'No firm conclusions' from first offshore reinsurance filings

State regulators are reviewing the first reserve adequacy reports filed under Actuarial Guideline 55, which targets offshore and captive reinsurance transactions. Adopted in 2025, the guideline requires life insurers to submit reserve analyses for certain agreements when the reinsurer does not report to U.S. regulators. Regulators are also assessing whether VM-22, effective for fixed annuities issued in 2026 and later, will reduce incentives to use offshore or captive reinsurance.