March 2002 Workshops

DATE: Thursday, March 14, 2002

1:00 Registration begins  /  2:00 Workshop sessions begin / 5:10 Reception / 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

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 by Friday, March 1, 2002.  If you have questions, please call Pat or Bob Aronsohn.  This information and subsequent updates are posted at our website 

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.  Updates are in bold red, below.  Or you may also check approvals on the website.

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.

Chicago Actuarial Association
March 14, 2002 Workshops

Please fax your registration form (or E-mail the same information) to Pat Pruitt.
If any sessions need to be canceled due to low attendance, we will contact you.

Canned soda and bottled water will be provided before each session.

 2:00 p.m. Sessions

1.  Living to 100: Challenges and Opportunities – This session will address the implications of longer life spans, focusing on challenges and opportunities for families, business and society.
(PD Credit
Approved, eligible for 1 unit)

Anna Rappaport, FSA, MAAA – William M Mercer

2.   Profitability Across Reporting Formats: GAAP, Statutory and Embedded Value – This session will define the various reporting formats and discuss relationships among profits under these formats.  The discussion will be supported by examples drawn from various life and annuity products.
  (PD Credit
Approved, eligible for 1 unit)

Karen Sasveld, ASA  – Ernst &Young LLP
David Heavilin, ASA – Ernst &Young LLP

3. Who Wants to Know Tax Reserves without Writing an Exam – This session is a basic teaching session on tax reserves. The teaching will be conducted in a question and answer format.  The session will be focused on IRC 72, IRC 7702, IRC 7702A, IRC 807, and so forth.  Successful candidates may receive nominal prizes.

Vincent Y. Tsang, FSA – Senior Manager, Arthur Andersen LLP

4. Health Valuation: What Everyone Needs to Know – Karen will provide the essentials of today's health valuation concerns, focusing on the NAIC Health Reserve Guidelines. (PD Credit Approved, eligible for 1 unit)

Karen Bender, ASA, FCA – Principal, MMC Enterprise Risk

5.   Liquidity Risk: What Do Insurers and Frat Parties Have in Common? – This session will discuss the following:    

  1) Background
  2) Types of Liquidity Risk    
  3) Affected Products      
  4) Current state of regulation (NAIC, New York) 

Jeffrey Mohrenweiser, FSA, MAAA, CFA – Principal MMC Enterprise Risk Consulting

6. Group Long Term Care Pricing, A Primer – This session will present thefundamentals of Group Long Term Care Pricing, including discussion of policy design and features, pricing techniques, key pricing assumptions and claim cost development.  This session is an introduction to these concepts designed for actuarial students with little pricing experience, or more experienced actuaries with no knowledge of LTC.  In addition to issues specific to LTC pricing, modeling issues universal to health insurance will be presented.

Deborah Grant, FSA, MAAA – Milliman USA

 3:05 p.m. Sessions

7. An Overview of Fixed Annuity Pricing and Profitability – Participants will learn about the elements of fixed annuities and the nature of the fixed annuity marketplace, and how they drive company sales and profits. (Sorry, No PD credit)

Graham Ireland, FSA, FCIA – Allstate Life

8. Survey of Guideline XXX Practices – This session will present the results of a recent SOA Survey on actions taken as a result of Regulation XXX.  Learn about the design and rate changes that have taken place, the certification process and the level of X factors used for pricing and valuation.  Also learn how the distribution of products changed, the level of reinsurer involvement and what is planned for the future.  (Sorry, No PD credit)

Allen Klein, FSA – Bankers Life

9. 2001 CSO – What It Is and Where It Stands – This session will discuss the following:
   1) History of the basic table       
   2) Introduction of margins   
   3) Regulation implementing it    
   4) Mortality adequacy (nonunderwritten business;basic) 
   5) Where it is in the regulatory process

Jack Luff – SOA Staff
Jim Thompson – Central Actuarial Associates

10.   Studying to Pass Actuarial Exams – You cannot just want to pass an actuarial exam, you have to plan for it!  If what you know about studying isn't working well for you, you may want to plan on taking this session.

Steve Butz, FSA – BlueCross BlueShield of Illinois

11.   Employer-Sponsored Health Care in the 21st Century: Opportunities for Innovation – Pat and Tom will lead a discussion of the new healthcare marketplace, including the legislative and actuarial implications.  Topics will include health expense banks and marketplace changes.

Pat Ryan, CCP, CBP, PHR – Deloitte & Touche,
Tom Livorsi, FSA, MAAA – Deloitte & Touche

12.  What is New In Medicare – This session shall provide updates to environmental and product issues facing Medicare Supplement writers, with particular attention to Medicare Reform, Prescription Drugs, the Hospital Outpatient Prospective Payment System. 

Pat Fleming, FSA – Bankers Life
Dale Griffin, FSA – BlueCross BlueShield of Illinois

 4:10 p.m. Sessions

13.  Product Development Olympics: What does it take to medal? – Session attendees will hear about product design trends for variable and fixed universal life and term products.  Additionally, there will be some discussion about the potential impact of regulatory activity (CSO 2001, AXXX, XYZ) on product features.  There will be time at the end for a lively question and answer period.
(PD Credit
Approved, eligible for 1 unit)

Nancy Winings, FSA – Consulting Actuary, Milliman USA

14.  Synthetic GICs – product features, pricing and financial reporting – With the recent stock market volatility, fiduciaries of pension funds may need investment vehicles with stable value to balance the funds' investment portfolios.  Synthetic GICs are popular among pension fund fiduciaries as they offer book value withdrawals.  This session will focus on Synthetic GICs' main product features, pricing considerations, and financial reporting requirements from both statutory and GAAP perspectives.

Vincent Y. Tsang, FSA –  Senior Manager, Arthur Andersen LLP

15.   Codification Implementation – The presenters will lead a workshop that addresses how companies handled various implementation items.  Attendees should come prepared to share their experiences with these and other issues:  
 1) Identifying and quantifying variances from codification basis reserves       
 2) Cost of collection elimination/increased life deficiency reserves   
 3) Deferred tax calculations
 4) Premium deficiency reserves on A&H     
 5) Ranges, midpoints and best estimates when establishing liabilities 
 6) Meeting the enhanced disclosure requirements 
 7) Was codification effect surplus-neutral for your company? 
 8) Practical issues – internal and/or vendor systems changes required  

Tom Herget, FSA – Polysystems
Dave Rockwell, FSA – KPMG

16.   Cost/Benefits for New Drugs – Mike is a clinical pharmacist currently with a major pharmacy benefits manager.  Mike will cover current drugs, pipeline drugs, and the impact on various population segments.

Mike Terhaar, R. Ph., MBA – Advance PCS

17.   The New Actuarial Market:  Survive and Thrive – Margaret will discuss how success and survival in the new actuarial job market requires savvy and creativity:

  Position or reposition yourself as a "results-driven impact player-not just an actuary"
  Build your own "Personal Brand" and learn the art of self-promotion (without bragging)
  Develop successful interview techniques and learn the "right answers" to tough interview questions
  Explore the non-traditional career path-emerging trends, growth sectors, how to break in, etc.

Margaret Resce Milkint, Partner – Jacobson Associates/Jacobson Executive Search

Reception & Dinner:
Bar will be open to all, regardless of whether you plan to stay for dinner:
soda, beer, wine, mixed drinks.
Hors d’oeuvre: Assorted mini quiche and assorted mini egg rolls with Asian dipping sauce.

And for those staying for dinner, here is the menu —
salad:  Mixed baby greens with roasted pears, bleu cheese and caramelized walnuts with lemon herbed vinaigrette.
Grilled filet mignon topped with a red onion relish, served with garlic whipped potatoes and steamed broccoli and baby carrots, OR
Grilled salmon with a light lemon sauce served over rice pilaf and sautéed patty pan squash, OR
Vegetarian Lasagna (if you specify "vegetarian" dinner)
dessert: Strawberry shortcake with mixed berries.

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