Click here for history of events July 2014 and LATER. 
Older events are listed below.

EVENT:  March 2014 Workshops
Click here for a PDF version of the announcement.
Workshops cover a variety of hot topics in each of the time slots.  Use this opportunity to fulfill some of your continuing professional development requirements.  You can earn more than 3 hours toward your annual AAA and SOA CPD requirements while you meet and network with other local actuaries face-to-face.

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 industries.  Please share this announcement with others who may be interested. 

Suggested educational tracks are listed (in parentheses) beside each title:  General, Health, Investment, Life, Pension, Reporting, Tax, and Risk Management.

DATE:  Wednesday, March 12, 2014
     12:50  Registration Begins
     1:45  Workshop Sessions Begin (See Schedule Below)
     5:15  Bar Opens (Cocktails, Beer, Wine, Soda)
     5:45  Dinner

PLACE:  Holiday Inn Chicago Mart Plaza (14th and 15th floors)
350 West Mart Center Drive, Chicago, IL 60654

COST:  $115 with dinner, $95 without dinner
(Retirees/Unemployed$70 with dinner, $50 without dinner)

Refreshments will be provided for all attendees before each session.  See bottom of page for dinner options.

Make your reservation online by Tuesday, March 4, 2014.  If you have any questions, please email chicagoact@gmail.com . 
This information subsequent updates are posted on this website at http://meeting.ChicagoActuarialAssociation.org .  There are no refunds for cancellations not received by the end of the day on Tuesday, March 4.

Please register online at ...

After you register, you will receive a payment link via E-mail.  Payment should be made in advance online by credit card or e-check.  The day of the event, any form of payment can be accepted on site. 

We strongly encourage advance payment, as it speeds up entry on the day of the event.  If you pay your fee online using the secure PayPal link, we will send you the program before you arrive.  You will not need to check in:  Simply pick up your name badge and dinner ticket (if applicable) and go to your first session.   
 
March 2014 Workshops

1:45 p.m. Session A

A1.  SOA Research Project:  Emergence of Earnings under IFRS (Reporting)

Speakers:  Asad Khalid, Rodrigo Carreaga, and Mustafa Dinani
•Asad Khalid, FSA, MAAA, Actuarial Consultant, Insurance and Actuarial Advisory Services, Ernst & Young LLP
Asad is an actuarial consultant in the Insurance and Actuarial Advisory Services for Ernst & Young LLP, based in the firm’s New York office.  He serves as an advisor to insurance companies, reinsurance companies, and other financial institutions across the United States, Canada, Europe and Asia. He has had a client serving role on a variety of practice areas including: financial reporting, actuarial modeling, mergers and acquisition due diligence, valuation processes and controls.
•Rodrigo Careaga, ASA, MAAA, Actuarial Consultant, Insurance and Actuarial Advisory Services, Ernst & Young LLP
Rodrigo is an actuarial consultant in the Insurance and Actuarial Advisory Services of Ernst & Young LLP. He is based in the firm’s Chicago office and has extensive experience serving life insurance and reinsurance companies, with focus on financial reporting measurement. Rodrigo is a volunteer for the Society of Actuaries on the new IASB Insurance Contracts Industry Research Project and has assisted a number of clients in performing field testing on the new FASB/IASB Insurance Contracts Standard.
•Mustafa Dinani, FSA, MAAA, Actuarial Consultant, Insurance and Actuarial Advisory Services, Ernst & Young LLP
Mustafa is an actuarial consultant in the Insurance and Actuarial Advisory Services of Ernst & Young LLP. He is based in the firm’s New York office, focusing primarily on life insurance and accident & health (A&H) products. Mustafa has experience serving insurance and reinsurance companies in North America and Europe on a variety of topics including financial reporting, asset liability management, capital stress testing, actuarial modeling, design of processes and controls.

A2.  Managing Life Insurance Product Tax Risk (Tax)
This session will provide an overview of the tax qualifications of life insurance policies under the Internal Revenue Code, company responsibilities for maintaining qualification status, and common sources of non-compliance.  In addition, the implications to companies for non-compliance, and risk-mitigation strategies will be discussed.
click here for the slides
Speakers:  Mark Biglow and Art Dunlavy
•Mark Biglow is a manager in the Insurance and Actuarial Advisory Services practice of Ernst & Young LLP’s Financial Services Offices.  He is based in the firm’s Hartford office.  He has worked in the tax area for over 20 years with a primary focus on IRC section 7702 and 7702A compliance.  He is a member of the Society of Actuaries focusing in the areas of product and policyholder taxation.
•Art Dunlavy, CLU, ChFC, Manager Insurance and Advisory Services Practice, Ernst & Young, LLC
Art Dunlavy is a manager in the Insurance and Actuarial Advisory Services practice of Ernst & Young LLP’s Financial Services Offices. He is based in the firm’s Hartford office. He has worked with individual life insurance products for over 20 years, concentrating primarily on system implementations/conversions and product and policyholder taxation.

A3.  Highlights of the 2014 Living to 100 Symposium (Life)
In January, the Society of Actuaries sponsored the fifth 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, regenerative medicine, 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.

Speakers:  Tom Edwalds and Pat Pruitt
•Tom Edwalds, Munich Re
Tom is Assistant Vice President of Biometric Research for Munich Re, in charge of mortality and persistency research and experience studies for the US.  Prior to joining Munich Re in 2001, Tom spent seven years as the Senior Research Actuary for the Society of Actuaries (SoA).  Tom was recognized as an “Outstanding Volunteer” in 2011 by the SoA.  He is a frequent speaker at professional conferences and currently serves the profession on the following professional bodies:
• SoA Committee on Life Insurance Research
• SoA Reinsurance Section Research Team (“Conversion Mortality” POG – chair; “Extreme Event Risk” POG – chair)
• SoA Committee on Living to 100 Research Symposia
• SoA 2014 VBT Team (Graduation Subteam – chair; Modeling Subteam – chair; Juvenile Ages Subteam)
• Chicago Actuarial Association – past president
• Actuarial Foundation Committee on Student Achievement
Tom has over 35 years of experience in the insurance industry.  He holds both a B.S. and a M.S. degree in Mathematics from the University of Illinois Chicago Campus.
•Patricia A. Pruitt, FSA, MAAA, U. S. Railroad Retirement Board
Pat Pruitt is an actuary at the Railroad Retirement Board, working on long-term actuarial projections of the financial condition of the railroad retirement system.  Pat began her career at CNA as a health actuary, where she gained experience in the pricing, product development, and valuation of a variety of health products, both individual and group. She was a volunteer on the Education and Examination Committee of the Society of Actuaries (SOA) for many years and is now the chair of the SOA’s Education and Research Section Council and a member of the SOA’s Retirement Plans Experience Committee.  She is also Vice President - Education of the Chicago Actuarial Association.  Pat earned her B.S. in Mathematics at Loyola University of Chicago.

A4.  What’s In It For Me? (General)
Do you ask yourself: "Why should I join the SOA and its various sections?  What’s in it for me?"  Come join us as we share with you the many benefits of section membership.  This will be an excellent introduction to various SOA sections and what they offer to their members.  You will also learn ways that you can volunteer at the SOA or other organizations to advance the actuarial profession, expand your skill set, and build new relationships with your peers.

Speakers:  Jacqueline Yang and Kristin Norberg

A5.  Futility of Lung Cancer Treatments (in the elderly) & What Actuaries Can Do about It (Health)
Using research developed for The Lake Wobegon Effect: Are All Cancer Patients above Average? by Jacqueline H. Wolf and Kevin S. Wolf published in The Milbank Quarterly, a health policy journal, December 2013 (volume 91, number 4, 690-728), Kevin will summarize end-of-life care of his mother and discuss lung cancer treatments. He will provide national statistics, review small studies, discuss applying evidence-based medicine and how actuaries can provide insights and help with further analysis.

Presentation materials are available here:
 click for slides (updated)
 click here for article The Lake Wobegon Effect: Are All Cancer Patients above Average?
 
Speaker:  Kevin S. Wolf
Kevin S. Wolf is a Fellow of the Society of Actuaries and a Member of the American Academy of Actuaries. He works in Chicago, IL at Kevin Wolf & Associates LLC. He has over 30 years’ experience in the health care industry. Since 2008 he has served on The Actuarial Foundation’s Diversity Scholarship Committee. From 2000 to 2012 he was a member of the Society of Actuaries/Casualty Actuarial Society Joint Committee on Actuarial Diversity. He wrote a paper for the 2009 Society of Actuaries’ Visions for the Future of the U.S. Health Care System entitled "U.S. Health Care System Proposal: Private and Public Choice." He can be reached at kevin.wolf.associates@gmail.com.

A6.  Observations on the Illinois Pension Crisis:  The house is on fire!  Should an actuary calculate how long it takes for it to burn down or call the Fire Department? (Pension)
Back by popular demand, this session is an encore presentation of our January monthly meeting!
What is the role of Actuaries in the Illinois Pension Debate?  Public employee pensions are the current hot topic in Illinois.  Come to this meeting to understand to what degree Actuaries have been informing the debate, could be informing the debate, are required under ASOPs to inform the debate, and how the ASOPs and Actuarial discipline process might be changed to require actuaries to better inform the debate.
Attendance to this event will count for 1.2 Professionalism credits as required by the American Academy of Actuaries’ U.S. Qualification Standards.
NOTE:  The opinions expressed will be those of the speakers and not their affiliated organizations.

Speaker:  Mitch Serota and Tia Sawhney
•Mitchell I. Serota, PhD, FSA, EA, MAAA, FCA
Dr. Serota entered the actuarial profession in 1976 and has worked in both the health and pension arenas.  He has served on the Society's Education and Examination Committee and was the Vice President of the Chicago Actuarial Association, in charge of its Public Relations many years ago.  He founded an eponymous actuarial consulting firm in 1988 and has offered expert witness testimony on behalf of individuals, State Utility Rate Counsels in addition to providing consulting for corporate employee benefit plans.  He is currently serving both on the AAA Pension Committee and the Pension Section of the Actuarial Standards Board.  He earned his S.B. degree from the Massachusetts Institute of Technology and his Ph.D. from the University of Chicago.  He is an Adjunct Professor at Carthage College in Kenosha, WI.
•Tia Goss Sawhney, DrPH, FSA, MAAA
Dr. Sawhney is the Director of Data, Analytics, and Research for the Illinois Department of Healthcare and Family Services and is an employee participant of the IL State Employees Retirement System

3:00 p.m. Session B

B1.  The new GAAP – What is next? (Reporting)
In June, 2013, the FASB and IASB completed exposure drafts on Insurance Contract accounting and comments on the exposure drafts were due last October.  The proposals would represent significant differences from current GAAP accounting for life and health insurance policies. This workshop will focus on what is in the proposals and possible outcomes going forward. 

Speaker:  Doug Van Dam
•Douglas S. Van Dam, FSA, MAAA, Manager, Actuarial Services, PolySystems, Inc
Doug provides actuarial financial reporting consulting services to insurance entities both domestic and global.  He has been closely following the development of the new international insurance GAAP accounting standard for 8 years and was a member of the AAA IFRS Task Force.   He is currently a member of the AAA Risk Management and Financial Reporting Council Financial Reporting Committee and the SOA Fellowship Exams Curriculum Committee for the Life and Annuity Track.

B2.  US NAIC ORSA update (Regulatory)
This session will provide an update regarding the US NAIC ORSA requirement and company efforts to prepare for this requirement. Topics discussed will include: regulatory updates, results of the 2013 NAIC pilot project, and the current state of readiness of the industry to comply with each section required for the ORSA summary report. 
click here for the slides
Speakers:  James Collingwood and Kevin Piotrowski
•James Collingwood ASA, MAAA
James is a Manager in the Insurance and Actuarial Advisory Services practice of Ernst & Young LLP’s Financial Services Office. He graduated from Drake University with a degree in Mathematics. He has eight years of actuarial consulting experience in a variety of areas including financial reporting and risk management. His current focus is on enterprise risk management and helping companies prepare for the upcoming ORSA requirements.
•Kevin Piotrowski ASA, MAAA
Kevin is a Senior in the Insurance and Actuarial Advisory Services practice of Ernst & Young LLP’s Financial Services Office. He graduated from the University of Wisconsin – Madison with degrees in both Actuarial Science and Risk Management. He has four years of actuarial consulting experience in a variety of areas including pension, life and health. His current focus is on enterprise risk management, specifically concentrated in the health insurance sector.

B3.  Risk Management in a Complex World (Risk Management)
A fundamental characteristic of a complex adaptive system, such as an ecosystem or a financial system, is that it is impossible to depict time-after-time system-wide outcomes of interactions among agents comprising the system.  This presentation explores the efficacy of agent-based models for studying complex adaptive systems, for assessing their stability and resilience, and for managing the risks that they face. It is argued that such systems cannot be monitored and controlled with simplistic regulations. Applications of agent-based models in various settings conclude the presentation. 

Speaker:  Timur Gok
Timur Gök is a Visiting Associate Professor and Director of the Arditti Center for Risk Management in the Department of Finance at DePaul University. He has been the Regional Director of the Chicago Chapter of the Professional Risk Managers’ International Association (PRMIA.org) since 2006. He is a former practitioner. Before he returned to academia, he was Director, Domestic Finance at Deere & Company.

B4.  Mortality Improvement: Trends and Implications for Pension Plans (Pension)
This session will explore the history of mortality improvements over the 20th century, discuss factors impacting mortality improvement, and compare how retirement plan mortality tables have stacked up. In addition, the session will provide an overview of the recently released RP-2014 base mortality table and its partner the two-dimensional MP-2014 projection scale.
click here for the slides
Speakers:  Andrew Peterson and Lisa Schilling
•Andrew Peterson, FSA, EA, MAAA
Andy is the Staff Fellow for Retirement Systems at the Society of Actuaries (SOA) working to develop and support better retirement systems. In this capacity, Andy serves as staff partner to the Pension Section of the SOA directing volunteer activities in these two areas. In addition, he provides retirement expertise to the SOA’s education and research functions. He also serves as a liaison between the SOA and other organizations in the retirement arena and works to facilitate the intellectual capital development of retirement actuaries.
•Lisa Schilling, FSA, EA, MAAA.
Lisa has served in the actuarial profession since 1985 at Hewitt Associates, the United Methodist pension fund, as an independent consultant.  

B5. International Developments in Enterprise Risk Management (Risk Management)
In recent years, regulators around the globe have strengthened risk management expectations for the insurers they supervise.  This session will discuss the common themes and areas of divergence among these new requirements; along with a review of the associated ERM activities at insurance companies.

Speaker:  Dana Hunt, FSA, MAAA
Dana is a director in the Actuarial and Insurance Management Services of PwC.  With a focus on risk management for insurers, her engagements have enhanced risk management and governance frameworks to meet both organizational and regulatory expectations.   Dana joined PwC from the industry, where she was most recently Vice President, Insurance Risk Management for the US business unit of a large multi-national insurer.   In this role, she was responsible for model validation efforts, stress and scenario testing, and liability risk analysis. Dana also led a multi-year program to implement Solvency II for the US business, where she delivered two ORSA pilot reports, enabling the US business unit to prepare for the upcoming NAIC ORSA requirements.


B6. Introduction to the Illinois Public Pension System - Illinois Municipal Retirement Fund: The Continuing Challenge to Address the Needs of Diverse Stakeholders and to Explain and Rollout GASB 68  (Pension)
Investing in a low interest rate environment with a slow recovery and international market volatility is a challenge for any defined benefit plans. IMRF will discuss investment results; funding levels; future employer contributions rates and changes to its asset allocation. With the implementation of GASB 67 and 68; IMRF , as an agent multi-employer public employee retirement system, will assist its participating employers in navigating through the new reporting requirements of GASB 68. A local public pension plan perspective with be provided as well.  

Speakers:  Louis Kosiba, Mark Nannini, and Jason Franken
•Dr. Louis W. Kosiba, Executive Director
Lou has a Juris Doctor degree and a Masters in Business Administration. He had been the Executive Director at the Illinois Municipal Retirement Fund since 2001; prior to that, he was General Counsel for 11 years. He oversees a staff of 185. IMRF has approximately $33 billion in assets and is 96% funded on a market basis. It provides death, disability and retirement benefits to l74,000 active members; and 107,000 retirees. Nearly 3,000 unique units of local government participate. IMRF is the recipient of two awards for Excellence granted by Illinois Performance Excellence; a Bronze Award in 2009 and a Silver award in 2012.
•Mark F. Nannini, Chief Financial Officer
Mark has a Bachelor of Science degree from DePaul University and a Masters in Business Administration from Keller Graduate School. He has been the Chief Financial Officer at IMRF since January 2014; prior to that he was the Director of Finance and Treasurer for the City of Crystal Lake, Illinois. He is a certified Illinois Municipal Treasurer and has held positions with the Government Finance Officers Association. He is an adjunct professor at Harper College.
 
4:15 p.m. Session C

C1. Updated Impact of Low Interest Rates on Insurance Companies and Investors (Investment)
- Brief history of interest rates and the current interest rate environment.
- Review recent economic data
- Quantitative Easing and other central bank activity and impact on investors
- Update on insurance companies profitability and stock price
- Impact of insurance product choices for consumers
- For those nearing or in retirement, impact on ‘hunt for yield’ and different choices
- Caution needed with historically ‘safe’ portion of portfolio
- How insurers, pension funds, and individuals might respond for better outcomes.

Speakers:  Dan Winslow and Cheryl Krueger
•Daniel Winslow, FSA, CPA, is a Fee Based Financial Planner with Winslow Financial LLC since 2005.   Mr. Winslow helps high net worth clients and 401(k) clients with investments and tax planning to meet their goals.  Investments with tax efficiency, low annual fees and no sales commissions are emphasized. From 1987 to 2005 his roles at Trustmark Insurance Company included Vice President and Actuary from 1992.  http://winslow-financial.com/Daniel_Winslow.htm
•Cheryl Krueger is a Financial Planner who consults with clients on an hourly basis.  Prior to starting her firm, Growing Fortunes Financial Partners, LLC, her roles included Chief Actuary at the Society of Actuaries, head of ALM at CNA Life,  and Principal at Tillinghast.  Cheryl specializes in working with “do-it-yourselfers” to put together plans in areas where they need additional help and provide “second opinions” on their plans or strategies.

C2. Recent SOA Research Projects - Regulatory Risk and XXX  (Reporting)
Tom Herget will speak on Regulatory Risk.  This SoA-sponsored research project, undertaken by Tom and colleague Dave Sandburg, addresses this risk in seven dynamics - a definition; regulation in the US, Mexico and Canada; others with significant influences, examples and mitigation.

Speakers:  Tom Herget and Rachel M. Brewster
•Tom Herget, FSA, MAAA, CERA. 
Tom is a retired actuary currently volunteering for the SOA, AAA and IAA.  Tom has had 40 years’ experience in primarily financial reporting for life insurers.  Tom currently serves on the SOA's Board of Directors as Vice President.
•Rachel M. Brewster. 
Rachel is a member of the PwC's Actuarial and Insurance Management Solutions (AIMS) group. She provides actuarial consulting services and assistance regarding audits of insurance company and insurance related clients as well as firm-wide insurance actuarial projects.

C3. Viewpoints from an Industry Insider: Hot Button Trends, Issues and Debates Affecting the Actuarial Arena (General)
This session will feature a forward-thinking industry leader divulging insights into the hot trends and current issues facing the actuarial arena and the insurance industry as a whole. Topics covered will include strategies to combat the growing talent crisis, best practices to stay relevant in light of the growing focus on analytics in the industry, advice on how to manage the aging workforce, and an in-depth look at the need to increase diversity throughout the workplace.  
Proposed Session Objectives:
• Understand best practices for investing in your workforce and retaining talent in order to effectively combat the growing talent drain in the industry.
• Discuss strategies for staying relevant in light of the growing analytics trends and how actuarial professionals can evolve with the changes.
• Develop a strategic succession plan for hiring and training new talent to replace the rapidly aging workforce.
• Learn more about the current state of diversity in the industry and how to implement changes to increase diversity within your organization.
click here for the slides
Speaker:  Margaret Resce Milkint
Managing Partner, The Jacobson Group

C4. Process and Controls for Actuaries (Reporting)
This session will cover the evolution and importance of adequate control design, testing and implementation.  Process and controls continue to get increased attention from management, auditors and regulators.  This session will cover many of the items actuaries need to consider in this increasingly demanding environment.

Speakers:  Joe Rafson and Louis Mannello
•Joe Rafson
Joe has over 25 years’ experience as an actuary and business executive in the life and health insurance industry with particular strengths in financial reporting, life insurance mergers and acquisitions, as well as actuarial modeling.  He leads KPMG’s Midwest Life Actuarial team.  He is a member of the American Academy of Actuaries’ Life Financial Reporting Committee and a frequent speaker at industry events.
•Louis Mannello
Louis is a partner in KPMG’s Accounting Advisory Services team. Louis has more than 25 years’ experience working with insurance and other financial services companies. Louis leads KPMG’s global Accounting Change for Insurers initiative. He currently supports insurance companies to consider accounting and financial reporting issues in connection with divestitures, acquisitions and capital market transactions. He also supports insurers with technical GAAP, IFRS and statutory accounting issues, including the implementation of new standards.

C5. Rate of Return – The Intersection of Actuarial Science with Investment Management (Investment/Pension)
Low interest rates increase the cost of defined benefit plans if the investment manager underperforms the assumed actuarial rate.  Compensating adjustment in asset allocation tilts the balance of return and risk.

Speaker:  Merrill Rajeck
•Merrill F. Rajeck CFA, Owner/Manager, Jay Company – Investment Management.
Jay Company is an independent investment advisory firm formed in 1984.  Previously, Merrill Rajeck was a VP at Investment & Capital Management and an AVP at First National Bank of Chicago Trust Department, retirement funds investment division.

C6. Advanced Age Mortality Patterns and Longevity Predictors (Life)
Session outlines methodological approaches to mortality trajectories analysis after age 80 years and describes methods of mortality estimates at advanced ages. Mortality analysis is illustrated using U.S. and International data from the Human Mortality Database.  Mortality modeling, approaches to hazard rate estimation and analysis of mortality trajectories using life-table aging rate (LAR) are presented.  Predictors of exceptional longevity including parental characteristics as well as early-life conditions and mid-life environment are analyzed using data on American centenarians and their shorter-lived peers.

Speakers:  Dr. Natalia S. Gavrilova and Dr. Leonid A. Gavrilov
•Dr. Natalia S. Gavrilova, Ph.D., is an expert in demographic methods, biomarkers of aging and health and early-life effects on longevity and longevity and a fellow of the Gerontological Society of America.  She received her Ph.D. in anthropology and population science at the Moscow State University in Russia and her master degree in computer science at the University of Chicago.  Her research projects were funded by international funding agencies, including the International Science Foundation, the European Union, and the National Institute on Aging (USA).  She is currently a Co-Investigator of NIH-funded project “Biodemography of Exceptional Longevity in the United States.”   She is an Editorial Board Member for international journal “Demografie” and grant reviewer for the National Institute on Aging and the Maurice Falk Institute for Economic Research in Israel. Dr. Natalia Gavrilova is currently working at the University of Chicago and is a Research Associate of the Center on Economics and Demography of Aging, National Opinion Research Center.  She is a frequent speaker at the Living to 100 symposia and other actuarial meetings. Read more at: http://longevity-science.org/CV-gavrilova.htm
•Dr. Leonid A. Gavrilov is an expert in biodemographic studies of human aging, mortality and longevity and a fellow of Gerontological Society of America.  Dr. Gavrilov has over 20 years of professional experience in this area of research and published more than 60 scientific papers on related topics in collaboration with Dr. Natalia S. Gavrilova.  Their book ‘The Biology of Life Span: A Quantitative approach’ is cited as a recommended reference by Encyclopedia Britannica. 
Dr. Gavrilov is a Principal Investigator of several award-winning research projects, funded by the Society of Actuaries, National Institute on Aging, European Union (INTAS program) and the U.S. Civilian Research and Development Foundation (CRDF). Currently he is a Principal Investigator of the NIA-funded research project “Biodemography of Exceptional Longevity in the United States.” He is a regular invited speaker at the Annual meetings of the Chicago Actuarial Association and Living to 100 symposia organized by the Society of Actuaries. Dr. Gavrilov is an Editorial Board Member of the scientific peer-reviewed journals Experimental Gerontology, Gerontology, Rejuvenation Research and others. Dr. Gavrilov is currently working at the Center on Aging, National Opinion Research Center affiliated with the University of Chicago. Read more at: http://longevity-science.org/CV-gavrilov.htm


Reception and Dinner

5:15 Reception
•Cocktails, Wine, Beer, Soda
•Wolf Point Ballroom, 15th Floor
   
5:45 Dinner & Speaker (Approximate start time)
•Wolf Point Ballroom, 15th Floor

The Value of Credentials and Membership in the SOA

Key Note Speaker:  Errol Cramer

Errol Cramer is chief actuary of the Allstate Financial Group. He joined Allstate in 1984 as assistant actuary and was promoted through various functions to his current position in 2000. His prior experience with Allstate included financial reporting, reinsurance, tax planning, regulatory affairs, modeling, staff and innovative products and merger and acquisitions (M&A). His M&A activities included a key role in Allstate’s 1993 spin-off from Sears and what was at that time the largest Initial Public Offering (IPO). He was responsible for actuarial functions of Allstate’s Canadian life subsidiary and its Japanese and Korean life joint ventures, all since divested.

Cramer has had a career-long involvement with volunteerism and his name appears on a variety of actuarial and industry reports. Current activities include President Elect of the Society of Actuaries, SOA Project Oversight Group to award prizes for research on application of behavioral sciences for the insurance industry American Council of Life Insurers (ACLI) Global Solvency Actuarial Deputies Group, tasked with promoting Principles Based Reserving (PBR) and RBC ACLI Actuarial Committee

Rows of chairs are available for those who want to watch this presentation without dinner.

•Dinner is optional.  Please see main invite for associated costs.  Make your dinner selection when you register online.  After you register, you will receive a payment link via E-mail.

SALAD:  Farmers market salad, field greens, tomatoes, mushrooms, onions, green beans, red wine dressing

ENTRÉE:  Please Choose ONE
•Chicken:  Breast of chicken vesuvio, white wine, lemon garlic, fresh oregano
     or
•Fish:  Baked orange roughy, basil buerre blanc sauce
    or
•Vegetarian:  Baked ziti with vegan mozzarella, marinara sauce

DESSERT:  Flourless chocolate cake + ganache glaze

Coffee & Tea

EVENT:  January 2014 Meeting

TOPIC:  Observations on the Illinois Pension Crisis:  The house is on fire!  Should an actuary calculate how long it takes for it to burn down or call the Fire Department?

What is the role of Actuaries in the Illinois Pension Debate?  Public employee pensions are the current hot topic in Illinois.  Come to this meeting to understand to what degree Actuaries have been informing the debate, could be informing the debate, are required under ASOPs to inform the debate, and how the ASOPs and Actuarial discipline process might be changed to require actuaries to better inform the debate.

Attendance to this event will count for 1.2 Professionalism credits as required by the American Academy of Actuaries’ U.S. Qualification Standards.

NOTE:  The opinions expressed will be those of the speakers and not their affiliated organizations.

SPEAKERS: 

Tia Goss Sawhney, DrPH, FSA, MAAA

Dr. Sawhney is the Director of Data, Analytics, and Research for the Illinois Department of Healthcare and Family Services and is an employee participant of the IL State Employees Retirement System.

Mitchell I. Serota, PhD, FSA, EA, MAAA, FCA

Dr. Serota entered the actuarial profession in 1976 and has worked in both the health and pension arenas.  He has served on the Society's Education and Examination Committee and was the Vice President of the Chicago Actuarial Association, in charge of its Public Relations many years ago.  He founded an eponymous actuarial consulting firm in 1988 and has offered expert witness testimony on behalf of individuals, State Utility Rate Counsels in addition to providing consulting for corporate employee benefit plans.  He is currently serving both on the AAA Pension Committee and the Pension Section of the Actuarial Standards Board.  He earned his S.B. degree from the Massachusetts Institute of Technology and his Ph.D. from the University of Chicago.  He is an Adjunct Professor at Carthage College in Kenosha, WI.

DATE:  Monday, January 13, 2014
     3:30  Registration
     4:00  Speaker
     5:00  Reception, Hors D’oeuvres, and Networking

PLACE: BlueCross BlueShield of IL, 30th floor - NOTE THE ROOM CHANGE !
300 East Randolph, 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 hors d’oeuvres

Make your reservation online by Wednesday, January 8, 2014.  This information subsequent updates are posted on our website at http://meeting.ChicagoActuarialAssociation.org

Please register online

Payment will be requested in advance by the reservation confirmation system.  Please use the link in your reservation confirmation message, which uses a secure PayPal web page to process credit cards and e-checks. 

There are no refunds for cancellations not received by the end of the day on Monday, January 8.

EVENT:  November 2013 Meeting

TOPIC:  PBR Update

Whether you work for a US insurance company or an international company, principles based approaches for reserves and capital are coming.  A fundamental precept in any principles based approach is establishing the assumptions.  Both international and U.S. approaches require significant understanding of the underlying risk characteristics of the business being measured and regular review and update of assumptions.  In this session, Mary will provide updates on best practices, along with other pertinent information.

SPEAKER:  Mary J. Bahna-Nolan, FSA, CERA, MAAA, Director, PricewaterhouseCoopers LLP

DATE:  Monday, November 18, 2013
     3:30  Registration
     4:00  Speaker
     5:00  Reception, Hors D’oeuvres, and Networking

PLACE:  BlueCross BlueShield of Illinois, Columbus B
300 East Randolph, 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’oeuvresFree without hors d’oeuvres

Make your reservation online by... RSVP deadline extended - sign up ASAP. 

Please register online at ...

Payment will be requested in advance by the reservation confirmation system.  Please use the link in your reservation confirmation message, which uses a secure PayPal web page to process credit cards and e-checks. 

There are no refunds for cancellations not received by the end of the day on Monday, November 11.
 

EVENT: November 2013 Fun Event !

WHAT:   WhirlyBall Chicago

Frustration of the exam season got you down?  Looking for a way to celebrate after hours upon hours of studying?  What better way to relieve the stress of exams than bumping into your fellow actuaries’ bumper cars!  Join us as we head over to WhirlyBall Chicago and take it all out on, well, each other.

Not familiar with Whirlyball?  Shame on you!  Basically, 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 hilarious.  For more information, check out their website: www.whirlyball.com.

We have reserved courts and a party room all to ourselves.  Food and drinks (both alcoholic and non) will be provided.  Admission is $10 for all exam participants: exam takers, supervisors, proctors, and review class instructors.  Exam takers, remember to bring your ticket of admission!  Other exam participants must be verified by Pat Pruitt (patpruitt60302@yahoo.com).  The registration fee for CAA members who are not exam participants is $20; for all others, it is $40.

Food and beverage sponsored by Ezra Penland!  Thanks!

Space is limited!  Please RSVP as soon as possible to ensure a spot.

WHEN: Wednesday, November 20, 2013
     4:45 – 7:00 pm 

WHERE: WhirlyBall Chicago
1880 West Fullerton, Chicago, IL 60614

COST:
   Exam Participants $10
   Exam Supervisors and Proctors $10
   Other CAA Members $20
   Other Non-CAA Members $40

Make your reservation online by Friday, November 15, 2013. 

Please register online at ...

Payment will be requested in advance by the reservation confirmation system.  Please use the link in your reservation confirmation message, which uses a secure PayPal web page to process credit cards and e-checks. 

There are no refunds for cancellations not received by the end of the day on
Friday, November 15.
 

EVENT:  October 2013 Meeting
Topic:  NAIC Update
This session will cover activity from the recent NAIC meeting, including Principle Based Reserves (both life and annuity), development of mortality and morbidity tables, 2014 GRET tables, and life Risk-Based Capital.

Speaker:  Don Maves, FSA, Manager, Actuarial Services, PolySystems Inc

Donald Maves is Manager, Actuarial Services with PolySystems, Inc, where for fifteen years he has advised clients in the installation of financial reporting software for life insurance companies.  Mr. Maves has more than 30 years of actuarial experience with life insurance companies covering pricing, financial reporting (statutory, GAAP, and tax), financial projections, and actuarial regulatory issues.  He was Chair of the industry task force that advised the NAIC on the original XXX regulation.  Mr. Maves is a Fellow of the Society of Actuaries and a Member of the American Academy of Actuaries.  He graduated from Purdue University with a B.S. in Mathematics.  Mr. Maves is a frequent speaker at Society of Actuaries and CAA meetings and events.

DATE:  Tuesday, October 8, 2013
 3:30  Registration
 4:00  Speaker
 5:00  Reception, Hors D’oeuvres, and Networking

PLACE:  BlueCross BlueShield of Illinois, Auditorium B on CAL lower level.
300 East Randolph, Chicago, IL 60601

COST: 
Members with hors d’oeuvres reception $30
Members without reception $20
Non-Members with hors d’oeuvres reception $40
Non-Members without reception $30
Retirees/Unemployed with hors d’oeuvres reception $10
Retirees/Unemployed Free without reception

Make your reservation online by Tuesday, October 1, 2013.

Please register online at www... 

Payment will be requested in advance by the reservation confirmation system.  Please use the link in your reservation confirmation message, which uses a secure PayPal web page to process credit cards and e-checks. 

Event: Summer 2013 Golf Outing
Hello,

It's time for the Chicago Actuarial Association's annual golf outing! The event will again be held at Deerfield Golf Club on Friday August 23rd. The format will be a 4-person scramble (A-B-C-D format), same as last year. That means each member of the team hits a ball. You then pick the "best ball" (the one that is in the best position and/or closest to the hole), and everyone hits their 2nd ball from the same place as the best ball. Repeat until the ball is in the hole and record a team score for each hole. The A-B-C-D format means that we will make teams from players of all skill levels from the best (A) to beginning (D) golfers. That way, every team has a chance to win!

For those who attended last year, you remember the great prizes and socialization that followed after the event.  Again, our friends at Ezra Penland Actuarial Recruitment have agreed to sponsor the open bar after the tournament along with prizes for 1st, 2nd, last (most honest), closest to the pin, and longest drive!!

The registration fee is $30 for CAA members and $60 for non-members.

We encourage golfers of all levels to participate and enjoy a great afternoon with their fellow Chicagoland actuaries!

We must receive entries by August 9th, so register promptly with this form
 (click here for the registration form)

If you have any questions, please contact
Bryan Bowman at   or at (708) 
or
Matt Kindelin at  

We look forward to seeing you there!

Bryan and Matt

EVENT:    June 2013 Event: Post Exam Fun @ the Ballpark

Topic: Chicago White Sox vs. New York Mets

Spring is here! Actuarial exams are in progress, 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, as they meet the New York Mets. Comiskey Cash will be provided at the game to exam takers, supervisors, and proctors. Other attendees will be responsible for their own food & drinks.

Date:  Tuesday, June 25, 2013 (Response deadline May 31)
Seats in Upper Box 537
Game begins at 7:10 p.m.
Location: U.S. Cellular Field (New Comiskey Park)
333 West 35th Street, Chicago, IL 60616

Tickets are only $5 for exam participants and members of the Chicago Actuarial Association. Other guest tickets are $15. At the ballpark, all exam takers will get $15 in Comiskey Cash by presenting their original ticket of admission to the exam (for FAP and FSA modules, please bring proof).

Exam supervisors and proctors will also get the $15 in Comiskey Cash by presenting a photo ID if their name is on Pat Pruitt’s list of exam volunteers.

Order your tickets online at http:// by May 31. Important – make sure you have received a ticket confirmation: If you don’t have a confirmation message Email, you don’t have a reservation. After making a reservation, use the link in the confirmation message to make a payment via the PayPal website.  Please keep track of your total fee, and submit that amount.

These tickets are limited, so the sooner you purchase your tickets, the better. Tickets will be distributed before game day through our network of members or your home mailing address.
Questions? Call Pat Pruitt at

EVENT:   June 2013 CAA, MAF and PRMIA Joint Conference on
        Enterprise Risk Management
        Costs of Climate Change
The Chicago Actuarial Association (CAA), the Midwest Actuarial Forum (MAF), and the Chicago Chapter of the Professional Risk Managers’ International Association (PRMIA) are pleased to offer a half-day conference on Enterprise Risk Management considering Costs of Climate Change.
 
This is an excellent opportunity for Academy members to earn Continuing Education Credits locally and at a very reasonable price.
 
Tuesday, June 18, 2013, at the Holiday Inn Chicago Mart Plaza
     11:45    Registration Table Opens
     12:30    Lunch is served
       1:00    Lunch Keynote:  Bill Abolt, “Climate Change and Public Policy”
       2:15    Steve Kolk, “Actuarial Climate Change Index Progress Report
                                     & a Sea-Level Rise Use Case"        
       3:30    Sarah Lovinger, MD,  “Climate Change and Public Health”
       4:45    Tom Stone, “The Impact of Climate Change on Insured Losses” 
       5:45    Bar opens for Reception (cocktails, beer, wine, soda pop, and snacks)
 
COST:  $85 for members of the CAA, or of the MAF, or sustaining members of Chicago PRMIA
$110 for other professionals
$60 reduced rate for Retirees, Full Time Students, Unemployed and Government Employees
 
Reserve your spot online by June 12, 2013.
 
If you have questions, please call Pat Pruitt at 312-751-3392 or John Adduci at 312-332-5670.

Please register online
Payment will be requested in advance by the reservation confirmation system.  Please use the link in your reservation confirmation message, which uses a secure PayPal web page to process credit cards and e-checks.
There are no refunds for cancellations not received by the end of the day on June 15.
This information, extensive speaker biographies, and subsequent updates are posted on this website.

We welcome and encourage non-actuaries to attend our conference because information covered is relevant to a wide range of work within the insurance and financial community.  Please share this with others who may be interested.

SPEAKER LIST

Bill Abolt is a Vice President of CB&I Environmental & Infrastructure and leads its Sustainability, Energy and Carbon Management National Practice. Prior to joining CB&I (formerly the Shaw Group) he served as Environment Commissioner, Director of the Office of Budget and Management and Chief of Management, Office of the Mayor, for the City of Chicago, where he was responsible for developing Chicago's strategy to become one of the greenest cities in the United States.

Bill has over 28 years of experience managing complex energy, environmental and public issues including energy planning, sustainability program design, multi-stakeholder budget processes and enterprise-wide analysis of critical infrastructure and electrical system performance. As a part of his responsibilities at CB&I Environmental & Infrastructure, he manages and directs specific consulting projects for corporate and public clients including but not limited to assignments involving renewable energy, energy efficiency, green infrastructure and sustainable design.

He is a member of the Green Ribbon Committee of the Chicago Climate Action Plan, the Midwest Advisory Council of the Natural Resources Defense Council, the Civic Consulting Alliance Leadership Council and is a Leadership Greater Chicago Fellow (Class of “92.) He serves as an adjunct instructor in Public Policy and Administration at both the University of Illinois at Chicago and Northwestern University where he has developed and taught graduate courses on subjects including public budgeting, energy and climate policy, urban sustainability, intergovernmental management and capital and development finance.

Steve Kolk 
Steve is chief actuary and senior modeler at CoreLogic.  He is an Associate of the Casualty Actuarial Society (ACAS).  He holds a BA in mathematics, with honors, from Calvin College of Grand Rapids, Michigan.  He is a member of the Climate Index Working Group comprised of members from the Casualty Actuarial Society, Canadian Institute of Actuaries, Society of Actuaries, and the American Academy of Actuaries’ Property/Casualty Extreme Events Committee.
Steve has done hands-on actuarial work with most every Property & Casualty line of business. He began his career estimating the impact of Florida hurricanes on manufactured homes for Foremost Insurance Company. After that beginning he did mostly Casualty work: first at Hartford Insurance Group, then at St. Paul Insurance Companies, then at Safeco Insurance Companies and thereafter became chief actuary of Grange Insurance Group in downtown Seattle. After hearing and meeting Nobel Prize winner Dr. Evan Mills when he spoke there about his work with the IPCC on leap day of 2008 to the Casualty Actuaries of the Northwest about climate change, he redirected his career to focus on Property risks and climate change impacts upon them. He started this career renewal with a brief stint near Green Bay, Wisconsin as staff actuary at Ameriprise Auto & Home insurance. From there he joined CoreLogic in their Madison, Wisconsin office as chief actuary in 2010. At CoreLogic his role is to analyze and quantify a variety of catastrophic risks using precise, granular property hazard data. As part of that work, he has co-authored three annual Storm Surge reports and two annual Wildfire reports.

Sarah Lovinger, MD, is an internal medicine doctor at the Lake County Health Department in Lake County, IL.  She is also the executive director of the Chicago chapter of Physicians for Social Responsibility, www.chicagopsr.org.  Sarah is also an adjunct lecturerat Northwestern University, where she teaches an undergraduate seminarclass in climate change and global health.

As director of Chicago PSR, Sarah collaborated with students atNorthwestern University’s McCormick School of Engineering to write a Climate Adaptation Plan for Cook County. Sarah is a volunteer member of the City of Evanston climate adaptation task force and also volunteers for the BRACE-IL Training and Education Work Group, the CDC-funded climate adaptation planning effort for the Illinois Department of Public Health.  Sarah blogs at www.climate-MD.com andyou can follow her @climateMD.

Thomas P. Stone

Tom has served as the Vice President of Catastrophe Management at CNA Insurance for the last five years.  His group is part of the Enterprise Risk Management division.  He currently leads the Corporate Cat Committee which is charged with devising and implementing CNA’s overall Catastrophe management strategy.

Tom is responsible for measuring, monitoring, and reporting the company’s aggregate catastrophe risk.  He is accountable for CNA’s global exposure to all natural and man-made catastrophes.  He established the Cat pricing framework and risk management function within the company.  Tom also oversees the Cat risk analytics that are being developed and applied throughout the organization.

Prior to joining CNA, Tom worked as a Senior Manager at Ernst & Young where he led the catastrophe advisory group.  This group teamed with the company’s Insurance and Actuarial Advisory Practice to provide an array of best practices consulting services to insurers, reinsurers, and banks.  Over the last 20+ years, Tom has been involved in catastrophe risk modeling under a variety of capacities, from model design and development to researching ways in which the models can be most effectively applied.

MENU (Make your lunch selection at time of reservation.)

Chicken  –  Amish chicken - all natural baked chicken, marinated with a garlic + rosemary sauce, roasted garlic organic mashed potatoes

Vegetarian  –   whole wheat fettuccini - sautéed with artichokes + sundried tomatoes

Breaks between the sessions will include snacks and hot and cold beverages (coffee, tea, soda pop, juice, water)

Please register online 

EVENT: April 2013 Meeting 

Topic: A Dialogue with the SOA President  

Speaker:  Tonya Bowman Manning, SOA President
 
Tonya will give a brief update on Society of Actuaries activities and will engage attendees in a dialogue.  Enjoy a lively conversation during the question-and-answer time.  Feel free to Email questions to us before the meeting.  There is also a place on the reservation form to submit questions.

Tonya B. Manning is an actuary for the U.S. Department of Treasury. In this role, she is involved in a number of activities related to employee plans, including participating in regulation projects, reviewing ruling requests, and public outreach. She also assists private practitioners and internal personnel with technical questions. Prior to joining the U.S. Department of Treasury, Manning worked for 22 years at Aon Consulting and was senior vice president and chief actuary for its U.S. retirement practice.

She is a fellow of the Society of Actuaries (SOA), a member of the American Academy of Actuaries (the Academy), a fellow of the Conference of Consulting Actuaries (CCA), and an enrolled actuary.

Manning holds a number of volunteer positions with the SOA. She is a member of its Board of Directors, currently serving as president-elect and previously as vice president. She is the Board Partner to the SOA's Council of Section Chairs, serves on the SOA's Committee on Post-retirement Needs and Risk and the Retirement Viewpoints and Visibility Team.
 
Date: Wednesday April 17, 2013    

Location: Radisson Blu Aqua Hotel, in Pacific Ballroom 3
221 N. Columbus Drive, Chicago 60601

Cost:  Free to attend.

EVENT:   March 2013 Workshops   

DATE: Wednesday March 20, 2013
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 & 15th Floor LaSalle
(Located atop the Apparel Center, just west of the Merchandise Mart – see directions below) 350 W Mart Center Dr, Chicago 60654

COST: $115 with dinner, $95 without dinner
(Reduced rate for retirees, unemployed, full time students: $70 with dinner, $50 without dinner)

Workshops cover a variety of hot topics in each of the time slots.  Make your reservation online by Tuesday, March 12, 2013.  If you have questions, please call Pat Pruitt at 312-751-3392 or Bob Aronsohn at 312-653-5677.  This information, more speaker biographies, and subsequent updates are posted on our website at http://meeting.ChicagoActuarialAssociation.org
 
Use this opportunity to fulfill some of your continuing professional development requirements.  You can earn more than 3 hours toward your annual AAA and SoA CPD requirements while you meet and network with other local actuaries face-to-face.

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 industries.  Please share this announcement with others who may be interested. 

Suggested educational tracks are listed (in parentheses) beside each title:  General, Health, Investment, Life, Pension, and Risk Management.

Register online at ...
After you register, you will receive a payment link via E-mail.    
 
Payment should be made in advance online by credit card or e-check.  The day of the event, any form of payment can be accepted on site. 
We strongly encourage advance payment, as it speeds up entry on the day of the event.  If you pay your fee online using the secure PayPal link, we will send you the program (and dinner ticket, if applicable) before you arrive.  You will not need to check in:  Simply pick up your name badge and go to your first session.   

Refreshments will be provided before each session.

1:45 p.m. Workshop Sessions A

A1:  Forecasting Extreme Events/ Life Insurance Regulatory Structures – US & EU (Risk Management)
Tom Herget, FSA, MAAA, CERA
Brian Paton, FFA, MAAA – Director, Life Actuarial Practice, PricewaterhouseCoopers LLP
i) Forecasting Extreme Events – What Taleb’s Turkeys Missed.
Tom Herget will lead a discussion of the SoA’s newly released research paper, Recognizing When Black Swans Aren’t:  Holistically Training Management to Better Recognize, Assess and Respond to Emerging Extreme Events.   This paper will review current methods for trying to detect black swans and why some methods have failed.  Attendees should bring an example of a black swan they experienced or one they think is on the horizon.
ii) Brian Paton will present on the SoA’s research paper, “Life Insurance Regulatory Structures & Strategy:  EU compared with U.S.”.   This paper will review current regulation and expected developments along with the implications for reserving, capital, product development and risk management. This session will focus on the risk management aspects of the paper and how well the regulatory regimes require and incentivize ERM.

A2:  Results from two SOA Research Projects on High Face Amounts and Preferred Underwriting (Life)
Al Klein, FSAA, MAAA, Consulting Actuary, Milliman, Inc.
Michelle Krysiak, FSA, MAAA, Consulting Actuary, Milliman, Inc.
The SOA completes numerous research projects every year, some through volunteer groups and some through hiring an outside organization to complete the project.  Milliman was hired to complete a High Face Amount study for the SOA; this study was based on the data from a large industry mortality and lapse study Milliman recently completed.  High face amounts were defined as $1 million and above.  This is the first High Face Amount study completed by the SOA since 1998, when Manulife completed their last study for the SOA. 
The recently published Preferred Underwriting survey was completed by the SOA Mortality and Underwriting Survey Committee and includes some elements (e.g., debit/credit structures and preferred exceptions) not previously studied by this group.
We will present some of the more interesting findings from these studies.  Please join us to hear more about these two hot life topics.

A3:  Health Care Reform Explicit Costs: 3Rs, Market Share, Tax (Health)
Stacey Muller, Actuary, FSA, MAAA, Milliman Milwaukee
Trevor Pollitt, FSA, MAAA, Combined Insurance Company of America
Click here for the slides
 
A4: Impact of Low Interest Rates on Insurance Companies and Retirement Portfolios (Life)
Daniel Winslow, FSA, CPA, Winslow Financial LLC
Kirk Kreikemeier, CFP, CFA, FSA, Principal, Pebble Valley Wealth Management
•Brief history of interest rates.
•Clarify the different components of yield
•Central bank activity and impact on short end versus market/inflation expectations impact on long-end
•Insurance companies impact on profitability and stock price
•Impact of product choices for consumers as insurers leave market (VA, LTC)
•For those nearing or in retirement, impact on ‘hunt for yield’ and different choices
•Caution needed with historically ‘safe’ portion of portfolio

A5:  Financial Status and Update on Social Security (Pension)
Raymond Berry, ASA, MAAA, MSPA, EA
As an actuary, do you get asked questions about Social Security?  This session will provide a summary of the financial status of Social Security and proposals for reform.  Latest Trustees report and AAA Issue Briefs will be discussed.

A6:  Model Review and Validation Around Assumption Setting (General)
Nicole Kim, FSA, MAAA, Manager - Advisory, KPMG LLP
Nicholas Coleman, FSA, MAAA, Manager - Advisory, KPMG LLP
Actuarial models are used for a number of different valuation processes with a recent trend toward more principle-based approaches in US statutory, market-consistent embedded value (MCEV), economic capital and IFRS and more.  Our presentation will focus on model review and validation techniques around assumption setting process with emphasis on leading trends and practices in the process and governance of assumption setting.
Click here for the slides

A7:  US NAIC Solvency Modernization Initiative Update
Kush Kotecha, FSA, MAAA, Manager, Financial Services Office, Ernst & Young LLP
James Collingwood, ASA, MAAA, Manager, Financial Services Office, Ernst & Young LLP
In 2008, the Solvency Modernization Initiative (SMI) was launched to update the U.S. solvency regulation framework. The SMI includes a review of international developments regarding insurance and banking supervision, international accounting standards, and their potential use in U.S. insurance regulation. Given continued regulation by the FED and creation of the FIO, as well as solvency developments in the International community, the approach to risk management cannot be overemphasized.
The session will describe the basic architecture of the SMI road map. The SMI approach, challenge organizations to integrate a modeling approach into the risk management framework, which cuts across many different departments and functions in firms. The presenters will share their insights into the challenges and areas of gain from developing an ERM framework, and creating an Own Risk and Solvency Assessment (ORSA)  report.

Refreshments will be provided before each session.

 
3:00 p.m. Workshop Sessions B

B1:  Progress toward the new GAAP (IFRS) (General)
Douglas S. Van Dam, FSA, MAAA, Manager, Actuarial Services, PolySystems, Inc
In the second quarter of 2013 the FASB plans to release its exposure draft for the insurance accounting standard (new GAAP) and the IASB will re-expose its revision to the 2010 exposure draft.  This presentation will highlight:
•A quick review of the history of this project
•Decisions made in the fall of 2012 on revenue and presentation and on transition rules
•What the IASB wants to get out of its re-exposure
•Where the FASB and the IASB differ
•What will be the impact on life/health/annuity insurers and preparation steps

B2: Individual Update on Mortality Table (Life)
Mary J. Bahna-Nolan, MAAA, FSA, CERA, Director, PricewaterhouseCoopers LLP
Implications of the new 2012 Payout Annuity Mortality Table as well as developments of the 2014 VBT and implications for PBR/VM-20.

B3:  CBOE’s & the Insurance Industry (Investment)
Matt McFarland, Director – Business Development, Chicago Board Options Exchange
John Wiesner, Risk Management Strategist, Chicago Board Options Exchange
The presentations will show how CBOE’s customizable FLEX© options work for insurers.  There will also be a description of what exotics options CBOE is hoping to add to the platform to help match more of carriers’ liabilities.  There will also be a description of a new option pricing service that will provide insurers pricing from actual market making firms on FLEX options, and on the volatility surface out 15 years, as well as custom options the users request themselves.

B4:  Rx Trends (Health)
Jason Gomberg, FSA, MAAA, Actuary, Milliman
Jamie Vora, PharmD, MBA, Pharmacy Management Consultant
Now that the generic wave of 2012 is over, what is next?  We will cover how the pharmacy landscape is changing and how pharmacy fits in with Health Care Reform.

B5:  Common Framework for the Supervision of Internationally Active Insurance Groups and Getting Ready for the ORSA (Life)
Tom Herget, FSA, MAAA, CERA
Brian Paton, FFA, MAAA – Director, Life Actuarial Practice, PricewaterhouseCoopers LLP
i) Common Framework for the Supervision of Internationally Active Insurance Groups - This session will address the purpose, progress and prognosis of this initiative to regulate internationally active insurance groups.  It could well affect those insurers not international in scope as regulators seek to maintain a level playing field.
ii) Getting ready for the ORSA - This session will cover the topic of preparing for the National Association of Insurance Commissioners (NAIC) Own Risk and Solvency Assessment (ORSA) requirement. In particular it will cover the risk management and capital processes that underpin the regulatory requirement and how to derive value from the process.  The session will also cover where companies are currently well prepared for an ORSA and where companies commonly have further work to do to meet the requirements. 

B6:  Introduction to the Illinois Public Pension System (Pension)
Jason L. Franken, FSA, EA, MAAA, Foster & Foster Consulting Actuaries, Inc.
Louis Kosiba, JD, MBA, CEBS, Illinois Municipal Retirement Fund
Introduction to the Illinois public pension system – it is not just the five large funds
-          How did the funding levels get their current levels
-          Insight from the executive director of one of the largest funds in the state
-          Actuarial problems with the funding of the system

B7:  Four Degrees of Separation: Climate Change, Energy Use and Risk Management (Risk Management)
Timur Gök, Visiting Associate Professor, Department of Finance, DePaul University
From a complex systems view, we explore the implications of climate change for managing risks in an integrated ecological-socioeconomic system.

Refreshments will be provided before each session.

4:15 p.m. Workshop Sessions C

C1:  U.S. Mortality at Advanced Ages: Cohort Analysis (Life)
Dr. Leonid A. Gavrilov
Dr. Natalia S. Gavrilova
Session outlines methodological approaches to mortality measurement after age 85 years in extinct birth cohorts and describes methods of mortality estimates at advanced ages. Mortality analysis is illustrated using several datasets on U.S. mortality including the Human Mortality Database.  Mortality modeling, approaches to hazard rate estimation and data quality control are presented.  Possible reasons of finding apparent mortality deceleration in earlier studies are also discussed.
Click here for the slides

C2:  Professionalism in the Everyday Life of an Actuary (General)
Mike Boot, FSA, MAAA Managing Director, Sections and Practice Advancement Department,  Society of Actuaries 
Ken Williams, FCAS, MAAA, Actuarial Manager, COUNTRY Financial
Participants will explore the importance and role that professionalism plays in the everyday life of an actuary. Special emphasis will be given to Actuarial Communications ASOP 41 and criteria for documentation.  A case study will be used to engage the audience for their comments, observations and insights. Participants will also gain an awareness of the multitude of resources available to the actuary as they navigate professionalism issues, along with thoughts on how those resources can be applied and interpreted.

C3: Middle Market - Challenges and Considerations (Life)
Phil Murphy, MBA, Munich Re
An overview of the challenges and best practices required to tackle the shifting landscape presented by the middle market.  What can be done to maximize ROI in this increasingly complex and competitive space in the life insurance market?  Every situation is unique, so what are the components of a successful program?

 
C4:  Life Insurance Tax Update (Life)
Charles D. (Bud) Friedstat, FSA, MAAA, Consulting Actuary
Arthur V Panighetti, FSA, MAAA, Northwestern Mutual Life
This session will focus primarily on life insurance company tax reserve issues but may also briefly discuss certain recent developments in the life insurance product tax area.  Tax reserve issues to be discussed will include developments for in-force variable annuities with guaranteed living benefits (VAGLB's) and Actuarial Guideline 43 post implementation issues including recent developments and current IRS audit treatment, other recent developments in the tax reserve area including cases and rulings other IRS audit issues related to life, health and annuity reserves, expected near term IRS pronouncements, life PBR related tax reserve issues and issues to be addressed by the IRS Priority Guidance Program.  This session will also discuss new developments in the tax reserve area including the impact of the low interest rate environment as well as activities of the AAA Tax Work Group.

C5: LTC GAAP and STAT Active Life Reserving Considerations (Health)
Loretta Jacobs, FSA, MAAA, Senior Manager, Financial Services Office, Ernst & Young LLC
Carl Ghiselli, FSA, MAAA, Actuary, Insurance and Advisory Practice, Ernst & Young LLC
This session will cover issues around the calculation and reporting of long-term care (LTC) active life reserves for both statutory and GAAP purposes. We will discuss applicable regulations and guidance and cover financial projections such as asset adequacy testing and GAAP loss recognition testing. We will discuss best practices in calculation and analysis of LTC reserves from both an internal and external business management perspective.
At the conclusion of the session, attendees will be able to compare their reserving practices to industry best practices, understand and apply the key statutory and GAAP regulations and guidance to their situation, and apply learnings to their valuation and projection processes.

C6:  New Era Retirement Fund Investing (Pension)
Merrill F. Rajeck, CFA, Owner/Manager, Jay Company – Investment Management
Fed dictated microscopic interest rates are forcing retirement funds to take more risk.  Where can a manager earn a 7 ½% assumed rate of return?

C7: Predictive Modeling of Individual Mortality with Laboratory and Physical Measurement Data (General)
Brian Lanzrath, ExamOne Inc.
The proliferation of rate classes has been a long-term trend in life insurance underwriting, but the definition and stratification of such groups remains unsystematic.  This session will describe the construction and implications of a risk model derived from over 8 million individual applicants for whom complete laboratory and biometric data were available, including direct comparisons with existing methodologies and the potential for fully individualized pricing.

 
5:15 Reception (cocktails, wine, beer, soda pop)  - Wolf Point, 15th Floor
    
5:45 Dinner & Speaker Approximate start time - Wolf Point, 15th Floor
Game Changing Actuarial Recruitment and Engagement (General)
Margaret Resce Milkint, Jacobson Group
The industry is evolving and the actuarial marketplace is too! A competitive environment means the race for innovation is on. The current landscape offers workers opportunities like never before. In a hyper-connected society, the way employers reach candidates and employees is vastly different than the past. All of these forces are game changers!
This session will explore employment and labor market data and projections for actuaries and the industry as a whole. Participants will explore the hottest issues motivating the workforce and discover how to take advantage of the opportunities they present. Game-changing topics covered will include diversity, social media, nontraditional work scenarios, the “grow-from-within” approach and tools to build a state of the art career development tool kit!
Click here for the slides

Rows of chairs are available for those who want to watch this presentation without dinner.

Dinner is optional.  The event fee is $115 with dinner, $95 without dinner, (Retirees, unemployed, and fulltime students get a reduced rate of $70 w/dinner, $50 without dinner).  Make your dinner selection when you register online.  After you register, you will receive a payment link via E-mail.

SALAD:  farmers market salad, field greens, tomatoes, mushrooms, onions, green beans, red wine dressing

ENTRÉE - three choices – chicken or fish or vegetarian:
(chicken) breast of chicken stuffed with spinach, wild mushrooms, roma tomatoes
     or
(fish) citrus bronzed Alaskan baked halibut, light lemon garlic cream
    or
(vegetarian) risotto with grilled asparagus, fennel

DESSERT:  flourless chocolate cake + ganache glaze

Coffee & Tea

The bar remains open during dinner.
 

Event:  January 2013 Meeting

Topic: Update on SOA Education 

Speakers: Stuart Klugman, FSA, CERA; Staff Fellow, Society of Actuaries,
        Anthony Cappelletti, FCAS, FCIA; Staff Fellow, Society of Actuaries
 
This presentation will cover the 2013 changes to the SOA’s fellowship requirements, including the redesigned pathway and the introduction of a track in General Insurance.

Stuart Klugman has been a Staff Fellow at the SOA since 2009.  For the prior 35 years he taught actuarial science at two universities.  He is the author or editor of four books and is a two-time recipient of the SOA President’s Award.

Anthony Cappelletti recently joined the SOA as Staff Fellow and is involved in the development of the General Insurance track.  He has over twenty years of actuarial experience in the general insurance industry and over ten years of involvement on the examination committee for the CAS. He has worked in both consulting and for insurance companies.  In his role as a consultant, he has been the Appointed Actuary for several Canadian and Jamaican General Insurance organizations.

Date: Tuesday January 15, 2013   
3:30 Registration / 4:00  Speakers / 5:00  Reception, hors d’oeuvres and drinks

Location: Blue Cross & Blue Shield of IL
300 E. Randolph St., Chicago, IL 60601
Columbus Room B (up the escalator)

Event:  December 2012 Meeting

Topic:  NAIC Update on Life Principle-Based Reserves and Actuarial Guideline 38

Speaker:  Don Maves, FSA, Manager, Actuarial Services, PolySystems Inc
 
This session will cover Principle-Based Reserves life insurance updates since the NAIC adoption of the Valuation Manual in August.  The Valuation Manual is a work in progress and will likely continue to be so until and even after it becomes effective.
 
This session will also cover significant changes to AG 38 for both existing and new business.

Donald Maves is Manager, Actuarial Services with PolySystems, Inc, where for fourteen years he has advised clients in the installation of financial reporting software for life insurance companies.  Mr. Maves has more than 30 years of actuarial experience with life insurance companies covering pricing, financial reporting (statutory, GAAP, and tax), financial projections, and actuarial regulatory issues.  He was Chair of the industry task force that advised the NAIC on the original XXX regulation.  Mr. Maves is a Fellow of the Society of Actuaries and a Member of the American Academy of Actuaries.  He graduated from Purdue University with a B.S. in Mathematics.  Mr. Maves is a frequent speaker at Society of Actuaries meetings and events.

Date:  Tuesday December 11, 2012 
3:30 Registration   /   4:00 Speaker   /   5:00 Reception, hors d’oeuvres and drinks

Location:  Blue Cross & Blue Shield of IL
300 E. Randolph St., Chicago, IL 60601
Columbus Room B (up the escalator)
 

EVENT: November 2012 After-Exam Bowling Fun

Date: Friday, November 16, 2012   (RSVP by Nov.9)

Time: 5:00 sign-in opens / 5:30-7:30 reserved party room for bowling, pool, food, drinks

Location: Southport Lanes & Billiards, 3325 N. Southport, Chicago
(near the CTA Brown Line – Southport station)

Come out and celebrate the end of another actuarial exam season!  The Chicago Actuarial Association (CAA) has reserved a private area at Southport Lanes, a famous bowling alley featuring Chicago’s last and only hand-set bowling lanes still set the old fashioned way, by pinboys.  The room also has a pool table for our use.

We will serve your choice of a variety of food platters.  Our drink service includes soda pop, beer, and wine.  Shoe rental is included.  Attendees need not bowl or play pool.  In fact, since the number of lanes is limited, feel free to attend if all you want to do is socialize.  We will have optional (though encouraged) group-fun creative bowling games to play. 

Cost:Exam Participants*: $ 10
CAA members:  $ 25
Non-members/guests: $ 50

*Exam participants include exam takers (online exams taken October & November included), supervisors, proctors, review class instructors, and exam volunteer coordinators.  Exam takers, your ticket of admission for the exam is your discount proof, so bring it!  All other exam participants must be on Pat Pruitt’s list of helpers.

Space is limited to 40, so register promptly.

Payment must be made in advance.  You will receive payment instructions via email when you register.  Register online by November 7 at <link> .
After you register, look for an email confirmation from RSVPmenow.com.  If you don’t see confirmation, submit the registration again.

When reserving, remember to select whether you are an exam participant or a member or neither, and you will also have an opportunity to suggest a food item.

Those attending in a group of members or exam participants should each register separately, although payment may be made as a group by following the payment instructions distributed with registration confirmation.  
 Do share this invitation with other actuarial students.

EVENT: Summer 2012 Golf Outing
Date: Friday August 24, 2012
Location: Deerfield Golf Club, Riverwoods, IL
Tee Time: 11 am and every 8 minutes thereafter as we add foursomes
Fee: $30 for CAA Members / $60 for non-members. 
Format: 4-person scramble, A-B-C-D format. That means that each member of the team hits a ball. You then pick the “best ball” (the one that is in the best position and closest to the hole), and everyone hits their 2nd ball from the same place as the best ball. Repeat until the ball is in the hole and record a team score for each hole. The A-B-C-D format means that we will make teams from players of all skill levels from the best (A) to beginning (D) golfers. That way, every team has a chance to win. We will award certificates for 1st, 2nd, and last place, longest drive, and closest to the pin.

Coordinators: Jim Thompson, Central Actuarial Associates and Bryan Bowman, Milliman
The Chicago Actuarial Association Golf Outing will be at Deerfield Golf Club at 1201 Saunders Rd in Riverwoods IL 60015. This is north of Lake Cook Rd. and west of (and abutting on) Tollway I-94. The entrance is on the east side of Saunders Road and north of Deerfield Road. For more exact directions, go to their website on www.deerfieldgolf.org under Contact > Directions. The price includes 18 holes of golf, cart, practice balls, two beverage tickets, 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 (earlier if you want to use the practice range).
We will once again promote networking with fellow Chicago actuaries by requesting participants to submit their applications with at most one other person. Applications should be submitted along with payment to the Chicago Actuarial Association by Thursday, August 9th, to allow time for scheduling and notification of tee times. You may register by mail or fax.  You may pay online, using the pay link below, or by paper check.  
Send your registration (and check, if not using online payment, payable to the Chicago Actuarial Association) to:
Jim Thompson, Central Actuarial Associates
P.O. Box 1361
Crystal Lake, IL 60039-1361
E-mail: jimthompson@ameritech.net / Fax number: 815-459-2092
If you have questions, please contact either Jim at 815-459-2083 or E-mail jimthompson@ameritech.net  or Bryan Bowman at 708-629-5640 or E-mail bryan2357@gmail.com
         Name(s)           Company         Phone Number           E-mail Address       Typical 18-hole Score / Handicap
1.
2.
Please indicate any special dietary requirements here:

If paying by credit card or by e-check, go to this web page http://pay.chicagoactuarialassociation.org  and follow the secure link to PayPal.  You do not need a PayPal account to send a payment by credit card or e-check.  If paying by check, please mail it to Jim Thompson.  

June 2012 CAA, MAF and PRMIA
Joint Conference on Enterprise Risk Management
 ~ Regulatory Risk in the Financial Industry
The Chicago Actuarial Association (CAA), the Midwest Actuarial Forum (MAF), and the Chicago Chapter of the Professional Risk Managers’ International Association (PRMIA), with the Fred Arditti Center for Risk Management of DePaul University, are pleased to offer this half-day conference on Enterprise Risk Management.

DATE: Tuesday, June 26, 2012
     11:45    Registration Table Opens
     12:30    Lunch is served
       1:00    Session 1:  Lunch keynote:  Dave Ingram –  Solvency Regulation and Other Reasons to Lose Sleep
       2:15*  Session 2:  Elijah Brewer - Dodd-Frank
       3:30*  Session 3:  Janice Knight - Health Reform
       4:45*  Session 4:  Presentations, with Q&A session - ORSA (Own Risk and Solvency Assessment)
                      Ashwini Vaidya
                      Nicole Kim
                      Bryan Ware  
       5:45  Bar opens for Reception (cocktails, beer, wine, soda pop, and snacks)
*Approximate start time of each presentation, with 15-minute breaks between each presentation. 
The organizers anticipate claiming 4.8 CPD credits apiece
under the U.S. Qualification Standards for actuaries.

PLACE: Holiday Inn Chicago Mart Plaza, 15th Floor in the LaSalle Room
(Located atop the Apparel Center, just west of the Merchandise Mart – see directions below)
350 W Mart Center Dr, Chicago 60654

COST: $65 for members of the CAA, or of the MAF, or sustaining members of Chicago PRMIA
$90 for all others

Make your reservation online by June 18, 2012.  If you have questions, please call Pat Pruitt at 312-751-3392 or Bob Aronsohn at 312-653-5677.  Subsequent updates are posted on this web page.

Please register online    
Payment will be requested in advance by the reservation confirmation system.  Please use the link in your reservation confirmation message, which uses a secure PayPal web page to process credit cards and e-checks. 
There are no refunds for cancellations not received by the end of the day on June 23.

We welcome and encourage non-actuaries to attend our conference because information covered is relevant to a wide range of work within the insurance and financial community.  Please share this with others who may be interested.

SPEAKER LIST 

Elijah Brewer III, Ph.D.
DePaul University, the Center for Financial Services at DePaul University, and the Federal Reserve Bank of Chicago
     Elijah Brewer is currently a professor of finance at DePaul University where he teaches courses in commercial banking, money and banking, international finance, financial management, and business conditions.  He was a senior economist and assistant vice president in the Economic Research Department of the Federal Reserve Bank of Chicago for over 25 years. His responsibilities were to oversee the antitrust analyses of bank holding company applications in the seventh Federal Reserve district and conduct economic research. His current research includes bank merger activity, deregulation, and corporate governance structure; derivatives activity, bank risk taking propensity, and portfolio choice; executive compensation, expanded powers, and performance in the banking industry; the wealth effects of financial institutions’ bankruptcy announcements; mutual to stock conversions of financial services firms; and the role of small business investment companies in financing the activities of small businesses.
     Professor Brewer has written on CEO compensation, corporate governance in banking, deposit insurance and bank stability, risk management, expansion of the Federal Safety Net, the relationship between risk and capital, and the effects of derivative usage on the performance of depository institutions.

David N Ingram, CERA, FRM, PRM, Executive Vice President, Willis Re
     Dave is a member of Willis Re’s Analytics team based in New York. Dave provides ERM, risk  assessment and capital management advisory services to Willis Re’s insurance clients.
     Dave was previously the Senior Director, ERM in the Insurance Ratings Group of Standard and Poor’s, New York. In that position, he spearheaded S&P’s initiative to incorporate ERM as one of the primary ratings criteria and the development of the framework for reviewing economic capital models. Dave also was co-author of the criteria that S&P is implementing to add consideration of ERM practice into all corporate ratings.
     In addition, Dave was a Consulting Actuary with the New York Office of Milliman for 7 years. He consulted on risk management and risk analysis. Dave also has more than 20 years of actuarial and general management experience in the insurance industry where he served as corporate actuary, business unit head, planning officer, ALM actuary and pension actuary for a major US insurance company.
     Dave has authored over 40 published articles relating to ERM. His paper “Risk and Light” won the 2009 Best Practical Paper award at the ERM Symposium. He has spoken on ERM at over 100 events organized by PRMIA, GARP, SOA, CAS, IAA, ASTIN, Groupe Consultatif, World-Bank, Goldman Sachs, and S&P in North America, Asia, Europe, Australia, Africa and South America. He has been the founder and Chair of the SOA Risk Management Task Force and the first Chair of the 3000 member Joint SOA/CAS/CIA Risk Management Section. He is a member of the board of ERM-II. He founded the International Network of Actuarial Risk Managers.  Dave is currently the chair of the Enterprise and Financial Risks Committee of the International Actuarial Association.
     Dave is a graduate of Lehigh University with a BA in Mathematics and a concentration in journalism.
  

Nicole Kim, FSA, MAAA - KPMG LLP, Chicago
     Nicole is a senior associate in the Life Actuarial Services group within Financial Risk Management.  She has almost seven years of varied experience in the life insurance industry and has performed advisory services to insurance and reinsurance companies.  Nicole has extensive experience in Solvency II documentation, Market-Consistent Embedded Value (MCEV) reporting process, actuarial modeling and financial reporting.  

Janice Knight, FSA, MAAA - Chief Pricing Actuary, Health Care Service Corporation
     Janice Knight is a divisional senior vice president in Chicago-based Health Care Service Corporation’s (HCSC) Actuarial Division.  The nation’s fourth largest health insurance company, HCSC operates the Blue Cross and Blue Shield plans in Illinois, New Mexico, Oklahoma and Texas, which together have more than 13 million members.  In her role, Janice oversees health insurance pricing for all of HCSC’s small, large and major national groups as well as individual policyholders.  In addition, she has played a crucial role in HCSC’s efforts to understand and implement provisions of the federal Affordable Care Act.  
     Prior to joining HCSC in 1995, Janice worked in Metropolitan Life Insurance Company’s Actuarial Division in Mount Prospect, IL, and as a consultant for Hewitt Associates in Lincolnshire, IL.   
     A highly recognized leader in her field, Janice has presented at several industry events, ranging from BlueCross BlueShield Association conferences to Healthcare Businesswomen’s Association meetings on topics ranging from actuarial issues to negotiating health reform.   Janice is a Member of the American Academy of Actuaries and a Fellow of the Society of Actuaries.
     Janice received her Bachelor of Science degree in Mathematics from Michigan Technological University in Houghton, MI, in 1980.  She attained her Fellowship in the Society of Actuaries in 1991.

Ashwini Vaidya, FSA, MAAA- KPMG LLP, Chicago
     Ashwini is a manager in KPMG’s Advisory Services practice with more than ten years of experience in the life insurance industry. She provides actuarial services, with primary focus on actuarial internal audit -the risk based peer review of the valuation life insurance and annuity liabilities, product development and pricing, financial reporting and of valuation and pricing processes.  She also partners with clients as they enhance their existing processes and policies, to help them develop appropriate controls, documentation and training to make changes that are meaningful in meeting their objectives.
     Ashwini is Vice Chair of the Actuary of the Future section, where she will focus on its podcasting and mentoring initiatives.

Bryan Ware, FCAS, MAAA, Director - Advisory, KPMG LLP
     Bryan is a director in KPMG’s Property and Casualty Actuarial Services practice. He joined KPMG in 2010 and is based in Chicago. He has more than 27 years of experience as an actuary, underwriter and consultant in the insurance and reinsurance field. 
     Bryan has worked extensively in commercial lines, holding senior-level positions in insurance and reinsurance companies. He has experience with many lines of business including workers’ compensation, general liability, asbestos and environmental liabilities, auto liability, umbrella, professional lines, property, inland marine, ocean marine and boiler & machinery. He has experience with treaty, facultative and alternative reinsurance, admitted and non-admitted insurance, as well as captives.
     In prior roles, Bryan has been Chief Pricing Actuary for a major reinsurance company, Chief Underwriting Officer for a reinsurance company and Senior Vice President at a major commercial insurer, in charge of pricing for large account property/casualty business, umbrella, E&S and various other lines.

MENU (Make your lunch selection at time of reservation.)
Chicken – farfalle pasta with grilled chicken – tomato vodka sauce, shaved parmigiano reggiano
Vegetarian – whole wheat fettuccini – sautéed with artichokes + sundried tomatoes
Breaks between the sessions will include snacks and hot and cold beverages
(coffee, tea, soda pop, juice, water) 

Getting to the Holiday Inn Chicago Mart Plaza www.martplaza.com 
(Located atop the Apparel Center, just west of the Merchandise Mart)
350 W Mart Center Dr, Chicago, IL 60654 
15th Floor – LaSalle Room
Directions link --
 

June 2012 Event:  Post Exam Fun @ the Ballpark 
 
Topic:  Chicago White Sox vs.  Toronto Blue Jays

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, as they meet the Toronto Blue Jays.  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:  Thursday, June 7, 2012    (Response deadline May 16)
Seats in Upper Box 530, rows 8-14.
Game begins at 7:10 p.m.

Location:  U.S. Cellular Field (New Comiskey Park)
333 West 35th Street, Chicago, IL 60616

Tickets are only $10 for exam participants and $10 for members of the Chicago Actuarial Association.  Other guest tickets are $20.  At the ballpark, all exam takers will get $15 in Comiskey Cash by presenting their original ticket of admission to the exam (for FAP modules, please bring proof).  Exam supervisors, proctors, and review class instructors will also get the $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 other guests will be responsible for their own cash expenditures.  Directions to U.S. Cellular Field are at http://chicago.whitesox.mlb.com/cws/ballpark/driving_directions.jsp 

Seats this year are in the upper deck box 530, one section toward the first base side of home plate.
 
Order your tickets online at --   by May 16. 

Important – make sure you have received a ticket confirmation:  If you don’t have a confirmation message Email, you don’t have a reservation.  After making a reservation, use the link in the confirmation message to make a payment via the PayPal website.  You do not need a PayPal account if you use a credit card.  Please keep track of your total fee, and submit that amount. 

These tickets are limited, so the sooner you purchase your tickets, the better.  Tickets will be distributed before game day through our network of members or your home mailing address.

Share this with exam students who might be interested.

EVENT:  March 2012 Workshops
Slides for several presentations are posted under the corresponding session descriptions.
DATE: Tuesday March 13, 2012
12:50  Registration begins, 1:45  Workshop sessions begin, 5:15  Bar opens (cocktails, beer, wine, soda pop), 5:45  Dinner

PLACE:  Blue Cross and Blue Shield of Illinois
300 East Randolph Street
Chicago, Illinois
(Reception and dinner at the Fairmont Hotel, 200 N. Columbus Drive - ½ block away)

COST:  $115 with dinner, $95 without dinner
(Reduced rate for retirees, unemployed, full time students: $70 with dinner, $50 without dinner)

Workshops cover a variety of hot topics in each of the time slots.  Make your reservation online by Monday, March 5, 2012.  If you have questions, please call Pat Pruitt at 312-751-3392 or Bob Aronsohn at 312-653-5677.  This information, more speaker biographies, and subsequent updates are posted on this website.
 
Use this opportunity to fulfill some of your continuing professional development requirements.  You can earn more than 3 hours toward your annual AAA and SoA CPD requirements while you meet and network with other local actuaries face-to-face.

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 industries.  Please share this announcement with others who may be interested. 

Suggested educational tracks are listed (in parentheses) beside each title:  Enterprise Risk Management (ERM), General, Financial Reporting, Health, Investment, and Life.

If any session is canceled due to low attendance, we will contact you.
 
1:45 p.m.  Workshop Sessions A

A1:  The Decision Making Process: FSA vs. MBA (ERM)
Tim Cardinal, FSA, MAAA, CERA, MBA, Vice President, PolySystems, Inc.
In addition to being competent, actuaries aspiring to ascend the career ladder and become decision makers - from Department heads to the C-Suite - must possess adept business skills. Actuaries need to and can do much more than acquire and deliver numbers (reserves, earnings patterns, and risk metrics/profiles) such as interpret the pertinent business context and implement solutions. The NAIC’s Solvency Modernization Initiative and EU’s Solvency II require embedding Enterprise Risk Management (ERM) into culture, decision making and business activities. Thus, ERM is inexorably tied to Strategic Organizational Behavior and Strategic Planning - domains associated with MBAs. This session will survey the MBA topic of strategic organizational behavior - culture, leadership communication, power and conflict, and decision making - from an ERM perspective. CLICK HERE FOR THE SLIDES

The SOA’s ERM Curriculum and Exam Committee, starting with the question, “What should a CRO or CFO know?”, is considering including MBA topics of strategic managerial accounting, organizational behavior, strategic planning, behavioral finance and relevant business cases in the 2012 CERA Pathway Changes & New ERM Options for FSA Syllabus.

A2:  ORSA and Solvency II – What’s in it for me (Fin Rept)
Joe Rafson, FSA, MAAA - KPMG LLP, Chicago
Ashwini Vaidya, FSA, MAAA- KPMG LLP, Chicago
Nicole Kim, FSA, MAAA - KPMG LLP, Chicago
The “Own Risk and Solvency Assessment” (ORSA) concept is now embedded in both IAIS standards and in Solvency II within Europe and is expanding in other jurisdictions.  Why should U.S. actuaries pay attention now?  Consider this - 
•Risk Management best practice is to develop a deep understanding of the risks you are taking and their impacts on your business.
•The National Association of Insurance Commissioners’ (NAIC's) Solvency Modernization Initiative is considering an ORSA
•There has been an increased focus on risk management by rating agencies and regulators
At the conclusion of the session, attendees will be able to compare and contrast the key initiatives on solvency regulation and their inherent effects on companies as they develop their own risk solvency assessments in compliance.
 CLICK HERE FOR THE SLIDES  

A3:  Medicare Supplement: Current Issues and Future Challenges and Opportunities (Health)
Ken Clark, FSA, MAAA, Principal and Consulting Actuary, Milliman Inc. 
Where is the market today and what real or potential regulatory issues are festering under the surface that will affect the future of Medicare Supplement?  What are the continuous and future challenges and opportunities for the product line?  CLICK HERE FOR THE SLIDES

A4:  Mortality at Advanced Ages (Life)
Leonid Gavrilov, Ph.D., Center on Aging, NORC and the University of Chicago
Natalia Gavrilova, Ph.D., Center on Aging, NORC and the University of Chicago
This session outlines methodological problems related to mortality measurement after age 100 and describes methods of mortality estimates at advanced ages. This session presents further developments of work “Mortality measurement at advanced ages: A study of the Social Security Administration Death Master File” published recently by the North American Actuarial Journal. Mortality modeling, approaches to hazard rate estimation and data quality control are also discussed.  Read more at: http://tinyurl.com/No-Mortality-Deceleration or the full text at
http://www.ncbi.nlm.nih.gov/pmc/articles/PMC3269912/

A5:  Low Interest Environment and Year End Projections (Fin Rept)
Bob Guth, FSA, CERA, Ph.D., MAAA, Everence Association Inc
Jim Thompson, FSA, MAAA, Actuary & Consultant, Central Actuarial Associates
Session will discuss the history of interest rates from the 1930s to the present and implications of current low rates for scenarios in asset adequacy analysis. We will show the use of public website data to understand state regulations and to derive scenarios and mean reversion. Reflections from 2011 cash flow testing and methods for spreads to treasury and defaults will be discussed as these pertain to the appointed actuary.  CLICK HERE FOR THE SLIDES

A6:  Hazards to Your Retirement (Investment)
Dan Winslow, FSA, CPA, Winslow Financial, LLC
Cheryl Krueger, CFP, FSA, Growing Fortunes Financial Partners, LLC
Kirk Kreikemeier, CFP, CFA, FSA, Principal, Pebble Valley Wealth Management
How are low investment returns, troubled government programs, and longer lives changing your retirement?  How much can I withdraw from my savings each year?  What are the risks?  What are the alternatives?  What resources are available from the Society of Actuaries?  CLICK HERE FOR THE SLIDES

3:00 p.m.  Workshop Sessions B

B1:  Public Pension Underfunding (Pension)
Mitchell Serota, FSA, FCA, EA, Ph.D., MAAA, Mitchell I Serota & Associates   
Jason Franken, FSA, EA, MAAA, Foster & Foster Inc 
Public Pension Underfunding in Illinois:  We will discuss the over 660+ police and fire plans and why they are underfunded.  The presentation will give the attendee an insight into the actuarial methods of the Illinois Pension Code and the current level of municipal contributions.
What the Academy is trying to do about Public Pension underfunding nationwide:  The discussion will center on the AAA Pension Committee and the Pension Section of the Actuarial Standards Board.  The Pension Committee discusses topics in a global sense, trying to gather a consensus and present our findings to Congress and anyone who will listen.  The Pension Section sets Standards and has just issued two new ones that apply directly to public pension plans.
  B1 will be eligible for non-Core Continuing Education credit for the Enrolled Actuary credential.  To get credit, you must arrive on time, and sign a sign-up sheet that will be in the room.  You must remain for the entire session, since credit cannot be claimed for less than an hour.  Certificates of attendance will be generated from the sign-up sheet, and sent to you after the Workshops.  They will be accompanied by the required Outline, that you must keep through 2017.   CLICK HERE FOR THE SLIDES

B2:  Life Insurance Company Tax Update (Fin Rept)
Bud Friedstat, FSA, MAAA
Art Panighetti, FSA, MAAA, Northwestern Mutual
This session will focus primarily on life insurance company tax reserve issues but may also briefly discuss certain recent developments in the life insurance company product tax area.  Tax reserve issues to be discussed will include developments for in-force variable annuities with guaranteed living benefits (VAGLB's), Actuarial Guideline 43 post implementation issues and recent developments, other recent developments in the tax reserve area including recent rulings and cases (including American Financial and CIGNA) and current IRS audit issues related to life and annuity reserves.  The session will also discuss new developments in the life tax reserve area related to principle based life reserves, activities of the AAA Tax Work Group and any actual or expected new pronouncements by the IRS or Treasury.

B3:  MLR Regulation and Issues (Health)
Jim O'Connor, FSA, MAAA, Principal & Consulting Actuary, Milliman Inc. 
Insurers for the first time need to calculate medical loss ratios (MLRs) per the ACA regulations to determine whether or not they need to rebate premium to their insureds.  This session looks at the requirements of the MLR regulation and various issues related to the calculations.

B4:  Pricing Synergy – ILTCI/SOA Combination Product Research  (Life/Health/ERM)
Carl Friedrich, FSA, MAAA, Consulting Actuary, Milliman Inc.
Linda Chow FSA, MAAA, Consulting Actuary, Milliman Inc.
A research study on the quantification of the natural hedge characteristics of hybrid products that combine life insurance or annuities with long-term care insurance (ILTCI) is about to be completed.  The research is co-sponsored by the Society of Actuaries ("SOA") and the ILTCI Conference Association.  This session will review the results of this research including a summary of key risk elements for the stand-alone LTC product and both life and annuity combination products, the quantification of profitability for each product, and the changes to profit results under a range of sensitivity tests conducted on key risk elements. CLICK HERE FOR THE SLIDES

B5:  Mortality Improvement / SPIA update (Life)
Mary Bahna-Nolan, FSA, MAAA, CERA, Director, PricewaterhouseCoopers LLP

B6:  Power Reading Mini-Lesson (General)
Allan Goldin
Power Reading will show your how to read 2, 3, 4 times faster with improved comprehension, better recall, and razor sharp concentration. Come to the lesson and learn how you can cut your reading time in half. Get better results on your Actuarial Test.  Guaranteed.

4:15 p.m.  Workshop Sessions C

C1:  Decision making process informed by various, and possibly conflicting metrics (ERM)
David Schraub, FSA, CERA, MAAA.  Actuaire Qualifie, Institut des Actuaires
Integrating varied and possibly conflicting metrics into the decision making process is a challenge. After quickly discussing some current and upcoming metrics in the life insurance space, this session will present some examples on how business decision can be informed by these metrics. The conclusion will highlight some underlying principles on how decision could be made based on the information provided by these different metrics. CLICK HERE FOR THE SLIDES
 
C2:  Progress toward the new GAAP - IFRS (Fin Rept)
Douglas S. Van Dam, FSA, MAAA, Manager, Actuarial Services, PolySystems, Inc
In the second quarter of 2012 the FASB plans to release its exposure draft for the insurance accounting standard.  The IASB will release its revision to the 2010 exposure draft in a similar timeframe.  This presentation will highlight what is expected to be in the exposure draft and compare that to current GAAP and to the 2010 exposure draft.  We will discuss the impact on the insurance industry and how we should we be preparing.  There will be time for Q&A.
CLICK HERE FOR THE SLIDES

C3:  Actuarial Value & ACA (Health)
Janice Knight, FSA, MAAA, Chief Pricing Actuary, Health Care Service Corporation
Are you curious about what health care benefits will look like in 2014?  Starting then, health benefit plan designs must cover essential benefits and conform to one of 4 (or 5) metallic levels.  Both are dependent on actuarial values. In this session, we will discuss what is known about this calculation.

C4:  Potential New Medical Markers in Underwriting (Life)
Al Klein, FSA, MAAA, Milliman Inc.
Tom Edwalds, FSA, ACAS, MAAA, Assistant Vice President of Biometric Research, Munich Re
A research study on potential new medical markers for life insurance underwriting was recently completed.  The research was funded by the SOA, the AHOU (Association of Home Office Underwriters) and the CIU (Canadian Institute of Underwriters).  This session will explain how the research was conducted, the results of the analysis of these new markers and how you can use the tool that was developed for this research in your own work.  The session will also provide a look to the future on other potential new ways to underwrite the life insurance risk.
CLICK HERE FOR THE SLIDES from Tom  CLICK HERE FOR THE SLIDES from AL

C5:  The Effects of the Low Interest Environment On Valuation, Products And Product Management (Life)
Terry Long, FSA, MAAA, Senior Vice President, Lewis & Ellis
Don Walker, ASA, MAAA, Director, Life Actuarial Department, Farm Bureau Life of Michigan
The panel will  discuss the prognosis of the valuation interest rate and hence the nonforfeiture rate, the implications of nonforfeiture interest below 4% for various life and annuity products, what to do about the NAIC no longer subscribing to the Moody’s index, strategies for managing in force blocks (incentives to decrease flex renewal premium, selling blocks, using guarantees, asset strategies) and the implications of AM Best’s webinar on the 2 year horizon for low interest.
CLICK HERE FOR THE SLIDES from Terry, CLICK HERE FOR THE SLIDES from Don

C6:  Retirement Plan Investing - the New Reality in 2012  (Investment)
Merrill F. Rajeck CFA, Owner/Manager, Jay Company – Investment Management
Making the assumed rate of return on present and future assets is a key variable in pension funding.  Is a 7½% assumed rate of return realistic in an era of zero rate Federal Reserve monetary policy?
     C6 will be eligible for non-Core Continuing Education credit for the Enrolled Actuary credential.  To get credit, you must arrive on time, and sign a sign-up sheet that will be in the room.  You must remain for the entire session, since credit cannot be claimed for less than an hour.  Certificates of attendance will be generated from the sign-up sheet, and sent to you after the Workshops.  They will be accompanied by the required Outline, that you must keep through 2017.  CLICK HERE FOR THE SLIDES

C7:  Diversity Breakthrough: Achieving an Enlightened Workforce (General)
Margaret Milkint, Managing Partner, The Jacobson Group
Women hold an average of only 18 percent of the highest leadership positions. For the insurance industry alone, that number is even lower. Females represent an increasingly large portion of the consumer market. Forward-thinking companies must harness the power of women at the executive table.
While the glass ceiling may be broken, equality has yet to be achieved. This presentation explores the lack of gender diversity in insurance leadership and poses solutions that every executive, manager and supervisor need to know. What can current industry female leaders and enlightened males, those who understand the importance of diversity and equality in leadership, do to promote equal footing?
Objectives include:
•Examine the current talent and diversity situation.
•Understand the underlying problems and old habits that must be reformed to practice a modern workforce development program.
•Discuss the role the enlightened male plays in promoting workplace diversity and sponsoring women on the leadership track. CLICK HERE FOR THE SLIDES

5:15 Reception (cocktails, wine, beer, soda pop) 
Fairmont Hotel, 200 N. Columbus Drive (across the street from BCBSIL) International Ballroom Foyer
All workshop attendees are invited to attend this reception for drinks and socializing.
Attendees will be issued two drink tickets apiece.  The bar remains open during dinner.   

5:45 Dinner & Speaker Approximate start time.  (Fairmont Hotel International Ballroom) 
Emerging Technologies and the Risks They Pose (ERM)
Kelly McMillan, Assistant Vice President, Federal Reserve Bank of Chicago
Emerging technologies are rapidly introducing exciting new ways of doing business through mobile banking, social media, virtualization of IT environments, and outsourcing via cloud computing. Organizations will feel pressured to adopt these new technologies, but they will need to understand the new risks that are potentially introduced to the IT environment. These new and significant risks may be mitigated by adopting proper due diligence, adapting existing risk management practices, and implementing strong overall governance.

Rows of chairs are available for those who want to watch this presentation without dinner.

Dinner is optional.  The event fee is $115 with dinner, $95 without dinner,
Retirees, unemployed, and fulltime students get a reduced rate of $70 w/dinner, $50 without dinner). 
Make your dinner selection when you register online.  After you register, you will receive a payment link via E-mail.

SALAD:  Mixed Greens, Arugula, Poached Pear, Feta Cheese, Giabatta Crouton Garnish, Roquefort Vinaigrette

ENTRÉE (two choices, chicken or vegetarian):
(chicken) Seared Chicken Breast, Lemon, Garlic and Rosemary Orzo, Asparagus, Tomato Vinaigrette
     or
(vegetarian) Risotto Cake with Asparagus and Truffle Yaki Sauce

DESSERT:  Milk Chocolate-Caramel-Banana Tart, Chocolate Garnish, Caramel Sauce, Berries

Coffee & Tea

The bar remains open during dinner.

Event:  February 2012 Meeting - Society of Actuaries President, Brad Smith

Topic:  Society Problems with Actuarial Implications

SOA President Bradley M. Smith will talk to the Chicago Actuarial Association members about Health Care Reform, Medicare, Public Pension Plan Funding and Social Security.

Speaker:  Brad Smith, FSA, MAAA

Brad Smith, FSA, MAAA

Bradley M. Smith joined Milliman & Robertson, Inc., now known as Milliman, in April 1986 to open the life/health practice in Dallas. His practice involved all aspects of life and health insurance including insurance industry mergers and acquisitions, product pricing and financial statement preparation. He served as a member of Milliman's Board of Directors from May 1996 to May 1999. In May 2000 he was elected to the position of Chairman of Milliman, and continues to serve in that capacity.

Before joining Milliman, Brad was vice president and chief actuary at JCPenney Life Insurance Company where he was heavily involved in direct response marketing analysis, list segmentation, product development and corporate planning.
Brad is a fellow of the Society of Actuaries, a member of the American Academy of Actuaries, and a fellow of the Life Management Institute (LOMA). He has served as vice president and president-elect of the Society of Actuaries. He has also been an elected section council member of the following SOA sections: Financial Reporting, Marketing & Distribution, and Product Development. Brad also served as a member of the SOA’s Board of Governors, Director of Publications and chairman of the SOA’s 50th Anniversary Celebration. Brad currently serves as an Emeritus Trustee of the Actuarial Foundation

An author of many articles and papers, Brad has been a frequent speaker at a variety of meetings. He has spoken to college audiences at the University of Illinois, University of Washington, Waterloo University and the University of Wisconsin  on what it means to be a professional, which is the theme of his 2010 book, What Do You Think? Preparing for the Question That All Clients Ask. He has traveled internationally and has spoken to other professionals, government officials and company executives throughout the United States as well as China, the United Kingdom, Canada, France, Australia, New Zealand, Singapore, India, Spain, Italy, Austria and Germany. In 2009 and 2010, Brad was named to Insurance Newscast’s list of the 100 Most Powerful People in the North American Insurance Industry. He has been quoted in Forbes, Best’s Review and other magazines.

Brad graduated from the University of Illinois in 1977 with highest distinction.
 
Date: Tuesday February 7, 2012
3:30 Registration / 4:00 Speaker / 5:00 Hors d’oeuvres reception

Location: Blue Cross & Blue Shield of IL
300 E. Randolph St., Chicago, IL 60601
Columbus B (up the escalator)

Cost: Free.  Nonmembers are welcome. 
When reserving, please indicate whether you are staying for the reception.

EVENT:  December 2011 Meeting on Professionalism

Topic:  Professionalism - Making It Fun

Speaker:  Ken Williams, FCAS, MAAA
Property Casualty Actuary
Country Financial

We all learn about ASOPs and Codes of Conduct through taking exams and the Course on Professionalism, but how well do you really know your stuff? Come refresh your knowledge of actuarial professionalism in this interactive session! We will play a fun trivia game which covers a number of topics, helping you determine what you know and what you might want to review. Who said professionalism can't be fun?

This session may count as professionalism continuing education credit (Trust us, we're actuaries).

Ken is a manager of property / casualty pricing at COUNTRY Financial.  Ken has nearly 20 years of actuarial experience in pricing commercial lines and personal lines, along with some reserving experience.  Ken is currently chairman of the CAS Candidate liaison committee and is a member of the Committee of Professionalism Education.  In addition, Ken occasionally teaches actuarial classes at Illinois State University.

Date: Tuesday December 13, 2011
Location:  Blue Cross & Blue Shield of IL

EVENT:  November 2011 CAA, MAF and PRMIA Joint Conference on Enterprise Risk Management - Current Megatrends and Their Implications

The Chicago Actuarial Association (CAA), the Midwest Actuarial Forum (MAF), and the Chicago Chapter of the Professional Risk Managers’ International Association (PRMIA),  are pleased to offer this half-day conference on Enterprise Risk Management.

DATE:  Wednesday November 30, 2011
11:45   Registration Table Opens
12:30   Lunch is served
 1:00   Session 1:  Lunch keynote speaker:  Werner De Bondt, a founder of the field “Behavioral Finance”
 2:00*  Session 2:  Kelly McMillan - Technology Developments and Risk Evolution
 2:45*  Session 3:  Rick Gorvett - ERM Implications of Behavioral Economics
 3:30*  Session 4:  The Public Pension Crisis and Its Economic Implications
            Art Tepfer - Public Pension Plan Funding Landscape, Challenges and Risks
            Peter Chan - Underfunded Public Pension Plans and SEC Compliance
            John Adduci - Moderator 
 4:45*  Session 5:  Panel Discussion - Discussion of Three Megatrends (technology boom, behavioral economics, and public pension crisis) and their Implications for ERM
            Michael Bechara - Enlighten Software
            Rick Gorvett - University of Illinois at Urbana-Champaign
            Art Tepfer - Tepfer Consulting Group Ltd  
            Moderator - Thomas Jacobs - DePaul University
 5:45  Bar opens for Reception (cocktails, beer, wine, soda pop, and snacks)
*Approximate start time of each presentation, with 15-minute breaks between each presentation.

PLACE  :  Blue Cross and Blue Shield of Illinois, CAL Auditorium,
                  300 E Randolph Street, Chicago

COST:  $65 for members of the CAA, or of the MAF,
                       or sustaining members of Chicago PRMIA
             $90 for all others

Make your reservation online by Tuesday, November 22, 2011. 
We welcome and encourage non-actuaries to attend our conference because information covered is relevant to a wide range of work within the insurance and financial community.  Please share this with others who may be interested.

SPEAKER LIST 

Michael Bechara, President, Enlighten Software.

Werner De Bondt, Ph.D., Professor, Department of Finance, DePaul University

Peter K. M. Chan, Assistant Regional Director, Municipal Securities and Public Pensions Unit, Securities and Exchange Commission (SEC).

Rick Gorvett, Director, Actuarial Science Program, University of Illinois at Urbana-Champaign

Thomas Jacobs, Assistant Professor of Finance, Kellstadt Graduate School of Business, DePaul University.

Arthur H. Tepfer, Consulting Actuary, Tepfer Consulting Group Ltd 

EVENT:  November 2011 After-Exam Bowling Fun

Date:  Wednesday, November 16, 2011 

Time:  5:00 sign-in opens / 5:30-7:30 reserved party room for bowling, pool, food, drinks

Location: Southport Lanes & Billiards, 3325 N. Southport, Chicago
(near the CTA Brown Line – Southport station)

Come out and celebrate the end of another actuarial exam season!  The Chicago Actuarial Association (CAA) has reserved a private area at Southport Lanes, a famous bowling alley featuring Chicago’s last and only hand-set bowling lanes still set the old fashioned way, by pinboys.  The room also has a pool table for our use.

We will serve pizza and a variety of food platters.  Our drink service includes soda pop, beer, and wine.  Shoe rental is included.  Attendees need not bowl or play pool.  In fact, since the number of lanes is limited, feel free to attend if all you want to do is socialize.  We will have optional (though encouraged) group-fun creative bowling games to play. 

Cost: Exam Participants: $ 10
        CAA members: $ 25
        Non-members/guests: $ 50

Exam participants include exam takers (online exams taken October & November included), supervisors, proctors, review class instructors, and exam volunteer coordinators.  Exam takers, your ticket of admission for the exam is your discount proof, so bring it!  All other exam participants must be on Pat Pruitt’s list of helpers.

Space is limited to 40, so register promptly.

Payment must be made in advance.  You will receive payment instructions via email when you register.

When registering, remember to indicate whether you are an exam participant, or a member, or neither. 

Those attending in a group of members or exam participants should each register separately, although payment may be made as a group by following the payment link distributed with registration confirmation.
 

EVENT:  Summer 2011 Golf Outing

Date:  Friday August 19, 2011
Location: Deerfield Golf Club, Riverwoods, IL

Tee Time:  11 am and every 8 minutes thereafter as we add foursomes
Fee:  $25   ... Use this registration form (PDF) -> CLICK HERE  <-
Coordinator:  Jim Thompson, Central Actuarial Associates

The Chicago Actuarial Association Golf Outing will be at Deerfield Golf Club at 1201 Saunders Rd in Riverwoods IL 60015.  This is north of Lake Cook Rd. and west of (and abutting on) Tollway I-94.  The entrance is on the east side of Saunders Road and north of Deerfield Road.  For more exact directions, go to their website on www.deerfieldgolf.org under Contact > Directions.  The subsidized price of the outing ($25) includes 18 holes of golf cart, practice balls, two beverage tickets 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 (earlier if you want use of the practice range).

We will once again promote networking with fellow Chicago actuaries by requesting participants to submit their applications with at most one other person.  Also we will have the usual contests (closest to the pin, longest drive, etc.) and some prizes.   Golfing foursomes will be based on blind bogey.  The blind bogey should be a number that, when subtracted from your 18-hole score, gives a result between 72 and 90. 
Ezra Penland Actuarial Recruitment is proud to be a supporter of the Chicago Actuarial Association's 2011 golf outing at Deerfield Golf Club.

                                                   http://www.EzraPenland.com
This year, Ezra Penland will be giving out prizes based on closest to the pin, low score, and various other criteria.  In addition, they will be giving out goodie bags of golf balls, blank journals and other neat stuff to each participant.  And, finally, please join Ezra Penland on the 19th hole as they host a happy hour after the event.


If you have questions, please contact Jim

Event: June 2011 Fun -  Post Exam Fun @ the Ballpark

Topic: Chicago White Sox vs. Seattle Mariners

All actuarial students are welcome to join us.

Spring is here!  As any actuarial student knows, this means exams are just around the corner.  And, as soon as exams are over⁽¹⁾,  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⁽²⁾, the Chicago White Sox, as they meet the Seattle Mariners.  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:  Monday, June 6, 2011   
 Game begins at 7:10 p.m.

Location:  U.S. Cellular Field, 333 West 35th Street, Chicago

Tickets are only $10 for exam participants and $15 for members of the Chicago Actuarial Association.  Other guest tickets are $20.  At the ballpark, all exam takers will get $15 in Comiskey Cash by presenting their original ticket of admission to the exam (for FAP modules, please bring proof).  Exam supervisors, proctors, and review class instructors will also get the $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 other guests will be responsible for their own cash expenditures.

Seats this year are in the lower deck boxes near the right field foul
pole.
 
These tickets are limited, so the sooner you purchase your tickets, the better.  Tickets will be distributed before game day through our network of members or your home mailing address.

 (1) Due to the wide range of exam dates, we are holding our event prior to computer based exams FM/2 and C/4.  We hope that students taking these exams will be able to take a break from studying and join us anyway.
  (2) We plan to use this description until another World Series Championship is won by a Chicago team.
 

EVENT: March 2011 Workshops

DATE: Wednesday March 23, 2011
11:00-12:30 Pre-workshops Webinar
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
350 W Mart Center Dr, Chicago 60654

COST: $100 with dinner, $85 without dinner
(Reduced rate for retirees, unemployed, full time students: $55 with dinner, $40 without dinner)

Workshops cover a variety of hot topics in each of the time slots. 

Use this opportunity to fulfill some of your continuing professional development requirements.  You can earn more than 3 hours toward your annual AAA and SoA CPD requirements while you meet and network with other local actuaries face-to-face.

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 industries.  Please share this announcement with others who may be interested. 

Please register online.

If any sessions are canceled due to low attendance, we will contact you.
 
Payment can be made in advance online. 
We strongly encourage prepayment, as it speeds up entry on the day of the event.  Payment may also be made by cash, check, or credit card on the day of the event.
Canned soda, bottled water, coffee, tea and snacks will be provided before each session.

11:00 a.m.-12:30 Webinar, AAA presentation on ASOP 41
As a bonus to people who can arrive extra early, we present a webinar on Revised ASOP 41, Actuarial Communications.  The recent release of a revision of ASOP No. 41, Actuarial Communications, brings important changes to the guidance relating to how actuaries communicate their work to intended users. Because of its broad application, ASOP No. 41 affects actuaries in every practice area. It is imperative for actuaries to understand this standard and the changes that will go into effect on May 1. Join us on March 23 to learn more about ASOP No. 41 and its guidance on a number of important issues, including:
The revised requirements for actuarial communications; What constitutes an actuarial report, and how to deal with specific circumstances; Required disclosures; and Deviation from ASOP guidance.
Here are the slides http://www.actuary.org/webcasts/asop41.asp
This webinar is sponsored by the American Academy of Actuaries and is co-sponsored by ASPPA, CAS, CCA, and SOA.

The speakers include:
     Al Beer, MAAA, FCAS, and chairperson of the Actuarial Standards Board
     Jim Murphy, MAAA, FSA, and member of the Actuarial Standards Board
     Moderator: Sheila Kalkunte, Academy assistant general counsel
WHO SHOULD ATTEND:  Actuaries in every practice area

1:45 p.m.  Workshop Sessions A

A1:  Health Care Reform – Medical Loss Ratios & Rebates
Rowen B. Bell, FSA, MAAA,
Vice President, Forecasting & Financial Strategy, Health Care Service Corporation
Section 2718 of the Affordable Care Act (ACA) introduces new requirements for health insurers to provide premium rebates in the individual, small group, and large group markets in situations where the annual medical loss ratio falls below established thresholds.  This session will discuss Section 2718, subsequent regulatory developments, and the implications for health insurers.
Here are the slides.

A2:  Public Pension and Retiree Healthcare Crisis
Lance Weiss, FCA, MAAA, EA, Senior Actuary and Consultant, Gabriel, Roeder, Smith & Company
David Hilko, MAAA, EA,  Director, Deloitte Consulting LLP
Mounting public sector retirement costs pose a serious threat to many, not all, but definitely many state and local governments. Public officials must confront runaway public pension and retiree healthcare costs or risk voter backlash as these costs hit taxpayers in the pocketbook and force states to spend dollars on legacy obligations that otherwise could be used for education, services and infrastructure.  In fact, funding public pension plans today represents one of the most significant budget issues for many states and local governments.

Solving the public pension and retiree healthcare crisis requires prompt action. Government policy makers must address this challenge by developing sound funding policies for public pension systems and then have the discipline to follow them.

A3:  The Causes of The Great Recession
Louis D. Finney, Ph.D., Senior Economist and Principal, Mercer Investment Consulting
I will present my view of how the Great Recession of 2007 to 2009 unfolded.  There is much to cover—the housing market, regulation, rating agencies, and banks.  I will compare the recently issued report from the Financial Crisis Commission.

A4:  Implementing Principles Based Approaches (PBA) - Assumptions and Feedback
Mary J. Bahna-Nolan, FSA, CERA, MAAA, Director, PricewaterhouseCoopers LLP  
Whether you work for a US insurance company or an international company, principles based approaches for reserves and capital are coming.  A fundamental precept in any principles based approach is establishing the assumptions.  Both international and U.S. approaches require significant understanding of the underlying risk characteristics of the business being measured and regular review and update of assumptions.  This session will discuss what is required under the principles based regimes, what companies are doing regarding best estimate assumption setting (including what industry experience will be available), modeling validation and documentation and for the US, any initial findings from the VM-20 impact study currently underway as well as the Academy feedback loop.
Here are the slides.

A5:  Mortality Measurement and Modeling Beyond Age 100
Dr. Natalia S. Gavrilova, Ph.D.
Dr. Leonid A. Gavrilov, Ph.D
Session outlines limitations and pitfalls of mortality data at advanced ages as well as methodological problems related to mortality measurement after age 100. Methods of handling data at advanced ages are described using U.S. Social Security Death Master File records. Mortality modeling, approaches to hazard rate estimation and data quality control are also discussed. 
Here are the slides.
 (August 2011) As a follow-up to our earlier meeting at Chicago Actuarial Association workshop we are pleased to share our new related study, just published by professional journal Demografie:
Ageing and Longevity: Mortality Laws and Mortality Forecasts for Ageing Populations
Demografie, 2011, 53(2): 109-128. http://tinyurl.com/Demografie-2011
Full text is available upon the request.  Comments and suggestions are welcome.
Best wishes,
-- Leonid and Natalia 

Canned soda, bottled water, coffee, tea and snacks will be provided before each session.

3:00 p.m.  Workshop Sessions B

B1:  Power Reading Mini-Lesson
Allan Goldin, President, Kinetic Advanced Learning
Power Reading will show your how to read 2,3,4 times faster with improved comprehension, better recall, and razor sharp concentration. Come to the lesson and learn how you can cut your reading time in half. Get better results on your Actuarial Test.  Guaranteed.

B2:  One Step Ahead: Seizing Actuarial Opportunities Today & Tomorrow
Margaret Resce Milkint, Managing Partner of The Jacobson Group
It’s no secret that the insurance landscape is changing—and fast! The pressure is on to meet key stakeholders’ demands while staying one step ahead of the competition; and the actuarial profession is no exception. It is more important than ever to be able to take on the rapidly-changing climate through innovation, business-savvy, and inspiring leadership. This session will explore the ongoing evolution of the actuarial professional from technician to business leader to emerging opportunities. What skills are needed to take on future challenges? What do organizations expect of future leaders? How can you step outside your comfort zone and take the risks necessary to obtain opportunity? How important has personal branding become in a networking environment that has expanded to include social media?
Here are the slides http://tinyurl.com/CAA2011Jacobson  

B3:  ERM and Business Intelligence:  Lessons from World War II Codebreakers
Tim Cardinal, FSA, MAAA, MBA
The NAIC’s Solvency Modernization Initiative and EU’s Solvency II require embedding Enterprise Risk Management (ERM) into culture, decision making and business activities. The financial crisis illustrated that embedding ERM is difficult to effectively implement in reality. Boards and Senior Management are taking steps to assess, challenge and improve the efficacy of their ERM programs by evolving beyond a framework towards a decision making process.
Here are the slides.

ERM acquires and implements business intelligence in making business decisions in the face of ambiguity. This session will explore how intelligence and ERM become useful when put into action resulting from choices made by an organization’s decision makers. Lessons will be drawn from military intelligence and WWII codebreakers. Parallels are made between codes, cryptanalysts and generals and ERM models, actuaries and senior management. This session will:
·Outline five fundamental stages if intelligence is to be useful
·Highlight and contrast WWII military intelligence examples in an ERM context
·Explore culture, processes and decision making from an ERM perspective

B4:  Investing and Retiring in a Struggling Economy
Daniel Winslow, FSA, CPA, Winslow Financial LLC
Kirk Kreikemeier, CFP®, CFA, FSA, Principal, Pebble Valley Wealth Management
Rafi Herzfeld, MAS, FSA
Where has our economy been? Where are we now?  Is the world O.K.?  Is the U.S. O.K.?   What are the problems all investors face?  What are some typical situations?  What are the tools to solve these problems?

B5:  International Insurance Accounting update (IFRS)
Douglas S. Van Dam, FSA, MAAA, Manager, Actuarial Services, PolySystems, Inc
During 2010 the IASB and the FASB released separate but similar draft proposals on how GAAP for insurance contracts should work in the future.  On February 9th, 2011, the FASB reiterated its interest in having an insurance accounting standard which matches or is similar to what the IASB will adopt.  This session will cover a brief review of the draft proposals, a summary of the comment letters received, insights from the SOA Financial Reporting Section research paper on implementing the proposals, and an update on what the two Boards are doing to reach a final standard. There will be time for Q&A.
Here are the slides.


Canned soda, bottled water, coffee, tea and snacks will be provided before each session.

4:15 p.m.  Workshop Sessions C

C1:  Making the Rate in 2011
Merrill F. Rajeck CFA, Owner/Manager, Jay Company – Investment Management
Making the assumed rate of return on present and future assets is a key variable in pension funding.  Hear a view from the portfolio management trenches.

C2:  Speed Networking
Pauline Reimer, ASA, MAAA, Pryor Associates
This session will provide an opportunity for actuaries to network with fellow actuaries to establish new relationships and further develop business connections. Speed Networking is conducted in a fashion similar to speed dating. Attendees are first paired and then rotated to a new partner every 5 minutes. This will allow attendees to network with many other participants over the course of the session.
 
C3:  The Next Financial Crisis
Timur Gök, Visiting Associate Professor, Director of the Arditti Center for Risk Management in the Department of Finance, DePaul University 
While the greatest economic and financial crisis since the Great Depression is fresh in our collective consciousness, it is time to think about the next financial crisis.  This presentation reviews factors that seemingly contributed to the crisis of 2008-09, highlights some parallels with previous crises, and draws inferences for the next financial crisis.
Slides?  Timur plans to publish an article based upon this presentation.  The link will be posted here

C4:  IFRS Update with Illustrative Model Results
Andy Ferris, FSA, MAAA, CFA, Senior Manager, Deloitte Consulting LLP
Kelly Cusick, ACAS, MAAA, Senior Manager, Deloitte Consulting LLP
Mark Yoest, FSA, MAAA, Senior Manager, Deloitte Consulting LLP
In 2010, the International Accounting Standards Board (IASB) released an Exposure Draft (ED) of IFRS 4 “Insurance Contracts” and the Financial Accounting Standards Board (FASB) issued a related Discussion Paper (DP).  The organizations have solicited stakeholders’ views and insights in form for written comment papers and roundtables. 

This session will briefly review the major themes from the comment letters roundtable sessions.  The session will then present selected results from preliminary modeling of various insurance products, including:
·Life Insurance
·Health Insurance
·Property and Casualty Insurance

Among other analysis, this will include comparisons of reserves and income patterns under current US GAAP, the IASB Exposure Draft, and the FASB Discussion Paper.

C5: Employer Options after Health Care Reform for Providing Coverage to Medicare Eligible Retirees
Alec Breckenridge, FSA, MAAA, Mercer
  •Overview of employer options
  •Medicare Supplements
  •Medicare Advantage
  •Part D Retiree Drug Subsidy
  •Part D Employer Group Waiver Plans
  •Individual policy market
  •Comparison of options
  •Advantages
  •Disadvantages
  •Key issues
  •Employer contribution strategies
 
5:15 Reception (cocktails, wine, beer, soda pop) 

All workshop attendees are invited to attend this reception for drinks and socializing.
The bar remains open during dinner. 

5:45 Dinner
Approximate start time.
Dinner is optional.  The event fee is $100 with dinner, $85 without dinner
(Retirees, unemployed, and fulltime students get a reduced rate of $55 w/dinner, $40 without dinner)
Make your dinner selection when you register online.  After you register, you will receive a payment link e-mail.

(beef) Filet Mignon: goat cheese crust, peppered merlot reduction

(fish) Tilapia: lemon caper sauce

(vegetarian) Whole Wheat Fettuccini: sautéed artichoke hearts, sun dried tomatoes, garlic, olive oil, basil

Event:  February 2011 Meeting

Topic:  “The SOA and You – A President’s Perspective”

SOA President Don Segal will lead a dialogue with Chicago Actuarial Association members about the issues facing the Society of Actuaries and the profession.

Speaker:   Don J. Segal, FSA, FCA, MAAA, EA
Based in New York, NY, Don Segal is a vice president with Aon Hewitt specializing in the analysis, interpretation, and application of laws and guidance as they apply to qualified retirement plans. Segal has a long history of involvement in professional organizations including serving on program committees and two IRS Advisory committees. Segal is a graduate of Yale University and his prior role was as vice president at JP Morgan Compensation and Benefit Strategies. He is a previous vice president of the SOA, the American Academy of Actuaries and the Conference of Consulting Actuaries.  Segal has been an actuary for more than 40 years and has received lifetime achievement awards from both the SOA and the CCA.
 
Date:  Tuesday, February 8, 2011 
3:30 Registration  /  4:00 Speaker  /  5:00 Hors d’oeuvres reception

Location:  Blue Cross & Blue Shield of IL
300 E. Randolph St., Chicago, IL 60601
Columbus Room C 

Cost:   Free.  Nonmembers are welcome. 

Event:  January 2011 Meeting

Topic:  Regulating Wall Street - Dodd-Frank Act and Other Regulatory Responses

On July 21, President Obama signed into law the Wall Street Reform and Consumer Protection Act. This far-reaching legislation contains a great many provisions affecting the banking industry but gives relatively little attention to the insurance industry, and that is mostly in one section of the act. Included is the creation of a Federal Insurance Office (FIO) within the Department of the Treasury, and state-based insurance reform. Our speaker will discuss the events leading up to the financial meltdown of 2007-09, highlight some of the regulatory responses to avoid a repeat of this in the future, and attempt to draw some implications for the future of the financial services industry..

Speaker:   Elijah Brewer III, Ph.D.
Elijah Brewer is currently a professor of finance at DePaul University where he teaches courses in commercial banking, money and banking, international finance, financial management, and business conditions.  He was a senior economist and assistant vice president in the Economic Research Department of the Federal Reserve Bank of Chicago for over 25 years. His responsibilities were to oversee the antitrust analyses of bank holding company applications in the seventh Federal Reserve district and conduct economic research. His current research includes bank merger activity, deregulation, and corporate governance structure; derivatives activity, bank risk taking propensity, and portfolio choice; executive compensation, expanded powers, and performance in the banking industry; the wealth effects of financial institutions’ bankruptcy announcements; mutual to stock conversions of financial services firms; and the role of small business investment companies in financing the activities of small businesses.  Professor Brewer has written on deposit insurance and bank stability, risk management, expanding banks’ permissible non-banking activities, the trade off between risk and return, the relationship between risk and capital, and the effects of derivative usage on the performance of depository institutions.
 
Date:  Wednesday, January 26, 2011 
3:30 Registration  /  4:00 Speaker  /  5:00 Hors d’oeuvres reception 
Location:  Blue Cross & Blue Shield of IL
              300 E. Randolph St., Chicago, IL 60601
              Columbus Room C 

Event:  December 2010 Meeting on Professionalism with the current - Chair of the Actuarial Board for Counseling and Discipline (ABCD)

Topic:  ABCD Requests for Guidance, or “I have a friend who....”

Speaker:  Carol R. Sears FSPA, MAAA, FCA, CPC, EA
   Principal and Consulting Actuary, Actuarial Consulting Group, Inc 

Do you know that actuaries can ask the ABCD for informal or formal advice? In addition to considering cases involving possible violations of the Code of Professional Conduct, the ABCD provides guidance to actuaries who ask for help in interpreting and applying the Code and/or actuarial standards of practice (ASOPs).  Mock RFG’s or audience provided RFG examples will be discussed.

Carol R. Sears is a Principal of Actuarial Consulting Group, Inc., an employee benefits consulting firm. Ms. Sears has over thirty years of experience in the employee benefits consulting field. She is a graduate of the University of Illinois with a degree in Actuarial Science and Finance. Ms. Sears is a Fellow of the American Society of Pension Professionals and Actuaries, a Fellow in the Conference of Consulting Actuaries, a member of the American Academy of Actuaries, a Certified Pension Consultant and an Enrolled Actuary.

Ms. Sears is the current Chair of the Actuarial Board for Counseling and Discipline (ABCD). The ABCD was formed to serve the five US-based organizations representing actuaries to consider complaints and questions concerning possible violations of the Actuarial Codes of Professional Conduct.  

Date:  Tuesday, December 14, 2010 
  3:30  Registration /   4:00  Speaker /   5:00  Hors d’oeuvres reception


At this meeting, we received this 2-sided laminated page entitled "A Daily Guide for the Consulting Actuary," which includes a paraphrasing of the 14 Precepts of the Code that govern the professional behavior of all member actuaries. If you want one of these, please contact the American Academy of Actuaries, or the Conference of Consulting Actuaries, or Ms. Sears directly at csears@acg-benefits.com

Event:  November 2010 After-Exam Fun

What:  The Second City!

Come out and celebrate the end of another actuarial exam season!  The Chicago Actuarial Association (CAA) has tickets for a show at The Second City called “Fair and Unbalanced.”  With such notable alumni as Jim Belushi, John Belushi, John Candy, Steve Carell, Stephen Colbert, Chris Farley, Tina Fey, Bill Murray, and Mike Myers (just to name a few), The Second City has earned its reputation as a premiere launching pad for some of comedy’s biggest stars.  You can’t help but laugh when you spend an evening at The Second City.

The CAA will be hosting a pre-show reception from 6:00 to 7:00.  Food will be provided along with soda, coffee, and tea.  (A cash bar is available.)  Admission is $10 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.  In addition, tickets can be purchased by non-exam-taking CAA members for $25 and by guests for $45. 

Reserve your ticket quickly, as space is limited to 40 attendees.

Monday, November 8, 2010
Pre-show reception:  6:00 to 7:00 (hors d'oeuvres, beverages, cash bar)
Show:  8:00

Where: The Second City, 1616 N. Wells Street, Chicago, 60614

     Cost: Exam Participants:  $10 / CAA members:  $25 /  Others:  $45 .

Event: September 2010 Meeting

Topic: The IASB Proposes a Revolution in Insurance Accounting 

On July 30 after thirteen years of effort, the International Accounting Standards Board (IASB) published an Exposure Draft on the accounting for insurance contracts.  If adopted, it would revolutionize the accounting for these contracts.  This is quite a significant development, particularly in view of the G20's position that the world should move to a single set of high quality general purpose financial standards. The period for comments is over November 30, with an expected adoption date of a new standard in mid-2011.

Over almost the last two years this IASB project has been jointly deliberated with the Financial Accounting Standards Board (FASB, US).  It is expected that by the time of the CAA meeting, the FASB will have published a Discussion Paper that incorporates the IASB Exposure Draft, together with a description of the FASB's current views that differ to some extent from those of the IASB.  This development may lead to a wholesale change to U.S. GAAP as it relates to insurance companies of all types.
The presentation and discussion will address these developments.

Speaker:  Sam Gutterman, FSA, FCAS, CERA, MAAA, HonFIA
Director, PriceWaterhouseCoopers

Date:  Thursday, September 16, 2010 
3:30 Registration  /  4:00 Speaker  /  5:00 Hors d’oeuvres reception

Location:  Blue Cross & Blue Shield of IL
300 E. Randolph St., Chicago, IL 60601
CAL Conference Room 1

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

To attend the meeting, please enter the BCBSIL building at the Randolph Street entrance, and check in with a photo ID at the security desk before proceeding down the escalator to the meeting room.  Registration will take place at the bottom of the escalator. 

Please respond by September 12 by making your reservation online at http://register.chicagoactuarialassociation.org    
 
Sam Gutterman, FSA, FCAS, CERA, MAAA, HonFIA

Sam Gutterman has provided actuarial advice to and analysis of the life & health and property & casualty insurance industries and government agencies for forty years, primarily in the area of financial reporting in the Chicago office of PricewaterhouseCoopers.  Sam has been actively involved in the actuarial profession, including service as a former president of the Society of Actuaries and former president of the Chicago Actuarial Association, as well as the Chicago Area Runners Association. 

Sam has been active in international accounting and auditing discussions relating to insurance for the past dozen years.  During that period, as chair of the International Actuarial Association (IAA)’s Committee on Insurance Accounting, he serves as the IAA representative on the International Accounting Standards Board’s Insurance Working Group and on the Consultative Advisory Group to the International Auditing and Assurance Standards Board.  He is also a member of the PwC International Insurance Accounting Group.

EVENT:  Golf Outing, Friday afternoon August 27, 2010.

Summer 2010 Golf Outing
Date:  Friday August 27, 2010
Location: Golf Course
Tee Time:  11:30 am shot gun start (arrive by 11:00)
Fee:  $30
Coordinator:  Jim Thompson, Central Actuarial Associates

The Chicago Actuarial Association Golf Outing will be at a Golf Course.  The subsidized price of the outing ($30) includes 18 holes of golf, cart, beverage tickets and lunch.  Please be sure to arrive by 11:00 am, which is 30 minutes before the shot gun start at 11:30 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 requesting that participants submit their applications with at most one other person.  Golfing foursomes will be based on blind bogey.  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 12th, to allow time for scheduling and notification of tee times. 

You may register by mail, Fax, or E-mail.  USE THIS FORM-CLICK HERE

Fax and E-mail registrations require the use of a credit card.  Please refer to the registration form on this page.  Send registration and payment to:
Jim Thompson, Central Actuarial Associates
P.O. Box 1361
Crystal Lake, IL 60039-1361
E-mail: jimthompson@ameritech.net   /  Fax number: 815-459-2092

If you have questions, please contact Jim at 815-459-2083 or E-mail jimthompson@ameritech.net
  

EVENT: June 2010 CAA, MAF and PRMIA Joint Conference on
Enterprise Risk Management
   “Searching for Alpha: Managing Risk and Return”

The Chicago Actuarial Association (CAA), the Midwest Actuarial Forum (MAF), and the Chicago Chapter of the Professional Risk Managers’ International Association (PRMIA) are pleased to offer, with the Fred Arditti Center for Risk Management of DePaul University, this half-day conference on Enterprise Risk Management.

DATE:  Thursday June 24, 2010
11:45    Registration Table Opens
12:30    Lunch is served
  1:00    Lunch speaker:  Frank Casey (Fortune Group):  “Chasing Bernie Madoff” 
  2:00*  Session 1:  Kristin Hartman (Mesirow):  “Professional Skepticism & Operational Due Diligence”
 3:00*  Session 2:  Vera Malone (HCSC): “Reputational Risk”
 4:00*  Session 3:  Risk Officer Forum, Moderated by Rick Gorvett (University of Illinois)
Elizabeth Wilson (CNA), Michael Epstein (Willis Enterprise and Risk Finance Practice),
and others TBD
  5:30  Bar opens for Reception (cocktails, beer, wine, soda pop, and snacks)
*Approximate start time of each presentation, with 15-minute breaks between each presentation.

PLACE:  Chicago Mercantile Exchange, Auditorium, 20 South Wacker Drive, Chicago

COST:
  $50 for members of the CAA, or of the MAF, or sustaining members of Chicago PRMIA
  $75 for all others

Make your reservation online by Thursday, June 17, 2010.
Questions? Call Pat Pruitt at 312-751-3392 or Bob Aronsohn at 312-653-5677.

Please register online at http://register.ChicagoActuarialAssociation.org   
You can also reach this online registration form by going to our main website and selecting “Future Events.”  Payment will be requested in advance by the reservation confirmation system.  Please use the link in your reservation confirmation message, which uses a secure PayPal web page to process credit cards and e-checks. 

There are no refunds for cancellations not received by the end of the day on June 18.

We welcome and encourage non-actuaries to attend our conference because information covered is relevant to a wide range of work within the insurance and financial community.  Please share this with others who may be interested.

We would like to thank the Jacobson Group for their generous support of this conference.

MENU (Make your lunch selection at time of reservation.)
     Seared Lemon-Basil Salmon, Tomato Truffle Vinaigrette
           OR
     Pan Roasted Amish Chicken, Sage Pan Jus
           OR
     Grilled Eggplant Napoleon, Pesto Cream Sauce
           OR
     Kosher (Metro Klub)

Lunch selections include salad (baby mixed green salad, topped with fresh strawberries, wax beans, grape tomatoes & pecans, honey-citrus balsamic vinaigrette) and dessert (individual fresh fruit tart, garnished with fresh mint and raspberry coulis).

Breaks between the sessions will include hot and cold beverages (coffee, tea, soda pop, water)
Please register online at http://register.ChicagoActuarialAssociation.org
- - - - - - - - - - - - - - - -

SPEAKER LIST

Frank Casey, President-USA, Fortune Group.  Fortune Group is a London-Based alternative asset management firm which provides hedge fund portfolio management solutions for private wealth management groups, family offices, and institutions.  He is a frequent speaker to both the financial industry and university ethics centers on how the Madoff fraud unveiled financial industry due-diligence failures and regulatory incompetence, and discusses the need to set a higher benchmark of ethical standards in business.

Frank Casey has garnered broad capital markets knowledge and alternatives investment experience over his long career. Frank has always enjoyed being on "the leading edge" of alternative investments. Upon leaving the US Army as an Airborne-Ranger Qualified Infantry Captain in 1974, he joined Merrill Lynch to serve corporations as risk-manager specializing in equity, oil and metals derivatives hedging until 1982. He then joined Prudential Securities to advise banks on hedging interest rate exposures, specializing in the nascent mortgage-origination/MBS-pipeline risks arena until 1994. He then formed his own risk and portfolio management firms and later marketed option-based portfolio management strategies for a specialized institutional manager. He has raised assets for alternative investment managers since 1992. Joining the firm as President-USA, he primarily serves in a business development and client service capacity; however, his capital markets experience, honed within 34-years of alternatives investment exposure, also serves the firm when he qualitatively vets hedge fund managers to discern real alpha talent.


Michael Epstein, Senior Vice President, Willis Enterprise and Risk Finance Practice
Mike Epstein joined Willis in 2005 as Senior Vice President in Willis’s Enterprise and Risk Finance Risk Practice. Mike has over 25 years of experience in risk management and insurance including several years as the Global Director of Insurance Risk Management for a major professional services organization with a nine-figure risk management budget. 

Mike’s specialties include the evaluation of the value of insurance to and the role of risk financing in the capital structure of large organizations.  Others specialties are alternative risk transfer, captives and risk sharing.

Mike has authored detailed responses concerning operational risk to regulatory consultative requests and has written white papers and presented at the Federal Reserve to a large group of banking regulators and examiners on the relationship between operational risk and insurance.  He has assisted clients in developing risk pools, self-insurance trusts and the innovative uses of traditional insurance programs to address difficult to insure risks.
Mike has served as the Chairman of the Board of a Chicago based community school.  He is an Associate of the Casualty Actuarial Society and is a graduate of Princeton University with a degree in Philosophy.


Rick Gorvett, FCAS, ASA, CERA, MAAA, ARM, FRM, Ph.D.
Director, Actuarial Science Program
State Farm Companies Foundation Scholar in Actuarial Science
Department of Mathematics
University of Illinois at Urbana-Champaign




Kristin Hartman, Vice President, Mesirow Advanced Strategies, Inc.
Kristin Hartman is a vice president for Mesirow Advanced Strategies, Inc. She is responsible for operational due diligence reviews of managers and participates in portfolio analysis and ongoing manager monitoring. Prior to joining Mesirow Advanced Strategies, Inc., Ms. Hartman worked as a manager in the hedge fund department at Deloitte & Touche and Arthur Andersen. Ms. Hartman received a B.A. in accounting from the University of Iowa. In addition, she is a Certified Public Accountant (CPA) and a CFA charterholder.


Vera Malone, Vice President, Corporate Compliance Operations, HISC and Medicare Compliance Officer, Health Care Service Corporation.  (HCSC operates Blue Cross and Blue Shield of Illinois.)

Vera Malone serves as the Vice President Corporate Compliance, Health Care Service Corporation (HCSC), a position she has held since May 2009.  She leads HCSC’s compliance team, which includes training and communications, government programs compliance and investigations.  Before serving in her current role, Vera served as Chief of Staff to HCSC’s Executive Vice President of Corporate Services and the Divisional Vice President of Internal Audit Operations.

Prior to joining HCSC, Vera was a senior auditor at Aon Corporation.  She is a member of the Institute of Internal Auditors, and is a Certified Internal Auditor, a Certified Financial Services Auditor, and has a certificate in Control Self Assessment.  Vera is also a Fellow in the Life Office Management Association, and has a B.A. from Northwestern University and a M.B.A. from DePaul University.


Elizabeth Wilson, Senior Vice President & Deputy General Counsel, CNA.
Ms. Wilson is a Senior Vice-President and Deputy General Counsel with the CNA insurance group of companies; responsible for the Property & Casualty Division of the Corporate Law Department worldwide.  The support provided by her Division extends from Home Office strategic planning to Field Operation's implementation covering all aspects of regulatory, compliance, contractual and general legal advice and counsel.  Before joining CNA, Ms. Wilson worked as in house counsel in the food and drug industry where she represented the parent corporation as well as several operating subsidiaries with over 2000 locations throughout the U.S. in all aspects of corporate law, employment law, commercial litigation and transactional matters. Ms Wilson began her legal career in private practice as a litigator providing full representation to municipal and corporate entities in federal, state and administrative litigation with a concentration in the areas of employment law, commercial litigation, tort defense and real estate.

She serves on the following Boards: Illinois, Indiana, Virginia and New Hampshire Insurance Guaranty Funds; Chicago Metro History Education Center; Robert Morris Paralegal Advisory Board; and the Chicago Mass Choir.  Ms Wilson is a former Adjunct Professor-Robert Morris University.

She is a Chair Qualified Arbitrator in Cook County and is admitted to practice in Illinois and the U.S. Supreme Court.

Elizabeth holds a bachelors degree in Business Administration from Dillard University and a Juris Doctorate from The Ohio State University Moritz College of Law.

Please register online at http://register.ChicagoActuarialAssociation.org  

Event:  June 2010 Event:  Post Exam Fun @ the Ballpark

Topic:  Chicago White Sox vs. Texas Rangers

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, as they meet the Texas Rangers.  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: Tuesday, June 1, 2010   
Game begins at 7:11 p.m.

Location: U.S. Cellular Field (New Comiskey Park) 333 West 35th Street, Chicago

Event:  April 2010 Meeting

Topic:  Credibility for Mortality Tables
 
Speakers: 
Stuart Klugman, FSA, CERA
Staff Fellow, Education - Society of Actuaries
     and
Thomas E. Rhodes, FSA, MAAA, FCA
Assistant Vice President and Actuarial Director of MIB Solutions

When setting mortality rates for principles-based reserves, experience study results need to be blended with standard tables.  Mr. Klugman’s presentation provides the results of a research project sponsored by the SOA and conducted by MIB Solutions.
This presentation was done at the SOA 2009 Valuation Actuary Symposium (Session 37)
  http://www.soa.org/professional-development/archive/2009-anaheim-val-act.aspx  

Mr. Rhodes’ presentation will be ‘Credibility, Margins and Individual Life PBR Reserves’, discussing the Proposed NAIC Valuation Manual Section 20 (VM-20) and how credibility theory is used in combining individual company experience and industry tables for valuation mortality assumptions. The interrelationship between credibility theory and margins in VM-20 will be covered.

This meeting will also have a confirmation vote for our 2010-2011 officers.

Date:  Monday, April 26, 2010            
   3:30 Registration,  4:00 Speaker,  5:00 Hors d’oeuvres reception

Location:  Blue Cross & Blue Shield of IL
300 E. Randolph St., Chicago, IL 60601
CAL Conference Room 5

EVENT:  March 2010 Workshops
Presentation Slides from many of the workshops are posted online.  See links within these session listings.

DATE: Tuesday March 9, 2010
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 – see directions below)  350 W Mart Center Dr, Chicago 60654

COST: $75 with dinner, $60 without dinner
(Reduced rate for retirees, unemployed, full time students: $45 with dinner, $30 without dinner)

Workshops cover a variety of hot topics in each of the time slots.  Make your reservation online by Wednesday, March 3, 2010. 

Use this opportunity to fulfill some of your continuing professional development requirements.  You can earn more than 4 hours toward your annual AAA and SoA CPD requirements while you meet and network with other local actuaries face-to-face.

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 industries.  Please share this with others who may be interested. 

If any sessions are canceled due to low attendance, we will contact you.
 
Payment can be made in advance by credit card online at .....

We strongly encourage prepayment, as it speeds up entry on the day of the event.  Payment may also be made by cash, check, or credit card on the day of the event.

Canned soda, bottled water, coffee, tea and snacks will be provided before each session.

1:45 p.m.  Workshop Sessions A

A1:  Memory Power and Reading Smart - This interactive session will introduce tips for remembering names and faces, presentations you make, lists, dates, and presentations you hear.  In the Reading Smart section, you will learn your current reading speed and how to immediately improve it, 3 truths about reading and myths that are holding you back, and how to reduce your reading time and workload. 
Tom Weber - Freedom Personal Development

A2:  Surviving the New Reporting Requirements - Problem - the number of projections mandated for reporting has increased tremendously.  Future demands will be even greater for PBA, VACARVM, C3P3 and …?  New solutions will be needed to make runtime manageable while retaining sufficient accuracy.  We will explore in detail several scenario selection and model compression methodologies and introduce the MEWG's (AAA Modeling Efficiency Working Group) new research project. 
Lisa Lefkowitz - Polysystems / Rob Ipsen - CNA

A3:  Predictors of Exceptional Longevity (New Developments and Findings) - This presentation will discuss new developments of the study on predictors of exceptional survival to age 100 and beyond, which was initially supported by the Society of Actuaries and published in the North American Actuarial Journal, 2007, 11(1): 49-67.  Topics include: new findings on the effects of early-life childhood conditions such as maternal age at person's birth, family size, birth-order, season of birth, geography of a place spent at childhood, parental occupation, socioeconomic status, and lifespan as well as scientific explanations of these effects.  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 & Natalia Gavrilova - University of Chicago

A4:  Microinsurance in Africa - The Broad View - In the past decade, microcredit has helped to lift millions of low income families out of poverty in developing countries.  However, a family's gains can be wiped out in one adverse event.  Microinsurance has the potential of helping low income families manage unforeseen risk, thereby keeping them from falling back into poverty.  In order for microinsurance to be sustainable, it must make good business sense.  The Katie School at Illinois State University is researching how microinsurance, and related financial risk management tools, can be developed to protect low income families.  Mr. Jones will present a case example for farmers in Ghana. 
Jim Jones - Illinois State University

A5:  Current Issues in Medicare Supplement - The Medicare Improvements for Patients and Providers Act (MIPPA) of 2008 provided for important changes to Medicare, including the creation of new standardized Medicare supplement plans, with June 2010 effective dates.  This session will describe those changes, discuss how states are handling Medigap Modernization, and explain how carriers have addressed the important issues that have arisen as we get closer to the June start date. 
Pat Fleming - Bankers Life and Casualty

A6:  MCEV - Challenges for US Insurers -
1  Introduction to Market-Consistent Economic Value (MCEV)
2  MCEV Valuation Process
3  Challenges for US Insurers
Fred Ngan - Ernst & Young / Chris Olechowski - Ernst & Young

A7:  Valuation System Conversions - The presenters will discuss valuation system conversions including considerations and lessons learned, from both the implementation perspective and the audit/sign-off perspective.  The session is intended for audiences with moderate knowledge in the subject. 
Jean Forrest - Ernst & Young / John Heins - Polysystems
John’s presentation slides are available at this link.

Canned soda, bottled water, coffee, tea and snacks will be provided before each session.

3:00 p.m.  Workshop Sessions B

B1:  Investing Landscape:  Recovery from "The Brink of Despair" - What are key risks facing retirees?  What entities provide products to manage these risks and who helps individuals properly utilize these products?  What is the update to the markets since March 2009?  How have these institutions and their products fared through the crisis?  How have individuals been coping with these changes?  What products are perceived to have most value going forward – from individuals and institutions?  What adjustments are individuals making (product choice, invest strategy, working patterns, spending patterns, use of advisors)?
Dan Winslow - Winslow Financial / Cheryl Krueger - Growing Futures / Kirk Kreikemeier - Pebble Valley Wealth Management
 Dan’s presentation slides are available at this link.

B2:  Actuarial Guideline XLV and Return of Premium Term Products - This session will review Actuarial Guideline XLV (also known as Actuarial Guideline CCC) and its impact on return of premium term products, including a comparison of one company's ROP term product before and after the implementation of the guideline.  Attendees should have some familiarity with the Standard Nonforfeiture Law.  Knowledge of return of premium term products will be helpful. 
Terry Long - Lewis and Ellis
 Terry’s presentation slides are available at this link.

B3:  Defaults and Other Assumptions For Cash Flow Testing, In Light of the Credit Crisis -  Greg Roemelt - Towers Watson

B4:  Underwriting With Prescription Histories - More than 100 Health and Life insurers are using on-line prescription histories in their underwriting process to improve risk selection and reduce turnaround time. 
This session will:   
Explain how on-line prescription histories work. 
Look at ways Health and Life insurers are using prescription histories today. 
Review a mortality study done by a major reinsurer on prescription histories.
Howard Callif - Milliman

B5:  PBR, Don’t You Just Love it? - VM-20 for principles-based reserve calculations (PBR) has some new wording in at the behest of the ACLI.  We will discuss the latest developments in this revised manual. 
1 What do You Know?
2 VM-20 Crash course
3 The Good, the Bad, and the Ugly – what the SOA Study Showed
4 Q & A
Bob LaLonde - Insight Decision Solutions

B6:  Actuaries Can Sell - The challenge is to "turn relationships into economic value."  Thus, whether you are a consultant or work within a corporation, you need to build the relationships you have in an organized, disciplined and proactive manner, so that they can provide value to you  ...  and you provide value to them.  We will discuss the two most important skills needed to accomplish this ...  and will have exercises for you to practice within the hour.
If you plan to attend this session, please e-mail Gary with your name, title, and company under the Subject "CAA Workshop attendee", so that he can tailor the presentation to the needs of the audience. 
Gary Pines - Reputation Partners

B7:  Implementation of a High Deductible Plan - Part 1: A Fortune 100 company is faced with the choice to overhaul their medical program to save costs and improve employee behavior.  Hear how they arrived at a high-deductible plan.
Part 2: Learn about early public studies on Consumer Driven Health results
Matt Wiehl - JPMorgan, Robert Stahnke - Independent Consultant

Canned soda, bottled water, coffee, tea and snacks will be provided before each session.

4:15 p.m.  Workshop Sessions C

C1:  Voluntary Insurance When Employers Need to Cut Costs - As employers worry about their employee benefits budgets, voluntary coverages are available to supplement coverage gaps and budget concerns.  Join a presentation and discussion on trends surrounding voluntary coverages. 
AJ Tyll - Trustmark

C2:  Variable Annuity CARVM - VA CARVM/AG 43 represents a major step towards Principles Based Reserving.  With its implementation now in place as of December 31, 2009, the process has yielded a variety of practices and insights.  Joe Rafson, KPMG, will discuss VA CARVM implementation issues including the results of several surveys conducted by KPMG. 
Joe Rafson - KPMG
 Joe’s presentation slides are available at this link.

C3:  Technology Section of SoA - "Whoever controls the technology controls the world." - Anonymous. 
Find out what the Technology Section can do for you, and vice versa.
Lisa Lefkowitz - Polysystems

C4:  Life or Annuities with LTC: Winning combinations.  This session will cover pricing, modeling, and tax issues pertaining to combination plans that couple life or annuities with LTC.  Product development activity in these areas continues to increase, as companies are seeing the marketing opportunities inherent in these products and the pricing synergies involved in the coupling of these coverages.  In addition, the Pension Protection Act of 2006 contains new rules effective 1/1/2010 that are triggering further interest in these plans. 
Carl Friedrich - Milliman / Deyu Zhou - Milliman
 Presentation slides are available at this link.

C5:  Tax Topics - This workshop will focus mainly on life insurance company tax reserve issues with some discussion on policyholder tax issues.  Tax issues discussed will include proposed legislation affecting life insurance companies, AAA and SOA activities related to taxes, recent cases and rulings, developments relating to the dividends received deductions and separate accounts, reserve issues arising in IRS audits and appeals, tax reserve guidance related to VACARVM and principle based reserves, and other emerging developments. 
Bud Friedstat – Independent Consultant / Arthur Panighetti - Northwestern Mutual

C6:  Risk Management and Governance Lessons from the Financial Crisis - The many reports published in the wake of the financial crisis have identified numerous causes of the crisis that often include failures of risk management and corporate governance mechanisms along with failures by regulators and policy-makers.  This presentation, which focuses on risk management and corporate governance mechanisms, summarizes some of these findings and argues that many of the changes either proposed or implemented so far sidestep the most fundamental problems and the most difficult remedies.  These are the incentives sustained and the externalities created by a large and highly profitable financial sector. 
Timur Gok - Northern Illinois University
 Timur’s presentation slides are available at this link: http://tinyurl.com/CAA10Gok


C7:  The Retirement Plan Dilemma - Due to the market decline in 2008, a significant number of defined benefit pension plans are required to take corrective action in order to maintain the plan.  This presentation will provide an overview of historical events and discuss the risks related to maintaining a defined benefit plan, terminating the plan and/or starting a defined contribution plan. 
James Nolan - SEGAL
_________________________________________________________

5:15 Reception (cocktails, wine, beer, soda pop) 

All workshop attendees are invited to attend this reception for drinks and socializing.  The bar remains open during dinner.
_________________________________________________________

5:45 Dinner
Health Reform as of March 9, 2010 - Enduring issues and potential health coverage and individual market reforms in the voluntary market (without mandate or subsidy).  This presentation will be during dinner.
Karl Madrecki - Blue Cross and Blue Shield Association
Karl’s presentation slides are available at this link.
 
Dinner is optional.  The event fee is $75 with dinner, $60 without dinner
(Retirees, unemployed, and full time students get a reduced rate of $45 w/dinner, $30 without dinner)

   Beef & Fish Combination:  Pairing of a Petite Filet Mignon with a Port Wine Reduction
    and California White Bass with a Ginger Buerre Blanc.

   Vegetarian:  Mediterranean Pasta with Fresh Baby Spinach, Diced Roma Tomatoes,
    Greek Olives, Capers, Feta Cheese, Red Wine, Artichoke Hearts and Fresh Basil.

   Kosher:  The Kosher Gourmet, cRc

   Make your dinner selection when you register online. 

Please pre-pay your registration fee so that you won’t need to wait in a long line to sign in and get your registration materials and dinner ticket. 

If you pre-pay your fee online using the secure PayPal link, we will send you the program (and dinner ticket, if applicable) before you arrive.  You will not need to check in:  Simply pick up your name badge and go to your first session.  All major credit cards are accepted online.

If you choose to pay upon arrival, use any form of payment.
___________________________________________________________

Getting to the Holiday Inn Chicago Mart Plaza  www.martplaza.com
(Located atop the Apparel Center, just west of the Merchandise Mart)
350 W Mart Center Dr, Chicago, IL 60654, 14th Floor Conference Center

Chicago Transit Authority
Ride the CTA BROWN LINE to the Merchandise Mart Station. 
Walk through the second floor of the Merchandise Mart to Apparel Center.

Metra
From the Ogilvie Transportation Center (Northwestern Station) or Union Station
Walk east to Wacker, then follow Wacker north to Franklin Street, walk over the bridge, and then left.

Driving (parking $10 / overnight $34 - Validate parking at the hotel Lobby Desk)
From I-90, I-94 & O'Hare Airport:
Take I-90/I-94East toward Chicago > Exit at East Ohio Street (Exit 50B) > Turn RIGHT onto Wells St.  > Turn RIGHT onto Wacker Dr.  > Turn RIGHT onto Franklin St.  > Turn LEFT at the end of Franklin Street Bridge

From I-88 or I-290:
Take I-88 toward Chicago (Portions Toll) > I-88 becomes I-290 East > Merge onto I-90/94 West toward Wisconsin > Exit East Washington Blvd.  (Exit 51C) > Turn RIGHT onto Washington Blvd.  > Turn LEFT onto Franklin St.  > Turn LEFT at the end of Franklin Street Bridge

From I-55, St.  Louis & Midway Airport:
Take I-55 North (Stevenson Exp) toward Chicago > Merge onto I-90/94 West toward Wisconsin > Exit East Washington Blvd.  (Exit 51C) > Turn RIGHT onto Washington Blvd.  > Turn LEFT onto Franklin St.  > Turn LEFT at the end of Franklin Street Bridge

From Lake Shore Drive:
Exit at Randolph Street.  Take Randolph west to Franklin Street > Turn right onto Franklin, go two blocks, then cross the Franklin Street Bridge > Turn LEFT at the end of Franklin Street Bridge

Event:  February 2010 Meeting
Topic:  Broader Roles for Actuaries: Opportunities outside the Box
 
The president of the SoA will talk about areas of opportunity for actuaries, skills needed for success, and give examples of actuaries who have made strides into new areas. 

Speaker:   S. Michael McLaughlin, FSA, CERA, MAAA, FIA
President, Society of Actuaries

S. Michael McLaughlin leads the U.S. life actuarial practice for Deloitte Consulting. Mike, who has led actuarial practices for more than 20 years, also oversees the coordination of the actuarial practices of Deloitte Touche Tohmatsu's (DTT) member firms.
Prior to joining Deloitte Consulting, Mike served as executive vice president and chief actuary of AXA Financial Inc. There, he managed all actuarial work that supported product pricing, valuation, earnings analysis and corporate projections. Additionally, he was responsible for underwriting, reinsurance, product filing and facilitating overall risk management.

Mike is the current President of the Society of Actuaries and a past chairperson of the Financial Reporting Section Council. He is also a Fellow of the Institute of Actuaries (FIA), a Fellow of the Society of Actuaries (FSA), a Chartered Enterprise Risk Analyst (CERA) and a Member of the American Academy of Actuaries (MAAA).

Date:  Tuesday, February 9, 2010            
3:30 Registration  /  4:00  Speaker  /  5:00  Hors d’oeuvres reception

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

Cost:   Free.  Nonmembers are welcome.
When reserving, please indicate whether you are staying for the reception.

There was no January 2010 meeting.

Event:  December 2009 Meeting
Topic:  Professionalism Potpourri
Bill Falk will be discussing a variety of current issues related to professionalism based on his experiences with the Academy, the SOA and the ABCD. Topics will include Precept 1 (how broad is it?), Precept 13 (to snitch or not to snitch), and continuing education (Academy versus SOA).  This will be an interactive session, so bring your own professionalism questions and concerns to add to the discussion.

Speaker:   William J. Falk, FSA, FCA
Bill Falk is a Principal with Towers Perrin in its Chicago Health and Welfare Practice. He is a member of the Towers Perrin Human Capital Group's actuarial leadership group.

Bill has been an active volunteer to the profession for over 20 years. He is currently serving as a member of the SOA Board of Directors, the Centers of Actuarial Excellence Evaluation Committee and the Fundamentals of Actuarial Practice Steering Committee and is an APC and FAC facilitator. He served on the ABCD from 2003 through 2008 (as chair in 2005 - 2006, and vice-chair in 2007-8). He has served the Academy as a member of the Board of Directors, the Joint Committee on the Code of Professional Conduct, the Council on Professionalism, the Health Practice Council and several task forces. Bill was a member of the CCA Board of Directors and served as CCA President in 1998-1999. He is now on the CCA Annual Meeting and Seminar committees.

Date:  Wednesday, December 9, 2009 
Schedule - 3:30 Registration  /   4:00  Speaker  /   5:00  Hors d’oeuvres reception

Location:  Blue Cross & Blue Shield of IL
300 E. Randolph St., Chicago, IL 60601
in CAL Conference Room 1

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

To attend the meeting, please enter the BCBSIL building at the Randolph Street entrance, and check in with a photo ID at the security desk before proceeding down the escalator to the meeting room.  Registration will take place at the bottom of the escalator.

Event:  November 2009 Fun Event
What:  Chicago Bulls vs. Denver Nuggets!

Come out and celebrate the end of another actuarial exam season!  The Chicago Actuarial Association (CAA) has acquired tickets for a Bulls game and would love to celebrate with you that exams are over.  Hopefully it will prove true that you all can “pass” as well as Derrick Rose.

The CAA will be recognized on the scoreboard at halftime, and all attendees will receive mini posters of a Bulls player.  Admission is $10 for all exam participants: exam takers (including FAP1), supervisors, proctors, and review class instructors.  Exam takers, remember to bring your ticket of admission!  Also, modules count, as does the FAP:  Print the proof/receipt and bring same to the event.  Other exam participants must be verified by Pat Pruitt.  In addition, tickets can be purchased by non-exam-taking CAA members for $15, and by other guests for $30. 

Exam takers will also receive $10 vouchers that can be used for concessions.  Space is limited to 75 attendees.

When:  Tuesday, November 10, 2009, 7:00 p.m.

Where:  United Center, 1901 W. Madison Street, Chicago, 60612
Seats are in sections 313 and 314

Cost: Exam Participants:    $10
CAA members:    $15
Others: $30

Payment must be made in advance by using the PayPal credit card link in the confirmation message you will receive immediately after submitting your ticket order.  

When reserving, please indicate whether you are an exam participant or a member or neither.

Event:  October 2009 Meeting
Topic:  Back to the Future: The Financial Manias of 1720 
 
Financial manias (bubbles) are common occurrences. In the past ten years, we have lived through the internet and housing bubbles. The South Sea and Mississippi Bubbles were the first international financial manias. They were surprisingly similar to more recent manias. Perhaps our financial systems have not advanced as far as we would like to think over the past 300 years. Is history bunk, as Henry Ford believed? Can we learn from and avoid the mistakes of the past?

Speaker:  Rob Bresticker - President of Brigadoon Bay Asset Management, LLC

Rob has over 20 years experience in Finance, Accounting, Consulting, Operations, Engineering, and General Management with the US Navy, Arthur Young, General Mills, Motorola, US Robotics, 3Com, and others.  In 1992, he wrote the book: 'American Manufacturing and Logistics in the Year 2001'.  He is registered in Illinois as a CPA.  Rob graduated from Dartmouth College with a BA in Physics.  He also earned an MBA in Operations and Accounting from Dartmouth's Amos Tuck School of Business and a Masters in Manufacturing Engineering from Northwestern University.

Date:  Tuesday, October 13, 2009  

3:30 Registration
4:00 Speaker
5:00 Hors d’oeuvres reception

Location:
Blue Cross & Blue Shield of IL
300 E. Randolph St., Chicago, IL 60601
CAL Conference Room 5

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

Event: September 2009 Meeting
Topic: The Appointed Actuary versus the Economic Crisis

The ongoing economic crisis presents serious challenges for Appointed Actuaries of life insurance companies in setting year end valuation assumptions and in asset adequacy testing. Come hear how one Appointed Actuary is dealing with these challenges.
Speaker: Don Walker, ASA, MAAA – Chief Life Actuary, Farm Bureau Life Insurance Co of MI

Don serves as the Appointed Actuary for Farm Bureau Life Insurance Company of Michigan (in Lansing, Michigan). He is a past president of the Michigan Actuarial Society, a member of the Smaller Insurance Company Section Council, and a former member of the Tax Section Council. He has contributed to Small Talk (the Smaller Insurance Company section newsletter) and spoken at Society meetings on small company issues and product tax issues.

Date: Tuesday, September 15, 2009
3:30 Registration
4:00 Speaker
5:00 Hors d’oeuvres reception

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

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 Pay by check, cash, or credit card (details on our website).

To attend the meeting, please enter the BCBSIL building at the Randolph Street entrance, and check in with a photo ID at the security desk before proceeding to Columbus A.

EVENT:  June 2009 CAA, MAF and PRMIA Joint Conference on
Best Practices in Enterprise Risk Management

The Chicago Actuarial Association (CAA), the Midwest Actuarial Forum (MAF), and the Chicago Chapter of the Professional Risk Managers’ International Association (PRMIA) are pleased to offer this half-day conference on Best Practices in Enterprise Risk Management.

DATE:  Wednesday June 24, 2009
     11:45    Registration Table Opens
     12:30    Lunch is served
       1:00    Lunch speaker:  Bill Panning, “Blind Spots in ERM”
       2:00*  Session 1:  Peter Sun, “Update on Financial Risk Management”
       3:00*  Session 2:  David Schraub, “Navigating Insurance Risk Management”
       4:00*  Session 3:  Chief Risk Officer Forum,
           Moderated by Dan Gattis (The Jacobson Group), with
              Terri Dalenta (Aviva), Larry Moews (formerly of Allstate Corporation),
                  Tim Bischof (Conseco)
              [John Beckman (CNA) had to cancel due to unforeseen circumstances]
       5:30  Bar opens for Reception (cocktails, beer, wine, soda pop)
*Approximate start time of each presentation, with 15-minute breaks between each presentation.

PLACE:  Holiday Inn Chicago Mart Plaza, 15th Floor in the LaSalle Room
(Located atop the Apparel Center, just west of the Merchandise Mart – see directions below)
350 W Mart Center Dr, Chicago 60654

COST:
$50 for members of the CAA, or of the MAF, or sustaining members of Chicago PRMIA
$75 for all others

Make your reservation online

There are no refunds for cancellations not received by the day after RSVP deadline.

We welcome and encourage non-actuaries to attend our conference because information covered is relevant to a wide range of work within the insurance and financial community.  Please share this with others who may be interested.

We would like to thank the Jacobson Group for their generous support of this conference.

Some Blind Spots in Risk Management (Bill Panning)
The current financial crisis has spawned extensive debate concerning its causes and cures.  Perhaps it should also prompt risk management professionals to consider whether there are blind spots in their ways of thinking about, measuring, and managing risk.  In his talk Bill will focus on crucial gaps in our current risk paradigms, on the blind spots that they creates and on the psychological factors that make us reluctant to recognize and correct these blind spots.

MENU
Chicken Aegean – boneless breast of chicken (stuffed with spinach, wild mushrooms, Roma tomatoes, feta cheese and fresh basil topped with a lemon béchamel sauce), rice pilaf
      OR
Vegetarian Pasta - Mediterranean Pasta with fresh baby spinach, diced Roma tomatoes, Greek olives, capers, feta cheese, red wine, artichoke hearts and fresh basil
      OR
Kosher (cRc, The Kosher Gourmet)

Both Chicken and Vegetarian choices include Chicago Mart Plaza salad, roasted vegetables, bread rolls, and Eli’s “turtle” cheesecake for dessert.

Breaks between the sessions will include hot and cold beverages (coffee, tea variety, soda pop, water), and soft baked jumbo cookies (including chocolate chunk, pecan, oatmeal raisin, peanut butter, mocha latte, fudgy brownie, chocolate truffle, toffee bar, almond milk chocolate).

Event: June 2009 Event:  Post Exam Fun @ the Ballpark

Topic: Chicago White Sox vs. Oakland Athletics

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, as they meet the Oakland Athletics.  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.

Seats this year are in the lower deck boxes near the right field foul pole.

Date: Monday, June 1, 2009  (Response deadline Monday May 18)
          Game begins at 7:11 p.m.

Location: U.S. Cellular Field (Comiskey Park)
               333 West 35th Street, Chicago, IL 60616

Tickets are only $5 for exam participants and members of the Chicago Actuarial Association.  Other guest tickets are $20. At the ballpark, exam takers will get $15 in Comiskey Cash by presenting their original ticket of admission to the exam (for FAP modules, please bring proof).  Exam supervisors, proctors, and review class instructors will also get the $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.
These tickets are limited, so the sooner you purchase your tickets, the better.  Tickets will be distributed before game day through the network of CAA members.
Questions? Call Pat Pruitt

EVENT: March 2009 Workshops 
 
DATE: Tuesday March 10, 2009
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 – directions below)
350 W Mart Center Dr, Chicago 60654

COST:  $75 with dinner, $60 without dinner
(Reduced rate for retirees, unemployed, full time students: $45 with dinner, $30 without dinner)

Workshops cover a variety of hot topics in each of the time slots.   Make your reservation online by Wednesday, March 4, 2009. 

Use this opportunity to fulfill some of your continuing professional development requirements.  Earn more than 4 hours toward your annual AAA and SoA CPD requirements while you meet and network with other local actuaries face-to-face.

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.

If any sessions need to be canceled due to low attendance, we will contact you.

Payment can be made in advance by credit card online at ....  Prepayment is optional, but appreciated, as it speeds up the sign-in process the day of the event.  Payment may also be made by cash, check, or credit card on the day of the event.
 
1:45 p.m. Workshop Sessions A:
 
A1 Investment Strategies for Retirement - Seismic changes all around us!!
What does the typical person entering retirement want? What are their goals, resources and plans?  How have the dramatic events of 2008 changed retirement plans?  What adjustments are high net worth and other retirees making?  How are insurance company and other financial firms' issues changing the investor choices?
- Dan Winslow, Principal, Winslow Financial
- Kirk Kreikemeier, Principal, Pebble Valley Wealth Management

A2 Changes in Medicare Supplement
The Medicare Improvements for Patients and Providers Act (MIPPA) of 2008 provided for numerous changes to Medicare, including important changes to Medicare Supplement plans. This session will describe those changes and walk through the timeline as we get closer to the June 2010 effective date for new standardized Medigap plans.
- Pat Fleming, Vice President, Product Management (Medicare products) for Conseco (Bankers Life and Casualty Company)

A3 International Accounting - How will it affect you?
The SEC has published a roadmap to switch from FAS to IFRS.  FASB is working with the International Account Standard Board to issue a new unified insurance standard for all insurance contracts.  This workshop will bring you up to date and the current status of "what" and "when".
- Doug Van Dam, Manager, Actuarial Services, PolySystems

A4 The Health insurance marketplace
This review of the health care insurance marketplace reflects trends and challenges faced by the multiple constituents of the non-Medicare healthcare delivery system.
- Roger Schultz, Vice President - Product Development, Trustmark

A5 New Immediate Annuity table
The report on the most recent individual annuity mortality study is expected to be released about the time of the conference.  This session will present results from this study.  This is the first formal study for these products in nearly twenty years.
- Jack Luff, Experience Studies Actuary, Society of Actuaries
 
3:00 p.m. Workshop Sessions B:
 
B1 Life Insurance Tax Update
This workshop will focus mainly on life insurance company tax reserve issues with some discussion on policyholder tax issues, including the recently announced IRS revenue procedures for correction of failed contracts.  Company tax issues discussed will include recent cases and rulings, developments relating to the dividends received deductions and separate accounts, reserve issues arising in IRS audits and appeals, tax reserve implications of recent NAIC activities including the movement towards principle based reserves and VACARVM, and other emerging developments.
- Bud Friedstat, Independent Consultant
- Vincent Tsang, Executive Director, Ernst & Young LLP

B2 Why Wellness?  The Cost of Doing Nothing
Compelling reasons to engage in worksite wellness and primary prevention activities (including statistics around the incidence, cost, and preventability of chronic disease) Specific examples of programs that can be implemented in both worksite and community locations Experience with wellness and primary prevention programs of Blue Cross and Blue Shield plans of Illinois, Texas, Oklahoma, and New Mexico
- Paul B. Handel, M.D., Senior Vice President and Chief Medical Officer, Health Care Service Corporation
(HCSC does business as the Blue Cross and Blue Shield plans of Illinois, Texas, Oklahoma, and New Mexico)

B3 Implementing Liability Driven Investment strategies in the real world
With changes to the pension funding requirements and even more accounting changes likely to occur, pension plan sponsors are continuing to look at Liability Driven Investment (LDI) strategies to help manage the funded status volatility and/or enhance the risk/return profile of their plans. While LDI is conceptually simple, selecting from the array of different investment products, each with its own advantages and disadvantages, can be complicated.  This session will discuss many of the different investment products used to implement LDI, including pros and cons and how they have performed through the recent financial crisis.
- Eric Friedman, Principal, Financial Strategy Group, Mercer

B4 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 & CEO, Kinetic Advanced Learning

B5 Beyond the Financial Crisis: Risk IS Opportunity
The current financial crisis has raised many questions: how do we think about risk management?  What is the future role of pensions and insurance?  Will my employer (and my job) still be there tomorrow?  This session will focus on the challenges and opportunities that the financial crisis provides actuaries in the long term, and provides some thoughts on where we might be headed for insurance, annuities, pensions and health.
- Emily Kessler, Senior Fellow, Intellectual Capital, Society of Actuaries

B6 Financial reporting surprises of the financial crisis
Making Sense of Fair Value
The controversy over liability valuation and credit standing under fair value - the absurdity of enjoying a windfall on a credit downgrade – and the more recent uproar over marking to market liquidity-impaired assets have finally made clear that fair value is liquidation accounting ineptly imposed on going concerns.  Constructing a balance sheet suitable for a going concern requires two steps: 1) identifying the liquidity penalty and restoring it to the asset values, and 2) identifying the credit penalty and restoring it to the liability values.  After our exposition, the audience will be asked to provide concrete instances arising in their own practices.

DAC and Shadow DAC
The presenter will share various issues observed during the last two quarters of 2008, including the impact of the financial turmoil on DAC amortization, DAC write-off, negative DAC amortization, the practice of flooring the gross profits at zero, and shadow adjustments to DAC and other balances.

VA hedging programs and C3 Phase 2

- Mike Leung, Manager, Ernst & Young 
- Phil Heckman, President, Heckman Actuarial Consultants LTD
- Peter Sun, Milliman

4:15 p.m. Workshop Sessions C:
 
C1 Value Investing
Some of the most successful institutional investors believe that value investing is a key strategy in achieving long-term investment success. Value investing is simple to understand but difficult to practice because it requires one to swim against the current. This session will describe how value investing differs from other investment approaches along with some of its fundamental concepts, such as 'Margin of Safety', 'Mr. Market', and the distinction between volatility and risk.
- Rob Bresticker, President, Brigadoon Bay Asset Management

C2 Principle Based Reserves, An Introduction
For the last few years the NAIC has made Principle-Based Reserves (PBR) a top priority.  PBR represents a significant departure from current statutory reserve requirements. This session will cover the basic requirements of PBR as it stands today, as well as the key outstanding issues. This session is intended for people with little or no knowledge of PBR. - Don Maves, Manager, Actuarial Services, PolySystems

C3 Professionalism and the Actuary
This will be an interactive session led by a former member and past chair of the Actuarial Board for Counseling and Discipline. The session will include a brief summary of the professionalism roles within the U.S. actuarial profession, including the AAA, ASB, ABCD, SOA, CCA, CAS, ASPPA. This will be followed by an interactive discussion of professionalism hot topics such as
    Protecting actuarial work from misuse
    To report or not to report
    Integrity and meeting attendance
    Upholding the reputation of the profession
    Issues in actuarial communication
- Bill Falk, Principal, Towers Perrin

C4 Healthcare trends
Medical and pharmacy trends are receiving more scrutiny than ever before. This presentation will describe the various considerations used in evaluating trend, examine one method of trend review, and discuss current trend observations.
- Frank Boeckmann, Actuary, Trend Analysis, Health Care Service Corporation (HCSC does business as the Blue Cross and Blue Shield plans of Illinois, Texas, Oklahoma, and New Mexico)

C5 Older Age Underwriting and Mortality
As people are living longer, the market for life insurance at older issue ages is growing.  Traditional underwriting techniques do not fully capture the risk involved at these ages.  This session will cover some of the underwriting considerations and mortality expectations for this market place.
- Al Klein, Vice President, Actuarial Experience Studies at American General Life Companies
- Tom Edwalds, Assistant Vice President, Mortality Research, Munich American Reassurance Company
C6 The credit crisis and ERM
Panelists in this session will discuss the causes and consequences of the financial crisis and the lessons for enterprise risk managers, policy makers and regulators. 
- Nian-Chih Yang, Independent Consultant
- Timur Gok, Northern Illinois University
 
5:15 Reception (cocktails)
 
All workshop attendees are invited to attend this reception for drinks and socializing.

5:45 Dinner
SOA Executive Director presents on Professionalism.

Dinner is optional.  The event fee is $75 with dinner, $60 without dinner 
(Retirees, unemployed, and fulltime students get a reduced rate of $45 w/dinner, $30 without dinner)

Beef & Fish Combination:  Pairing of a Petite Filet Mignon with a Port Wine Reduction
and California White Bass with a Ginger Buerre Blanc.

Vegetarian:  Mediterranean Pasta with Fresh Baby Spinach, Diced Roma Tomatoes, Greek
Olives, Capers, Feta Cheese, Red Wine, Artichoke Hearts and Fresh Basil.

Kosher:  The Kosher Gourmet, cRc

The bar remains open during dinner.
Make your dinner selection when you register online. 
 

Event:  December 2008 Meeting

Topic:  PBR and VACARVM,  NAIC Update

The NAIC is nearing completion of a new Standard Valuation Law to introduce Principle Based Reserves.  This session provides the latest update from the NAIC's December meeting.  The recently adopted version of VACARVM will also be discussed, as well as any other emerging variable annuity issues.

Come to discover the latest developments, and bring your PBR questions.

Speakers:
Don Maves, FSA, Manager, Actuarial Services - PolySystems, Inc.
Tim Gaynor, FSA, Vice President - Polysystems, Inc.

Don is Manager, Actuarial Services, with PolySystems.  He has more than 30 years of experience in pricing, financial reporting (GAAP, statutory, and tax), financial projections, and actuarial regulatory issues.  He was the Chair of the industry task force that advised the NAIC on the original XXX regulation.  Don speaks annually at the SOA/PolySystems education week and has been a speaker at SOA meetings

Tim is a Vice President at PolySystems. He has more than 15 years of experience in the insurance industry.  He spent many of these years designing and testing a valuation system for variable annuities.  Many insurers use this valuation system to calculate reserves for Guideline 33, 34, 35, 39, VACARVM and FAS 133. Tim speaks annually at the SOA/PolySystems education week and has been a speaker at SOA valuation meetings.

Date: Tuesday, December 16, 2008  
3:30 Registration  /  4:00 Speakers  /  5:00 Hors d’oeuvres reception

Location:  Blue Cross & Blue Shield of IL, CAL Conference Room 8

Event: October 2008 Meeting

Topic: Academy Practice Note on Credibility 

Originally presented by Robert DiRico, Tom Herzog and Stuart Klugman, we will discuss credibility theory and practice as it relates to the AAA credibility practice note.  The Bayesian, Buhlmann and classical approaches are discussed, including examples and problems for each approach.

Speaker:  Philip Adams is an Actuarial Associate with Munich American Reassurance Company in Atlanta.  He earned a master's degree in mathematics and a master's degree in statistics from Tulane University in 2004 and earned his ASA in 2008.  At MARC, he principally works on the statistical modeling of mortality experience and consults on application of theory to the calculation of enterprise risk capital, including having developed Munich Re's life calamity model.


Date:  Tuesday, October 14, 2008
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

Event: September 2008 Meeting

Topic: ERM - Crawling from the Subprime Wreckage 

Jay Glacy will survey the impact upon insurers of the ongoing credit storm, tracing its origins in residential housing finance to its evolving effects throughout the industry and economy.  Jay will contrast the performance of the insurance sector in responding to the crisis with other financial services providers and review important learnings and implications.  He will also provide an update on where ERM stands today in the industry, focusing on the transition to strategic risk management.

Speaker:  Jay Glacy, ASA, MAAA, CERA, CFA, is a Senior Consultant at Milliman, Inc. and leads its Chicago-based ERM practice.

Jay Glacy leads Milliman's Chicago-based ERM practice, helping client firms balance total risk exposures and optimize their deployment of risk capital.  Previously, Jay was Senior Vice President with Allstate, heading its ALM operations.  Before that, he served as Vice President and Actuary with GeneralCologne Re Capital, the investment advisory arm of Berkshire Hathaway.  Before that, Jay was Senior Manager at Ernst & Young, providing strategic capital market risk advisory services to the life insurance industry.  In addition, Jay served in various leadership capacities at Lincoln National and Citigroup.

Jay possesses the ASA, MAAA, CFA and CERA credentials.  He is a frequent contributor to industry periodicals, writing on emerging topics of interest to industry professionals, and a well-known speaker in actuarial and investing circles.  Earlier this year, Jay authored the article entitled “Asset/Liability Management for Insurers” for Investments and Wealth Monitor.

Date:  Tuesday, September 16, 2008

EVENT:  Measuring and Managing Catastrophe Risk
The 2nd Annual CAA, MAF, and PRMIA Joint Conference on ERM

The Chicago Actuarial Association (CAA), the Midwest Actuarial Forum (MAF), and the Chicago Chapter of the Professional Risk Managers International Association (PRMIA) are pleased to offer “Measuring and Managing Catastrophe Risk” as our second annual half-day conference on Enterprise Risk Management.

DATE:  Thursday June 5, 2008, Noon – 7:00 p.m.^*
   *Registration opens 11:45 a.m.
     Lunch is served 12:30 p.m.
     Last session ends, and cocktail reception starts, 5:30 p.m.

“Catastrophic Risk and Risk Capital Structure”
     Christopher Culp, Senior Advisor, Compass Lexecon,
     and Adjunct Professor of Finance, The University of Chicago Graduate School of Business
The talk will review the concept of risk capital and the risk capital structure of insurance (and other) firms. Specifically, we will consider how the management of catastrophic risks and risk capital can change the entire focus of ERM processes and initiatives. We will also consider how risk-based capital regulations can both help and get in the way of a holistic capital-based perspective on risk management.
Click here to download the slides
“Modeling Natural Catastrophes – A Primer”
     Steve E. Smith, President, ReAdvisory Property Solutions (a service of Carvill)
Dr. Smith has been researching weather phenomena for 14 years including the last eight years in the reinsurance/insurance market, and now spearheads ReAdvisory’s catastrophe modelling efforts.
Click here to download the slides
“Modeling and Managing Pandemic Risk”
     Andy Wunsch, Actuary, Enterprise Risk and Return Management, Allstate Insurance Company
Mr. Wunsch has played a major role in Allstate’s ERM initiatives including implementing key risk limits and analysis of multiple-risk interactions and risk/return tradeoffs. Click here to download the slides
     Ghalid Bagus, Financial Risk Consultant, Milliman 
Mr. Bagus has developed models of both pandemic risk and terrorism risk underlying some of the major mortality cat bonds that have been placed in the market. Click here to download the slides
 
“Beyond Convergence to Integration”
     Morton Lane, President, Lane Financial LLC
A past  review and present status of the Insurance Linked Securities (ILS) market. Current trends will be described together with the most recent events affecting future direction. The market stands poised at an important junction that is likely to see its use by issuers and investors alike become both richer and deeper. Importantly, the talk will dwell on some of the resources necessary to participation in this market.
Dr. Lane, a pioneer in the move to securitize insurance with a distinguished career in financial derivatives, now specializes in the intersection of insurance and capital markets.

“Mechanisms for Transferring Catastrophe Risks”
     Paul Forrester, Partner, Mayer Brown LLP
Mr. Forrester is a lawyer and an expert in structured finance transactions, including collateralized debt obligations (CDOs), on which he has published extensively.  Click here to download the slides

PLACE:  Holiday Inn Chicago Mart Plaza, 14th Floor Conference Center
(Located atop the Apparel Center, just west of the Merchandise Mart – see the flyer below)
350 W Mart Center Dr, Chicago 60654

COST:$50 for CAA members, MAF members, and PRMIA sustaining members,  $75 for all others

TO REGISTER:
Please make your reservation by contacting Pat Pruitt at 312-751-3392 or e mail at PatPruitt60302@yahoo.com
by Monday, June 2.  Provide your name, your company name, your meal choice (chicken or vegetarian or kosher), and your membership status (if applicable).  Discounted fees are available for those who are retired, unemployed, or full-time students.

Menu: Both Chicken and Vegetarian choices include Chicago Mart Plaza salad, roasted vegetables, bread rolls, and Eli’s “turtle” cheesecake for dessert.
Chicken Aegean – boneless breast of chicken (stuffed with spinach, wild mushrooms, Roma tomatoes, feta cheese and fresh basil topped with a lemon béchamel sauce), rice pilaf
Vegetarian Pasta - Mediterranean Pasta with fresh baby spinach, diced Roma tomatoes, Greek olives, capers, feta cheese, red wine, artichoke hearts and fresh basil
Kosher (cRc, The Kosher Gourmet)

We thank the Jacobson Group for their generous support of this conference.

*On the day of the event:
     Registration opens 11:45 a.m.
     Lunch is served 12:30 p.m.
     Last session ends, and cocktail reception starts, 5:30 p.m.


We welcome and encourage non-actuaries to attend our conference because information covered is relevant to a wide range of work within the insurance and financial community.  Please share this with others who may be interested.

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

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

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

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

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 .

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: 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.

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

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)

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.

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  .

There was no April 2006 event.

Event:  2006 Annual March Workshops
Tuesday, March 14 at Blue Cross Blue Shield of Illinois

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.

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.
 

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

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.

Event:  November 2005 After-Exam Fun Event

Topic: Party!

Actuarial exams are almost upon us, and the Chicago Actuarial Association would like to celebrate with you once the exams are over.  After all of the studying and the stress of sitting for your exams, it will be time to relax.  So come join us for an evening of fun!

Date:  Wednesday, November 9
5:00  Registration Starts, 5:30 Food and Bowling, 7:30 Time for bowling ends, but stay longer if you like!

Location:  10pin Bowling Lanes, 330 N. State St., Chicago, IL (near House of Blues)

Cost:
Exam Participants:  FREE!
Other members:  $10
Anyone else:  $40

Exam participants include exam takers, supervisors, proctors, review class instructors, and exam volunteer coordinators.  Exam takers, your blue ticket of admission for the exam is your ticket of admission to the party, so bring it!  All other exam participants must be on Pat Pruitt’s list of helpers.
 

Event: October 2005 Meeting

Topic:  Medicare Part D (Prescription Drug Benefit) and its effects on Retiree Medical, Medicare Advantage, and Medicare Supplement Plans.

This session will present a general overview of the 2003 Medicare Modernization Act (MMA) and its provisions.  The new Medicare Part D prescription drug program - its benefits, financing and the providers involved - will be explained.  A description of options available to employers who offer retiree medical plans, as a result of the new coverage, will be presented.  Panelists will also discuss the effect of the MMA on inforce and future Medicare Supplement plans, and brief mention will be made of the changes affecting Medicare Advantage plans.

Speakers: 
Dawn E. Helwig FSA, MAAA
    Principal, Milliman, Inc.

Thomas G. Ruehle FSA, MAAA, CEBS, CLU
    Principal, Milliman, Inc.

Date:  Wednesday, October 26, 2005 
  3:30 Registration  /  4:00 Speaker  /  5:00 Hors d’oeuvres

Location:  Blue Cross & Blue Shield of IL, CAL Level – Conference Room 5

Event:  September 2005 Meeting

Topic:  Illinois Pension Funding: An Actuary's Perspective

This session will explore the history of the underfunded pension systems of the State of Illinois. The emphasis will be on recent events, including: the issuance of pension obligation bonds, the “surprise" cost of an early retirement incentive plan, and cost-cutting modifications to the funding plan.  Mike is a Senior Consultant in the Chicago office of Gabriel, Roeder, Smith & Company, where he specializes in the design, funding, and administration of public-sector pension plans.

Speaker:  Michael Kivi, FSA, EA, MAAA
    Senior Consultant, Gabriel, Roeder, Smith & Company

Date:  Monday, September 19, 2005 
     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.

Event:  August 2005 Golf Outing
Date:  Friday August 26th, 2005
Location:  Chevy Chase Golf Course, Wheeling
Tee Times: 12:00pm to 1:30 pm (see below)
Fee:  $40
Coordinator: Greg Sucher, BlueCross BlueShield of Illinois

The Annual Chicago Actuarial Association Golf Outing will again 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 18th, 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:
Greg Sucher, 23rd Floor
BlueCross BlueShield of Illinois
300 E. Randolph St.
Chicago, IL 60601
E-mail: greg_sucher@bcbsil.com    /  Fax number: (312) 938-8538

If you have questions, please contact Greg at (312) 653-4431 or E-mail

Results of the Golf Outing:
Longest Drive Female = Marita Lareau  (177 yards)
Longest Drive Male = A.J. Tyll
Longest Putt = John Schwegel (2 yards)
Closest to Pin = A.J. Tyll (2 feet)
Blind Bogey = Andy Lareau
Lowest Score = A.J. Tyll ( 84 )

Event: June 2005 Meeting

Topic:  The ABCD (Actuarial Board for Counseling & Discipline)

As recent developments in the U.K. illustrate, meeting our professional obligations is extremely important to the public and to the profession's reputation.  The Actuarial Board for Counseling and Discipline is an integral part of the U.S. actuarial profession's efforts to ensure that our members do so.  Bill Falk, ABCD chairperson, will answer the questions: "What is the ABCD?" and "What does the ABCD do?"  He will then present case studies based on requests for guidance from fellow actuaries for the audience to discuss.

The three Case Studies:
     A New Practice Area;
     Missing Documentation;
     Oops! I Was Wrong.

Speaker: Bill Falk, FSA, MAAA, FCA, EA
Principal and Director of Actuarial Practice - H&W
Towers Perrin, Chicago.

Date:  Tuesday, June 14, 2005  
   3:30 Registration   /   4:00 Speaker   /   5:00 Hors d’oeuvres

Location: Blue Cross & Blue Shield of IL, Corporate Activity Level – Conference Room 5
300 E. Randolph St., Chicago, IL 60601. Hors D’oeuvres are in the CAL Atrium.
 

May 2005 Event:  Post Exam Fun
@ the Ballpark

Topic:  White Sox Game vs. Angels

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 in the upper deck, right above third base.  Comiskey Cash will be provided at the game to exam takers, proctors, review class instructors, and, to welcome them to the CAA, Wisconsin actuaries.  Other attendees will be responsible for their own food & drinks.

Date:Tuesday, May 31, 2005
Game begins at 7:05 p.m.

Location:  US Cellular Field (New Comiskey Park), 333 West 35th Street, Chicago, IL 60616

We will provide tickets to exam participants* and members at no charge.  We will ask other guests to pay $15 per ticket. Payment can be made in advance by check or credit card.  At the ballpark, exam participants and Wisconsin actuaries will get $10 in Comiskey Cash by presenting their blue ticket, instructions to supervisors, or Wisconsin ID (as appropriate); members and others will be responsible for their own cash expenditures.

*Exam proctors and review class instructors may also attend for free.
    SOX WON, 5-4 !

EVENT: May 2005 Joint Meeting with Smaller Consulting Firm Section
Topic:  Networking Opportunities for Chicago Residents
 
The Smaller Consulting Firm Section is sponsoring a series of regional networking meetings in 2005. 

Each meeting will include an outside professional speaker on general business issues (marketing professional services, selling, economics, web-site marketing, etc.)  We will also have a heavy dose of networking opportunities for you to meet other local actuaries. 

The next opportunity is being cosponsored by the Chicago Actuarial Association for those in the Chicago area

Topic: RAIN MAKING IDEAS TO ENHANCE YOUR BUSINESS DEVELOPMENT SUCCESS

Speaker:  Gary Pines of Harding & Company

Gary Pines of Harding & Company is a trainer, coach and speaker, specializing in firms that provide professional services.
He assists “doers of the work” to also become “sellers of the work.” Harding & Company has published the books “Rain Making”, “Creating Rainmakers” and “Cross Selling Success”.

Gary is an F.S.A. and works with actuaries, accountants, consultants, engineers, architects, executive search, etc.

Gary will share ideas and explore strategies related to networking and face-to-face selling skills through interactive exercises and discussion.

Date:  May 10  (Note the different start time)
5:00 Registration  /  5:30  Presentation by Gary Pines with breakout groups and summary /
6:15 - 7:30   Networking reception with beer, wine, and hors d'oeuvres
Location: Blue Cross Blue Shield of Illinois, 300 E. Randolph St., Chicago

The April 2005 meeting was cancelled.

EVENT: March 2005 Workshops

DATE:  Monday March 21, 2005 
 12:50 Registration begins
   1:50 Workshop sessions begin
   5:10 Bar opens (drinks and hors d'oeuvres - all attendees welcome)
   5:45 Dinner

PLACE:           BlueCross BlueShield of Illinois (see directions, below)
                        300 East Randolph Street, CAL level
                        Northeast corner of Randolph and Columbus Drive, Chicago

COST:             $60 with dinner, $50 without dinner 
        (unemployed members, retirees, and full-time students: $35 with dinner, $25 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 by Tuesday, March 15, 2005.  If you have questions, please call Pat at 312-751-3392 or Achilles Natsis at 312-653-6453.  Information, including late updates, are posted at our website: http://meeting.ChicagoActuarialAssociation.org .  Please register promptly.

Many sessions are eligible for EA and/or PD credit.  See the session descriptions.

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.

Please fax your registration form by March 15 (or E-mail the same information) to Pat Pruitt at 603-452-8018 (PatPruitt60302@yahoo.com ).  If any sessions need to be canceled due to low attendance, we will contact you.

Event: February 2005 Meeting with SoA President Steve Kellison
Topic:  The Society of Actuaries Image Campaign Initiative
Steve Kellison, SoA President, will discuss the SoA Image Campaign Initiative.  Mr. Kellison has held a broad range of actuarial positions during his career.  In 1976 he opened the Washington, D.C. office for the 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. 

Speaker:  Steve Kellison, FSA, FSA, EA, MAAA Consultant, Society of Actuaries President.

Date:  Tuesday February 22, 2005 
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

Event:  January 2005 Meeting - 2 TOPICS with Consecutive 1-Hour Sessions
 
Session 1:  Balancing Work, Exams, and Personal life
Is it really possible to "have a life" while you are trying to pass actuarial exams?  Four local actuaries who earned their FSA credentials in 2004 (Tony Condon, Connie Lam, Anne Van Wart, and Mark Yoest) will share their experiences and discuss their insights and approaches to balancing work, exams, and personal life. 
Attendee feedback and questions are strongly encouraged during this session.

Tony Condon received his B.S. in Mathematics from Villanova University in 1980 and has worked for over 15 years at Mercer Human Resource Consulting.  He is now a Principal and senior retirement consultant, advising clients on all aspects of financial management of their retirement programs.  Tony is married with four children.

Connie Lam received her M.S. in Applied Mathematics from the University of Minnesota in 1991 and now works as a Senior Associate in the Global Human Resources Solution practice of PricewaterhouseCoopers in Chicago.  She has six years of experience assisting clients with the design, actuarial valuation, administration and compliance testing of their defined benefit and defined contribution pension plans.  Connie is married with two children, ages 6 and 4.

Anne Van Wart received her B.A. from Smith College in 1988 and has been working at Blue Cross Blue Shield of IL for the past 12 years.  She is now an Associate Actuary doing National Account pricing and expense analysis.  Anne is single.

Mark Yoest received his B.A. from DePaul University in 1996 and now works as a Manager at Deloitte Consulting LLP, where he consults to insurance companies, managed care organizations, large employers, and state regulators.  Mark has been married since 2002.

Session 2:  SOA Education Redesign
Speaker:  Dale Yamamoto, FSA, FCA, EA, MAAA Consultant, Hewitt Associates
     Dale will discuss the new education syllabus being phased in from 2005 through 2007. Get an update on what's tested and what's not, how future actuaries will be educated and the overall goals of the education redesign.  Dale is a health actuary in Hewitt Associates national practice in Lincolnshire, Illinois.  He serves as the national practice leader for the actuarial practice in the Health Management line of business.  Dale has testified before Congress on the topic of health care and Medicare reform. Dale was one of four senior health actuaries who reviewed the Administration’s pricing of the Health Security Act premium estimates for the American Academy of Actuaries. He currently serves on the Board of Governors of the Society of Actuaries and the Board of Directors of the Conference of Consulting Actuaries.

Date:  Tuesday January 18, 2005
  2:15  Registration Opens
  2:45  Session 1 Begins (CAL conference room 5)
  3:45  Refreshment Break & Registration
  4:00  Session 2 Begins (CAL conference room 5)
  5:00  Hors d’oeuvres & drinks reception (CAL Atrium)

Location:  Blue Cross & Blue Shield of IL, CAL Level – Room 5
300 E. Randolph St., Chicago, IL 60601

Thank you for reading this far. 
For a list of events PRIOR to 2005, click here.