EX-99 16 nygmib_rein.txt EX-7.b AMENDMENT NO. 2 TO THE VARIABLE ANNUITY GMIB REINSURANCE AGREEMENT Between JACKSON NATIONAL LIFE INSURANCE COMPANY OF NEW YORK ("CEDING COMPANY") Purchase, New York and ACE TEMPEST LIFE REINSURANCE LTD. ("REINSURER") Effective January 30, 2004, this Amendment is hereby attached to and becomes a part of the above-described Reinsurance Agreement. It is mutually agreed that the Agreement will be amended to accept sales of the 6% roll-up GMIB on annuity policies with issue dates after April 30, 2004 subject to a higher reinsurance premium if retail annuity premiums on such policies exceed [REDACTED], and to update the available fund offerings.. To effect this change, the following provisions of this Agreement are hereby amended: o Schedule B-1, CONTRACTS SUBJECT TO THIS REINSURANCE AGREEMENT, is hereby replaced by the attached Schedule B-1. o Schedule B-2, SUBACCOUNTS SUBJECT TO THE REINSURANCE AGREEMENT, is hereby replaced by the attached Schedule B-2. o Schedule D, QUARTERLY RE PREMIUM RATE BY CONTRACT TYPE AND GMIB, is hereby replaced by the attached Schedule D This amendment is valid only if fully executed on or before March 31, 2004. Jackson National Life Insurance Company of New York By /s/ Lisa C. Drake Attest /s/ Amy Irish ------------------------------- ------------------------------ Title SVP & Chief Actuary Title Reinsurance Manager -------------------------- ------------------------------- Date 3/16/04 Date 3/16/04 --------- --------- ACE Tempest Life Reinsurance Ltd. By /s/ Ari Lindner Attest /s/ Willard C. Rinehimer ------------------------------- ------------------------------ Title SVP and Chief Life Officer Title VP & Life Actuary --------------------------- ----------------------------- Date March 12, 2004 Date March 12, 2004 ---------------------------- ------------------------------ SCHEDULE B-1 ANNUITY CONTRACTS Subject to this Reinsurance Agreement Perspective II (including 9/22/2003 Re-launch) o VA202-1 is an individual flexible Premium variable and fixed annuity. VA250NY replaced VA202-1 effective 9/22/2003. VA250NY 05/04 replaced VA250NY effective 5/3/2004. o This product has two Contract options: o Separate Account Investment Division option; and o Fixed Account Option. A) Separate Account Investment Division Option o This option allows the Owner to allocate Premiums and earnings to one or more Investment Divisions of the Separate Account. o JNL/NY Separate Account I is used for this Contract. o The Separate Account invests in shares of one of the corresponding Funds of the underlying fund of the JNL Series Trust and JNL/NY Variable Fund I LLC (see Schedule B-2). B) Optional Benefits Form Number Policy Description 7340NY Death Benefit Option (Highest Anniversary Value) 7349NY Additional Free Withdrawal 20% of Premium 7349NY 04/03 Additional Free Withdrawal 20% of Premium 7343NY Shortened W/D Charge Period (5 year) 7343NY 04/03 Shortened W/D Charge Period (5 year) 7429NY Shortened W/D Charge Period (3 year) 7346NY Premium Credit (4%) 7348NY Premium Credit (2%) 7348NY 08/03 Premium Credit (2%) 7352NY Premium Credit (3%) 7352NY 08/03 Premium Credit (3%) 7344NY 03/03 Guaranteed Minimum Income Benefit (6% Roll-up) 7365NY 03/03 Guaranteed Minimum Income Benefit (6% Roll-up) 7452NY Guaranteed Minimum Income Benefit (5% Roll-up) - Effective 5/3/2004 Perspective Focus (Available prior to 10/24/2003) o VA260NY is an individual flexible Premium variable and fixed annuity o This product has two Contract options: o Separate Account Investment Division option; and o Fixed Account Option A) Separate Account Investment Division Option This option allows the Owner to allocate Premiums and earnings to one or more Investment Divisions of the Separate Account. JNL/NY Separate Account I is used for this Contract. The Separate Account invests in shares of one of the corresponding Funds of the underlying fund of the JNL Series Trust and JNL/NY Variable Fund I LLC (see Schedule B-2). B) Optional Benefits Form Number Policy Description 7362NY Death Benefit Option (MAV) 7364NY Premium Credit (2%) 7365NY Guaranteed Minimum Income Benefit (6% Roll-up) SCHEDULE B-1 AMENDMENT NO. 2 - NY SCHEDULE B-2 Subaccounts Subject to this Reinsurance Agreement JNL SERIES TRUST and JNL VARIABLE FUND LLC JNL/Alger Growth Fund JNL/Alliance Capital Growth Fund JNL/Eagle Core Equity Fund JNL/Eagle SmallCap Equity Fund JNL/FMR Balanced Fund, subadvisor changed from Janus on 2/18/2004 JNL/FMR Capital Growth Fund, subadvisor changed from Janus on 2/18/2004 JNL/Putnam Equity Fund JNL/Putnam International Equity Fund JNL/Putnam Midcap Growth Fund JNL/Putnam Value Equity Fund JNL/S&P Conservative Growth Fund I JNL/S&P Moderate Growth Fund I JNL/S&P Aggressive Growth Fund I JNL/S&P Very Aggressive Growth Fund I JNL/S&P Equity Growth Fund I JNL/S&P Equity Aggressive Growth Fund I JNL/PPM America Balanced Fund JNL/PPM America High Yield Bond Fund JNL/PPM America Money Market Fund JNL/PPM America Value Fund JNL/Salomon Brothers Strategic Bond Fund, formerly JNL/Salomon Brothers Global Bond Fund JNL/Salomon Brothers U.S. Govt. & Quality Bond Fund JNL/T. Rowe Price Established Growth Fund JNL/T. Rowe Price Mid-Cap Growth Fund JNL/T. Rowe Price Value Fund JNL/Oppenheimer Global Growth Fund JNL/Oppenheimer Growth Fund JNL/AIM Small Cap Growth Fund JNL/AIM Large Cap Growth Fund JNL/PIMCO Total Return Bond Fund JNL/Lazard Small Cap Value Fund JNL/Lazard Mid Cap Value Fund For the following three funds, the subadvisor was Curian between 12/15/2003 and 2/18/2004 and Mellon Capital Management prior to 12/15/2003: JNL/ Mellon Capital Management S&P 500 Index Fund JNL/ Mellon Capital Management S&P 400 Mid Cap Index Fund JNL/ Mellon Capital Management Small Cap Index Fund JNL/Mellon Capital Management International Index Fund JNL/Mellon Capital Management Bond Index Fund JNL/ Mellon Capital Management Enhanced S&P 500 Stock Index Fund, subadvisor was Curian between 12/15/2003 and 2/18/2004 and JPMorgan/ prior to 12/15/2003 JNL/JPMorgan International Value Fund JNL/S&P Core Index 100 Fund JNL/S&P Core Index 50 Fund JNL/S&P Core Index 75 Fund For the following five funds, the subadvisor was Curian between 12/15/2003 and 2/18/2004 and First Trust prior to 12/15/2003: JNL/ Mellon Capital Management The Dow(SM) Target 10 Fund JNL/ Mellon Capital Management S&P Target (R) 10 Fund JNL/ Mellon Capital Management Global Target 15 Fund JNL/ Mellon Capital Management Select Small Cap Fund, formerly Target Small Cap Fund JNL/ Mellon Capital Management 25 Fund For the following six funds, the subadvisor was Curian prior to 2/18/2004: JNL/ Mellon Capital Management Communications Sector Fund JNL/ Mellon Capital Management Consumer Brands Sector Fund JNL/ Mellon Capital Management Energy Sector Fund JNL/ Mellon Capital Management Financial Sector Fund JNL/ Mellon Capital Management Pharmaceutical/Healthcare Sector Fund JNL/ Mellon Capital Management Technology Sector Fund JNL/Select Large Cap Growth Fund, formerly JNL/Janus Aggressive Growth Fund JNL/Select Global Growth Fund, formerly JNL/Janus Global Equities Fund FIXED SUBACCOUNTS Jackson National Life Insurance Company General Account: Perspective II Guaranteed One Year Fixed Guaranteed Three Year Fixed Guaranteed Five Year Fixed Guaranteed Seven Year Fixed Guaranteed One Year - 12 month DCA Guaranteed One Year - 6 Month DCA (available prior to 9/23/2003) Perspective Focus Guaranteed One Year Fixed Guaranteed Three Year Fixed Guaranteed One Year - 12 month DCA SCHEDULE B-2 AMENDMENT NO. 2 - NY SCHEDULE D QUARTERLY RE PREMIUM RATE by CONTRACT TYPE and GMIB TYPE The Premium rate for reinsurance, subject to the terms and conditions of this Agreement, are guaranteed while the reinsurance coverage is in effect. The premium rate varies by GMIB form number, issue date, and in some instances the volume of RETAIL ANNUITY PREMIUMS deposited. CONTRACT TYPES: Perspective II, Perspective Focus GMIB TYPES: I. GMIB Form numbers 7344NY 03/03, 7365NY, and 7365NY 03/03, with issue dates prior to 5/1/2004: ISSUE AGE RATE --------- ---- All [REDACTED] II. GMIB Form numbers 7344NY 03/03, 7365NY, and 7365NY 03/03, with issue dates on or after 5/1/2004: ISSUE AGE TIER 1 RATE TIER 2 RATE --------- ------------- ----------- All 0.000975 [REDACTED] The Tier 1 Rate applies as long as the RETAIL ANNUITY PREMIUMS on contracts with GMIB Forms 7344NY, 7365NY, and 7365NY 03/03 and with issue dates on or after 5/1/2004 that are deposited by the 12th MONTHLY VALUATION DATE following each contract's inclusion in the treaty do not exceed [REDACTED]. If such RETAIL ANNUITY PREMIUMS exceed [REDACTED], on any MONTHLY VALUATION DATE, a blended Tier 1 and Tier 2 rate applies and is calculated as follows: Blended Rate = a + b, where a = [REDACTED] X Tier 1 Rate ----------------------------------------------- TOTAL RETAIL ANNUITY PREMIUM b = (TOTAL RETAIL ANNUITY PREMIUM - [REDACTED]) X Tier 2 Rate ------------------------------------------- TOTAL RETAIL ANNUITY PREMIUM III. GMIB Form number 7452NY, with issues dates on or after 5/1/2004 ISSUE AGE RATE --------- ---- All [REDACTED] SCHEDULE D AMENDMENT NO. 2 - NY