EX-99.(16)(D)(III) 4 d260358dex9916diii.htm FOURTH AMENDMENT TO GENERAL AGENT SALES AGREEMENT FOURTH AMENDMENT TO GENERAL AGENT SALES AGREEMENT

FOURTH AMENDMENT

TO

GENERAL AGENT SALES AGREEMENT

FOURTH AMENDMENT TO GENERAL AGENT SALES AGREEMENT, dated as of October 1, 2014 by and between MONY LIFE INSURANCE COMPANY OF AMERICA (“MONY America”), an Arizona life insurance company, and AXA NETWORK, LLC and the additional affiliated entities of AXA Network, LLC executing this Agreement below (collectively, the “General Agent”).

MONY Life and the General Agent hereby modify and amend the General Agent Sales Agreement dated as of June 6, 2005 between them (the “Sales Agreement”) to establish the compensation rates payable by MONY America to the General Agent on sales of Athena Indexed Universal LifeSM Series 153, Incentive Life Legacy® II, BrightLifeSM Protect and BrightLifeSM Grow Indexed Universal Life, Simplified Issue Term and Term Series SM 156 products, effective from and after the date hereof, as more particularly set forth on the amended and restated 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 Fourth 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/ Eileen Forrest

  Anders Malmstrom       Eileen Forrest
  Senior Executive Director       President and Chief Executive
  and Chief Financial Officer       Officer

EXHIBIT A

AMENDED AND RESTATED SCHEDULE 1

EFFECTIVE AS OF OCTOBER 1, 2014

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 as more particularly set forth in the following tables:

Commissions on renewals and 2014 and later Sales of Individual Permanent Life Insurance Products:

 

Tvpe of Premium

    Percentage  

MONY VUL

   

First policy year up to Target

      110.0 % 

Excess Premiums (Policy Year 1)

      4.0 % 

Renewals1

      5.0 % 

Asset Based Trailer

      0.0 % 

MONY ISWL

   

First policy year up to Target

      110.0 % 

Excess Premiums (Policy Year 1)

      4.0 % 

Renewals1

      4.0 % 

Group UL

   

First Policy Year up to Target

      110 % 

Excess Premiums (Policy Year 1)

      4.0 % 

Renewals1

      4.8 % 

 

 

1 

Policy Year 2 and later.

 

2

Exhibit A

Amended and Restated Schedule 1 (cont.)

Effective as of October 1, 2014

 

Tvpe of Premium

    Percentage  

Corporate Owned Life Insurance

   

First Policy Year up to Target

      30.8 % 

Excess Premiums (Policy Year 1)

      13.6 % 

Renewals2

      15.0 % 

Asset Based Trailer2

      0.20 %3 

Bank Owned Life (BOLI)

   

Single Premium

      5.0 % 

Asset Based Trailer2

      0.25 %3 

Incentive Life Legacy II

   

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 % 

BrightLifeSM IUL 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+

   

BrightLifeSM Protect

      1.0 % 

BrightLifeSM Grow

      2.0 % 

All Other MLOA Products

   

First Policy Year up to Target

      110.0 % 

Excess Premiums (Policy Year 1)

      4.0 % 

Renewals2

      5.0 % 

Asset Based Trailer

      0.0 % 

 

2 

Policy Year 2 and later.

3

Based on unloaned policy account value.

 

 

3

Exhibit A

Amended and Restated Schedule 1 (cont.)

Effective as of October 1, 2014

 

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

 

Tvpe 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 10SM

      0.25 % 

Term15SM

      0.25 % 

Term 20SM

      0.25 % 

Renewals for Term Series 156

   

Policy Years 2-5

   

Term 10SM

      7.0 % 

Term 15SM

      10.5 % 

Term 20SM

      14.25 % 

ARTSM

      7.65 % 

Policy Years 6-10

   

Term 10SM

      0.0 % 

Term 15SM

      1.0 % 

Term 20SM

      1.0 % 

ARTSM

      3.15 % 

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

 

Tvpe of Premium

    Percentage  

Renewals4

      5.0 % 

Asset Based Trailer

      0.0 % 

 

4 

Policy Year 2 and later.

 

4

Exhibit A

Amended and Restated Schedule 1 (cont.)

Effective as of October 1, 2014

 

Commissions on In-force COLI:

 

Type of Premium

    Percentage  

Renewals5

      15.0 % 

Asset Based Trailer4

      0.20 %6 

Commissions an In-force BOLI:

 

Tvpe of Premium

    Percentage  

Asset Based Trailer4

      0.25 %5 

Commissions on In-force Term Life Insurance Products:

 

Type of Premium

    Percentage  

Renewals7

      3.0 % 

Renewals8

      0.0 % 

 

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