Description: By rationing health care resources, managed care organizations have raised ethical and legal issues not commonly found under previous financing structures. This session 95PD of the Palm Desert Spring Meeting addresses these issues. From the Record of the Society of Actuaries, Vol. 23, No. 1.

Description: The approach of the year 2000 creates a millennial fascination which causes man to ponder his past, to assess his present, and to peer into his future. This study of the actuarial profession looks upon those design-steering aspects which can lead to a greater future. Although this work adopts the standpoint of a life company actuary, it views the entirety of the profession. All actuaries are bound up in essentially the same future. This study may have special interest to a young person contemplating the actuarial profession as a career. Consequently, an effort is made to consider the subject over the projected career of such a person- roughly to the year 2020. From Transactions of Society of Actuaries 1974, Vol. 26, Pt.1, No. 76.

Description: Panel discussion, by a physician and an actuary, about the historical forces behind various trends in organ transplant experience data.

Description: From a session at a meeting of the Society of Actuaries held in Las Vegas, NV May 22-24, 2000 Discussion of expert witness testimony, the process involved in preparing expert witness reports, and the pitfalls.Also discussion of the differences between the role of expert witness versus a consultant to a lawyer. The proposed Actuarial Standard of Practice on expert witness work is also incorporated. Learn from two skilled professionals about the reason for expert witness testimony, the process involved in preparing expert witness reports, and the joys and pitfalls encountered.

Description: This 1977 session presented dramatic scenarios of situations related to professional conduct. The audience was asked to react to the situations and provide their thoughts on the appropriateness of the situations. From the 1977 Record, Vol. 3, No. 4.

Description: Presented at June 1985 Spring Meeting. Discusses 3 current concerns of the UK's Institute Of Actuaries and the Society Of Actuaries: education and travel time, the pension/retirement system, professional conduct.

Description: This panel discussion, presented at the SOA's May 1976 Meeting in Houston, covered issues related to professional conduct and independence of the actuary. From the 1976 Record of Society of Actuaries, Volume 2, No. 2.

Description: This panel discussion, presented at a 1976 SOA Meeting, covered issues related to professional conduct and independence of the actuary. From the 1976 Record of Society of Actuaries, Volume 2, No. 3.

Description: Insurance companies utilize derivatives in a variety of ways to manage and mitigate risks that are inherent in their investment or liability portfolios. They can be characterized by three main features: medium long-term duration; large volumes; and significant market risk exposure. Given the persistent low interest rate environment across the curve since the 2008 financial crisis, large companies need to hedge their liabilities, as illustrated by the significant recent increase from $786 billion as of fiscal year 2010 to $1,885 billion as of FY 2014 by insurance companies.As the Variable Annuities (VA) guarantees embedded within those liabilities hold a strong convex risk profile with respect to the underlying stock, VA carriers need to buy some convex hedge assets such as options to match the liability risk profile to improve hedge effectiveness, implying the growing cost of hedging. Such market impact of the quantity on the cost of hedging is further magnified in the recent period with the short-lived, but sharp transitions from low volatility to high volatility, when market volatility suddenly increases, even when there were no well-known fundamental catalysts. This partially stems from the growing managed volatility funds embedded within VA ($bn 400).VA carriers willing to trade a large quantity of options will see such market impact as an important dilemma, as the cost of placing one large order to close position will be far greater than the sum of infinitely small orders differed in time. In that context, managing market impact requires introducing an explicit market impact function, the influence of which the agent will try to minimize. The effect on hedge asset prices significantly depends on whether there is or not significant delta hedging activity. In case of no significant delta hedging activity, the risk appetite has a significant influence on the optimal execution strategy. If there is significant delta hedging activity, the optimal trading involve

Description: 1993 SOA Annual Meeting, New York. This session covered case studies that presented discussion items in the area of professional ethics as related to pensions.