From Our Desk Original analysis · L&R
All L&R insights →AG 49-A Explained: How the Benchmark Index Account, the 25-Year Lookback and the 145% Earned-Rate Test Set the Maximum Illustrated Rate on Indexed Universal Life
AG 49-A caps an indexed universal life illustration at the lesser of a 25-year S&P 500 lookback and 145% of the insurer's net earned rate. A 9.5% cap backcasts to 6.10%; an insurer earning 4.0% may show only 5.80%.
By Sam · 9 min read · Oct 14
NAIC Working Group Rules Recapture Odds Out of Its Charge on $135 Billion of Offshore Life Reserves
The Life RBC Working Group's October 6 packet puts recapture probability outside its remit, so the new charge on $135 billion ceded to non-reciprocal jurisdictions turns on which collateral benchmark it adopts.
Pension Risk TransferPacific Life Re Takes $3 Billion of American National's Pension Longevity Before RBC Can Charge for It
Pacific Life Re's $3 billion longevity treaty with American National lands in a Life RBC line the NAIC set to zero for 2026, while the charge on the cedent's PRT reserves has no rule for longevity it cedes.
AnnuitiesAM Best Cuts Atlantic Coast Life to C+ as South Carolina's Rehabilitation Petition Puts Its RBC Below 185%
AM Best cut Atlantic Coast Life to C+ on September 22, a week after South Carolina petitioned for rehabilitation on capital and surplus down 42% to $47.4M, $463M of surrenders and RBC below 185% against a 500% floor.
LifeSOA's 2027 GRET Folds Niche Marketing Into Other, and the 10% Cap Delivers a 21% Cut to $139
The SOA's 2027 GRET letter to LATF folds Niche Marketing into Other and caps the merged factor at 10% above Niche's $126, so Other's acquisition factor drops 21% to $139; an Aug. 10 update puts it at $158.
AnnuitiesChariot Re Raises $700M and Backs $20B of Liabilities With $2B of Capital
Chariot Re's $700M third raise, led by Chubb, puts over $2B of equity and debt behind about $20B of MetLife-originated liabilities, a ten-cent ratio the BMA's capital tiers and the NAIC's AG 55 draft read differently.
LifeSOA Keeps 2024-25 Deaths Out of the 2026 VM-20 Scale, Leaving a -1.28% Band at Ages 32 to 39
The SOA's revised 2026 VM-20 HMI scale, exposed by LATF to Sept. 15, drops the July 27 direct method and keeps the SSA catch-up, holding male improvement at -1.28% at ages 32 to 39 as deaths at 25 to 34 fell 10.8%.
AnnuitiesNAIC Drafts AG 55 Guidance That Recomputes RBC Without the Treaty
The NAIC's draft AG 55 Guidance Document for year-end 2026 asks cedents to report each cash-flow-tested treaty's RBC ratio recalculated on a pre-reinsurance basis beside its reserve credit; comments close October 9.
PensionsPension Discount Rates Top 6%: Assets Fell $27 Billion and Funded Status Rose Anyway
The Milliman 100 discount rate rose 41 basis points to 6.02% in July 2026, the first reading above 6% since October 2023. Assets fell $27 billion, the obligation fell $52 billion, and the buyout ratio widened.
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Rate Monitor Treasury curve · Oct 14 close
Treasury →Constant-maturity yields from the U.S. Treasury daily curve, as of October 14, 2026. ▲ marks a rising yield, the favorable direction for new-money pricing.
Pension Funding IRS 417(e)(3) segment rates · Aug 2026 (released Sep 29)
IRS rates →IRS minimum present value segment rates under section 417(e)(3), Aug 2026, released September 29, 2026. ▲ marks a rising rate, which lowers lump-sum values and projected benefit obligations.