Amendment to Unconditional Capital Maintenance Agreement between American International Group, Inc. and SunAmerica Annuity and Life Assurance Company (March 30, 2012)
This amendment, effective March 30, 2012, updates the Unconditional Capital Maintenance Agreement between American International Group, Inc. (AIG) and SunAmerica Annuity and Life Assurance Company. The key change is that the required minimum capital level for SunAmerica is set at 435% of its Company Action Level Risk-Based Capital (RBC). Both parties agree to this revised standard, which is intended to ensure SunAmerica maintains a strong financial position.
Exhibit 10.8
March 30, 2012
SunAmerica Annuity and Life Assurance Company
c/o SunAmerica Life Insurance Companies
21650 Oxnard Street, MS 6-9
Woodland Hills, CA 91367
Attention: Scott Gillis
SAFG Retirement Services, Inc.
1 SunAmerica Center, 37th Floor
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 (the “Capital Maintenance Agreement”) by and between American International Group, Inc. and SunAmerica Annuity and Life Assurance 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 March 30, 2012, the Specified Minimum Percentage shall equal 435%. Accordingly, Schedule 1 to the Capital Maintenance Agreement shall be restated as follows:
“The Specified Minimum Percentage shall equal 435% 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/ David L. Herzog |
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| Name: David L. Herzog |
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| Title: Executive Vice President and |
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| Chief Financial Officer |
Acknowledged and agreed:
SUNAMERICA ANNUITY AND LIFE
ASSURANCE COMPANY
| By: | /s/ Michael J. Akers |
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| Name: Michael J. Akers |
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| Title: Senior Vice President |
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