RETIREMENT SAVINGS AND
SPECIALTY INSURANCE PRODUCTS INVESTMENT PRODUCTS
DENTAL FINANCIAL STABLE VALUE INVESTMENT CORPORATE TOTAL
BENEFITS INSTITUTIONS PRODUCTS PRODUCTS AND OTHER ADJUSTMENTS (1) CONSOLIDATED
-------------------------------------------------------------------------------------------------------------------------
$ 294,564 $ 479,397 $ 30,127 $120,062 $ 1,545,969
(78,951) (258,931) (65,559) (822,450)
-------------------------------------------------------------------------------------------------------------------------
215,613 220,466 30,127 54,503 723,519
8,913 46,464 $ 243,133 132,204 (3,034) 696,937
(6,556) 410 $(8,453) (14,599)
15,279 28,352 2,809 6,145 51,202
-------------------------------------------------------------------------------------------------------------------------
239,805 295,282 236,577 165,550 57,614 1,457,059
-------------------------------------------------------------------------------------------------------------------------
151,202 135,494 207,143 109,607 46,183 924,210
7,739 52,646 900 24,156 2,149 153,441
58,805 72,316 3,882 18,203 33,274 187,302
-------------------------------------------------------------------------------------------------------------------------
217,746 260,456 211,925 151,966 81,606 1,264,953
-------------------------------------------------------------------------------------------------------------------------
22,059 34,826 24,652 13,584 (23,992) 192,106
68,071 68,071
-------------------------------------------------------------------------------------------------------------------------
$ 124,035
-------------------------------------------------------------------------------------------------------------------------
$ 217,661 $ 284,891 $ 24,248 $100,012 $ 1,137,256
(52,252) (176,928) (28,988) (538,033)
-------------------------------------------------------------------------------------------------------------------------
165,409 107,963 24,248 71,024 599,223
11,141 24,121 $ 210,208 106,599 3,312 623,231
(549) 1,446 $ 3,863 4,760
7,628 15,831 2,146 2,454 27,102
-------------------------------------------------------------------------------------------------------------------------
184,178 147,915 209,659 134,439 76,790 1,254,316
-------------------------------------------------------------------------------------------------------------------------
119,950 55,899 175,290 88,642 54,534 771,527
8,219 24,718 744 19,820 2,487 104,913
37,674 44,728 4,709 14,617 25,332 176,439
-------------------------------------------------------------------------------------------------------------------------
165,843 125,345 180,743 123,079 82,353 1,052,879
-------------------------------------------------------------------------------------------------------------------------
18,335 22,570 28,916 11,360 (5,563) 201,437
73,179 73,179
-------------------------------------------------------------------------------------------------------------------------
$ 128,258
-------------------------------------------------------------------------------------------------------------------------
$ 218,773 $ 301,230 $ 18,809 $ 58,741 $ 1,027,340
(85,753) (188,958) (459,215)
-------------------------------------------------------------------------------------------------------------------------
133,020 112,272 18,809 58,741 568,125
11,166 25,068 $ 213,136 105,827 17,173 603,795
1,609 1,318 $ (791) 2,136
4,848 10,302 1,799 1,463 20,201
-------------------------------------------------------------------------------------------------------------------------
149,034 147,642 214,745 127,753 77,377 1,194,257
-------------------------------------------------------------------------------------------------------------------------
101,586 52,629 178,745 85,045 39,515 730,496
6,859 28,526 735 17,213 3,494 111,188
31,142 48,837 2,876 14,428 27,891 172,228
-------------------------------------------------------------------------------------------------------------------------
139,587 129,992 182,356 116,686 70,900 1,013,912
-------------------------------------------------------------------------------------------------------------------------
9,447 17,650 32,389 11,067 6,477 180,345
63,162 63,162
-------------------------------------------------------------------------------------------------------------------------
$ 117,183
-------------------------------------------------------------------------------------------------------------------------
$ 192,906 $1,369,915 $3,340,099 $3,844,168 $428,951 $13,595,337
214,770 150,984 2,144 127,334 81,711 1,431,211
-------------------------------------------------------------------------------------------------------------------------
$ 407,676 $1,520,899 $3,342,243 $3,971,502 $510,662 $15,026,548
-------------------------------------------------------------------------------------------------------------------------
$ 197,673 $ 727,857 $2,766,178 $3,355,863 $418,609 $11,569,619
25,819 51,339 1,156 117,577 8 1,011,524
-------------------------------------------------------------------------------------------------------------------------
$ 223,492 $ 779,196 $2,767,334 $3,473,440 $418,617 $12,581,143
-------------------------------------------------------------------------------------------------------------------------
$ 197,337 $ 645,909 $2,869,304 $2,542,536 $700,417 $10,781,470
23,836 39,212 1,448 75,177 9 841,425
-------------------------------------------------------------------------------------------------------------------------
$ 221,173 $ 685,121 $2,870,752 $2,617,713 $700,426 $11,622,895
-------------------------------------------------------------------------------------------------------------------------
Note L-- EMPLOYEE BENEFIT PLANS
PLC has a defined benefit pension plan covering substantially all of its employees. The plan is not separable by affiliates participating in the plan. However, approximately 86% of the participants in the plan are employees of Protective. The benefits are based on years of service and the employee’s highest thirty-six consecutive months of compensation. PLC’s funding policy is to contribute amounts to the plan sufficient to meet the minimum finding requirements of ERISA plus such additional amounts as PLC may determine to be appropriate from time to time. Contributions are intended to provide not only for benefits attributed to service to date but also for those expected to be earned in the future.
The actuarial present value of benefit obligations and the funded status of the plan taken as a whole at December 31 are as follows:
2000 1999
---- ----
Projected benefit obligation, beginning of the year....................... $36,530 $36,547
Service cost - benefits earned during the year............................ 3,338 3,270
Interest cost - on projected benefit obligation........................... 3,195 2,779
Actuarial gain (loss)..................................................... 1,968 (5,729)
Plan amendment............................................................ 833 32
Benefits paid............................................................. (326) (369)
------ ------
Projected benefit obligation, end of the year............................. 45,538 36,530
------ ------
Fair value of plan assets beginning of the year........................... 34,420 25,147
Actual return on plan assets.............................................. (148) 2,594
Employer contribution..................................................... 6,876 7,048
Benefits paid............................................................. (326) (369)
------ ------
Fair value of plan assets end of the year................................. 40,822 34,420
------ ------
Plan assets less than the projected benefit obligation.................... (4,716) (2,110)
Unrecognized net actuarial loss from past experience
different from that assumed........................................... 7,766 2,601
Unrecognized prior service cost........................................... 1,226 569
Unrecognized net transition asset......................................... (17)
----- -----
Net pension liability recognized in balance sheet......................... $ 4,276 $ 1,043
===== =====
Net pension cost of the defined benefit pension plan includes the following components for the years ended December 31:
2000 1999 1998
---- ---- ----
Service cost.............................................................. $ 3,338 $ 3,270 $ 2,585
Interest cost............................................................. 3,195 2,779 2,203
Expected return on plan assets............................................ (3,049) (2,348) (1,950)
Amortization of prior service cost........................................ 176 115 112
Amortization of transition asset.......................................... (17) (17) (17)
Recognized net actuarial loss............................................. 494 305
----- ----- -----
Net pension cost.......................................................... $ 3,643 $ 4,293 $ 3,238
===== ===== =====
Protective's share of the net pension cost was approximately $4.1 million, $3.6 million, and $2.6 million, in 2000, 1999, and 1998, respectively.
Assumptions used to determine the benefit obligations as of December 31 were as follows:
2000 1999 1998
---- ---- ----
Weighted average discount rate........................................... 7.50% 8.00% 6.75%
Rates of increase in compensation level.................................. 5.25% 5.75% 4.75%
Expected long-term rate of return on assets............................... 8.50% 8.50% 8.50%
At December 31, 2000, approximately $20.9 million of the assets of the pension plan were in a group annuity contract with Protective and therefore are included in the general assets of Protective. Approximately $19.9 million of the assets of the pension plan are invested in a collective trust managed by Northern Trust Corporation.
Prior to July 1, 1999, upon retirement, the amount of pension plan assets vested in the retiree were used to purchase a single premium annuity from Protective in the retiree’s name. Therefore, amounts presented above as plan assets exclude assets relating to such retirees. Beginning July 1, 1999, retiree obligations are being fulfilled from pension plan assets.
Note L-- EMPLOYEE BENEFIT PLANS (Continued)
PLC also sponsors an unfunded excess benefits plan, which is a nonqualified plan that provides defined pension benefits in excess of limits imposed by federal income tax law. At December 31, 2000 and 1999, the projected benefit obligation of this plan totaled $14.3 million and $13.1 million, respectively, of which $10.1 million and $8.3 million, respectively, have been recognized in PLC’s financial statements.
Net pension cost of the excess benefits plan includes the following components for the years ended December 31:
2000 1999 1998
---- ---- ----
Service cost............................................................$ 736 $ 695 $ 611
Interest cost........................................................... 1,067 887 722
Amortization of prior service cost...................................... 19 113 112
Amortization of transition asset........................................ 37 37 37
Recognized net actuarial loss........................................... 194 265 173
----- ----- -----
Net pension cost........................................................ $2,053 $1,997 $1,655
===== ===== =====
In addition to pension benefits, PLC provides limited healthcare benefits to eligible retired employees until age 65. The postretirement benefit is provided by an unfunded plan. At December 31, 2000 and 1999, the liability for such benefits was approximately $1.2 million. The expense recorded by PLC was $0.1 million in 2000, 1999 and 1998. PLC’s obligation is not materially affected by a 1% change in the healthcare cost trend assumptions used in the calculation of the obligation.
Life insurance benefits for retirees are provided through the purchase of life insurance policies upon retirement from $10,000 up to a maximum of $75,000. This plan is partially funded at a maximum of $50,000 face amount of insurance.
PLC sponsors a defined contribution retirement plan which covers substantially all employees. Employee contributions are made on a before-tax basis as provided by Section 401(k) of the Internal Revenue Code. PLC established an Employee Stock Ownership Plan (ESOP) to match voluntary employee contributions to PLC’s 401(k) Plan. In 1994, a stock bonus was added to the 401(k) Plan for employees who are not otherwise under a bonus or sales incentive plan. Expense related to the ESOP consists of the cost of the shares allocated to participating employees plus the interest expense on the ESOP’s note payable to Protective less dividends on shares held by the ESOP. At December 31, 2000, PLC had committed up to 143,229 shares to be released to fund employee benefits. The expense recorded by PLC for these employee benefits was less than $0.1 million in 2000, 1999, and 1998.
PLC sponsors a deferred compensation plan for certain directors, officers, agents, and others. Compensation deferred is credited to the participants in cash, PLC Common Stock, or as a combination thereof.
Note M-- STOCK BASED COMPENSATION
Certain Protective employees participate in PLC’s stock-based incentive plans and receive stock appreciation rights (SARs) from PLC.
Since 1973, PLC has had stock-based incentive plans to motivate management to focus on PLC’s long-range performance through the awarding of stock-based compensation. Under plans approved by share owners in 1997 and 1998, up to 5,000,000 shares may be issued in payment of awards.
The criteria for payment of performance awards is based upon a comparison of PLC’s average return on average equity and total rate of return over a four year award period (earlier upon the death, disability, or retirement of the executive, or in certain circumstances, of a change in control of PLC) to that of a comparison group of publicly held life and multiline insurance companies. If PLC’s results are below the median of the comparison group, no portion of the award is earned. If PLC’s results are at or above the 90th percentile, the award maximum is earned.
Note M-- STOCK BASED COMPENSATION (Continued)
In 1998 and 1999, 71,340 and 99,380 performance shares were awarded, respectively, having an estimated fair value on the grant date of $2.3 million and $3.4 million, respectively. In 2000, 3,330 performance shares and 513,618 stock appreciation rights (SARs) were awarded, having a combined estimated fair value on the grant date of $3.7 million. The SARs, if earned, expire after ten years.
A performance share is equivalent in value to one share of PLC Common Stock. With respect to SARs, PLC will pay an amount equal to the difference between the specified base price of PLC’s Common Stock and the market value at the exercise date. Awards are paid in shares of PLC Common Stock. At December 31, 2000, outstanding awards measured at maximum payouts were 398,878 performance shares and 793,236 SARs.
During 1996 and 2000, SARs were granted to certain officers of PLC to provide long-term incentive compensation based solely on the performance of PLC’s Common Stock. The SARs are exercisable after five years (earlier upon the death, disability, or retirement of the officer, or in certain circumstances, of a change in control of PLC) and expire after ten years or upon termination of employment. In 2000, 217,500 SARs were awarded, having an estimated fair value on the grant date of $1.5 million. The number of SARs granted in 1996 and 2000 outstanding at December 31, 2000, was 660,000 and 215,000, respectively.
The 1996 SARs have a base price of $17.4375. The 2000 SARs have a base price of $22.31. The fair value of the 2000 SARs was estimated using a Black-Sholes option pricing model. Assumptions used in the model were as follows: expected volatility of 23.65% (approximately equal to that of the S&P Life Insurance Index), a risk-free interest rate of 6.5%, a dividend rate of 2.15%, and an expected exercise date of March 7, 2007.
The expense recorded by PLC for its stock-based compensation plans was $4.1 million, $4.0 million, and $3.3 million in 2000, 1999, and 1998, respectively.
Note N-- REINSURANCE
Protective reinsures certain of its risks with, and assumes risks from other insurers under yearly renewable term, coinsurance, and modified coinsurance agreements. Under yearly renewable term agreements, Protective generally pays specific premiums to the reinsurer and receives specific amounts from the reinsurer as reimbursement for certain expenses. Coinsurance agreements are accounted for by passing a portion of the risk to the reinsurer. Generally, the reinsurer receives a proportionate part of the premiums less commissions and is liable for a corresponding part of all benefit payments. Modified coinsurance is accounted for similarly to coinsurance except that the liability for future policy benefits is held by the original company, and settlements are made on a net basis between the companies. A substantial portion of Protective’s new life insurance and credit insurance sales are being reinsured. Protective reviews the financial condition of its reinsurers and monitors the amount of reinsurance it has with its reinsurers.
Protective has reinsured approximately $126.0 billion, $93.5 billion, and $64.8 billion in face amount of life insurance risks with other insurers representing $496.4 million, $364.7 million, and $294.4 million of premium income for 2000, 1999, and 1998, respectively. Protective has also reinsured accident and health risks representing $262.2 million, $172.8 million, and $164.8 million of premium income for 2000, 1999, and 1998, respectively. In 2000 and 1999, policy and claim reserves relating to insurance ceded of $988.4 million and $739.3 million respectively, are included in reinsurance receivables. Should any of the reinsurers be unable to meet its obligation at the time of the claim, obligation to pay such claim would remain with Protective. At December 31, 2000 and 1999, Protective had paid $33.5 million and $46.8 million, respectively, of ceded benefits which are recoverable from reinsurers. In addition, at December 31, 2000, Protective had receivables of $78.2 million related to insurance assumed.
Note O-- ESTIMATED FAIR VALUES OF FINANCIAL INSTRUMENTS
The carrying amount and estimated fair values of Protective’s financial instruments at December 31 are as follows:
2000 1999
___________________________ ________________________
ESTIMATED ESTIMATED
CARRYING FAIR CARRYING FAIR
AMOUNT VALUES AMOUNT VALUES
--------- ---------- --------- ----------
Assets (see Notes A and C):
Investments:
Fixed maturities.................... $7,390,110 $7,390,110 $6,304,554 $6,304,554
Equity securities................... 41,792 41,792 30,696 30,696
Mortgage loans on real estate....... 2,268,224 2,385,174 1,946,690 1,909,026
Short-term investments.............. 172,699 172,699 81,171 81,171
Liabilities (see Notes A and E):
Stable value account balances....... 3,177,863 3,250,991 2,680,009 2,649,616
Annuity account balances............ 1,916,894 1,893,749 1,639,231 1,598,993
Notes payable....................... 2,315 2,315 2,338 2,338
Other (see Note A):
Derivative Financial Instruments.... (6,079) (13,011) 5,273 3,564
Except as noted below, fair values were estimated using quoted market prices. Protective estimates the fair value of its mortgage loans using discounted cash flows from the next call date. Protective believes the fair value of its short-term investments and notes payable to banks approximates book value due to either being short-term or having a variable rate of interest. Protective estimates the fair value of its guaranteed investment contracts and annuities using discounted cash flows and surrender values, respectively. Protective believes it is not practicable to determine the fair value of its policy loans since there is no stated maturity, and policy loans are often repaid by reductions to policy benefits.
Protective estimates the fair value of its derivative financial instruments using market quotes or derivative pricing models. The fair value represents the net amount of cash Protective would have received (or paid) had the contracts been terminated on December 31.
SCHEDULE III — SUPPLEMENTARY INSURANCE INFORMATION
PROTECTIVE LIFE INSURANCE COMPANY AND SUBSIDIARIES
(in thousands)
- -----------------------------------------------------------------------------------------------------------------------------------
COL. A COL. B COL. C COL. D COL. E COL. F COL. G COL. H COL. I COL. J
- -----------------------------------------------------------------------------------------------------------------------------------
STABLE VALUE AND
FUTURE ANNUITY AMORTIZATION
DEFERRED POLICY DEPOSITS PREMIUMS BENEFITS OF DEFERRED
POLICY BENEFITS AND OTHER AND NET AND POLICY OTHER
ACQUISITION AND UNEARNED POLICYHOLDERS' POLICY INVESTMENT SETTLEMENT ACQUISITION OPERATING
SEGMENT COSTS CLAIMS PREMIUMS FUNDS FEES INCOME(1) EXPENSES COSTS EXPENSES(1)
------- ---------- --------- ---------- ----------- --------- -------- --------- --------- --------
Year Ended
December 31, 2000:
Life Insurance
Individual Life $ 354,320 $1,222,673 $ 315$ 14,878 $ 73,826 $ 60,629 $ 70,365 $ 33,767 $ (10,495)
West Coast 276,518 1,499,173 0 86,227 25,987 91,688 79,065 15,003 (12,760)
Acquisitions 223,430 1,364,830 484 238,465 102,997 116,940 125,151 17,081 24,077
Specialty Insurance Products
Dental Benefits 11,788 95,665 2,602 63,351 215,613 8,913 151,202 6,386 60,158
Financial Institutions 112,135 294,458 929,943 3,945 220,466 46,464 135,494 50,132 74,830
Retirement Savings and
Investment Products
Stable Value Products 2,144 162,236 0 3,177,863 0 243,133 207,143 900 3,882
Investment Products 127,334 306,021 0 1,633,203 30,127 132,204 109,607 24,156 18,203
Corporate and Other 81,711 88,341 2,261 2,161 54,503 (3,034) 46,183 2,149 33,274
--------- --------- ------- --------- ------- ------- ------- ------- -------
TOTAL $1,189,380 $5,033,397 $935,605 $5,220,093 $723,519 $696,937 $924,210 $149,574 $191,169
========= ========= ======= ========= ======= ======= ======= ======= =======
Year Ended
December 31, 1999:
Life Insurance
Individual Life $ 379,117 $1,210,188$ 338$ 17,159 $ 92,506 $ 59,916 $ 74,455 $ 23,434 $ 20,851
West Coast 200,605 1,279,554 0 74,831 23,208 78,126 73,176 6,047 (2,649)
Acquisitions 235,903 1,374,445 558 260,267 114,866 129,806 129,581 19,444 31,178
Specialty Insurance Products
Dental Benefits 25,819 126,592 2,994 74,204 165,409 11,141 119,950 5,534 40,359
Financial Institutions 51,339 150,888 503,735 9,044 107,962 24,122 55,899 24,718 44,728
Retirement Savings and
Investment Products
Stable Value Products 1,156 167,415 0 2,680,009 0 210,209 175,290 744 4,708
Investment Products 117,577 254,492 0 1,320,453 24,248 106,599 88,642 19,820 14,617
Corporate and Other 8 2,852 34 88 71,024 3,312 54,534 5,172 22,647
--------- --------- ------- --------- ------- ------- ------- ------- --------
TOTAL $1,011,524 $4,566,426 $507,659 $4,436,055 $599,223 $623,231 $771,527 $104,913 $176,439
========= ========= ======= ========= ======= ======= ======= ======= =======
Year Ended
December 31, 1998:
Life Insurance
Individual Life $ 301,941 $1,054,253 $ 355 $ 10,802 $126,168 $ 55,779 $106,308 $ 30,543 $ 14,983
West Coast 144,455 1,006,280 0 77,254 22,380 63,492 54,617 4,924 5,354
Acquisitions 255,347 1,383,759 553 233,846 96,735 112,154 112,051 18,894 26,717
Specialty Insurance Products
Dental Benefits 23,836 111,916 3,341 78,224 133,020 11,166 101,586 4,171 33,830
Financial Institutions 39,212 215,451 385,006 105,434 112,272 25,068 52,629 28,526 48,837
Retirement Savings and
Investment Products
Stable Value Contracts 1,448 172,674 0 2,691,697 0 213,136 178,745 735 2,876
Investment Products 75,177 194,726 0 1,233,528 18,809 105,827 85,045 17,213 14,428
Corporate and Other 9 944 39 88 58,741 17,173 39,515 6,182 25,203
------- --------- ------- --------- ------- ------- ------- ------- -------
TOTAL $ 841,425 $4,140,003 $389,294 $4,430,873 $568,125 $603,795 $730,496 $111,188 $172,228
======= ========= ======= ========= ======= ======= ======= ======= =======
(1) Allocations of Net Investment Income and Other Operating Expenses are based on a number of assumptions and estimates and results
would change if different methods were applied.
SCHEDULE IV — REINSURANCE
PROTECTIVE LIFE INSURANCE COMPANY AND SUBSIDIARIES
(Dollars in thousands)
- ------------------------------------------------------------------------------------------------------------------------------------
COL. A COL. B COL. C COL. D COL. E COL. F
- ------------------------------------------------------------------------------------------------------------------------------------
PERCENTAGE
CEDED TO ASSUMED OF AMOUNT
GROSS OTHER FROM OTHER NET ASSUMED
AMOUNT COMPANIES COMPANIES AMOUNT TO NET
------------ ------------- ------------ ----------- ---------
Year Ended December 31, 2000:
Life insurance in force........................... $153,371,754 $128,374,583 $17,050,342 $42,047,513 40.6%
=========== =========== ========== ========== ====
Premiums and policy fees:
Life insurance.................................... $691,153 $ 496,715 $ 112,669 $ 307,107 36.7%
Accident and health insurance..................... 545,240 261,940 24,393 307,693 7.9%
Property and liability insurance.................. 159,346 63,795 13,168 108,719 12.1%
--------- ------- ------- -------
TOTAL......................................... $ 1,395,739 $ 822,450 $ 150,230 $ 723,519
========= ======= ======= =======
Year Ended December 31, 1999:
Life insurance in force........................... $112,726,959 $ 92,566,755 $17,089,627 $37,249,831 45.9%
=========== ========== ========== ==========
Premiums and policy fees:
Life insurance.................................... $ 540,430 $ 364,680 $ 131,855 $ 307,605 42.9%
Accident and health insurance..................... 403,491 172,852 27,266 257,905 10.6%
Property and liability insurance.................. 34,104 501 110 33,713 0.3%
------- ------- ------- -------
TOTAL......................................... $ 978,025 $ 538,033 $ 159,231 $ 599,223
======= ======= ======= =======
Year Ended December 31, 1998:
Life insurance in force........................... $ 91,980,657 $ 64,846,246 $18,010,434 $45,144,845 39.9%
========== ========== ========== ========== ====
Premiums and policy fees:
Life insurance.................................... $ 537,002 $ 294,363 $ 87,965 $ 330,604 26.6%
Accident and health insurance..................... 361,705 164,852 14,279 211,132 6.8%
Property and liability insurance.................. 26,389 26,389 0.0%
------- ------- ------- -------
TOTAL $ 925,096 $ 459,215 $ 102,244 $ 568,125
======= ======= ======= ========
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosures
NonePART III
Item 10. Directors and Executive Officers of the Registrant
Not required in accordance with General Instruction I(2)(c).Item 11. Executive Compensation
Not required in accordance with General Instruction I(2)(c).Item 12. Security Ownership of Certain Beneficial Owners and Management
Not required in accordance with General Instruction I(2)(c).Item 13. Certain Relationships and Related Transactions
Not required in accordance with General Instruction I(2)(c).PART IV
Item 14. Exhibits, Financial Statement Schedules, and Reports on Form 8-K
(a) The following documents are filed as part of this report: 1. Financial Statements (Item 8)
2. Financial Statement Schedules (see index annexed)
3. Exhibits:
The exhibits listed in the Exhibit Index on page 44 of this Form 10-K are filed herewith or are incorporated herein by reference. No management contract or compensatory plan or arrangement is required to be filed as an exhibit to this form. The Registrant will furnish a copy of any of the exhibits listed upon the payment of $5.00 per exhibit to cover the cost of the Registrant in furnishing the exhibit.
(b) Reports on Form 8-K:
None
SIGNATURES
Pursuant to the requirements of Section 13 of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Birmingham, State of Alabama on March 27, 2001.
| PROTECTIVE LIFE INSURNACE COMPANY |
|---|
| BY/s/John D. Johns |
| President |
Dated: March 27, 2001
Pursuant to the requirements of Section 13 of the Securities Exchange Act of 1934, this report has been signed below by the following persons in the capacities and on the dates indicated.
SIGNATURE Title DATE
(i) Principal Executive Officer
/S/JOHN D. JOHNS President and Director March 27, 2001
----------------------
John D. Johns
(ii) Principal Accounting Officer
/S/JERRY W. DEFOOR Vice President and Controller, March 27, 2001
----------------------- and Chief Accounting Officer
Jerry W. DeFoor
(iii) Board of Directors:
* Director March 27, 2001
-----------------------
Richard J. Bielen
* Director March 27, 2001
-----------------------
R. Stephen Briggs
* Director March 27, 2001
-----------------------
Carolyn King
* Director March 27, 2001
----------------------
Deborah J. Long
* Director March 27, 2001
----------------------
Jim E. Massengale
* Director March 27, 2001
----------------------
Drayton Nabers, Jr.
* Director March 27, 2001
----------------------
Steven A. Schultz
* Director March 27, 2001
----------------------
Wayne E. Stuenkel
* Director March 27, 2001
----------------------
A. S. Williams III
* Director March 27, 2001
----------------------
T. Davis Keyes
* Director March 27, 2001
----------------------
Chris T. Calos
| *BY/s/JERRY W. DEFOOR | |
| Jerry W. DeFoor | |
| Attorney-in-fact | |
EXHIBIT INDEX
ITEM
NUMBER DOCUMENT
- ------ --------
**** 2 — Stock Purchase Agreement
* 3(a) — Articles of Incorporation
* 3(b) — By-laws
** 4(a) — Group Modified Guaranteed Annuity Contract
*** 4(b) — Individual Certificate
** 4(c) — Tax-Sheltered Annuity Endorsement
** 4(d) — Qualified Retirement Plan Endorsement
** 4(e) — Individual Retirement Annuity Endorsement
** 4(f) — Section 457 Deferred Compensation Plan Endorsement
* 4(g) — Qualified Plan Endorsement
** 4(h) — Application for Individual Certificate
** 4(i) — Adoption Agreement for Participation in Group Modified Guaranteed
Annuity
*** 4(j) — Individual Modified Guaranteed Annuity Contract
** 4(k) — Application for Individual Modified Guaranteed Annuity Contract
** 4(l) — Tax-Sheltered Annuity Endorsement
** 4(m) — Individual Retirement Annuity Endorsement
** 4(n) — Section 457 Deferred Compensation Plan Endorsement
** 4(o) — Qualified Retirement Plan Endorsement
**** 4(p) — Endorsement — Group Policy
**** 4(q) — Endorsement — Certificate
**** 4(r) — Endorsement — Individual Contract
**** 4(s) — Endorsement (Annuity Deposits) — Group Policy
**** 4(t) — Endorsement (Annuity Deposits) — Certificate
**** 4(u) — Endorsement (Annuity Deposits) — Individual Contracts
***** 4(v) — Endorsement — Individual
***** 4(w) — Endorsement — Group Contract/Certificate
****** 4(x) — Endorsement (96) — Individual
****** 4(y) — Endorsement (96) — Group Contract
****** 4(z) — Endorsement (96) — Group Certificate
****** 4(aa) — Individual Modified Guaranteed Annuity Contract (96)
******* 4(bb) — Settlement Endorsement
******** 4(cc) — Cancellation Endorsement
* 10(a) — Bond Purchase Agreement
* 10(b) — Escrow Agreement
24 — Power of Attorney
99 — Safe Harbor for Forward-Looking Statements
* Previously filed or incorporated by reference in Form S-1 Registration Statement,
Registration No. 33-31940.
** Previously filed or incorporated by reference in Amendment No. 1 to Form S-1
Registration Statement, Registration No. 33-31940.
*** Previously filed or incorporated by reference from Amendment No. 2 to Form S-1
Registration Statement, Registration No. 33-31940.
**** Previously filed or incorporated by reference from Amendment No. 2 to Form S-1 Registration Statement, Registration
No. 33-57052.
***** Previously filed or incorporated by reference from Amendment No. 3 to Form S-1
Registration Statement, Registration No. 33-57052.
****** Previously filed or incorporated by reference from S-1 Registration Statement,
Registration No. 333-02249.
******* Previously filed or incorporated by reference from Amendment No. 1 to Form S-1
Registration Statement, Registration No. 333-02249.
******** Previously filed or incorporated by reference in Form S-1 Registration Statement,
Registration No. 333-32784.
