SUBSEQUENT EVENTS	6 Months Ended
Jun. 30, 2013
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	17. SUBSEQUENT EVENTS The Company has evaluated the effects of events subsequent to June 30, 2013, and through the date we filed our consolidated condensed financial statements with the United States Securities and Exchange Commission. All accounting and disclosure requirements related to subsequent events are included in our consolidated condensed financial statements except as described below. On August 7, 2013, Golden Gate III Vermont Captive Insurance Company (“Golden Gate III”), a wholly owned subsidiary of the Company, entered into a Second Amended and Restated Reimbursement Agreement (the “Second Amended and Restated Reimbursement Agreement”) with UBS AG, Stamford Branch, as issuing lender (“UBS”), which amended and restated the First Amended and Restated Reimbursement Agreement, dated as of November 21, 2011, between Golden Gate III and UBS (the “First Amended and Restated Reimbursement Agreement”) which replaced the original Reimbursement Agreement, dated as of April 23, 2010, between Golden Gate III and UBS. Under the Second Amended and Restated Reimbursement Agreement, a new letter of credit (the “LOC”) in an initial amount of $710 million was issued by UBS in replacement of the existing letter of credit issued under the First Amended and Restated Reimbursement Agreement. The term of the LOC was extended from April 1, 2022 to October 1, 2023, subject to certain conditions being satisfied including scheduled capital contributions being made to Golden Gate III by one of its affiliates. The maximum stated amount of the LOC was increased from $610 million to $720 million in 2015, if certain conditions are met. The LOC is held in trust for the benefit of the Company’s wholly owned subsidiary, WCL, and supports certain obligations of Golden Gate III to WCL for a portion of the reserves relating to certain level premium term life insurance policies reinsured by Golden Gate III under an indemnity reinsurance agreement originally effective April 1, 2010, as amended and restated on November 21, 2011, and as further amended and restated on August 7, 2013 to include an additional block of policies. The Second Amended and Restated Reimbursement Agreement continues to be “non-recourse” to WCL, PLC and the Company, meaning that none of these companies are liable to reimburse UBS for any drawn amounts or interest thereon. Pursuant to the terms of an amended and restated letter agreement with UBS, PLC has continued its agreement to guarantee the payment of fees to UBS. The estimated average annual expense of the LOC issued by UBS pursuant to the Second Amended and Restated Reimbursement Agreement under generally accepted accounting principles is approximately $9 million, after-tax.

17. SUBSEQUENT EVENTS

The Company has evaluated the effects of events subsequent to June 30, 2013, and through the date we filed our consolidated condensed financial statements with the United States Securities and Exchange Commission. All accounting and disclosure requirements related to subsequent events are included in our consolidated condensed financial statements except as described below.

On August 7, 2013, Golden Gate III Vermont Captive Insurance Company (“Golden Gate III”), a wholly owned subsidiary of the Company, entered into a Second Amended and Restated Reimbursement Agreement (the “Second Amended and Restated Reimbursement Agreement”) with UBS AG, Stamford Branch, as issuing lender (“UBS”), which amended and restated the First Amended and Restated Reimbursement Agreement, dated as of November 21, 2011, between Golden Gate III and UBS (the “First Amended and Restated Reimbursement Agreement”) which replaced the original Reimbursement Agreement, dated as of April 23, 2010, between Golden Gate III and UBS. Under the Second Amended and Restated Reimbursement Agreement, a new letter of credit (the “LOC”) in an initial amount of $710 million was issued by UBS in replacement of the existing letter of credit issued under the First Amended and Restated Reimbursement Agreement. The term of the LOC was extended from April 1, 2022 to October 1, 2023, subject to certain conditions being satisfied including scheduled capital contributions being made to Golden Gate III by one of its affiliates. The maximum stated amount of the LOC was increased from $610 million to $720 million in 2015, if certain conditions are met. The LOC is held in trust for the benefit of the Company’s wholly owned subsidiary, WCL, and supports certain obligations of Golden Gate III to WCL for a portion of the reserves relating to certain level premium term life insurance policies reinsured by Golden Gate III under an indemnity reinsurance agreement originally effective April 1, 2010, as amended and restated on November 21, 2011, and as further amended and restated on August 7, 2013 to include an additional block of policies. The Second Amended and Restated Reimbursement Agreement continues to be “non-recourse” to WCL, PLC and the Company, meaning that none of these companies are liable to reimburse UBS for any drawn amounts or interest thereon. Pursuant to the terms of an amended and restated letter agreement with UBS, PLC has continued its agreement to guarantee the payment of fees to UBS. The estimated average annual expense of the LOC issued by UBS pursuant to the Second Amended and Restated Reimbursement Agreement under generally accepted accounting principles is approximately $9 million, after-tax.