Amendment to Unconditional Capital Maintenance Agreement between American International Group, Inc. and The United States Life Insurance Company in the City of New York

Summary

American International Group, Inc. and The United States Life Insurance Company in the City of New York have agreed to amend their existing Capital Maintenance Agreement. Effective February 19, 2013, the minimum capital requirement for the Company is set at 385% of its Company Action Level Risk-Based Capital (RBC). This amendment ensures the Company maintains a higher level of capital as specified in the updated agreement.

EX-10.79 10 a2212976zex-10_79.htm EX-10.79

Exhibit 10.79

 

February 19, 2013

 

The United States Life Insurance Company in the City of New York

c/o SunAmerica Financial Group, Inc.

2727-A Allen Parkway

Houston, Texas 77019

Attention:  Chief Financial Officer

 

The United States Life Insurance Company in the City of New York

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 The United States Life Insurance Company in the City of New York (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.”

 



 

 

Yours sincerely,

 

 

 

AMERICAN INTERNATIONAL GROUP, INC.

 

 

 

 

 

 

By:

/s/ Charles S. Shamieh

 

 

Name: Charles S. Shamieh

 

 

Title: Senior Vice President and Chief Corporate Actuary

 

 

 

 

Acknowledged and agreed:

 

 

 

THE UNITED STATES LIFE INSURANCE COMPANY

IN THE CITY OF NEW YORK

 

 

 

 

 

 

By:

/s/ Mary Jane B. Fortin

 

 

Name: Mary Jane B. Fortin

 

 

Title: Executive Vice President and Chief Financial Officer