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

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
 

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

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

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
 

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

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.

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

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  

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

Topic: Insurance Financial Regulation at the Crossroads

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