x Indicate by check mark whether the registrant is a shell company. See "Segments" for more information concerning the Company's operating segments. The NAIC has requirements for life insurers using special purpose reinsurers. The FSB consists of representatives of national financial authorities of the G20 nations. The California restrictions, and related exceptions became effective on January 1, 2020. This business is made up of facultative and automatic treaty business. Degradation of general economic conditions. These conditions are expected to continue in the near term and may worsen. This guidance will become effective for the Company on January 1, 2023. The ability of our subsidiaries to write reinsurance is influenced by their ratings. In addition, these identified risks may not be the only risks facing us. As a result, our access to, or cost of, liquidity may deteriorate. Changes in interest rates may also affect our business in other ways. The liquidity and value of some of our investments may become significantly diminished. Many of these transactions expose us to credit risk upon default of our counterparty. Furthermore, additional impairments or additional allowances may be needed in the future. The indices are included for comparative purposes only. This charge is included in policy acquisition costs and other insurance expenses. Consolidation and Reorganization within the Life Reinsurance and Life Insurance Industry. No such adjustments related to DAC recoverability were made in 2020, 2019 and 2018. The Company's foreign subsidiaries are taxed under applicable local statutes. The Financial Solutions segment consists of Asset-Intensive and Capital Solutions. The decrease was partially offset by a higher invested asset base. The authorization was effective immediately and does not have an expiration date. RGA declared dividends totaling $2.80 per share in 2020. This security has been registered with the Securities and Exchange Commission. Capitalized issue costs were approximately $5 million. The remainder will be used for general corporate purposes. Assets in trust and letters of credit are often used as collateral in these arrangements. Current income tax payable is also excluded from the table. RMBS, ABS and CMBS are collectively "structured securities." Policy LoansThe majority of policy loans are associated with one client. As of December 31, 2020, the Company had credit exposure of $19 million. These strategies are explained below. The Company does not have fixed rate instruments classified as trading securities. Interest rates range from 3.0% to 6.0%. The Company's GMDB liabilities at December 31, 2020 and 2019, were not material. The Company reinsures equity-indexed annuity contracts. See Note 9 – "Income Tax" for further discussion. For available-for-sale debt securities, this guidance was applied prospectively. A pro rata portion would be reclassified upon partial sale of a hedged foreign operation. The market for these investments has limited activity and price transparency. The short-duration business for the Company's other segments is immaterial. See Note 5 for additional information on cash flow hedges. Information with respect to grants under the Stock Plans are as follows. We believe that our audits provide a reasonable basis for our opinion. /s/ DELOITTE & TOUCHE LLPSt. He is also a member of the Company's Executive Committee. Olav Cuiper, 63, is Executive Vice President and Head of EMEA. He is al
