Amendment No. 7 to Automatic Flexible Premium Variable Life Reinsurance Agreement No. 2 between Western Reserve Life Assurance Co. of Ohio and Global Preferred Re Limited

Summary

This amendment, effective January 1, 2002, updates the reinsurance agreement between Western Reserve Life Assurance Co. of Ohio and Global Preferred Re Limited. It specifies that certain life insurance policies and riders issued between April 1, 2001, and December 31, 2001, will be reinsured under Agreement No. 2 on a 20% quota share basis. The amendment also covers specific Freedom Elite Builder policies issued from July 1, 2001, to December 31, 2001. All other terms of the original agreement remain unchanged.

EX-10.48 5 g74145a2ex10-48.txt AMENDMENT NUMBER 7, EFFECTIVE JANUARY 1, 2002 EXHIBIT 10.48 AMENDMENT NUMBER 7 TO THE AUTOMATIC FLEXIBLE PREMIUM VARIABLE LIFE REINSURANCE AGREEMENT NUMBER 2 (REFERRED TO AS THE AGREEMENT) BETWEEN WESTERN RESERVE LIFE ASSURANCE CO. OF OHIO ST. PETERSBURG, FLORIDA (REFERRED TO AS THE REINSURED) AND GLOBAL PREFERRED RE LIMITED (F/K/A WMA LIFE INSURANCE COMPANY LIMITED) HAMILTON, BERMUDA (REFERRED TO AS THE REINSURER) Effective January 1, 2002 Pursuant to the terms and conditions of Automatic Flexible Premium Variable Life Reinsurance Agreement No. 3 and this Agreement: A. All policies and riders issued from April 1, 2001 through December 31, 2001 and reinsured under Automatic Flexible Premium Variable Life Reinsurance Agreement No. 3, shall be converted to Automatic Flexible Premium Variable Life Reinsurance Agreement No. 2 on a twenty percent (20%) quota share basis. B. Freedom Elite Builder policies and riders issued from July 1, 2001 through December 31, 2001, shall be reinsured under this Agreement on a twenty percent (20%) quota share basis as provided in the First Right Agreement and this Agreement, as amended. Except as expressed herein, all terms, covenants and provisions of this Agreement, as amended, that are not in conflict with the provisions of this Amendment Number 7 shall remain unaltered and in full force and effect. In Witness Whereof, the Reinsured and the Reinsurer, by their respective officers have executed this amendment in duplicate at the dates and places indicated. WESTERN RESERVE LIFE ASSURANCE GLOBAL PREFERRED RE LIMITED CO. OF OHIO at St. Petersburg, Florida at Duluth, Georgia ------------------------ ------------------------------------ on March 28, 2002 on March 28, 2002 By: /s/ Larry Kirkland By: /s/ Edward McKernan ------------------------ ------------------------------------ Title: Vice President/ Title: Chief Executive Managing Actuary Officer/President By: /s/ Stephanie J. Harder By: ----------------------- ------------------------------------ Title: Staff Actuary Title: