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.

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.

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)

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

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.

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 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

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.

Event: February 2004 Meeting w/SOA President

Date: Tuesday, February 10, 2004
  3:30 Registration  /  4:00 Speaker  /  5:00 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

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.

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.