Description: Presented at May 1985 Spring Meeting. This session discussed: How investment policy should be developed, Role of the actuary and the investment officer, Role of the pricing actuary and the valuation actuary, Liquidity considerations, Tax considerations, Capital loss constraints, Process for changing strategy as the economy and company circumstances change.

Description: Panelists who have been a part of integrated actuarial and investment functions at their companies discuss initial concerns from each side, the need for initial and ongoing coordination, the effect of company philosophies on the resulting combination, and realized and potential results and pitfalls. This session was held only days after the October 1987 stock-market crash. From the 1987 Record of Society of Actuaries, Vol. 13, No. 4B.