Amendment to Unconditional Capital Maintenance Agreement between American International Group, Inc. and American General Life Insurance Company
This amendment, effective February 19, 2013, updates the Unconditional Capital Maintenance Agreement between American International Group, Inc. and American General Life Insurance Company. The key change is that the required minimum capital level for American General Life Insurance Company is set at 385% of its Company Action Level Risk-Based Capital (RBC). Both parties agree to this new minimum, ensuring the company maintains a strong financial position.
Exhibit 10.77
February 19, 2013
American General Life Insurance Company
c/o SunAmerica Financial Group, Inc.
2727-A Allen Parkway
Houston, Texas 77019
Attention: Chief Financial Officer
American General Life Insurance Company
c/o SunAmerica Financial Group, Inc.
1999 Avenue of the Stars
Los Angeles, CA 90067
Attention: General Counsel
Ladies and Gentlemen:
Reference is made to that certain Unconditional Capital Maintenance Agreement dated as of March 30, 2011 (as supplemented, the “Capital Maintenance Agreement”) by and between American International Group, Inc. and American General Life Insurance Company (the “Company”). Capitalized terms, unless otherwise defined herein, shall have the meanings set forth in the Capital Maintenance Agreement.
Pursuant to paragraph 3 of the Capital Maintenance Agreement, the undersigned parties hereby agree that effective as of February 19, 2013, the Specified Minimum Percentage shall equal 385%. Accordingly, Schedule 1 to the Capital Maintenance Agreement shall be restated as follows:
“The Specified Minimum Percentage shall equal 385% of the Company’s Company Action Level RBC.”
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| Yours sincerely, | ||
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| AMERICAN INTERNATIONAL GROUP, INC. | ||
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| By: | /s/ Charles S. Shamieh | |
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| Name: Charles S. Shamieh | |
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| Title: Senior Vice President and Chief Corporate Actuary | |
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| Acknowledged and agreed: |
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| AMERICAN GENERAL LIFE INSURANCE COMPANY |
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| By: | /s/ Mary Jane B. Fortin |
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| Name: Mary Jane B. Fortin |
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| Title: Executive Vice President and Chief Financial Officer |
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