Amendment No. 7 to Automatic Variable Annuity Reinsurance Agreement between Western Reserve Life Assurance Co. of Ohio and Global Preferred Re Limited, Effective January 1, 2002
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Summary
This amendment updates the reinsurance agreement between Western Reserve Life Assurance Co. of Ohio and Global Preferred Re Limited. Effective January 1, 2002, the reinsurer will increase its share of liability from 10% to 14% for all relevant policies issued from January 1, 1999, onward. Additionally, the reinsurer will stop reinsuring Freedom Wealth Creator annuities sold after December 31, 2001. All other terms of the original agreement remain unchanged.
EX-10.50 7 g74145a2ex10-50.txt AMENDMENT NUMBER 7, EFFECTIVE JANUARY 1, 2002 EXHIBIT 10.50 AMENDMENT NUMBER 7 TO THE AUTOMATIC VARIABLE ANNUITY REINSURANCE AGREEMENT (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 this Agreement, Reinsurer shall: A. Increase its quota share basis on all policies issued from January 1, 1999 through December 31, 2001, reinsured under this Agreement, from the current ten percent (10%) to fourteen percent (14%). B. Increase its quota share basis on all policies issued on or after January 1, 2002, reinsured under this Agreement, from the current ten percent (10%) to fourteen percent (14%). C. Cease reinsuring Freedom Wealth Creator annuities sold after December 31, 2001. 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 Officer/ Managing Actuary President By: /s/Stephanie J. Harder By: ---------------------------- ---------------------------------- Title: Staff Actuary Title:
