In 2015, we saw an evolution in the reserve financing structures to comply with Actuarial Guideline XLVIII (AG48), and we saw more uniformity in regulatory approvals for such AG48 financings than ever before. Last year was a significant transition year because it was the first year for which AG48 was applicable for the U.S. life reserve financing marketplace. This year, 2016, will bring additional developments to formalize the provisions of AG48 into a National Association of Insurance Commissioners (NAIC) model regulation and might bring further changes to risk-based capital requirements for reserve financing transactions covering non-grandfathered policies.