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EVENT: Golf Outing, Friday afternoon August 27, 2010.
EVENT: Summer 2010 Golf Outing
Date: Friday August 27, 2010
Location: Chevy Chase Golf Course, Wheeling, IL
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 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 ($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
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September 2010
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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.
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Other Actuarial News – A Special Event:
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 On Friday September 17, the day after the CAA meeting, the International Association of Black Actuaries will host its annual Chicago networking reception at Blue Cross & Blue Shield of IL (Columbus Room), with a presentation by Timur Gok. This is free to attend. Non-members are welcome.
Timor will reprise his presentation from the 2010 March Workshops. For those of who missed Timor’s highly informative and entertaining presentation, here is an opportunity to see it.
From March 2010: “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”
IABA event schedule for Friday September 17:
6:00 Registration / Networking
6:30 Welcome / IABA Presentation
7:00 Speaker Timur Gok
8:00 Networking Reception / hors d’oeuvres and drinks
Download the IABA announcement here.
To make a reservation to attend this free IABA event, go online to
http://tinyurl.com/IABA-Networking (or www.rsvpmenow.com event number 21356)
or call Star Motry at 312-653-7953
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And a fundraiser....
Lauren Knapp, Midwest Sales Manager of InsuranceJournal.com and Wells Publishing is excited to announce the first fundraiser for the newly-formed Midwest Committee for the City of Hope National Insurance Industry Council.
It’s a bowling/networking event on September 30th … completely taking over 10pin Bowling Lounge. 10pin is a “hip, upscale bowling lounge” in the Marina Towers complex. There will be an appetizer buffet and open bar. The goal is to fill the venue with 350 insurance industry professionals. We’ll make this a fun networking event as well as raise money for a great cause.
Here is a link to the fundraiser announcement and a registration form.
http://tinyurl.com/CityHope2010
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