Subject of Possible Rule Making: National Association of Insurance Commissioner's (NAIC) Actuarial Guideline XXXVIII regarding regulation of reserving for universal life products with secondary guarantees.

     Statutes Authorizing the Agency to Adopt Rules on this Subject: RCW 48.02.060 and 48.74.030.

     Reasons Why Rules on this Subject may be Needed and What They Might Accomplish: The NAIC adopted the revised Actuarial Guideline XXXVIII on September 12, 2012. The commissioner will consider rules that will adopt the revised NAIC Actuarial Guideline XXXVIII regarding regulation of reserving for universal life products with secondary guarantees.

     Other Federal and State Agencies that Regulate this Subject and the Process Coordinating the Rule with These Agencies: None.

     Process for Developing New Rule: Submit written comments by January 7, 2013, to Kacy Scott, P.O. Box 40258, Olympia, WA 98504-0258, rulescoordinator@oic.wa.gov, fax (360) 586-3109.

     Interested parties can participate in the decision to adopt the new rule and formulation of the proposed rule before publication by contacting Kacy Scott, P.O. Box 40258, Olympia, WA 98504-0258, rulescoordinator@oic.wa.gov, fax (360) 586-3109.

November 20, 2012

Mike Kreidler

Insurance Commissioner