Document:

Exhibit 10.(b)

 

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM

 

We hereby consent to the
use in this Registration Statement on Form N-4 (File No. 333-153041) of
our report dated March 30, 2009, relating to the consolidated financial
statements and financial statement schedules and the effectiveness of internal
controls over financial reporting of Protective Life Insurance Company and
subsidiaries, which appears in such Registration Statement.  We also consent to the use in this Registration
Statement on Form N-4 (File No. 333-153041) of our report dated April 24,
2009, relating to the financial statements of Protective Variable Annuity Separate
Account, which appears in such Registration Statement.  We also consent to the reference to us under
the heading “Experts” in such Registration Statement.

 

 

 

PricewaterhouseCoopers
LLP

Birmingham, Alabama

April 29,
2009Exhibit 4(s)

 

	
  Protective
  Life Insurance Company

  	
   

  	
  P. O.
  Box 10648

  	
   

  	
  Birmingham,
  Alabama 35202-0648

  	
   

  	
  (800) 456-6330

  

 

RIDER SCHEDULE

 

	
  Contract #

  	
   

  	
  Rider Effective Date:

  
	
  Owner 1 Name:

  	
   

  	
  Benefit Cost on the Rider Effective
  Date:

  
	
   

  	
   

  	
  Benefit Base on the Rider Effective
  Date:

  

 

LIFETIME
GUARANTEED MINIMUM WITHDRAWAL BENEFIT RIDER

with SecurePay Advantagesm

 

We
are amending the Contract to which this rider is attached to add a lifetime
Guaranteed Minimum Withdrawal Benefit (“GMWB”, or “the Benefit”). The terms and
conditions in this rider supersede any conflicting provision in the Contract
beginning on the Rider Effective Date and continuing until the rider is
terminated. Contract provisions not expressly modified by this rider remain in
full force and effect.

 

Lifetime Guaranteed Minimum Withdrawal
Benefit: Subject to
the terms and conditions of this rider, beginning on the Benefit Election Date
and continuing on each Contract Anniversary thereafter during the lifetime of a
Covered Person, you may take aggregate annual withdrawals from the Contract
that do not exceed the Annual Withdrawal Amount regardless of the Contract
Value at that time.

 

DEFINITIONS

 

Annual Withdrawal Amount - The maximum amount that may be withdrawn from
the Contract each Contract Year after the Benefit Election Date without
reducing the Benefit Base.

 

Benefit Base - The amount determined according to the terms
of this rider and used to calculate the Annual Withdrawal Amount and the
monthly fee. The maximum Benefit Base is $5,000,000 (5 million dollars).

 

Benefit Election Date - The date as of which we first calculate the
Annual Withdrawal Amount and the date on which guaranteed withdrawals may
begin.

 

Benefit Period - The period of time between the Benefit
Election Date and the earlier of the Annuity Commencement Date or the rider
termination date.

 

Covered Person - The person or persons upon whose lives the
benefits of this rider are based. There may not be more than two Covered
Persons.

 

RightTime® - The option to purchase the Benefit after the
Contract’s Effective Date, if we are offering it at that time.

 

GMWB COST AND FEES

 

Benefit Cost - On the Rider Effective Date, the annualized
Benefit Cost as a percentage of the Benefit Base is shown in the ‘Schedule’ of
this rider. We have the right to change the Benefit Cost at any time. The new
Benefit Cost will be the Benefit Cost in effect on that date for that option.
The annualized Benefit Cost will never exceed {1.60%} of the Benefit Base. We will notify you of the
new Benefit Cost in writing at the address contained in our records not less
than 30 days prior to the date on which the new Benefit Cost becomes effective.

 

1

 

You
may avoid changes in the Benefit Cost. We must receive your Written Notice
declining the change before the end of the Valuation Period during which the
new Benefit Cost becomes effective. However if you decline a Benefit Cost
change, the SecurePay
Anniversary Value on all future Contract Anniversaries will equal $0.

 

Monthly Fee - Beginning on the Rider Effective Date and
continuing monthly until the Benefit terminates, we will calculate the fee for
this rider and deduct that amount from the Contract Value. The monthly fee is
calculated as of the end of the Valuation Period that includes the same day of
the month as the Contract Effective Date, or the last Valuation Period of the
month if that date does not occur during the month. We calculate the monthly
fee using the formula:

 

Monthly Fee = [1 – (1 – Benefit Cost)1/12] x Benefit Base as of the calculation date.

 

Deducting the Monthly Fee - We deduct the monthly fee as of the
Valuation Period immediately following the Valuation Period during which it was
calculated. The monthly fee is deducted from the Allocation Options in the same
proportion that the value of each bears to the total Contract Value on that
date. Deduction of the monthly fee is a partial surrender for the purpose of
determining the Contract Value, but we will not assess a surrender charge on
these deductions and the monthly fee will not reduce any penalty free surrender
amount available under the Contract.

 

GENERAL PROVISIONS

 

Restrictions on Allocation, Transfer and
Surrender of Contract Value - While this rider is in force, your Contract allocation is restricted by
the Allocation by Investment Category (“AIC”) program guidelines. The AIC
program divides the Allocation Options into categories and specifies range of
percentages that must be allocated to each category. Within each category, you
select the Sub-Accounts and amounts allocated to them, provided the total
percentage in each category is not less than the minimum required, nor more
than the maximum permitted. The AIC guidelines on the Rider Effective Date were
set out on the application you completed to purchase the rider.

 

We
may change the AIC guidelines from time to time but if we do, we will not
require you to re-allocate your Contract Value. We will continue to apply
Purchase Payments you remit without allocation instructions, and process
automatic transfers that facilitate dollar cost averaging according to the
Contract allocation established before the AIC guidelines changed.

 

Allocation
instructions that accompany a Purchase Payment and instructions to transfer
Contract Value among the Allocation Options change the Contract allocation as
of the end of the Valuation Period during which we receive the instruction, and
must meet the AIC guidelines in effect at that time. Anytime the Contract
allocation changes, we re-allocate the Contract Value according to the new
Contract allocation. Purchase Payments applied to the Contract and transfers
that facilitate dollar cost averaging after that date will be made according to
that Contract allocation until you send a subsequent instruction that changes
the Contract allocation and that satisfies the AIC guidelines then in effect.

 

In
addition to the re-allocation of Contract Value that occurs each time the
Contract allocation is changed, we rebalance the Variable Account Value to the
current Contract semi-annually based on the Rider Effective Date, unless you
instruct us to rebalance quarterly or annually.

 

Partial
surrenders and withdrawals including applicable surrender charges, if any, are
deducted from the Allocation Options in the same proportion that the value of
each bears to the total Contract Value on that date.

 

Determining the Benefit Base Prior to the
Benefit Election Date - On
the Rider Effective Date, the Benefit Base is equal to the initial Purchase
Payment, or the Contract Value as of the end of the Valuation Period that
includes the Rider Effective Date if you purchased the Benefit by exercising
the RightTime® option. Thereafter, we
increase the Benefit Base dollar-for-dollar for Purchase Payments credited to
the Contract within 2 years of

 

2

 

the
Rider Effective Date, if any. We reduce the Benefit Base pro-rata for each
partial surrender. The pro-rata reduction for each partial surrender is the
amount that reduces the Benefit Base in the same proportion that the partial
surrender including applicable surrender charges, if any, reduced the Contract
Value as of the Valuation Period during which the partial surrender was
deducted.

 

SecurePay
Anniversary Value - If you
have not declined a Benefit Cost change, we calculate a SecurePay Anniversary
Value for each Contract Anniversary after the Rider Effective Date. The SecurePay Anniversary
Value is equal to the Contract Value as of that Contract Anniversary minus
Purchase Payments credited to the Contract on or after the 2nd anniversary of the Rider Effective Date.

 

SecurePay Advantagesm — On each Contract Anniversary following the Rider Effective Date, we
compare the Benefit Base to the SecurePay Anniversary Value and Advantage Anniversary Value (if one is
calculated). The greatest of these three will become the new Benefit Base as of
that date.

 

We
calculate an Advantage
Anniversary Value for each Contract Anniversary that occurs during the Roll-up
Period. The Advantage
Anniversary Value is equal to the Benefit Base as of the end of the Valuation
Period immediately prior to the Contract Anniversary, plus the Roll-up Amount
applicable to that Contract Anniversary. The Roll-up Amount is equal to 6% of
the Benefit Base as of the prior Contract Anniversary reduced proportionally
for partial surrenders made since the prior Contract Anniversary.

 

The
Roll-up Period begins on the Rider Effective Date and ends on the earliest of:

 

1.     the Valuation Period following the 10th Contract Anniversary after the Rider Effective
Date; or,

2.     the Benefit Election Date; or,

3.     the date the GMWB Rider terminates.

 

Termination - This rider, every benefit it provides, and
deduction of the monthly fee terminate at the end of the Valuation Period
during which any of the following first occur.

 

1.     We receive your instruction to:

a)     allocate any purchase payment; or,

b)    dollar cost average; or,

c)     transfer any Contract Value; or,

d)   deduct any partial surrender or withdrawal;

        in a
manner inconsistent with the AIC guidelines or the provisions of this rider.

2.     We receive your instruction to stop Portfolio Rebalancing.

3.     We receive your instruction to terminate this rider more than 10
years after its Rider Effective Date.

4.     We receive your instruction to change a Covered Person after the
Benefit Election Date.

5.     We receive your instruction to annuitize the Contract.

6.     We receive any instruction that terminates the Contract to which
this rider is attached.

 

We
will notify you in writing that the rider has terminated and identify the
cause. If this rider terminated as a result of a prohibited instruction
described in items 1 or 2 of this provision, you may reinstate it within 30
days of the rider termination date unless a Purchase Payment was applied to the
Contract since the rider termination date.

 

We
must receive your Written Notice requesting reinstatement and providing
allocation instructions that meet current AIC guidelines, and/or resume
portfolio rebalancing within 30 days of this rider’s termination date. We will
deduct any fees and make any other adjustments that were scheduled during the
period of termination so that after the reinstatement, the Contract and this
rider will be as though the termination never occurred.

 

3

 

Exercising the RightTime® Option After the Rider Terminates - If the rider terminates as a result of any of
the reasons in the ‘Terminations’ provision other than annuitization or
termination of the Contract to which it is attached, you may purchase the
Benefit using the RightTime® option, if:

 

1.       we are offering the RightTime® option when we receive your
request to purchase it; and,

2.       5 years or more have elapsed since this
rider terminated; and,

3.       the oldest Owner or Annuitant will not be
older than age 85 on the new Rider Effective Date; and,

4.       the Contract has not reached the Annuity
Commencement Date.

 

If
this rider terminates because you instruct us to change a Covered Person, we
will waive the 5-year waiting period as described in item #2 of this provision.

 

BENEFIT PERIOD

 

Establishing the Benefit Election Date - You must establish the Benefit Election Date
to start the Benefit Period and access the guaranteed withdrawals provided by
this rider. To establish the Benefit Election Date, you must send a Written
Notice that instructs us to calculate the Annual Withdrawal Amount based on
either one or two lives, and include proof of age for each Covered Person. The
Benefit Election Date may not be earlier than the date on which the Covered
Person (or the younger of the two Covered Persons) attains age 591/2, nor later than the Annuity Commencement Date.

 

We
will not accept additional Purchase Payments on or after the Benefit Election
Date. Therefore, any Automatic Purchase Payment Plan in effect on the Benefit
Election Date will be terminated as of that date.

 

Partial
Automatic Withdrawals established prior to the Benefit Period terminate as of
the Benefit Election Date.

 

Individuals Eligible to be a Covered Person - A Covered Person must be a living person who
is either:

 

1.     an Owner of the Contract; or,

2.     if the spouse of the sole Owner of the
Contract, the sole Primary Beneficiary.

 

If
there is one Owner, the Owner is the Covered Person.

 

If
there is one Owner and the sole Primary Beneficiary is the Owner’s spouse, the
Owner is the Covered Person if the Annual Withdrawal Amount is based on one
life. If there is one Owner and the sole Primary Beneficiary is the Owner’s
spouse, both are Covered Persons if the Annual Withdrawal Amount is based on
two lives.

 

If
there are two Owners and they are married to each other, the older of the two
is the Covered Person if the Annual Withdrawal Amount is based on one life. If
there are two Owners and they are married to each other, both are Covered
Persons if the Annual Withdrawal Amount is based on two lives.

 

If
there are two Owners and they are not married to each other, only the older of
the two is the Covered Person.

 

For
the purposes of the GMWB, the terms ‘married’ and ‘spouse’ include bona fide
domestic partners in states that afford legal recognition to same-sex Civil
Unions.

 

Calculating the Annual Withdrawal Amount - We calculate the initial Annual Withdrawal
Amount as of the end of the Valuation Period during which we receive your
Written Notice establishing the Benefit Election Date. The initial Annual
Withdrawal Amount is equal to the Benefit Base on that date multiplied by the
applicable GMWB withdrawal percentage from the table on the next page. The GMWB
withdrawal percentage is based on the number and age(s) of the Covered
Person(s) on the Benefit Election Date.

 

4

 

GMWB WITHDRAWAL PERCENTAGES

 

	
  Age of (younger) Covered Person

  	
   

  	
  GMWB Withdrawal %

  	
   

  	
  GMWB Withdrawal %

  	
   

  
	
  on the Benefit Election Date

  	
   

  	
  (One Covered Person)

  	
   

  	
  (Two Covered Persons)

  	
   

  
	
  at least 59 1/2 but
  less than 75 years old

  	
   

  	
  5.00

  	
  %

  	
  4.50

  	
  %

  
	
  75 years old or more

  	
   

  	
  6.00

  	
  %

  	
  5.50

  	
  %

  

 

During the Benefit Period, aggregate withdrawals in any
Contract Year that do not exceed the Annual Withdrawal Amount do not reduce the
Benefit Base.

 

We re-calculate the Annual Withdrawal Amount only on a
Contract Anniversary and only if the Benefit Base changed since the prior
Contract Anniversary. The new Annual Withdrawal Amount is equal to the Benefit
Base on the Contract Anniversary multiplied by the GMWB withdrawal percentage
established on the Benefit Election Date.

 

Accessing the Annual Withdrawal Amount - During the Benefit
Period, you may request withdrawals individually or instruct us to send you
specific amounts periodically. Your Written Notice must include all the
information necessary for us to complete and remit the requested amounts.

 

Withdrawals made during the Benefit Period reduce the
Contract Value in the same manner as partial surrenders made prior to the
Benefit Election Date. We do not assess surrender charges on aggregate withdrawals
during a Contract Year that do not exceed the Annual Withdrawal Amount.
However, withdrawals count against any penalty free surrender amounts that
would otherwise be available.

 

The Annual Withdrawal Amount is not cumulative. You may
take the entire Annual Withdrawal Amount each Contract Year, but if you do not,
the remaining portion does not carry forward.

 

Excess Withdrawals - During the Benefit Period
any portion of a withdrawal that, when aggregated with all prior withdrawals
during that Contract Year, exceeds the Annual Withdrawal Amount constitutes an
excess withdrawal. We will not recalculate the Annual Withdrawal Amount until
the next Contract Anniversary, so any subsequent withdrawal taken that Contract
Year is also an excess withdrawal. We assess applicable surrender charges, if
any, on excess withdrawals.

 

Each excess withdrawal results in an immediate reduction
of the Benefit Base. If, immediately after the excess withdrawal, the Contract
Value minus any non-excess portion of the withdrawal is greater than the
Benefit Base, we reduce the Benefit Base by the amount of the excess withdrawal
including applicable surrender charges, if any. Otherwise, we reduce the
Benefit Base by the same proportion that the excess withdrawal including applicable
surrender charges, if any, reduced the Contract Value as of the Valuation
Period during which the excess withdrawal request was processed. If the excess
withdrawal including applicable surrender charges, if any, reduces the Contract
Value to $0, the Contract will terminate as of that date.

 

If you have instructed us to send you all or a portion of
the Annual Withdrawal Amount periodically in specific amounts, an excess or
unscheduled withdrawal automatically terminates those periodic withdrawals. If
any Contract Value remains after the excess withdrawal, you may resume periodic
withdrawals beginning on the next Contract Anniversary based on the
recalculated Annual Withdrawal Amount by sending us instructions in a Written
Notice.

 

Death of a Covered Person After the
Benefit Election Date - If the Annual Withdrawal Amount is based on the life of
one Covered Person, this rider terminates upon the Covered Person’s death. If
the Annual Withdrawal Amount is based on the lives of two Covered Persons, this
rider terminates upon the death of the last surviving Covered Person.

 

5

 

Spousal Continuation After the Benefit
Election Date - The
surviving spouse of a sole Covered Person who, pursuant to the Contract’s ‘Payment
of the Death Benefit’ provision, continues the Contract and becomes the new
sole Owner may purchase a new rider immediately using the Right Time® option, if we are offering it
at that time. If not purchased immediately, we will waive the 5-year waiting
period described in item #2 of the ‘Exercising the RightTime®
Option After the Rider Terminates’ provision. However, regardless of when the Right Time® option is exercised, only the
surviving spouse is eligible to be a Covered Person under the new rider.

 

Annuity Commencement Date - You must begin periodic distributions of
the entire interest in the Contract not later than the Annuity Commencement
Date. If the Benefit Period has begun but you are not taking periodic
withdrawals, we will begin monthly withdrawals of the Annual Withdrawal Amount
on the Annuity Commencement Date. You may change the frequency of the
withdrawals, but must take the entire Annual Withdrawal Amount available each
Contract Year.

 

If
this rider is in force on the Maximum Annuity Commencement Date, in addition to
the other Annuity Options available to you under the Contract, you may select
the Annuity Option that will pay monthly payments for life equal to the Annual
Withdrawal Amount divided by 12. If we have not received your Written Notice
with the necessary information and proof of age for the Covered Person(s) by
the Maximum Annuity Commencement Date and you have not selected an Annuity
Option, we will begin monthly payments on that date. The monthly payments will
be an amount equal to the greater of:

 

1.               the Annual Withdrawal Amount as of the
Maximum Annuity Commencement Date divided by 12, where the Annual Withdrawal
Amount is determined by using the withdrawal percentage associated with One
Covered Person and Owner 1’s age (or the younger of Owner 1 and Owner 2 if
there are two Owners of the Contract); or,

 

2.               the results of applying the Contract Value
plus any applicable annuitization bonus to Annuity Option B with a 10-year
Certain Period based on the life of the named Annuitant.

 

If
we have not received your Written Notice with the information and proof of age
for the Covered Person(s) by the Maximum Annuity Commencement Date but you
have previously selected an Annuity Option, we will begin distributing the
entire interest in the Contract according to the Annuity Option you have
selected.

 

Signed
for the Company and made a part of the Contract as of the Rider Effective Date.

 

Protective
Life Insurance Company

 

 

	
  

  	
   

  
	
  Secretary

  	
   

  

 

6

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