Projet

(b) the employee/certificate holders are entitled to receive any contract value related to their

interests and to name beneficiaries for the benefit payable upon the employee's death; and

(c) the aggregate amount payable to any employee/certificate holder or beneficiary does not

exceed USD 1 000 000 or an equivalent amount denominated in the domestic currency of each Member State or Switzerland.

The term "Group Cash Value Insurance Contract" means a Cash Value Insurance Contract that (i) provides coverage on individuals who are affiliated through an employer, trade

association, labour union, or other association or group; and (ii) charges a premium for each member of the group (or member of a class within the group) that is determined without regard to the individual health characteristics other than age, gender, and smoking habits of the member (or class of members) of the group.

The term "Group Annuity Contract" means an Annuity Contract under which the obligees are individuals who are affiliated through an employer, trade association, labour union, or other association or group.

AMP/EU/CH/en 49