b'OTHER TOPICS OF NOTELIBOR TransitionIn 2021, the financial industry moved further towards the complete cessation of London Interbank Offered Rate (LIBOR), which is one of the most significant changes in the financial industry in recent times. Prior to the transition away from LIBOR, LIBOR was used in more than US$300 trillion of loan products, including commercial loans, bonds, mortgages and derivatives. While much of the focus around the transition away from LIBOR has been on the banking and financial services industry, the insurance industry has also been impacted by the LIBOR transition. Insurance companies had, and continue to have, exposure to LIBOR in several ways, particularly in their investment portfolios, in derivatives, in investments that provide collateral in reinsurance transactions, and in some types of insurance policies.On March 5, 2021, the ICE Benchmark Administration (IBA), the administrator of LIBOR, announced that after December 31, 2021, it would cease publishing all GBP, EUR, CHF and JPY LIBOR settings and the one-week and two-month USD LIBOR settings. USD LIBOR will continue to be published for the overnight and one-, three-, six- and 12-month LIBOR settings until June 30, 2023. In the US, bank regulators recommended that regulated institutions cease entering into new LIBOR-based contracts after December 31, 2021, due to safety and soundness concerns with the continued use of LIBOR. As a result, after December 31, 2021, existing contracts that are based on USD LIBOR can continue to use the overnight and one-, three-, six- and 12-month LIBOR settings until June 30, 2023. Prior to the March 5, 2021, announcements and throughout 2021, many agreements that used LIBOR were being modified to include LIBOR fallback language. Most fallback provisions were triggered by the March 5, 2021, announcement and, therefore, will result in a replacement rate (or a mechanism for a replacement rate) being triggered on or before June 30, 2023. One immediate effect of the March 5, 2021, announcement was the setting of the published benchmark adjustments for legacy contracts that will implement replacement rates in reliance on these fallback provisions. Since then, the market has continued to evolve around the appropriate benchmark adjustment rates for new contracts based on replacement rates.176|Global Insurance Industry Year in Review 2021'