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!

Location: Blue Cross and Blue Shield of IL, CAL Conference Room 7
300 E. Randolph St., Chicago, IL 60601

Event: September 2007 Meeting

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.  

Location:  Blue Cross & Blue Shield of IL, CAL Conference Room 3
300 E. Randolph St., Chicago, IL 60601

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

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

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 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

Cost:  $40 for members of the CAA or MAF, or sustaining members of PRMIA;  $60 for all others

Event:  May 2007 Social – Post Exam Fun @ the Ballpark

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

Event:  May 2007 Meeting

Topic:  The Pension Protection Act and its Impact on Combination Product Design
The Pension Protection Act (PPA), which was signed into law in August, has important if not profound implications for insurers, insureds, and annuitants.  The focus of this discussion is the critical impact that the PPA has on the sale of what many refer to as combination or integrated products.  The combinations are generally Life Insurance plus a Long Term Care (LTC) feature, and Annuities plus a Long Term Care feature.  For such products the PPA builds on existing law.  The Health Insurance Portability and Accountability Act, fondly known as HIPAA, became law in 1996 and is the key foundation for combination products.  Consequently, any discussion of the key provisions of the PPA should begin with a review of this law. 

Speaker:  Cary Lakenbach is President of Actuarial Strategies, in Bloomfield, CT.  He has over 30 years of experience in the profession.  The firm's focus is on core actuarial services and market/distribution oriented product offerings.  Specialties include combination products of all kinds, as well as term offerings for both Middle America and high end applications.  A major sub-specialty is return of premium.  Actuarial Strategies has pioneered new simplified issue processes and products in collaboration with its own staff underwriter. 

Date:  Wednesday, May 16, 2007 
3:30 Registration / 4:00  Speaker / 5:00  Hors d’oeuvres

Location:Blue Cross & Blue Shield of IL, CAL Auditorium B
300 E. Randolph St., Chicago, IL 60601

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

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

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.

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

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 .

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.

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

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