The Society of Actuaries - International Actuarial Association
Transcription
The Society of Actuaries - International Actuarial Association
10. Table of Contents of Actuarial Journals / Table des matières des revues actuarielles (disponible en anglais seulement) UNITED STATES SOCIETY OF ACTUARIES RECENT PUBLICATIONS Life Insurance Products and Finance Charting a Clear Course By David B. Atkinson, FSA and James W. Dallas, FSA The authors examine the fundamentals of life insurance in clear English suitable for actuaries and non-actuarial audiences. Using this text, a student new to life insurance could, with minimal professional guidance, begin making meaningful contributions to his company. For ease of study, there are end-of-chapter questions. The text contains an extensive glossary. ISBN 0-938959-67-0 $85.00 The First 50 Years: Society of Actuaries 1949–1999 By Richard Greb This book tells how actuaries, as members of a very small and little-understood profession, banded together to probe, analyze, discuss, debate and then agree to launch initiatives that would bring the Society of Actuaries to the point it is today – the largest actuarial organization in the world. Through the timeline of events of the past 50 years, the book demonstrates how actuaries, as individuals, dedicated themselves to the public good – to help their companies fulfill the promises made through insurance policies, retirement plans, Social Security and other social programs, employee benefits, investments -- all the financial security programs that touch every person’s life. Along the way, the profession – as a group and as individuals – defined and redefined “what is an actuary?” with intelligence and good humor, as the workplace and the world shifted and changed the environment in which actuaries practiced. More than a history book or even a reference book on the development of the Society of Actuaries, The First 50 Years brings to life many of the events that influenced financial security around the world. With many photographs and historically notable documents, the book drew from the archives of the Society of Actuaries research library and from members and their companies. Most important, through the 26 past presidents and other leaders interviewed for the book, it drew from the recollections of the people who were there when SOA history was being made. 01-53-0401 ($75.00) IAA Bulletin AAI Nº 33 IV-2001 1 10. Table of Contents of Actuarial Journals / Table des matières des revues actuarielles (disponible en anglais seulement) Financial Economics Edited by Harry H. Panjer The Actuarial Foundation is pleased to present this textbook on financial economics, the result of a partnership with Lincoln National Corp. and a 10-member team of distinguished authors. The Foundation is confident that this book will support the work of actuaries into the next millennium. This book covers many aspects of actuarial economics in the context of discrete time, with a bridge to continuous time. It is aimed at actuaries, financial engineers, and others with comparable technical skills, and it focuses on a broad range of applications. Recognizing the interrelationship of all financial services and products, the authors provide applications in insurance and pensions in addition to the usual bond, stock, and options applications appearing in most books in this field. The authors have combined to produce a book that balances the need for a reasonably formal treatment of key concepts in financial economics with the desire to discuss applications of the concepts to financial management. The book can be the basis of a two-semester university course for students with little background in finance. Most of the key ideas in the book are introduced in the first two chapters at a nontechnical level. Subsequent chapters give expanded, more formal treatment of the topics. A technical appendix allows the reader to pick up any missing background. ($95.00) Financial Reporting Section Monograph Edited by Shirely Shao and S. Michael McLaughlin The Life Insurance Company Financial Reporting Section was formed in 1989. It was among the first of the special interest sections created by the Society of Actuaries to address the specific needs and interests of actuaries involved in financial reporting activities. The Society commemorates its 50th anniversary in 1999, coincident with the Section’s tenth anniversary. The Section has compiled this monograph to commemorate the occasion. Many articles were selected from the Financial Reporter Newsletter, and certain papers were selected from the Transactions of the Society of Actuaries or the North American Actuarial Journal. The articles and papers were selected because they reflect the interests of members of the Section and have demonstrated their value as references over a period of time. SOA Monograph M-AS99-1 ($20.00) Product Development Section Monograph Edited by Deborah K. Sloan and Larry N. Stern This year, as we celebrate the 50th anniversary of the Society of Actuaries, we reflect on the changes in the field of product development. Change continues to occur at an accelerating pace. Products that once had a lifetime of many years now become outdated within a few years. The IAA Bulletin AAI Nº 33 IV-2001 2 10. Table of Contents of Actuarial Journals / Table des matières des revues actuarielles (disponible en anglais seulement) process of developing products has become more and more sophisticated using the new technology. In looking back, the Product Development Section Council has selected a number of articles that reflect the forces of change in product development work. We feel these are but a sampling of the many contributions our members have made toward the development of our profession. Although some industry insiders say that all the significant product innovation have already been thought of and developed, and the future pace of product development will slow, we believe significant levels of product development will continue to occur, as demonstrated by the growth of alternative investment products and the changing demographics of our consumer during the past decade. SOA Monograph M-AS99-3 ($20.00) Investment Section Monograph Edited by Joseph H. Tan, and David X. Li The purpose of the Investment Section is to encourage and facilitate the professional development of its members through activities such as meetings, seminars, research studies, and publication of literature pertaining to the investment of insurance company and pension fund assets and of other institutional funds, the management and measurement of those assets in relation to the liabilities of these entities, and any other subjects relating to investments as may seem pertinent, advantageous, and beneficial to the members of the Section. As the Society of Actuaries celebrates its 50th anniversary the Section wishes to take a look back at the literature it has published. This monograph is a collection of the Sections most significant writings. SOA Monograph M-AS99-2 ($20.00) UPCOMING PUBLICATIONS Why Men Die Younger: Causes of Mortality Differences by Sex By Barbara Blatt Kalben The causes of higher mortality for males than females are mysterious, but a new monograph from the Society of Actuaries presents research indicating both biological and behavioral causes. “Why Men Die Younger: Causes of Mortality Differences by Sex,” by Seattle actuary Barbara Blatt Kalben, is an exhaustive review of centuries of medical and demographic studies including statistical data going back to pre-history. It will be available from the Society of Actuaries in the summer of 2001. The monograph presents evidence suggesting the sex chromosomes and hormones, such as testosterone and estrogen, tend to increase longevity for females and decrease it for males. Risk taking behavior, especially cigarette smoking, also contributes to males dying at younger ages. IAA Bulletin AAI Nº 33 IV-2001 3 10. Table of Contents of Actuarial Journals / Table des matières des revues actuarielles (disponible en anglais seulement) “Many have concluded that the male is the weaker or frailer of the sexes,” Kalben says in what may be the most comprehensive study to date on the differences in mortality between males and females. Males have greater mortality at every age, even before birth. This is true regardless of race, nationality, profession, or income level, and in virtually every country. Evidence of greater male mortality exists since at least the 14th century. NORTH AMERICAN ACTUARIAL JOURNAL Table of Contents, October 2000 through April 2001 North American Actuarial Journal Volume 4, Number 4, October 2000 Table of Contents Feature Articles Bridging the Gap Between ROE and IRR Robert W. Beal 1 Robust and Efficient Estimation of the Tail Index of Single-Parameter Pareto Distribution Vytaras Brazauskas and Robert Serfling 12 Including Homemakers in Social Security Robert L. Brown, Robin Damm, and Ishmael Sharara 28 Financial and Demographic Risks of a Portfolio of Life Insurance Policies with Stochastic Interest Rates: Evaluation Methods and Applications Maria Giuseppina Bruno, Emanuela Camerini, and Alvaro Tomassetti 44 Catastrophe Risk Bonds Samuel H. Cox and Hal W. Pedersen 56 Why Men Die Younger: Causes of Mortality Differences by Sex Barbara Blatt Kalben 83 Self-Annuitization and Ruin in Retirement Moshe Arye Milevsky and Chris Robinson 112 Use of a Markov Model to Estimate Long-Term Insured Lives’ Mortality Risk Associated with BRCA1 and BRCA2 Gene Mutations Robert J. Pokorski and Ulrike Ohlmer 130 Valuing Equity-Indexed Annuities Serena Tiong 149 IAA Bulletin AAI Nº 33 IV-2001 4 10. Table of Contents of Actuarial Journals / Table des matières des revues actuarielles (disponible en anglais seulement) North American Actuarial Journal Volume 5, Number 1, January 2001 Table of Contents SPECIAL ISSUE: RETIREMENT 2000: A MULTI-DISCIPLINARY SYMPOSIUM Preface Setting the Stage: An Overview of Retirement 2000 Issues Anna M. Rappaport Feature Articles Impacts on Economic Security Programs of Rapidly Shifting Demographics Robert L. Brown 1 12 Impact of Replacing a Defined Benefit Pension with a Define Contribution or a Cash Balance Plan Robert L. Clark and Fred W. Munzenmaier 32 Optimal Annuitization Policies: Analysis of the Options Moshe Arye Milevsky 57 401(k) Investment Decisions and Social Security Reform Cori E. Uccello 70 A Behavioral Model for Predicting Employee Contributions to 401(k) Plans: Preliminary Results Jack L. VanDerhei and Craig Copeland 80 Abridged Papers Making Federal Pension Policy Work Jonathan Barry Forman 95 Balancing Retirement Security with the Needs 104 of Frail Parents: Caregiving, Financial Transfers, and Work by Women at Midlife Richard W. Johnson and Anthony T. Lo Sasso Financing Gaps of Public Pension Schemes and Market Potential or the Private Retirement Market Thomas Trauth 109 Summaries of Papers Analysis of the Profiles of Mexican Companies with Respect 114 to Granting a Retirement Pension Plan Rosa MA. Farell Campa, Juan C. Padilla Aguilar, Jose Garcia Nuñez, and Mario Arriaga Parra IAA Bulletin AAI Nº 33 IV-2001 5 10. Table of Contents of Actuarial Journals / Table des matières des revues actuarielles (disponible en anglais seulement) Baby Boom to Baby Bust: Flexible Work Options for Older Workers Dennis R. Coleman 116 Retirement Pensions in Mexico: A Challenge for the 21st Century Roberto Ham-Chande and José Luis Salas-Lizaur 118 Trends in Social Security and Pension Policy—Implications for Women Catherine Hill, Lois Shaw, and Heidi Hartmann 119 The Evolution of Retirement: Results of the 1999 Retirement Confidence Survey Pamela Ostuw, Bill Pierron and Paul Yakobowski 121 Can the Stocks-for-Retirement Cycle Work? Thornton Parker 123 Retirement Trends and Patterns Among Older American Workers Joseph F. Quinn 125 Marketing Compulsory Pension Plans as a Service: Experience from Mexico Tapen Sinha and Rebecca Benedict 127 Public Versus Private Provision of Pensions Larry Wilmore 129 The 1999 Small Employer Retirement Survey: Building a Better Mousetrap is Not Enough Paul Yakoboski, Pamela Ostuw, and Bill Pierron 131 Discussions from the Symposium Discussion of the Papers by Thornton Parker; Roberto Ham-Chande and José Luis Sala-Lizaur; and Larry Wilmore Joseph Applebaum 113 Discussion of the Papers by Jack VanDerhei and Craig Copeland; Rosa Farell Campa et al.; and Paul Yakoboski, Pamela Ostuw, and Bill Pierron Sharon Canner 135 Discussion of the Paper by Catherine Hill, Lois B. Shaw, and Heidi Hartmann Ron Gebhardtsbauer 137 Discussion of the Papers by Robert L. Brown and Thomas Trauth Sylvester J. Schieber 141 IAA Bulletin AAI Nº 33 IV-2001 6 10. Table of Contents of Actuarial Journals / Table des matières des revues actuarielles (disponible en anglais seulement) Departments Discussions of Papers Already Published 144 “Social Security—Adequacy, Equity, and Progressiveness: A Review of Criteria Based on Experience in Canada and the United States” Discussion by Martin Lunnon and Aidan Smith “Hedging and Reserving for Single-Premium Segregated Fund Contract” Discussion by Martin le Roux “Measuring Foreign Exchange Risk in Insurance Transactions” Discussion by Hangsuck Lee “Calculating Funding Premiums for Universal Life Insurance” Discussion by Dennis Radliff “Pricing Dynamic Investment Fund Protection” Discussion by Ya-Chun Huang and Elias S. W. Shiu “Excess Mortality in Asia Associated with Cigarette Smoking” Discussion by Beda Chan Upcoming Conferences Fifth Insurance: Mathematics and Economics Conference 159 36th Actuarial Research Conference North American Actuarial Journal Volume 5, Number 2, April 2001 Table of Contents Feature Articles A Macro-economic Indicator of Age at Retirement Robert L. Brown, Robin Damm, and Ishmael Sharara 1 Dynamic Financial Models of Life Insurers Mark J. Browne, James M. Carson, and Robert E. Hoyt 11 Analysis of Incremental Returns of Canadian Mutual Funds J. F. Carrière and C. F. Hill 27 A Regime-Switching Model of Long-Term Stock Returns Mary R. Hardy 41 IAA Bulletin AAI Nº 33 IV-2001 7 10. Table of Contents of Actuarial Journals / Table des matières des revues actuarielles (disponible en anglais seulement) Genetics, Alzheimer’s Disease, and Long-Term Care Insurance Angus Macdonald and Delme Pritchard 54 Hedging Equity-Linked Life Insurance Contracts Thomas Møller 79 Actuarial Modeling With MCMC and BUGS David P. M. Scollnik 96 Multivariate Analysis of Pension Plan Mortality Data 126 Charles Vinsonhaler, Nalini Ravishanker, Jeyaraj Vadiveloo, and Guy Rasoanaivo Departments Discussions of Papers Already Published 139 “Including Homemakers in Social Security” Discussion by Bernard Dussault “Including Homemakers in Social Security” Discussion by Caterina Lindman “Who Says Financial Services Integration Is in Consumers’ Best Interests” Discussion by Daniel E. Kahan THE ACTUARY Tables of Contents — October 2000 through April 2001 The Actuary, Volume 34, Number 8, October 2000 Table of Contents Editorial: Professionalism—what is it, who has it? Godfrey Perrott 2 Election—behind the scenes Anna Rappaport and Lois Chinnock 4 ABCD helps actuaries do the right thing Frank Irish 5 Cash balance pension plans revisited Alan J. Stonewall 6 Teaching actuaries in Romania Albert E. Easton 8 IAA Bulletin AAI Nº 33 IV-2001 8 10. Table of Contents of Actuarial Journals / Table des matières des revues actuarielles (disponible en anglais seulement) AFIR meets in Norway Gary Venter 9 Mortality by marital status Robert J. Johansen 10 Research Corner 13 Dear Editor 15 Puzzle 16 The Actuary, Volume 34, Number 9, November 2000 Table of Contents Editorial: Mexico embarks on a new cultural—and actuarial—age Charles McLeod 2 Life insurance products Humberto Muñoz, Jim Toole 4 Social security Tapen Sinha 6 Actuarial education system Oliva Sánchez García 8 Two actuarial worlds Fernando Troncoso 10 Actuarial organizations Norm Crowder 12 2002 International meeting 12 Academic relations White Paper feedback 13 Actuarial case study series 13 Board nominations due 14 Puzzle 16 IAA Bulletin AAI Nº 33 IV-2001 9 10. Table of Contents of Actuarial Journals / Table des matières des revues actuarielles (disponible en anglais seulement) The Actuary, Volume 34, Number 10, December 2000 Table of Contents Presidential address: What was and what will be 4 Annual treasurer’s report 6 Annual meeting 8 Year in review—1999-2000: Moving the ball forward 10 Spring meetings 2000 14 Actuarial Foundation 15 The Actuary, Volume 35, Number 1, January 2001 Table of Contents Actuaries discuss reasons for growth of offshore operations Donna Steigerwald 1 Editorial: On bugs, butterflies, and betterment Jay A. Novik 2 Opinion: Risks of professional arrogance Robert D. Shapiro 6 Actuarial exam exemptions Robert L. Brown 8 New Task Force on Elections 10 Redington Prize nominations 10 Book review: The Universal History of Numbers Gordon Leavitt 12 Dear Editor 14 Puzzle 16 IAA Bulletin AAI Nº 33 IV-2001 10 10. Table of Contents of Actuarial Journals / Table des matières des revues actuarielles (disponible en anglais seulement) The Actuary, Volume 35, Number 2, February 2001 Table of Contents Long-term-care insurance pricing methods mature Bruce Stahl 1 Editorial: Looking back ...and ahead Craig S. Kalman 2 How actuaries can help with problems of sustainability and the environment Michelle D. Smith 4 Actuaries advise government on Australia’s retirement income system Dr. David Knox and Anna M. Rappaport 6 Actuarial Research Conference 7 Social Security book 7 Puzzle results 8 In Memoriam 8 The Actuary, Volume 35, Number 3, March 2001 Table of Contents Editorial: Finding your path through the career maze Anna M Rappaport 2 Panel discussions—recruiters’ outlook, unusual career paths Linda Heacox 1 Actuarial employment in 2001 Anna M. Rappaport 4 The SOA: supporting your career Anna M. Rappaport 8 Perspective on the actuarial profession Jeff Allen 12 International meeting 16 Elections Task Force 18 New staff members 19 IAA Bulletin AAI Nº 33 IV-2001 11 10. Table of Contents of Actuarial Journals / Table des matières des revues actuarielles (disponible en anglais seulement) Puzzle 20 The Actuary, Volume 35, Number 4, April 2001 Table of Contents Editorial—Financial convergence: fact or fiction? Godfrey Perrott 2 Convergence of financial organizations Rich Murphy and Rod Rohda 1 Players in a changing financial services industry Patricia L. Guinn 4 Why fair value? Catherine Shires 6 SOA gives actuaries ways to address risks of elderly Neil Parmenter and Judy Anderson 8 President’s agenda and SOA strategic plan 10 Research corner 14 Principles for revised education system 15 Puzzle 16 SECTION NEWSLETTERS A Special Interest Section is a group of Society members organized to study and discuss their common function and professional interests and to contribute information to the actuarial profession. Sections are successful because their members get involved. They are structured but flexible so as to be responsive both to the needs of the profession and to the specific needs of their members. Society members can discuss their special interests at the Section level with other members and still be served professionally through the Society structure. Sections publish newsletters and special reports, plan Society meetings and seminars, hold breakfasts and luncheons with guest speakers at Society meetings and support actuarial research efforts. Section members are eligible to vote in Council elections and to hold office in the Section to which they belong. People in the actuarial profession and related fields in the United States, Canada, and other countries who are not members of the Society of Actuaries have the opportunity to take advantage of these special interest groups. Nonmembers can subscribe to one or more special interest Sections in order to receive their mailings and to be invited to participate in seminars and IAA Bulletin AAI Nº 33 IV-2001 12 10. Table of Contents of Actuarial Journals / Table des matières des revues actuarielles (disponible en anglais seulement) other Section-sponsored programs. It is a good opportunity to keep abreast of actuarial advancements and activities in North America. Section Actuary of the Future Section Computer Science Section Education & Research Section Futurism Section Health Section Individual Life Insurance and Annuity Product Development Section International Section Investment Section Life Insurance Company Financial Reporting Section Long Term Care Insurance Section Management & Personal Development Nontraditional Marketing Section Pension Section Reinsurance Section Smaller Insurance Company Section Dues $ $10.00 10.00 15.00 15.00 20.00 Subscription $ $10.00 NA 15.00 15.00 20.00 15.00 20.00 15.00 10.00 20.00 15.00 15.00 25.00 10.00 10.00 20.00 20.00 15.00 15.00 20.00 15.00 15.00 25.00 15.00 10.00 TABLES OF CONTENTS FROM RECENT SECTION NEWSLETTERS Actuary of the Future Section The Actuary of the Future, Issue No.11, May 2001 Editor’s Voice Judi Naanep 1 Trends in Actuarial Employment 1 Aimee Kaye Chairperson’s Corner Ayleene G. Hartman 3 Preview of Spring Sessions Kristine M. Henderson 8 Preview of Annual Meeting Sessions Robert G. Utter 8 Photo from the Actuary of the Future Section Council 9 Actuary of the Future Record Sessions on SOA Web site IAA Bulletin AAI Nº 33 IV-2001 10 13 10. Table of Contents of Actuarial Journals / Table des matières des revues actuarielles (disponible en anglais seulement) Council Elections 11 2001 Meeting Editors Wanted 12 World Future Society Annual Meeting Robert G. Utter 12 Education and Research Section Expanding Horizons, January 2001, Issue #23 (available only online at www.soa.org) Election Results Getting Education at the Annual Meeting Pat Pruitt A Few Words From the Incoming Chair Pat Pruitt Letters to the Editor Recommended Computer Science Curriculum Mark Evans Researching Retirement at the Annual Meeting Pat Pruitt Spring Meeting Sessions for 2001 Pat Pruitt Summary of Minutes for Conference Call Meeting October 12 and September 1, 2001 Fond Memories: A View From the Outgoing Chair L. M. Christiansen Financial Reporting Section Financial Reporter, Issue No.45, March 2001 Letter from the Editor Thomas Nace 1 Stochastic DAC Unlocking for Variable Annuity Products Alastair Longley-Cook, Dick Shaw, Mike Sherrill, and Jay Vadieveloo 1 IAA Bulletin AAI Nº 33 IV-2001 14 10. Table of Contents of Actuarial Journals / Table des matières des revues actuarielles (disponible en anglais seulement) Chairperson’s Corner Mike Eckman 7 Highlights of the December 2000 NAIC Life and Health Actuarial Task Force Meeting and Other Topics Raymond T. (Ted) Schlude 8 Universal Life, No-Lapse, and the Law vs. Free Markets David J. Hippen 14 To Admit or Not to Admit -- Is That the Question? Kenneth W. Faig Jr 18 Notice to all New York Actuaries 21 Survey of Section Members Provides Input on Newsletter -Method of Distribution Tops List of Comments Thomas Nace 22 A Summary of the UVS Project Dave Sandberg 24 Treasurer’s Report 26 Spring Meeting Preview 27 Volunteers Wanted 28 Futurism Section Actuarial Futures, Issue No.22, October 2000 Futurism Section Sessions at the Spring Meetings in Las Vegas and San Diego Paul D. Laporte 1 Chairperson’s Corner Robert G. Utter 1 From the Editor Failed Predictions and the Paperless Society Albert E. Easton 3 October 16-18, 2000 Futurism-Sponsored Sessions at the SOA Annual Meeting 6 The Use of Futurism in Actuarial Modeling 7 IAA Bulletin AAI Nº 33 IV-2001 15 10. Table of Contents of Actuarial Journals / Table des matières des revues actuarielles (disponible en anglais seulement) Health Section Health Section News, April 2001, Issue Number 40 Chairperson’s Corner Leigh Wachenheim 1 Health Insurance Fraud Joe Campbell 1 Letter from the Editor Jeffrey D. Miller 2 Actuarial and Underwriting Implications of the Final Health Privacy Rule Rowen B. Bell 5 Accident and Health Working Group of the Life and Health Actuarial Task Force Meeting Summary11 11 The Art & Science of Pricing Small Group Medical Coverage William R. Lane 12 The Actuary and Health Insurance Mergers and Acquisitions James T. O’Connor 16 Critical Illness Primer, Part Two: An Overview of Foreign Critical Illness Claims Experience Johan L. Lotter 22 Erratum to the December 2000 Health Section News 26 Estimating IBNR from Authorized Bed Days Kevin L. Pedlow 27 International Section International Section News, Issue No.24, February 2001 Chairperson’s Corner Jim Toole 1 Hoy Es Miercoles Michael M. Braunstein 1 Editor’s Note Randy Makin 2 IAA Bulletin AAI Nº 33 IV-2001 16 10. Table of Contents of Actuarial Journals / Table des matières des revues actuarielles (disponible en anglais seulement) Ambassador Program Update - Year 2000 in Review Hans J. Wagner 6 Coming in April 2001! International Start-Up Workshop 7 Actuarial Conference in Buenos Aires Jorge M. Noronha 8 Actuarial Profession Takes Further Steps Forward in China David Alexander 10 The Journey to Asia Norm Crowder 12 Pension Funds in Indonesia Jeffrey P. Newnam 13 SOA Ambassador Update - Winter 2000 Martha Sikaras 14 HR and the Global Paradigm Lisbeth Claus 16 Exam Fee Discounts for Qualified Candidates 20 IAA Meeting Summary Sam Gutterman 20 International Section Breakfast - October 18, 2000 21 Invitation to the 2001 East Asian Actuarial Conference in Hong Kong Michael Ross 21 International Section - Projected Financials for 2001 22 20th Pacific Insurance Conference, September 16-20, 2001, Canada 23 ICA Cancun 2002 24 Investment Section The Bullet GIC as an Example David F. Babbel, Jeremy Gold, and Craig Merrill 1 Beyond the Bullet GIC Stephen J. Strommen 1 IAA Bulletin AAI Nº 33 IV-2001 17 10. Table of Contents of Actuarial Journals / Table des matières des revues actuarielles (disponible en anglais seulement) Editor’s Column Tony Dardis 2 Chairperson’s Corner Peter D. Tilley 3 Liberty Rings in 1st Annual Investment Actuary Symposium Max J. Rudolph 10 Redington Prize Nominations Due May 31, 2001 11 Investment Actuary Symposium Investment Strategy Development for a Life Insurance Company David N. Ingram 12 Fair Valuation of Liabilities: Theoretical Considerations Luke N. Girard 14 Risk-Neutral Pricing for Insurance Contracts Stephen Britt 16 Modeling Credit Risks Marc N. Altschull 18 The Investment Actuary in the U.K. Peter D. Jones 21 Modeling Assumptions Catherine E. Ehrlich 24 The Cost of Capital Assumption in Actuarial Appraisals: An Application of Fair Value of Liability Concepts Gregory Goulding 26 My Experience With A Shady IPO Nino Boezio 28 Index Separate Accounts Vic Modugno 30 Pension Forecasts Lawrence N. Bader 31 Investment Journal Reviews Edwin Martin & Will Babock 32 IAA Bulletin AAI Nº 33 IV-2001 18 10. Table of Contents of Actuarial Journals / Table des matières des revues actuarielles (disponible en anglais seulement) In Memory of Irwin T. Vanderhoof — (December 4, 1927 - September 24,2000) Sarah Christiansen Investment Section Meets in Chicago at the Annual Meeting 34 34 35 Long-Term Care Section Long-Term Care Newsletter, Issue No.4, April 2001 Chairperson’s Corner Loida R. Abraham 2 2001 Meeting Editors Wanted 3 A Review of Proposed Changes to the NAIC’s Model Regulations for LTC Insurance Allan Kanner 8 Changes in Employer Market Impact Group for Long-Term-Care Insurance Marketing John O’Leary 14 Actuarial Certification: A Reason for Pondering Bartley L. Munson 16 LTCI Insurers Conference -- Miami, Florida Jim Glickman 19 LTCI Session at the Chicago SOA Annual Meeting 20 Editor’s Note Bartley L. Munson 21 The First Annual Intercompany LTCI Conference A Success in Miami 22 22 Management & Personal Development Section Stepping Stone, Issue No.6, April 2001 Message From the Chairperson James R. Trefz 2 Upcoming Annual Meeting Sessions – New Orleans October 3 IAA Bulletin AAI Nº 33 IV-2001 19 10. Table of Contents of Actuarial Journals / Table des matières des revues actuarielles (disponible en anglais seulement) The Management & Personal Development Section Wants You! 3 Web Sites of Interest 3 Emerging Leader Seminar Series: Team Building Through Understanding 4 Registration Card 5 Quality Measures - December 2000, In the Office and On the Floor Similarities Between Refereeing and Consulting Nickolas J. Ortner 6 Upcoming 2001 Spring Meeting Sessions 7 Influence Without Authority Presentation Summary outlined by Christopher Ruckman presentation by Terry Tuscola from 10/16/00 Meeting 8 Nontraditional Marketing Section NewsDirect, Winter 2000-2001, Issue #36 To Infinity and Beyond! The Future of Insurance Steven E. Konnath 1 Chairperson’s Corner James B. Smith 1 Editor’s Corner Christopher H. Hause 3 NAIC Receives Morbidity Table for Credit Disability Steven L. Ostlund 6 Traditional Nontraditional Marketing Event! 7 Successfully Selling Insurance in Banks - The Whole Picture, A Seminar for Bankers & Insurers Maria Thomson, R. Alan Wade, Steven L. Ostlund, Barnett D. Ovrut, and Les Webb 8 Quantitative Marketing for Actuaries Jay M. Jaffe 10 Nontraditional Marketing, Product Development & Reinsurance Sections Sponsor the Product Development Actuary Symposium 11 IAA Bulletin AAI Nº 33 IV-2001 20 10. Table of Contents of Actuarial Journals / Table des matières des revues actuarielles (disponible en anglais seulement) NTM Sponsors a Variety of Sessions in Toronto 12 Products and Services for the Bancassurance Market: SOA Annual Meeting Panel Insists "Tailoring a Must" 14 Summary of 2000-2001 Activities 16 2001 Nontraditional Volunteer Meeting Editors Wanted! 16 NTM Council Teleconference Schedule for 2000-2001 16 Pension Section Pension Section News, February 2001, Issue No.45 Chairperson’s Corner Bruce Cadenhead 1 Lump Sums and Benefit Adequacy Anna M. Rappaport 1 Articles Needed for the News 2 Summary of 2001 IRC, PBGC, Federal Income Tax, Social Security, and Medicare Amounts Heidi Rackley 6 Retirement Systems Practice Advancement Committee December 6, 2000 - Rosemont, Illinois 14 Why I Like J Brian Bambrough 18 Pension Section Council Meeting Minutes June 12, 2000 - Sheraton Gateway Suites, O’Hare 19 Pension Actuarial Basics Course Online Adrien R. La Bombarde 20 Call for Papers 21 Pension Forecasts. Some Questions, Part I Lawrence N. Bader 22 Termination and Retirement 22 Continuing Education Update Barb Choyke 23 IAA Bulletin AAI Nº 33 IV-2001 21 10. Table of Contents of Actuarial Journals / Table des matières des revues actuarielles (disponible en anglais seulement) Product Development Section Product Development News, May 2001, Issue No.51 Joe Athlete vs. Joe Average: Who’s The Safer Bet? C. Allen Pinkham 1 Toward Regulatory Efficiency and Modernization -- ACLI Explores Optional Federal Chartering for Life Insurers and Life Reinsurers Monica M. Hainer 1 Chairman’s Corner Robert W. Beal 9 What Is A Dollar Worth? (An Overview of Financial Reinsurance) Mark Troutman 12 Brazil: Reinsurance In A Closed Market Ronald Poon Affat14 14 The Return of Ms. Re 16 2001 Meeting Editors Wanted Linda Blatchford 16 Reinsurance Section Reinsurance Section News, Issue No.48, May 2001 Joe Athlete vs. Joe Average: Who’s The Safer Bet? C. Allen Pinkham 1 Toward Regulatory Efficiency and Modernization -- ACLI Explores Optional Federal Chartering for Life Insurers and Life Reinsurers Monica M. Hainer 1 What Is A Dollar Worth? (An Overview of Financial Reinsurance) by Mark Troutman 1 Brazil: Reinsurance In A Closed Market Ronald Poon Affat 6 The Return of Ms. Re 10 Attention to Lapse Rates Required For Pro Athletes 14 IAA Bulletin AAI Nº 33 IV-2001 22 10. Table of Contents of Actuarial Journals / Table des matières des revues actuarielles (disponible en anglais seulement) Looking At Athlete Risk From the Retrocessionaire’s Perspective Julie Hecke 14 Chairperson’s Corner Robert W. Beal 15 2001 Meeting Editors Wanted 16 Photos from the Reinsurance Section Council Meeting 16 Smaller Insurance Company Section Small Talk, May 2001, Issue No.17 Small Talk from the High Chair Edward J. Slaby 1 Gramm Leach Bliley Survey Edward J. Slaby 1 From the Editor James R. Thompson 2 Breaking News -- Legislation Introduced To Restrict Small Policies 5 Small Face Amount Policy Legislation Alex Zeid 6 Outsourcing the Investment Function: Opportunities for the Smaller Insurer Anson J. Glacy, Jr. 8 The Other Insurance Products Auto Dealers Sell John H. Kerper 10 Small Policies = Big Controversy Jack Ladley 12 Life Liquidity Risk John E. Niehus 15 Standard Forms Could Bring Life Insurers Big Savings Lawrence Garvey 16 NAIC Receives Morbidity Table for Credit Disability Robert J. Butler 18 New Valuation Standards for Credit Insurance Companies Steven L. Ostlund 19 IAA Bulletin AAI Nº 33 IV-2001 23 10. Table of Contents of Actuarial Journals / Table des matières des revues actuarielles (disponible en anglais seulement) Input at the Next LHATF Meeting James R. Thompson 19 The Status of Proposed New Actuarial Opinion and Memorandum Regulation James R. Thompson 20 IAA Bulletin AAI Nº 33 IV-2001 24