Update on the NAIC Generator of Economic Scenarios (GOES) Project
Hear an update on the NAIC Generator of Economic Scenarios (GOES) Project, the NAIC's transition from the Academy's Interest Rate Generator (AIRG) to a new economic scenario generator. Speakers shared the latest on the project, now in its fourth year, and discussed some of the remaining decision points and challenges the project faces.
Detailed discussion topics include:
- Update on NAIC project and model office and field test results/status.
- Overview of the approach the NAIC is taking in terms of targeting criteria and evaluation criteria. Definition of low-for-long model requirements.
- Review of sample economic statistics based on the targeting criteria. Insights into how the targeting criteria are implemented and how the models perform against the evaluation criteria.
- Issues in the use of complex models with limited documentation, the output from which is unreproducible. Context and discussion of the Academy simplified corporate model as an example of how actuaries can develop a financial model.
- Summary of remaining steps and decision points in the GOES project.
Event Date
July 24, 2024 12:00:00pm - July 24, 2024 1:30:00pm
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