Description: From a session at the 2000 Valuation Actuary Symposium held in Washington DC, September 14-15, 2000 In this session, panelists discussed how they have leveraged cash-flow testing to: • Influence investment decisions • Analyze risks • Expand Cash flow testing models to meet management requirements • Provide relevant information to regulators and rating agencies Panelists discussed the enhancements required to meet these needs and provide guidance on communication of results to a nontechnical audience.

Description: From a session at the 2000 Valuation Actuary Symposium held in Washington DC, September 14-15, 2000 In this session the panelists discussed the issues related to the actuarial aspects associated with the demutualization process. The issues discussed included: • Developing historical and prospective assumptions • Aligning the models used in the company’s philosophy regarding dividend determination and pricing • Creating experience assumptions when less-than-perfect data exist • Determining who gets what • Complying with actuarial and accounting standards

Description: “It’s interesting to note that, given the past year’s reversal of fortunes in the stock markets, all the media rap about heated inquiries around back-dating options has stopped.”

Description: Charts 1-5 to be attached to the 2000 Valuation Actuary session on demutualization issues.

Description: The purpose of this paper is to set forth a mathematical technique which in the author's experience has proved useful in testing the tax implications of various management actions.