CoinsuranceTrust Agreement



 Exhibit 10.37 

Canadian Company - Life and P&C 

INDEX 

AGREEMENT MADE THE
15TH DAY OF MARCH, 2010 AMONG FINANCIAL REASSURANCE
COMPANY 2010, LTD., PRIMERICA LIFE INSURANCE COMPANY OF CANADA, RBC DEXIA INVESTOR SERVICES TRUST AND THE SUPERINTENDENT OF FINANCIAL INSTITUTIONS CANADA. 
  

					
	 PARAGRAPH
NUMBER
	 	 HEADING
	  	PAGE
NUMBER
			
	   1.
	 	APPOINTMENT OF TRUSTEE	  	4
			
	   2.
	 	AUTHORIZED ASSETS	  	4
			
	   3.
	 	ASSETS VESTED IN TRUST	  	4
			
	   4.
	 	VALUE OF ASSETS DETERMINED BY THE SUPERINTENDENT	  	5
			
	   5.
	 	VESTING, VARYING, EXCHANGING OR WITHDRAWING ASSETS	  	5
			
	   6.
	 	SECURITIES LENDING	  	5
			
	   7.
	 	ASSETS IN TRUSTEE’S NAME	  	6
			
	   8.
	 	POWERS AND AUTHORITY OF TRUSTEE	  	6
			
	   9.
	 	ACCOUNTABILITY OF TRUSTEE	  	6
			
	 10.
	 	DIRECTION OF REINSURER AND COMPANY	  	7
			
	 11.
	 	CANADIAN DEPOSITORY FOR SECURITIES LIMITED	  	7
			
	 12.
	 	PAYMENTS ON ACCOUNT OF AN INTEREST IN REAL ESTATE	  	7
			
	 13.
	 	EXERCISE OF RIGHTS ATTACHED TO AN ASSET	  	8
			
	 14.
	 	STATEMENT OF ASSETS	  	8
			
	 15.
	 	ACCESS	  	9
			
	 16
	 	DIRECTION TO VEST ASSETS IN THE COMPANY	  	9
			
	 17.
	 	DIRECTION TO VEST ASSETS IN THE SUPERINTENDENT	  	9

  

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	 PARAGRAPH
NUMBER
	 	 HEADING
	  	PAGE
NUMBER
			
	 18.
	 	COMPENSATION OF TRUSTEE	  	10
			
	 19.
	 	INTEREST ON MONIES HELD IN TRUST	  	10
			
	 20.
	 	AMENDMENTS	  	10
			
	 21.
	 	TERMINATION	  	11
			
	 22.
	 	APPOINTMENT OF NEW TRUSTEE	  	11
			
	 23.
	 	WAIVER	  	12
			
	 24.
	 	FURTHER ASSURANCES	  	12
			
	 25.
	 	NOTICES	  	12
			
	 26.
	 	EXECUTION IN COUNTERPART	  	13
			
	 27.
	 	PARTIAL INVALIDITY	  	13
			
	 28.
	 	EFFECTIVE DATE	  	14
			
	 29.
	 	PROPER LAW	  	14
			
	 30.
	 	CONFLICTS OR INCONSISTENCIES	  	14
			
	 31.
	 	MISCELLANEOUS	  	15
			
		 	SCHEDULE	  	
		
	 SCHEDULE “A” – VESTING OF ASSETS
	  	14
		
	 SCHEDULE “B” – DECLARATION (MONTHLY)
	  	15

 AGREEMENT 

 THIS AGREEMENT made in quadruplicate on the
15th day of March, 2010. 

 

			
		
	AMONG:	 	 Financial Reassurance Company 2010, Ltd., a corporation duly organized and existing under the laws of Bermuda

(hereinafter called the “Reinsurer”)


  

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	AND:	 	 Primerica Life Insurance Company of Canada, a corporation duly organized and existing under the laws of Canada

(hereinafter called the “Company”)

		
	AND:	 	 RBC Dexia Investor Services Trust, a trust company incorporated under the laws of Canada and licensed to do business in the Province of
Ontario
 (hereinafter called the “Trustee”)

		
	AND:	 	 The Superintendent of Financial Institutions Canada

(hereinafter called the “Superintendent”)

		
	WHEREAS	 	 the Company is authorized under the Insurance Companies Act

(hereinafter called the “Act”) to insure risks;

		
	AND WHEREAS	 	the Company has caused itself to be reinsured by the Reinsurer against certain risks insured by it under one or more reinsurance agreements (hereinafter called the “Reinsurance
Agreements”);
		
	AND WHEREAS	 	the Reinsurer is not authorized under the Act to insure risks;
		
	AND WHEREAS	 	where the Reinsurer is not authorized under the Act to insure risks and is incorporated elsewhere than in Canada, a reduction in the Company’s Minimum Continuing Capital and
Surplus Requirements, in the Company’s Minimum Capital Test or in the assets to be maintained by the Company under the Act, as the case may be, may be made by the Company only to the extent that security is maintained in Canada, in respect of
the potential liabilities of the Reinsurer under the Reinsurance Agreements, in an amount, of a nature and under arrangements determined by the Superintendent to be satisfactory.


NOW THEREFORE in consideration of the premises and the mutual covenants and agreements contained in the Agreement, the parties hereto agree with
one another as follows: 
  

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 APPOINTMENT OF TRUSTEE 

 

			
	1.	  	The Reinsurer appoints as trustee the Trustee to hold in trust for the Company, solely to secure the payment to the Company by the Reinsurer of the Reinsurer’s share of any
loss or liability or both sustained by the Company for which the Reinsurer is liable under the Reinsurance Agreements, such assets as the Reinsurer may vest in trust with the Trustee in accordance with the terms of this
Agreement.

 AUTHORIZED ASSETS 

 

			
	2.	  	Assets that may be vested in trust with the Trustee shall be cash or assets in which the Company may invest its funds or any portion thereof pursuant to the Company’s
investment and lending policies, standards and procedures established pursuant to the Act in force from time to time while this Agreement is in force.


ASSETS VESTED IN TRUST 
  

					
	3.	  	(a)	  	The Reinsurer shall vest and maintain with the Trustee assets valued in accordance with subparagraph (b) at all times at least equal to 100% of an amount equal to the greater
of (i) the Reinsurer’s quota share of the subject reserves with respect to the reinsured policies, and (ii) the amount of assets held in trust necessary at any particular point in time under the MCCSR Guideline in order for the
Company to take full financial statement credit for the unlicensed reinsurance in the same manner as if licensed reinsurance was being provided that enables the Company to maintain its target capital ratio as required by the Superintendent as well
as to be able to meet all Dynamic Capital Adequacy Testing adverse scenarios that may be required by the Superintendent with respect to the Reinsurer’s quota share of the subject reserves. For greater certainty, the amount of trust Assets held
in trust shall at no time be less than a minimum of an amount equal to 100% of the aggregate liability ceded (if greater than zero) plus 70% of the offsetting reserves ceded (MCCSR Guideline section 1.2.3.2) plus 150% of the Regulatory Required
Capital for the Ceded Business as defined by the MCCSR Guideline.
			
		  	(b)	  	The assets vested in trust shall be valued at market value.
			
		  	(c)	  	Assets vested in trust under this Agreement in respect of the class of life insurance shall be held by the Trustee in an account identified in its records as separate and distinct
from the assets vested in trust under this Agreement in respect of other classes.
			
		  	(d)	  	Assets vested in trust under this Agreement shall be held by the Trustee in an account identified in its records as separate and distinct from other accounts of the
Trustee.

  

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		  	(e)	  	Assets vested in trust under this Agreement shall be free of all liens, charges and encumbrances of any nature except for the charge customarily required to be given by the relevant
participant in the Canadian Depository for Securities Limited under the rules governing participation in the Canadian Depository for Securities Limited on an asset deposited, and recorded in book-based form, with the Canadian Depository for
Securities Limited.

 VALUE OF ASSETS DETERMINED BY THE SUPERINTENDENT 

 

			
	4.	  	The Superintendent may determine from time to time the market value of the assets vested in trust or the liabilities for which the Reinsurer is liable under the Reinsurance
Agreements. Any determination made by the Superintendent under this paragraph shall be binding on the Reinsurer and the Company.
		
		  	This paragraph shall be effective only with respect to the obligations of the Reinsurer and the Company under this Agreement and shall not affect the contractual relationship
between the parties under the Reinsurance Agreements.

 VESTING, VARYING, EXCHANGING OR WITHDRAWING ASSETS 

  

					
	5.	  	(a)	  	Subject to paragraph 3 and subparagraph (b), prior to vesting an asset in trust or withdrawing an asset vested in trust, the Reinsurer shall obtain the written approval of the
Superintendent and, upon receipt of the written approval of the Superintendent, the Trustee shall follow the written direction of the Reinsurer.
			
		  	(b)	  	Unless the Superintendent has otherwise directed by written notice to both the Reinsurer and the Trustee, the Reinsurer may, without the prior written approval of the
Superintendent:
			
		  		  	 (i)       vest in trust an asset listed in Schedule “A”; and

			
		  		  	 (ii)      withdraw an asset listed in Schedule “A” vested in trust on condition that the
asset withdrawn is replaced, either prior to or simultaneously, with an asset or assets listed in Schedule “A” the value of which on the date of the withdrawal, as determined under subparagraph 3(b), is and is certified by the Reinsurer to
the Trustee to be, at least equal to the value, as determined under subparagraph 3(b), of the asset withdrawn.



SECURITIES LENDING 
  

			
	6.	  	The assets vested pursuant to this Agreement may not be used as part of a securities lending program.


 

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 ASSETS IN TRUSTEE’S NAME 

 

			
	7.	  	Subject to paragraph 11, the Trustee shall register in its name or, subject to the prior written approval of the Superintendent, in the name of its nominee, any asset vested in
trust that can be issued in registered form. Notwithstanding the foregoing but subject to the prior written approval of the Superintendent, the Reinsurer may vest with the Trustee, and the Trustee shall not be required to register in its name,
mortgages on real estate acquired by or on behalf of the Reinsurer under an agreement whereby the mortgages are to be administered by a third party.


POWERS AND AUTHORITY OF TRUSTEE 
  

					
	8.	  	(a)	  	Subject to paragraph 5, the Trustee, on the written direction of any of the persons authorized by the Reinsurer for that purpose for the time being and from time to time, shall
have, in respect of the assets vested in trust, the powers and authority authorized in that written direction.
			
		  	(b)	  	Subject to the prior written approval of the Reinsurer, which approval must not be unreasonably withheld, the Trustee may employ, at the expense of the Reinsurer, agents, counsel
(who may be counsel to the Reinsurer) and other professional advisors.
			
		  	(c)	  	The Trustee may, from time to time,
			
		  		  	 (i)      deal with securities of the same class and nature as may constitute the assets held in
trust in its own behalf or on behalf of accounts it manages;

			
		  		  	 (ii)     subject to Part XI of the Trust and Loan Companies Act, be affiliated with any party to whom or
from whom such securities may be sold or purchased; and

			
		  		  	 (iii)    use in other capacities knowledge gained in its capacity hereunder without being liable to account
therefor in law or in equity except where the use would be detrimental, prejudicial, or adverse to the best interests of the Company or the Reinsurer.



ACCOUNTABILITY OF TRUSTEE 
  

					
	9.	  	(a)	  	Subject to subparagraph (b), the Trustee will exercise its powers and carry out its obligations under this Agreement as Trustee honestly, in good faith and in the best interests of
the Company and in connection therewith will exercise that degree of care, diligence and skill that a reasonable and prudent person would exercise in comparable circumstances.


 

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		  	(b)	  	Where the Superintendent determines that an asset vested in trust is withdrawn other than in accordance with paragraph 5, the Superintendent shall so notify the Trustee. Within
thirty (30) days of the day on which the Trustee is notified by the Superintendent, the Trustee shall replace that asset with an asset or assets of the kind listed in Schedule “A” such that the value of the assets vested in trust on
the replacement date, as determined under subparagraph 3(b), is equal to the lesser of:
			
		  		  	 (i)      the total value of the assets required under the Agreement to be vested in trust on the
replacement date, as determined under subparagraph 3(b); and

			
		  		  	 (ii)     the total value of the assets, as determined under subparagraph 3(b), vested in trust on the
day when the asset vested in trust was withdrawn other than in accordance with paragraph 5, determined before giving effect to the withdrawal.

			
		  		  	In each instance where the Trustee replaces an asset in accordance with this paragraph, the Reinsurer shall immediately reimburse the Trustee for all losses, damages, expenses, and
costs incurred by the Trustee in respect of the replacement.

 DIRECTION OF REINSURER AND COMPANY

  

					
	10.	  	(a)	  	The Reinsurer shall identify to the Trustee, in writing, those Reinsurer representatives authorized to direct the Trustee in respect of a matter under this Agreement. The Trustee
shall act only upon the written directions of those Reinsurer representatives and shall have no duty to verify the appropriateness of any directions which shall be binding on the Reinsurer.
			
		  	(b)	  	The Company shall identify to the Trustee, in writing, those Company representatives authorized to direct the Trustee in respect of a matter under this Agreement. The Trustee shall
act only upon the written directions of those Company representatives and shall have no duty to verify the appropriateness of any directions which shall be binding on the Company.


CANADIAN DEPOSITORY FOR SECURITIES LIMITED 
  

			
	11.	  	Subject to the written approval of the Superintendent, the Trustee may deposit any of the assets vested in trust with the Canadian Depository for Securities Limited and shall have
the same responsibility for assets vested in trust whether in the possession of the Trustee or deposited with the Canadian Depository for Securities Limited.


PAYMENTS ON ACCOUNT OF AN INTEREST IN REAL ESTATE 
  


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	12.	  	Unless the Reinsurer and the Trustee are otherwise directed in writing by the Superintendent, the Reinsurer may collect payments on account of any interest in real
estate by way of lease, mortgage or otherwise vested in trust with the Trustee, provided that the Reinsurer shall:
			
		  	(a)	  	forthwith pay to the Trustee any monies collected on account of the principal of any mortgage; and
			
		  	(b)	  	on or before the tenth day of each month, notify in writing the Trustee, the Company and the Superintendent of the balance of principal on any mortgage on account of which the
Reinsurer collected a payment and account for all monies collected hereunder, which information shall be contained in a statutory declaration of an officer of the Reinsurer.


EXERCISE OF RIGHTS ATTACHED TO AN ASSET 
  

					
	13.	  	Unless the Trustee is otherwise directed in writing by the Superintendent:
			
		  	(a)	  	the Trustee shall hand over to the Reinsurer all income upon the vested assets collected by the Trustee as the same is collected; and
			
		  	(b)	  	the Reinsurer shall be entitled at all times to exercise, through such officer or other person designated by it, the right of attending, acting and voting at meetings of
corporations or security holders or otherwise in respect of vested assets and the Trustee shall, at the request of the Reinsurer, execute and deliver such instruments of proxy or attorney as may be reasonably required to enable the Reinsurer through
such officer or person to exercise such rights.

 STATEMENT OF ASSETS 

 

					
	14.	  	Unless the Superintendent otherwise directs the Trustee in writing, the Trustee shall on or before the fifteenth day of each month, or, if the fifteenth day is not a
business day of the Trustee, on or before the first business day of the Trustee following the fifteenth day, and at such other times as requested by notice in writing to the Trustee from the Superintendent, file:
			
		  	(a)	  	with the Superintendent, and if the Reinsurer so elects, with the Reinsurer, a declaration in the form of Schedule “B”, or in such other form as may be prescribed by the
Superintendent from time to time, together with a diskette, containing that information as may be prescribed by the Superintendent from time to time of all assets held by the Trustee under this Agreement as at the close of business on the
Trustee’s last business day in the immediately preceding month; and

  

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		  	(b)	  	where the Reinsurer does not elect under subparagraph (a), with the Reinsurer a statement containing that information as may be prescribed by the Reinsurer from time to time of all
assets held by the Trustee under this Agreement.
		
		  	The Trustee shall submit separate declarations in respect of the class of life insurance and in respect of classes of insurance other than life
insurance.

 ACCESS 
  

			
	15.	  	The Trustee shall at all times, upon reasonable notice, permit the Superintendent, the Reinsurer and the Company access, for purposes of examination, to all assets held in trust
under this Agreement and to the records of the Trustee in relation thereto.

 DIRECTION TO VEST ASSETS IN THE
COMPANY 
  

					
	16.	  	(a)	  	The Trustee shall, on notice in writing from the Company accompanied by the written approval of the Superintendent, without inquiry as to the correctness of any request made by the
Company, assign and deliver to the Company those assets held by it in trust that the Company specifies in its request after deduction by the Trustee of an amount equal to the aggregate of any unpaid compensation to the date of transfer and any
losses, damages, expenses and costs owing to the Trustee pursuant to paragraph 18 and subparagraph 9(b) respectively.
			
		  	(b)	  	The Company shall apply the assets assigned and delivered to it pursuant to subparagraph (a) without diminution on account of the insolvency of the Company for the following
purposes only:
			
		  		  	 (i)      to pay or reimburse itself for the Reinsurer’s share of any loss or liability or
both, including any loss or liability on account of claims incurred but not reported, sustained by the Company for which the Reinsurer is liable under the Reinsurance Agreements; and

			
		  		  	 (ii)     to make payment to the Reinsurer of any balance of the assets in excess of the actual amount
required by clause (i) above if requested by the Reinsurer.


 DIRECTION TO VEST ASSETS IN THE
SUPERINTENDENT 
  

					
	17.	  	(a)	  	If
			
		  		  	 (i)      the Company is no longer authorized under the Act to insure risks,

			
		  		  	 (ii)     a judgment against the Company in respect of which no further right of appeal exists remains
unsatisfied for thirty (30) days, or


  

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		  		  	 (iii)    a liquidator or receiver of the Company or of any part of the insurance business of the Company is
appointed under the provisions of any statute or pursuant to any agreement between the Company and a third party

			
		  		  	the Superintendent may direct the Trustee and the Trustee shall, without inquiry into the correctness of any statement of the Superintendent, assign and transfer to the
Superintendent or the Superintendent’s appointee all assets held in trust under the terms of this Agreement after deduction by the Trustee of an amount equal to the aggregate of any unpaid compensation to the date of transfer and any losses,
damages, expenses and costs owing to the Trustee pursuant to paragraph 18 and subparagraph 9(b) respectively.
			
		  	(b)	  	The Superintendent or his appointee shall apply the assets assigned and delivered pursuant to subparagraph (a) without diminution on account of the insolvency of the Company
for the following purposes only:
			
		  		  	 (i)      to pay or reimburse the Company for the Reinsurer’s share of any loss or liability or
both, including any loss or liability on account of claims incurred but not reported, sustained by the Company for which the Reinsurer is liable under the Reinsurance Agreements; and

			
		  		  	 (ii)     to make payment to the Reinsurer of any balance of the assets in excess of the actual amount
required by clause (i) above if requested by the Reinsurer.


 COMPENSATION OF TRUSTEE 

 

			
	18.	  	The Trustee is entitled to reasonable compensation for its services and expenses under this Agreement as may be agreed upon by the Reinsurer and the Trustee, and if no such
agreement is reached, either the Reinsurer or the Trustee may on ten (10) days notice in writing apply to a court of competent jurisdiction to fix the compensation that the Reinsurer shall pay the Trustee.


INTEREST ON MONIES HELD IN TRUST 
  

			
	19.	  	The Trustee shall pay the Reinsurer such interest on monies held in trust as is paid by the Trustee on the same or similar accounts.


AMENDMENTS 
  

					
	20.	  	(a)	  	This Agreement may be amended only by a written agreement executed by the Company, the Reinsurer, the Trustee and the Superintendent.


 

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		  	(b)	  	The Company, the Reinsurer and the Trustee shall make those amendments to this Agreement that the Superintendent reasonably requires.


TERMINATION 
  

			
	21.	  	The Trustee and, subject to the prior written approval of the Superintendent, the Company or the Reinsurer may terminate this Agreement on at least thirty (30) days notice in
writing to the Superintendent and the other parties specifying in the notice the date of termination. Upon the date of termination specified in the notice, the Trustee shall be discharged from any further responsibilities to carry out the terms
provided in this Agreement save for its obligations under paragraph 22.

 APPOINTMENT OF NEW TRUSTEE

  

					
		
	22.	  	As soon as practicable
			
		  	(i)	  	on the Trustee ceasing to carry on business, or refusing to act as a trustee,
			
		  	(ii)	  	on the Trustee becoming insolvent, being deemed insolvent or admitting that it is insolvent within the meaning of any statute, or becoming (whether voluntarily or involuntarily)
subject to any proceedings for its winding-up, liquidation or dissolution,
			
		  	(iii)	  	on the Superintendent taking control of the assets of, or taking control of, the Trustee under the Trust and Loan Companies Act,
			
		  	(iv)	  	on the Trustee defaulting in its duties or obligations or any of them hereunder and not commencing to rectify the default within thirty (30) days after written notice from
another party specifying the default and requiring the Trustee to remedy the same, or
			
		  	(v)	  	after giving or receiving a notice under paragraph 21,
		
		  	the Reinsurer shall appoint another trust company approved by the Superintendent and authorized to act as a trustee and the Trustee shall execute all documents that the
Reinsurer shall deem necessary to vest in that trust company the assets vested in trust in the Trustee and transfer in writing to that trust company all its rights and obligations under this Agreement after deduction by the Trustee of an amount
equal to the aggregate of any unpaid compensation to the date of the transfer and any losses, damages, expenses and costs owing to the Trustee pursuant to paragraph 18 and subparagraph 9(b) respectively.


 

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 WAIVER 

 

			
	23.	  	No waiver by any party of any breach of any of the covenants, provisos, conditions, restrictions or stipulations contained in this Agreement shall take effect or be binding upon
that party unless the same is expressed in writing under the authority of that party and is approved in writing by the Superintendent and any waiver so given and approved shall extend only to the particular breach so waived and shall not limit or
affect any rights with respect to any other future breach.

 FURTHER ASSURANCES 

 

			
	24.	  	Each of the parties to this Agreement shall execute and deliver all such instruments and assurances and do all other acts and things as are necessary to give full effect to and
carry out their respective obligations under this Agreement.

 NOTICES 

 

					
	25.	  	(a)	  	Notices under this Agreement shall be served either
			
		  		  	 (i)       personally by delivering them to the party on whom they are to be served at that
party’s address hereinafter given, provided such delivery shall be during the addressee’s normal business hours. Personally served notices shall be deemed received by the addressees when actually delivered as
aforesaid,

			
		  		  	 (ii)      by telex or facsimile (or by any other like method by which a written and recorded
message may be sent) directed to the party on whom they are to be served at that party’s address hereinafter given. Notices so served shall be deemed received by the addressee: i) when actually received by the addressee if received within the
normal working hours of the addressee’s business day; or ii) at the commencement of the next ensuing business day of the addressee following transmission thereof, whichever is the earlier, or

			
		  		  	 (iii)    by prepaid first class mail addressed to the party on whom they are to be served at that
party’s address hereinafter given. Notices so served shall be deemed received on the fifth (5th) day following the day on which they are so mailed, provided however that if delivery by prepaid first class mail of any notice required or
permitted under this Agreement is or is likely to be delayed due to interruption or suspension of the postal service because of a mail strike, slowdown or other labour dispute which might affect the delivery of the notice, then the notice shall be
effective only if delivered personally or by telex or facsimile (or by any other like method by which a written and recorded message may be sent).



 

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		  	(b)	  	Unless changed by written notice to the other parties, the addresses for service of notice hereunder of each of the respective parties shall be as follows:


 

			
	Reinsurer	  	 Financial Reassurance Company 2010, Ltd.

44 Church Street
 PO. Box 2274

Hamilton HMJX, Bermuda

Attention:    David Pickering, Director

Facsimile:    #441-295-6448

		
	Company	  	 Primerica Life Insurance Company of Canada

2000 Argentina Road, Plaza V, Suite 300

Mississauga, Ontario
 L5N 2R7

Attention:    Heather Koski, VP Finance & CFO

Facsimile:    (905) 813-5316

		
	Trustee	  	 RBC Dexia Investor Services Trust

155 Wellington Street West,
5th Floor

P.O. Box 7500, Station “A”
 Toronto,
Ontario
 M5W 1P9

Attention:    Head of Client Service

Facsimile:    (416) 955-2600

	
	 Superintendent of Financial Institutions Canada

121 King Street West, 22nd Floor
 Toronto,
Ontario
 M5H 3T9

Attention:    Assistant Superintendent, Supervision

Facsimile:    (416) 973-1171



EXECUTION IN COUNTERPART 
  

			
	26.	  	This Agreement may be executed and delivered in counterpart, each of which, when so executed and delivered, shall be deemed to be an original. All counterparts together shall
constitute one and the same agreement.

 PARTIAL INVALIDITY 

 

			
	27.	  	If at any time any provision of this Agreement is or becomes illegal, invalid or unenforceable in any respect under the law of any jurisdiction, neither the legality, validity or
enforceability of the remaining provisions of this Agreement nor the legality, validity or

  

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		  	enforceability of such provision under the law of any other jurisdiction shall in any way be affected or impaired thereby.


EFFECTIVE DATE 
  

			
	28.	  	This Agreement shall take effect as of the date and year first above written.


PROPER LAW 
  

			
	29.	  	This Agreement shall be governed by the laws of the Province of Ontario and the federal laws of Canada applicable therein.


CONFLICTS OR INCONSISTENCIES 
  

			
	30.	  	In the event of a conflict or inconsistency between the terms and conditions of this Agreement and the terms and conditions of the Reinsurance Agreements, the former shall in each
and every instance prevail, except that, to the extent that the investment guidelines referenced in any Reinsurance Agreement are more restrictive than the list of assets in Schedule “A”, it shall be the responsibility of the Company and
the Reinsurer to ensure compliance with such restrictions.

  

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 MISCELLANEOUS 

 

			
	31.	  	Paragraph headings and other headings or captions or the index or the title hereto shall not be used in construing or interpreting any provision of this Agreement or the
relationship of the parties to this Agreement.

 IN WITNESS WHEREOF the Reinsurer, the Company, the Trustee and the
Superintendent has executed this Agreement. 
  

					
	Financial Reassurance Company 2010, Ltd.	 		 	Primerica Life Insurance Company of Canada
			
	 /s/ Reza Shah
	 		 	 /s/ John A. Adams

	Name	 	(Seal)	 	Name
	Reza Shah	 		 	 EVP and CEO

	 Head of Citi Reinsurance
	 		 	Title
	Title	 		 	
			
	  
	 		 	 /s/ Heather Koski

	Name	 		 	Name
	  
	 		 	 VP Finance and CFO

	Title	 		 	Title
			
	RBC Dexia Investor Services Trust	 		 	Superintendent of Financial Institutions
			
	 /s/ Lydia Moffitt
	 		 	
	Name	 		 	
	Lydia Moffitt	 		 	 /s/ D. Bruce Thompson

	 Senior Manager, Client Service
	 		 	D. Bruce Thompson, Director
	Title	 		 	
			
	 /s/ David Fraser
	 		 	
	Name	 		 	
	David Fraser	 		 	
	 /s/ Client Service Manager
	 		 	
	Title	 		 	

  

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