The Chicago Actuarial Association Event Archive -
Events prior to 2005, but after the creation of this website.

Event: December 2004 Meeting
Topic: “Changing Statutory Valuation and RBC Requirements –
                      Will it take a disaster?”
Larry Gorski will discuss the regulatory projects that straddle the divide between the historical, formulaic approach to reserves and required capital and the modern, modeling-based approach that utilizes actuarial principles and judgment.  The main topics he will address are: the C-3 Phase Statutory RBC and Reserve Requirements, Actuarial Guideline 38 (Universal Life with Guarantees), and the future of statutory valuation.  After nearly 30 years with the Illinois Department of Insurance, Larry is now a consulting actuary with Claire Thinking, Inc., tackling cutting edge issues facing the insurance industry.  Currently, Larry chairs the American Academy of Actuaries Life Capital Adequacy Subcommittee, which is the group responsible for developing the modeling approach to determining regulatory capital requirements for variable annuities with guarantees.

Speaker: Larry M. Gorski, FSA, MAAA
Consulting Actuary, Claire Thinking Inc.

Date:  Tuesday, December 14, 2004 
  3:30 Registration  /  4:00  Speaker  /  5:00  Hors d’oeuvres

Location:  Blue Cross & Blue Shield of IL, Cafeteria Level – Room Columbus C
300 E. Randolph St., Chicago, IL 60601. Hors D’oeuvres are in Columbus B.

Event: November 2004 Meeting- 2 topics in Consecutive Meetings
Session 1:  What Are Reasonable Actuarial Assumptions?
   (EA Core Credit: 60 minutes)
Barry Kozak will discuss all of the pre-EGTRRA statutory provisions that require the use of "reasonable actuarial assumptions," and their respective parameters.  He will then discuss the need for "reasonable actuarial assumptions" in post-EGTRRA Treasury Regulations.  He will then go into the difference between (and codes of professional conduct that bind) Enrolled Actuaries versus other credentialed actuaries versus other professionals. Finally, he will provide arguments related to the adoption of each of the pre-EGTRRA parameters for use with the post-EGTRRA requirements.

Speaker: Barry Kozak, JD, LL.M., EA, MSPA, CHFC
Legal Consultant, Chicago Consulting Actuaries &
Associate Director of the graduate Employee Benefits program and Adjunct Professor of Law, The John Marshall Law School

Session 2:  A Different View of Retirement in America
   (EA Non-Core Credit: 60 minutes) 
Anna Rappaport will present "A Different View of Retirement in America".  Her presentation will provide context for a discussion of retirement issues today, research results from important studies from the SOA and American Academy of Actuaries, discuss a consumer education initiative from the Actuarial Foundation and WISER, and conclude with implications for the retirement system.

Speaker: Anna Rappaport, FSA, MAAA, MBA
Principal, Mercer Human Resource Consulting

Please indicate if you will attend one or both of these two meetings.  Following the first presentation, refreshments will be provided. Following the second presentation, all attendees are invited to join us for hors d’oeuvres.

Date:  Tuesday, November 9, 2004
2:00 Registration opens  /  2:45 Session 1 Begins / 3:45 Refreshment Break & Registration
     4:00 Session 2 Begins / 5:00 Hors d’oeuvres

    Blue Cross & Blue Shield of IL, CAL Level – Room 5
    300 E. Randolph St., Chicago, IL 60601
     (Northeast corner of Columbus & Randolph, across from the Aon building)

Event: October 2004 Meeting - Special Concurrent Format
Two topics (presented simultaneously, in different rooms):
Enterprise Risk Management for Health Insurers:  An Overview ,
                           or
Current Developments in Variable Annuity Risk Management
   (Revisions to this listing are in RED text)
Enterprise Risk Management for Health Insurers:  An Overview
Kara Clark, FSA, MAAA, will provide an overview of Enterprise Risk Management (ERM):  what it is and how it has evolved in the insurance industry.  She will also discuss various risks that may be part of an ERM framework for health insurance organizations.  Finally, she will cover the implications for the actuarial profession and how individual actuaries can start to think about ERM within the context of their own organizations and roles. The presentation includes a video clip from an interview with Prakash Shimpi, FSA, on CNN discussing the Chief Risk Officer position.
Kara Clark, Staff Fellow - Health Benefit Systems, SOA


Current Developments in Variable Annuity Risk Management
Leong Chew and Peter Sun will review the state-of-the-art for risk management of variable annuities.  Leading VA writers have adopted sophisticated hedging techniques to manage the market risk associated with VA guarantees.  There has also been an increased focus on developing innovative products that combine flexibility with guarantees to meet Baby Boomer needs.  Thus, hedging strategy has become an important part of the product development process.  We will review this development and provide an overview of industry practices.
Leong Seng Chew, ASA , Actuarial Analyst, Milliman, Inc
Peter Sun, FSA, MAAA, Consulting Actuary, Milliman, Inc
Since joining M&R’s Chicago office in January 2000, Peter was responsible for a number of projects for both US and international insurance companies.  His specializes in financial projections and modeling, ALM issues, GAAP conversion and reporting, and financial analysis. 

These sessions will take place simultaneously.  Please indicate which of these two sessions you will attend.  Following the presentations, all attendees are invited to join us for hors d’oeuvres.

Date:  Tuesday, October 12, 2004
3:30 Registration  /  4:00 Speaker  /  5:00 Hors d’oeuvres

NEW Location: 
     Blue Cross & Blue Shield of IL, CAL Level – Rooms 5 & 6
     300 E. Randolph St., Chicago, IL 60601
     (Northeast corner of Columbus & Randolph, across from the Aon building)

The September 2004 meeting was cancelled.

Event: August 2004 Golf Outing

Date:                Friday August 6th, 2004

Location:          Chevy Chase Golf Course, Wheeling   
Tee Times:        12:00pm to 1:30 pm (please arrive 30 minutes early)
Fee:                  $40 (see below for the results)
Coordinator:     A.J. Tyll, Trustmark Insurance

The Annual Chicago Actuarial Association Golf Outing will take place at the newly renovated and reopened Chevy Chase Golf Course in Wheeling.  The Chevy Chase Golf Course is located on Milwaukee Avenue (Route 21), north of Lake Cook Road and south of Deerfield Road.  Milwaukee Avenue is about 1 mile West of 94/294.  The subsidized price of the outing ($40) includes 18 holes of golf, cart, beverage tickets, prizes, and lunch.  Please arrive at least 30 minutes before your tee time in order to ensure that you get your meal, your golf cart and your foursomes in place.

We will once again promote networking with fellow Chicago actuaries by requiring participants to submit their applications with at most one other person.  Golfing foursomes will be based on blind bogey and requested time slot.  The blind bogey should be a number that when subtracted from your 18-hole score gives a result between 72 and 90.  Applications should be submitted along with payment to the Chicago Actuarial Association by July 29, to allow time for scheduling and notification of tee times. You may register by mail, Fax, or E-mail.  Fax and E-mail registrations require the use of a credit card. Please send your registration and payment to:

A.J. Tyll
Trustmark Insurance, Dept P213
400 Field Dr.
Lake Forest, IL 60045

E-mail: aj.tyll@trustmarkinsurance.com    /  Fax number: 847-615-3826

If you have questions, please contact A.J. at 847-283-3106 or send an E-mail
Congratulations to the award winners:
Long Drive #4 - tie - Jen Brinker, Trustmark & Marita Lareau, BCBSIL
Closest to Pin #6 - Andy Lareau
Longest Drive #14 - A.J. Tyll, Trustmark
Closest to Pin #16 - Achilles Natsis, BCBSIL
Blind Bogey winners: - Tyler Harshey, BCBSIL and John Schwegel, Fort Dearborn Life

Event:  May 2004 Event:  Post Exam Fun @ the Ballpark

“Topic”:  White Sox Game vs. Texas Rangers

 Actuarial exams will be over, and it will be time to have some fun.  We are sponsoring an actuarial group outing to a baseball game at U. S. Cellular Field, home of the Chicago White Sox.  Seats will be located right above third base.  Comiskey Cash will be provided to exam takers, proctors and review class instructors during the game.  Other attendees will be responsible for their own food & drinks.  Tickets will be mailed to a contact person at each company for distribution. 

Date:      Wednesday, May 26, 2004
Time: 7:05  Game Begins  /  7:30     Comiskey Cash is passed out. 
Location:   US Cellular Field (New Comiskey Park), 333 West 35th Street, Chicago, IL

We will provide tickets to exam participants and members at no charge.  Other guests will be charged $15 per ticket. Payment can be made in advance or at the ball park. At the ballpark, exam participants will get $15 in Comiskey Cash by presenting their blue ticket or their instructions to supervisors; members and others will be responsible for their own cash expenditures.

Please pass the word to actuarial students who may not be CAA members.

Please make your reservation by contacting Pat Pruitt at (312) 751-3392 or E-mail at PatPruitt60302@yahoo.com
 by Tuesday, May 4.  Please give your company name and indicate if you are a member or not, an exam taker/proctor/instructor, and how many guests you would like to bring along. Finally, please indicate if you will be willing to distribute the tickets to others in your company.  If you do so, please provide an address where the tickets may be sent. 

*Exam proctors and review class instructors may also attend for free.

Event: April 2004 Meeting

Topic:ASOP's Fables--How the Actuarial Standards of Practice Are Used in Litigation

Once upon a time, plaintiffs began interpreting (and misinterpreting) the Actuarial Standards of Practice to judges and juries. This session will illustrate some of the ways in which plaintiffs are using the ASOPs against the actuarial profession.  It also will illustrate ways in which you can and should use the ASOPs to reduce your risk of being sued and, if necessary, to defend your work during litigation. This session will be presented by Sandy Brown, an attorney with Reinhart Boerner Van Deuren. Sandy handles general commercial litigation, arbitration and appellate matters. She concentrates her practice on the defense of financial malpractice claims, particularly those involving actuaries. 

Speaker: Sandy Brown, shareholder with Reinhart Boerner Van Deuren Litigation
     Sandra Zunker Brown is a shareholder in the firm's Litigation Department, where she handles general commercial litigation, arbitration and appellate matters. She concentrates her practice on the defense of financial malpractice claims, particularly those involving actuaries.
     Prior to joining Reinhart, Ms. Brown was a litigation associate with Jenner & Block in Chicago and an Adjunct Professor of Legal Writing at Marquette University Law School.
     Ms. Brown is admitted to practice in Wisconsin and Illinois and is a member of the Milwaukee and American Bar Associations. She has served as a Public Service Special Prosecutor for the Milwaukee County District Attorney's Office.
     She received her undergraduate degree in economics, summa cum laude, from Illinois State University and her law degree, cum laude, from Northwestern University School of Law, where she served as a Note and Comment Editor for the Journal of Criminal Law and Criminology.
     Ms. Brown's most recent presentations include "Actuaries Are From Mars, Judges And Juries Are From Jupiter" before the Casualty Loss Reserve Seminar in September 2002 and "ASOP's Fables: How The Actuarial Standards Of Practice Are Used In Litigation" before the CLRS in September 2003

Date:  Tuesday, April 20, 2004 : 3:30 Registration  / 4:00 Speaker /  5:00 Hors d’oeuvres
Location:CNA Insurance Companies                                
Conference Center -- 2nd Floor, Room 210 North

Event:  March 2004 Workshops

Date:  Thursday, March 18, 2004 
Time:     1:00 Registration begins / 2:00 Workshop sessions begin /  5:10 Bar opens (drinks and hors d'oeuvres - all attendees welcome)  /  5:45 Dinner

Place:  BlueCross BlueShield of Illinois
     300 East Randolph Street, CAL level
     Northeast corner of Randolph and Columbus Drive, Chicago, IL 60601                                      
COST:  $60 with dinner, $50 without dinner

MENU:
Hors d'oeuvres: Chicken Skewers in Peanut Sauce,  Mango Chipotle Glazed Meatballs,
   Shrimp & Andouille Kabobs,  Vegetable High Rollers.
Entrees:
Filet Mignon topped with a Crab Stuffed Mushroom Cap, Cilantro Butter
and Served with Maple whipped Sweet, Potatoes and Steamed Vegetables;
    OR,
Grilled Salmon topped with a Fresh Tomato Salsa and Served with Rice, Pilaf and Mixed Vegetables;
    OR,
Vegetable plate of roasted vegetables and feta cheese

Workshop sessions expected to be approved for Professional Development credit by the PD Committee of the Society of Actuaries are labeled as “PD Credit Pending”, and once approved are labeled
“PD Credit Approved.”
See below for the many sessions approved for PD credit.

We welcome and encourage non-actuaries to attend our workshops because information covered is relevant to a wide range of work within the insurance and consulting businesses.
Changes and corrections, below, are in red bold.

2:00 p.m. Workshop Sessions
A1: Use of Modeling for Managing Terrorism Catastrophe Risk – This session will address terrorism risk management issues (exposure concentration, potential terrorist targets, frequency and severity of attacks, the consideration of policy conditions, the impact of TRIA, and the importance of data quality) and the related use of modeling (for pricing at the location, policy and portfolio levels; in the definition of advisory loss cost territories; and for understanding risk accumulation, potential large loss scenarios, average loss costs, and excedance probability distributions).
Jack Seaquist, MBA: Sr Manager, AIR Worldwide Corporation   PD Credit Approved

A2: Consumer Decision Tools in Healthcare - With people taking more financial responsibility for their health care decisions, employers and insurance companies are providing an array of decision tools that help consumers navigate the health care system.  Come hear about the latest tools and information being provided to consumers – on hospitals, pharmaceutical options, and health care costs – and see what will be provided by employers and health plans in the near future. PD Credit Approved
Ann Mond Johnson: President, Subimo LLC

A3: Learn the Secrets of Power Reading - Power Reading will teach you how to read all your business material in half the time.  This special free lesson will teach you:
  What your present reading skill is;
  Why you read the way you do;
  A unique new technique that will improve your reading on the spot;
  How to read as fast as you can think;
  How to take tests more efficiently.
Allan Goldin: President, Learning Technologies

A4: Life Insurance Tax Update - This workshop will focus mainly on life insurance company tax issues with some limited discussion on policyholder tax issues (including implications of the 2001 CSO Table).  Company tax issues discussed will include recent cases and rulings, reserve issues arising in audits and appeals, tax reserve implications of recent Actuarial Guidelines and other NAIC activities, and other emerging developments. PD Credit Approved
Charles D. Friedstat, FSA, MAAA: Director KPMG
Ed Robbins, FSA, MAAA: Senior Actuary, Allstate Life Insurance Co.

A5: Life Regulatory Update – The NAIC has adopted the 2001 CSO mortality table and revised the AOMR.  Each will be summarized.  For the new AOMR, the new features such as the Regulatory Assets Adequacy Issues Summary and the absence of the New York 7 will be discussed.  For the 2001 CSO, a brief history and the 7702 issues will be discussed.  The relative significance of the two and their current passage in the various states will also be discussed. PD Credit Approved (correction)
Nancy Winings, FSA, MAAA: Milliman USA
James Thompson, FSA, MAAA: Central Actuarial Associates

A6: Guarantees in Flexible Products - Guarantees are central to the marketing of insurance products, but the risk they pose to an insurance company and their real financial cost are somewhat of a mystery to many people.  We will develop an approach to evaluating risk and apply it to analyze some of the guarantee features commonly found in flexible products.  This session will focus more on fundamental principles than on actuarial technicality. PD Credit Approved
Narayan Shankar, FSA, MAAA: Staff Fellow – Life Practice, Society of Actuaries

A7: Sarbanes-Oxley – This session will discuss the requirements of Sarbanes-Oxley and what you, as an actuary, should be thinking about.  Whether you are in consulting, a public company, or a mutual insurer, this is "must know" legislation. PD Credit Approved
John Gimpert, Partner, Deloitt & Touche

3:05 p.m. Workshop Sessions
B1: New Opportunities: Employee Benefits Through Captive Insurers - Department of Labor rulings in 2000 and 2003 have removed some impediments that prevented companies from insuring ERISA benefits in a captive insurance company.  This session will address the following issues:
What is a captive?  Why would a company want to use a captive?  PD Credit Approved
What hoops does a company still need to jump through to gain Department of Labor approval?
Leon Gottlieb, FCAS, FSA, MAAA, Principal, Mercer Human Resource Consulting

B2: The Use of PBMs for Disease Management and Specialty Drugs - Disease management vendors include health plans, home health agencies, independent disease management companies, and pharmacy benefit managers (PBMs).  Integrating a disease management program with pharmacy benefit services has been found to be an effective means of helping to control rising health care costs.  PBMs are also focusing on controlling the cost and utilization of specialty drugs to slow health care cost inflation. PD Credit Approved
Jan Berger, MD, MJ: Medical Director and SVP, Caremark RX
Jim Long, Vice President, AdvancePCS SpecialtyRx
 
B3: 10 Lessons for Effective Communications - Primer on effectively constructing and delivering a message to a variety of audiences.  Among other topics, this session will cover audience analysis, flexing to your audience's style, and use of visuals.  A must for anyone who finds themselves “promoting” their ideas or work.
Jim Thorp: Director of Knowledge and Learning Group, CNA,

B4: Update on SOP 03-1 - The adoption of SOP 03-1 promises to be one of the most significant developments in GAAP financial reporting for insurance companies in recent years.  However, considerable uncertainty remains in the industry as to the proper application of some of its provisions.  This session will provide an overview of the SOP and address some of the interpretation and implementation issues that companies are facing. PD Credit Approved
Rick Farrell, FSA, MAAA: Senior Manager, E&Y
Jonathan Zhao, FSA, FCIA, MAAA: Manager, E&Y

B5: The DO Not Call List –
•What is it?
•What types of solicitations does it affect?
•What are the exemptions?
•Which trade organizations are petitioning for modification?
Peter Rill: Legal Department, BancOne

B6: Bio-Actuarial Studies of Human Longevity - This presentation will discuss recent biodemographic studies on human longevity, which may have actuarial significance.  Topics include: inheritance of human longevity, impact of parental ages at conception on life span, biological explanations why parental-age effects may be important, and current biological studies on the effects of month-of-birth on life span and other characteristics.  The alleged infertility of long-living persons and the question of limits to human lifespan will also be discussed.
Leonid Gavrilov, PhD; Natalia Gavrilova, PhD: Center on Aging, National Opinion Research Center, University of Chicago PD Credit Approved
A message from speakers Leonid & Natalia:  Dear Participants of our presentation,
May we thank you all for an opportunity to present to you our ideas and findings at the Chicago Actuarial Association Workshop in the form of a talk "Bio-Actuarial Studies of Human Longevity" this month. It was very stimulating experience to us !  For your convenience we have made a Power-Point Presentation of our talk available online at:  http://longevity-science.org/Gavrilov-Chicago.ppt
If you have any questions, comments or suggestions regarding our presentation, please let us know.  Your feedback would be most appreciated !   An updated article on lecture is online at:
http://www.annalsnyas.org/cgi/content/full/1019/1/496

B7: Key Issues for the American Academy of Actuaries - Hear about the issues the AAA is focusing on this year from members of the Academy practice councils. PD Credit Approved
Larry Gorski, FSA, MAAA: Consulting Actuary,Claire Thinking, Inc
William Falk, EA, FCA, FSA, MAAA:, Principal, Towers Perrin
 
4:10 p.m. Workshop Sessions
C1: Reserving for Long Latency Claims: the Asbestos Example - This presentation will focus on general issues surrounding the evaluation of, and reserving for, long latency claims.  The paper by Kevin Madigan and Claus Metzner, “Reserving for Asbestos Liabilities” is illustrative of the considerations involved (see http://www.casact.org/pubs/forum/03fforum/03ff173.pdf ) .  The approach of that paper to asbestos valuations will form the basis of the presentation. PD Credit Approved
Claus Metzner, FCAS, FSA, MAAA:, Actuary, Milliman USA

C2: Medicare Prescription Drug, Improvement and Modernization Act of 2003 - This dramatic overhaul of the Medicare program became law on December 8, 2003.  We will cover the basics of the Act's prescription drug benefits and health savings accounts and its effect on employee benefits.  In particular, will employers continue their employer-based program for their retirees, subsidize Medicare prescription drug plans, or offer a health plan sponsored medical plan (the new Medicare Advantage plan)?  The actuarial role in these programs is great--so be prepared! PD Credit Approved
Dale Yamamoto, FSA, EA, FCA, MAAA: Hewitt Associates LLC
Kara Clark, FSA, MAAA: Staff Fellow – Health Practice, Society of Actuaries

C3: Moving Out of Traditional Actuarial Roles -  Surviving and thriving  in the new actuarial labor market requires savvy and creativity:
•Position or reposition yourself as a “results-driven impact player”.
•Build your own “Personal Brand” and learn the art of self-promotion.
•Develop successful interview techniques and learn the “right answers” to tough interview questions, including behavioral interview questions.
•Explore non-traditional career paths – emerging trends, growth sectors, how to break in, etc.
Margaret Resce Milkint: Partner, The Jacobson Group

C4: Annuity Update - Risk Based Capital Phase II for variable annuities, including the updates of the latest reports, and the principles of the RBC-II will be discussed.  A long-term solution to the problems addressed by Guidelines 34 and 39 will be given.  Various guaranteed benefits in variable annuities, various features in fixed annuities, including issues of the Standard Nonforfeiture Law, and immediate annuity features will be discussed.  Annuity tax issues will also be discussed. PD Credit Approved
Susan Sell, FSA, MAAA: Milliman USA
Vincent Tsang, FSA, MAAA: PolySystems

C5: Recent FSAs Discuss Their PD Projects – Mr. Anderson will discuss his paper on Expense Management, and Ms. Kyriazes will discuss her paper on Voluntary Dental.  Both speakers have recently completed their FSAs, and these papers were accepted by the SoA as fulfillment of their PD requirements.  Please join them and see what interesting research has been stimulated by the current SoA requirements for Fellowship. PD Credit Approved
John Anderson, FSA, MAAA Trustmark Insurance Company
Patty Kyriazes, FSA, MAAA: Trustmark Insurance Company

C6: Current Topics in Long Term Care Insurance - An overview of the hot topics presented at the recent SOA LTCI Conference.  A broad range of issues impacting long-term care insurance will be discussed.
 PD Credit Approved
Loretta Jacobs, FSA, MAAA: Assistant VP, CNA;
Lou Scarim, ASA, MAAA: Sr Actuarial Consultant, CNA

C7: Life Product Trends - This is an interactive session covering recent developments and trends that affect life product design.  The topics will be:
•Interest Rate Guarantees
•Secondary guarantees on UL
•Impact of the 2001 CSO Mortality Table
•Mortality improvement
•Preferred underwriting
•Return of Premium benefits on term insurance
Al Klein, FSA, MAAA: Tillinghast
Dan Winslow,  FSA, MAAA: Trustmark
Don Maves, FSA, MAAA: PolySystems   PD Credit Approved

Event: February 2004 Meeting w/SOA President

Topic: The State of the Actuarial Profession: 
A Global Perspective from the Society of Actuaries

Neil A. Parmenter, F.S.A, MAAA, EA, FCA is a consulting actuary from Des Moines, Iowa.  He received his bachelors’ degree in Actuarial Science from the University of Iowa in 1960. In 1963, he achieve his A.S.A., and in 1967 his F.S.A. He worked at the Principal Financial Group until his retirement in 2000.  He started out in individual insurance as a student.  Then, he spent 15 years in group life and health, followed by pension consulting for the final 17. He and his wife Teresa have eight children (one girl, seven boys) and thirteen grandchildren (and counting) including six granddaughters and seven grandsons. His volunteer avocations include youth athletics administration and Society of Actuaries activities.

Speaker: Neil Parmenter, FSA, MAAA, EA, FCA, President of the Society of Actuaries

Date: Tuesday, February 10, 2004
  3:30 Registration  /  4:00 Speaker  /  5:00 Hors d’oeuvres

Location:CNA Insurance Companies                                
Conference Center -- 2nd Floor, Room 210 North
Southeast corner of Jackson and Wabash, Chicago, IL 60606                                      

Cost: Members:    $30 with hors d’oeuvres, $20 without hors d’oeuvres
Non Members:    $40 with hors d’oeuvres, $30 without hors d’oeuvres

To attend the meeting, please enter CNA at the Wabash entrance, south of Jackson, and check in there before proceeding to the 2nd floor conference center.

Event: January 2004 Meeting - DOUBLE SESSION - 2 TOPICS!
Special 2-Hour Meeting
Session 1:  Education and Qualification 2005
Judy Anderson will describe the goals and changes of the redesigned Education & Exam System which the SOA will begin implementing in 2005.
Speaker: Judy Anderson FSA, Society of Actuaries

Session 2:  A Marketing Study on the Demand for Actuarial Skills
Mike Kaster, SoA Managing Director of Actuarial Practice Areas, will present the results of a recently completed marketing study concerning the demand for actuarial skills.
Speaker:  Mike Kaster, SoA Managing Director of Actuarial Practice Areas

If you are unable to attend both sessions in this double-length format, we courage you to arrive at the usual time for the second session only.

Date:  Tuesday, January 20, 2004
  2:00 Registration / 2:45 Session 1 Begins  / 3:45 Refreshment Break
  4:00 Session 2 Begins / 5:00 Hors d’oeuvres
Location:  CNA Insurance Companies
Conference Center -- 2nd Floor, Room 210 North
Southeast corner of Jackson and Wabash, Chicago, IL 60606

To attend the meeting, please enter CNA at the Wabash entrance, south of Jackson, and check in there before proceeding to the 2nd floor conference center.

Event:  December 2003 Meeting

Topic:  The Effect of Changing Demographics on Group Disability Programs
This presentation will explore the effects of an aging workforce, as well as an increasingly obese workforce, on group disability programs.  Claim management implications as well as pricing and underwriting considerations will be discussed.  The demographic trends impacting the group disability product can be expected to have implications for all group benefits products. Steve has been with CNA for five years, and is responsible for pricing, financial reporting, and financial analysis for CNA's group disability and group life & accident business.  Prior to joining CNA, Steve held numerous product management, pricing, and financial reporting positions for UNUMProvident, with experience in disability reinsurance, long term care, and group pensions. 
Speaker:  Stephen R. Atkins, FSA, Group Benefits Product Management - CNA

Date:  Tuesday, December 16, 2003: 
  3:30 Registration
  4:00 Speaker
  5:00 Hors d’oeuvres
   Location: CNA Insurance Companies
   Southeast corner of Jackson and Wabash, Chicago, IL 60606
   2nd Floor Conference Center, Room 210 North
 
To attend the meeting, please enter CNA at the Wabash entrance, south of Jackson, and check in at the registration desk before proceeding to the conference center.

Event: November 2003 Meeting - DOUBLE SESSION - 2 TOPICS!
Special 2-Hour Meeting 

Second Session: Medical Malpractice Liability Insurance Reform
The President of the American Medical Association will describe the urgent need for Medical Liability reform.  The current crisis in Medical Malpractice Liability Insurance is taking its toll on health care delivery and the health insurance market, and actuaries can play a role in bringing about meaningful reform.
Speaker: Donald J. Palmisano, MD, JD, President of the American Medical Association

First Session: Recent Findings of the SOA Health Practice Area
Kara Clark, the Society of Actuaries staff actuary for the health practice area, will present significant findings from recent SOA research that underscore some of the health practice area's current initiatives, focusing in particular on the changing demographic landscape, increasing prescription drug costs, and quality of care.  Kara will discuss the role for actuaries in contributing to the knowledge base on these issues, the purpose for some of the SOA's activities, and the ways in which external relations can further actuarial visibility and influence.  Finally, this is an opportunity for attendees to share their perspective on the future of the health actuary's roles relative to these and other critical issues facing the U.S. healthcare system.
Speaker: Kara Clark, Staff Actuary, Society of Actuaries
Date: Thursday, November 20, 2003: 
  2:00 Registration Opens
  2:45 Session 1 Begins (Recent Findings of the SOA Health Practice Area)
  3:45 Refreshment Break
  4:00 Session 2 Begins (Medical Malpractice Liability Insurance Reform)
  5:00 Hors d’oeuvres
   Location: CNA Insurance Companies
   Southeast corner of Jackson and Wabash, Chicago, IL 60606
   2nd Floor Conference Center, Room 210 North

Event: October 2003 Meeting

Topic: Adventures in the Land of Low Interest Rates
Low interest rates have predominated recently for assets backing insurance and annuities.  Companies want to ensure profitability and grow their business when interest rates are low.  This presentation will discuss how a fixed product block should be managed in such an environment.  Some potential changes to be considered will be addressed in the areas of investment strategy, product design, sales strategy, and inforce management.  An Actuary at Allstate Life for the past 5 years, Graham Ireland, FSA, will be presenting this topic

Speaker: Graham Ireland, FSA, Allstate Life Ins. Co

Date: Tuesday, October 21, 2003:  3:30 Registration  /  4:00 Speaker  /  5:00 Hors d’oeuvres
Location: CNA Insurance Companies
   CNA Cafeteria -- 2nd Floor, Room 201 (The South Glass Room)
        Southeast corner of Jackson and Wabash, Chicago, IL 60606
 

Event: September 2003 Season Kickoff Meeting
Topic: Long Duration Contracts and Separate Accounts
The Accounting Standards Executive Committee (AcSEC) of the American Institute of Certified Public Accountants (AICPA) issued a new Statement of Position (SOP), Accounting and Reporting by Insurance Enterprises for Certain Nontraditional Long Duration Contracts and for Separate Accounts in May 2003. The new SOP supplements certain guidance of SFAS 97 on nontraditional long duration contracts (LDC) such as LDC with market value adjustments, two-tier LDCs, variable contracts with guarantees, and LDCs that provide sales inducements. This SOP requires stochastic modeling of these LDCs, even for small insurance companies. This session will cover the general aspect of the new SOP and some of the practical implementation issues.  Make sure you understand the impact this new SOP has on the reporting requirements for your company or clients!       (Level: Moderate)

Speakers: Vincent Y. Tsang, FSA, PolySystems Inc.
      David C. Heavilin, ASA, PolySystems Inc.

Date: September 18, 2003 :  3:30 Registration  /  4:00Speaker  /  5:00Hors d’oeuvres
Location:CNA Insurance Companies
Conference Center -- 2nd Floor, Room 210 North

Event: August 2003 Golf Outing
Date:Friday August 8th, 2003
Location: Chevy Chase Golf Course, Wheeling
Tee Times:12:00pm to 1:30 pm (see below)
Fee:$40  (see below for the results)

Coordinator:A.J. Tyll, Trustmark Insurance

The Annual Chicago Actuarial Association Golf Outing will take place at the newly renovated and reopened Chevy Chase Golf Course in Wheeling.  The Chevy Chase Golf Course is located on Milwaukee Avenue (Route 21), north of Lake Cook Road and south of Deerfield Road.  Milwaukee Avenue is about 1 mile West of 94/294.  The price of the outing ($40, because the CAA is subsidizing the $89 cost) includes 18 holes of golf, cart, beverage tickets, prizes, and lunch. 

We will once again promote networking with fellow Chicago actuaries by requiring participants to submit their applications with at most one other person.  Golfing foursomes will be based on blind bogey and requested time slot.  The blind bogey should be a number that when subtracted from your 18-hole score gives a result between 72 and 90.  Applications should be submitted along with payment to the Chicago Actuarial Association by July 31st, to allow time for scheduling and notification of tee times.  You may register by mail, Fax, or E-mail. 
Fax and E-mail registrations require the use of a credit card.  Please send your registration and payment to:
A.J. Tyll via
E-mail: aj.tyll@trustmarkinsurance.com   or  Fax number: (847) 615-3826
A.J. Tyll
Trustmark Insurance, Dept P213
400 Field Dr.
Lake Forest, IL 60045

If you have questions, please contact A.J. at (847) 283-3106 or E-mail
GOLF OUTING RESULTS:
Straightest Drive - Mike McLaughlin, E&Y
Longest Putt - Scott Chupack, Trustmark
Longest Drive - A. J. Tyll, Trustmark
Closest to Pin - Dave McGarry, MET Life
Blind Bogey - Jim Thompson, Central Actuarial Associates and George Ronczy, MET Life
Low Score - George Ronczy, 88
 

Event:   May 2003 After-Exams

Topic: Dinner and Cubs Game

Actuarial exams will be over, and it will be time to have some fun.  We are sponsoring an actuarial group outing to a baseball game at Wrigley Field, home of the Chicago Cubs.
 
Dinner will be provided prior to the game and tickets will be passed out to those attending the ballgame.  A buffet style dinner and drinks will be provided to all attendees at the Cubby Bear Lounge.

Speaker:  No speaker -- this is a fun/networking event.

Date:  Tuesday May 27, 2003 
     5:00 Registration Begins
     5:15 Food is served / Beverages / Other Entertainment
     6:45 Depart for Wrigley field / Ticket pick-up for late attendees

Location:  Cubby Bear Lounge
1059 W. Addison St.
Chicago, IL 60657

The Cubby Bear lounge is located across the street from Wrigley Field on the Southwest corner of Addison and Clark.  It is just 1 block west of the Addison stop on the Red Line ($1.50). Parking is available at various locations within 1 mile of Wrigley Field. More information is available on the website www.cubbybear.com.  The seats for the game are located in Section 235 (lower deck reserved along the right field line)

Cost for Members and Non-members:  $10 (cheap).
As an added incentive for exam takers* to attend, if you took an actuarial exam within the past 11 months, bring a copy of your admission ticket (or test results) and you will attend FREE !! 

Please make your reservation by contacting Pat Pruitt at (312) 751-3392 or e mail at PatPruitt60302@yahoo.com by Monday May 12.  Please give your company name and indicate if you will be attending dinner, the game, or both.  Attendance at the Cubby Bear is required, because tickets will be distributed in that location only.  Pre-printed name badges will be ready for those who make a reservation (and reservations help us plan food orders).  Tickets will be distributed on a first come first serve basis, (if you reserve in advance, we will not give your ticket away).  There are currently 50 tickets available.  Please reserve your seats early to ensure that you will get a ticket, otherwise you will be placed on a waiting list.  We will allow non-Actuarial attendees as space permits, but first priority will be given to exam takers and CAA members.

Event:   April 2003 Meeting

Topic: Non-insurance Insurance Products: Debt Protection, Warranty and Beyond

This session will describe the growing markets and opportunities for non-insurance insurance products and will discuss the need for and ways for actuarial expertise to be applied to these products. Because this is a new area, actuaries will be required to work in areas with fewer established precedents and present their findings and recommendations to people who are often unfamiliar with actuarial principles and the capabilities of actuaries.

Speaker: Jay Jaffe, FSA, MAAA, President, Actuarial Enterprises

Date:  Thursday, April 24, 2003  3:30 Registration  /   4:00 Speaker /  5:00 Hors d’oeuvres

Event:  March 2003 Workshops

Date:  Tuesday, March 25, 2003 
     1:00 Registration begins,
     2:00 Workshop sessions begin,
     5:10 Bar opens (drinks and hors d'oeuvres - all attendees welcome)
        5:45 Dinner

Place:  BlueCross BlueShield of Illinois (see directions, below)
     300 East Randolph Street, CAL level
     Northeast corner of Randolph and Columbus Drive, Chicago, IL 60601                                      
COST:$60 with dinner, $50 without dinner

MENU
Hors D'oevres: Chicken Skewers in Peanut Sauce,  Mango Chipotle Glazed Meatballs,
   Shrimp & Andouille Kabobs,  Vegetable High Rollers.
Entrees:
Filet Mignon topped with a Crab Stuffed Mushroom Cap, Cilantro Butter
and Served with Maple whipped Sweet, Potatoes and Steamed Vegetables;
    OR,
Grilled Salmon topped with a Fresh Tomato Salsa and Served with Rice, Pilaf and Mixed Vegetables;
    OR,
Vegetable Lasagna

Workshops cover a variety of hot topics in each of the time slots.   Please identify the workshop sessions that you would like to attend on the registration form. Make your reservation by faxing your registration form to Pat Pruitt at 603-452-8018 by Wednesday, March 12, 2003.  If you have questions, please call Pat at 312-751-3392 or Achilles Natsis at 312-653-6453.  This information and subsequent updates are posted at http://ChicagoActuarialAssociation.org -->Future Events link.

Workshop sessions expected to be approved for Professional Development credit by the PD Committee of the Society of Actuaries are labeled as (PD Credit Pending), but credit has not yet been finalized.

We welcome and encourage non-actuaries to attend our workshops because information covered is relevant to a wide range of work within the insurance and consulting businesses. 

Event:  February 2003 Meeting

Topic:  SOA President's Annual Address at the CAA

Speaker: Harry H. Panjer, President, Society of Actuaries

Date:  Tuesday, February 11, 2003  3:30 Registration  /   4:00 Speaker  /  5:00 Hors d’oeuvres

Location: CNA Insurance Companies,  Conference Center -- 2nd Floor, Room 210 North
           Southeast corner of Jackson and Wabash, Chicago, IL 60606  

Event: January 2003 Meeting

Topic: The Future of Actuarial Education: EQ2005

Speaker: Mike Kaster, FSA, Managing Director of Actuarial Practice Areas at the SOA

Mike will discuss the reasons behind the SOA initiative to redesign the actuarial education system.  He will outline the principles guiding the redesign, explain the progress made to date and what remains to be done on this crucial effort.  This is intended to be an interactive session - audience questions and comments are highly encouraged.

Date:  Thursday, January 9, 2003  3:30 Registration  /   4:00 Speaker  /  5:00 Hors d’oeuvres

Event:  December 2002 Meeting

Topic: Insurance Financial Regulation at the Crossroads

Speaker: Larry Gorski, Chief Actuary, Illinois Department of Insurance

Larry Gorski will discuss the status of some key projects on the agenda of the National Association of Insurance Commissioners (NAIC), and focus on the changes these projects, if adopted, will have on insurance departments and the entities they regulate.

Date:  Monday, December 16, 2002  3:30 Registration  /   4:00 Speaker  /  5:00 Hors d’oeuvres

Event:   November 2002 Meeting

Topic: Stochastic Modeling - Is it really "rocket science"?

This session will give a quick, yet in-depth, overview of stochastic processes as they apply to equity models.  In particular, the independent, lognormal distribution and the regime-switching model will be discussed.  Other items will include random number generators, arbitrage-free and risk neutral valuation.  Specific examples will revolve around embedded options inherent in Variable Annuities and how stochastic models can assist in the valuation, pricing and risk management strategies.

Speaker: Jeff Mohrenweiser, MMC Enterprise Risk Chicago, IL

Date:  Wednesday, November 13, 2002  3:30 Registration  /   4:00 Speakers /  5:00 Hors d’oeuvres

Location: CNA Insurance Companies,  Conference Center -- 2nd Floor, Room 210 North
           Southeast corner of Jackson and Wabash, Chicago, IL 60606  

Event:   October 2002 Meeting

Topic: North American Life Insurance – Perspectives on the Industry’s
           Key Credit Fundamentals

The competitive spirit in the life insurance industry is alive and well, and has clearly influenced the risk profile of industry players. In addition to Fitch’s outlook for the industry, the presentation will include a discussion of recent rating activity and key drivers of this activity. Among the topics for discussion are: intense competitive pressures and product portfolio migration, product “Bells & Whistles” and associated risks, earnings trends and capital growth, investment risk, and Fitch’s comprehensive review of all life insurance company ratings..

Speaker: Julie A. Burke, Managing Director of Fitch Ratings’ North American Insurance Rating Group

Date:  Wednesday, October 23, 2002  3:30 Registration  /   4:00 Speakers /  5:00 Hors d’oeuvres

Location: CNA Insurance Companies,  Conference Center -- 2nd Floor, Room 210 North
           Southeast corner of Jackson and Wabash, Chicago, IL 60606  

Event:   September 2002 Meeting (Held in October)

Topic: Retirement Implications of Demographic and Family Change

This meeting will give an overview of the challenges of changing retirement patterns and needs. In June 2002, the SOA held a symposium on these topics, for which a full set of papers is included in an on-line monograph on the SOA website.  Ms. Rappaport's and Ms. Yau's presentation will summarize the issues resulting from changes to our society, and will consider the implications for the array of products and benefit plans designed to support and meet the needs of this population.

Speakers: Anna M. Rappaport, F.S.A., Mercer Human Resource Consulting
     Manha Yau, A.S.A., E.A., Mercer Human Resource Consulting

Date:  Tuesday, October 1, 2002  3:30 Registration  /   4:00 Speakers /  5:00 Hors d’oeuvres

Location: CNA Insurance Companies,  Conference Center -- 2nd Floor, Room 210 North
           Southeast corner of Jackson and Wabash, Chicago, IL 60606   

Event: May 2002 Mission Task Force

Topic:  Fun After Exams 

Actuarial exams will be over, and it will be time to have some fun.  We are sponsoring an event at Dave & Buster’s_® that will test your communications skills.  You may also test your skill at pool, but we’ll get to that later.

Excitement and intrigue are the themes of the newest team-building activity featured at Dave & Buster’s – Mission Task Force, a secret agent-themed activity.  The game starts with a short video that gives the background and explains the rules of the game.  From there, players receive clues that reveal their team members.  Once teams are assembled, the director of the game distributes a set of challenges.  For every challenge your team completes, you’ll receive clues to solve the puzzle.  The winning team is chosen based on the number of completed challenges and their ability to solve the mystery puzzle.

Pocket Billiards and Shuffleboard will be available before and after the team activity.

A buffet will follow the team activity.
          MENU:
       Chargrilled Steak Kabobs
       Goldfingers (crispy battered chicken) with Chipotle Honey Sauce
       Fresh Vegetable Display with Ranch Dip
       Chili Con Queso (a cheese dip) with Tortilla Chips
       Assorted Cheese & Crackers & Fresh Fruit Display
       Unlimited Sodas, Coffee & Tea
      AND each attendee will get 2 drink tickets, for any bar beverages.
Beverages will be provided the entire time.

Of course, you may attend for any or for all of the items listed above.

Date:  Thursday, May 23, 2002
     4:30  Registration begins / Billiards / Shuffleboard / Beverages in area Viewpoint 3
     5:15 Mission Task Force, breakout session in Executive Billiards Room
     6:00 Food is served / Billiards / Beverages in area Viewpoint 3

Location:
     Dave & Buster’s_® Goldcoast
     In the Viewpoint 3 and Executive Billiards areas
     1030 N. Clark Street (at Oak), Chicago
     Just 2 blocks south of the Division & Clark stop on the Red Line ($1.50).