March 2012 | ISSUE NO. 1

Too Young for Life Insurance? The Debate Over Policies for Children

FSA Jim Miles talks to Fox Business about purchasing life insurance for children.

10 Important Ages for Retirement Planning

U.S. News & World Report quotes FSA Joe Tomlinson on retirement planning issues.

Actuary Appointed US Leader of Mercer's Health & Benefits Business

ASA Sharon Cunninghis is appointed US Health & Benefits Region Leader.

The Cost of Living Longer — Much Longer

SmartMoney quotes several actuaries discussing longer life expectancies.

Women: Don't Go Broke in Retirement

FSA Steve Vernon writes about retirement planning issues affecting women in CBS MoneyWatch.

Put Your Leadership Skills to Work — Be a Board Member

Impact the future of your profession by joining the team that sets the direction of the Society of Actuaries. If you enjoy thinking strategically and possess the leadership skills you know will contribute to the success of the organization, consider running for the Board of Directors. The Call for Nominations provides helpful information on such topics as necessary criteria, time commitment and volunteer experience. Please fill out the Expression of Interest Form which can be found under the heading "2012 Elections" on the Elections Web page. Contact Sheree Baker, director of Governance, at sbaker@soa.org with questions.

On the SOA Blog

Check out the latest entries: Latest national healthcare expenditures, Risk management links for the month of February, Connect with your colleagues through the online directory, SOA seeks nominees for 2012-13 Board of Directors, and Have provider networks and network discounts outlived their value?

Make Your Move — Become a Section Leader

The 2012 election of new Section Council members is approaching. Now is your opportunity to move from section member to a section leadership position. Each year, one-third of the council is replaced with new volunteers — people like you — who plan and execute the activities of each section in line with its mission. Council members typically serve three-year terms. Read about the roles and responsibilities or contact a current member of your council for more information. If you are interested in becoming a candidate for election, please fill out the Expression of Interest Form. Contact Sue Martz, smartz@soa.org, with questions.

Call for Essays Evaluating Funding Methods for Public Sector Pension Plans

The Society of Actuaries invites actuaries and other members of the public interested in the funding of public sector pension plans to submit entries in its call for essays, "Good, Better, Best: The Basics of Funding Public Sector Pension Plans." In this call for essays, we consider four key elements that are critical to development of funding policy: 1) actuarial valuation method, 2) asset smoothing method, 3) method for recognizing (amortizing) changes in obligations or assets: gains and losses, plan changes and assumption changes, and 4) key assumptions, specifically, the discount rate and the mortality table (and improvement scale). Essays should be submitted by Friday, March 30, 2012.

ERM for Small Companies Webcast — March 13

This webcast will provide insight into the observations and expectations of a rating agency and a risk-based regulator. Three companies will share advice on ways to extract value from an ERM program. Topics include how to set up an appropriate risk framework, policy setting and reporting. Participants will come away with insight into some of the practical challenges and benefits that others have experienced. Registration closes soon. .

Register Before It's Too Late: 2012 Investment Symposium — March 26-27

Registration for the 2012 Investment Symposium closes March 23. This two-day event, sponsored by the SOA with support from PRMIA, features four concurrent tracks, along with four general sessions of diverse topics including, debate of retirement investment practices, Euro Zone impact on U.S. and global economics, the integration of risk management and investment management and a chief investment officer roundtable.

Find Out About New Advancements in Financial Market Risk Modeling — March 28

The Modeling of Financial Market Risks for Financial Institutions seminar, sponsored by the SOA and Barrie & Hibbert, is full of practical information designed to bring you up-to-speed on modeling options, their practical implementation, issues and solutions. Occurring after the Investment Symposium, attend this seminar and learn to identify and use the correct model at the right time, as well as hear how industry leaders leverage benefits from cutting-edge modeling methodologies. Register today.

Learn How Other Risk Professionals Use ERM: 2012 ERM Symposium — April 18-20

Now in its 10th year, the premier global ERM conference is five general sessions and more than 25 concurrent sessions of leading risk management expertise. This year's lunch keynote speaker, Henry T.C. Hu, the Allan Shivers chair in the Law of Banking and Finance at the University of Texas Law School, is the inaugural director of the SEC's Division of Risk, Strategy, and Financial Innovation.

Attend the Life and Product Development Event of the Year — May 21-22

Register today for the Life and Annuity Symposium, and one of two seminars, Predictive Analytics for Life Insurance conference or the World of Mortality Issues and Insight conference. Held in Los Angeles, these events offer an array of sessions covering risk, financial models, predictive analytics, mortality professionalism and much more. Don't miss these information packed events. Watch video of past symposium attendees and reach your target audience faster by taking advantage of the many sponsorship opportunities available.

Predictive Modeling Survey Report Released!

The Predictive Modeling Survey Subcommittee of the Society's Committee on Life Insurance Mortality & Underwriting Surveys has completed its report on the results of a survey that gathered information on behalf of the life insurance industry about the degree of the use of predictive modeling and the tools and methods used by life insurance companies to optimize results. Questions? Contact Jack Luff, SOA Experience Studies Actuary, at jluff@soa.org or 847.706.3571.

Operational Risk Report Now Posted Online

The CAS/CIA/SOA Joint Risk Management Section is pleased to make available a research report examining the characteristics of insurer's operational risk in the context of current understanding and application.

Deadlines Extended: Insurance Regulatory Structures RFP

The SOA's Committee on Finance Research is seeking researchers for a project that compares the insurance regulatory structures of the European Union with those of the U.S. and the potential effects of these structures on product development and risk management. Proposals due March 15.

Abstracts Due March 30 for Papers on Behavioral Economics

Abstracts are due March 30 for the SOA's Call for Papers on the application of behavioral economics to life and health insurance policyholder and annuitant behavior.

Listing of Deceased Members

Visit the SOA website for a listing of the names of deceased members and information on how to submit an obituary. The SOA extends its condolences to the families and friends of William C. Cutlip, FSA 1973; Harold Hauser, FSA 1957; and Catherine A. Wagner, ASA 1994.

Final Call for Nominations for Kent Award and Hanson Prize

The Actuarial Foundation is accepting nominations through March 15 for two of its most distinguished honors. The Wynn Kent Public Communication Award recognizes an actuary who has increased public awareness of the value of actuarial science to society. The John Hanson Memorial Prize awards an actuary for the best paper on an employee benefits topic. Visit the Foundation website to view eligibility requirements and submit your nominations.

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