Description: Applies the economic concept of negative externality (where firms profit but create unacceptable social costs) to systemic of financial institutions. Identifies alternatives to the traditional (Pigou) response of taxing the firm.

Description: This paper summarizes default experience on bonds from 1900 through 1987. Although the information is more extensive for publicly traded bonds, the paper includes some information on private placements, some of which is not otherwise available.

Description: In this session, senior pension and insurance investment professionals will share their thoughts on current investment topics. Attendees will hear about leading edge investment ideas and practices from industry leaders.

Description: Discussion of direct primary care and how it helps with several challenges in health care today. DPC improves care coordination, improves outcomes, improves doctor and patient satisfaction, and reduces spending. DPC successes promote the view that primary care should not be covered by insurance; rather, it should be paid for directly.

Description: This paper examines some new Bayesian models for loss reserving inspired by a consideration of some of the methods and techniques appearing in the traditional chain ladder literature. This includes a possibly order restricted hierarchical Bayesian model for the year over year development factors. The issues of reserve variability and ranges of reasonable reserve estimates are considered. A new Bornhuetter-Ferguson styled Bayesian method of estimate revision is also discussed. These Bayesian models can be implemented using Markov chain Monte Carlo MCMC methods in a variety of programming languages, and can serve as starting points for more advanced models. This paper describes their implementation in WinBUGS a specialized software program for MCMC simulations. Illustrative WinBUGS code is included.

Description: This article focuses on one fundamental modeling assumption — the choice of a benchmark rate or risk-free rate. The author looks at this bond market assumption as a case study of how one needs to monitor fundamental market changes for their impact on assumptions.

Description: discussion of an insurance product which ensures the payment of an anticipated tax refund, in order to allow the taxpayer to borrow against that refund to meet liquidity needs.

Description: A discussion of the theoretically correct approach to the valuation of cross-border insurance ventures

Description: Presenter discusses issues related to alternative care, as well as SOA activity in regard to alternative care. From the Record of the Society of Actuaries, Vol. 24, No. 1.

Description: Open meeting of the Society's Health Benefit Systems Practice Advancement Committee and Health Section Council, as well as the American Academy of Actuaries' Health Practice Council. The three committees review ongoing projects in the Health Practice area. From the Record of the Society of Actuaries, Vol. 24, No. 2.