Description: From a session at a meeting of the Society of Actuaries held in San Diego, CA, June 22-23, 2000 A discussion of liquidity management for life insurance companies marketing institutional clients, in particular with respect to GIC contracts and Funding agreements. Topics included: · What happened at General American with their defaults on funding agreements. Why did the regulators and rating agencies miss the problems? · What was the impact of reinsurance? · What is the effect of adding institutional business such as putable funding agreements on liquidity management? · Are there prudent levels of this business that can be beneficial? · What is the effect of funding agreements with downgrade provisions on liquidity risks, and do such provisions create a preference for sophisticated institutional contract holders?

Description: The panel discussed actuarial opportunities in the 1980's and 1990's. Questions discussed included: 1. Will traditional opportunities be reduced? 2. What nontraditional opportunities are available? 3. What changes are needed in our educational process? 4. How do we make nontraditional employers aware of actuarial skills and their value? 5. What will actuarial work be like? From Record of Society of Actuaries Vol. 8, No. 3.