINATION 16
XIX. ENTIRE AGREEMENT AND AMENDMENTS 17
XX. EFFECTIVE DATE 17
XXI. EXECUTION 18
SCHEDULES
A. SPECIFICATIONS
B. BASIS OF REINSURANCE
EXHIBITS
I. REINSURANCE PREMIUMS
II. RETENTION, BINDING, AND ISSUE LIMITS
AMENDMENTS
NUMBER 1
FOREIGN NATIONAL EXHIBITS
I. UNDERWRITING GUIDELINES FOR FOREIGN NATIONAL BUSINESS
II. FOREIGN NATIONAL LOADINGS
All Schedules and Exhibits attached will be considered part of this Reinsurance
Agreement.
1
ARTICLE I
PARTIES TO THE AGREEMENT
This Agreement is between three Hartford Life Companies, Hartford Life Insurance
Company, Hartford Life and Accident Insurance Company, and Hartford Life and
Annuity Insurance Company (collectively referred to as the Ceding Company) and
▇▇▇▇▇▇▇ Global Life Reinsurance Company (referred to as the Reinsurer). The
Reinsurer agrees that the terms and conditions of this Agreement shall apply to
each of the Hartford Life Companies individually, unless otherwise set forth
herein.
ARTICLE II
REINSURANCE COVERAGE
Reinsurance under this Agreement will apply to insurance issued by Ceding
Company on the Plans of Insurance shown in Schedule A. Such Plans of Insurance
shall be reinsured with the Reinsurer on an automatic basis, subject to the
requirements set forth in Section A below or on a facultative basis, subject to
the requirements set forth in Section B below. The specifications for all
reinsurance under this Agreement are provided in Schedule A.
A. Requirements for Automatic Reinsurance
For risks which meet the requirements for automatic reinsurance as set forth
below, Reinsurer will participate in a reinsurance pool whereby Reinsurer will
automatically reinsure a portion of the insurance risks as indicated in Schedule
A. The requirements for automatic reinsurance are as follows:
1. The individual must be a resident of the United States or Canada at the time
of application.
2. The individual risk must be underwritten according to the Ceding Company's
standard underwriting practices and guidelines. Any risk falling into the
category of special underwriting programs will be excluded from this Agreement
unless previously agreed to by the Reinsurer via a written amendment.
3. Any risk offered on a facultative basis by the Ceding Company to the
Reinsurer or any other company will not qualify for automatic reinsurance under
this Agreement for the same risk and same life.
4. The maximum issue age on any risk will be age 90.
5. The mortality rating on each individual risk must not exceed Table 16,
2
Table P, [Redacted] or its equivalent, as shown in the Ceding Company's
retention schedule, on a flat extra premium basis.
6. The total face amount of insurance for the Plans of Insurance in Schedule A
to be reinsured on an automatic basis on a life must not exceed the Automatic
Issue Limits in Exhibit II.
7. The total amount of insurance issued and applied for in all companies on
each risk must not exceed the jumbo limits as stated in Exhibit II.
8. The Ceding Company shall retain it's maximum limit of retention for the age
and risk classification of the insured, as shown in Exhibit II, either on
previous insurance or insurance currently applied for.
B. Requirements for Facultative Reinsurance
1. If the requirements for automatic reinsurance are met, but the Ceding
Company prefers to apply for facultative reinsurance with the Reinsurer, or if
the requirements for automatic reinsurance are not met and the Ceding Company
applies for facultative reinsurance with the Reinsurer, then the Ceding Company
must submit to the Reinsurer all the papers relating to the insurability of the
individual risk for facultative reinsurance.
2. For applications for facultative reinsurance, Ceding Company will send
copies of all of the papers relating to the insurability of the individual risk
to the Reinsurer. After the Reinsurer has examined the request, the Reinsurer
will promptly notify the Ceding Company of the underwriting offer subject to
additional requirements or the final underwriting offer. The final underwriting
offer on the individual risk will automatically terminate upon the earlier of
the withdrawal of the application or 120 days from the date of the final offer,
unless accepted earlier.
3. Notwithstanding the above, if the requirements for automatic reinsurance are
met except that the face amount of insurance applied for is greater than the
Automatic Issue Limit, but does not exceed the Auto Process Limit, then the
Ceding Company will submit to the Lead Reinsurer, (as designated in Schedule A),
all papers relating to the insurability of the individual risk. The Lead
Reinsurer shall review the papers to determine if the Pool should reinsure the
risk, and, if so, on what basis. The Lead Reinsurer shall provide Ceding Company
with a response within 24 hours of receipt of the papers. Approval of the Lead
Reinsurer shall be binding on all other Pool members. This process shall be
known as Automatic Processing and subject to the limitations in Exhibit II.
3
C. Requirements for Facultative Obligatory Reinsurance
The Reinsurer agrees to a facultative obligatory arrangement whereby the Ceding
Company may cede a risk to the Reinsurer and the Reinsurer agrees to accept the
risk using the Ceding Company's underwriting evaluation, subject to the
following conditions:
1. The requirements for automatic reinsurance specified in Article II must be
met except that the total amount of insurance issued and applied for in all
companies on each risk has exceeded the jumbo limits set forth in Exhibit Ii.
2. The arrangement is available on all policy forms covered under this
Reinsurance Agreement except for term life insurance products.
3. The ceded risk is subject to the Facultative Obligatory Automatic Binding
Limits as stated in Exhibit II.
4. The ceded risk is subject to the Facultative Obligatory Automatic Issue
Limit is as stated in Exhibit II.
5. The Reinsurer provides the minimum facultative obligatory capacity as stated
in Exhibit I. However, to the extent that Reinsurer has already filled its
available capacity on the risk, the Reinsurer may reduce the provided capacity
by notifying the Ceding Company of the reduced capacity. Such notification must
occur within 2 business days of the Ceding Company's request for facultative
obligatory capacity on that risk.
D. Basis of Reinsurance
Reinsurance under this Agreement will be on the basis as stated in Schedule B.
E. Policy Forms.
When requested, the Ceding Company will furnish the Reinsurer with a copy of
each policy, rider, rate book, and applicable sales or marketing material that
applies to the life insurance reinsured hereunder.
ARTICLE III
LIABILITY
A. The Reinsurer's liability for automatic reinsurance coverage will begin
simultaneously with the Ceding Company's liability except for those risks which
qualify for automatic reinsurance but are submitted on a facultative basis.
4
B. The Reinsurer's liability for facultative reinsurance coverage on the
individual risk will begin simultaneously with the Ceding Company's liability
once the Reinsurer has accepted the application for facultative reinsurance and
the Ceding Company has accepted the offer.
C. In no event shall the reinsurance be in force and binding if the issuance
and delivery of such insurance constituted the doing of business in a
jurisdiction in which the ceding company was not properly licensed.
D. The Reinsurer's liability for reinsurance coverage on each risk will
terminate when the Ceding Company's liability terminates.
E. The liability of each pool member shall be separate and not joint with the
other pool members.
F. Payment of reinsurance premiums is a condition precedent to reinsurance
coverage.
G. The Reinsurer shall establish reserves on Reinsurer's portion of the policy
on the reserve basis specified in Schedule B.
ARTICLE IV
REINSURANCE PREMIUMS
A. Computation.
Premiums for reinsurance under this Agreement will be computed as described in
Exhibit I.
B. Premium Accounting.
1. Payment of Reinsurance Premiums.
For automatic and facultative reinsurance, following the close of each calendar
month, the Ceding Company will send the Reinsurer a statement and a listing of
new business, changes and terminations.
If a net reinsurance premium balance is payable to the Reinsurer, the Ceding
Company will forward this balance within (30) thirty days after the close of
each month.
If a net reinsurance premium balance is payable to the Ceding Company, the
balance due will be subtracted from the reinsurance premium payable by Ceding
Company for the current month. The Reinsurer shall pay any remaining balance due
the Ceding Company thirty days after the Ceding
5
Company submits the statement.
2. Non-Payment of Premium
If reinsurance premiums are delinquent, the Reinsurer has the right to terminate
the reinsurance risks on those policies listed on the delinquent monthly
statement by giving the Ceding Company ninety days' advance written notice. If
the delinquent premiums have not been paid as of the close of the ninety-day
period, the Reinsurers liability will terminate for the risks described in the
delinquency notice.
Regardless of the termination, the Ceding Company will continue to be liable to
the Reinsurer for all unpaid reinsurance premiums earned.
3. Reinstatement
The Ceding Company may reinstate the risks terminated due to non-payment of
reinsurance premium within sixty days after the effective date of termination by
paying the unpaid reinsurance premiums for the risks in force prior to the
termination. However, the Reinsurer will not be liable for any claim incurred
between the date of termination and reinstatement. The effective date of
reinstatement will be the date the required back premiums are received.
4. Currency
The reinsurance premiums and benefits payable under this Agreement will be
payable in the lawful money of the United States.
5. Detailed Listing
Upon request, the Ceding Company will electronically send the Reinsurer a
detailed listing of all reinsurance, including reserves, of all automatic
reinsurance in force as of the close of the immediately preceding calendar year.
The amount of reserves calculated on the reinsured policies in force as of
December 31st of the preceding year must be certified by the Ceding Company's
valuation actuary and be sent to the Reinsurer within 31 days of the close of
the calendar year.
6. Guaranteed Rates
Reinsurance premium rates are guaranteed for one year. The Reinsurer reserves
the right to increase the reinsurance rates, but not above the
6
statutory valuation net premium rates in the second year and later. If this
right is exercised, an allowance will be payable such that the net rate
(original rate less allowance) following the rate increase remains unchanged
from the original rate prior to the increase. In the event the Ceding Company
increases the cost of insurance rates charged to the policyowner, the net rate
of the Reinsurer will increase in like proportion.
ARTICLE V
OVERSIGHTS
If there is an unintentional oversight or misunderstanding in the administration
of this Agreement by Ceding Company or Reinsurer, it can be corrected provided
the correction takes place within a reasonable time after the oversight or
misunderstanding is first discovered. Both Ceding Company and the Reinsurer will
be restored to the position they would have occupied had the oversight or
misunderstanding not occurred.
ARTICLE VI
CONVERSIONS
Conversions from existing term plans of insurance reinsured under this Agreement
will be reinsured using the YRT premiums attached as Exhibit I on a
point-in-scale basis up to the original face amount. The converted policy will
be reinsured with the Reinsurer in the same proportion as was determined for the
original term policy.
ARTICLE VII
CHANGES, REDUCTIONS AND TERMINATIONS
A. Replacement or Change
If there is a contractual change or non-contractual replacement of the insurance
reinsured under this Agreement where full underwriting evidence according to the
Ceding Company's regular underwriting rules is not required, the insurance may
continue to be reinsured with the Reinsurer provided it meets the minimum
reinsurance cession amount stated in Schedule A. If a non-contractual change is
requested on a facultatively reinsured policy, the Reinsurer must consent to the
change.
B. Increases or Decreases
1. If the policy face amount of a risk reinsured automatically under this
7
Agreement increases and:
a. The increase is subject to new underwriting evidence, then the
provisions of Article II, Section A, shall apply to the increase in
reinsurance.
b. The increase is not subject to new underwriting evidence, then
Reinsurer will accept automatically the increase in reinsurance but
not to exceed the automatic binding limit.
2. If the policy face amount increases, the Ceding Company's retention will be
filled first, then any remaining risk of the increase will be ceded to the
Reinsurer as of the effective date of the increase. If the policy face amount is
reduced, the reinsurance will be reduced first, thereby maintaining the Ceding
Company's retention. Reinsurer will refund to Ceding Company all unearned
reinsurance premiums not including policy fees, less applicable allowances,
arising from reductions, terminations and changes as described in this Article.
3. In the event of a reduction in the face amount of a policy which was ceded
facultatively, the Reinsurer's percentage of the reduced face amount should be
the same percentage of the initial reinsurance ceded.
4. Increases in face amount of policies reinsured on a facultative basis, will
be submitted to the Reinsurer for acceptance.
C. Reduction in Retained Coverage
If any portion of the aggregate insurance retained by Ceding Company on an
individual life reduces or terminates any reinsurance under this Agreement based
on the same life may also be reduced or terminated. Ceding Company will reduce
the reinsurance by applying the retention limits that were in effect at the time
each policy was issued. Ceding Company will not be required to retain an amount
in excess of its regular retention limit for the age, mortality rating and risk
classification at the time of issue for any policy on which reinsurance is being
reduced.
The reinsurance to be terminated or reduced will be determined by chronological
order in which the reinsurance was first reinsured, thereby reducing or
terminating the oldest risks first.
D. Multiple Reinsurers
If a risk is shared by more than one Reinsurer, Reinsurer's percentage of any
8
increased or reduced reinsurance will be the same as its initial percentage of
the reinsurance for that risk.
E. Termination
If the policy for a risk reinsured under this Agreement is terminated, the
reinsurance for the risk involved will be terminated on the effective date of
termination.
F. Facultative
On facultative reinsurance, if Ceding Company wishes to reduce the mortality
rating, this reduction will be subject to and reinsured under the facultative
provisions of this Agreement.
ARTICLE VIII
INCREASE IN RETENTION
A. If the Ceding Company should increase the retention limits as listed in
Exhibit II, prompt written notice of the increase must be given to the
Reinsurer.
B. In the event of an increase in retention, the Ceding Company will have the
option of recapturing the reinsurance under this Agreement when the retention
limit increases. The Ceding Company may exercise its option to recapture by
giving written notice to the Reinsurer within ninety days after the effective
date of the increase.
C. If the Ceding Company exercises its option to recapture, then
1. The Ceding Company must reduce the reinsurance on each individual life on
which the Ceding Company retained the maximum retention limit for the age and
mortality rating that was in effect at the time the reinsurance was ceded to the
Reinsurer.
2. No recapture will be made to reinsurance on an individual life if (a) the
Ceding Company retained a special retention limit less than the maximum
retention limit in effect at the time the reinsurance was ceded to the
Reinsurer, or if (b) the Ceding Company did not retain insurance on the risk.
3. The Ceding Company must increase its total amount of insurance on the risk
up to the new retention limit by reducing, the reinsurance. If a risk is shared
by more than one Reinsurer, the Reinsurer's percentage of the
9
reduced reinsurance will be the same as the initial percentage on the individual
risk.
4. Upon increasing the retention limit, the reduction in reinsurance will
become effective on the next annual premium anniversary of those policies that
have been inforce for at least ten (10) years.
ARTICLE IX
REINSTATEMENT
If an insurance policy lapses for nonpayment of premium and is reinstated under
the Ceding Company's terms and rules, the Reinsurer will reinstate the
reinsurance as follows:
A. Automatic Cases:
The Ceding Company must pay the Reinsurer all back reinsurance premiums in the
same manner as the Ceding Company received insurance premiums under the policy.
When the Ceding Company reinstates the policy, the reinsurance will be
automatically reinstated.
B. Facultative Cases:
If the Ceding Company requires reinstatement evidence of insurability, the
Ceding Company will submit it to the Reinsurer for approval. In such cases, the
Reinsurer's approval is required for the reinsurance to be reinstated. Upon the
Reinsurer's approval, the Ceding Company must pay the Reinsurer all back
reinsurance premiums in the same manner as the Ceding Company received insurance
premium under the policy.
ARTICLE X
EXPENSES
The Ceding Company must pay the expense of all medical examinations, inspection
fees and other charges in connection with the issuance of the insurance.
10
ARTICLE XI
CLAIMS
A. Liability
If the Ceding Company is liable for insurance benefits on a policy reinsured
under this Agreement, the Reinsurer shall be liable for its portion of the
reinsurance on that policy, as described in Schedule A. All reinsurance claim
settlements will be subject to the terms and conditions of the particular
contract under which the Ceding Company is liable.
B. Notification
When the Ceding Company is advised of a claim, the Reinsurer must be notified
promptly.
C. Claim Payment
1. Automatic Reinsurance on a Risk
If a claim is made on a risk reinsured automatically under this Agreement and is
not contested by the Ceding Company, Reinsurer will abide by the issue as the
Ceding Company settles it. Copies of proofs or other written matters relating to
any claim reimbursements under this Agreement shall be furnished to the
Reinsurer upon written request. The Ceding Company will receive payment of the
reinsurance proceeds from the Reinsurer when the Ceding Company makes the
settlement of the policy proceeds and delivers a copy of the proof of death,
check copy or proof of payment and the claimant's statement to the Reinsurer.
2. Facultative Reinsurance on a Risk
If a claim is made on a risk reinsured facultatively under this Agreement, the
Ceding Company shall submit to Reinsurer all relevant and/or requested documents
and papers related to the claim along with Ceding Company's recommendation.
Ceding Company shall then wait five days from the date of mailing during which
time Reinsurer shall have the opportunity to advise Ceding Company of its
consent or disagreement with the recommendation. In the event Reinsurer does not
contact Ceding Company within the five-day period, Reinsurer shall be deemed to
have approved the recommendation and Ceding Company shall be authorized to act
accordingly. The Ceding Company will receive payment of the reinsurance proceeds
from Reinsurer when Ceding Company makes the settlement of the policy proceeds
and delivers proof of
11
payment to the Reinsurer.
3. Payment of Reinsurance Proceeds
Payment of life reinsurance proceeds will be made in a single sum regardless of
the Ceding Company's mode of settlement with the payee. The Reinsurer shall
reimburse the Ceding Company for its proportionate share of any interest paid by
the Ceding Company. Participation in accrued interest by the Reinsurer shall be
in accordance with the applicable state statutory regulations.
D. Contested Claims
The Ceding Company must promptly notify the Reinsurer of any intent to contest a
claim reinsured under this Agreement or to assert defenses. If the Ceding
Company's contest of such claim results in the increase or reduction of
liability, the Reinsurer will share in this increase or reduction. The
Reinsurer's share of the increase or decrease shall be proportional to their
share of the met amount at risk on the date of death of the insured.
If the Reinsurer should decline to participate in the contest or assertion of
defenses, the Reinsurer will then release all of the liability by paying the
Ceding Company the full amount of reinsurance and not sharing in any subsequent
increase or reduction in liability.
E. Misstatement of Age or Sex
If the amount of insurance provided by the policy or policies reinsured under
this Agreement is increased or reduced because of misstatement of age or sex
established after the death of the insured, the Reinsurer will share with the
Ceding Company in this increase or reduction.
F. Routine Expenses
The Ceding Company will pay the routine expenses incurred in connection with
settling claims. These expenses may include compensation of agent and employees
and the cost of routine investigations such as inspection reports.
G. Non-Routine Expenses
The Reinsurer will share with the Ceding Company all expenses that are not
routine. Expenses that are not routine are those directly incurred in connection
with the contest or the possibility of a contest of a claim or the assertion of
defenses, including legal expenses. The expenses will be shared in proportion to
the net amount at risk for the Ceding Company and Reinsurer. However, if the
Reinsurer has released the liability under Section D of this Article, the
12
Reinsurer will not share in any expenses incurred after the date of the
Reinsurer's release.
▇. ▇▇▇▇▇▇▇▇▇▇▇ Period
If, during the contestable period, Ceding Company is notified of the death of
the insured, the Ceding Company will investigate the case.
I. Return of Premium for Misrepresentations and Suicides
If a misrepresentation or misstatement on an application or a death of an
insured risk by suicide results in the Ceding Company returning the policy
premiums to the policy owner rather than paying the policy benefits, the
Reinsurer will refund all of the reinsurance premiums it received on that policy
to the Ceding Company. This refund given by the Reinsurer will be in lieu of all
other reinsurance benefits payable on that policy under this Agreement.
ARTICLE XII
EXTRA-CONTRACTUAL DAMAGES
In no event will the Reinsurer have any liability for any extra-contractual
settlements or damages including but not limited to compensatory, consequential,
exemplary, bad faith or punitive which are awarded against the Ceding Company as
a result of acts, omissions or course of conduct committed by the Ceding Company
or its agents in connection with the insurance reinsured under this Agreement.
However, in situations in which the Reinsurer was an active party in the act,
omission or course of conduct which ultimately results in the assessment of such
damages, the Reinsurer will participate in the extra-contractual payment. The
extent of such sharing is dependent on good faith assessment of culpability in
each case, but all factors being equal, the division of any such assessment
would be in the proportion of total risk accepted by each party for the plan of
insurance involved.
ARTICLE XIII
INSPECTION OF RECORDS
Each party will have the right, at any reasonable time and upon reasonable
notice, to inspect the other party's books and documents that relate to
reinsurance under this Agreement.
13
ARTICLE XIV
DAC TAX
SECTION 1.848-2(g)(8) ELECTION
A. The Reinsurer and the Ceding Company hereby agree to the following pursuant
to section 1.848-2(g)(8) of the Income Tax Regulations issued December 1992
under Section 848 of the Internal Revenue Code of 1986, as amended. This
election shall be effective for 1993 and for all subsequent taxable years for
which this Agreement remains in effect.
B. The terms used in this Article are defined by reference to Regulation
Section 1.848-2 in effect December 1992.
C. The party with net positive consideration for this Agreement for each
taxable year will capitalize specified policy acquisition expenses with respect
to this Agreement without regard to the general deduction limitation of section
848(c)(1).
D. Both parties agree to exchange information pertaining to the amount of net
consideration under this Agreement each year to ensure consistency or as
otherwise required by the Internal Revenue Service.
E. The Ceding Company will submit to the Reinsurer by May 1st of each year a
schedule of the calculation of the net consideration for the preceding calendar
year. This schedule of calculations will be accompanied by a statement signed by
an officer of the Ceding Company stating that such net consideration will be
reported in the tax return for the preceding calendar year.
F. The Reinsurer may contest such calculation by providing an alternative
calculation to the Ceding Company in writing within 30 days of receipt of Ceding
Company's calculation. If the Reinsurer does not notify the Ceding Company,
Reinsurer will report the net consideration as determined by the Ceding Company
in the tax return for the preceding calendar year.
G. If the Reinsurer contests the Ceding Company's calculation of the net
consideration, both parties will act in good faith to reach an agreement as to
the correct amount within thirty (30) days of the date the Reinsurer submits
their alternative calculation. If both parties reach agreement on an amount of
net consideration, both parties shall report such amount in their respective tax
returns for the previous calendar year.
14
ARTICLE XV
INSOLVENCY
A. Insolvency of Reinsurer
If the Reinsurer becomes insolvent as determined by the Department of Insurance
responsible for such determination, amounts due the Reinsurer will be paid net
of the terms of this Agreement and directly to the liquidator, receiver, or
statutory successor without decrease. The Ceding Company without charge may
recapture all reinsurance ceded under this Agreement or penalty as of the date
Reinsurer fails to meet its obligations under this Agreement.
B. Insolvency of Ceding Company
If Hartford Life Insurance Company, Hartford Life and Accident Insurance Company
or Hartford Life and Annuity Insurance Company should become insolvent, all
reinsurance under this Agreement covering risks ceded by that particular company
will be payable by Reinsurer directly to that Company's liquidator, receiver or
statutory successor, on the basis of the liability of that Company under the
policy or policies reinsured and without diminution because of the insolvency of
the Company. However, in the event of such insolvency, the liquidator, receiver
or statutory successor will give written notice of a pending claim against
Ceding Company on the reinsured policy. It will do so within a reasonable time
after the claim is filed in the insolvency proceedings. During the pendency of
such a claim, Reinsurer may investigate the claim and may, at its own expense,
interpose any defense or defenses which it may deem available to the insolvent
Company, its liquidator, receiver or statutory successor, in the proceedings
where the claim is to be adjudicated.
The expense thus incurred by ▇▇▇▇▇▇▇▇▇ will be chargeable against the insolvent
Company, subject to court approval, as part of the expense of liquidation to the
extent of a proportionate share of the benefit which may accrue to the insolvent
Company solely as a result of the defense undertaken by Reinsurer.
Where two or more Reinsurers are involved in the same claim and a majority in
interest elect to interpose defense to the claim, the expense will be
apportioned in accord with the terms of the reinsurance agreement as though the
expense had been incurred by the insolvent Company.
It is agreed that the insolvency of any one of the Hartford Life Companies shall
not affect this Agreement as it applies to the remaining solvent companies.
15
ARTICLE XVI
OFFSET
Any debts or credits, matured or unmatured, liquidated or unliquidated,
regardless of when they arose or were incurred, in favor of or against either
the Ceding Company or the Reinsurer with respect to this Agreement or with
respect to any other claim of one party against the other are deemed mutual
debts or credits, as the case may be, and shall be set off, and only the balance
shall be allowed or paid. In the event the Ceding Company becomes insolvent,
offsets shall be allowed in accordance with applicable law.
ARTICLE XVII
ARBITRATION
Any disagreement, controversy, or claim arising out of or relating to this
Agreement between the Reinsurer and any one of the Hartford Life Companies will
be settled by arbitration. There will be three arbitrators chosen among current
or retired officers of life insurance companies other than parties or their
affiliates. Each party to the dispute will appoint one of the arbitrators and
these two arbitrators will select the third arbitrator. In the event that either
party should fail to choose an arbitrator within 30 days following a written
request by the other party to do so, the requesting party may choose two
arbitrators who shall in turn choose a third arbitrator before entering upon
arbitration. If the two arbitrators fail to agree upon the selection of a third
arbitrator within 30 days following their appointment, each arbitrator shall
nominate three candidates within 10 days thereafter, two of whom the other shall
decline, and the decision shall be made by drawing lots.
Arbitration will be conducted in accordance with the Commercial Arbitration
Rules of the American Arbitration Association that will be in effect on the date
of delivery of demand for arbitration. The arbitrators will base their decision
on the terms and conditions of this Agreement plus, as necessary, on the customs
and practices of the insurance and reinsurance industry rather than solely on a
strict interpretation of the applicable law. The site of any arbitration will be
determined by a majority vote of the arbitrators. All expenses and fees of the
arbitration will be borne equally by the parties unless otherwise decreed by the
arbitrators.
The award agreed to by a majority of the arbitrators will be final and binding
and there will be no appeal from their decision. Judgment may be entered upon it
in any court having jurisdiction.
16
ARTICLE XVIII
TERMINATION
A. Each Hartford Life Insurance Company and the Reinsurer may terminate this
Agreement as it applies to the new business of each by giving (90) ninety days'
written notice of termination. The day the notice is deposited in the mail
addressed to the Home Office, or to an Officer of each party, will be the first
day of the (90) ninety-day period.
B. During the (90) ninety-day period, this Agreement will continue to be in
force between the terminating parties.
C. After termination, the terminating parties shall remain liable under the
terms of this Agreement for all automatic reinsurance that becomes effective
prior to termination of this Agreement. After termination the terminating
parties shall be liable for all automatic and facultative reinsurance which has
an application date on or before the effective date of the termination.
D. Termination by one or two of the Hartford Life Companies shall not affect
this Agreement as it relates to the non-terminating Hartford Life Company (ies).
ARTICLE XIX
ENTIRE AGREEMENT AND AMENDMENT
A. Entire Contract
This Agreement with any attached Schedules and Exhibits, shall constitute the
entire agreement between the parties with respect to the business being
reinsured hereunder and there are no understandings between the parties other
than as expressed herein.
B. Modifications
Any modification or change to the provisions of this Agreement shall be null and
void unless set forth in a written amendment to the Agreement which is signed by
all parties to the amendment.
ARTICLE XX
EFFECTIVE DATE
The provisions of this Agreement shall be effective with respect to policies
issued on or after June 1, 2000.
17
ARTICLE XXI
EXECUTION
▇▇▇▇▇▇▇ GLOBAL LIFE REINSURANCE COMPANY
By [ILLEGIBLE] Attest [ILLEGIBLE]
----------------------------- -----------------------------
Title Vice President Marketing Title Vice President -- Finance
Date 19 July, 2001 Date July 19, 2001
HARTFORD LIFE INSURANCE COMPANY
HARTFORD LIFE AND ACCIDENT INSURANCE COMPANY
HARTFORD LIFE AND ANNUITY INSURANCE COMPANY
By /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇ Witness /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
----------------------------- -----------------------------
▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇, FSA, ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇,
CLU FSA, MAAA
Vice President Director, Individual Life
Individual Life Product & Pricing
Marketing
Date 8/7/2000 Date 8/8/2000
18
SCHEDULE A
SPECIFICATIONS
TYPE OF BUSINESS Individual life insurance issued
by the Ceding Company
REINSURANCE POOL SHARE [Redacted]
FACULTATIVE OBLIGATORY [Redacted]
PLANS OF INSURANCE
POLICY TYPES RIDERS
----------------------------------------------------------------------------------
Interest Sensitive Whole Life Other Covered Insured (UL)
Stag Universal Life Term Rider (on base or other insured)
ART, 5, and 10 Yr Term (NY) Additional Insurance Benefit Rider
(ISWL)
Stag Variable Life Increase in Coverage Option Rider (VL)
Artisan Variable Life Cost of Living Rider (UL)
Protector Variable Life Waiver of Premium
One Year Term ADB Benefit (not reinsured)
Accumulator Variable Life Deduction Amount Waiver Rider
Life Solutions I UL Waiver of Monthly Deduction
Life Solutions II UL Additional Purchase Option Rider
LBS I UL
Universal Life V
20 Year Term
Single Premium Variable Life
(fully underwritten only)
MINIMUM REINSURANCE CESSION [Redacted]
LEAD REINSURER Lincoln National Life
SCHEDULE B
BASIS OF REINSURANCE
LIFE PRODUCTS Life reinsurance will be on the yearly renewable term
(YRT) basis for the amount at risk on the portion of the
policy reinsured by Reinsurer. The amount at risk on a
policy shall be the death benefit of the policy less the
amount retained by the Ceding Company, less the cash
value under the policy. The basis for determining
Reinsurer's liability shall be the amount at risk used
for computation of the reinsurance premium.
EXCHANGES Exchanges from one single life plan reinsured under this
agreement to a different single life plan, for the
purpose of allowing the policyowner premium flexibility
(UL) or potentially higher investment return (VL), will
be reinsured hereunder as new business at first year
reinsurance rates if the new plan has been fully
underwritten and has new contestable and suicide
exclusion periods. Otherwise, the reinsurance rates will
be point-in-scale.
RESERVE BASIS Reserves are calculated according to the applicable CRVM
methodology, interest rate and mortality table. The
mortality tables used are male/female. smoker distinct.
age last birthday and ultimate.
EXHIBIT I
REINSURANCE PREMIUMS
1. LIFE REINSURANCE PREMIUM
[Redacted]
2. FLAT EXTRA PREMIUMS
The flat extra premium will be the annual flat extra premium which the Ceding
Company charges the insured on that amount of the insurance reinsured less the
following allowances:
[Redacted]
DURATION OF FLAT EXTRA PREMIUM FIRST YEAR RENEWAL YEARS
--------------------------------------------------------------------------
3. PREMIUM TAX
Premium tax will not be reimbursed.
4. RIDERS
Term riders, cost of living riders, and other riders providing additional or
increasing coverage will use the same methods and YRT rates as the base plan.
Waiver of premium rates are attached and are per dollar of annualized amount.
Deduction amount waiver rates (also called "waiver of monthly deductions") are
attached, and the charge for this benefit is a rate times the monthly deduction
amount. Our retention on both types of waivers is proportional to our retention
on the death benefit.
EXHIBIT II
SINGLE LIFE RETENTION, BINDING, AND ISSUE LIMITS
Effective 6/1/2000
RETENTION LIMIT
Issue Age Standard -- Table F Table G -- Table P [Redacted]
AUTOMATIC BINDING LIMIT (EXCLUDES RETENTION)
Issue Age Standard -- Table F Table G -- Table P [Redacted]
AUTOMATIC ISSUE LIMIT (INCLUDES RETENTION)
Issue Age Standard -- Table F Table G -- Table P [Redacted]
AUTOMATIC PROCESSING LIMIT (INCLUDES RETENTION)
Issue Age Standard -- Table F Table G -- Table P [Redacted]
FACULTATIVE OBLIGATORY AUTOMATIC BINDING LIMIT (EXCLUDES RETENTION)
Issue Age Standard -- Table F Table G -- Table P [Redacted]
FACULTATIVE OBLIGATORY AUTOMATIC ISSUE LIMIT (INCLUDES RETENTION)
Issue Age Standard -- Table F Table G -- Table P [Redacted]
JUMBO LIMIT
Issue Age Standard -- Table F Table G -- Table P [Redacted]
[LOGO]
REVIOS
December 8, 2003
▇▇. ▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇, ACS, ARA
Individual Life Product Management Manager, Treaties
Hartford Life and Annuity Insurance Company
▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ Tel: (▇▇▇) ▇▇▇-▇▇▇▇
Simsbury, CT 06089 Fax: (▇▇▇) ▇▇▇-▇▇▇▇
United States of America ▇▇▇▇.▇▇▇▇▇▇▇▇▇▇@▇▇▇▇▇▇.▇▇
Subject: Hartford Life and Accident Insurance Company
Hartford Life Insurance Company
Dear ▇▇. ▇▇▇▇▇▇▇▇,
This letter is to notify you of the recent changes at ▇▇▇▇▇▇▇ Global Re.
Effective October 13, 2003, ▇▇▇▇▇▇▇ Global Life Reinsurance Company has changed
its name to REVIOS REINSURANCE U.S. INC. As a result of this name change, all
references in the Reinsurance Agreement(s) and Amendment(s) to the "Reinsurer"
or "▇▇▇▇▇▇▇" (as appropriate) between our two companies shall be deemed to be
references to REVIOS REINSURANCE U.S. INC.
This name change does not alter or modify the Reinsurance Agreement(s) with your
Company other than as set forth in this notification, and it is therefore
subject to all terms and conditions of the Reinsurance Agreement(s), together
with all Amendments attached hereto.
Please note the following important company information for your records and
reporting purposes:
Company Name: REVIOS REINSURANCE ▇.▇.▇▇▇.
NAIC Group Code: 0604
NAIC Company Code: 87017
FEIN#: ▇▇-▇▇▇▇▇▇▇
State of Domicile: California
All treaty documents should continue to be sent as usual to our Toronto office
shown above. All your contact personnel will also remain the same.
Please consider this letter to be your official notification of the name change.
Please copy this letter and retain a copy with each applicable Reinsurance
Agreement. Should you have any questions regarding any of the above, please do
not hesitate to contact me.
Sincerely,
/s/ [ILLEGIBLE] Revios Reinsurance
▇▇▇ ▇▇▇▇▇▇▇▇▇▇
▇▇▇▇▇▇
▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇
▇▇▇▇▇▇
▇▇▇ ▇▇▇
▇▇▇.▇▇▇▇▇▇.▇▇
[LOGO]
REVIOS
December 8, 2003
▇▇. ▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇, ACS, ARA
Individual Life Product Management Manager, Treaties
Hartford Life and Annuity Insurance Company
▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ Tel: (▇▇▇) ▇▇▇-▇▇▇▇
Simsbury, CT 06089 Fax: (▇▇▇) ▇▇▇-▇▇▇▇
United States of America ▇▇▇▇.▇▇▇▇▇▇▇▇▇▇@▇▇▇▇▇▇.▇▇
Subject: Hartford Life and Annuity Insurance Company
Dear ▇▇. ▇▇▇▇▇▇▇▇,
This letter is to notify you of the recent changes at ▇▇▇▇▇▇▇ Global Re.
Effective October 13, 2003 ▇▇▇▇▇▇▇ Global Life Insurance Company (U.S. Branch)
has changed its name to REVIOS REINSURANCE CANADA LTD. (U.S. BRANCH) As a result
of this name change, all references in the Reinsurance Agreement(s) and
Amendment(s) to the "Reinsurer" or "▇▇▇▇▇▇▇" (as appropriate) shall be deemed to
be references to REVIOS REINSURANCE CANADA LTD. (U.S. BRANCH)
This name change does not alter or modify the Reinsurance Agreement(s) with your
Company other than as set forth in this notification, and it is therefore
subject to all terms and conditions of the Reinsurance Agreement(s), together
with all Amendments attached hereto.
Please note the following important company information for your records and
reporting purposes:
Company Name: REVIOS REINSURANCE CANADA LTD. (U.S.BRANCH)
NAIC Group Code: 0604
NAIC Company Code: 92673
FEIN#: ▇▇-▇▇▇▇▇▇▇
Port of Entry: California
All treaty documents should continue to be sent as usual to our Toronto office
shown above. All your contact personnel will remain the same.
Please consider this letter to be your official notification of the name change.
Please copy this letter and retain a copy with each applicable Reinsurance
Agreement. Should you have any questions regarding any of the above, please do
not hesitate in contacting me.
Sincerely,
/s/ [ILLEGIBLE] Revios Reinsurance
▇▇▇ ▇▇▇▇▇▇▇▇▇▇
▇▇▇▇▇▇
▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇
▇▇▇▇▇▇
▇▇▇ ▇▇▇
▇▇▇.▇▇▇▇▇▇.▇▇
[LOGO]
SCOR GLOBAL LIFE
▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇, ACS, ARA
Consultant, Treaties
April 24, 2008
▇▇. ▇▇▇▇▇ ▇. ▇▇▇▇▇▇, FSA, MAAA
Director, Reinsurance
Individual Life
Hartford Life Insurance Companies
▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇
U.S.A.
Dear ▇▇▇▇▇,
As you are aware, the Revios companies were acquired by SCOR in late 2006 and as
part of the ongoing process of Integrating, several changes will be required to
our Reinsurance Agreement(s).
The purpose of this letter is to notify you that effective November 14, 2007,
Revios Reinsurance U.S. Inc. changed its name to SCOR Global Life Re Insurance
Company of Texas.
As a result of this name change, all references in the Reinsurance Agreement(s)
and Amendment(s) to the "Reinsurer" or "Revios" (as appropriate) between our two
companies shall be deemed to be references to SCOR Global Life Re Insurance
Company of Texas.
This name change does not alter or modify the Reinsurance Agreement(s) with your
Company other than as set forth in this notification, and it is therefore
subject to all terms and conditions of the Reinsurance Agreement(s), together
with all Amendments attached hereto. Please note that this name change does not
affect the NAIC Company number or the FEIN number. These are:
NAIC #: 87017
FEIN#: ▇▇-▇▇▇▇▇▇▇
Redomestication has taken place and the state of domicile has changed to Texas.
All treaty documents should continue to be sent as usual to our office in Piano,
Texas. All your contact personnel will also remain the same.
Please consider this letter to be your official notification of the name change
and ask that you place a copy with each applicable Reinsurance Agreement.
Should you have any questions regarding any of the above, please do not hesitate
to contact us.
Sincerely,
/s/ Illegible
SCOR Global Life US Re Insurance Company Tel (▇▇▇) ▇▇▇-▇▇▇▇
Brookfield Place, TD Canada Trust Tower Fax (▇▇▇) ▇▇▇-▇▇▇▇
▇▇▇ ▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇ E-Mail: ▇▇▇▇▇▇▇▇▇▇▇@▇▇▇▇.▇▇▇
Toronto Ontario, Canada M5J 2S1
ASSUMING COMPANY TREATY ILDTAI RR & TT 200712.xls
[Redacted]
AMENDMENT NUMBER 1
This Amendment, effective June 1, 2000, is made by and between the three
Hartford Life Companies, HARTFORD LIFE INSURANCE COMPANY, HARTFORD LIFE AND
ACCIDENT INSURANCE COMPANY, and HARTFORD LIFE AND ANNUITY INSURANCE COMPANY
(collectively referred to as the Ceding Company) AND ▇▇▇▇▇▇▇ GLOBAL LIFE
REINSURANCE COMPANY (referred to as the Reinsurer). It is attached to and
becomes a part of the Automatic Yearly Renewable Term Reinsurance Agreement
dated June 1, 2000.
The Reinsurer and Ceding Company agree that the Ceding Company's Foreign
National business will be reinsured under the terms of this Agreement except for
the following differences:
EXECUTION
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. It is executed in duplicate by:
▇▇▇▇▇▇▇ GLOBAL LIFE REINSURANCE COMPANY
By /s/ [ILLEGIBLE] Attest /s/ [ILLEGIBLE]
------------------------------ ------------------------------
Title Vice President Marketing Title Vice President - Finance
Date 19 July 2001 Date July 19, 2001
HARTFORD LIFE INSURANCE COMPANY
HARTFORD LIFE AND ACCIDENT INSURANCE COMPANY
HARTFORD LIFE AND ANNUITY INSURANCE COMPANY
By /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇ Witness /s/ ▇▇▇ ▇▇▇▇▇▇▇▇
------------------------------ ------------------------------
▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇, FSA, CLU ▇▇▇ ▇▇▇▇▇▇▇▇, FSA, MAAA
Vice President Individual Life Director Individual Life
Product & Marketing Product Development
Date 8/7/2000 Date 8/8/2000
FOREIGN NATIONAL EXHIBIT I
UNDERWRITING GUIDELINES FOR FOREIGN NATIONAL BUSINESS
[Redacted]
FOREIGN NATIONAL EXHIBIT II
FOREIGN NATIONAL LOADINGS PER $1,000 OF FACE AMOUNT
[Redacted]
AMENDMENT NUMBER 2
This Amendment, effective June 1, 2000, is made by and between the three
Hartford Life Companies, HARTFORD LIFE INSURANCE COMPANY, HARTFORD LIFE AND
ACCIDENT INSURANCE COMPANY, and HARTFORD LIFE AND ANNUITY INSURANCE COMPANY
(collectively referred to as the Ceding Company) and ▇▇▇▇▇▇▇ GLOBAL LIFE
REINSURANCE COMPANY(referred to as the Reinsurer). It is attached to and becomes
a part of the Automatic Yearly Renewable Term Reinsurance Agreement dated June
1, 2000.
Although the Reinsurer is not participating, the Reinsurer agrees that effective
June 1, 2000, the Ceding Company will be allowed to participate in a Table Two
to Standard Program as outlined in the Table Two to Standard Program Exhibit I.
EXECUTION
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. It is executed in duplicate by:
▇▇▇▇▇▇▇ GLOBAL LIFE REINSURANCE COMPANY
By /s/ [ILLEGIBLE] Attest /s/ [ILLEGIBLE]
------------------------------ ------------------------------
Title Vice President Marketing Title Vice President - Finance
Date 19. July. 2001 Date July 19, 2001
HARTFORD LIFE INSURANCE COMPANY
HARTFORD LIFE AND ACCIDENT INSURANCE COMPANY
HARTFORD LIFE AND ANNUITY INSURANCE COMPANY
By /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇ Witness /s/ ▇▇▇ ▇▇▇▇▇▇▇▇
------------------------------ ------------------------------
▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇, FSA, CLU ▇▇▇ ▇▇▇▇▇▇▇▇, FSA, MAAA
Vice President Individual Life Director Individual Life
Product & Marketing Product Development
Date 8/7/2000 Date 8/8/2000
EXHIBIT I
TABLE 2 TO STANDARD PROGRAM EFFECTIVE JUNE 1, 2000
[Redacted]
AMENDMENT NUMBER 3
This Amendment is made by and between the three Hartford Life Companies,
HARTFORD LIFE INSURANCE COMPANY, HARTFORD LIFE AND ACCIDENT INSURANCE COMPANY,
and HARTFORD LIFE AND ANNUITY INSURANCE COMPANY (collectively referred to as the
Ceding Company) AND ▇▇▇▇▇▇▇ GLOBAL LIFE REINSURANCE COMPANY (referred to as the
Reinsurer). It is attached to and becomes a part of the Automatic Yearly
Renewable Term Reinsurance Agreement dated June 1, 2000 (referred to as the
Reinsurance Agreement).
1. Effective October 1, 2000, Schedule A of the Reinsurance Agreement shall be
amended to reflect the inclusion of the Guaranteed Cost of Insurance Benefit
Rider. This Rider shall be reinsured under the terms of this Reinsurance
Agreement if and only if the policy to which the Rider is attached has a face
amount equal to or greater than . A revised Schedule A is attached
and shall replace the existing Schedule A.
2. 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.
▇▇▇▇▇▇▇ GLOBAL LIFE REINSURANCE COMPANY
By /s/ [ILLEGIBLE] Attest /s/ [ILLEGIBLE]
------------------------------ ------------------------------
Title Vice President Marketing Title Vice President -- Finance
Date 19 July, 2001 Date July 19, 2001
HARTFORD LIFE INSURANCE COMPANY
HARTFORD LIFE AND ACCIDENT INSURANCE COMPANY
HARTFORD LIFE AND ANNUITY INSURANCE COMPANY
By /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇ Attest /s/ ▇▇▇ ▇▇▇▇▇▇▇▇
------------------------------ ------------------------------
▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇, FSA, CLU ▇▇▇ ▇▇▇▇▇▇▇▇, FSA, MAAA
Vice President Director
Individual Life Product & Individual Life Product
Marketing Development
Date 2/13/2001 Date 2/16/2001
SCHEDULE A
SPECIFICATIONS
(OCTOBER 1, 2000)
TYPE OF BUSINESS Individual life insurance issued by the Ceding Company
REINSURANCE POOL SHARE [Redacted]
FACULTATIVE OBLIGATORY [Redacted]
PLANS OF INSURANCE POLICY TYPES RIDERS
--------------------------------------------------------------------------------------------------------------
Interest Sensitive Whole Life Other Covered Insured (UL)
Stag Universal Life Term Rider (on base or other insured)
ART, 5, and 10 Yr Term (NY) Additional Insurance Benefit Rider (ISWL)
Stag Variable Life Increase in Coverage Option Rider (VL)
Artisan Variable Life Cost of Living Rider (UL)
Protector Variable Life Waiver of Premium
One Year Term ADB Benefit (not reinsured)
Accumulator Variable Life Deduction Amount Waiver Rider
Life Solutions I UL Waiver of Monthly Deduction
Life Solutions II UL Additional Purchase Option Rider
LBS I UL Guaranteed COI Benefit Rider
Universal Life V
20 Year Term
Single Premium Variable Life (fully underwritten only)
MINIMUM REINSURANCE CESSION [Redacted]
LEAD REINSURER Lincoln National Life
AMENDMENT NUMBER 4
This Amendment is made by and between the three Hartford Life Companies,
HARTFORD LIFE INSURANCE COMPANY, HARTFORD LIFE AND ACCIDENT INSURANCE COMPANY,
and HARTFORD LIFE AND ANNUITY INSURANCE COMPANY (collectively referred to as the
Ceding Company) AND ▇▇▇▇▇▇▇ GLOBAL LIFE REINSURANCE COMPANY (referred to as the
Reinsurer). It is attached to and becomes a part of the Automatic Yearly
Renewable Term Reinsurance Agreement dated June 1, 2000 (referred to as the
Reinsurance Agreement).
Effective June 1, 2002, the reinsurance rates per thousand for Protector
Variable Life and Accumulator Variable Life are replaced by the ALB annual
premium rates attached for both new business and in force policies. These ALB
annual premium rates replace the ALB annual premium rates for Protector Variable
Life and Accumulator Variable Life attached to Exhibit ▇.
▇▇▇▇▇▇▇ GLOBAL LIFE REINSURANCE COMPANY
By /s/ [ILLEGIBLE] Attest /s/ [ILLEGIBLE]
------------------------------ ------------------------------
Title Vice President Marketing Title Vice President - Finance
Date 28 April 2003 Date April 28/03
HARTFORD LIFE INSURANCE COMPANY
HARTFORD LIFE AND ACCIDENT INSURANCE COMPANY
HARTFORD LIFE AND ANNUITY INSURANCE COMPANY
By /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇ Attest /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
------------------------------ ------------------------------
▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇, FSA, CLU ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇, FSA, MAAA
Senior Vice President Assistant Vice President
Individual Life Product &
Marketing
Date 3/4/2003 Date 2/28/2003
AMENDMENT NUMBER 5
This Amendment is made by and between the three Hartford Life Companies,
HARTFORD LIFE INSURANCE COMPANY, HARTFORD LIFE AND ACCIDENT INSURANCE COMPANY,
and HARTFORD LIFE AND ANNUITY INSURANCE COMPANY (collectively referred to as the
Ceding Company) AND ▇▇▇▇▇▇▇ GLOBAL LIFE REINSURANCE COMPANY (referred to as the
Reinsurer). It is attached to and becomes a part of the Automatic Yearly
Renewable Term Reinsurance Agreement dated June 1, 2000 (referred to as the
Reinsurance Agreement).
Effective June 1, 2000, the Reinsurer and the Ceding Company agree to the
following:
1. Article XIX shall be replaced by the attached Article XIX.
2. The attached Article XXII shall be added to the Reinsurance Agreement.
In all other respects, said Agreement shall remain unchanged.
▇▇▇▇▇▇▇ GLOBAL LIFE REINSURANCE COMPANY
By /s/ [ILLEGIBLE] Attest /s/ [ILLEGIBLE]
------------------------------ ------------------------------
Title [ILLEGIBLE] Title Vice President -- Finance
Date April 6, 2004 Date April 6/04
HARTFORD LIFE INSURANCE COMPANY
HARTFORD LIFE AND ACCIDENT INSURANCE COMPANY
HARTFORD LIFE AND ANNUITY INSURANCE COMPANY
By /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇ Attest /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
------------------------------ ------------------------------
▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇, FSA, CLU ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇, FSA, MAAA
Senior Vice President Assistant Vice President
Individual Life Product &
Marketing
Date 3/5/04 Date 3/22/04
ARTICLE XIX
ENTIRE AGREEMENT AND AMENDMENTS
A. Entire Contract
This Agreement with any attached Schedules and Exhibits shall constitute the
entire contract between the parties with respect to the business being reinsured
hereunder and there are no understandings between the parties other than as
expressed herein.
B. Modifications
Any modification or change to the provisions of this Agreement shall be null and
void unless set forth in a written amendment to the Agreement which is signed by
all parties to the amendment.
C. Severability
In the event that any provision or term of this Agreement shall be held by any
court, arbitrator, or administrative agency to be invalid, illegal or
unenforceable, all of the other terms and provisions shall remain in full force
and effect to the extent that their continuance is practicable and consistent
with the original intent of the parties. In addition, if any provision or term
is held invalid, illegal or unenforceable, the parties will attempt in good
faith to renegotiate the Agreement to carry out the original intent of the
parties.
D. Survival
All provisions of this Agreement shall survive its termination to the extent
necessary to carry out the purposes of this Agreement or to ascertain and
enforce the parties' rights or obligations hereunder existing at the time of
termination.
E. Non-Waiver
No waiver by either party of any violation or default by the other party in the
performance of any promise, term or condition of this Agreement shall be
construed to be a waiver by such party of any other or subsequent default in
performance of the same or any other promise, term or condition of this
Agreement. No prior transactions or dealings between the parties shall be deemed
to establish any custom or usage waiving or modifying any provision hereof. The
failure of either party to enforce any part of this Agreement shall not
constitute a waiver by such party of its right to do so, nor shall it be deemed
to be an act of ratification or consent.
F. Governing Law
This Agreement shall be governed by the laws of the state of
Connecticut.
G. Assignment
Neither party may assign any of its rights, duties or obligations under this
Agreement without the prior written consent of the other party. Such consent
shall not be unreasonably withheld.
H. Counterparts
This Agreement may be executed in one or more counterparts, each of which shall
constitute an original.
I. Force Majeure
Neither party shall be liable for any delay or non-performance of any covenant
contained herein nor shall any such delay or non-performance constitute a
default hereunder, or give rise to any liability for damages if such delay or
non-performance is caused by an event of "force majeure." As used herein, the
term "Force Majeure," means an event, explosion, action of the elements, strike
or other labor relations problem, restriction or restraint imposed by law, rule
or regulation of any public authority, whether federal, state or local, and
whether civil or military, act of any military authority, interruption of
transportation facilities or any other cause which is beyond the reasonable
control of such party and which by the exercise of reasonable diligence such
party is unable to prevent. The existence of any event of Force Majeure shall
extend the term of performance on the part of such party to complete performance
in the exercise of reasonable diligence after the event of Force Majeure has
been removed.
ARTICLE XXII
CONFIDENTIALITY
As used herein, "Confidential Information" means all of our confidential,
proprietary, or trade secret information, including, but not limited to, all
information on Ceding Company's customers and claimants and other information
the Ceding Company discloses to the Reinsurer. The term "Confidential
Information" does not include any information which (i) at the time of
disclosure or thereafter is generally available to and known by the public other
than by way of a wrongful disclosure by a party or its Representatives; (ii) was
available on a non-confidential basis from a source other than the parties
hereto or their Representatives, provided that such source is not and was not
bound by a confidentiality agreement with a party hereto; or (iii) was
independently developed without violating any obligations under this Agreement
and without the use of any Confidential Information.
The Reinsurer shall maintain the confidentiality of the Confidential
Information, shall use it only for purposes for which it was disclosed and shall
not disclose it to any other person except to employees, agents, and other
persons who need to know such Confidential Information to carry out the purposes
for which it was disclosed and who agree to maintain the confidentiality of the
information provided herein.
AMENDMENT 6
EFFECTIVE JUNE 25, 2002
TO THE
AUTOMATIC YEARLY RENEWABLE TERM REINSURANCE AGREEMENT
EFFECTIVE JUNE 1, 2000
BETWEEN
HARTFORD LIFE AND ACCIDENT INSURANCE COMPANY
HARTFORD LIFE INSURANCE COMPANY
AND
HARTFORD LIFE AND ANNUITY INSURANCE COMPANY
("CEDING COMPANY")
AND
SCOR GLOBAL LIFE RE INSURANCE COMPANY OF TEXAS
(FORMERLY REVIOS REINSURANCE U.S. INC.)
("REINSURER")
("AGREEMENT")
WHEREAS, the Reinsurer currently reinsures the Ceding Company's plans or
policies under the Agreement; and
WHEREAS, the Reinsurer has agreed to automatically reinsure a policy that did
not otherwise qualify for Automatic Reinsurance when it was issued.
NOW, THEREFORE, for good and valuable consideration, receipt of which is hereby
acknowledged, the Ceding Company and the Reinsurer hereby agree as follows:
1. The above recitals are true and accurate and are incorporated
herein.
2. The policy listed below shall be reinsured, on an Automatic
Reinsurance basis, under the terms of the Agreement.
3. Capitalized terms not defined in this Amendment shall have the
meaning set forth in the Agreement.
4. Except as herein amended, all other terms and conditions of the
Agreement shall remain unchanged.
Single Life Excess Treaty -- Effective 06/01/2000
Between HLA, HLIC, HLAIC and SCOR
Amendment #6 - Effective 06/25/2002
1
In witness of the foregoing, the Ceding Company and the Reinsurer have, by their
respective officers, hereby executed this Amendment in duplicate on the dates
indicated below.
SCOR GLOBAL LIFE RE INSURANCE COMPANY OF TEXAS
By: /s/ ▇▇▇ ▇▇▇▇▇▇ Attest: /s/ ▇▇▇▇▇ ▇▇▇▇▇▇▇
------------------------------ ------------------------------
Name: ▇▇▇ ▇▇▇▇▇▇ Name: ▇▇▇▇▇ ▇▇▇▇▇▇▇
Title: Vice President Title: Vice President
Date: November 9, 2011 Date: November 9, 2011
HARTFORD LIFE AND ACCIDENT INSURANCE COMPANY
HARTFORD LIFE INSURANCE COMPANY
HARTFORD LIFE AND ANNUITY INSURANCE COMPANY
By: /s/ ▇▇▇▇ ▇▇▇▇▇▇▇ Attest: /s/ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
------------------------------ ------------------------------
Name: ▇▇▇▇ ▇▇▇▇▇▇▇, FSA, MAAA Name: ▇▇▇▇▇▇▇ ▇▇▇▇▇▇, FSA, MAAA
Title: Assistant Vice President and Title: Senior Vice President
Actuary Individual Life Individual Life Product
Product Management Management
Date: November 29, 2011 Date: 12/2/11
Single Life Excess Treaty -- Effective 06/01/2000
Between HLA, HLIC, HLAIC and SCOR
Amendment #6 - Effective 06/25/2002
2