Document:

EXECUTION
COPY

    

    STOCK
PURCHASE AGREEMENT

     

    This STOCK PURCHASE AGREEMENT
(this “Agreement”) by and
between LIVEDEAL, INC.,
a Nevada corporation (the “Company”), and the investors listed on
Schedule
I attached to this
Agreement (each a “Purchaser” and together the “Purchasers”) is entered into as of
November 29, 2010.

     

    The
Company and Purchasers are entering into this agreement to memorialize the terms
and conditions upon which Purchasers commit to purchase and acquire shares of
the Company’s common stock, $0.001 par value per share (the “Common
Stock”).

     

    NOW THEREFORE, in
consideration of the premises and the mutual covenants hereinafter set forth,
the parties hereby agree as follows:

     

    
      	
              I.

            	
              STOCK
      PURCHASE COMMITMENT; REPRESENTATIONS BY EACH
  PURCHASER

            

    

     

    1.1    
     Subject to the terms and conditions hereinafter
set forth, the Purchasers hereby agree to purchase from the Company (at the
Company’s sole and exclusive option) shares of Common Stock (the “Shares”) in multiple
investment tranches (each a “Tranche”) in
accordance with the schedule set forth below.  The aggregate dollar
amount that each Purchaser is obligated to invest in the Company in exchange for
the Shares is set forth opposite each Purchaser’s name on Schedule I attached
hereto.  The purchase price (“Purchase Price”) for
each Share that the Purchasers are obligated to purchase in each Tranche shall
be the sum obtained by adding (i) US$0.50 and (ii) the average closing price for
the Common Stock as reported by the NASDAQ Capital Market for the 90-day period
immediately preceding (but not including) the Closing Date (as defined in Section 1.3 below)
for such Tranche.  No fractional Shares shall be issued to any
Purchaser; to the extent that any calculation would otherwise result in the
issuance of a fractional Share, the result of such calculation shall be rounded
down to the nearest whole Share.  Each Purchaser agrees that it will
be obligated to purchase its respective Shares in accordance with the following
schedule:

     

    (i)         US$50,000
shall be wired to the Company’s designated account on or before December 3,
2010.  For the sake of an illustration, the Purchase Price payable in
connection with such Tranche shall be $6.25 per Share, and up to an aggregate of
8,000 Shares may be issued in such Tranche (subject to rounding down to the
nearest whole share for any individual Purchaser(s) as provided
above).

     

    (ii)        An
additional US$50,000 shall be wired to the Company’s designated account on or
before December 25, 2010.

     

    (iii)       An
additional US$50,000 shall be wired to the Company’s designated account on or
before January 25, 2011.

     

    (iv)       An
additional US$50,000 shall be wired to the Company’s designated account on or
before February 25, 2011.

     

    1.2     
   The failure of a Purchaser to make the required Tranche
payment as set forth above (following written notice of such failure and a five
business day opportunity to cure) shall result in the Company having the right
to repurchase any and all Shares previously issued to the Purchaser for an
amount equal to the applicable Purchase Price of such Shares less US$0.50 per
each Share.

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    1.3         The
closing of each respective investment Tranche shall be a “Closing” and the date
of each Closing shall be a “Closing
Date.”  At each Closing or as promptly thereafter as possible,
the Company shall cause to be delivered to each Purchaser a certificate,
registered in the name of the Purchaser, representing the Shares actually
purchased by Purchaser at such Closing against payment of the Purchase Price
therefore by wire transfer to a bank account designated by the
Company.

     

    1.4         Each
Purchaser recognizes that the purchase of the Shares entails elements of risk in
that (i) it may not be able to readily liquidate its investment; (ii)
transferability is restricted as set forth in Section 4.1; and (iii) in the
event of a disposition, it could sustain the loss of its entire
investment.

     

    1.5         Each
Purchaser acknowledges that it has prior investment experience such that it is
able to evaluate the merits and risks of an investment in the Company; that it
recognizes the speculative nature of this investment; and that it is able to
bear the economic risk it hereby assumes.  All reports, schedules,
forms, statements, and other documents required to be filed by the Company with
the United States Securities and Exchange Commission (“SEC”) under the
Securities Act of 1933, as amended (the “Securities Act”), the
Securities Exchange Act of 1934, as amended (the “Exchange Act”), and
the rules and regulations promulgated under each, including pursuant to Section
13(a) or 15(d) thereof, as well as all amendments to such filings and reports
and all exhibits and documents incorporated by reference therein or attached
thereto, that have been filed as of the date of a respective Closing are
collectively referred to as the “Disclosure
Reports.”  Each Purchaser acknowledges that it or its
representative(s) have read the Disclosure Reports available as of each
respective Closing.  Each Purchaser also acknowledges that it and its
representative(s) have been afforded the opportunity to make, and has made, all
inquiries as it and its representatives deemed appropriate with respect to the
Company’s affairs and prospects.

     

    1.6         Each
Purchaser hereby acknowledges that (i) the sale and issuance of the Shares have
not been approved by the NASDAQ or registered with the SEC by reason of the
Company’s intention that the offer and sale of the Shares be a transaction
exempt from the registration and prospectus delivery requirements of the
Securities Act pursuant to Section 4(2) thereof; (ii) the issuance of the Shares
has not been qualified under any state securities laws on the grounds that the
sale of the Shares contemplated hereby are exempt therefrom; and (iii) the
foregoing exemptions are predicated on the Purchaser’s representations set forth
herein.  Each Purchaser represents that the Shares are being purchased
for its own account, for investment and not with a view to, or for resale in
connection with, any distribution or public offering thereof, within the meaning
of the Securities Act or applicable state securities laws.  Each
Purchaser understands that the Shares, upon their transfer, will not be
registered under the Securities Act and may be required to be held indefinitely
unless they are subsequently registered under the Securities Act, or an
exemption from such registration is available.

     

    1.7         Each
Purchaser represents that it is an “accredited investor” as that term is defined
in Rule 501 of Regulation D promulgated under the Securities Act.

     

    1.8         Unless
the resale of the Shares is subsequently registered with the SEC, each Purchaser
acknowledges that the certificate representing the Shares shall bear a legend in
substantially the following form:

     

    “THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR ANY APPLICABLE STATE
SECURITIES LAWS AND MAY NOT BE SOLD OR OTHERWISE TRANSFERRED EXCEPT (I) PURSUANT
TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT AND COMPLIANCE WITH SUCH
STATE SECURITIES LAWS, (II) IN COMPLIANCE WITH RULE 144 UNDER THE ACT AND
APPLICABLE STATE SECURITIES LAWS, OR (III) UPON THE DELIVERY TO LIVEDEAL,
INC. (THE “COMPANY”) OF AN OPINION OF COUNSEL OR OTHER EVIDENCE SATISFACTORY TO
THE COMPANY THAT SUCH REGISTRATION AND/ OR COMPLIANCE IS NOT
REQUIRED.”

    
      
         

      

      
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    1.9         Each
Purchaser represents that it has the full right, power and authority to enter
into and perform the Purchaser’s obligations hereunder, and this Agreement
constitutes a valid and binding obligation of the Purchaser enforceable in
accordance with its terms, except that (i) any enforcement may be subject
to bankruptcy, insolvency, reorganization, moratorium or similar laws from time
to time in effect and affecting the rights of creditors generally and
(ii) the remedy of specific performance and injunctive and other forms of
equitable relief may be subject to equitable defenses and to the discretion of
the court before which any proceedings therefore may be brought.

     

    
      	
              II.

            	
              REPRESENTATION
      AND WARRANTIES BY THE COMPANY

            

    

    

    Except as
set forth in the Disclosure Reports, the Company represents and warrants to each
Purchaser as follows:

    

    2.1        The
Company is a corporation duly organized, validly existing and in good standing
under the laws of the State of Nevada.  The Company has the corporate
power and authority to own, lease and operate its properties and to conduct the
business as described in the Disclosure Reports.  The Company is duly
qualified as a foreign corporation to transact business and is in good standing
in each jurisdiction in which the conduct of its business or its ownership or
leasing of property requires such qualification, except to the extent that the
failure to be so qualified or be in good standing would not have a material
adverse effect on the Company.

     

    2.2        The
Company’s subsidiaries are set forth in the Disclosure Reports or on the
Company’s website (the “Subsidiaries”).  Unless
the context requires otherwise, all references to the Company include the
Subsidiaries.  Each Subsidiary is a corporation or a limited liability
company (as applicable) duly organized, validly existing and in good standing
under the laws of its state of incorporation or organization as set forth in the
Disclosure Reports or on the Company’s website, with full power and authority,
corporate and other, to own or lease, as the case may be, and operate its
properties, whether tangible or intangible, and to conduct its business as
currently conducted.  Each Subsidiary is duly qualified as a foreign
corporation or limited liability company to transact business and is in good
standing in each jurisdiction in which the conduct of its business or the
ownership or leasing of property requires such qualification, except to the
extent that the failure to be so qualified or be in good standing would not have
a material adverse effect on the Company and the Subsidiaries taken as a
whole.  Unless specified to the contrary in the Disclosure Reports,
the Company owns all of the issued and outstanding shares of capital stock (or
other equity or ownership interests) of each Subsidiary, such ownership is free
and clear of any security interests, liens, encumbrances, claims and charges,
and all of such shares have been duly authorized and validly issued, and are
fully paid and nonassessable.  The Company does not presently own,
directly or indirectly, an interest in any corporation, association, or other
business entity, and is not a party to any joint venture, partnership, or
similar arrangement, other than the Subsidiaries.

     

    2.3        This
Agreement has been duly authorized, executed and delivered by, and is a valid
and binding agreement of, the Company enforceable in accordance with its terms,
subject to applicable bankruptcy, reorganization, insolvency, moratorium and
similar laws affecting creditors’ rights generally (including, without
limitation, statutory or other laws regarding fraudulent preferential transfers)
and equitable principles of general applicability.

     

    2.4        The
execution and delivery of this Agreement by the Company, and the performance by
the Company of its obligations under this Agreement, will not conflict with or
contravene in any material respect, cause a breach or violation of or default
under, any provision of applicable law or the Articles of Incorporation or
by-laws of the Company or any agreement or other instrument binding upon the
Company that is material to the Company, or any judgment, order or decree of any
governmental body, agency or court having jurisdiction over the Company, and no
consent, approval, authorization or order of, or qualification with, any
governmental body or agency is required for the performance by the Company of
its obligations under this Agreement, except as may be required by the
securities or Blue Sky laws of the various states in connection with the offer
and sale of the Shares and by Federal and state securities laws with respect to
the obligations of the Company under this Agreement or the listing of the Shares
with NASDAQ as may be required, which have been or will be obtained, or as would
not have a material adverse effect on the Company and the Subsidiaries taken as
a whole.

    
      
         

      

      
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    2.5        The
authorized capital stock of the Company conforms in all material respects to the
description thereof contained in the Disclosure Reports and such description
conforms in all material respects to the rights in the instruments defining the
same.  The issued and outstanding capital stock of the Company is as
set forth in the Disclosure Reports.  The shares of Common Stock of
the Company outstanding prior to the issuance of the Shares have been duly
authorized and are validly issued, fully paid and nonassessable.

     

    2.6        The
Shares have been duly and validly authorized and, when issued, sold and paid for
by the Purchaser in accordance with the terms of this Agreement, will be duly
authorized, validly issued, fully paid and nonassessable, and the Purchaser will
not be subject to personal liability solely by reason of being such a holder and
will not be subject to the preemptive or similar rights of any holders of any
security of the Company.  The issuance of the Shares will not result
in the right of any holder of securities of the Company to adjust the exercise,
conversion or exchange price of such securities or otherwise reset the price
paid for its securities.  No authorization, approval or consent of any
court, governmental authority or agency is necessary in connection with the
issuance by the Company of the Shares.

     

    2.7        The
Disclosure Reports, as of their respective filing dates, complied in all
material respects with the requirements of the Exchange Act and the applicable
rules and regulations of the SEC thereunder.

     

    2.8        Neither
the Company nor any Subsidiary is in violation of its charter or by-laws or in
default in the performance of any obligation, agreement, covenant or condition
contained in any indenture, loan agreement, mortgage, lease or other agreement
or instrument that is material to the Company and the Subsidiaries taken as a
whole to which the Company or any Subsidiary is a party or by which the Company,
any Subsidiary or any of their properties is bound, except for such defaults
that would not, individually or in the aggregate, have a material adverse effect
on the Company and the Subsidiaries taken as a whole or as otherwise set forth
in the Disclosure Reports.

     

    2.9        There
are no legal or governmental proceedings, orders, judgments, writs, injunctions,
decrees or demands pending or, to the Company’s knowledge, threatened to which
the Company or any Subsidiary is a party or to which any of the properties of
the Company or any Subsidiary is subject other than (a) proceedings, orders,
judgments, writs, injunctions, decrees or demands described in the Disclosure
Reports, or (b) proceedings, orders, judgments, writs, injunctions, decrees or
demands that would not be reasonably expected to have a material adverse effect
(i) on the Company and the Subsidiaries taken as a whole or (ii) on the power or
ability of the Company to perform its obligations under this Agreement or to
consummate the transactions contemplated by this Agreement.

     

    2.10      The
Company is in compliance with applicable provisions of (a) the Employee
Retirement Income Security Act of 1974, as amended, and the rules and
regulations promulgated thereunder and (b) the Foreign Corrupt Practices Act of
1977, as amended, and the rules and regulations promulgated thereunder, in both
cases except where any incidence of noncompliance would not, individually or in
the aggregate, have a material adverse effect on the Company and the
Subsidiaries taken as a whole.

    
      
         

      

      
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    2.11      Other
than the transactions contemplated by this Agreement, neither the Company nor
any of its affiliates (as defined in Rule 501(b) of Regulation D, each an “Affiliate”) has
directly, or through any agent, (a) sold, offered for sale, solicited offers to
buy or otherwise negotiated in respect of, any security (as defined in the
Securities Act) which is or will be integrated with the sale of the Shares in a
manner that would require the registration under the Securities Act of the
Shares or (b) offered, solicited offers to buy or sold the Shares by any form of
general solicitation or general advertising (as those terms are used in
Regulation D) or in any manner involving a public offering within the meaning of
Section 4(2) of the Securities Act.  No registration under the
Securities Act of the Shares is required for the sale of the Shares to the
Purchaser under this Agreement, assuming the accuracy of the Purchaser’s
representations and warranties contained in this Agreement.

     

    2.12      The
Company and each Subsidiary owns or possesses, or has the right to use, all
material patents, patent rights, licenses, inventions, copyrights, know-how
(including trade secrets and other unpatented and/or unpatentable proprietary or
confidential information, systems or procedures), trademarks, service marks and
trade names currently employed or required by it in connection with the business
currently conducted by it as described in the Disclosure Reports, except such as
the failure to so own or possess or have the right to use would not have,
individually or in the aggregate, a material adverse effect on the Company and
the Subsidiaries taken as a whole.  To the Company’s knowledge, there
are no valid and enforceable United States patents that are infringed by the
business currently conducted by the Company or any Subsidiary, or as currently
proposed to be conducted by the Company or any Subsidiary, as described in the
Disclosure Reports and which infringement would have a material adverse effect
on the Company and the Subsidiaries taken as a whole.  The Company is
not aware of any basis for a finding that the Company or ay Subsidiary does not
have valid title or license rights to the patents and patent applications
referenced in the Disclosure Reports as owned or licensed by the Company or any
Subsidiary, and, to the Company’s knowledge, neither the Company nor any
Subsidiary is subject to any judgment, order, writ, injunction or decree of any
court or any Federal, state, local, foreign or other governmental department,
commission, board, bureau, agency or instrumentality, domestic or foreign, or
any arbitrator, nor has it entered into or is it a party to any contract, which
restricts or impairs the use of any of the foregoing which would have a material
adverse effect on the Company and the Subsidiaries taken as a
whole.  Neither the Company nor any Subsidiary has received any
written notice of infringement of or conflict with asserted rights of any third
party with respect to the business currently conducted by it as described in the
Disclosure Reports and which, if determined adversely to the Company or any
Subsidiary, would have a material adverse effect on the Company and the
Subsidiaries taken as a whole and the Company has no knowledge of any facts or
circumstances that would serve as a reasonable basis for any such
claims.

     

    2.13      There
are no outstanding rights, warrants, options, convertible securities or
commitments to sell granted or issued by the Company entitling any person to
purchase or otherwise acquire any shares of the capital stock of the Company,
except as otherwise disclosed in the Disclosure Reports and except for
securities granted to directors and employees of the Company in the ordinary
course of business.

     

    2.14      The
financial statements included or incorporated by reference in the Disclosure
Reports as the same may have been amended prior to the date of the Disclosure
Reports, together with related schedules and notes, present fairly in all
material respects the financial position, results of operations and changes in
financial position of the Company and its consolidated subsidiaries on the basis
stated therein at the respective dates or for the respective periods to which
they apply; such statements and related schedules and notes have been prepared
in accordance with generally accepted accounting principles consistently applied
throughout the periods involved, except as disclosed therein.

    
      
         

      

      
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    2.15      There
are no existing or, to the Company’s knowledge, threatened labor disputes with
the employees of the Company that would have a material adverse effect on the
Company and the Subsidiaries taken as a whole.

     

    2.16      The
Company has filed all Federal, state, local and foreign tax returns which are
required to be filed through the date hereof (except where the failure to so
file would not have a material adverse effect on the Company), which returns are
true and correct in all material respects, or have received extensions thereof,
and have paid all taxes shown on such returns and all assessments received by
them to the extent that the same are material and have become due. All tax
liabilities are adequately provided for on the books of the
Company.  To the Company’s knowledge, there are no tax audits or
investigations pending, which if adversely determined, would have a material
adverse effect on the Company taken as a whole.

     

    2.17      The
Company is insured against such losses and risks and in such amounts as are
customary in the businesses in which it is engaged, including but not limited
to, insurance covering product liability and real or personal property owned or
leased against theft, damage, destruction, act of vandalism and all other risks
customarily insured against.  All policies of insurance and fidelity
or surety bonds insuring the Company or the Company's businesses, assets,
employees, officers and directors are in full force and effect.  The
Company is in compliance with the terms of such policies and instruments in all
material respects.  The Company has no reason to believe that it will
not be able to renew their existing insurance coverage as and when such coverage
expires or to obtain similar coverage from similar insurers as may be necessary
to continue its business.

     

    2.18      Any
real property and buildings held under lease by the Company is held by it under
valid, subsisting and enforceable leases with such exceptions as are not
material and do not materially interfere with the use made and proposed to be
made of such property and buildings by the Company.

     

    2.19      There
is and there has been no failure on the part of the Company or, to the Company's
knowledge, any of the officers or directors of the Company in their capacities
as such, to comply in all material respects with the Sarbanes-Oxley Act of 2002
and the rules and regulations promulgated in connection therewith that are
applicable to the Company and its officers and directors.

     

    
      	
              III.

            	
              CONDITIONS
      TO PURCHASERS’ OBLIGATIONS AT
CLOSINGS.

            

    

     

    3.1        Conditions to the
Purchaser’s Obligations at Each Closing.  The obligations of
each Purchaser to purchase Shares at any Closing are subject to the fulfillment,
on or before such Closing, of each of the following conditions, unless otherwise
waived by that number of Purchasers representing a majority of the amount to be
invested in such Tranche:

     

    (i)         Representations and
Warranties.  The representations and warranties of the Company
contained in Article II shall be true and correct in all material respects as of
the date of such respective Closing.

     

    (ii)        Performance.  The
Company shall have performed and complied with all covenants, agreements,
obligations and conditions contained in this Agreement that are required to be
performed or complied with by it on or before such Closing.

     

    (iii)       Current Disclosure
Reports.  The Company shall have filed all Disclosure Reports
that are required to be filed as of the date of such Closing.

    
      
         

      

      
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              IV.

            	
              MISCELLANEOUS

            

    

     

    4.1        Each
Purchaser hereby covenants and agrees that, during the period beginning on each
Closing Date and ending six months after such Closing Date, such Purchaser will
not, directly or indirectly, (a) offer, sell, offer to sell, contract to sell,
hedge, pledge, sell any option or contract to purchase, purchase any option or
contract to sell, grant any option, right or warrant to purchase or sell (or
announce any offer, sale, offer of sale, contract of sale, hedge, pledge, sale
of any option or contract to purchase, purchase of any option or contract of
sale, grant of any option, right or warrant to purchase or other sale or
disposition), or otherwise transfer or dispose of (or enter into any transaction
or device that is designed to, or could be expected to, result in the
disposition by any person at any time in the future), the Shares purchased by
such Purchaser in such Tranche, or (b) enter into any swap or other agreement or
any transaction that transfers, in whole or in part, directly or indirectly, the
economic consequence of ownership of any Shares, whether any such swap or
transaction described in clause (a) or (b) above is to be settled by delivery of
any Share.

     

    4.2        Any
notice, request, advice, consent or other communication given hereunder shall be
given in writing and sent by overnight delivery service or registered or
certified mail, return receipt requested, and addressed as follows: if to the
Company, to it at 2490 E. Sunset Rd., Suite #100, Las Vegas, NV 89120, United
States of America, Attention: President; and if to the Purchasers, to it at the
address on the records of the Company.  Notices so given shall be
deemed to have been given on the earlier to occur of actual receipt or three
business days after the date of such mailing, except for notices of change of
address, which shall be deemed to have been given when received.

     

    4.3        This
Agreement shall not be changed, modified or amended except by a writing signed
by the parties hereto.

     

    4.4        This
Agreement shall be binding upon and inure to the benefit of the parties hereto
and to their respective heirs, legal representatives, successors and
assigns.  This Agreement sets forth the entire agreement and
understanding between the parties as to the subject matter thereof and merges
and supersedes all prior discussions, agreements and understandings of any and
every nature among them.

     

    4.5        References
herein to a person or entity in either gender include the other gender or no
gender, as appropriate.

     

    4.6        This
Agreement and its validity, construction and performance shall be governed in
all respects by the laws of the State of Nevada.

     

    4.7        After
negotiations between the parties, this Agreement was prepared by Snell
& Wilmer L.L.P, as legal counsel to the Company.  Snell &
Wilmer L.L.P. has not acted as legal counsel to any of the Purchasers,
individually or collectively, in connection with the negotiation of or the
transactions contemplated by this Agreement.  Each Purchaser hereby
acknowledges that it has had the opportunity to review this Agreement with
its own legal counsel.

     

    4.8        This
Agreement may be executed in two or more counterparts, each of which shall be
deemed an original, but all of which together shall constitute one and the same
instrument.  This Agreement may also be executed and delivered by
facsimile or electronic (.pdf) signature and in two or more counterparts, each
of which shall be deemed an original, but all of which together shall constitute
one and the same instrument.

     

    [Signature
Page Follows]

    
      
         

      

      
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    IN WITNESS WHEREOF, the
parties have executed this Agreement as of the day and year set forth
below.

     

    
      
        
          
            	 	
                    COMPANY:

                  
	 	 
      
	 	
                    LiveDeal,
      Inc.

                  
	 	 
      
	 	
                    /s/ Kevin Hall

                  
	 	
                    Name:
      Kevin Hall

                  
	 	
                    Title:
      President

                  
	 	 
      
	 	
                    PURCHASER:

                  
	 	 
      
	 	
                    Joint
      Corporation FeelTech Investment Unit 1

                  
	 	 
      
	 	
                    /s/ Masao Nirasawa

                  
	 	
                    Name:
      Masao Nirasawa

                  
	 	
                    Title:
      Representative
Director

                  

          

        

      

    

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    SCHEDULE
I

     

    SCHEDULE
OF PURCHASERS

     

    
      
        	 
      	
                
                  Name and Address

                

              	 	
                
                  Number of Shares

                

              
	 
      	 
      	 	 
      
	
                Investor
      1:

              	
                Joint
      Corporation FeelTech Investment Unit 1

              	 	
                Tranche
      1:

              
	 
      	
                3-1-30
      Roppongi Minato-ku

              	 	
                8,000
      / $50,000.00

              
	 
      	
                Tokyo
      106-0032 Japan

              	 	 
      
	 
      	
                Tel:
      + 813-3585-7201

              	 	 
      
	 
      	
                Representative
      Director:  Masao NirasawaExhibit
10.7

    

    QUOTA
SHARE

    REINSURANCE
AGREEMENT

    between

    

    MADISON
NATIONAL LIFE INSURANCE COMPANY, INC.

    Madison,
Wisconsin

    (herein
referred to as the "Company")

    and

    

    INDEPENDENCE
AMERICAN INSURANCE COMPANY

    a
Delaware corporation

    (herein
referred to as the "Reinsurer")

     

      
        

      

    

     

    In
consideration of the promises set forth in this Agreement, the parties agree as
follows:

    

    
      	
              Article
      I  -

            	
              SCOPE
      OF AGREEMENT

            

    

    

    As a
condition precedent to the Reinsurer's obligations under this Agreement, the
Company shall cede to the Reinsurer the business described in this Agreement,
and the Reinsurer shall accept such business as reinsurance from the
Company.

    

    This
Agreement is comprised of General Articles I through XX and the Exhibit(s)
listed below and each Exhibit which may be made a part of this
Agreement.  The terms of the General Articles and of the Exhibit(s)
shall determine the rights and obligations of the parties.  The terms
of the General Articles shall apply to each Exhibit unless specifically amended
therein.  In the event of termination of all the Exhibits made a part
of this Agreement, the General Articles shall automatically terminate when the
liability of the Reinsurer under said Exhibits ceases.

    

    EXHIBIT
A

    Business
Produced by Paradigm Insurance Group, Inc.

    

    EXHIBIT
B

    Business
Produced by Cap Risk LLC

    

    EXHIBIT
C

    Business
Produced by Coastal Reinsurance Management LLC

    

    EXHIBIT
D

    Business
Produced by Delta Risk Management, LLC

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    EXHIBIT
E

    Business
Produced by US Underwriting Services LLC

    

    EXHIBIT
F

    Business
Produced by ASG Risk Management, Inc.

    

    EXHIBIT
G

    Business
Produced by IC West Underwriting Services LLC

    

    EXHIBIT
H

    Business
Produced by Majestic Underwriters, Inc.

    

    EXHIBIT
I

    Business
Produced by Voorhees Risk Management LLC d.b.a Marlton Risk Group

    

    EXHIBIT
J

    Business
Produced by IndependenceCare Underwriting Services – Southwest LLC

    

    EXHIBIT
K

    Business
Produced by IndependenceCare Underwriting Services – Minneapolis
LLC

    

    EXHIBIT
L

    Business
Produced by the Company

    

    EXHIBIT
M

    Business
Produced by Excess Benefits, Inc.

    

    EXHIBIT
N

    Business
Produced by IndependenceCare Underwriting Services, MidAtlantic,
LLC

    

    EXHIBIT
O

    Business
Produced by Insurers Administrative Corporation

    

    EXHIBIT
P

    Business
Produced by Health Plan Administrators, Inc.

    

    EXHIBIT
Q

    Business
Produced by J. Allan Hall & Associates, Inc./AJ Underwriters,
LLC

    

    EXHIBIT
R

    Business
Produced by National General Underwriters, Inc.

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    EXHIBIT
S

    Business
Produced by Employers Direct Health

    

    EXHIBIT
T

    Business
Produced by JB Murphy Associates LLC

    

    EXHIBIT
U

    Business
Produced by Risk Assessment Strategies, Inc.

    

    EXHIBIT
V

    Business
Produced by Alliance Underwriters, LLC

    

    
      	
              Article
      II  -

            	
              PARTIES
      TO THE AGREEMENT

            

    

    

    This
Agreement is solely between the Company and the
Reinsurer.  Performance of the obligations of each party under this
Agreement shall be rendered solely to the other party. However, if the Company
becomes insolvent, the liability of the Reinsurer shall be modified to the
extent set forth in the article entitled INSOLVENCY OF THE
COMPANY.  In no instance shall any insured of the Company or any
claimant against an insured of the Company have any rights under this
Agreement.  This Agreement shall be binding upon the parties hereto,
their heirs and successors, if any.

    

    
      Article
III  -        BASIS OF
REINSURANCE

    

    

    Automatic
reinsurance as provided in this Agreement shall apply to benefits payable under
all Policies issued according to the rates and underwriting rules in use by the
Company and approved by the Reinsurer.  Any subsequent modifications
must be acceptable to both the Company and the Reinsurer.

    

    Subject
to any limitations listed in this Article, the liabilities of the Reinsurer to
the Company shall be determined in accordance with the Company's original
Policies issued in connection with the coverage giving rise to
reinsurance.  Upon request, the Company shall furnish the Reinsurer
with a copy of the Policies under which reinsurance may be ceded under this
Agreement.  The Company shall advise the Reinsurer of any changes in
such Policy form that would increase or adversely affect the Reinsurer's
liability.  The Reinsurer's approval shall be required before any such
changes take effect.  The Reinsurer shall have the right to accept or
exclude the change from coverage under the terms and conditions of this
Agreement.  However, the Reinsurer must provide coverage and may not
disapprove a change in such Policy form if such change is required for the
Company to comply with legal requirements.

    

    The
Company will have final underwriting and binding authority on all business
produced and covered hereunder.

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    
      	
              Article
      IV  -

            	
              GENERAL
      DEFINITIONS

            

    

    

    
      	
               
      

            	
              (a)

            	
              The
      term “Policy” or “Policies” shall mean aggregate and specific stop loss
      insurance, provider excess insurance, and any other contracts issued to
      managed care organizations.

            

    

    
      	
               
      

            	
              (b)

            	
              The
      term “Agreement Year” shall have the meaning set forth in the applicable
      Exhibit.

            

    

    

    
      	
              Article
      V  -

            	
              TERRITORY

            

    

    

    This
Agreement shall only apply to Policies issued to insureds domiciled in the
United States of America, its territories and possessions, Puerto Rico, and the
District of Columbia.

    

    
      	
              Article
      VI  -

            	
              REINSURANCE
      PREMIUM REPORTS AND REMITTANCES

            

    

    

    The
monthly reinsurance premium due the Reinsurer for reinsurance provided under
this Agreement shall be as set forth in the section entitled REINSURANCE PREMIUM
of each Exhibit attached hereto.

    

    Within 60
days after the end of each month, the Company shall report the premium due the
Reinsurer, segregated by Exhibit and by Agreement Year.  The premium
due the Reinsurer shall be submitted with this report.

    

    
      Article
VII  -       ACCOUNTS AND
SETTLEMENTS

    

    

    The
Company will furnish the Reinsurer with a summary account within 60 days after
the close of each month showing, for each Exhibit and each Agreement
Year:

    

    
      	
               
      

            	
              (a)

            	
              Gross Written
      Premium

            

    

    Premium
for the business reinsured by the applicable Exhibit as stated in the
Policy;

    

    
      	
               
      

            	
              (b)

            	
              Gross Collected
      Premium

            

    

    Gross
Written Premium remitted to the Company to date;

    

    
      	
               
      

            	
              (c)

            	
              Return
      Premium

            

    

    Any
premium returned to the employer group excluding premium refund.

    

    
      	
               
      

            	
              (d)

            	
              Net Risk
      Premium

            

    

    Gross
Collected Premium less all Return Premium less ceding allowance.

    

    
      	
               
      

            	
              (e)

            	
              Company
    Fee

            

    

    Fee on
Gross Collected Premium collected for each Agreement Year;

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              (f)

            	
              Losses and Loss Adjustment
      Expenses

            

    

    

    Losses
and loss adjustment expenses paid by the Company;

    

    
      	
               
      

            	
              (g)

            	
              Claims Fund
      Balances

            

    

    

    Net Risk
Premium withheld for the funding of losses between monthly settlement periods in
accordance with the section entitled CLAIMS FUND of the applicable
Exhibit;

    

    
      	
               
      

            	
              (h)

            	
              Incurred
      Losses

            

    

    

    Losses
and Loss Adjustment Expenses plus Loss Development Reserves plus Outstanding
Loss Reserves.

    

    
      	
               
      

            	
              (i)

            	
              Interest Earned on Claims
      Fund

            

    

    

    Investment
income credited to the Reinsurer by the Company for its proportional share of
case balances held by the Company in accordance with the section entitled CLAIMS
FUND of the applicable Exhibit.  For purposes of this Agreement,
interest income will be determined by the actual interest earned on the
account;

    

    
      	
               
      

            	
              (j)

            	
              Loss Development
      Reserves

            

    

    

    Reserves,
including incurred but not reported losses for the current Agreement
Year;

    

    
      	
               
      

            	
              (k)

            	
              Outstanding Loss
      Reserves

            

    

    

    
      	
               
      

            	
              Reserves
      for losses in the course of settlement and pended for the current
      Agreement Year;

            

    

    

    In
addition, the Company shall furnish such other information as may be required by
the Reinsurer for the completion of the Reinsurer's monthly and annual
statements.

    

    
      	
              Article
      VIII  -

            	
              CLAIMS

            

    

    

    All
claims paid by the Company within the terms of its Policies, and otherwise
within the terms of this Agreement, shall be binding upon the Reinsurer, and the
Reinsurer agrees to pay its proportion of each such claim in accordance with the
provisions of the applicable Exhibit, and strictly subject to the terms and
conditions of this Agreement.

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    In the
event of a claim against a Policy reinsured hereunder, the Reinsurer shall be
liable for a share of claims adjustment expenses incurred by the Company in
connection therewith proportionate to the Reinsurer's share of the loss
(including litigation expenses and interest on judgments, but not including
office expenses or salaries of the Company's regular employees).

    

    Recoveries
from subrogation, coordination of benefits, and from any form of excess or
catastrophic reinsurance which protects the Company against claims the subject
matter of this Article, other than recoveries from underlying quota share
reinsurance the Company may purchase on the amount it retains under this
Agreement, shall first be deducted in determining the amount of loss subject to
this Agreement.

    

    In no
event, except as for in the following sentence, shall the Reinsurer participate
in ex gratia payments made by the Company.  The Company shall notify
the Reinsurer of its intent to make an ex gratia payment as soon as
practical.  The Reinsurer then has the obligation to notify the
Company, in writing, of its decision to concur or not concur in the Company's
intention.  If the Reinsurer concurs with the Company's intention,
100% of the ex gratia payment shall be considered a subject loss hereunder, and
payment thereof will be shared by the Company and the Reinsurer in the
proportions which govern this Agreement.

    

    
      	
              Article
      IX  -

            	
              CLAIMS
      AUDIT

            

    

    

    The
Company and the Reinsurer may, at any time, elect to appoint an independent
auditor. This appointment shall be subject to approval by the
Reinsurer.  Upon approval, the Reinsurer agrees to pay its
proportionate share of the cost of such audit as well as its proportionate share
of the final claim.

    

    In the
event that a claim may be recoverable hereon and the Company does not elect to
appoint an independent auditor, the Reinsurer reserves the right to appoint an
independent auditor to investigate the potential claim.  Should the
Reinsurer appoint an independent auditor, all costs of this audit shall be borne
by the Reinsurer.  The Company agrees that the amount of any claim
subsequently recovered upon shall be based entirely on the audited figures
irrespective of whether or not the independent auditor has reduced the initial
claim.

    

    
      	
              Article
      X  -

            	
              OFFSET

            

    

    

    The
Company or the Reinsurer shall have, and may exercise at any time and from time
to time, the right to offset any balance or balances, whether on account of
premiums or on account of losses or otherwise, due from one party to the other
under the terms of this Agreement or, in the event of the Insolvency of the
Company, any other Agreement heretofore or hereafter entered into between the
Company and the Reinsurer.  However, in the event of the insolvency of
either party hereto, offset will only be allowed in accordance with applicable
state law.

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    
      	
              Article
      XI  -

            	
              INSPECTION
      OF RECORDS

            

    

    

    The
Company shall allow the Reinsurer to inspect, at reasonable times, the records
of the Company relevant to the business reinsured under this Agreement,
including the Company's files concerning claims, losses, or legal proceedings
which involve or are likely to involve the Reinsurer.  The Reinsurer's
right of inspection shall continue after the termination of this
Agreement.

    

    
      Article
XII  -       EXTRA CONTRACTUAL
OBLIGATIONS

    

    

    In no
event, except as for in the following paragraph, shall the Reinsurer participate
in punitive or compensatory damages or statutory penalties (hereinafter called
"Extra Contractual Obligations") which are awarded against the Company as a
result of an act, omission, or course of conduct committed by or on behalf of
the Company in connection with the insurance reinsured under this
Agreement.

    

    The
Company shall notify the Reinsurer of any impending claim likely to involve
Extra Contractual Obligations as soon as practical after the Company has been
notified of such claim, and such notification shall include a suggested course
of action or inaction for the Reinsurer's review.  The Reinsurer then
has the obligation to notify the Company, in writing, of its decision to concur
or not concur in the Company's suggested actions to be taken, or not
taken.  If the Reinsurer concurs with the Company's action, 100% of
the Extra Contractual Obligations shall be added to the Company's loss, if any,
under the Policy involved, and payment of such awarded damages will be shared by
the Company and the Reinsurer in the proportions which govern this
Agreement.

    

    The
Company shall not participate in extra-contractual damages which are awarded as
a result of an act, omission, or course of conduct committed solely by the
Reinsurer in connection with the insurance reinsured under this
Agreement.

    

    For
purposes of this provision, the following definitions shall apply:

    

    
      	
               
      

            	
              (a)

            	
              "Punitive
      damages" are those damages awarded as a penalty, the amount of which is
      not governed nor fixed by statute.

            

    

    

    
      	
               
      

            	
              (b)

            	
              "Statutory
      penalties" are those amounts which are awarded as a penalty but fixed in
      amount by statute.

            

    

    

    
      	
               
      

            	
              (c)

            	
              "Compensatory
      damages" are those amounts awarded to compensate for the actual damages
      sustained and are not awarded as a penalty nor fixed in amount by
      statute.

            

    

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    The
language of this Article shall be deemed effective only as and to the extent
permitted by the law of any applicable jurisdiction.

    

    An Extra
Contractual Obligation shall be deemed to have occurred on the same date as the
loss covered or alleged to be covered under the Policy.

    

    Notwithstanding
anything stated herein, this Agreement shall not apply to any Extra Contractual
Obligation incurred by the Company as a result of any fraudulent and/or criminal
act by a member of the board of directors, or by any officer, director or other
employee of the Company acting individually or collectively or in collusion with
any individual or corporation or any other organization or party involved in the
presentation, defense, or settlement of any claim covered
hereunder.

    

    
      Article
XIII  -      ERRORS AND
OMISSIONS

    

    

    Inadvertent
delays, errors or omissions made in connection with this Agreement or any
transaction hereunder shall not relieve either party from any liability which
would have attached had such delay, error or omission not occurred, provided
always that such delay, error or omission will be rectified as soon as possible
after discovery.

    

    
      	
              Article
      XIV  -

            	
              CURRENCY

            

    

    

    All
retentions and limits hereunder are expressed in United States dollars and all
premium and loss payments shall be made in United States currency.

    

    
      Article
XV  -      INSOLVENCY OF THE
COMPANY

    

    

    In the
event of Insolvency of the Company, all reinsurance made, ceded, renewed or
otherwise becoming effective under this Agreement shall be payable by the
Reinsurer directly to the Company or to its liquidator, receiver, or statutory
successor on the basis of the liability on the Company under the Policy or
Policies reinsured without diminution because of the insolvency of the
Company.  It is understood, however that in the event of the
insolvency of the Company, the liquidator  or receiver or statutory
successor of the insolvent Company shall given written notice of the pendency of
such claim the Reinsurer may investigate such claim and interpose, at its own
expense, in the proceeding where such claim is to be adjudicated any defense or
defenses which it may deem available to the Company or its liquidator or
statutory successor.

    

    
      Article
XVI  -      ARBITRATION

    

    

    All
unresolved differences of opinion between the Company and the Reinsurer relating
to this Agreement, including its formation and validity, shall be submitted to
arbitration consisting of one arbitrator chosen by the Company, one arbitrator
chosen by the Reinsurer, and a third arbitrator chosen by the first two
arbitrators.

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

    The party
demanding arbitration shall communicate its demand for arbitration to the other
party by registered or certified mail, identifying the nature of the dispute and
the name of its arbitrator, and the other party shall then be bound to name its
arbitrator within 60 days after receipt of the demand.

    

    Failure
or refusal of the other party to so name its arbitrator shall empower the
demanding party to name the second arbitrator.  If the first two
arbitrators are unable to agree upon a third arbitrator after the second
arbitrator is named, each arbitrator shall name three candidates, two of whom
shall be declined by the other arbitrator, and the choice shall be made between
the two remaining candidates by drawing lots.  The arbitrators shall
be impartial and shall be active or retired officers of life and/or health
insurance or reinsurance companies.

    

    The
arbitrators shall adopt their own rules and procedures and are relieved from
judicial formalities.  In addition to considering the rules of law and
the customs and practices of the insurance and reinsurance business, the
arbitrators shall make their award with a view to effecting the intent of this
Agreement.

    

    The
decision of the majority of the arbitrators shall be in writing and shall be
final and binding upon the parties.

    

    Each
party shall bear the cost of its own arbitrator and shall jointly and equally
bear with the other party the expense of the third arbitrator and other costs of
the arbitration.  In the event both arbitrators are chosen by one
party, the fees of all arbitrators shall be equally divided between the
parties.

    

    The
arbitration shall be held at the times and places agreed upon by the
arbitrators.

    

    
      Article
XVII  -    SEVERABILITY

    

    

    If any
part, term, or provision of this Agreement shall be held void, illegal, or
unenforceable, the validity of the remaining portion or portions shall not be
affected thereby.

    

    
      Article
XVIII  -   CONFIDENTIALITY

    

    

    Except as
otherwise provided herein, the Company and the Reinsurer each agree that all
information communicated to it by the other, whether before the effective date
or during the term of this Agreement, shall be used only for purposes of this
Agreement, shall be received in strict confidence, and that no such information
shall be disclosed by the recipient party, its agent or employees without the
prior written consent of the other party.  Each party agrees to take
all reasonable precautions to prevent the disclosure to outside parties of such
information, except as may be necessary by reason of legal, accounting or
regulatory requirements beyond the reasonable control of the Company or the
Reinsurer as the case may be and except for disclosure to the Reinsurer's
retrocessionaires.

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

    
      	
              Article
      XIX  -

            	
              AUTHORIZED
      REINSURERS

            

    

    

    
      
        	
                A.

              	
                If
      the Reinsurer is unauthorized in any state of the United States of America
      or the District of Columbia, the Reinsurer agrees to fund its share of the
      Company's ceded outstanding loss and claims adjustment expense reserves
      (including incurred but not reported loss reserves), less the amount held
      on behalf of the Company in any claims fund, and in accordance with this
      Agreement, by:

              

      

    

    

    
      	
               
      

            	
              1.

            	
              Clean,
      irrevocable and unconditional letters of credit issued and confirmed, if
      confirmation is required by the insurance regulatory authorities involved,
      by a bank or banks meeting the NAIC Securities Valuation Office credit
      standards for issuers of letters of credit and acceptable to said
      insurance regulatory authorities;
and/or

            

    

    

    
      	
               
      

            	
              2.

            	
              Escrow
      accounts for the benefit of the Company;
and/or

            

    

    

    
      	
               
      

            	
              3.

            	
              Cash
      advances;

            

    

    

    if,
without such funding, a penalty would accrue to the Company on any financial
statement it is required to file with the insurance regulatory authorities
involved.  The Reinsurer, at its sole option, may fund in other than
cash if its method and form of funding are acceptable to the insurance
regulatory authorities involved.

    

    
      
        	
                B.

              	
                With
      regard to funding in whole or in part by letters of credit, it is agreed
      that each letter of credit will be in a form acceptable to insurance
      regulatory authorities involved, will be issued for a term of at least one
      year and will include an "evergreen clause," which automatically extends
      the term for at least one additional year at each expiration date unless
      written notice of non-renewal is given to the Company not less than 30
      days prior to said expiration date. The Company and the Reinsurer further
      agree, notwithstanding anything to the contrary in this Contract, that
      said letters of credit may be drawn upon by the Company or its successors
      in interest at any time, without diminution because of the insolvency of
      the Company or the Reinsurer, but only for one or more of the following
      purposes:

              

      

    

    

    
      	
               
      

            	
              1.

            	
              To
      reimburse itself for the Reinsurer's share of losses and/or claims
      adjustment expenses paid under the terms of policies reinsured hereunder,
      unless paid in cash by the
Reinsurer;

            

    

    

    
      	
               
      

            	
              2.

            	
              To
      reimburse itself for the Reinsurer's share of any other amounts claimed to
      be due hereunder, unless paid in cash by the
  Reinsurer;

            

    

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              3.

            	
              To
      fund a cash account in an amount equal to the Reinsurer's share of any
      ceded outstanding loss and claims adjustment expense reserves (including
      incurred but not reported loss reserves), less the amount held in the
      claims fund, funded by means of a letter of credit which is under
      non-renewal notice, if said letter of credit has not been renewed or
      replaced by the Reinsurer 10 days prior to its expiration
      date;

            

    

    

    
      	
               
      

            	
              4.

            	
              To
      refund to the Reinsurer any sum in excess of the actual amount required to
      fund the Reinsurer's share of the Company's ceded outstanding loss and
      claims adjustment expense reserves (including incurred but not reported
      loss reserves), less the amount held in the claims fund, if so requested
      by the Reinsurer.

            

    

    

    In the
event the amount drawn by the Company on any letter of credit is in excess of
the actual amount required for B(1) or B(3), or in the case of B(2), the actual
amount determined to be due, the Company shall promptly return to the Reinsurer
the excess amount so drawn.

    

    IN WITNESS WHEREOF, the
parties hereto have caused this Agreement to be executed in
duplicate,

    

    this
3rd
day of March, 2008,

    

    
      
        	
                MADISON
      NATIONAL LIFE INSURANCE

              
	
                COMPANY,
      INC.

              
	 
      
	
                /s/ Thomas A.
  Gibbons

              

      

    

    

    
      
        	
                Attest:

              	
                  /s/ Alison
      Galante

              

      

    

    

    and this
3rd  day
of March, 2008.

    

    
      
        	
                INDEPENDENCE
      AMERICAN

              
	
                INSURANCE
      COMPANY

              
	 
      
	
                /s/ David T.
  Kettig

              

      

    

    

    
      
        	
                Attest:

              	
                  /s/ Alison
      Galante

              

      

    

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

    EXHIBIT
A

    

    Attached
to and made a part of

    Agreement
of Reinsurance

    (the
“Agreement”)

    
      
        

      

    

    

    Section
1  -  BUSINESS SUBJECT TO THIS EXHIBIT

    

    This
Exhibit shall solely apply to the Company's liability in connection with
business directly produced by Paradigm Insurance Group, Inc.

    

    Section
2  -  DEFINITIONS

    

    Except as
otherwise defined in this Exhibit, defined terms used herein shall have the
meanings ascribed thereto in the Agreement.

    

    The term
“Agreement Year” shall mean such period as the parties may from time to time
determine; provided the first Agreement Year under this Agreement shall be the
period from April 1, 2002 through March 31, 2003.

    

    Section
3  -  COMMENCEMENT AND TERMINATION

    

    This
Exhibit shall apply to Policies issued or renewed by the Company or its
representative at or after 12:01 A.M. Eastern Standard Time on April 1, 2002,
and remain in force until December 31, 2014, but the Reinsurer shall have the
right to terminate this Exhibit as of the end of any Agreement Year thereafter
by giving at least 90 days written notice by certified or registered
mail.

    

    In the
event either party terminates this Exhibit in accordance with the paragraph
above, the Reinsurer shall participate in all Policies ceded within the terms of
this Exhibit, including those written or renewed by the Company after receipt of
notice of cancellation but prior to termination, and shall remain liable for all
cessions in force at termination of this Exhibit.  However, the
liability of the Reinsurer shall cease with respect to losses occurring
subsequent to the first anniversary, natural expiration or cancellation of each
Policy ceded, but not to extend beyond twelve months after such
termination.

    

    If any
Policy issued by the Company and covered by this Exhibit is terminated, the
reinsurance shall also be terminated with respect to such Policy, subject,
however, to any liability of the Company under the terminated Policy not to
extend beyond the contractual obligations of such Policy.

    
      
         

      

      
        A-1

        
          

        

      

      
         

      

    

    In the
event of non-payment of Reinsurance Premiums due under this Exhibit, the
Reinsurer shall have the right to terminate reinsurance under this
Exhibit.  If the Reinsurer elects to exercise its right of termination
under such conditions, i.e., for nonpayment of premiums only, the Reinsurer
shall give the Company 30 days' prior written notice by certified or registered
mail of its intention to terminate such reinsurance.  If all
Reinsurance Premiums in arrears, including any which may become due during the
30 day period are not received by the Reinsurer before the expiration of such
period, this Exhibit will be considered terminated on the date for which
premiums were last paid, and the liability of the Reinsurer shall cease with
respect to losses occurring after such date.

    

    Section
4  -  RETENTION AND LIMIT

    

    The
Reinsurer will accept a fixed proportion of [up to 50%] of the Company's loss on
the first $1,000,000 on behalf of the Company under each and every Policy
subject to this Agreement, as follows: [4/1/02 to 2/28/03 15%, 3/1/03 to 2/29/04
20%].

    

    Section
5  -  REINSURANCE PREMIUM

    

    The
Reinsurer shall receive its proportionate share of the Gross Collected Premium
received by the Company less all Return Premiums as respect Policies attaching
during the Agreement Year.

    

    Section
6  -  CLAIMS FUND

    

    The
Company shall establish a Claims Fund account for each Agreement
Year.  The Claims Fund account shall be funded by receiving monthly
transfers of Net Risk Premium from the Premium account.  These
transfers shall be in proportion to the split of risk between the Company and
the Reinsurer.  If Net Risk Premium is deficient in any month, the
Company will notify the Reinsurer of such deficiency and the Reinsurer shall
remit sufficient amount into the Claims Fund account in order to bring the
Claims Fund to its agreed upon amount.  The balance for this account
shall be maintained at a level as determined by the Company.

    

    Any
interest earned and account charges incurred on this account shall be shared by
the Company and the Reinsurer in proportion to their percentage of
risk.

    

    It is
further agreed that in the event that the amount of Net Risk Premium in any
given accounting period exceed the requirements of the Claims Fund account, such
excess shall be forwarded by the Company to the Reinsurer according to the terms
of this Agreement.

    

    Section
7  -  CEDING ALLOWANCE

    

    Shall be
as agreed to by the Reinsurer and the Company.  The ceding allowance
includes provision for all dividends, commissions and taxes and all other
expenses of whatever nature, except loss adjustment expenses.

    
      
         

      

      
        A-2

        
          

        

      

      
         

      

    

    EXHIBIT
B

    

    Attached
to and made a part of

    Agreement
of Reinsurance

    (the
“Agreement”)

    
      
        

      

    Section
1  -  BUSINESS SUBJECT TO THIS EXHIBIT

    

    This
Exhibit shall solely apply to the Company's liability in connection with
business directly produced by Cap Risk LLC.

    

    Section
2  -  DEFINITIONS

    

    Except as
otherwise defined in this Exhibit, defined terms used herein shall have the
meanings ascribed thereto in the Agreement.

    

    The term
“Agreement Year” shall mean such period as the parties may from time to time
determine; provided the first Agreement Year under this Agreement shall be the
period from April 1, 2002 through March 31, 2003.

    

    Section
3  -  COMMENCEMENT AND TERMINATION

    

    This
Exhibit shall apply to Policies issued or renewed by the Company or its
representative at or after 12:01 A.M. Eastern Standard Time on April 1, 2002,
and remain in force until December 31, 2014, but the Reinsurer shall have the
right to terminate this Exhibit as of the end of any Agreement Year thereafter
by giving at least 90 days written notice by certified or registered
mail.

    

    In the
event either party terminates this Exhibit in accordance with the paragraph
above, the Reinsurer shall participate in all Policies ceded within the terms of
this Exhibit, including those written or renewed by the Company after receipt of
notice of cancellation but prior to termination, and shall remain liable for all
cessions in force at termination of this Exhibit.  However, the
liability of the Reinsurer shall cease with respect to losses occurring
subsequent to the first anniversary, natural expiration or cancellation of each
Policy ceded, but not to extend beyond twelve months after such
termination.

    

    If any
Policy issued by the Company and covered by this Exhibit is terminated, the
reinsurance shall also be terminated with respect to such Policy, subject,
however, to any liability of the Company under the terminated Policy not to
extend beyond the contractual obligations of such Policy.

    
      
         

      

      
        B-1

        
          

        

      

      
         

      

    

    In the
event of non-payment of Reinsurance Premiums due under this Exhibit, the
Reinsurer shall have the right to terminate reinsurance under this
Exhibit.  If the Reinsurer elects to exercise its right of termination
under such conditions, i.e., for nonpayment of premiums only, the Reinsurer
shall give the Company 30 days' prior written notice by certified or registered
mail of its intention to terminate such reinsurance.  If all
Reinsurance Premiums in arrears, including any which may become due during the
30 day period are not received by the Reinsurer before the expiration of such
period, this Exhibit will be considered terminated on the date for which
premiums were last paid, and the liability of the Reinsurer shall cease with
respect to losses occurring after such date.

    

    Section
4  -  RETENTION AND LIMIT

    

    The
Reinsurer will accept a fixed proportion of [up to 50%] of the Company's loss on
the first $1,000,000 on behalf of the Company under each and every Policy
subject to this Agreement, as follows: [4/1/02 to 3/31/03 10%, 4/1/03 to
12/31/06 15%].

    

    Section
5  -  REINSURANCE PREMIUM

    

    The
Reinsurer shall receive its proportionate share of the Gross Collected Premium
received by the Company less all Return Premiums as respect Policies attaching
during the Agreement Year.

    

    Section
6  -  CLAIMS FUND

    

    The
Company shall establish a Claims Fund account for each Agreement
Year.  The Claims Fund account shall be funded by receiving monthly
transfers of Net Risk Premium from the Premium account.  These
transfers shall be in proportion to the split of risk between the Company and
the Reinsurer.  If Net Risk Premium is deficient in any month, the
Company will notify the Reinsurer of such deficiency and the Reinsurer shall
remit sufficient amount into the Claims Fund account in order to bring the
Claims Fund to its agreed upon amount.  The balance for this account
shall be maintained at a level as determined by the Company.

    

    Any
interest earned and account charges incurred on this account shall be shared by
the Company and the Reinsurer in proportion to their percentage of
risk.

    

    It is
further agreed that in the event that the amount of Net Risk Premium in any
given accounting period exceed the requirements of the Claims Fund account, such
excess shall be forwarded by the Company to the Reinsurer according to the terms
of this Agreement.

    

    Section
7  -  CEDING ALLOWANCE

    

    Shall be
as agreed to by the Reinsurer and the Company.  The ceding allowance
includes provision for all dividends, commissions and taxes and all other
expenses of whatever nature, except loss adjustment expenses.

    
      
         

      

      
        B-2

        
          

        

      

      
         

      

    

    EXHIBIT
C

    

    Attached
to and made a part of

    Agreement
of Reinsurance

    (the
“Agreement”)

    
      
        

      

    Section
1  -  BUSINESS SUBJECT TO THIS EXHIBIT

    

    This
Exhibit shall solely apply to the Company's liability in connection with
business directly produced by Coastal Reinsurance Management LLC.

    

    Section
2  -  DEFINITIONS

    

    Except as
otherwise defined in this Exhibit, defined terms used herein shall have the
meanings ascribed thereto in the Agreement.

    

    The term
“Agreement Year” shall mean such period as the parties may from time to time
determine; provided the  first Agreement Year under this Agreement
shall be the period from June 1, 2002 through May 31, 2003.

    

    Section
3  -  COMMENCEMENT AND TERMINATION

    

    This
Exhibit shall apply to Policies issued or renewed by the Company or its
representative at or after 12:01 A.M. Eastern Standard Time on June 1, 2002, and
remain in force until December 31, 2014, but the Reinsurer shall have the right
to terminate this Exhibit as of the end of any Agreement Year thereafter by
giving at least 90 days written notice by certified or registered
mail.

    

    In the
event either party terminates this Exhibit in accordance with the paragraph
above, the Reinsurer shall participate in all Policies ceded within the terms of
this Exhibit, including those written or renewed by the Company after receipt of
notice of cancellation but prior to termination, and shall remain liable for all
cessions in force at termination of this Exhibit.  However, the
liability of the Reinsurer shall cease with respect to losses occurring
subsequent to the first anniversary, natural expiration or cancellation of each
Policy ceded, but not to extend beyond twelve months after such
termination.

    

    If any
Policy issued by the Company and covered by this Exhibit is terminated, the
reinsurance shall also be terminated with respect to such Policy, subject,
however, to any liability of the Company under the terminated Policy not to
extend beyond the contractual obligations of such Policy.

    
      
         

      

      
        C-1

        
          

        

      

      
         

      

    

    In the
event of non-payment of Reinsurance Premiums due under this Exhibit, the
Reinsurer shall have the right to terminate reinsurance under this
Exhibit.  If the Reinsurer elects to exercise its right of termination
under such conditions, i.e., for nonpayment of premiums only, the Reinsurer
shall give the Company 30 days' prior written notice by certified or registered
mail of its intention to terminate such reinsurance.  If all
Reinsurance Premiums in arrears, including any which may become due during the
30 day period are not received by the Reinsurer before the expiration of such
period, this Exhibit will be considered terminated on the date for which
premiums were last paid, and the liability of the Reinsurer shall cease with
respect to losses occurring after such date.

    

    Section
4  -  RETENTION AND LIMIT

    

    The
Reinsurer will accept a fixed proportion of [up to 50%] of the Company's loss on
the first $1,000,000 on behalf of the Company under each and every Policy
subject to this Agreement, as follows: [6/1/02 to 12/31/04 15%, 1/1/05 to
12/31/05 20%].

    

    Section
5  -  REINSURANCE PREMIUM

    

    The
Reinsurer shall receive its proportionate share of the Gross Collected Premium
received by the Company less all Return Premiums as respect Policies attaching
during the Agreement Year.

    

    Section
6  -  CLAIMS FUND

    

    The
Company shall establish a Claims Fund account for each Agreement
Year.  The Claims Fund account shall be funded by receiving monthly
transfers of Net Risk Premium from the Premium account.  These
transfers shall be in proportion to the split of risk between the Company and
the Reinsurer.  If Net Risk Premium is deficient in any month, the
Company will notify the Reinsurer of such deficiency and the Reinsurer shall
remit sufficient amount into the Claims Fund account in order to bring the
Claims Fund to its agreed upon amount.  The balance for this account
shall be maintained at a level as determined by the Company.

    

    Any
interest earned and account charges incurred on this account shall be shared by
the Company and the Reinsurer in proportion to their percentage of
risk.

    

    It is
further agreed that in the event that the amount of Net Risk Premium in any
given accounting period exceed the requirements of the Claims Fund account, such
excess shall be forwarded by the Company to the Reinsurer according to the terms
of this Agreement.

    

    Section
7  -  CEDING ALLOWANCE

    

    Shall be
as agreed to by the Reinsurer and the Company.  The ceding allowance
includes provision for all dividends, commissions and taxes and all other
expenses of whatever nature, except loss adjustment expenses.

    
      
         

      

      
        
          C-2

        

        
          

        

      

      
         

      

    

    EXHIBIT
D

    

    Attached
to and made a part of

    Agreement
of Reinsurance

    (the
“Agreement”)

    
      
        

      

    Section
1  -  BUSINESS SUBJECT TO THIS EXHIBIT

    

    This
Exhibit shall solely apply to the Company's liability in connection with
business directly produced by Delta Risk Management, LLC.

    

    Section
2  -  DEFINITIONS

    

    Except as
otherwise defined in this Exhibit, defined terms used herein shall have the
meanings ascribed thereto in the Agreement.

    

    The term
“Agreement Year” shall mean such period as the parties may from time to time
determine; provided the first Agreement Year under this Agreement shall be the
period from January 1, 2004 through December 31, 2004.

    

    Section
3  -  COMMENCEMENT AND TERMINATION

    

    This
Exhibit shall apply to Policies issued or renewed by the Company or its
representative at or after 12:01 A.M. Eastern Standard Time on January 1, 2004,
and remain in force until December 31, 2014, but the Reinsurer shall have the
right to terminate this Exhibit as of the end of any Agreement Year thereafter
by giving at least 90 days written notice by certified or registered
mail.

    

    In the
event either party terminates this Exhibit in accordance with the paragraph
above, the Reinsurer shall participate in all Policies ceded within the terms of
this Exhibit, including those written or renewed by the Company after receipt of
notice of cancellation but prior to termination, and shall remain liable for all
cessions in force at termination of this Exhibit.  However, the
liability of the Reinsurer shall cease with respect to losses occurring
subsequent to the first anniversary, natural expiration or cancellation of each
Policy ceded, but not to extend beyond twelve months after such
termination.

    

    If any
Policy issued by the Company and covered by this Exhibit is terminated, the
reinsurance shall also be terminated with respect to such Policy, subject,
however, to any liability of the Company under the terminated Policy not to
extend beyond the contractual obligations of such Policy.

    
      
         

      

      
        D-1

        
          

        

      

      
         

      

    

    In the
event of non-payment of Reinsurance Premiums due under this Exhibit, the
Reinsurer shall have the right to terminate reinsurance under this
Exhibit.  If the Reinsurer elects to exercise its right of termination
under such conditions, i.e., for nonpayment of premiums only, the Reinsurer
shall give the Company 30 days' prior written notice by certified or registered
mail of its intention to terminate such reinsurance.  If all
Reinsurance Premiums in arrears, including any which may become due during the
30 day period are not received by the Reinsurer before the expiration of such
period, this Exhibit will be considered terminated on the date for which
premiums were last paid, and the liability of the Reinsurer shall cease with
respect to losses occurring after such date.

    

    Section
4  -  RETENTION AND LIMIT

    

    The
Reinsurer will accept a fixed proportion of [up to 50%] of the Company's loss on
the first $1,000,000 on behalf of the Company under each and every Policy
subject to this Agreement, as follows: [1/1/04 to 12/31/04 15%, 1/1/05 to
12/31/05 25%].

    

    Section
5  -  REINSURANCE PREMIUM

    

    The
Reinsurer shall receive its proportionate share of the Gross Collected Premium
received by the Company less all Return Premiums as respect Policies attaching
during the Agreement Year.

    

    Section
6  -  CLAIMS FUND

    

    The
Company shall establish a Claims Fund account for each Agreement
Year.  The Claims Fund account shall be funded by receiving monthly
transfers of Net Risk Premium from the Premium account.  These
transfers shall be in proportion to the split of risk between the Company and
the Reinsurer.  If Net Risk Premium is deficient in any month, the
Company will notify the Reinsurer of such deficiency and the Reinsurer shall
remit sufficient amount into the Claims Fund account in order to bring the
Claims Fund to its agreed upon amount.  The balance for this account
shall be maintained at a level as determined by the Company.

    

    Any
interest earned and account charges incurred on this account shall be shared by
the Company and the Reinsurer in proportion to their percentage of
risk.

    

    It is
further agreed that in the event that the amount of Net Risk Premium in any
given accounting period exceed the requirements of the Claims Fund account, such
excess shall be forwarded by the Company to the Reinsurer according to the terms
of this Agreement.

    

    Section
7  -  CEDING ALLOWANCE

    

    Shall be
as agreed to by the Reinsurer and the Company.  The ceding allowance
includes provision for all dividends, commissions and taxes and all other
expenses of whatever nature, except loss adjustment expenses.

    
      
         

      

      
        D-2

        
          

        

      

      
         

      

    

    EXHIBIT
E

    

    Attached
to and made a part of

    Agreement
of Reinsurance

    (the
“Agreement”)

    
      
        

      

    Section
1  -  BUSINESS SUBJECT TO THIS EXHIBIT

    

    This
Exhibit shall solely apply to the Company's liability in connection with
business directly produced by US Underwriting Services LLC.

    

    Section
2  -  DEFINITIONS

    

    Except as
otherwise defined in this Exhibit, defined terms used herein shall have the
meanings ascribed thereto in the Agreement.

    

    The term
“Agreement Year” shall mean such period as the parties may from time to time
determine; provided the first Agreement Year under this Agreement shall be the
period from January 1, 2004 through December 31, 2004.

    

    Section
3  -  COMMENCEMENT AND TERMINATION

    

    This
Exhibit shall apply to Policies issued or renewed by the Company or its
representative at or after 12:01 A.M. Eastern Standard Time on January 1, 2004,
and remain in force until December 31, 2014, but the Reinsurer shall have the
right to terminate this Exhibit as of the end of any Agreement Year thereafter
by giving at least 90 days written notice by certified or registered
mail.

    

    In the
event either party terminates this Exhibit in accordance with the paragraph
above, the Reinsurer shall participate in all Policies ceded within the terms of
this Exhibit, including those written or renewed by the Company after receipt of
notice of cancellation but prior to termination, and shall remain liable for all
cessions in force at termination of this Exhibit.  However, the
liability of the Reinsurer shall cease with respect to losses occurring
subsequent to the first anniversary, natural expiration or cancellation of each
Policy ceded, but not to extend beyond twelve months after such
termination.

    

    If any
Policy issued by the Company and covered by this Exhibit is terminated, the
reinsurance shall also be terminated with respect to such Policy, subject,
however, to any liability of the Company under the terminated Policy not to
extend beyond the contractual obligations of such Policy.

    
      
         

      

      
        E-1

        
          

        

      

      
         

      

    

    In the
event of non-payment of Reinsurance Premiums due under this Exhibit, the
Reinsurer shall have the right to terminate reinsurance under this
Exhibit.  If the Reinsurer elects to exercise its right of termination
under such conditions, i.e., for nonpayment of premiums only, the Reinsurer
shall give the Company 30 days' prior written notice by certified or registered
mail of its intention to terminate such reinsurance.  If all
Reinsurance Premiums in arrears, including any which may become due during the
30 day period are not received by the Reinsurer before the expiration of such
period, this Exhibit will be considered terminated on the date for which
premiums were last paid, and the liability of the Reinsurer shall cease with
respect to losses occurring after such date.

    

    Section
4  -  RETENTION AND LIMIT

    

    The
Reinsurer will accept a fixed proportion of [up to 50%] of the Company's loss on
the first $1,000,000 on behalf of the Company under each and every Policy
subject to this Agreement, as follows: [1/1/04 to 12/31/04 15%, 1/1/05 to
12/31/05 25%].

    

    Section
5  -  REINSURANCE PREMIUM

    

    The
Reinsurer shall receive its proportionate share of the Gross Collected Premium
received by the Company less all Return Premiums as respect Policies attaching
during the Agreement Year.

    

    Section
6  -  CLAIMS FUND

    

    The
Company shall establish a Claims Fund account for each Agreement
Year.  The Claims Fund account shall be funded by receiving monthly
transfers of Net Risk Premium from the Premium account.  These
transfers shall be in proportion to the split of risk between the Company and
the Reinsurer.  If Net Risk Premium is deficient in any month, the
Company will notify the Reinsurer of such deficiency and the Reinsurer shall
remit sufficient amount into the Claims Fund account in order to bring the
Claims Fund to its agreed upon amount.  The balance for this account
shall be maintained at a level as determined by the Company.

    

    Any
interest earned and account charges incurred on this account shall be shared by
the Company and the Reinsurer in proportion to their percentage of
risk.

    

    It is
further agreed that in the event that the amount of Net Risk Premium in any
given accounting period exceed the requirements of the Claims Fund account, such
excess shall be forwarded by the Company to the Reinsurer according to the terms
of this Agreement.

    

    Section
7  -  CEDING ALLOWANCE

    

    Shall be
as agreed to by the Reinsurer and the Company.  The ceding allowance
includes provision for all dividends, commissions and taxes and all other
expenses of whatever nature, except loss adjustment expenses.

    
      
         

      

      
        E-2

        
          

        

      

      
         

      

    

    EXHIBIT
F

    

    Attached
to and made a part of

    Agreement
of Reinsurance

    (the
“Agreement”)

    
      
 

    Section
1  -  BUSINESS SUBJECT TO THIS EXHIBIT

    

    This
Exhibit shall solely apply to the Company's liability in connection with
business directly produced by ASG Risk Management, Inc.

    

    Section
2  -  DEFINITIONS

    

    Except as
otherwise defined in this Exhibit, defined terms used herein shall have the
meanings ascribed thereto in the Agreement.

    

    The term
“Agreement Year” shall mean such period as the parties may from time to time
determine; provided the first Agreement Year under this Agreement shall be the
period from June 1, 2003 through May 31, 2004.

    

    Section
3  -  COMMENCEMENT AND TERMINATION

    

    This
Exhibit shall apply to Policies issued or renewed by the Company or its
representative at or after 12:01 A.M. Eastern Standard Time on June 1, 2003, and
remain in force until December 31, 2014, but the Reinsurer shall have the right
to terminate this Exhibit as of the end of any Agreement Year thereafter by
giving at least 90 days written notice by certified or registered
mail.

    

    In the
event either party terminates this Exhibit in accordance with the paragraph
above, the Reinsurer shall participate in all Policies ceded within the terms of
this Exhibit, including those written or renewed by the Company after receipt of
notice of cancellation but prior to termination, and shall remain liable for all
cessions in force at termination of this Exhibit.  However, the
liability of the Reinsurer shall cease with respect to losses occurring
subsequent to the first anniversary, natural expiration or cancellation of each
Policy ceded, but not to extend beyond twelve months after such
termination.

    

    If any
Policy issued by the Company and covered by this Exhibit is terminated, the
reinsurance shall also be terminated with respect to such Policy, subject,
however, to any liability of the Company under the terminated Policy not to
extend beyond the contractual obligations of such Policy.

    
      
         

      

      
        F-1

        
          

        

      

      
         

      

    

    In the
event of non-payment of Reinsurance Premiums due under this Exhibit, the
Reinsurer shall have the right to terminate reinsurance under this
Exhibit.  If the Reinsurer elects to exercise its right of termination
under such conditions, i.e., for nonpayment of premiums only, the Reinsurer
shall give the Company 30 days' prior written notice by certified or registered
mail of its intention to terminate such reinsurance.  If all
Reinsurance Premiums in arrears, including any which may become due during the
30 day period are not received by the Reinsurer before the expiration of such
period, this Exhibit will be considered terminated on the date for which
premiums were last paid, and the liability of the Reinsurer shall cease with
respect to losses occurring after such date.

    

    Section
4  -  RETENTION AND LIMIT

    

    The
Reinsurer will accept a fixed proportion of [up to 50%] of the Company's loss on
the first $1,000,000 on behalf of the Company under each and every Policy
subject to this Agreement, as follows: [6/1/03 to 2/1/07 20%].

    

    Section
5  -  REINSURANCE PREMIUM

    

    The
Reinsurer shall receive its proportionate share of the Gross Collected Premium
received by the Company less all Return Premiums as respect Policies attaching
during the Agreement Year.

    

    Section
6  -  CLAIMS FUND

    

    The
Company shall establish a Claims Fund account for each Agreement
Year.  The Claims Fund account shall be funded by receiving monthly
transfers of Net Risk Premium from the Premium account.  These
transfers shall be in proportion to the split of risk between the Company and
the Reinsurer.  If Net Risk Premium is deficient in any month, the
Company will notify the Reinsurer of such deficiency and the Reinsurer shall
remit sufficient amount into the Claims Fund account in order to bring the
Claims Fund to its agreed upon amount.  The balance for this account
shall be maintained at a level as determined by the Company.

    

    Any
interest earned and account charges incurred on this account shall be shared by
the Company and the Reinsurer in proportion to their percentage of
risk.

    

    It is
further agreed that in the event that the amount of Net Risk Premium in any
given accounting period exceed the requirements of the Claims Fund account, such
excess shall be forwarded by the Company to the Reinsurer according to the terms
of this Agreement.

    

    Section
7  -  CEDING ALLOWANCE

    

    Shall be
as agreed to by the Reinsurer and the Company.  The ceding allowance
includes provision for all dividends, commissions and taxes and all other
expenses of whatever nature, except loss adjustment expenses.

    
      
         

      

      
        F-2

        
          

        

      

      
         

      

    

    EXHIBIT
G

    

    Attached
to and made a part of

    Agreement
of Reinsurance

    (the
“Agreement”)

    
      
 

    Section
1  -  BUSINESS SUBJECT TO THIS EXHIBIT

    

    This
Exhibit shall solely apply to the Company's liability in connection with
business directly produced by IC West Underwriting Services LLC.

    

    Section
2  -  DEFINITIONS

    

    Except as
otherwise defined in this Exhibit, defined terms used herein shall have the
meanings ascribed thereto in the Agreement.

    

    The term
“Agreement Year” shall mean such period as the parties may from time to time
determine; provided the first Agreement Year under this Agreement shall be the
period from December 1, 2002 through November 30, 2003.

    

    Section
3  -  COMMENCEMENT AND TERMINATION

    

    This
Exhibit shall apply to Policies issued or renewed by the Company or its
representative at or after 12:01 A.M. Eastern Standard Time on December 1, 2002,
and remain in force until December 31, 2014, but the Reinsurer shall have the
right to terminate this Exhibit as of the end of any Agreement Year thereafter
by giving at least 90 days written notice by certified or registered
mail.

    

    In the
event either party terminates this Exhibit in accordance with the paragraph
above, the Reinsurer shall participate in all Policies ceded within the terms of
this Exhibit, including those written or renewed by the Company after receipt of
notice of cancellation but prior to termination, and shall remain liable for all
cessions in force at termination of this Exhibit.  However, the
liability of the Reinsurer shall cease with respect to losses occurring
subsequent to the first anniversary, natural expiration or cancellation of each
Policy ceded, but not to extend beyond twelve months after such
termination.

    

    If any
Policy issued by the Company and covered by this Exhibit is terminated, the
reinsurance shall also be terminated with respect to such Policy, subject,
however, to any liability of the Company under the terminated Policy not to
extend beyond the contractual obligations of such Policy.

    
      
         

      

      
        G-1

        
          

        

      

      
         

      

    

    In the
event of non-payment of Reinsurance Premiums due under this Exhibit, the
Reinsurer shall have the right to terminate reinsurance under this
Exhibit.  If the Reinsurer elects to exercise its right of termination
under such conditions, i.e., for nonpayment of premiums only, the Reinsurer
shall give the Company 30 days' prior written notice by certified or registered
mail of its intention to terminate such reinsurance.  If all
Reinsurance Premiums in arrears, including any which may become due during the
30 day period are not received by the Reinsurer before the expiration of such
period, this Exhibit will be considered terminated on the date for which
premiums were last paid, and the liability of the Reinsurer shall cease with
respect to losses occurring after such date.

    

    Section
4  -  RETENTION AND LIMIT

    

    The
Reinsurer will accept a fixed proportion of [up to 50%] of the Company's loss on
the first $1,000,000 on behalf of the Company under each and every Policy
subject to this Agreement, as follows: [12/1/02 to 12/31/04 20%].

    

    Section
5  -  REINSURANCE PREMIUM

    

    The
Reinsurer shall receive its proportionate share of the Gross Collected Premium
received by the Company less all Return Premiums as respect Policies attaching
during the Agreement Year.

    

    Section
6  -  CLAIMS FUND

    

    The
Company shall establish a Claims Fund account for each Agreement
Year.  The Claims Fund account shall be funded by receiving monthly
transfers of Net Risk Premium from the Premium account.  These
transfers shall be in proportion to the split of risk between the Company and
the Reinsurer.  If Net Risk Premium is deficient in any month, the
Company will notify the Reinsurer of such deficiency and the Reinsurer shall
remit sufficient amount into the Claims Fund account in order to bring the
Claims Fund to its agreed upon amount.  The balance for this account
shall be maintained at a level as determined by the Company.

    

    Any
interest earned and account charges incurred on this account shall be shared by
the Company and the Reinsurer in proportion to their percentage of
risk.

    

    It is
further agreed that in the event that the amount of Net Risk Premium in any
given accounting period exceed the requirements of the Claims Fund account, such
excess shall be forwarded by the Company to the Reinsurer according to the terms
of this Agreement.

    

    Section
7  -  CEDING ALLOWANCE

    

    Shall be
as agreed to by the Reinsurer and the Company.  The ceding allowance
includes provision for all dividends, commissions and taxes and all other
expenses of whatever nature, except loss adjustment expenses.

    
      
         

      

      
        G-2

        
          

        

      

      
         

      

    

    EXHIBIT
H

    

    Attached
to and made a part of

    Agreement
of Reinsurance

    (the
“Agreement”)

    
      
 

    Section
1  -  BUSINESS SUBJECT TO THIS EXHIBIT

    

    This
Exhibit shall solely apply to the Company's liability in connection with
business directly produced by Majestic Underwriters, Inc.

    

    Section
2  -  DEFINITIONS

    

    Except as
otherwise defined in this Exhibit, defined terms used herein shall have the
meanings ascribed thereto in the Agreement.

    

    The term
“Agreement Year” shall mean such period as the parties may from time to time
determine; provided the first Agreement Year under this Agreement shall be the
period from March 1, 2003 through June 30, 2004.

    

    Section
3  -  COMMENCEMENT AND TERMINATION

    

    This
Exhibit shall apply to Policies issued or renewed by the Company or its
representative at or after 12:01 A.M. Eastern Standard Time on March 1, 2003,
and remain in force until December  31, 2014, but the Reinsurer shall
have the right to terminate this Exhibit as of the end of any Agreement
Year  thereafter by giving at least 90 days written notice by
certified or registered mail.

    

    In the
event either party terminates this Exhibit in accordance with the paragraph
above, the Reinsurer shall participate in all Policies ceded within the terms of
this Exhibit, including those written or renewed by the Company after receipt of
notice of cancellation but prior to termination, and shall remain liable for all
cessions in force at termination of this Exhibit.  However, the
liability of the Reinsurer shall cease with respect to losses occurring
subsequent to the first anniversary, natural expiration or cancellation of each
Policy ceded, but not to extend beyond twelve months after such
termination.

    

    If any
Policy issued by the Company and covered by this Exhibit is terminated, the
reinsurance shall also be terminated with respect to such Policy, subject,
however, to any liability of the Company under the terminated Policy not to
extend beyond the contractual obligations of such Policy.

    
      
         

      

      
        H-1

        
          

        

      

      
         

      

    

    In the
event of non-payment of Reinsurance Premiums due under this Exhibit, the
Reinsurer shall have the right to terminate reinsurance under this
Exhibit.  If the Reinsurer elects to exercise its right of termination
under such conditions, i.e., for nonpayment of premiums only, the Reinsurer
shall give the Company 30 days' prior written notice by certified or registered
mail of its intention to terminate such reinsurance.  If all
Reinsurance Premiums in arrears, including any which may become due during the
30 day period are not received by the Reinsurer before the expiration of such
period, this Exhibit will be considered terminated on the date for which
premiums were last paid, and the liability of the Reinsurer shall cease with
respect to losses occurring after such date.

    

    Section
4  -  RETENTION AND LIMIT

    

    The
Reinsurer will accept a fixed proportion of [up to 50%] of the Company's loss on
the first $1,000,000 on behalf of the Company under each and every Policy
subject to this Agreement, as follows: [3/1/03 to 6/30/04 15%, 7/1/04 to
12/31/11 20%; for business produced by Life Investors Insurance Company/Western
Reserve. Life Ins. Co. the proportion shall be 25%, effective 7/1/05 to
12/31/11. For business produced by the Company the proportion shall be 20%,
effective 1/1/08 to 12/31/11].

    

    Section
5  -  REINSURANCE PREMIUM

    

    The
Reinsurer shall receive its proportionate share of the Gross Collected Premium
received by the Company less all Return Premiums as respect Policies attaching
during the Agreement Year.

    

    Section
6  -  CLAIMS FUND

    

    The
Company shall establish a Claims Fund account for each Agreement
Year.  The Claims Fund account shall be funded by receiving monthly
transfers of Net Risk Premium from the Premium account.  These
transfers shall be in proportion to the split of risk between the Company and
the Reinsurer.  If Net Risk Premium is deficient in any month, the
Company will notify the Reinsurer of such deficiency and the Reinsurer shall
remit sufficient amount into the Claims Fund account in order to bring the
Claims Fund to its agreed upon amount.  The balance for this account
shall be maintained at a level as determined by the Company.

    

    Any
interest earned and account charges incurred on this account shall be shared by
the Company and the Reinsurer in proportion to their percentage of
risk.

    

    It is
further agreed that in the event that the amount of Net Risk Premium in any
given accounting period exceed the requirements of the Claims Fund account, such
excess shall be forwarded by the Company to the Reinsurer according to the terms
of this Agreement.

    

    Section
7  -  CEDING ALLOWANCE

    

    Shall be
as agreed to by the Reinsurer and the Company.  The ceding allowance
includes provision for all dividends, commissions and taxes and all other
expenses of whatever nature, except loss adjustment expenses.

    
      
         

      

      
        H-2

        
          

        

      

      
         

      

    

    EXHIBIT
I

    

    Attached
to and made a part of

    Agreement
of Reinsurance

    (the
“Agreement”)

    
      
 

    Section
1  -  BUSINESS SUBJECT TO THIS EXHIBIT

    

    This
Exhibit shall solely apply to the Company's liability in connection with
business directly produced by Voorhees Risk Management LLC d.b.a. Marlton Risk
Group ("Voorhees").

    

    Section
2  -  DEFINITIONS

    

    Except as
otherwise defined in this Exhibit, defined terms used herein shall have the
meanings ascribed thereto in the Agreement.

    

    The term
“Agreement Year” shall mean such period as the parties may from time to time
determine; provided the first Agreement Year under this Agreement shall be the
period from September 1, 2003 through December 31, 2004.

    

    Section
3  -  COMMENCEMENT AND TERMINATION

    

    This
Exhibit shall apply to business directly produced by Voorhees at or after 12:01
A.M. Eastern Standard Time on September 1, 2003, and remain in force until
December  31, 2014, but the Reinsurer shall have the right to
terminate this Exhibit as of the end of any Agreement Year thereafter by giving
at least 90 days written notice by certified or registered mail.

    

    In the
event either party terminates this Exhibit in accordance with the paragraph
above, the Reinsurer shall participate in all Policies ceded within the terms of
this Exhibit, including those written or renewed after receipt of notice of
cancellation but prior to termination, and shall remain liable for all cessions
in force at termination of this Exhibit.  However, the liability shall
cease with respect to losses occurring subsequent to the first anniversary,
natural expiration or cancellation of each Policy ceded, but not to extend
beyond twelve months after such termination.

    

    If any
Policy covered by this Exhibit is terminated, the reinsurance shall also be
terminated with respect to such Policy, subject, however, to any liability under
the terminated Policy not to extend beyond the contractual obligations of such
Policy.

    
      
         

      

      
        I-1

        
          

        

      

      
         

      

    

     

    
      In the
event of non-payment of Reinsurance Premiums due under this Exhibit, the
Reinsurer shall have the right to terminate reinsurance under this
Exhibit.  If the Reinsurer elects to exercise its right of
termination under such conditions, i.e., for nonpayment of premiums only, the
Reinsurer shall give the Company 30 days' prior written notice by certified or
registered mail of its intention to terminate such reinsurance.  If
all Reinsurance Premiums in arrears, including any which may become due during
the 30 day period are not received by the Reinsurer before the expiration of
such period, this Exhibit will be considered terminated on the date for which
premiums were last paid, and the liability of the Reinsurer shall cease with
respect to losses occurring after such date.

      

      Section
4  -  RETENTION AND LIMIT

      

      The
Reinsurer will accept a fixed proportion of [up to 50%] of the Company's loss on
the first $1,000,000 on behalf of the Company under each and every Policy
subject to this Agreement, as follows: [1/1/04 to 12/31/11 30%, except for
business produced by Peoples Benefit Life Insurance Company/Monumental Life
Insurance Company, which proportion shall be 25% effective 9/1/03 to 12/31/11;
business produced by Fidelity Security Life Insurance Company, which proportion
shall be 20% effective 9/1/03 to 12/31/11].

      

      Section
5  -  REINSURANCE PREMIUM

      

      The
Reinsurer shall receive its proportionate share of the Gross Collected Premium
received by the Company less all Return Premiums as respect Policies attaching
during the Agreement Year.

      

      Section
6  -  CLAIMS FUND

      

      The
Company shall establish a Claims Fund account for each Agreement
Year.  The Claims Fund account shall be funded by receiving monthly
transfers of Net Risk Premium from the Premium account.  These
transfers shall be in proportion to the split of risk between the Company and
the Reinsurer.  If Net Risk Premium is deficient in any month, the
Company will notify the Reinsurer of such deficiency and the Reinsurer shall
remit sufficient amount into the Claims Fund account in order to bring the
Claims Fund to its agreed upon amount.  The balance for this account
shall be maintained at a level as determined by the Company.

      

      Any
interest earned and account charges incurred on this account shall be shared by
the Company and the Reinsurer in proportion to their percentage of
risk.

      

      It is
further agreed that in the event that the amount of Net Risk Premium in any
given accounting period exceed the requirements of the Claims Fund account, such
excess shall be forwarded by the Company to the Reinsurer according to the terms
of this Agreement.

      

      Section
7  -  CEDING ALLOWANCE

      

      Shall be
as agreed to by the Reinsurer and the Company.  The ceding allowance
includes provision for all dividends, commissions and taxes and all other
expenses of whatever nature, except loss adjustment expenses.

      
        
           

        

        
          I-2

          
            

          

        

        
           

        

      

      EXHIBIT
J

      

      Attached
to and made a part of

      Agreement
of Reinsurance

      (the
“Agreement”)

      

      
        
          

        

      Section
1  -  BUSINESS SUBJECT TO THIS EXHIBIT

      

      This
Exhibit shall solely apply to the Company's liability in connection with
business directly produced by IndependenceCare Underwriting Services – Southwest
LLC.

      

      Section
2  -  DEFINITIONS

      

      Except as
otherwise defined in this Exhibit, defined terms used herein shall have the
meanings ascribed thereto in the Agreement.

      

      The term
“Agreement Year” shall mean such period as the parties may from time to time
determine; provided the first Agreement Year under this Agreement shall be the
period from January 1, 2004 through December 31, 2004.

      

      Section
3  -  COMMENCEMENT AND TERMINATION

      

      This
Exhibit shall apply to Policies issued or renewed by the Company or its
representative at or after 12:01 A.M. Eastern Standard Time on January 1, 2004,
and remain in force until December  31, 2014, but the Reinsurer shall
have the right to terminate this Exhibit as of the end of any Agreement
Year  thereafter by giving at least 90 days written notice by
certified or registered mail.

      

      In the
event either party terminates this Exhibit in accordance with the paragraph
above, the Reinsurer shall participate in all Policies ceded within the terms of
this Exhibit, including those written or renewed by the Company after receipt of
notice of cancellation but prior to termination, and shall remain liable for all
cessions in force at termination of this Exhibit.  However, the
liability of the Reinsurer shall cease with respect to losses occurring
subsequent to the first anniversary, natural expiration or cancellation of each
Policy ceded, but not to extend beyond twelve months after such
termination.

      

      If any
Policy issued by the Company and covered by this Exhibit is terminated, the
reinsurance shall also be terminated with respect to such Policy, subject,
however, to any liability of the Company under the terminated Policy not to
extend beyond the contractual obligations of such Policy.

      
        
           

        

        
          J-1

          
            

          

        

        
           

        

      

    

     

    In the
event of non-payment of Reinsurance Premiums due under this Exhibit, the
Reinsurer shall have the right to terminate reinsurance under this
Exhibit.  If the Reinsurer elects to exercise its right of termination
under such conditions, i.e., for nonpayment of premiums only, the Reinsurer
shall give the Company 30 days' prior written notice by certified or registered
mail of its intention to terminate such reinsurance.  If all
Reinsurance Premiums in arrears, including any which may become due during the
30 day period are not received by the Reinsurer before the expiration of such
period, this Exhibit will be considered terminated on the date for which
premiums were last paid, and the liability of the Reinsurer shall cease with
respect to losses occurring after such date.

    

    Section
4  -  RETENTION AND LIMIT

    

    The
Reinsurer will accept a fixed proportion of [up to 50%] of the Company's loss on
the first $1,000,000 on behalf of the Company under each and every Policy
subject to this Agreement, as follows: [1/1/04 to 12/31/04 21%, 1/1/05 to
12/31/06 25%].

    

    Section
5  -  REINSURANCE PREMIUM

    

    The
Reinsurer shall receive its proportionate share of the Gross Collected Premium
received by the Company less all Return Premiums as respect Policies attaching
during the Agreement Year.

    

    Section
6  -  CLAIMS FUND

    

    The
Company shall establish a Claims Fund account for each Agreement
Year.  The Claims Fund account shall be funded by receiving monthly
transfers of Net Risk Premium from the Premium account.  These
transfers shall be in proportion to the split of risk between the Company and
the Reinsurer.  If Net Risk Premium is deficient in any month, the
Company will notify the Reinsurer of such deficiency and the Reinsurer shall
remit sufficient amount into the Claims Fund account in order to bring the
Claims Fund to its agreed upon amount.  The balance for this account
shall be maintained at a level as determined by the Company.

    

    Any
interest earned and account charges incurred on this account shall be shared by
the Company and the Reinsurer in proportion to their percentage of
risk.

    

    It is
further agreed that in the event that the amount of Net Risk Premium in any
given accounting period exceed the requirements of the Claims Fund account, such
excess shall be forwarded by the Company to the Reinsurer according to the terms
of this Agreement.

    

    Section
7  -  CEDING ALLOWANCE

    

    Shall be
as agreed to by the Reinsurer and the Company.  The ceding allowance
includes provision for all dividends, commissions and taxes and all other
expenses of whatever nature, except loss adjustment expenses.

    
      
         

      

      
        J-2

        
          

        

      

      
         

      

    

    

    EXHIBIT
K

    

    Attached
to and made a part of

    Agreement
of Reinsurance

    (the
“Agreement”)

    

    
      
        

      

    Section
1  -  BUSINESS SUBJECT TO THIS EXHIBIT

    

    This
Exhibit shall solely apply to the Company's liability in connection with
business directly produced by IndependenceCare Underwriting Service  –
Minneapolis LLC.

    

    Section
2  -  DEFINITIONS

    

    Except as
otherwise defined in this Exhibit, defined terms used herein shall have the
meanings ascribed thereto in the Agreement.

    

    The term
“Agreement Year” shall mean such period as the parties may from time to time
determine; provided the first Agreement Year under this Agreement shall be the
period from January 1, 2004 through December 31, 2004.

    

    Section
3  -  COMMENCEMENT AND TERMINATION

    

    This
Exhibit shall apply to Policies issued or renewed by the Company or its
representative at or after 12:01 A.M. Eastern Standard Time on January 1, 2003,
and remain in force until December  31, 2014, but the Reinsurer shall
have the right to terminate this Exhibit as of the end of any Agreement
Year  thereafter by giving at least 90 days written notice by
certified or registered mail.

    

    In the
event either party terminates this Exhibit in accordance with the paragraph
above, the Reinsurer shall participate in all Policies ceded within the terms of
this Exhibit, including those written or renewed by the Company after receipt of
notice of cancellation but prior to termination, and shall remain liable for all
cessions in force at termination of this Exhibit.  However, the
liability of the Reinsurer shall cease with respect to losses occurring
subsequent to the first anniversary, natural expiration or cancellation of each
Policy ceded, but not to extend beyond twelve months after such
termination.

    

    If any
Policy issued by the Company and covered by this Exhibit is terminated, the
reinsurance shall also be terminated with respect to such Policy, subject,
however, to any liability of the Company under the terminated Policy not to
extend beyond the contractual obligations of such Policy.

    
      
         

      

      
        K-1

        
          

        

      

      
         

      

    

     

    In the
event of non-payment of Reinsurance Premiums due under this Exhibit, the
Reinsurer shall have the right to terminate reinsurance under this
Exhibit.  If the Reinsurer elects to exercise its right of termination
under such conditions, i.e., for nonpayment of premiums only, the Reinsurer
shall give the Company 30 days' prior written notice by certified or registered
mail of its intention to terminate such reinsurance.  If all
Reinsurance Premiums in arrears, including any which may become due during the
30 day period are not received by the Reinsurer before the expiration of such
period, this Exhibit will be considered terminated on the date for which
premiums were last paid, and the liability of the Reinsurer shall cease with
respect to losses occurring after such date.

    

    Section
4  -  RETENTION AND LIMIT

    

    The
Reinsurer will accept a fixed proportion of [up to 50%] of the Company's loss on
the first $1,000,000 on behalf of the Company under each and every Policy
subject to this Agreement, as follows: [1/1/04 to 12/31/04 21%, 1/1/05 to
12/31/07 25%, 1/1/08 to 12/31/09 30%].

    

    Section
5  -  REINSURANCE PREMIUM

    

    The
Reinsurer shall receive its proportionate share of the Gross Collected Premium
received by the Company less all Return Premiums as respect Policies attaching
during the Agreement Year.

    

    Section
6  -  CLAIMS FUND

    

    The
Company shall establish a Claims Fund account for each Agreement
Year.  The Claims Fund account shall be funded by receiving monthly
transfers of Net Risk Premium from the Premium account.  These
transfers shall be in proportion to the split of risk between the Company and
the Reinsurer.  If Net Risk Premium is deficient in any month, the
Company will notify the Reinsurer of such deficiency and the Reinsurer shall
remit sufficient amount into the Claims Fund account in order to bring the
Claims Fund to its agreed upon amount.  The balance for this account
shall be maintained at a level as determined by the Company.

    

    Any
interest earned and account charges incurred on this account shall be shared by
the Company and the Reinsurer in proportion to their percentage of
risk.

    

    It is
further agreed that in the event that the amount of Net Risk Premium in any
given accounting period exceed the requirements of the Claims Fund account, such
excess shall be forwarded by the Company to the Reinsurer according to the terms
of this Agreement.

    

    Section
7  -  CEDING ALLOWANCE

    

    Shall be
as agreed to by the Reinsurer and the Company.  The ceding allowance
includes provision for all dividends, commissions and taxes and all other
expenses of whatever nature, except loss adjustment expenses.

    
      
         

      

      
        K-2

        
          

        

      

      
         

      

    

    

    EXHIBIT
L

    

    Attached
to and made a part of

    Agreement
of Reinsurance

    (the
“Agreement”)

    

    
      
        

      

    Section
1  -  BUSINESS SUBJECT TO THIS EXHIBIT

    

    This
Exhibit shall solely apply to the Company's liability in connection with
business directly produced by the Company.

    

    Section
2  -  DEFINITIONS

    

    Except as
otherwise defined in this Exhibit, defined terms used herein shall have the
meanings ascribed thereto in the Agreement.

    

    The term
“Agreement Year” shall mean such period as the parties may from time to time
determine; provided the first Agreement Year under this Agreement shall be the
period from January 1, 2004 through December 31, 2004.

    

    Section
3  -  COMMENCEMENT AND TERMINATION

    

    This
Exhibit shall apply to Policies issued or renewed by the Company or its
representative at or after 12:01 A.M. Eastern Standard Time on January 1, 2004,
and remain in force until December  31, 2014, but the Reinsurer shall
have the right to terminate this Exhibit as of the end of any Agreement
Year  thereafter by giving at least 90 days written notice by
certified or registered mail.

    

    In the
event either party terminates this Exhibit in accordance with the paragraph
above, the Reinsurer shall participate in all Policies ceded within the terms of
this Exhibit, including those written or renewed by the Company after receipt of
notice of cancellation but prior to termination, and shall remain liable for all
cessions in force at termination of this Exhibit.  However, the
liability of the Reinsurer shall cease with respect to losses occurring
subsequent to the first anniversary, natural expiration or cancellation of each
Policy ceded, but not to extend beyond twelve months after such
termination.

    

    If any
Policy issued by the Company and covered by this Exhibit is terminated, the
reinsurance shall also be terminated with respect to such Policy, subject,
however, to any liability of the Company under the terminated Policy not to
extend beyond the contractual obligations of such Policy.

    
      
         

      

      
        L-1

        
          

        

      

      
         

      

    

    

    In the
event of non-payment of Reinsurance Premiums due under this Exhibit, the
Reinsurer shall have the right to terminate reinsurance under this
Exhibit.  If the Reinsurer elects to exercise its right of termination
under such conditions, i.e., for nonpayment of premiums only, the Reinsurer
shall give the Company 30 days' prior written notice by certified or registered
mail of its intention to terminate such reinsurance.  If all
Reinsurance Premiums in arrears, including any which may become due during the
30 day period are not received by the Reinsurer before the expiration of such
period, this Exhibit will be considered terminated on the date for which
premiums were last paid, and the liability of the Reinsurer shall cease with
respect to losses occurring after such date.

    

    Section
4  -  RETENTION AND LIMIT

    

    The
Reinsurer will accept a fixed proportion of [up to 50%] of the Company's loss on
the first $1,000,000 on behalf of the Company under each and every Policy
subject to this Agreement, as follows: [1/1/04 to 12/31/04 25%, 1/1/05 to
12/31/07 25%].

    

    Section
5  -  REINSURANCE PREMIUM

    

    The
Reinsurer shall receive its proportionate share of the Gross Collected Premium
received by the Company less all Return Premiums as respect Policies attaching
during the Agreement Year.

    

    Section
6  -  CLAIMS FUND

    

    The
Company shall establish a Claims Fund account for each Agreement
Year.  The Claims Fund account shall be funded by receiving monthly
transfers of Net Risk Premium from the Premium account.  These
transfers shall be in proportion to the split of risk between the Company and
the Reinsurer.  If Net Risk Premium is deficient in any month, the
Company will notify the Reinsurer of such deficiency and the Reinsurer shall
remit sufficient amount into the Claims Fund account in order to bring the
Claims Fund to its agreed upon amount.  The balance for this account
shall be maintained at a level as determined by the Company.

    

    Any
interest earned and account charges incurred on this account shall be shared by
the Company and the Reinsurer in proportion to their percentage of
risk.

    

    It is
further agreed that in the event that the amount of Net Risk Premium in any
given accounting period exceed the requirements of the Claims Fund account, such
excess shall be forwarded by the Company to the Reinsurer according to the terms
of this Agreement.

    

    Section
7  -  CEDING ALLOWANCE

    

    Shall be
as agreed to by the Reinsurer and the Company.  The ceding allowance
includes provision for all dividends, commissions and taxes and all other
expenses of whatever nature, except loss adjustment expenses.

    
      
         

      

      
        L-2

        
          

        

      

      
         

      

    

    

    EXHIBIT
M

    

    Attached
to and made a part of

    Agreement
of Reinsurance

    (the
“Agreement”)

    

    
      
        

      

    Section
1  -  BUSINESS SUBJECT TO THIS EXHIBIT

    

    This
Exhibit shall solely apply to the Company's liability in connection with
business directly produced by the Excess Benefits, Inc.

    

    Section
2  -  DEFINITIONS

    

    Except as
otherwise defined in this Exhibit, defined terms used herein shall have the
meanings ascribed thereto in the Agreement.

    

    The term
“Agreement Year” shall mean such period as the parties may from time to time
determine; provided the first Agreement Year under this Agreement shall be the
period from January 1, 2005 through December 31, 2005.

    

    Section
3  -  COMMENCEMENT AND TERMINATION

    

    This
Exhibit shall apply to Policies issued or renewed by the Company or its
representative at or after 12:01 A.M. Eastern Standard Time on January 1, 2005,
and remain in force until December  31, 2014, but the Reinsurer shall
have the right to terminate this Exhibit as of the end of any Agreement
Year  thereafter by giving at least 90 days written notice by
certified or registered mail.

    

    In the
event either party terminates this Exhibit in accordance with the paragraph
above, the Reinsurer shall participate in all Policies ceded within the terms of
this Exhibit, including those written or renewed by the Company after receipt of
notice of cancellation but prior to termination, and shall remain liable for all
cessions in force at termination of this Exhibit.  However, the
liability of the Reinsurer shall cease with respect to losses occurring
subsequent to the first anniversary, natural expiration or cancellation of each
Policy ceded, but not to extend beyond twelve months after such
termination.

    

    If any
Policy issued by the Company and covered by this Exhibit is terminated, the
reinsurance shall also be terminated with respect to such Policy, subject,
however, to any liability of the Company under the terminated Policy not to
extend beyond the contractual obligations of such Policy.

    
      
         

      

      
        M-1

        
          

        

      

      
         

      

    

    

    In the
event of non-payment of Reinsurance Premiums due under this Exhibit, the
Reinsurer shall have the right to terminate reinsurance under this
Exhibit.  If the Reinsurer elects to exercise its right of termination
under such conditions, i.e., for nonpayment of premiums only, the Reinsurer
shall give the Company 30 days' prior written notice by certified or registered
mail of its intention to terminate such reinsurance.  If all
Reinsurance Premiums in arrears, including any which may become due during the
30 day period are not received by the Reinsurer before the expiration of such
period, this Exhibit will be considered terminated on the date for which
premiums were last paid, and the liability of the Reinsurer shall cease with
respect to losses occurring after such date.

    

    Section
4  -  RETENTION AND LIMIT

    

    The
Reinsurer will accept a fixed proportion of [up to 50%] of the Company's loss on
the first $1,000,000 on behalf of the Company under each and every Policy
subject to this Agreement, as follows: [1/1/05 to 12/31/05 15%].

    

    Section
5  -  REINSURANCE PREMIUM

    

    The
Reinsurer shall receive its proportionate share of the Gross Collected Premium
received by the Company less all Return Premiums as respect Policies attaching
during the Agreement Year.

    

    Section
6  -  CLAIMS FUND

    

    The
Company shall establish a Claims Fund account for each Agreement
Year.  The Claims Fund account shall be funded by receiving monthly
transfers of Net Risk Premium from the Premium account.  These
transfers shall be in proportion to the split of risk between the Company and
the Reinsurer.  If Net Risk Premium is deficient in any month, the
Company will notify the Reinsurer of such deficiency and the Reinsurer shall
remit sufficient amount into the Claims Fund account in order to bring the
Claims Fund to its agreed upon amount.  The balance for this account
shall be maintained at a level as determined by the Company.

    

    Any
interest earned and account charges incurred on this account shall be shared by
the Company and the Reinsurer in proportion to their percentage of
risk.

    

    It is
further agreed that in the event that the amount of Net Risk Premium in any
given accounting period exceed the requirements of the Claims Fund account, such
excess shall be forwarded by the Company to the Reinsurer according to the terms
of this Agreement.

    

    Section
7  -  CEDING ALLOWANCE

    

    Shall be
as agreed to by the Reinsurer and the Company.  The ceding allowance
includes provision for all dividends, commissions and taxes and all other
expenses of whatever nature, except loss adjustment expenses.

    
      
         

      

      
        M-2

        
          

        

      

      
         

      

    

    

    EXHIBIT
N

    

    Attached
to and made a part of

    Agreement
of Reinsurance

    (the
“Agreement”)

    

    
      
        

      

    Section
1  -  BUSINESS SUBJECT TO THIS EXHIBIT

    

    This
Exhibit shall solely apply to the Company's liability in connection with
business directly produced by the IndependenceCare Underwriting Services –
MidAtlantic, LLC.

    

    Section
2  -  DEFINITIONS

    

    Except as
otherwise defined in this Exhibit, defined terms used herein shall have the
meanings ascribed thereto in the Agreement.

    

    The term
“Agreement Year” shall mean such period as the parties may from time to time
determine; provided the first Agreement Year under this Agreement shall be the
period from January 1, 2005 through December 31, 2005.

    

    Section
3  -  COMMENCEMENT AND TERMINATION

    

    This
Exhibit shall apply to Policies issued or renewed by the Company or its
representative at or after 12:01 A.M. Eastern Standard Time on January 1, 2005,
and remain in force until December  31, 2014, but the Reinsurer shall
have the right to terminate this Exhibit as of the end of any Agreement
Year  thereafter by giving at least 90 days written notice by
certified or registered mail.

    

    In the
event either party terminates this Exhibit in accordance with the paragraph
above, the Reinsurer shall participate in all Policies ceded within the terms of
this Exhibit, including those written or renewed by the Company after receipt of
notice of cancellation but prior to termination, and shall remain liable for all
cessions in force at termination of this Exhibit.  However, the
liability of the Reinsurer shall cease with respect to losses occurring
subsequent to the first anniversary, natural expiration or cancellation of each
Policy ceded, but not to extend beyond twelve months after such
termination.

    

    If any
Policy issued by the Company and covered by this Exhibit is terminated, the
reinsurance shall also be terminated with respect to such Policy, subject,
however, to any liability of the Company under the terminated Policy not to
extend beyond the contractual obligations of such Policy.

    
      
         

      

      
        N-1

        
          

        

      

      
         

      

    

    

    In the
event of non-payment of Reinsurance Premiums due under this Exhibit, the
Reinsurer shall have the right to terminate reinsurance under this
Exhibit.  If the Reinsurer elects to exercise its right of termination
under such conditions, i.e., for nonpayment of premiums only, the Reinsurer
shall give the Company 30 days' prior written notice by certified or registered
mail of its intention to terminate such reinsurance.  If all
Reinsurance Premiums in arrears, including any which may become due during the
30 day period are not received by the Reinsurer before the expiration of such
period, this Exhibit will be considered terminated on the date for which
premiums were last paid, and the liability of the Reinsurer shall cease with
respect to losses occurring after such date.

    

    Section
4  -  RETENTION AND LIMIT

    

    The
Reinsurer will accept a fixed proportion of [up to 50%] of the Company's loss on
the first $1,000,000 on behalf of the Company under each and every Policy
subject to this Agreement, as follows: [1/1/05 to 12/31/06 25%].

    

    Section
5  -  REINSURANCE PREMIUM

    

    The
Reinsurer shall receive its proportionate share of the Gross Collected Premium
received by the Company less all Return Premiums as respect Policies attaching
during the Agreement Year.

    

    Section
6  -  CLAIMS FUND

    

    The
Company shall establish a Claims Fund account for each Agreement
Year.  The Claims Fund account shall be funded by receiving monthly
transfers of Net Risk Premium from the Premium account.  These
transfers shall be in proportion to the split of risk between the Company and
the Reinsurer.  If Net Risk Premium is deficient in any month, the
Company will notify the Reinsurer of such deficiency and the Reinsurer shall
remit sufficient amount into the Claims Fund account in order to bring the
Claims Fund to its agreed upon amount.  The balance for this account
shall be maintained at a level as determined by the Company.

    

    Any
interest earned and account charges incurred on this account shall be shared by
the Company and the Reinsurer in proportion to their percentage of
risk.

    

    It is
further agreed that in the event that the amount of Net Risk Premium in any
given accounting period exceed the requirements of the Claims Fund account, such
excess shall be forwarded by the Company to the Reinsurer according to the terms
of this Agreement.

    

    Section
7  -  CEDING ALLOWANCE

    

    Shall be
as agreed to by the Reinsurer and the Company.  The ceding allowance
includes provision for all dividends, commissions and taxes and all other
expenses of whatever nature, except loss adjustment expenses.

    
      
         

      

      
        N-2

        
          

        

      

      
         

      

    

    EXHIBIT
O

    

    Attached
to and made a part of

    Agreement
of Reinsurance

    (the
“Agreement”)

    

    
      
        

      

    Section
1  -  BUSINESS SUBJECT TO THIS EXHIBIT

    

    This
Exhibit shall solely apply to the Company's liability in connection with
business directly produced by Insurers Administrative Corporation.

    

    Section
2  -  DEFINITIONS

    

    Except as
otherwise defined in this Exhibit, defined terms used herein shall have the
meanings ascribed thereto in the Agreement.

    

    (a)           The
term “Agreement Year” shall mean such period as the parties may from time to
time determine; provided the first Agreement Year under this Agreement shall be
the period from January 1, 2005 through December 31, 2005.

    

    (b)           The
term “Policy” or “Policies” shall mean policies providing employer small group
major medical benefits.

    

    Section
3  -  COMMENCEMENT AND TERMINATION

    

    This
Exhibit shall apply to Policies issued or renewed by the Company or its
representative at or after 12:01 A.M. Eastern Standard Time on January 1, 2005,
and remain in force until December  31, 2014, but the Reinsurer shall
have the right to terminate this Exhibit as of the end of any Agreement
Year  thereafter by giving at least 90 days written notice by
certified or registered mail.

    

    In the
event either party terminates this Exhibit in accordance with the paragraph
above, the Reinsurer shall participate in all Policies ceded within the terms of
this Exhibit, including those written or renewed by the Company after receipt of
notice of cancellation but prior to termination, and shall remain liable for all
cessions in force at termination of this Exhibit.  However, the
liability of the Reinsurer shall cease with respect to losses occurring
subsequent to the first anniversary, natural expiration or cancellation of each
Policy ceded, but not to extend beyond twelve months after such
termination.

    

    If any
Policy issued by the Company and covered by this Exhibit is terminated, the
reinsurance shall also be terminated with respect to such Policy, subject,
however, to any liability of the Company
under the terminated Policy not to extend beyond the contractual obligations of
such Policy.

     

    
      
         

      

      
        O-1

        
          

        

      

      
         

      

    

     

    In the
event of non-payment of Reinsurance Premiums due under this Exhibit, the
Reinsurer shall have the right to terminate reinsurance under this
Exhibit.  If the Reinsurer elects to exercise its right of termination
under such conditions, i.e., for nonpayment of premiums only, the Reinsurer
shall give the Company 30 days' prior written notice by certified or registered
mail of its intention to terminate such reinsurance.  If all
Reinsurance Premiums in arrears, including any which may become due during the
30 day period are not received by the Reinsurer before the expiration of such
period, this Exhibit will be considered terminated on the date for which
premiums were last paid, and the liability of the Reinsurer shall cease with
respect to losses occurring after such date.

    

    Section
4  -  RETENTION AND LIMIT

    

    The
Reinsurer will accept a fixed proportion of [up to 50%] of the Company's loss on
the first $1,000,000 on behalf of the Company under each and every Policy
subject to this Agreement, as follows: [1/1/05 to 12/31/11 10%].

    

    Section
5  -  REINSURANCE PREMIUM

    

    The
Reinsurer shall receive its proportionate share of the Gross Collected Premium
received by the Company less all Return Premiums as respect Policies attaching
during the Agreement Year.

    

    Section
6  -  CLAIMS FUND

    

    The
Company shall establish a Claims Fund account for each Agreement
Year.  The Claims Fund account shall be funded by receiving monthly
transfers of Net Risk Premium from the Premium account.  These
transfers shall be in proportion to the split of risk between the Company and
the Reinsurer.  If Net Risk Premium is deficient in any month, the
Company will notify the Reinsurer of such deficiency and the Reinsurer shall
remit sufficient amount into the Claims Fund account in order to bring the
Claims Fund to its agreed upon amount.  The balance for this account
shall be maintained at a level as determined by the Company.

    

    Any
interest earned and account charges incurred on this account shall be shared by
the Company and the Reinsurer in proportion to their percentage of
risk.

    

    It is
further agreed that in the event that the amount of Net Risk Premium in any
given accounting period exceed the requirements of the Claims Fund account, such
excess shall be forwarded by the Company to the Reinsurer according to the terms
of this Agreement.

    
      
         

      

      
        O-2

        
          

        

      

      
         

      

    

    Section
7  -  CEDING ALLOWANCE

    

    Shall be
as agreed to by the Reinsurer and the Company.  The ceding allowance
includes provision for all dividends, commissions and taxes and all other
expenses of whatever nature, except loss adjustment expenses.

    
      
         

      

      
        O-3

        
          

        

      

      
         

      

    

    

    EXHIBIT
P

    

    Attached
to and made a part of

    Agreement
of Reinsurance

    (the
“Agreement”)

    

    
      
        

      

    Section
1  -  BUSINESS SUBJECT TO THIS EXHIBIT

    

    This
Exhibit shall solely apply to the Company's liability in connection with
business directly produced by Health Plan Administrators, Inc.

    

    Section
2  -  DEFINITIONS

    

    Except as
otherwise defined in this Exhibit, defined terms used herein shall have the
meanings ascribed thereto in the Agreement.

    

    (a)           The
term “Agreement Year” shall mean such period as the parties may from time to
time determine; provided the first Agreement Year under this Agreement shall be
the period from March  1, 2005 through February 28, 2006.

    

    (b)           The
term “Policy” or “Policies” shall mean policies providing individual short term
major medical benefits.

    

    Section
3  -  COMMENCEMENT AND TERMINATION

    

    This
Exhibit shall apply to Policies issued or renewed by the Company or its
representative at or after 12:01 A.M. Eastern Standard Time on
March  1, 2005, and remain in force until December  31,
2014, but the Reinsurer shall have the right to terminate this Exhibit as of the
end of any Agreement Year  thereafter by giving at least 90 days
written notice by certified or registered mail.

    

    In the
event either party terminates this Exhibit in accordance with the paragraph
above, the Reinsurer shall participate in all Policies ceded within the terms of
this Exhibit, including those written or renewed by the Company after receipt of
notice of cancellation but prior to termination, and shall remain liable for all
cessions in force at termination of this Exhibit.  However, the
liability of the Reinsurer shall cease with respect to losses occurring
subsequent to the first anniversary, natural expiration or cancellation of each
Policy ceded, but not to extend beyond twelve months after such
termination.

    

    If any
Policy issued by the Company and covered by this Exhibit is terminated, the
reinsurance shall also be terminated with respect to such Policy, subject,
however, to any liability of the Company
under the terminated Policy not to extend beyond the contractual obligations of
such Policy.

     

    
      
         

      

      
        P-1

        
          

        

      

      
         

      

    

     

    In the
event of non-payment of Reinsurance Premiums due under this Exhibit, the
Reinsurer shall have the right to terminate reinsurance under this
Exhibit.  If the Reinsurer elects to exercise its right of termination
under such conditions, i.e., for nonpayment of premiums only, the Reinsurer
shall give the Company 30 days' prior written notice by certified or registered
mail of its intention to terminate such reinsurance.  If all
Reinsurance Premiums in arrears, including any which may become due during the
30 day period are not received by the Reinsurer before the expiration of such
period, this Exhibit will be considered terminated on the date for which
premiums were last paid, and the liability of the Reinsurer shall cease with
respect to losses occurring after such date.

    

    Section
4  -  RETENTION AND LIMIT

    

    The
Reinsurer will accept a fixed proportion of [up to 50%] of the Company's loss on
the first $1,000,000 on behalf of the Company under each and every Policy
subject to this Agreement, as follows: [3/1/05 to 2/29/12 10%].

    

    Section
5  -  REINSURANCE PREMIUM

    

    The
Reinsurer shall receive its proportionate share of the Gross Collected Premium
received by the Company less all Return Premiums as respect Policies attaching
during the Agreement Year.

    

    Section
6  -  CLAIMS FUND

    

    The
Company shall establish a Claims Fund account for each Agreement
Year.  The Claims Fund account shall be funded by receiving monthly
transfers of Net Risk Premium from the Premium account.  These
transfers shall be in proportion to the split of risk between the Company and
the Reinsurer.  If Net Risk Premium is deficient in any month, the
Company will notify the Reinsurer of such deficiency and the Reinsurer shall
remit sufficient amount into the Claims Fund account in order to bring the
Claims Fund to its agreed upon amount.  The balance for this account
shall be maintained at a level as determined by the Company.

    

    Any
interest earned and account charges incurred on this account shall be shared by
the Company and the Reinsurer in proportion to their percentage of
risk.

    

    It is
further agreed that in the event that the amount of Net Risk Premium in any
given accounting period exceed the requirements of the Claims Fund account, such
excess shall be forwarded by the Company to the Reinsurer according to the terms
of this Agreement.

    

    Section
7  -  CEDING ALLOWANCE

    

    Shall be
as agreed to by the Reinsurer and the Company.  The ceding allowance
includes provision for all dividends, commissions and taxes and all other
expenses of whatever nature, except loss adjustment expenses.

     

    
      
         

      

      
        P-2

        
          

        

      

      
         

      

    

    

    EXHIBIT
Q

    

    Attached
to and made a part of

    Agreement
of Reinsurance

    (the
“Agreement”)

    

    
      
        

      

    Section
1  -  BUSINESS SUBJECT TO THIS EXHIBIT

    

    This
Exhibit shall solely apply to the Company's liability in connection with
business directly produced by J. Allan Hall & Associates,
Inc.  Pursuant to the Novation Agreement between J. Allan Hall and
Associates, Inc. and the Company and AJ Benefits, LLC, effective January 26,
2007, such business shall be produced by AJ Underwriters, LLC.

    

    Section
2  -  DEFINITIONS

    

    Except as
otherwise defined in this Exhibit, defined terms used herein shall have the
meanings ascribed thereto in the Agreement.

    

    The term
“Agreement Year” shall mean such period as the parties may from time to time
determine; provided the first Agreement Year under this Agreement shall be the
period from July 1, 2005 through December 31, 2005.

    

    Section
3  -  COMMENCEMENT AND TERMINATION

    

    This
Exhibit shall apply to Policies issued or renewed by the Company or its
representative at or after 12:01 A.M. Eastern Standard Time on July 1, 2005, and
remain in force until December 31, 2014, but the Reinsurer shall have the right
to terminate this Exhibit as of the end of any Agreement
Year  thereafter by giving at least 90 days written notice by
certified or registered mail.

    

    In the
event either party terminates this Exhibit in accordance with the paragraph
above, the Reinsurer shall participate in all Policies ceded within the terms of
this Exhibit, including those written or renewed by the Company after receipt of
notice of cancellation but prior to termination, and shall remain liable for all
cessions in force at termination of this Exhibit.  However, the
liability of the Reinsurer shall cease with respect to losses occurring
subsequent to the first anniversary, natural expiration or cancellation of each
Policy ceded, but not to extend beyond twelve months after such
termination.

    

    If any
Policy issued by the Company and covered by this Exhibit is terminated, the
reinsurance shall also be terminated with respect to such Policy, subject,
however, to any liability of the Company under the terminated Policy not to
extend beyond the contractual obligations of such Policy.

    
      
         

      

      
        Q-1

        
          

        

      

      
         

      

    

    In the
event of non-payment of Reinsurance Premiums due under this Exhibit, the
Reinsurer shall have the right to terminate reinsurance under this
Exhibit.  If the Reinsurer elects to exercise its right of termination
under such conditions, i.e., for nonpayment of premiums only, the Reinsurer
shall give the Company 30 days' prior written notice by certified or registered
mail of its intention to terminate such reinsurance.  If all
Reinsurance Premiums in arrears, including any which may become due during the
30 day period are not received by the Reinsurer before the expiration of such
period, this Exhibit will be considered terminated on the date for which
premiums were last paid, and the liability of the Reinsurer shall cease with
respect to losses occurring after such date.

    

    Section
4  -  RETENTION AND LIMIT

    

    The
Reinsurer will accept a fixed proportion of [up to 50%] of the Company's loss on
the first $1,000,000 on behalf of the Company under each and every Policy
subject to this Agreement, as follows: [7/1/05 to 12/31/11 15%].

    

    Section
5  -  REINSURANCE PREMIUM

    

    The
Reinsurer shall receive its proportionate share of the Gross Collected Premium
received by the Company less all Return Premiums as respect Policies attaching
during the Agreement Year.

    

    Section
6  -  CLAIMS FUND

    

    The
Company shall establish a Claims Fund account for each Agreement
Year.  The Claims Fund account shall be funded by receiving monthly
transfers of Net Risk Premium from the Premium account.  These
transfers shall be in proportion to the split of risk between the Company and
the Reinsurer.  If Net Risk Premium is deficient in any month, the
Company will notify the Reinsurer of such deficiency and the Reinsurer shall
remit sufficient amount into the Claims Fund account in order to bring the
Claims Fund to its agreed upon amount.  The balance for this account
shall be maintained at a level as determined by the Company.

    

    Any
interest earned and account charges incurred on this account shall be shared by
the Company and the Reinsurer in proportion to their percentage of
risk.

    

    It is
further agreed that in the event that the amount of Net Risk Premium in any
given accounting period exceed the requirements of the Claims Fund account, such
excess shall be forwarded by the Company to the Reinsurer according to the terms
of this Agreement.

    

    Section
7  -  CEDING ALLOWANCE

    

    Shall be
as agreed to by the Reinsurer and the Company.  The ceding allowance
includes provision for all dividends, commissions and taxes and all other
expenses of whatever nature, except loss adjustment expenses.

    
      
         

      

      
        Q-2

        
          

        

      

      
         

      

    

    

    EXHIBIT
R

    

    Attached
to and made a part of

    Agreement
of Reinsurance

    (the
“Agreement”)

    

    
      
        

      

    Section
1  -  BUSINESS SUBJECT TO THIS EXHIBIT

    

    This
Exhibit shall solely apply to the Company's liability in connection with
business directly produced by National General Underwriters, Inc.

    

    Section
2  -  DEFINITIONS

    

    Except as
otherwise defined in this Exhibit, defined terms used herein shall have the
meanings ascribed thereto in the Agreement.

    

    The term
“Agreement Year” shall mean such period as the parties may from time to time
determine; provided the first Agreement Year under this Agreement shall be the
period from February 1, 2006 through January 31, 2007.

    

    Section
3  -  COMMENCEMENT AND TERMINATION

    

    This
Exhibit shall apply to Policies issued or renewed by the Company or its
representative at or after 12:01 A.M. Eastern Standard Time on February 1, 2006,
and remain in force until January 31, 2014, but the Reinsurer shall have the
right to terminate this Exhibit as of the end of any Agreement
Year  thereafter by giving at least 90 days written notice by
certified or registered mail.

    

    In the
event either party terminates this Exhibit in accordance with the paragraph
above, the Reinsurer shall participate in all Policies ceded within the terms of
this Exhibit, including those written or renewed by the Company after receipt of
notice of cancellation but prior to termination, and shall remain liable for all
cessions in force at termination of this Exhibit.  However, the
liability of the Reinsurer shall cease with respect to losses occurring
subsequent to the first anniversary, natural expiration or cancellation of each
Policy ceded, but not to extend beyond twelve months after such
termination.

    

    If any
Policy issued by the Company and covered by this Exhibit is terminated, the
reinsurance shall also be terminated with respect to such Policy, subject,
however, to any liability of the Company under the terminated Policy not to
extend beyond the contractual obligations of such Policy.

    
      
         

      

      
        R-1

        
          

        

      

      
         

      

    

    In the
event of non-payment of Reinsurance Premiums due under this Exhibit, the
Reinsurer shall have the right to terminate reinsurance under this
Exhibit.  If the Reinsurer elects to exercise its right of termination
under such conditions, i.e., for nonpayment of premiums only, the Reinsurer
shall give the Company 30 days' prior written notice by certified or registered
mail of its intention to terminate such reinsurance.  If all
Reinsurance Premiums in arrears, including any which may become due during the
30 day period are not received by the Reinsurer before the expiration of such
period, this Exhibit will be considered terminated on the date for which
premiums were last paid, and the liability of the Reinsurer shall cease with
respect to losses occurring after such date.

    

    Section
4  -  RETENTION AND LIMIT

    

    The
Reinsurer will accept a fixed proportion of [up to 50%] of the Company's loss on
the first $1,000,000 on behalf of the Company under each and every Policy
subject to this Agreement, as follows: [2/1/06 to 1/31/08 15%].

    

    Section
5  -  REINSURANCE PREMIUM

    

    The
Reinsurer shall receive its proportionate share of the Gross Collected Premium
received by the Company less all Return Premiums as respect Policies attaching
during the Agreement Year.

    

    Section
6  -  CLAIMS FUND

    

    The
Company shall establish a Claims Fund account for each Agreement
Year.  The Claims Fund account shall be funded by receiving monthly
transfers of Net Risk Premium from the Premium account.  These
transfers shall be in proportion to the split of risk between the Company and
the Reinsurer.  If Net Risk Premium is deficient in any month, the
Company will notify the Reinsurer of such deficiency and the Reinsurer shall
remit sufficient amount into the Claims Fund account in order to bring the
Claims Fund to its agreed upon amount.  The balance for this account
shall be maintained at a level as determined by the Company.

    

    Any
interest earned and account charges incurred on this account shall be shared by
the Company and the Reinsurer in proportion to their percentage of
risk.

    

    It is
further agreed that in the event that the amount of Net Risk Premium in any
given accounting period exceed the requirements of the Claims Fund account, such
excess shall be forwarded by the Company to the Reinsurer according to the terms
of this Agreement.

    

    Section
7  -  CEDING ALLOWANCE

    

    Shall be
as agreed to by the Reinsurer and the Company.  The ceding allowance
includes provision for all dividends, commissions and taxes and all other
expenses of whatever nature, except loss adjustment expenses.

    
      
         

      

      
        R-2

        
          

        

      

      
         

      

    

    EXHIBIT
S

    

    Attached
to and made a part of

    Agreement
of Reinsurance

    (the
“Agreement”)

    

    
      
        

      

    Section
1  -  BUSINESS SUBJECT TO THIS EXHIBIT

    

    This
Exhibit shall solely apply to the Company's liability in connection with
business directly produced by Employers Direct Health, Inc.

    

    Section
2  -  DEFINITIONS

    

    Except as
otherwise defined in this Exhibit, defined terms used herein shall have the
meanings ascribed thereto in the Agreement.

    

    (a)           The
term “Agreement Year” shall mean such period as the parties may from time to
time determine; provided the first Agreement Year under this Agreement shall be
the period from June 1, 2006 through December 31, 2006.

    

    (b)           The
term “Policy” or “Policies” shall mean policies providing group limited benefit
medical benefits, aggregate and specific stop loss insurance, provider excess
insurance, and any other contracts issued to managed care
organizations.

    

    Section
3  -  COMMENCEMENT AND TERMINATION

    

    This
Exhibit shall apply to Policies issued or renewed by the Company or its
representative at or after 12:01 A.M. Eastern Standard Time on June 1, 2006, and
remain in force until December 31, 2014, but the Reinsurer shall have the right
to terminate this Exhibit as of the end of any Agreement
Year  thereafter by giving at least 90 days written notice by
certified or registered mail.

    

    In the
event either party terminates this Exhibit in accordance with the paragraph
above, the Reinsurer shall participate in all Policies ceded within the terms of
this Exhibit, including those written or renewed by the Company after receipt of
notice of cancellation but prior to termination, and shall remain liable for all
cessions in force at termination of this Exhibit.  However, the
liability of the Reinsurer shall cease with respect to losses occurring
subsequent to the first anniversary, natural expiration or cancellation of each
Policy ceded, but not to extend beyond twelve months after such
termination.

    

    If any
Policy issued by the Company and covered by this Exhibit is terminated, the
reinsurance shall also be terminated with respect to such Policy, subject,
however, to any liability of the Company under the terminated Policy not to
extend beyond the contractual obligations of such Policy.

    
      
         

      

      
        S-1

        
          

        

      

      
         

      

    

    

    In the
event of non-payment of Reinsurance Premiums due under this Exhibit, the
Reinsurer shall have the right to terminate reinsurance under this
Exhibit.  If the Reinsurer elects to exercise its right of termination
under such conditions, i.e., for nonpayment of premiums only, the Reinsurer
shall give the Company 30 days' prior written notice by certified or registered
mail of its intention to terminate such reinsurance.  If all
Reinsurance Premiums in arrears, including any which may become due during the
30 day period are not received by the Reinsurer before the expiration of such
period, this Exhibit will be considered terminated on the date for which
premiums were last paid, and the liability of the Reinsurer shall cease with
respect to losses occurring after such date.

    

    Section
4  -  RETENTION AND LIMIT

    

    The
Reinsurer will accept a fixed proportion of [up to 50%] of the Company's loss on
the first $1,000,000 on behalf of the Company under each and every Policy
subject to this Agreement, as follows: [6/1/06 to 12/31/11 50%].

    

    Section
5  -  REINSURANCE PREMIUM

    

    The
Reinsurer shall receive its proportionate share of the Gross Collected Premium
received by the Company less all Return Premiums as respect Policies attaching
during the Agreement Year.

    

    Section
6  -  CLAIMS FUND

    

    The
Company shall establish a Claims Fund account for each Agreement
Year.  The Claims Fund account shall be funded by receiving monthly
transfers of Net Risk Premium from the Premium account.  These
transfers shall be in proportion to the split of risk between the Company and
the Reinsurer.  If Net Risk Premium is deficient in any month, the
Company will notify the Reinsurer of such deficiency and the Reinsurer shall
remit sufficient amount into the Claims Fund account in order to bring the
Claims Fund to its agreed upon amount.  The balance for this account
shall be maintained at a level as determined by the Company.

    

    Any
interest earned and account charges incurred on this account shall be shared by
the Company and the Reinsurer in proportion to their percentage of
risk.

    

    It is
further agreed that in the event that the amount of Net Risk Premium in any
given accounting period exceed the requirements of the Claims Fund account, such
excess shall be forwarded by the Company to the Reinsurer according to the terms
of this Agreement.

    

    Section
7  -  CEDING ALLOWANCE

    

    Shall be
as agreed to by the Reinsurer and the Company.  The ceding allowance
includes provision for all dividends, commissions and taxes and all other
expenses of whatever nature, except loss adjustment expenses.

     

    
      
         

      

      
        S-2

        
          

        

      

      
         

      

    

    

    EXHIBIT
T

    

    Attached
to and made a part of

    Agreement
of Reinsurance

    (the
“Agreement”)

    

    
      
        

      

    Section
1  -  BUSINESS SUBJECT TO THIS EXHIBIT

    

    This
Exhibit shall solely apply to the Company's liability in connection with
business directly produced by JB Murphy Associates LLC.

    

    Section
2  -  DEFINITIONS

    

    Except as
otherwise defined in this Exhibit, defined terms used herein shall have the
meanings ascribed thereto in the Agreement.

    

    The term
“Agreement Year” shall mean such period as the parties may from time to time
determine; provided the first Agreement Year under this Agreement shall be the
period from October 1, 2007 through December 31, 2007.

    

    Section
3  -  COMMENCEMENT AND TERMINATION

    

    This
Exhibit shall apply to Policies issued or renewed by the Company or its
representative at or after 12:01 A.M. Eastern Standard Time on October 1, 2007,
and remain in force until December 31, 2014, but the Reinsurer shall have the
right to terminate this Exhibit as of the end of any Agreement
Year  thereafter by giving at least 90 days written notice by
certified or registered mail.

    

    In the
event either party terminates this Exhibit in accordance with the paragraph
above, the Reinsurer shall participate in all Policies ceded within the terms of
this Exhibit, including those written or renewed by the Company after receipt of
notice of cancellation but prior to termination, and shall remain liable for all
cessions in force at termination of this Exhibit.  However, the
liability of the Reinsurer shall cease with respect to losses occurring
subsequent to the first anniversary, natural expiration or cancellation of each
Policy ceded, but not to extend beyond twelve months after such
termination.

    

    If any
Policy issued by the Company and covered by this Exhibit is terminated, the
reinsurance shall also be terminated with respect to such Policy, subject,
however, to any liability of the Company under the terminated Policy not to
extend beyond the contractual obligations of such Policy.

    
      
         

      

      
        T-1

        
          

        

      

      
         

      

    

    In the
event of non-payment of Reinsurance Premiums due under this Exhibit, the
Reinsurer shall have the right to terminate reinsurance under this
Exhibit.  If the Reinsurer elects to exercise its right of termination
under such conditions, i.e., for nonpayment of premiums only, the Reinsurer
shall give the Company 30 days' prior written notice by certified or registered
mail of its intention to terminate such reinsurance.  If all
Reinsurance Premiums in arrears, including any which may become due during the
30 day period are not received by the Reinsurer before the expiration of such
period, this Exhibit will be considered terminated on the date for which
premiums were last paid, and the liability of the Reinsurer shall cease with
respect to losses occurring after such date.

    

    Section
4  -  RETENTION AND LIMIT

    

    The
Reinsurer will accept a fixed proportion of [up to 50%] of the Company's loss on
the first $1,000,000 on behalf of the Company under each and every Policy
subject to this Agreement, as follows: [10/1/07 to 12/31/09 30%].

    

    Section
5  -  REINSURANCE PREMIUM

    

    The
Reinsurer shall receive its proportionate share of the Gross Collected Premium
received by the Company less all Return Premiums as respect Policies attaching
during the Agreement Year.

    

    Section
6  -  CLAIMS FUND

    

    The
Company shall establish a Claims Fund account for each Agreement
Year.  The Claims Fund account shall be funded by receiving monthly
transfers of Net Risk Premium from the Premium account.  These
transfers shall be in proportion to the split of risk between the Company and
the Reinsurer.  If Net Risk Premium is deficient in any month, the
Company will notify the Reinsurer of such deficiency and the Reinsurer shall
remit sufficient amount into the Claims Fund account in order to bring the
Claims Fund to its agreed upon amount.  The balance for this account
shall be maintained at a level as determined by the Company.

    

    Any
interest earned and account charges incurred on this account shall be shared by
the Company and the Reinsurer in proportion to their percentage of
risk.

    

    It is
further agreed that in the event that the amount of Net Risk Premium in any
given accounting period exceed the requirements of the Claims Fund account, such
excess shall be forwarded by the Company to the Reinsurer according to the terms
of this Agreement.

    

    Section
7  -  CEDING ALLOWANCE

    

    Shall be
as agreed to by the Reinsurer and the Company.  The ceding allowance
includes provision for all dividends, commissions and taxes and all other
expenses of whatever nature, except loss adjustment expenses.

    
      
         

      

      
        T-2

        
          

        

      

      
         

      

    

    

    EXHIBIT
U

    

    Attached
to and made a part of

    Agreement
of Reinsurance

    (the
“Agreement”)

    

    
      
        

      

    Section
1  -  BUSINESS SUBJECT TO THIS EXHIBIT

    

    This
Exhibit shall solely apply to the Company's liability in connection with
business directly produced by Risk Assessment Strategies, Inc.

    

    Section
2  -  DEFINITIONS

    

    Except as
otherwise defined in this Exhibit, defined terms used herein shall have the
meanings ascribed thereto in the Agreement.

    

    The term
“Agreement Year” shall mean such period as the parties may from time to time
determine; provided the first Agreement Year under this Agreement shall be the
period from January 1, 2007 through December 31, 2007.

    

    Section
3  -  COMMENCEMENT AND TERMINATION

    

    This
Exhibit shall apply to Policies issued or renewed by the Company or its
representative at or after 12:01 A.M. Eastern Standard Time on January 1, 2007,
and remain in force until December 31, 2014, but the Reinsurer shall have the
right to terminate this Exhibit as of the end of any Agreement
Year  thereafter by giving at least 90 days written notice by
certified or registered mail.

    

    In the
event either party terminates this Exhibit in accordance with the paragraph
above, the Reinsurer shall participate in all Policies ceded within the terms of
this Exhibit, including those written or renewed by the Company after receipt of
notice of cancellation but prior to termination, and shall remain liable for all
cessions in force at termination of this Exhibit.  However, the
liability of the Reinsurer shall cease with respect to losses occurring
subsequent to the first anniversary, natural expiration or cancellation of each
Policy ceded, but not to extend beyond twelve months after such
termination.

    

    If any
Policy issued by the Company and covered by this Exhibit is terminated, the
reinsurance shall also be terminated with respect to such Policy, subject,
however, to any liability of the Company under the terminated Policy not to
extend beyond the contractual obligations of such Policy.

    
      
         

      

      
        U-1

        
          

        

      

      
         

      

    

    In the
event of non-payment of Reinsurance Premiums due under this Exhibit, the
Reinsurer shall have the right to terminate reinsurance under this
Exhibit.  If the Reinsurer elects to exercise its right of termination
under such conditions, i.e., for nonpayment of premiums only, the Reinsurer
shall give the Company 30 days' prior written notice by certified or registered
mail of its intention to terminate such reinsurance.  If all
Reinsurance Premiums in arrears, including any which may become due during the
30 day period are not received by the Reinsurer before the expiration of such
period, this Exhibit will be considered terminated on the date for which
premiums were last paid, and the liability of the Reinsurer shall cease with
respect to losses occurring after such date.

    

    Section
4  -  RETENTION AND LIMIT

    

    The
Reinsurer will accept a fixed proportion of [up to 50%] of the Company's loss on
the first $1,000,000 on behalf of the Company under each and every Policy
subject to this Agreement, as follows: [1/1/07 to 12/31/07 25%, 1/1/08 to
12/31/11 30%].

    

    Section
5  -  REINSURANCE PREMIUM

    

    The
Reinsurer shall receive its proportionate share of the Gross Collected Premium
received by the Company less all Return Premiums as respect Policies attaching
during the Agreement Year.

    

    Section
6  -  CLAIMS FUND

    

    The
Company shall establish a Claims Fund account for each Agreement
Year.  The Claims Fund account shall be funded by receiving monthly
transfers of Net Risk Premium from the Premium account.  These
transfers shall be in proportion to the split of risk between the Company and
the Reinsurer.  If Net Risk Premium is deficient in any month, the
Company will notify the Reinsurer of such deficiency and the Reinsurer shall
remit sufficient amount into the Claims Fund account in order to bring the
Claims Fund to its agreed upon amount.  The balance for this account
shall be maintained at a level as determined by the Company.

    

    Any
interest earned and account charges incurred on this account shall be shared by
the Company and the Reinsurer in proportion to their percentage of
risk.

    

    It is
further agreed that in the event that the amount of Net Risk Premium in any
given accounting period exceed the requirements of the Claims Fund account, such
excess shall be forwarded by the Company to the Reinsurer according to the terms
of this Agreement.

    

    Section
7  -  CEDING ALLOWANCE

    

    Shall be
as agreed to by the Reinsurer and the Company.  The ceding allowance
includes provision for all dividends, commissions and taxes and all other
expenses of whatever nature, except loss adjustment expenses.

    
      
         

      

      
        U-2

        
          

        

      

      
         

      

    

    

    EXHIBIT
V

    

    Attached
to and made a part of

    Agreement
of Reinsurance

    (the
“Agreement”)

    

    
      
        

      

    Section
1  -  BUSINESS SUBJECT TO THIS EXHIBIT

    

    This
Exhibit shall solely apply to the Company's liability in connection with
business directly produced by Alliance Underwriters, LLC.

    

    Section
2  -  DEFINITIONS

    

    Except as
otherwise defined in this Exhibit, defined terms used herein shall have the
meanings ascribed thereto in the Agreement.

    

    The term
“Agreement Year” shall mean such period as the parties may from time to time
determine; provided the first Agreement Year under this Agreement shall be the
period from October 1, 2009 through December 31, 2010.

    

    Section
3  -  COMMENCEMENT AND TERMINATION

    

    This
Exhibit shall apply to Policies issued or renewed by the Company or its
representative at or after 12:01 A.M. Eastern Standard Time on October 1, 2009,
and remain in force until December 31, 2014, but the Reinsurer shall have the
right to terminate this Exhibit as of the end of any Agreement
Year  thereafter by giving at least 90 days written notice by
certified or registered mail.

    

    In the
event either party terminates this Exhibit in accordance with the paragraph
above, the Reinsurer shall participate in all Policies ceded within the terms of
this Exhibit, including those written or renewed by the Company after receipt of
notice of cancellation but prior to termination, and shall remain liable for all
cessions in force at termination of this Exhibit.  However, the
liability of the Reinsurer shall cease with respect to losses occurring
subsequent to the first anniversary, natural expiration or cancellation of each
Policy ceded, but not to extend beyond twelve months after such
termination.

    

    If any
Policy issued by the Company and covered by this Exhibit is terminated, the
reinsurance shall also be terminated with respect to such Policy, subject,
however, to any liability of the Company under the terminated Policy not to
extend beyond the contractual obligations of such Policy.

    
      
         

      

      
        V-1

        
          

        

      

      
         

      

    

    In the
event of non-payment of Reinsurance Premiums due under this Exhibit, the
Reinsurer shall have the right to terminate reinsurance under this
Exhibit.  If the Reinsurer elects to exercise its right of termination
under such conditions, i.e., for nonpayment of premiums only, the Reinsurer
shall give the Company 30 days' prior written notice by certified or registered
mail of its intention to terminate such reinsurance.  If all
Reinsurance Premiums in arrears, including any which may become due during the
30 day period are not received by the Reinsurer before the expiration of such
period, this Exhibit will be considered terminated on the date for which
premiums were last paid, and the liability of the Reinsurer shall cease with
respect to losses occurring after such date.

    

    Section
4  -  RETENTION AND LIMIT

    

    The
Reinsurer will accept a fixed proportion of [up to 50%] of the Company's loss on
the first $1,000,000 on behalf of the Company under each and every Policy
subject to this Agreement, as follows: [10/1/09 to 12/31/11 15%].

    

    Section
5  -  REINSURANCE PREMIUM

    

    The
Reinsurer shall receive its proportionate share of the Gross Collected Premium
received by the Company less all Return Premiums as respect Policies attaching
during the Agreement Year.

    

    Section
6  -  CLAIMS FUND

    

    The
Company shall establish a Claims Fund account for each Agreement
Year.  The Claims Fund account shall be funded by receiving monthly
transfers of Net Risk Premium from the Premium account.  These
transfers shall be in proportion to the split of risk between the Company and
the Reinsurer.  If Net Risk Premium is deficient in any month, the
Company will notify the Reinsurer of such deficiency and the Reinsurer shall
remit sufficient amount into the Claims Fund account in order to bring the
Claims Fund to its agreed upon amount.  The balance for this account
shall be maintained at a level as determined by the Company.

    

    Any
interest earned and account charges incurred on this account shall be shared by
the Company and the Reinsurer in proportion to their percentage of
risk.

    

    It is
further agreed that in the event that the amount of Net Risk Premium in any
given accounting period exceed the requirements of the Claims Fund account, such
excess shall be forwarded by the Company to the Reinsurer according to the terms
of this Agreement.

    

    Section
7  -  CEDING ALLOWANCE

    

    Shall be
as agreed to by the Reinsurer and the Company.  The ceding allowance
includes provision for all dividends, commissions and taxes and all other
expenses of whatever nature, except loss adjustment expenses.

     

    
      
         

      

      
        V-2

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