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EVENT: March 2008 Workshops
DATE: Tuesday March 18, 2008
12:50 Registration begins
1:45 Workshop sessions begin (see attached schedule)
5:15 Bar opens (cocktails, beer, wine, soda pop)
5:45 Dinner
PLACE: Holiday Inn Chicago Mart Plaza, 14th Floor Conference Center
(Located atop the Apparel Center, just west of the Merchandise Mart)
350 W Mart Center Dr, Chicago 60654
COST: $75 with dinner, $60 without dinner
(Reduced rate for retirees, unemployed, fulltime students: $45 with dinner, $30 without dinner)
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 ASAP. If you have questions, please call Pat at 312-751-3392 or Bob Aronsohn at 312-653-5677.
Speaker biographies are posted at this link.
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. Please share this with others who may be interested.
Canned soda, bottled water, coffee, tea and snacks will be provided before each session.
1:45 p.m. Workshop Sessions
A1 - IASB and the Impact on the Financial Reporting Work You Do
Doug Van Dam & Tom Herget, Polysystems
The International Accounting Standard Board is in the process of developing a new, consistent, accounting standard that would apply to all insurance liabilities. This standard will be used in 100+ countries for GAAP. It may also be widely adopted for statutory reporting and has the potential to replace current US GAAP. This workshop will briefly discuss the IASB Discussion Paper and responses to it, where the controversies are, and its plusses and minuses. The workshop will also cover the recent SOA research illustrating the financial impact of key features of the Paper and the next steps for the IASB.
A2 - Investment Strategies for Retirement: Typical practice and ideas
Dan Winslow, Winslow Financial & Kirk Kreikemeier
What does the typical person entering retirement want? What are their goals, resources and plans? What investment strategies are typically used? What are the advantages and disadvantages of each strategy? How do insurance products fit into the needs of retirees? What investment strategies and strengths do insurers have?
A3 - Funding Status and Update of Social Security and Medicare
Ray Berry, JPMorgan
As an actuary, do you get asked questions about Social Security or Medicare? This session will provide a basic overview of each program including a summary of their financial status. The Social Security portion of this session may qualify for non-core EA credit, but that has not yet been determined.
A4 - SoA Mortality Study, 2008 VBT
Mary Bahna-Nolan, PWC
Hear the latest on the development of the 2008 VBT table and how this table compares to other mortality tables and experience. Presenter will also provide a glimpse into the development of the new valuation tables for use under principles based reserving.
A5 - Medical Insurance Liability and IBNR
Jed Linfield, United Healthcare
In this lecture, we will discuss the addition of statistical analysis into medical IBNR calculations and the communication of statistical concepts to non-technical audiences. This lecture is based on a recent SOA monograph on Health IBNR.
Canned soda, bottled water, coffee, tea and snacks will be provided before each session.
3:00 p.m. Workshop Sessions
B1 - Living to 100 Symposium Overview
Tom Edwalds, MARC; Ken Faig, PolySystems; Pat Pruitt, Railroad Retirement Board
In January, the Society of Actuaries sponsored the third triennial international research symposium on living to 100, featuring presentations of papers and panel discussions on a variety of topics such as mortality projection methods and trends, theories on aging, coping with the problems of old age, determining and projecting health status at advanced ages, the implications of aging populations, and social security and retirement issues. This session will give an overview of the valuable information presented at the symposium.
B2 - Solvency II (Economic Capital)
David Schraub, Allstate
Click here to download the slide presentation
This presentation will introduce the basic concepts of Solvency II:
• Lamfallussy approach
• QIS4
• Economic balance sheet
• Best-Estimate Liability, Market value Margin using a Cost-of-Capital approach, Economic Capital
• Standard approach with correlation matrix and risk-mitigating factors
• Internal model approach
• Timeline
B3 - Futurism Techniques
Al Klein, AIG American General
This session will provide you with two additional tools to use for pricing, risk management, etc. The two tools that will be discussed are the Delphi Method and the Prediction Market Method. You will learn when and how to use these methods and how the Futurism Section has used these tools to tackle some specific industry issues.
B4 - Life Settlements (Protect Yourselves from Anti-selection)
Nian-Chih Yang
This session will provide discussion of the life settlement market and its participants:
• Brief history of life settlement market
• Role of the participants - agents, policyholders, investors and insurers
• The investors (hedge funds, banks, and AIG) and their pricing model
• Any inconsistency with the self support/ lapse support test result?
• Anti-selection and other pricing perils
B5 - Current research
Chad Runchey & Matt Clark, E&Y
Presenters will discuss recent research about incorporating stochastic analysis to non-market risks, specifically lapse and mortality. The session will look at the uses of stochastic analysis when measuring risk, and evaluating various risk management techniques.
Canned soda, bottled water, coffee, tea and snacks will be provided before each session.
4:15 p.m. Workshop Sessions
C1 - Pension Protection Act Overview / IRS Section 415 Update
Ray Berry, JPMorgan
The Pension Protection Act and the final 415 regulations are generally effective for the 2008 plan years. This session will provide an overview of the final rules for qualified pension plans. This session may qualify for core EA credit, but that has not yet been determined.
C2 - Beyond FSA Designation: What you Need to Know and Do
Jay Jaffe, Actuarial Enterprises & Mark Sorensen, MioMed Orthopaedics
To get ahead in your companies, have more job satisfaction and career insurance, actuaries need to consider additional education. This session will discuss the value of earning a MBA degree. It will include presentations by an actuary (Jay Jaffe) and a non-actuary (Mark Sorensen). The session is particularly aimed to assist CAA members under age 40 who have the opportunity and interest to take more control over their future career paths.
C3 - The Credit Crunch of 2007 and Subprime Mortgages
Timur Gok, Northern Illinois University
Beginning in August 2007, conditions in U.S. and global financial markets deteriorated considerably. The deterioration was triggered by continuing weakness in U.S. housing markets – in particular, by rising delinquencies in the subprime mortgage market. As problems in the subprime mortgage market surfaced, investors lost confidence in securities backed by subprime mortgages, became more risk averse and pulled back from structured credit markets. Not only did the drying up of liquidity in structured credit markets lead to higher rates in interbank financial markets and massive losses for investors and financial institutions, but it also threatened real economic activity. This presentation explores how the credit crisis unfolded and brought the U.S. economy to the brink of recession and highlights some issues that remain unresolved.
C4 - Life Insurance Tax Update
Bud Friedstat, KPMG & Arthur Panighetti, Northwestern Mutual
This workshop will focus mainly on life insurance company tax reserve issues with some limited discussion on policyholder tax issues. Company tax issues discussed will include recent cases and rulings (including Rev. Rul. 2007-54 and Rev. Rul. 2007-61), reserve issues arising in IRS audits and appeals, tax reserve implications of recent NAIC activities including the movement towards principle based reserves, and other emerging developments (including activities of various SOA, AAA and ACLI groups and IRS Notice 2008-18).
C5 - New Research on Measuring and Predicting Longevity
Gavrilov & Gavrilova, NORC
Two studies will be presented. One explores the characteristics of young men recorded on US WWI draft cards that increased their chances of living to 100. The other uses data from the Social Security Administration Death Master File to find the pattern of monthly mortality rates at advanced ages.
C6 - Predictive Modeling: Quantifying Risk of Disability and Death using Medical Claims Data
Greg Binns, TruRisk
The presenter for this session will show how predictive modeling techniques can be used to leverage the clinical information in your group medical claims data to improve your group life and long term disability results.
5:15 Reception (cocktails)
All workshop attendees are invited to attend this reception for drinks and socializing.
5:45 Dinner
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Event: February 2008 Meeting – President of the Society of Actuaries
Topic: Education Redesign and the CPD Exposure Draft
 Bruce Schobel, President of the Society of Actuaries, will speak on education redesign, which was just recently completed, and the Continuing Professional Development (CPD) exposure draft, for which the comment period ends on February 22. The presentation will be similar to his recent presentation in Toronto.
Mr. Schobel will also be available to talk during the reception following his presentation.
Speaker: Bruce Schobel, FSA, MAAA, FCA - New York Life Insurance Company
Click here to see the slide presentation (PDF format)
Date: Tuesday, February 12, 2008
3:30 Registration / 4:00 Speaker / 5:00 Hors d’oeuvres reception
Location: Blue Cross & Blue Shield of IL, CAL Conference Room 5
300 E. Randolph St., Chicago, IL 60601
Cost: Free
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Event: January 2008 Joint Meeting with the International Association of Black Actuaries (IABA) for their 5th Annual Chicago-Affiliate Networking Reception
Topic: Health Care Reform Proposals / IABA Chicago Affiliate Networking Event
A brief meeting agenda and a 30-minute presentation on Health Care Reform Proposals will be followed by networking at this joint meeting of the IABA and CAA. This IABA event brings together actuarial professionals, recruiters, educators and college students in the Chicago area. For more information about the IABA, see www.blackactuaries.org
Speaker: Bob Kieckhefer, Vice President, Public Affairs - Health Care Service Corporation
All candidates campaigning to become President of the United States have addressed Health Care Reform as a key issue. Mr. Kieckhefer will discuss some elements of their diverse proposals to assure all Americans have access to affordable and competent health care when necessary.
Date: Friday, January 18, 2008
6:30 p.m. registration / 7:00 program starts
Location: CNA Building, Jackson and Wabash Streets, 2nd Floor Conference Center
333 S. Wabash, Chicago, IL
Cost: Free for CAA members.
RSVP: RSVP to David James of the IABA. |
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Event: December 2007 Meeting
Topic: Recent Developments in Principles Based Reserving Approaches
Principles Based Reserving (PBR) has been a hot topic in the industry this year as a solution to improved management of company and product risks. Industry and regulatory groups are working together to implement permanent solutions, but the question is “Where are they on this?”
Our December meeting presents an update of industry and regulatory efforts to implement PBR solutions for both Life and Health products, including developments from the December NAIC meeting in Houston.
 Come to discover the latest developments, bring your PBR questions, and join the discussion of how industry work groups are addressing pressing issues.
Speakers:
Jim Thompson, FSA, MAAA – Central Actuarial Associates
John Heins, FSA, MAAA – Polysystems, Inc.
Date: Tuesday, December 11, 2007
3:30 Registration / 4:00 Speaker / 5:00 Hors d’oeuvres reception
Location: Blue Cross & Blue Shield of IL, CAL Conference Room 3
300 E. Randolph St., Chicago, IL 60601
Unfortunately, John Heins was not able to attend.
Click the links below to see:
Jim Thompson’s presentation at the CAA meeting - Principles Based Reserving
John Heins’ presentation for the Valuation Actuary Meeting - Principles Based Reserving
John Heins’ session for the SOA annual meeting - LTC Modelling
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Event: November 2007 Meeting
Topic: Actuaries Respond to an Aging Society
Population aging profoundly impacts societies throughout the world, affecting much of our work. The actuarial profession works hard producing tools and information to help institutions respond to these changing demographics. This presentation highlights our profession’s work and its results, showing you how we provide leadership and focus on the aging society:
Research on post-retirement risks and how the public manages them
Living to 100 paper/call symposium series
Retirement 20/20
Spending and Saving in Retirement --- Focus groups and paper call
Research on retirement planning software
Re-envisioning retirement paper call
A number of research reports, projects, and paper calls in the profession respond to these issues. This presentation provides an overview of that work and key issues facing actuaries.
Speaker: Anna Rappaport , F.S.A., M.A.A.A. - Anna Rappaport Consulting
Click here to see the slide presentation
These slides illustrate the contrast between the reality of post-retirement financial risks and the opinions and perceptions of retirees and near retirees about these risks.
Date: Wednesday, November 14, 2007
3:30 Registration / 4:00 Speaker / 5:00 Hors d’oeuvres reception
Location: Blue Cross & Blue Shield of IL, CAL Conference Room 7
300 E. Randolph St., Chicago, IL 60601 |
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Event: November 2007 After-Exam Fun
What: ESPN Zone!
Come out and celebrate the end of another actuarial exam season! The Chicago Actuarial Association (CAA) has reserved a room at ESPN Zone and would love to celebrate with you that exams are over. Come and replace your extended but productive addiction to abstruse paper with a fleetingly non-productive addiction to noisy toys.
There will be hot and cold food and drinks (domestic beer, house wine, and soda) for an hour. Also included is a game card that should take an hour or so to get through. They claim 100 stations with 80 different games (but let’s not do the actuarial thing and count them all just to be sure). Admission is free for all exam participants: exam takers (including FAP1), supervisors, proctors, and review class instructors. Exam takers, remember to bring your ticket of admission! Other exam participants must be verified by Pat Pruitt.
When: Wednesday November 7, 2007, 5:30 – 8:30 p.m.
Where: 43 E. Ohio Street, Chicago, 60611
For directions and parking info, see http://www.espnzone.com/chicago
Cost: Exam Participants: Free, CAA members: $30, Others: $50
Pay by check, cash, or credit card (you may use the credit card form posted on this website).
42 Students and Actuaries attended to make this event a success. Thanks! |
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Event: October 2007 Meeting
Topic: SoA Mortality Research: What's New and Coming?
Al Klein and Mary Bahna-Nolan will present the newly created preferred mortality tables to be used in a principles based approach. The joint SOA / Academy Preferred Mortality Table effort produced 5 teams. Al chaired the Underwriting Criteria Team and will discuss the algorithm his team developed for grouping preferred classes. This algorithm was used in the development of the preferred mortality tables and will be used by companies who do not have fully credible experience to help determine the valuation table to be used when we move to a principles based environment. Mary chaired the Valuation Basic Table team and was responsible for the development of the 32 tables, to be known as the 2008 VBT. Mary will discuss the development of the tables and share some of the results. If you are or will be involved in the new principles based approach, whether from a valuation or pricing perspective, this is a session you won't want to miss!
Speakers:
  Al Klein, FSA, MAAA - Vice President, Actuarial Experience Studies, AIG
American General in Houston
Mary Bahna-Nolan, FSA, MAAA - Director, Actuarial & Insurance
Management Solutions, PricewaterhouseCoopers LLP
Date: Monday, October 29, 2007
3:30 Registration / 4:00 Speakers / 5:00 Hors d’oeuvres reception
Location: Blue Cross and Blue Shield of IL, CAL Conference Room 7
300 E. Randolph St., Chicago, IL 60601 |
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Event: September 2007 Meeting
Topic: New Qualifications Standards of the Academy and Continuing Education Standards of the Society
The American Academy of Actuaries has passed new professional qualifications standards which increase the continuing education and make other changes. The Society of Actuaries has passed new continuing education standards. Some professionals are discovering hidden problems.
Our September opening meeting presents a panel to discuss the changes and how they affect our career options and legal risks. Are you affected? You may be surprised to find out. Come and listen!
Speakers:
Dan Winslow, FSA, MAAA - Winslow Financial LLC
Chuck Ritzke, FSA, MAAA - Problem Solving Enterprises
Date: Tuesday, September 25, 2007
3:30 Registration / 4:00 Speakers / 5:00 Hors d’oeuvres reception
Location: Blue Cross & Blue Shield of IL, CAL Conference Room 3
300 E. Randolph St., Chicago, IL 60601
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Event: 2007 CAA Golf Outing
Date: Friday August 31st, 2007
Location: Chevy Chase Golf Course, Wheeling, IL
Tee Times: 3 time slots - 12:00pm-12:30pm, 12:30pm-1:00pm, or 1:00pm-1:30pm
Fee: $40
Coordinator:Greg Sucher, BlueCross BlueShield of Illinois
The Annual Chicago Actuarial Association Golf Outing will be at 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 be sure to arrive at least 30 minutes before your tee time in order to ensure that you get your box 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 Thursday, August 16th, 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.
Tee Times : 12:00pm-12:30pm, 12:30pm-1:00pm, or 1:00pm-1:30pm
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Event: June 2007 CAA, MAF and PRMIA Joint Conference
Topic: Enterprise Risk Management, Global Risks and
Prediction Markets
The Chicago Actuarial Association (CAA), the Midwest Actuarial Forum (MAF), and the Chicago Chapter of the Professional Risk Managers' International Association (PRMIA) will offer a half-day conference on Enterprise Risk Management, Global Risks and Prediction Markets.
This conference will provide an overview of enterprise risk management, discussion of the global nature of risks that we are facing and the role of prediction markets as forecasting tools.
The three consecutive sessions are independent presentations, so you may attend all three or only some of the sessions. Note that the fee is not dependent on how many of the sessions you attend.
This meeting venue was generously sponsored by The Jacobson Group.
PD Credit: Each of the three sessions is eligible for 1.0 unit of SOA-approved PD credit. Watch this space for downloadable materials approved by our speakers.
Joan Lamm-Tennant, PhD, Global Chief Economist and Risk Strategist, Guy Carpenter &
Company, LLC. CLICK HERE for the slide summary
Erwann O. Michel-Kerjan, PhD, Managing Director, The Wharton School, University of
Pennsylvania, Risk Management and Decision Processes Center, USA
Thomas A. Rietz, PhD, Associate Professor of Finance, University of Iowa; Hershberger
Faculty Research Fellow; Associated Faculty Member, Vaughan Institute of Risk Management
and Insurance
Date: Thursday June 28, 2007
1:00 Registration Opens
1:40 Introduction to ERM, by Joan Lamm-Tennant, PhD CLICK HERE for the slide summary
2:50 Dealing with the Extra-Ordinary: Managing and Financing Global
Risks in a Growing Interdependent World, by Erwann Michel-Kerjan, PhD
4:00 Risk Quantification - Prediction Markets, their Properties and Uses in Risk
Management, by Thomas A. Rietz, PhD
5:00 Reception with hors d’oeuvres and drinks
Location: The Union League Club, 65 West Jackson Blvd., Chicago
Cost: $40 for members of the CAA or MAF, or sustaining members of PRMIA; $60 for all others
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Event: May 2007 Social - Post Exam Fun @ the Ballpark
Topic: White Sox Game vs. Tampa Bay Devil Rays
Spring is here! As any actuarial student knows, this means exams are just around the corner. And, as soon as exams are over, 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 baseball’s 2005 World Series Champions, the Chicago White Sox. Seats will be located in the upper deck, above home plate. Comiskey Cash will be provided at the game to exam takers, supervisors, proctors, and review class instructors. Other attendees will be responsible for their own food & drinks. <Click here for the flyer>
Date: Friday, May 25, 2007
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EVENT: March 2007 Workshops
DATE: Tuesday March 13, 2007
12:50 Registration begins
1:50 Workshop sessions begin (see the schedule, below)
5:10 Bar opens (cocktails, beer, wine, soda pop)
5:35 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
Workshops cover a variety of hot topics in each of the time slots.
Professional Development (PD) credit has been approved for many sessions. Please refer to the descriptions pages.
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. Please share this with others who may be interested.
Session List -
*PD* indicates Professional Development for 1.0 credit is approved for the session.
Updates are shown in bold red.
1:50 p.m. Workshop Sessions
A1: How Medigap Carriers are Coping in a Changing Medicare Environment - The Medicare landscape continues to evolve rapidly. The focus of this session will be on how a traditional Medigap carrier has evolved in this environment. Topics addressed will include MMA, Part D, Medicare Advantage, and upcoming changes in Medicare Supplement. *PD*
Patrick Fleming, FSA, MAAA, Vice President, Actuarial, Bankers Life and Casualty
A2: Current Experience Studies – The Society of Actuaries is conducting experience studies for group life mortality and individual deferred annuity persistency. Learn about the findings in this session. *PD*
Jack Luff, FSA, FCIA, MAAA, Experience Studies Actuary, Society of Actuaries
A3: SOX 404 and Actuarial Process - This session will provide discussion of Sarbanes-Oxley Section 404 (SOX 404) requirements and issues as related to actuarial processes:
•Brief history of SOX 404
•Actuarial roles & responsibilities
•Practical implementation tips
•How to get extra benefits from the process *PD*
Nian-Chih Yang, FSA, MAAA, Manager, Ernst & Young
A4: 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
A5: Pandemic Risk and the Avian Flu – Can the life insurance industry survive a severe pandemic? This session will present the Society of Actuaries research to model the potential effect of a pandemic claims surge. Topics covered will include background on avian flu, 20th century pandemics, SoA mortality claims surge model, and related delphi studies. *PD*
Tom Edwalds, FSA, ACAS, MAAA, AVP – Mortality Research ,Munich American Re
The presentation is posted at http://www.marclife.com/indexjs.htm?page=/research/healthins.htm
3:00 p.m. Workshop Sessions
B1: What’s Up with Prescription Drug Benefits Besides Trend? -
The speaker will present a broad sampling of today's issues and strategic approaches for drugs and drug benefits. *PD*
Steve Berna, FSA, MAAA, Consulting Actuary, Trivantage Pharmacy Strategies
B2: Preliminary Results of SoA Mortality and Underwriting Surveys - This session will provide preliminary results to recent Society of Actuaries surveys on Simplified Issue, Business Decisions (from both a direct company and reinsurer perspective) and Older Age Underwriting. Come and learn about current industry thinking and practices on these topics. *PD*
Al Klein, FSA, MAAA, VP – Actuarial Experience Studies, AIG American General
B3: Life Insurance Tax Update - This workshop will focus mainly on life insurance company tax reserve issues with some limited discussion on policyholder tax issues. Recent cases and rulings, reserve issues arising in audits and appeals, IRS audit issues, tax reserve implications of recent NAIC activities including the movement towards principle based reserves, and other emerging developments (including activities of various SOA, AAA and ACLI groups) will be discussed. *PD*
Charles D. Friedstat, FSA, MAAA, Director, KPMG LLP;
Arthur V. Panighetti, FSA, MAAA, Vice President - Tax, Northwestern Mutual Life.
B4: Professional Ethics - Join your colleagues to explore some of the ethical issues actuaries may encounter at some point in their careers. Things are not always as easy as they seem when you first read the Code of Conduct. Using concepts and methods from the Society's professionalism courses, with some chance to share experiences, this program is designed for actuaries at all experience levels.
Linden N. Cole, FSA, MAAA, Retired, former Managing Director, Society of Actuaries
Nancy Behrens, FSA, MAAA, Vice President Life/Health, State Farm Life Insurance Co
B5: ERM Topics - “Enterprise Risk Management” is an evolving philosophy and discipline that reflects “holistic” analytical analyses and reasoning with regards to the sectors of risk (Strategic, Operational, Hazard, and Financial). This session will discuss this evolving discipline from both a technical and operational perspective. Some practical applications will also be presented, including:
•Various approaches to catastrophe mortality risk protection
•Discussion of the Mortality Pool approach
•A case study of the evolution and successes of an ERM program at a multi-line insurer
•Examples of analysis and reporting tools and practices. *PD*
Carl L. Shepherd, FSA, MAAA, Senior Vice President, United Farm Family Life Ins Co
Robert F. Wolf, FCAS, MAAA, Director, Navigant Consulting, Inc
Andy Wunsch, FSA, MAAA, Associate Actuary, Allstate Insurance Company
B6: Current Financial Reporting Issues for Health Insurers - This session will discuss a variety of recently enacted and proposed financial reporting developments of interest to health insurers. Topics will include NAIC, FASB, and IASB issues from a health-specific perspective. *PD*
Rowen B. Bell, FSA, MAAA, Manager, Ernst & Young LLP
4:10 p.m. Workshop Sessions
C1: Medicare Advantage and Part D Strategies - After much growth in 2006, the Medicare Advantage and Part D programs have gained even more momentum in 2007. We will discuss:
•Basic structure of these programs
•Recent trends in enrollment and premiums
•Emerging products
•How organizations can improve their profit potential
•Most common operational concerns with these products
•How employer groups can benefit from these products
•Part D issues and opportunities now presenting themselves *PD*
Eric Goetsch, ASA, MAAA, Associate Actuary, Milliman, Inc
C2: Predictors of Exceptional Human Longevity - This presentation will discuss new developments and findings from the ongoing study of predictors of exceptional human longevity. Topics include: the effects of maternal age at person's birth, family size, birth-order, season of birth, geography of childhood residence, and parental occupation, socioeconomic status, and lifespan. For more information see the authors' website: http://longevity-science.org , and post your questions and comments on their discussion blog: http://longevity-science.blogspot.com
Leonid Gavrilov, PhD and Natalia Gavrilova, PhD:
Center on Aging,, National Opinion Research Center, University of Chicago
C3: Principles-Based Approach to Reserves and Capital – The current status of this initiative will be discussed, including the following topics:
•Overview of the Principles-Based Approach
•Conceptual issues outstanding
•Implementation issues
•Illustrative example
•How the Principles-Based Approach changes the role of the actuary *PD*
Mary Bahna-Nolan, FSA, MAAA, VP & Chief Actuary, North American Co-Life/Health
Donald Maves, FSA, MAAA, Manager, Actuarial Services, PolySystems, Inc.
James Thompson, FSA, MAAA, Principal, Central Actuarial Associates
C4: Entrepreneurial Actuaries and the Personal Actuaries Market – Independent business owner, Actuary, and Registered Investment Advisor Daniel E. Winslow will speak on starting your own company. What skills and relationships are needed? How do you handle marketing, competition and legal requirements? What does an RIA do?
Daniel E. Winslow, FSA, MAAA, Consultant, Winslow Financial LLC
C5: A Financial Economist’s Views on Pension Finance - This session will start with the discounted cash flow framework and illustrate some recent debates on pension funding. The presentation will end with a brief summary of selected current applications, such as longevity bonds and swaps and the implications of pension funding shortfalls on shareholder value. *PD*
Timur Gök, MA, Instructor, Finance Department, Northern Illinois University,
Regional Co-Director, Chicago chapter of PRMIA
The presentation is posted at http://www.cob.niu.edu/faculty/m40txg1/blog/?page_id=97
*PD* indicates Professional Development for 1.0 credit is approved for the session.
Dinner Speaker: Kenneth Avner, Vice President & Chief Actuary, Blue Cross and Blue Shield of Illinois, will give his perspective on how the current changes in medical delivery can be viewed in historical perspective.
For the registration form and meeting details, click here .
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Event: February 2007 Meeting
Topic: Society of Actuaries President Ed Robbins presents
CRUSAP - Critical Review of the U.S. Actuarial Profession
&
What's Going On Inside the SoA
- The Marketing and Market Development Plan
- Education Redesign
- Our Recent Foray into Enterprise Risk Management
.
Speaker: Ed Robbins, FSA, FCA, MAAA, Director, Life Actuarial Services, SMART Business Advisory and Consulting, and Society of Actuaries President, is recently retired from Allstate Financial, where he was Senior Actuary in the Corporate Actuarial Department, in charge of actuarial statutory and tax planning. He also spent many years at KPMG, and retired as a Principal, in charge of the Life Actuarial Practice in 1998.
Ed has long been active in both the Society of Actuaries and the American Academy of Actuaries, serving on the SoA Board of Governors from l999 to 2004, and chairing the AAA Committee on Life Insurance Financial Reporting for two years prior to that time.
A frequent speaker at professional and industry meetings, he has written several articles, and was a co-author of two SoA textbooks: "US GAAP for Life Insurers" and "US Tax Reserves for Life Insurers".
Date: Tuesday, February 13, 2007
3:30 Registration / 4:00 Speaker / 5:00 Reception
Location: Blue Cross and Blue Shield of IL,
CAL Level, Conference Room 5
300 E. Randolph St., Chicago, IL 60601
Cost: Free But do RSVP so we may plan adequate refreshments and food for those attending the reception. |
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Event: January 2007 Meeting
Topic: Excel Tips and Tricks (and Pitfalls)
To download the workbook file used in the presentation, go to http://excel.chicagoactuarialassociation.org
See a demonstration of time-saving and accuracy-enhancing tips and techniques used for Microsoft Excel (version 2002). The demonstration will include a wide range of ideas, from simple tweaks to allow you to work faster and smarter, to obscure but easy-to-incorporate formulas and functions for Excel, that MS Office bloatware that we both love and hate.
(Attendees received a workbook file with the tips and tricks covered in the presentation. The the above link.).
Speaker: Bob Aronsohn, Lead Actuarial Associate, Blue Cross and Blue Shield of Illinois
Bob has been active in the Chicago Actuarial Association as program committee member, secretary, webmaster, and occasional speaker on technology. He has been using spreadsheet software since 1984, first with 20/20, then with Lotus 1-2-3, and mostly with Excel in the last dozen years.
Date: Tuesday, January 16, 2007
3:30 Registration / 4:00 Speaker / 5:00 Reception
Location: Blue Cross & Blue Shield of IL,
CAL Conference Room 5
300 E. Randolph St., Chicago, IL 60601
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Event: December 2006 Joint Meeting of the Chicago Actuarial Association and Professional Risk Managers' International Association (PRMIA)
Topic: The Growing Evolution of Enterprise, Operational, and Reputation Risk Management
More and more organizations are taking action to address risk beyond the historic credit, market, and insurance perspective. This includes the evolving disciplines of operational, reputation, and enterprise risk management. The speaker will be discussing how risk management has evolved beyond the traditional practices, discuss the frequent challenges and actions organizations are taking to manage risk in a broader context, and some of the key outcomes organizations are recognizing from their investments in these areas.
Speaker: Ladd Muzzy , Director – Enterprise Risk Management, Aon Risk Services
Ladd has over 13 years of developing, consulting, and managing operational, business, and reputation risk management engagements. He has worked in and consulted for some of the world’s largest financial services, manufacturing, and healthcare companies. Select responsibilities include: development and implementation of a corporate wide methodology for reputation risk management; development of cross-functional interaction models to increase business efficiencies to handle enterprise wide risk management activities; and identification, assessment, quantification, and management techniques for strategic and financial risk management. Prior to joining Aon, Ladd worked at Capital One Financial where he was primarily responsible for reputation risk management and the holistic view and analysis of risk. He also worked for ABN Amro/LaSalle where he had global responsibilities developing and implementing the methodology and capital model for operational risk management. Ladd has his MBA from Northwestern University’s Kellogg Graduate School of Management in Marketing, Finance, Strategy, and Entrepreneurship and his BS in Actuarial Mathematics from the University of Michigan, Ann Arbor. He holds the Certified Risk Professional designation. Ladd has also authored several articles, white papers, book chapters, and spoken at risk management conferences on the subjects of operational, reputation, and enterprise risk management.
Date: Thursday December 14, 2006
3:30 Registration / 4:00 Speaker / 5:00 Hors d’oeuvres
Location: Blue Cross & Blue Shield of IL, CAL Conference Room 5
300 E. Randolph St., Chicago, IL 60601
Cost: CAA Members or PRMIA Sustaining Members are FREE ; All Others pay $10 |
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Event: November 2006 Meeting
Topic: Important Issues in Pension Plans Today
This presentation draws heavily on the research the Society of Actuaries has done on public
knowledge, and also includes Anna Rappaport’s opinions with regard to the future of retirement. Much of the presentation is drawn from the Congressional Staff briefing presented on June 19, 2006 by the American Academy of Actuaries and the SOA.
Speaker: Anna M. Rappaport, F.S.A., M.A.A.A. founded Anna Rappaport Consulting after retiring from Mercer Human Resource Consulting at the end of 2004. She is a past-president of the Society of Actuaries and chairs the Society of Actuaries Committee on Post-Retirement Needs and Risks. She is an active advocate for women's retirement issues and serves on several boards and has worked actively with the Actuarial Foundation to enhance retirement education. More information on Anna could be found at www.annarappaport.com and more information on the research at www.soa.org .
Date: Tuesday November 14, 2006
3:30 Registration / 4:00 Speaker / 5:00 Hors d’oeuvres
Location: Blue Cross & Blue Shield of IL, CAL Conference Room 5
300 E. Randolph St., Chicago, IL 60601
Cost:
Members: $30 with hors d’oeuvres, $20 without hors d’oeuvres
Non Members: $40 with hors d’oeuvres, $30 without hors d’oeuvres
Retirees/Unemployed: $10 with hors d’oeuvres, Free without |
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Event: November 2006 After-Exam Fun
What: Whirlyball !
Come out and celebrate the end of another actuarial exam season! The Chicago Actuarial Association (CAA) has reserved a court at Whirlyball and would love to celebrate with you once exams are over. After the stress of studying, what could be more fun than smashing into each other’s bumper cars?
Not familiar with Whirlyball? Simply, it involves normally sane adults driving bumper cars while using hand-held scoops to pass and propel whiffle balls at a scoring target. Since Whirlyball is a new sport, everyone will have the same skill (or lack thereof), making it all the more fun. For more information, check out their website: www.whirlyball.com .
We have reserved a court and party room. Pizza, salad, and drinks (domestic beer, house wine, and soda) will be provided. Admission is free for all exam participants: exam takers (including FAP1), supervisors, proctors, and review class instructors. Exam takers, remember to bring your ticket of admission! Other exam participants must be verified by Pat Pruitt. The registration fee for CAA members who are not exam participants is $20; for all others, it is $40.
When: Thursday November 9, 2006, 6:00 – 8:00 p.m.
Where: 1880 W. Fullerton, Chicago, 60614
Cost:
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Exam Participants
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Free
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CAA members
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$20
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Others
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$40
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Pay by check, cash, or credit card
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Event: October 2006 Meeting and Reception
at the Society of Actuaries Annual Meeting
Topic: Underfunding of Illinois State Pension Plan and Medicaid
Speaker: Jim Watson, Illinois State representative (R-97th district)
Jim Watson, an MBA graduate of the University of Illinois, has been a member of the Illinois House of Representatives since 2001. He serves on various standing committees, including Financial Institutions, and has had special assignments on the Long-Term Debt Committee and the Pension Task Force. He will give us an “inside look” at the actuarial issues of pension and healthcare funding that our legislators must face.
Cost: Free
Location: Sheraton Hotel & Towers
301 East North Water Street, Chicago
At the SOA Annual Meeting (Room to be announced)
Date: Monday, October 16th
6:30 pm Bar open, refreshments available, 6:45 pm Presentation with Q&A, 7:15 pm Reception continues, 8:00 pm Room closes
Refreshments include pizza, popcorn, pretzels, peanuts, chips, soft drinks, beer, and wine. Also advertised to out-of-town attendees, this may be a good opportunity for local actuaries and students to meet actuaries from outside our area. |
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Event: September 2006 Meeting
Topic: Professional Ethics for the Actuary
Why do we need all the elaborate structure under the heading of “Professional Ethics”? We have a detailed Code of Conduct, Standards of Practice, and a Discipline system, all of which takes a lot of time and energy. Why can’t we simply rely on our legal system, pushing for reasonable laws and relying on court enforcement? Are we reinventing the wheel? [Hint: NO!]
Are we expected to practice at a higher ethical level than would be expected of any person in business? Linden was asked that question once, at a professionalism course, and wasn’t ready with an answer. Ready now, he will share the answer at our meeting.
Speaker: Linden N. Cole, F.S.A., M.A.A.A. Linden Cole retired as Managing Director of the  Society of Actuaries in 1998, after 18 years on SOA staff. He continues teaching the SOA’s required professionalism courses. At the SOA office, he provided staff support to the Society’s Education and Examination Committee from 1980 to 1994, as well as the Life Insurance Practice Area. He also provided staff support to the Committee on Discipline and the Committee on Professionalism. He was involved in the development of many of the case studies for the Fellowship Admissions Course. During his tenure at the SOA, he authored the paper, “Fellowship Exams from a Grader’s Point of View”. In a former life, Mr. Cole was Second Vice President and Actuary with Mutual Benefit Life in New Jersey, responsible for earnings forecasts and annual statement preparation, as well as the actuarial student program. During his tenure there, he also held positions on the Society's E&E Committee, serving as an exam committee chair and as Education Chairperson. He holds an A.B., cum laude, in Mathematics from Harvard University.
Date: Tuesday September 19, 2006 3:30 Registration / 4:00 Speaker / 5:00 Hors d’oeuvres
Location: Blue Cross & Blue Shield of IL, CAL Conference Room 1
300 E. Randolph St., Chicago, IL 60601 |
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Event: 2006 CAA Golf Outing
Date: Friday August 25th, 2006
Location: Shepherd’s Crook Golf Course, Zion, IL
Tee Times: 12:00pm to 1:30 pm (see flyer)
Fee: $30
Coordinator: Greg Sucher, BlueCross BlueShield of Illinois
The joint Chicago Actuarial Association / Wisconsin Actuarial Club golf outing will take place at Shepherd’s Crook Golf Course in Zion, Illinois. The subsidized price of the outing ($30) includes 18 holes of golf, cart, beverage tickets, prizes, and lunch buffet before golfing. Shepherd’s Crook Golf Course is located at 351 Green Bay Road, North of Route 173 and just south of the Illinois / Wisconsin border.
We will once again promote networking with fellow Chicago / Wisconsin 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.
Golf Outing Results:
Closest to pin = Bob LaLonde, Insight Decision Solutions (5 yards)
Longest Drive = Eric Lo, Trustmark Insurance (250 yards)
Longest Putt = A.J. Tyll, Trustmark Insurance (10 feet)
Blind Bogey = Bob LaLonde, Insight Decision Solutions
Lowest Score = Bob LaLonde, Insight Decision Solutions (93)
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Event: June 2006 Event: Post Exam Fun @ the Ballpark
Topic: White Sox Game vs. Tigers
Actuarial exams will soon be over, and it’s time to have some fun! We are sponsoring an actuarial group outing to a baseball game at U. S. Cellular Field, home of baseball’s 2005 World Series Champions, the Chicago White Sox. Seats will be located in the upper deck, just past third base. Comiskey Cash will be provided at the game to exam takers, supervisors, proctors, and review class instructors. Other attendees will be responsible for their own food & drinks.
Date: Wednesday, June 7, 2006
Game begins at 7:05 p.m.
Location: US Cellular Field (New Comiskey Park) [Seating in upper deck Box 542, Rows 8-11]
333 West 35th Street
Chicago, IL 60616
We will provide tickets to exam participants and members of the Chicago Actuarial Association or the Wisconsin Actuaries Club at no charge. We will ask other guests to pay $14 per ticket. Payment can be made in advance by check or credit card. At the ballpark, exam takers will get $15 in Comiskey Cash by presenting their blue ticket of admission to the exam. Exam supervisors, proctors, and review class instructors will get $15 in Comiskey Cash by presenting a photo ID if their name is on Pat Pruitt’s list of exam volunteers and instructors. Members and others will be responsible for their own cash expenditures.
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Event: May 2006 Joint Meeting with Smaller Consulting Firm Section
Tuesday, May 9th at Blue Cross Blue Shield of Illinois
Topic: The Four People You Meet When Making an Effective Presentation
 Johnny “The Transition Man” Campbell-DTM, is an author and business consultant, who specializes in helping people learn that dealing with: Difficult People, Change, and Customer service, can be Easy, Productive and Profitable. Johnny is a rising star in the speaking industry with only 5 years of full time speaking he has already delivered over 400 presentations to audiences across the country. Along with speaking and authoring 8 books, he has also appeared on television and in several movies.
Johnny’s expertise and knowledge on Change and Conflict Resolution was gained in the Insurance industry where he participated in leading hundreds of people through multiple Corporate Downsizings and Mergers. Based on those events and his experiences in life he became “The Transition Man”.
Johnny’s Motivational, Change, Customer Service and Difficult people programs offer organizations a formula for productivity and profitability.
Speaker: Johnny Campbell, (DTM 2004) Distinguished Toastmaster
Date: Tuesday May 9, 2006
3:30 Registration / 4:00 Speaker / 5:00 Hors d’oeuvres reception
Location: Blue Cross & Blue Shield of IL, Columbus B/C
300 E. Randolph St., Chicago, IL 60601 . |
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There was no April 2006 event.
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Event: 2006 Annual March Workshops
Tuesday, March 14 at Blue Cross Blue Shield of Illinois
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SOA Professional Development (PD) Credit Update (as of 3/8/2006):
Health sessions receiving 1 unit of PD credit:
A5, A7, B5, B7, C2 and C3
Pension/Retirement sessions getting 1 unit of PD:
A2, A6 (A6 also gets 60 minutes EA non-core)
B2, B6 (B6 also gets 60 minutes EA non-core)
C5, C6 (C6 also gets 30 minutes core and 30 minutes non-core EA credit)
Life sessions receiving 1 unit of PD:
A1, A3, B1, B3, C1
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The Chicago Actuarial Association spring workshops meeting offer an outstanding value for actuarial continuing education. You can choose a program of three hour-long presentations from a wide variety of actuarial topics, including health, pensions, life, annuities, financial reporting, and personal development, followed by a reception and dinner where you can network with your peers - all for just $60 plus the cost of commuting to downtown Chicago. This includes the cost of dinner, with $50 being the cost of the workshops if you can't stay for dinner. The tentative dinner menu consists of filet mignon, salmon, or vegetable lasagna.
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. Please share this with others who may be interested.
PD & EA Credit is being applied for at the Society of Actuaries for many of these sessions. Further PD & EA submissions and approvals will be posted (see box above) on our website. So mark your calendar for Tuesday, March 14, and plan to spend the afternoon at the Blue Cross Blue Shield building at 300 E. Randolph getting up to date on the hottest topics in your industry, sharpening your skills, catching up with old friends, and making new ones.
The document link below contains descriptions of the workshop topics and times along with registration materials to be faxed to Pat Pruitt at 603-452-8018 or e-mailed to her at PatPruitt60302@yahoo.com by Wednesday, March 8, 2006. 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 on this website http://meeting.ChicagoActuarialAssociation.org .
I hope to see you there!
Thanks,
Achilles Natsis
Secretary, Chicago Actuarial Association
CLICK HERE to view the Program Details
For a session highlight of the longevity presentation, click here.
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Reception menu
(all attendees welcome for drinks and hors d’ oeuvres)
Crab Stuffed Baby Portobello Cap with a Hollandaise Sauce.
Mini-Crab Cakes with a Béarnaise Sauce.
Seared Ahi-Tuna over Asian Rice Cracker with a Ginger Wasabi Chutney.
Cherry Tomato stuffed with Boursin Cheese.
Dinner Menu:
Boston Bibb Lettuce with Grape Tomatoes, Slice of Aged Bleu Cheese with a Brown Sugar-Vermouth Vinaigrette.
Entrée Choices (please select on your registration form):
1. Grilled Atlantic Salmon topped with a Chipotle –Cherry Glaze served over Red Pepper Linguini and Grilled Vegetables, or
2. Poblano Filet Mignon with a Warm Avocado Sauce with Spanish Rice and Grilled Asparagus, or
3. Primavera Risotto with a white truffle oil drizzle (vegetarian selection).
Warm Gourmet Rolls and Butter Roses Pre-set on Tables.
Dessert: Warm Molten Chocolate Cake with Vanilla Bean Ice Cream and a strawberry sauce.
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Event: February 2006 Meeting featuring SoA President Bob Beuerlein
Thursday, February 23rd at Blue Cross Blue Shield of Illinois
Topic: An Inside Look at the Society of Actuaries
Society of Actuaries President Bob Beuerlein will give us an "inside look" at the SoA and describe recent moves that create opportunities for you, actuaries, and the profession. Mr. Beuerlein is currently Senior Vice President and Chief Actuary of the AIG North American Life Insurance companies. His actuarial career spans 27 years and includes almost a decade with Franklin Life in Springfield, Illinois (where he was also a part-owner of the Springfield Capitals, a Class A minor league baseball team). In addition to his current position as President of the Society of Actuaries, Mr. Beuerlein has served on numerous Society of Actuaries and Academy of Actuaries committees, including 17 years on the SoA’s Examination committees. He also was involved in the early development of the SoA Fellowship Admission Course and the Academy’s Life and Health Qualification Seminar.
Speaker: Bob Beuerlein, FSA, MAAA
Senior VP and Chief Actuary, AIG North American Life Insurance companies
Society of Actuaries President
“Handouts”-- Print a copy of the PowerPoint pages
click here for a 7-page (6 slides per sheet) PDF file
click here for a 41-page PDF file of full size images
Printed copies will not be provided at the presentation. You need print your own.
Date: Thursday February 23, 2006
3:30 Registration / 4:00 Speaker / 5:00 Hors d’oeuvres
Location: Blue Cross & Blue Shield of IL, CAL Level – Conference Room 5
300 E. Randolph St., Chicago, IL 60601
Cost: Free
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Event: January 2006 Meeting
Topic: Actuarial Exams – What’s new for 2006?
Speaker: Cheryl Krueger, FSA, Chief Actuary and
Acting Managing Director - Education and Exams, Society of Actuaries
Cheryl Krueger, an FSA and currently Acting Managing Director of the Education and Exam Department at the Society of Actuaries (SOA), will give a presentation on the changes underway in the SOA's basic education program ("EQ2005"). The focus of the presentation will be primarily geared to an overview of the overall changes. In addition, a demonstration of the newly developed modules on the Fundamentals of Actuarial Practice (FAP) will be provided.
Specific conversion questions will not be addressed at this session. If you have conversion questions, please send those directly to the SOA at EQ2005@soa.org.
Date: Tuesday, January 24, 2006
3:30 Registration / 4:00 Speaker / 5:00 Hors d’oeuvres
Location: Blue Cross & Blue Shield of IL, Corporate Activity Level (lower level) – Conference Room 5
300 E. Randolph St., Chicago, IL 60601. Hors D’oeuvres are in the CAL Atrium.
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Speakers: 
Speaker: Gary Pines of Harding & Company
American Academy of Actuaries and served as its Executive Director for 13 years. He also has served on the faculties of the University of Nebraska – Lincoln and Georgia State University in Atlanta. He retired as a Senior Vice President from American General Retirement Services and he currently has his own consulting firm in Orlando. Mr. Kellison has served on several committees and the governing boards of both the SoA and the AAA. Since 1990 he has participated in several panels in Washington, D.C. working on Social Security and Medicare issues. He is an author of two textbooks, including The Theory of Interest, which is currently on the actuarial exam syllabus.