EX-99.(7)(B)(1) 7 a19-25068_1ex99d7b1.htm EX-99.(7)(B)(1)

Exhibit 99.(7)(b)(1)

 

AMENDMENT #1

(hereafter called the “AMENDMENT”)

 

Effective March 1, 2010

 

to the

AUTOMATIC AND FACULTATIVE YEARLY RENEWABLE TERM AGREEMENT

(hereafter called the “AGREEMENT”)

 

Originally Effective December 1, 2008

Ceding Company Reference:  CNA30

Reinsurer Reference  I97757US-09

 

between

 

PACIFIC LIFE INSURANCE COMPANY

Omaha, Nebraska

NAIC Number 67466

FEIN 951079000

(hereafter called the “CEDING COMPANY”)

 

and

 

SWISS RE LIFE & HEALTH AMERICA INC.

Hartford, Connecticut

NAIC Number 82627

FEIN 060839705

(hereinafter called the REINSURER)

 

IT IS HEREBY MUTUALLY AGREED that the AGREEMENT is amended to replace Article IV in its entirety and the first page of Exhibit C — Premiums with the attached.

 

ALL OTHER TERMS AND CONDITIONS REMAIN UNCHANGED.

 

 

IN WITNESS WHEREOF THE PARTIES HERETO have by their respective officers executed this AMENDMENT in duplicate on the dates below to be effective March 1, 2010:

 

PACIFIC LIFE INSURANCE COMPANY

 

 

 

 

 

 

 

By:

/s/ Kent Johnson

 

By:

/s/ Cheryl Tobin

 

Kent Johnson

 

 

Cheryl Tobin, Assistant Vice President

 

Vice President,

 

 

Assistant Secretary

 

Actuarial and Reinsurance

 

 

Legal

 

 

 

 

 

Date:

08/20/10

 

 

8/23/10

 

 

 

 

SWISS RE LIFE & HEALTH AMERICA INC.

 

 

 

 

 

 

 

By:

(illegible)

 

By:

(illegible)

 

 

 

 

 

Date:

8/17/2010

 

 

8/17/10

 

 

Article IV

 

Premiums

 

A.                                    Plans of insurance listed in Exhibit B will be reinsured on the yearly renewable term basis with the REINSURER participating only in mortality risks (not cash values, loans, dividends or other features specific to permanent policies).  The mortality risk shall be the net amount at risk (“NAR”) on that portion of the policy which is reinsured with the REINSURER.

 

B.                                    Premiums for Life Reinsurance and reinsurance of Supplemental Benefits will be based on the rates and allowances described in Exhibit C.  All payments due under this AGREEMENT will be made in U.S. Dollars.

 

C.                                    Premiums will be increased by any flat extra premium charged the insured as described in Exhibit C.

 

D.                                    There will be no premium tax reimbursement.

 

E.                                     The CEDING COMPANY will take credit, without interest, for any unearned premiums arising due to reductions, cancellations or death claims.  The unearned premiums refunded will be net of allowances and policy fees, if applicable.

 

F.                                      The reinsurance rates shown in Exhibit C are guaranteed for one year and the REINSURER anticipates continuing to accept premiums on the basis of these rates indefinitely.  In subsequent years, the REINSURER reserves the right to increase such rates provided, however, that:

 

1.              The reinsurance rates may not be increased above the statutory net valuation premium applicable to the reinsured policies after such increase,

 

2.              The reinsurance rates may, at the REINSURER’s option, be increased to the extent required to ensure that the REINSURER will participate in its share of any increases in premium rates, costs, charges or fees as implemented by the CEDING COMPANY with respect to the reinsured policies.

 

If the REINSURER exercises its right to increase reinsurance rates under this AGREEMENT in an amount greater than that required to ensure that the REINSURER will participate in its share of any increases in premium rates, costs, charges or fees as implemented by the CEDING COMPANY for the reinsured policies, the CEDING COMPANY may recapture all of the reinsured policies in accordance with the provisions of Article X, Change in Retention and Recapture Privileges.

 

G.                                    Reinsurance premiums are due as long as reinsurance is in force.

 

 

AMENDMENT #3

(hereafter called the “AMENDMENT”)

 

Effective December1, 2008

 

to the

AUTOMATIC AND FACULTATIVE YEARLY RENEWABLE TERM AGREEMENT

(hereafter called the “AGREEMENT”)

 

Originally Effective December 1, 2008

 

Ceding Company Reference:  CNA30

Reinsurer Reference I97757US-09

 

between

 

PACIFIC LIFE INSURANCE COMPANY

Omaha, Nebraska

NAIC Number 67466

FEIN 951079000

(hereafter called the “CEDING COMPANY”)

 

and

 

SWISS RE LIFE & HEALTH AMERICA INC.

Hartford, Connecticut

NAIC Number 82627

FEIN 060839705

(hereinafter called the REINSURER)

 

IT IS HEREBY MUTUALLY AGREED that this AGREEMENT is amended to revise and replace the Joint Life Plans (One Life Uninsurable “OLU”) paragraph in Exhibit C — Premiums as shown below:

 

Joint Life Plans (One Life Uninsurable “OLU”)

 

OLU means a joint last survivor case with one life appraised at Table 16 or higher.  The consideration payable for this coverage shall be based on the appropriate annual life rate from the attached Rate Table, labeled C-1.  The applicable rate will be determined based on the healthier life.

 

ALL OTHER TERMS AND CONDITIONS REMAIN UNCHANGED.

 

 

IN WITNESS WHEREOF THE PARTIES HERETO have by their respective officers executed this AMENDMENT in duplicate on the dates below to be effective December 1, 2008:

 

PACIFIC LIFE INSURANCE COMPANY

 

 

 

 

 

 

 

By:

/s/ Kent Johnson

 

By:

/s/ Cheryl Tobin

 

Kent Johnson

 

 

Cheryl Tobin, Assistant Vice President

 

Vice President,

 

 

Assistant Secretary

 

Actuarial and Reinsurance

 

 

Legal

 

 

 

 

 

Date:

07/26/11

 

 

7/28/11

 

 

 

 

SWISS RE LIFE & HEALTH AMERICA INC.

 

 

 

 

 

 

 

By:

(illegible)

 

By:

(illegible)

 

 

 

 

 

Date:

7/21/2011

 

 

7/21/2011