The National Association of Insurance Commissioners in 2021 adopted changes to the Life Risk-Based Capital instructions with respect to calculation of the C-1 charges, required for the 2021 filing. This report outlines the C-1 factors applied under the old and new frameworks, and also provides preliminary analyses and comments on the update, including a:

• Summary of the pretax and post-tax C-1 bond factors
• Review of other C-1 factors: Commercial mortgage loans and real estate investments
• Summary of portfolio adjustment factors
• Case study for mock-up companies with different levels of asset qualities and portfolio sizes