Attached files
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10-K - FORM 10-K - Principal Life Income Fundings Trust 36 | c57267e10vk.htm |
EX-33.3 - EX-33.3 - Principal Life Income Fundings Trust 36 | c57267exv33w3.htm |
EX-31.1 - EX-31.1 - Principal Life Income Fundings Trust 36 | c57267exv31w1.htm |
EX-33.1 - EX-33.1 - Principal Life Income Fundings Trust 36 | c57267exv33w1.htm |
EX-34.1 - EX-34.1 - Principal Life Income Fundings Trust 36 | c57267exv34w1.htm |
EX-35.1 - EX-35.1 - Principal Life Income Fundings Trust 36 | c57267exv35w1.htm |
EX-34.2 - EX-34.2 - Principal Life Income Fundings Trust 36 | c57267exv34w2.htm |
EX-33.2 - EX-33.2 - Principal Life Income Fundings Trust 36 | c57267exv33w2.htm |
Report of Independent Registered Public Accounting Firm
The Board of Directors
Principal Financial Group, Inc.
Principal Life Insurance Company
Principal Financial Group, Inc.
Principal Life Insurance Company
We have examined managements assertion, included in the accompanying Report on Assessment of
Compliance with Regulation AB Servicing Criteria, that Principal Financial Group, Inc. and
Principal Life Insurance Company (collectively, the Company) complied with the servicing criteria
set forth in Item 1122 (d) of the Securities and Exchange Commissions Regulation AB for the
Principal Life Income Fundings Trusts registered with the Securities and Exchange Commission
pursuant to the Securities Act of 1933 on Registration Statement Nos. 333-147181 and 333-147181-01
platform, except for the instances of material noncompliance described therein, as of and for the
year ended December 31, 2009, and except for 1122(d)(1), (d)(2), (d)(3)(ii)
through (iv) and (d)(4), which the Company has determined are not applicable to the activities
performed by them with respect to the servicing platform covered by this report. Refer to
Appendix A of managements assertion for the asset backed transactions covered by this
platform. Management is responsible for the Companys compliance with those
servicing criteria. Our responsibility is to express an opinion on managements assertion about the
Companys compliance with the servicing criteria based on our examination.
Our examination was conducted in accordance with attestation standards established by the American
Institute of Certified Public Accountants, as adopted by the Public Company Accounting Oversight
Board (United States) and, accordingly, included examining, on a test basis, evidence about the
Companys compliance with the applicable servicing criteria and performing such other procedures as
we considered necessary in the circumstances. Our examination included testing of less than all of
the individual asset backed transactions and securities that comprise the platform, testing of less
than all of the servicing activities related to the Platform and determining whether the Company
processed those selected transactions and performed those selected activities in compliance with
the servicing criteria. Furthermore, our procedures were limited to the selected transactions and
servicing activities performed by the Company during the period covered by this report. Our
procedures were not designed to determine whether errors may have occurred either prior to or
subsequent to our tests that may have affected the balances or amounts calculated or reported by
the Company during the period covered by this report for the selected transactions or any other
transactions. We believe that our examination provides a reasonable basis for our opinion. Our
examination does not provide a legal determination on the Companys compliance with the servicing
criteria.
Our examination disclosed the following material noncompliance with servicing criteria
1122(d)(3)(i) applicable to the Company during the year ended December 31, 2009. In some
instances, certain distribution reports on Form 10-D included errors regarding the principal amount
of the notes on the payment date.
In our opinion, except for the material noncompliance described in the third paragraph, the Company
complied, in all material respects, with the aforementioned servicing criteria as of and for the
year ended December 31, 2009.
/s/ Ernst & Young LLP
Des Moines, Iowa
March 30, 2010
March 30, 2010