The National Association of Insurance Commissioners (NAIC) continues to move forward with its efforts to reform the generator of economic scenarios used in principle-based reserving in the United States. The analysis presented in this paper leverages a model and framework published in 2023, following the first industry field test to build upon current understanding of the proposed scenarios. In this paper, which continues the focus on potential impacts to statutory reserves and capital for variable annuities, we discuss: 

• Scenarios for the American Academy of Actuaries Interest Rate Generator and Conning’s GEMS 
• Impact analysis
• Future hedge strategy methodology