NAIC Actuarial Guideline XLVIII (AG 48)

TRINIDAD NAVARRO COMMISSIONER [LOGO] STATE OF DELAWARE DEPARTMENT OF INSURANCE # DOMESTIC AND FOREIGN INSURERS BULLETIN NO. 131 TO: ALL ADMITTED AND APPROVED DOMESTIC INSURERS RE: NAIC ACTUARIAL GUIDELINE XLVIII (AG 48) DATED: August 2, 2022 This purpose of this Bulletin is to inform all domestic insurers that the Department has adopted NAIC Actuarial Guideline XLVIII – Actuarial Opinion and Memorandum Requirements for the Reinsurance of Policies Required to be Valued under Sections 6 and 7 of the NAIC Valuation of Life Insurance Policies Model Regulation (“AG48”) in accordance with 18 Del.C. § 526(a). # Background Effective January 1, 2015, AG48 became part of the NAIC Accounting Practices and Procedures Manual through its inclusion in Appendix C. To ensure uniformity of treatment between states, companies, and ceded policies, whether governed by AG 48 or by the NAIC Term and Universal Life Insurance Reserve Financing Model Regulation #787 (“Model Regulation #787”), and to avoid confusion, AG48 was updated effective as of January 1, 2017 to make it as substantively identical to Model Regulation #787 as possible. Model Regulation #787 becomes an accreditation standard effective September 1, 2022. Questions, comments or requests for clarification about this Bulletin should be emailed to berg@delaware.gov. This Bulletin shall be effective immediately and shall remain in effect unless withdrawn or superseded by subsequent law, regulation or bulletin. Trinidad Navarro NOTE: This Bulletin is intended solely for informational purposes. It is not intended to set forth legal rights, duties, or privileges, nor is it intended to provide legal advice. Readers should consult applicable statutes and rules and contact the Delaware Department of Insurance if additional information is needed. ♦INSURANCE.DELAWARE.GOV♦ 1351 W. NORTH ST., SUITE 101, DOVER, DELAWARE 19904-2465 (302) 674-7300 DOVER♦ (302) 259-7554 GEORGETOWN♦ (302) 577-5280 WILMINGTON Page | 1