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Exhibit 10.12

AMENDMENT TO

 

 

 

REINSURANCE AGREEMENT

 

 

 

DATED:     December 1, 1993

 

 

 

between

 

 

 

UNIVERSAL GUARANTY LIFE INSURANCE COMPANY

 

5250 South Sixth Street

 

Springfield, Illinois  62705

 

(The Ceding Company)

 

and

 

OPTIMUM RE INSURANCE COMPANY

 

1345 River Bend Drive, Suite 100

 

Dallas, TX  75247

 

(The Reinsurer)

 

 

 

Respecting the Net Amount at Risk

 

 

 

 

 

 

 

 

 

 

1.  Effective December 1, 1993, the Net Amount at Risk (NAR) for the policies reinsured under this Agreement shall be calculated on a Level basis (Reinsured NAR Amount is equal to the Policy Death Benefit minus the Company’s retention).  Both parties mutually agree any modifications to the NAR calculation for policies reinsured under this Agreement shall be done prospectively.

 

 

2.   Signatures      :   The terms and conditions of this Agreement are not changed in    any way except as stated herein.

 

In witness of the above, this Amendment is signed in duplicate at the dates and places indicated.

 

 

FOR     :     UNIVERSAL GUARANTY LIFE INSURANCE COMPANY

 

DATE:

11/18/10

SIGNATURE:

/s/Theodore C Miller

PLACE:

Springfield, IL

NAME:

Theodore C Miller

WITNESS:

/s/Fritzie Wagner

TITLE:

Accounting Manager

 

FOR     :     OPTIMUM RE INSURANCE COMPANY

 

DATE:

10/22/10

SIGNATURE:

/s/Mario Georgiev

PLACE:

DALLAS, TEXAS

NAME:

MARIO GEORGIEV

WITNESS:

/s/Jean-Claude Page

TITLE:

PRESIDENT

 

ADDENDUM

to the Automatic YRT Pool Agreement

dated December 1, 1993

 

between

 

UNIVERSAL GUARANTY LIFE INSURANCE COMPANY

Springfield, Illinois

(hereinafter called the CEDING COMPANY)

 

and

 

BUSINESS MEN’S ASSURANCE COMPANY OF AMERICA

Kansas City, Missouri

(hereinafter called the BMA)

 

Purpose:     To include coverage for the C21X plan under this agreement.

 

 

1.  BMA shall accept reinsurance covering the C21X plan (L019585A) on either an automatic or facultative basis.

2.  BMA will not participate in the endowments, or the return of premium features, nor the cash values.

3.  THE EFFECTIVE DATE shall be November 1, 1995

 

Except as herein amended, the provisions of the said Reinsurance Agreement shall remain unchanged.

 

IN WITNESS WHEREOF, this addendum is hereby executed in duplicate between the parties concerned, and is duly signed by both parties respective officers as follows:

 

CEDING COMPANY

/s/Gay E Sears

 

Senior Vice President

signature

 

title

 

 

 

/s/Christopher J Heisler

 

Assistant Vice President

signature

 

title

 

11/27/95

 

 

date

 

 

BMA

/s/Al Rodriquez

 

Senior Vice President/Reinsurance

signature

 

title

 

 

 

/s/James N. Mets

 

Vice President Reinsurance Actuary

signature

 

title

 

12/21/95

 

 

date

 

 

BMA

 

REINSURANCE AGREEMENT

 

between

 

UNIVERSAL GUARANTY LIFE INSURANCE COMPANY

Springfield, Illinois

 

hereinafter referred to as the CEDING COMPANY

 

 

and

 

Business Men’s Assurance Company of America

 

Kansas City, Missouri

 

hereinafter referred to as BMA

 

 

 

AUTOMATIC TREATY

TABLE OF CONTENTS

 

  ARTICLE...........

  ..........

 ......................................................................................................................................................................................................................................

  PAGE

I

 

BASIS OF REINSURANCE……………………………..……………….................................................................................................…………

1

II

 

LIABILITY…………………………………………………………………..................................................................................................……….

3

III

 

ADMINISTRATIVE REPORTING……………………...………………................................................................................................…………

3

IV

 

PLANS OF REINSURANCE…………………………….………………................................................................................................…………

5

V

 

REINSURANCE PREMIUM…………………………….………………................................................................................................…………

5

VI

 

PREMIUM ACCOUNTING………………………………..……………................................................................................................…………

6

VII

 

OVERSIGHTS……………………………………………………………….................................................................................................………

7

VIII

 

REDUCTIONS, TERMINATIONS AND CHANGES….………………...............................................................................................…………

7

IX

 

INCREASE IN RETENTION AND RECAPTURES……………………................................................................................................…………

8

X

 

REINSTATEMENTS…………………………………….……………….................................................................................................…………

9

XI

 

EXPENSE OF ORIGINAL POLICY…………………….…………………..................................................................................................………

9

XII

 

CLAIMS………………………………………………….……………..................................................................................................……………

9

XIII

 

TAX CREDITS…………………………………………..……………..................................................................................................……………

11

XIII

 

DAC TAX………………………………………………...………….................................................................................................………………

11

XIV

 

INSPECTION OF RECORDS……………………………………….................................................................................................………………

11

XV

 

INSOLVENCY……………………………………………………….................................................................................................………………

11

XVI

 

ARBITRATION…………………………………………..…………................................................................................................………………

12

XVII

 

PARTIES TO AGREEMENT…………………………….………................................................................................................…………………

13

XVIII

 

TERMINATION OF AGREEMENT……………………..………………...............................................................................................…………

13

 

 

SCHEDULES

 

 

 

A

 

SPECIFICATIONS

B

 

BENEFITS AND NAR CALCULATIONS

C

 

ADDITIONAL INFORMATION AND EXCEPTIONS

 

 

EXHIBITS

 

 

 

I

 

RETENTION LIMITS

IA

 

UNDERWRITING GUIDELINES

II

 

REINSURANCE PREMIUMS

III

 

COMMISSIONS AND ALLOWANCES (COINSURANCE)

 

 

 

 

 

 

ARTICLE I

 

BASIS OF REINSURANCE

 

Reinsurance under this agreement must be individual insurance.  The CEDING COMPANY shall automatically reinsure the life insurance for the plan(s) as stated in Schedule A and any additional benefits listed in Schedule B.

 

1.  REQUIREMENTS FOR AUTOMATIC REINSURANCE

 

     A.  The individual risk must be a permanent resident of the United States or Canada.

 

 

     B.  The individual risk must be underwritten by the CEDING COMPANY according to the standard underwriting practices and guidelines as shown in Exhibit IA.  The CEDING COMPANY shall immediately notify BMA of any changes in underwriting practices or guidelines.  Any risk falling into a category of special underwriting programs shall be excluded from this Agreement.

 

 

     C.  Any risk offered on a facultative basis to BMA or any other reinsurer shall not qualify for automatic reinsurance.

 

 

     D.  The maximum issue age on any risk shall be age 70.  Issue ages over 70 must be submitted facultatively.

 

 

     E.  The mortality rating on any one risk must not exceed Table 8, or 300%, or its equivalent on a flat extra premium basis.  Cases exceeding Table 8, or 300%, or its equivalent must be submitted facultatively.

 

 

     F.  The maximum amount of insurance issued and applied for in all companies on any one risk shall not exceed the Jumbo limits as stated in Schedule A.

 

 

     G.  On any risk, the CEDING COMPANY must retain the amounts of insurance as stated in Exhibit I.

 

 

     H.  The maximum amounts of insurance to be reinsured on any one life shall not exceed the automatic binding limits as stated in Schedule A.

 

 

     I.  The minimum amount of insurance to be ceded shall be $5,000.

 

 

2.  REQUIR


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