Seventh Amendment to General Agent Sales Agreement, dated as of April 1, 2016 by and between MONY Life Insurance Company of America (MONY America) and AXA NETWORK, LLC and the additional affiliated entities of AXA Network, LLC

Contract Categories: Business Operations - Sales Agreements
EX-1.(C)(VII) 3 a19-1256_6ex1dcvii.htm EX-1.(C)(VII)

Exhibit (1)(c)(vii)

 

SEVENTH AMENDMENT

TO

GENERAL AGENT SALES AGREEMENT

 

This SEVENTH AMENDMENT TO GENERAL AGENT SALES AGREEMENT, dated as of April 1, 2016, is by and between MONY LIFE INSURANCE COMPANY OF AMERICA (“MONY America”), an Arizona life insurance company, and AXA NETWORK, LLC, a Delaware limited liability company (“General Agent”).

 

MONY America and General Agent hereby modify and amend the General Agent Sales Agreement, dated as of June 6, 2005, between MONY America and General Agent (the “Sales Agreement”) to establish the compensation rates payable by MONY America to General Agent on sales of Incentive Life Optimizer® III, effective from and after the date hereof, as more particularly set forth on the Schedule 1 of Exhibit A attached hereto and made a part hereof.

 

Except as modified and amended hereby, the Sales Agreement is in full force and effect.

 

IN WITNESS WHEREOF, the parties hereto have caused this Seventh Amendment to General Agent Sales Agreement to be duly executed and delivered as of the day and year first above written.

 

MONY LIFE INSURANCE COMPANY OF AMERICA

AXA NETWORK, LLC

 

 

 

 

 

 

By:

/s/ Anders Malmstrom

 

By:

/s/ Frank Massa

Name:

Anders Malmstrom

 

Name:

Frank Massa

Title:

Senior Executive Director and Chief Financial Officer

 

Title:

President and Chief Executive Officer

 

1


 

EXHIBIT A

 

AMENDED AND RESTATED SCHEDULE 1

EFFECTIVE AS OF APRIL 1, 2016

General Agent Compensation for Life Insurance Sales and Servicing

 

This Amended and Restated Schedule 1 of Exhibit A is effective as of the date set forth above and is attached to and made part of the General Agent Sales Agreement dated June 6, 2005 by and between MONY Life Insurance Company of America and AXA Network, LLC.

 

Compensation to General Agent in connection with the sale and servicing of life insurance policies will be calculated on a policy by policy basis. Total compensation to General Agent in respect of the sale and servicing of each life insurance policy will be a percentage of the premiums received by MONY America and, where applicable, fund-based basis points in respect of such policy as more particularly set forth in the following tables:

 

Commissions on renewals and 2014 and later Sales of Individual Permanent Life Insurance Products (other than Incentive Life Optimizer® III):

 

Type of Premium

 

Percentage

 

 

 

 

 

MONY VUL

 

 

 

First policy year up to Target

 

110.0

%

Excess Premiums (Policy Year 1)

 

4.0

%

Renewals(1)

 

5.0

%

Asset Based Trailer

 

0.0

%

 

 

 

 

MONY ISWL

 

 

 

First policy year up to Target

 

110.0

%

Excess Premiums (Policy Year 1)

 

4.0

%

Renewals(1)

 

4.0

%

 

 

 

 

Group UL

 

 

 

First Policy Year up to Target

 

110

%

Excess Premiums (Policy Year 1)

 

4.0

%

Renewals(1)

 

4.8

%

 


(1)   Policy Year 2 and later.

 

2


 

Type of Premium

 

Percentage

 

 

 

 

 

Corporate Owned Life Insurance

 

 

 

First Policy Year up to Target

 

30.8

%

Excess Premiums (Policy Year 1)

 

13.6

%

Renewals(2)

 

15.0

%

Asset Based Trailer(2)

 

0.20

%(3)

 

 

 

 

Bank Owned Life (BOLI)

 

 

 

Single Premium

 

5.0

%

Asset Based Trailer(2)

 

0.25

%(3)

 

 

 

 

Incentive Life Legacy II and III

 

 

 

First Policy Year up to Target

 

99.0

%

Excess Premiums (Policy Year 1)

 

8.5

%

Renewals for Policy Year 2-5

 

5.8

%

Renewals for Policy Years 6-10

 

3.8

%

Renewals for Policy Year 11+

 

2.5

%

 

 

 

 

Athena IUL 153

 

 

 

First Policy Year up to Target

 

99.0

%

Excess Premiums (Policy Year 1)

 

8.5

%

Renewals for Policy Year 2-5

 

8.0

%

Renewals for Policy Years 6+

 

3.0

%

 

 

 

 

BrightLife® IUL and SIUL Product Series

 

 

 

First policy year up to Target

 

99.0

%

Excess Premiums (Policy Year 1)

 

8.5

%

Renewals for Policy Years 2-5

 

5.0

%

Renewals for Policy Years 6-10

 

3.0

%

Renewals for Policy Years 11+

 

 

 

BrightLife® Protect

 

1.0

%

BrightLife® Grow

 

2.0

%

 

 

 

 

All Other MLOA Products

 

 

 

First Policy Year up to Target

 

110.0

%

Excess Premiums (Policy Year 1)

 

4.0

%

Renewals(2)

 

5.0

%

Asset Based Trailer

 

0.0

%

 


(2)     Policy Year 2 and later.

(3)     Based on unloaned policy account value.

 

3


 

Commissions on renewals and 2014 and later sales of Individual Term Life Insurance Products:

 

Type of Premium

 

Percentage

 

 

 

 

 

First Year

 

99.0%

 

One Year Term Life (GF #148-51)

 

10% (5% for issue ages 80 and above)

 

 

 

 

 

Renewals for Simplified Issue Term

 

 

 

Policy Years 2-5

 

 

 

Term 10 SM

 

0.25%

 

Term 15 SM

 

0.25%

 

Term 20 SM

 

0.25%

 

 

 

 

 

Renewals for Term Series 156

 

 

 

Policy Years 2-5

 

 

 

Term 10 SM

 

7.0%

 

Term 15 SM

 

10.5%

 

Term 20 SM

 

14.25%

 

ART SM

 

7.65%

 

Policy Years 6-10

 

 

 

Term 10 SM

 

0.0%

 

Term 15 SM

 

1.0%

 

Term 20 SM

 

1.0%

 

ART SM

 

3.15%

 

 

Commissions on In-force Permanent Life Insurance Products (other than COLI, BOLI, Incentive Life Legacy II and III, Incentive Life Optimizer® III, Athena IUL 153, and BrightLife® IUL and SIUL):

 

Type of Premium

 

Percentage

 

 

 

 

 

Renewals(4)

 

5.0

%

Asset Based Trailer

 

0.0

%

 


(4)     Policy Year 2 and later.

 

4


 

Commissions on In-force COLI:

 

Type of Premium

 

Percentage

 

 

 

 

 

Renewals(5)

 

15.0

%

Asset Based Trailer(4)

 

0.20

%(6)

 

Commissions on In-force BOLI:

 

Type of Premium

 

Percentage

 

 

 

 

 

Asset Based Trailer(4)

 

0.25

%(5)

 

Commissions on In-force Term Life Insurance Products:

 

Type of Premium

 

Percentage

 

 

 

 

 

Renewals(7)

 

3.0

%

Renewals(8)

 

0.0

%

 

Commissions on Incentive Life Optimizer® III

 

Type of Premium

 

Percentage

 

 

 

 

 

Heaped Compensation

 

 

 

First Policy Year up to Target

 

99.0

%

Excess Premiums (Policy Year 1)

 

8.5

%

Renewals for Policy Year 2-5

 

5.8

%

Renewals for Policy Years 6-10

 

3.8

%

Renewals for Policy Year 11+

 

2.5

%

Asset Based Commissions on Unloaned Account Value (Policy Years 11 et seq.)

 

10

bps

 

 

 

 

Semi-Heaped Compensation

 

 

 

First Policy Year up to Target

 

58.7

%

Excess Premiums (Policy Year 1)

 

8.5

%

Renewals for Policy Year 2-5 (up to Target)

 

15.0

%

 


(5)     Policy Year 2 and later.

(6)     Based on unloaned policy account value

(7)     Applies to policies issued prior to 7/29/02.

(8)     Applies to policies issued on or after 7/29/02.

 

5


 

Renewals for Policy Year 2-5 (Excess Premiums)

 

7.0

%

Renewals for Policy Year 6-7 (up to Target)

 

13.0

%

Renewals for Policy Year 6-7 (Excess Premiums)

 

5.0

%

Renewals for Policy Years 8-10

 

2.0

%

Renewals for Policy Year 11+

 

1.5

%

Asset Based Commissions on Unloaned Account Value (Policy Years 8 et seq,)

 

30

bps

 

 

 

 

Liquidity Rider Compensation

 

 

 

First Policy Year up to Target

 

36.7

%

Excess Premiums (Policy Year 1)

 

8.5

%

Renewals for Policy Year 2-5 (up to Target)

 

8.0

%

Renewals for Policy Year 2-5 (Excess Premiums)

 

7.0

%

Renewals for Policy Year 6-7 (up to Target)

 

6.0

%

Renewals for Policy Year 6-7 (Excess Premiums)

 

5.0

%

Renewals for Policy Years 8-10

 

2.0

%

Renewals for Policy Year 11+

 

1.5

%

Asset Based Commissions on Unloaned Account Value (Policy Years 8 et seq.)

 

30

bps

 

6