Exhibit 10.1
AMENDMENT NO. 1
To
AUTOMATIC ANNUITY REINSURANCE
AGREEMENT
WHEREAS, ALLSTATE LIFE INSURANCE COMPANY OF NEW
YORK (“CEDANT”) and ALLSTATE LIFE INSURANCE COMPANY
(“REINSURER”) entered into that certain Automatic
Reinsurance Agreement effective January 2, 2004
(“Agreement”), whereby the REINSURER reinsures all
obligations under guaranteed minimum accumulation benefit riders on
variable annuity contracts issued directly by the
CEDANT.
WHEREAS, the CEDANT now wishes to cede all
obligations under guaranteed minimum withdrawal benefit riders and
all guaranteed minimum death benefit liabilities on certain
variable annuity contracts issued directly or reinsured by the
CEDANT and the REINSURER wishes to reinsure such obligations and
liabilities under the terms of the Agreement.
NOW, THEREFORE, in consideration of the above
stated premises and the promises and the mutual agreements set
forth herein, the parties hereto agree as follows:
1.
This Amendment No. 1 shall be
effective as of January 1, 2005.
2.
Section 3 of Article I
(“Definitions”) is hereby deleted in its entirety and
is replaced with the following:
“Rider” or
“Riders” shall mean; (i) the guaranteed minimum
accumulation benefit riders; (ii) the guaranteed minimum
withdrawal benefit riders; and (iii) the guaranteed minimum
death benefits (whether provided by rider or base contract form);
described in Exhibit A of this Agreement.
3.
The provisions of Article V of
the Agreement (“Premiums”) are hereby deleted in their
entirety and are replaced with the following:
CEDANT shall pay REINSURER premiums
for the coinsurance coverage provided in this Agreement as set
forth below.
With respect to guaranteed minimum
accumulation benefit riders and guaranteed minimum withdrawal
benefit riders reinsured hereunder, the premium will equal the
“Rider Fee Percentage” multiplied by the “Benefit
Base” as those terms are defined in such Riders.
