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NAIC Releases Request for Proposal for an Economic Scenario Generator

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KANSAS CITY, MO (March 4, 2020) —The National Association of Insurance Commissioners (NAIC) has released a request for proposal (RFP) to vendors to provide, maintain, and support an Economic Scenario Generator (ESG) producing real-world interest and equity scenarios to be prescribed for use in calculations of life and annuity Statutory reserves according to the Valuation Manual (e.g. VM-20, VM-21) and capital under the NAIC RBC requirements (e.g. C3 Phase 1, C3 Phase 2).

The selected vendor will deliver an ESG and supporting tools that meet requirements set by regulators, along with robust documentation and training materials. On an ongoing basis, the selected vendor will produce the scenarios, support end users of the ESG, research changes considered by NAIC’s Life Actuarial (A) Task Force and Life Risk-Based Capital (E) Working Group and implement those that are adopted.

Additional information about this project is contained in the RFP's scope of work. The RFP is available on the NAIC’s website at www.naic.org. Responses to the RFP are due to the NAIC no later than May 1, 2020, with vendor selection expected to be made by the end of May 2020.

About the NAIC

As part of our state-based system of insurance regulation in the United States, the National Association of Insurance Commissioners (NAIC) provides expertise, data, and analysis for insurance commissioners to effectively regulate the industry and protect consumers. The U.S. standard-setting organization is governed by the chief insurance regulators from the 50 states, the District of Columbia and five U.S. territories. Through the NAIC, state insurance regulators establish standards and best practices, conduct peer reviews, and coordinate regulatory oversight. NAIC staff supports these efforts and represents the collective views of state regulators domestically and internationally. For more information, visit www.naic.org.

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