Description: 2003 Valuation Actuary Symposium, San Diego, CA. In this open forum participants' questions were addressed by experts in the field. Some of the questions: 1. How does actuarial practice develop with regard to questions about interim results and asset-adequacy analysis projections? 2. If the present value measures used in typical asset-adequacy evaluation include a favorable adequacy opinion, are there patterns of interim results that under commonly accepted actuarial practice would require additional reserves to be established? 3. What is the most extreme stochastic modeling that you have seen? How many scenarios on how large a block, on how complex a model, on how many PCs or what type of computer that ran for over how many days? 4. Is codification retroactive? Does it impact any previous reserving methodologies put in place on policies issued before codification was effective? 5. What are your individual views on whether the federal government should provide a backstop to group or individual life insurance to handle terrorism catastrophes? 6. What are your thoughts are on the move toward stochastic methods for setting reserves?

Description: 2003 Valuation Actuary Symposium, San Diego, CA. The panelists discussed issues arising from current financial trends that have had a more profound impact in restructuring our professional life than in any similar period in memory.

Description: 2003 Valuation Actuary Symposium, San Diego, CA. This session addressed the emerging practice where management is developing new ways to examine financial risks holistically in an integrated model.

Description: 2003 Valuation Actuary Symposium, San Diego, CA. This session provided an update on the current status of the actuarial guidelines on VA death and living benefits, the Academy's work on a non-formulaic, RBC standard and GAAP developments.

Description: 2003 Valuation Actuary Symposium, San Diego, CA. This session provided an overview of current statutory valuation issues pertaining to life and annuity products. Topics included: 1. Actuarial opinion and memorandum regulation amendments. 2. Progress on variable products reserving standards. 3. Regulation XXX mortality factors. 4. Adoption of the 2001 CSO. 5. Progress on the C-3 Phase II RBC project. 6. An update on annuity and life nonforfeiture.

Description: 2003 Valuation Actuary Symposium, San Diego, CA. This teaching session described current risk mitigation techniques and their impact upon valuation systems. Topics included: 1. Hedging mechanisms. 2. Policy updates. 3. Regulatory relief. 4. Anticipating evolution of GAAP measurement. 5. Product quarantine. 6. Realistic assumption changes, 7. Maximizing return and minimizing litigation.

Description: 2003 Valuation Actuary Symposium, San Diego, CA. This panel of appointed actuaries shared their perspectives and practical experiences in fulfilling the duties and responsibilities of the appointed actuary with the goal of providing a better understanding of the duties and responsibilities of the appointed actuary, supporting actuaries and staff.

Description: 2003 Valuation Actuary Symposium, San Diego, CA. This session discussed embedded value concepts. Topics included: 1. General overview of embedded value. 2. Components of embedded value. 3. Setting assumptions. 4. Practical applications.

Description: A panel of actuaries and clinical consultants at this session of the SOA 2003 Vancouver Spring Meeting provides an assessment of current and future applications of predictive modeling techniques in the health arena. A practical example of risk adjustment, discussion of the clinical use of this technique, and applications in underwriting are discussed.

Description: Panelists lead participants in a discussion of recent experiences and current issues regarding the valuation of medical and dental insurance and managed care products. Topics include ASOP 22 [asset adequacy analysis for statements of actuarial opinion] and ASOP 41 [communication]. From the Record of the Society of Actuaries, Volume 29, No. 2, Session 102

Description: This session discusses disease management [DM] and the role of health actuaries versus economists and biostatisticians. Topics discussed include economics of DM, epidemiology strategies, and operational concerns. From the Record of the Society of Actuaries, Volume 29, No. 2, Session 21pd.

Description: This session from the 2003 SOA Spring Meeting is intended to improve your understanding of the history, current status and future of Internet security and increase your awareness of encryption, viruses and solutions and countermeasures for internet security. Session 37OF

Description: This session discusses the progress of an updated individual disability table. It includes a summary of the initial results of incidence rate studies based on the contributed data. From the Record of the Society of Actuaries, Vol. 29, No. 2, Session 39

Description: Topics to be discussed include various regulator and industry benchmarks, comparative data on capital and surplus levels among health carriers, and capital allocation and modeling techniques used to assign capital to various lines of business. From Record of the SOA, Vol. 29, No. 2, Session 20

Description: Topics include rising minimum funding in the face of fixed contractual contribution rates improving the lines of communication between professional advisers, the board of trustees and the fund administrator and late-breaking developments related to multi-employer plans. From the Record of the Society of Actuaries, Volume 29, No. 2, Session 86pd.

Description: Speakers review current trends in phased and partial retirement, benefit design issues surrounding phased retirement and deferred retirement option programs DROPs. From the Record of the Society of Actuaries, Volume 29, No. 2, Session 87pd.

Description: Pricing Risk Management RMTF Reflecting Risk in Pricing Survey Risk Management While Pricing Annuity Products Pricing Risk Management Case Study: Pricing a UL Secondary Guarantee Product.

Description: This session at the SOA 2003 Washington, DC Spring Meeting examines the nuts and bolts of implementing a capital markets hedge program for offsetting the market risk embedded in variable annuity and equity-indexed annuity products..

Description: This session of the SOA 2003 Washington, DC Spring Meeting covers the basics of stochastic modeling with focus on random number and scenario generation, steps in creating models, and verification of models and assumptions.

Description: Panelists at this session of the SOA 2003 Washington, DC Spring Meeting discuss how changes in interest rates affect the assets and liabilities of a life insurance company and what a company can do to prepare. This session examines historical trends in interest rates and how companies have reacted to both sudden and gradual changes.

Description: The panel at this session of the SOA 2003 Washington, DC Spring Meeting look at the product development process with a focus on improving the success rate for new products and process improvement strategies.

Description: This session from the Washington Spring Meeting provides an update on variable annuity VA riders, including guaranteed minimum death benefits GMDBs, guaranteed minimum income benefits GMIBs, guaranteed minimum accumulation benefits GMABs and guaranteed minimum withdrawal benefits GMWBs. From the Record of the Society of Actuaries, Volume 29, No. 1, Session 21pd.

Description: Panelists at this session of the SOA 2003 Washington, DC Spring Meeting explore economic capital from the standpoint of an SOA task force including an industry survey, one company's implementation, and a regulator.

Description: This session of the SOA 2003 Washington, DC Spring Meeting discusses the emergence of the life settlement market. Panelists present an overview of the market, typical transactions, implications for life companies and longevity risk takers, and regulatory issues.

Description: This session at the SOA 2003 Washington, DC Spring Meeting addresses how to objectively measure a portfolio manager's investment performance, evaluate relevancy of market indices as performance benchmarks for insurance liabilities, and successfully benchmark performance against insurance liabilities.

Description: Panelists at this session of the SOA 2003 Washington, DC Spring Meeting give an historical perspective and discuss actual and proposed changes to the Standard Nonforfeiture Law for annuities and life insurance.

Description: This session from the 2003 Washington D.C. Spring Meeting discusses an overview of the development of the 2001 CSO Mortality Table, how the 2001 CSO affects term and whole life products, the tax issues that will arise from adopting the new table and any unresolved issues. From the Record of the Society of Actuaries, Volume 29, No. 1, Session 81PD.

Description: This session at the SOA 2003 Washington, DC Spring Meeting focuses on the issues involved in building a scenario generator. It covers the data set used to develop and calibrate the generator as well as a discussion of different approaches and their features. Implementation is addressed along with potential pitfalls.

Description: This session from the 2003 Washington D.C. Spring Meeting discusses the recent economic conditions in Europe, Asia and North America and the changes in product design and risk management that have taken place to address such financial risk. From the Record of the Society of Actuaries, Volume 29, No. 1, Session 77PD.

Description: This session from the 2003 Washington D.C. Spring Meeting discusses a variety of risks that need to be considered in pricing life and annuity products. This session also reviews the results of the Risk Management Task Force Survey including how companies were measuring profit, how they were reflecting risk in pricing, how results were analyzed and how specific risks were being modeled. From the Record of the Society of Actuaries, Volume 29, No. 1, Session 7PD.

Description: The objective of this presentation was to evaluate the different pricing techniques as to their effectiveness in capturing and quantifying the varied risks associated with the sale and administration of life insurance and annuity products. The results of a 2002 company survey about pricing were presented in support of this objective.

Description: Panelists discuss the following current GAAP issues: [1] internal replacements, [2] purchase accounting [including FAS 141 and 142], [3] emerging accounting issues, and [4] the Statement of Position from the AICPA regarding non-traditional policies and features. From the 2002 Record of Society of Actuaries, Volume 28, No. 3. Session 15OF of the Boston Annual Meeting.

Description: Panelists: [1] provide an overview of embedded value [EV] and appropriate assumptions, and a comparison with fair value [FV], [2] discuss the various stages of management usage of EV, and [3] review a company's recent actual use of EV across products and for the purpose of determining optimal product mix. From the 2002 Record of Society of Actuaries, Volume 28, No. 3. Session 91PD of the Boston Annual Meeting.

Description: Discusses the types of risks that are considered derivatives, the pricing of a derivative, how to manage derivative risks once they are on your books, and some specific examples of how companies are managing them. From the 2002 Record of Society of Actuaries, Volume 28, No. 3. Session 93PD of the Boston Annual Meeting.

Description: Panelists discuss the risks inherent in common variable and equity-indexed annuity designs, including Guaranteed Minimum Death Benefits [GMDBs]. The effects of changes in interest rates, market level, and implied and actual volatility on economic and accounting results, as well as reinsurance and various kinds of hedging, are discussed. From the 2002 Record of Society of Actuaries, Volume 28, No. 3. Session 121PD of the Boston Annual Meeting.

Description: Panelists discuss the U.S. statutory and GAAP reserving, and risk-based-capital [RBC], requirements associated with guaranteed minimum death benefits [GMDBs], guaranteed living benefits [GLBs], and enhanced-earnings riders available with variable annuity [VA] contracts. From the 2002 Record of Society of Actuaries, Volume 28, No. 3. Session 142OF of the Boston Annual Meeting.

Description: CEOs of four of the world's leading life reinsurance companies discuss their views on the directions in which the life reinsurance industry is heading. Topics include an explanation of how changes in the world are impacting reinsurers and what actions are being taken by reinsurers to deal with these changes. From the 2002 Record of Society of Actuaries, Volume 28, No. 3. Session 107I of the Boston Annual Meeting.

Description: Panelists discuss the role of an investment actuary. Focus is on the process the investment actuary uses in the job, and on working with the perspectives of the investment professionals and the product actuaries with whom the investment actuary works. From the 2002 Record of Society of Actuaries, Volume 28, No. 3. Session 5PD of the Boston Annual Meeting.

Description: Panelists discuss the contractual relationships between health-care providers and health-care insurers [payers], and how they can be improved. Discussed are managed care, HMO, and PPO types of negotiated contracts in the private arena. Recent trends in types of provider arrangements, and expectations for the future, are also discussed. From the 2002 Record of Society of Actuaries, Volume 28, No. 3. Session 97PD of the Boston Annual Meeting.

Description: Panelists discuss the challenges of managing the financial risks of guaranteed minimum death benefits [GMDBs] and guaranteed living benefits [GLBs] on variable annuity contracts. In particular, they discuss managing these risks through product design and through hedging. From the 2002 Record of Society of Actuaries, Volume 28, No. 3. Session 31PD of the Boston Annual Meeting.

Description: [Title should have been 'Communication by Actuaries WITH Investment Professionals ....'] Actuaries working with investments must communicate not only with investment professionals, but also with senior managers and board members with non-financial backgrounds. Panelists show and critique examples of communicating such information using statistics and graphs. From the 2002 Record of Society of Actuaries, Volume 28, No. 3. Session 136PD of the Boston Annual Meeting.

Description: Noted author and speaker talks about risk and the nature of risk, drawing from his extensive knowledge and experience in economics and finance. From the 2002 Record of Society of Actuaries, Volume 28, No. 3. Session 1GS of the Boston Annual Meeting.

Description: Regulators share their perspective on a variety of issues including statutory reserve related issues. From a session at the 2002 Valuation Actuary Symposium, held in Lake Buena Vista, Florida, September 19–20, 2002

Description: From a panel discussion session at the 2002 Valuation Actuary Symposium, held in Lake Buena Vista, Florida, September 19–20, 2002 Panelists discuss the embedded value process, including discount rate, uses for embedded value reporting and implementation issues. Also included a discussion of fair value accounting methodology.

Description: From a session at the 2002 Valuation Actuary Symposium, held in Lake Buena Vista, Florida, September 19–20, 2002 Session topics included model hierarchy, statistical deterministic and stochastic models, real-life situations, how to organize a model effectively, structuring the model to fit the project or report data, sources/integrity techniques documentation, and constraints and limitations on models.

Description: 2002 Valuation Actuary Symposium, Lake Buena Vista, FL. In this teaching session the instructor explained how to scrutinize model results and use models to make strategic decisions. Specific topics included validation of asset models, modeling considerations for derivatives and assets with embedded options, using models to assist with portfolio management, and using models to improve portfolio yields and realized product spreads.

Description: This presentation is a panel discussion, session number 34PD, from the 2002 Valuation Actuary Symposium, held September 19-20 in Lake Buena Vista, FL. A fundamental step in stochastic asset/liability modeling is to choose an appropriate underlying economic scenario generator. In this session, panelists discuss various scenario generation techniques and theories, assumptions underlying interest and equity scenario generators, and choosing suitable economic scenario generators for different applications, the two most common being pricing models [for assets and liabilities], and risk analysis models, used for asset/liability management, investment strategy, regulatory solvency, and capital adequacy. Discussion from participants is included.

Description: This presentation is a panel discussion, session number 3PD, from the 2002 Valuation Actuary Symposium, held September 19-20 in Lake Buena Vista, FL. The panelists, including an attorney, a rating agency representative, and a state examiner, discuss regulatory and accounting issues relating to reinsurance, focusing on statutory accounting. They discuss risk transfer and other requirements, which if not met can cause the loss of reinsurance credit, how rating agencies evaluate the quality of reinsurance, what state examiners look for when reviewing reserve credits, how to perform due diligence on reinsurers, how to structure transactions to provide maximum security, and special issues associated with international reinsurance.

Description: This presentation is a Teaching Session, number 31TS, from the 2002 Valuation Actuary Symposium, held September 19-20 in Lake Buena Vista, FL. The instructors discuss the practical aspects of implementing the draft American Institute of Certified Public Accountants [AICPA] Statement of Position [SOP] regarding nontraditional long-duration contracts. Specific items include separate account reporting, valuation of products with multiple account values, valuation of death/other insurance benefit under universal life-type contracts, and sales inducements.

Description: This presentation is a panel discussion, session number 43PD, from the 2002 Valuation Actuary Symposium, held September 19-20 in Lake Buena Vista, FL. The panelists provide an overview of the current risk-based-capital [RBC] requirements for life insurers, as well as recent and potential changes to RBC. They discuss reinsurance, including off shore solutions. Recent changes they discuss include Phase I C-3, interest-rate risk for annuities and single premium life, common stock changes, and deferred-tax recognition. The panelists also discuss the proposed stochastic modeling standard C-3 Phase II for variable annuities. Discussion from participants is included.

Description: This presentation is a panel discussion, session number 26PD, from the 2002 Valuation Actuary Symposium, held September 19-20 in Lake Buena Vista, FL. The Enron scandal is likely to result in a more transparent disclosure of balance sheet liabilities. The panelists provide a professional/legislative update and offer pragmatic tips to valuation actuaries about how to respond effectively to increased scrutiny. They discuss the Corporate Accountability Act and the increased oversight of the accounting profession that will result, and the implications for actuaries working in accounting firms. They emphasize the importance for actuaries to be aware of the higher standards of independence and the need to follow actuarial standards of practice. Discussion from participants is included.

Description: This presentation is a Teaching Session, number 30TS, from the 2002 Valuation Actuary Symposium, held September 19-20 in Lake Buena Vista, FL. The panelists discuss modeling issues for products with embedded options, such as minimum living or death benefit guarantees on variable life and annuities, and annuity death benefit enhancements. They discuss the risks posed by these features and products, selecting realistic dynamic assumptions, techniques used in modeling these features and products, stochastic analysis, and presenting results to best communicate risks clearly. Discussion from participants is included.

Description: 2002 Valuation Actuary Symposium, Lake Buena Vista, FL. In this session the speakers provided speaking advice. They discussed how to: 1. Identify relevant and appropriate content and focus it at the proper level for the particular target audience. 2. Organize the presentation in a logical fashion that shows clarity, conciseness, and an appropriate introduction, body and conclusion. 3. Deliver the material in a dynamic manner that builds and maintains interest.

Description: This presentation is a panel discussion, session number 35PD, from the 2002 Valuation Actuary Symposium, held September 19-20 in Lake Buena Vista, FL. The panelists discuss integrating the risk management function within an enterprise, where the concept involves evaluating, monitoring, controlling, and mitigating risks across the entire insurance company. Topics include quantification of risk exposures, including insurable and financial risk, nonfinancial or operational risk, and modeling risk on a company-wide basis. They discuss how a company might go about setting up a risk management process and what companies are really looking to accomplish. They also discuss the Society of Actuaries goal to make risk management a regular part of actuarial practice through development and improvement of educational materials for actuaries, and through the advancement of the actuarial profession in risk management. Discussion from participants is included.

Description: Experts discuss new strategies related to provider contracting and network management. Topics include various reimbursement approaches and risk-sharing arrangements, unique risk arrangements for certain provider specialties, unique risk managements for specific diseases, and the role of care management/care coordinators. From the 2002 Record of Society of Actuaries, Volume 28, No. 2. Session 59PD of the San Francisco Spring Meeting.

Description: This paper is concerned with the implications of demographic and labor force changes for work and retirement. It discusses the role of gradual retirement in introducing flexibility into the range of choices between work and retirement. Part I explains the rationale for gradual retirement. Part II discusses some of the major barriers and possible solutions to gradual retirement. Part III contains some concluding remarks. From the Retirement Implications of Demographic and Family Change Symposium, June 2002.

Description: This session addresses buying or selling a block of long-term disability or life waiver claims: assumptions used to value these blocks, how life waiver business differs from long-term disability business, and possible structures for a deal. From the Record of the Society of Actuaries, Volume 28, No. 2, Session 65

Description: This session discusses current short-term disability benefits, recent market trends, pricing and risk management issues. Includes a discussion on voluntary benefits, self-funding and packaging with long-term disability. From the Record of the Society of Actuaries, Volume 28, No. 2, Session 93

Description: Panelists provide: [1] a summary of legal issues and recent federal court cases regarding employee and retiree benefit plans, and [2] discussion of three research papers providing new thought and insight involving the perspective of many disciplines about the aging population and changing family structures in the U.S. and around the world. From the 2002 Record of Society of Actuaries, Volume 28, No. 2. Session 143TS of the San Francisco Spring Meeting.

Description: Panelists discuss using computer technology in the following ways: [1] computer programs [software] as communication tools, [2] using the Microsoft.NET product, and [3] ways to detect false claims. From the 2002 Record of Society of Actuaries, Volume 28, No. 2. Session 71PD of the San Francisco Spring Meeting.

Description: This discussion on long-term care [LTC] highlights secondary drivers in LTC experience in both insured and general populations. Practical applications of this new information for pricing, reserving and marketing is discussed. From the Record of the Society of Actuaries, Volume 28, No. 2, Session 42pd.

Description: Panelists discuss areas that actuaries must address as long-term-care insurance [LTCI] becomes a material portion of a company's business. These areas include IT problems, setting assumptions and reserves, surplus strain, and capital requirements. From the 2002 Record of Society of Actuaries, Volume 28, No. 2. Session 14OF of the San Francisco Spring Meeting.

Description: Attendees gain exposure to various approaches for effective surplus management for health entities. From the Record of the Society of Actuaries, Volume 28, No. 2, Session 91

Description: This session reviews the various significant risks associated with DC plans, with a particular focus on the risks that continue to be borne by plan sponsors. Attendees gain an understanding of the risks that DC plan sponsors carry and the management of such risks. From the Record of the Society of Actuaries, Volume 28, No. 2, Session 96pd.

Description: This paper discusses the reasons for the trend toward phased retirement and looks at the legal and actuarial aspects of phased retirement as they apply to a simple defined-benefit plan. It is important for US pension law to be modified to facilitate phased retirement and include safeguards to protect workers as they make these lifetime decisions. From the Retirement Implications of Demographic and Family Change Symposium, June 2002.

Description: Panel members discuss their roles in actual pension negotiations. Topics covered include neutrality versus advocacy, maintaining a long-term relationship and the role of the third actuary in a dispute. Attendees learn how actuaries deal with common conflicts and how to conduct themselves in a professional manner in a difficult advocacy environment. From the Record of the Society of Actuaries, Volume 28, No. 2, Session 46pd.

Description: This teaching session explores how variability in charges and costs can be measured so direct comparisons between institutions can be developed and how information can be used to develop reasonable reimbursement levels. Topics include creating & using outpatient hospital fee schedules, using relative value fee schedules to benchmark costs to aid in medical management and hospital tiering. From the Record of the Society of Actuaries, Volume 28, No. 2, Session 48

Description: Panelists and audience members give their views on health-insurance topics including recent large claims experience, frequency and severity components of large claims trends, pricing, reserving, and the outlook for the future. From the 2002 Record of Society of Actuaries, Volume 28, No. 2. Session 79OF of the San Francisco Spring Meeting.

Description: This teaching session provides a summary of publicly available data and information sources for health actuaries. Several of the more useful resources are reviewed in detail. From the Record of the Society of Actuaries, Volume 28, No. 2, Session 15

Description: Presented at May 2002 Spring Meeting. Discusses basic considerations and the process of an international acquisition or merger.

Description: Presented at May 2002 Spring Meeting. Discusses industry trends in agent compensation with the intent of retaining and attracting the better performing agents and aligning incentives with desired behaviors, while placing the insurer in an acceptable financial position.

Description: Panelists address current issues of critical illness products including underwriting, state filing, distribution and marketing. From the Record of the Society of Actuaries, Volume 28, No. 1, Session 33

Description: Presented at May 2002 Spring Meeting. This session covers the AICPA's proposed statement of position on accounting and reporting by insurance enterprises for certain nontraditional, long-duration contracts and for separate accounts. It requires new GAAP reserves for certain variable annuities with guaranteed minimum death benefits 'GMDBs'.

Description: Presented at May 2002 Spring Meeting. This session describes the general features of advance programs operated by various Federal Home Loan Banks, summarizes potential benefits to insurers and identifies key issues surrounding the programs.

Description: Presented at May 2002 Spring Meeting. This session covers NAIC 2001 changes to RBC requirements, the impact they have had on regulators, the rating agency reaction and proposed changes for 2002.