CITIZENS, INC. Table of Contents includes capital and surplus as reported under statutory accounting principles, plus certain investment reserves. Should the ratio of adjusted statutory capital to control level RBC fall below 200% for our domestic companies, a series of remedial actions by the affected company would be required. Additionally, we have a parental guarantee between Citizens and CICA, Citizens' wholly-owned subsidiary domiciled in Colorado, to maintain a RBC level above 350%. At December 31, 2020, our domestic insurance subsidiaries were above the required minimum RBC levels. CICA Ltd. is a Bermuda domiciled company. The BMA requires Bermuda insurers to maintain available statutory economic capital and surplus at a level equal to or in excess of the BMA's Enhanced Capital Requirement, which requires a certain Target Capital Level ("TCL"). As of December 31, 2020, CICA Ltd. was above the TCL threshold. However, as discussed in  Part I. Item 1. Business  – International Regulation – Bermuda, due to the Prudential Review, the BMA is requiring Citizens and CICA Ltd. to enter into a “Keepwell Agreement”, which would encumber certain assets of the Company. The Keepwell Agreement will include a specific target solvency level at which the Company would be required to make a capital injection into CICA Ltd. Both the Keepwell Agreement and any capital injection could negatively impact the Company’s capital resources and liquidity. We have committed to the following contractual obligations as of December 31, 2020, with the payments due by the period indicated below: CONTRACTUAL OBLIGATIONS AND OFF-BALANCE SHEET ARRANGEMENTS Future Policy Benefit Reserves and Policy Claims Payable.  The payments related to the future policy benefits and policy claims payable reflected in the table above have been projected utilizing assumptions based upon our historical experience and anticipated future experience. Payments of amounts related to annuity, dividend and other policyholder funds left on deposit are projected based on assumptions of policyholder withdrawal activity. Because the exact timing and amount of the ultimate policyholder fund obligation is subject to significant uncertainty, we have reflected the obligation at the amount of the liability presented on the consolidated balance sheet in the more than five-year category. December 31, 2020 | 10-K 60 (In thousands) Total Less than 1 Year 1 to 3 Years 3 to 5 Years More than 5 Years Contractual Obligations: Investment commitments $ 68,571 30,000 38,571 — — Real estate and equipment leases 11,973 1,145 2,053 2,253 6,522 Future policy benefit reserves: Life insurance 1,246,423 22,561 77,937 128,601 1,017,324 Annuities 78,304 — 7 4 78,293 Accident and health 761 107 396 8 250 Dividend accumulations 33,336 — — — 33,336 Premiums paid in advance 40,605 930 3,239 5,383 31,053 Other policyholder funds 22,447 — — — 22,447 Total policy liabilities 1,421,876 23,598 81,579 133,996 1,182,703 Policy claims payable: Life insurance 12,314 12,314 — — — Accident and health 149 149 — — — Casualty 743 743 — — — Total policy claims payable 13,206 13,206 — — — Total purchase obligations 9,592 9,592 — — — Total contractual obligations $ 1,525,218 77,541 122,203 136,249 1,189,225