2024 ValAct Meeting Virtual - Session 1D: Update on NAIC GOES Project 9.17.24 Recording

The NAIC is in the middle of their GOES (generator of economic scenarios) project to change the real-world economic scenario generator (ESG) prescribed for principle-based reserve and capital calculations. This session will provide an update on the project including the related industry field test and NAIC model office testing being performed by Oliver Wyman to gauge the potential impact to reserves and capital. We will also discuss the ESG model and scenario sets under consideration and statistical criteria that can be used to evaluate scenario sets relative to targets and other desired scenario properties.At the conclusion of this session attendees will be familiar with the status of the NAIC's GOES project and have a better understanding of the scenario sets under consideration and how they can be tested to assess the potential impact to principle-based reserve and capital levels.