Description: The author discusses a definition of an actuary that he suggested several years earlier, noting that the public has a right to know why we think we constitute a profession, and why it should care. The author’s definition is: “that professional who is trained in evaluating the current financial implications of future contingent events.”

Description: A review of a webcast on Sarbanes-Oxley including a brief update on Sarbanes requirements, including some practical aspects of the Sarbanes “life cycle,” including living with Sarbanes beyond implementation.

Description: Essay recommending establishing a consistent and actuarially sound foundation for assessing the costs and benefits of each and every current and new Medicare or other healthcare proposal.

Description: Report on the first study conducted jointly by LIMRA International and the SOA Long Term Care Experience Committee. The study examines voluntary lapse and total termination activity in LTCI for calendar years 2000 and 2001. Overall, the results indicate that LTCI persistency has continued to improve however, the current improvement seems to be coming from the individual lines of business rather than the group lines.

Description: Presentation of proposals that are designed to further improve actuarial education by anticipating educational needs based on future change in the nature of actuarial work. The paper is divided into three sections: I. Current and Past Education of Actuaries II. Actuaries as Customers for Education and III. The Future Educational Needs of Actuaries and How These Needs Might Be Implemented. Followed by several submitted discussion papers.

Description: Updates on the efforts of the Academy’s health practice council. its work groups and task forces, to educate health care policymakers on issues including health care reform, Medicare, loss ratios, premium review, reinsurance, benefit and eligibility changes, exchanges, and risk based capital.

Description: In the Leadership & Development Section’s Leadership Inspiration Contest, entrants were asked to tell us what inspired them to be a better actuarial leader. This is Fraser Smart's entry from the “Defining Moment/Event” category.

Description: The author encourages the use of sound actuarial principles to develop reasonable retirement spending budgets instead of rule of thumb approaches commonly used.

Description: Presented at June 1996 Spring Meeting. This discusses the effect on pension plans of mergers and divestitures and looks at the importance of due diligence as part of the process. The discussion also presents the reality of actuaries on trial for negligence.