Description: Actuarial Guideline 38 has been one of the most discussed reserving changes in the past year. First proposed in late summer of 2004, several industry groups and LHATF have worked to reach consensus on this issue. The current draft is a compromise, sometimes referred to as the “CEO compromise” since the CEOs of several leading life insurers negotiated the language. From Small Talk Newsletter, November 2005, Issue No. 25.