AMENDMENT TO THE
Automatic Reinsurance Agreement
Effective as of April 1, 2006
-between-
METLIFE INSURANCE COMPANY OF CONNECTICUT
("Cedent")
-and-
EXETER REASSURANCE COMPANY, LTD.
("Reinsurer")
This Amendment, effective January 1, 2014 (the "Effective Date"), is made by and
between the Cedent and the Reinsurer as follows.
WHEREAS the Cedent and the Reinsurer entered into a Reinsurance Agreement
effective as of April 1, 2006 (the "Reinsurance Agreement") under which
Reinsurer assumes certain risks associated with variable annuity contracts (the
"Reinsured Contracts"); and
WHEREAS the Reinsured Contracts include contracts that were issued to both
contractholders resident in New York ("the NY Business") and contracts that were
issued to contractholders resident outside New York; and
WHEREAS the Cedent intends to surrender its license to sell insurance in NY, and
therefore reinsure 100% of the NY Business to Metropolitan Life Insurance
Company ("MLIC") pursuant to an agreement between the Cedent and MLIC; and
WHEREAS the Cedent wishes to recapture the NY Business previously ceded under
the Reinsurance Agreement since it will no longer be available to cede to the
Reinsurer.
NOW THEREFORE, in consideration of the respective covenants and agreements
hereinafter contained and for other good and valuable consideration (the receipt
and sufficiency of which are hereby acknowledged), the parties agree as follows:
1) As of the Effective Date, Schedule A paragraph A is hereby deleted and
replaced with the attached.
MICC Treaty #19100 1
2) As a terminal settlement for the recapture of the NY Business, the Reinsurer
will pay the Cedent a Recapture Settlement Amount equal to the Statutory Reserve
Credit taken by the Cedent with respect to reinsurance under the Reinsurance
Agreement with respect to the NY Business on the day prior to the Effective
Date. The parties will include the Recapture Settlement Amount in the Summary of
Monetary Transactions for the month ending on the day prior to the Effective
Date. Payment of the net amount due for the month, including the Recapture
Settlement Amount, shall be remitted according to the settlement provisions in
Article VI.
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed
in any number of counterparts, each of which shall be deemed an original, but
all of which shall constitute one and the same agreement, on the dates indicated
below.
METLIFE INSURANCE COMPANY OF CONNECTICUT
By: /s/ ▇▇▇▇▇▇▇ ▇▇▇▇▇
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Name: ▇▇▇▇▇▇▇ ▇▇▇▇▇
Title: Vice President
Date: 12/27/2013
EXETER REASSURANCE COMPANY, LTD.
By: /s/ ▇▇▇▇▇▇▇ ▇▇▇▇▇
----------------------------------
Name: ▇▇▇▇▇▇▇ ▇▇▇▇▇
Title: President
Date: 12/27/2013
MICC Treaty #19100 2
SCHEDULE A
(AS AMENDED JANUARY 1, 2014)
PLANS OF REINSURANCE
A(i). Reinsurer's Share Effective April 1, 2006:
A Reinsurance Percentage equal to 100% of the Cedent's share of the business
containing the Annual Step Up Minimum Death Benefit guarantees described in
paragraph B of this Schedule and described in the Administrative Criteria in
Exhibit III.
A(ii). Reinsurer's Share Effective January 1, 2014:
A Reinsurance Percentage equal to 100% of the Cedent's share of the business
containing the Annual Step Up Minimum Death Benefit guarantees described in
paragraph B of this Schedule and described in the Administrative Criteria in
Exhibit III, excluding those contracts that were issued to contractholders
resident in New York at time of issue.
MICC Treaty #19100 3