Amendment to Capital Maintenance Agreement between American International Group, Inc. and The Variable Annuity Life Insurance Company (February 19, 2013)
American International Group, Inc. (AIG) and The Variable Annuity Life Insurance Company 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. Both parties have acknowledged and agreed to this change.
Exhibit 10.83
February 19, 2013
The Variable Annuity Life Insurance Company
2929 Allen Parkway
Houston, TX 77019
Attention: Secretary
The Variable Annuity Life Insurance Company
2929 Allen Parkway
Houston, TX 77019
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 Variable Annuity 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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| THE VARIABLE ANNUITY 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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