In 2014, the U.S. life reserve financing marketplace had a transformative year. The National Association of Insurance Commissioners (NAIC) made major strides toward bringing more uniformity to the regulatory process and more transparency to insurer financial reporting relating to reserve financing transactions. NAIC’s adoption of Actuarial Guideline XLVIII (AG48) in 2014 will provide uniformity around reserve financing transactions executed on policies issued in 2015 and later. And 2015 will see additional developments to formalize the provisions of AG48.