Page 1

NOVEMBER 2 0 0 3

T HE N EWSMONTHLY

OF THE

A MERICAN A CADEMY

OF

A

T ITS FALL MEETING OCT. 1-2 IN Washington, the Actu-

arial Standards Board approved five exposure drafts — a proposed new introduction to the Actuarial Standards of Practice (ASOPs), two proposed revisions of existing standards that are enclosed with this issue of the Update, and two proposed new standards that will be mailed with the December issue of the Update. The proposed introduction to the Actuarial Standards of Practice describes the purpose, nature, and format of the standards and how to comply with them. It also describes some of the commonly used terms and concepts in standards. In connection with this exposure draft, the ASB has withdrawn the existing preface, anticipating that relevant portions of the preface will be incorporated into a future document from the Academy’s Council on Professionalism. The comment deadline for the introduction is March 31. The first proposed revised standard is ASOP No. 23, Data Quality. The exposure draft provides guidance on selecting data, relying on data supplied by others, re-

Inside Record Achievements A new publication recording Academy activities in the past year . . . . . . . . . . . . PAGE 2 A Job Well Done Bob Anker offers some parting thoughts . . . . . . PAGE 4 Board of Directors The Academy’s 2003–2004 leadership . . . . . . . . . . . PAGE 5 Life and Health Manual Order now for delivery in late January . . . . . . . . . . . . . PAGE 8

viewing data, using data, and making disclosures; it does not require the actuary to audit data. Actuaries in all practice areas are encouraged to comment on the exposure draft before the deadline of March 31. The second proposed revised standard is ASOP No. 38, now titled Using Models Outside the Actuary’s Area of Expertise (All Practice Areas). It provides guidance on using models that incorporate specialized knowledge outside an actuary’s area of expertise when developing an actuarial work product. The exposure draft applies to the use of all models, whether or not they are proprietary in nature; it doesn’t apply to actuaries using models within their own area of expertise. The exposure draft addresses the nature and extent of the actuary’s obligation to review the model and make appropriate disclosures. The original ASOP No. 38 applied only to property/casualty actuaries, but the proposed revision applies to all practice areas. The comment deadline is also March 31. The first proposed new standard, Determining Health See STANDARD REVISIONS, Page 7

Academy Taps New Officers

B

ARBARA LAUTZENHEISER TOOK the gavel as president at the Academy’s Oct. 27 annual meeting in Lake Buena Vista, Fla. The first female president of the SOA, Lautzenheiser is a former Academy vice president for life insurance issues and former chairperson of the Academy’s Life Practice Council. She was one of nine charter members of the Actuarial Standards Board (ASB) and of the interim body that preceded the establishment of the ASB. Lautzenheiser is a principal of Lautzenheiser & Associates in Hartford, Conn.

For a complete listing of the Academy’s 2003-2004 Board of Directors, see Page 5.

Bob Wilcox is the Academy’s new president-elect. Formerly the Academy’s vice president for life insurance issues and a chairperson of the Life Practice Council, Wilcox has also served as a member of the Board of Directors, as a member of the Financial Reporting and Health Practice Councils, and as chairperson of the Task Force on Valuation. He is a consulting actuary with R.E. Wilcox & Co. in Alpine, Utah. Other new Academy officers named at the meeting are Donna Claire, vice president for life insurance issues; Burt Jay, vice president for financial reporting issues; and Ken Kent, vice president for pension issues. Joining the Academy’s Board of DiSee NEW OFFICERS, Page 4

Actuarial UPDATE

ASB Standard Revisions

A CTUARIES


Calendar NOVEMBER 2-5 CCA annual meeting, Tucson, Ariz. 5-6 Seminar on legal applications for pension

Academy NEWS Briefs

actuaries (Academy, CCA), Tucson, Ariz.

5-6 Seminar on health and welfare law and regulation (Academy, CCA), Tucson, Ariz.

6 Life Capital Adequacy Subcommittee meeting, Washington

9 Academy Pension Practice Council meeting, Charleston, S.C.

9-11 Investment seminar, Toronto (CIA, SOA) 9-12 CAS annual meeting, New Orleans 10 Academy Pension Committee meeting, Charleston, S.C.

10 Academy Life Valuation Subcommittee meeting, Washington

10 Academy Financial Reporting Council meeting with FASB, Norwalk, Ct.

11 Academy Casualty Practice Council meeting, New Orleans

11-14 Academy Life and Health Qualifications Seminar, Crystal City, Va.

12 CIA professionalism workshop, Toronto 19 Academy Committee on Professional

On the Record

C

urious about how the year went for the Academy? Wondering just how we put your dues dollars to work? In an effort to answer those questions and more, the Academy has a new publication , the 2003 Record. Although limited to eight pages, the Record manages to capture much of the flavor of a very busy Academy year. In addition to a general overview, the publication features pages devoted to each of the Academy’s six councils. Each council page features an overview of the major projects of the year in that particular area, as well

as a complete listing of the council’s public statements and of public events such as Capitol Hill briefings. The council pages provide a quick and compelling reference to the many activities the Academy has undertaken on your behalf in your area of practice. The Record is being mailed to all Academy members with the November dues mailing. When it comes, take a minute to leaf through. It should leave you with a tremendous sense of accomplishment.

Responsibility meeting, Washington

23-24 IAA council and committee meetings, Berlin

DECEMBER 1-2 Academy Executive Committee meeting, Washington 3 ABCD meeting, Williamsburg, Va. 5-10 NAIC winter meeting, Anaheim, Calif. 11 Life Financial Reporting Committee meeting, Chicago

11 Academy Social Insurance Committee meeting, Washington 15-16 ASB meeting, Washington

JANUARY 23 Academy Board of Directors meeting, Washington

FEBRUARY 1-2 Academy Pension Practice Council meeting, Miami

19-21 Council of Presidents meeting, Mexico

MARCH 10-12 CAS ratemaking seminar 21-24 Enrolled Actuaries meeting (Academy, CCA), Washington

25-26 ASB meeting, Washington

APRIL 16 CIA pension seminar, Montreal 22 Academy Executive Committee meeting, Washington 27-29 IAA international health colloquium, Dresden, Germany

WEB INTERFACE Links to documents underlined in blue can be found at www.actuary.org/update/index.htm.

2

Actuarial U P D A T E

FINANCIAL REPORTING NEWS

On behalf of the Academy, the CAS, the CIA, and the SOA, Academy President Robert Anker wrote to the Committee of Sponsoring Organizations of the Treadway Commission concerning its enterprise risk management framework exposure draft (see story, Page 6). ® The Joint Risk-Based Capital Work Group accepted an NAIC request to make recommendations on possible trend tests for P/C and health RBC. ® Rowen Bell, vice chairperson of the Health Practice Financial Reporting Committee and an associate actuary with the Blue Cross and Blue Shield Association in Chicago, has joined the Solvency and Risk Management Task Force. HEALTH NEWS

Jan Carstens, the Acad-

emy’s vice president for health issues, sent a letter to House-Senate conferees offering the Academy’s help in assessing the financial implica-

November 2 0 0 3

tions of proposed changes to the Medicare program. ® The Retiree Health Work Group wrote to the EEOC about a proposed Age Discrimination in Employment Act exemption for some retiree health benefit changes. PENSION NEWS

The Social Insurance Committee updated an earlier issue brief. The revision is Social Security Individual Accounts: Design Questions (see story, Page 6). ® The Multiemployer Plans Task Force wrote to Sen. Evan Bayh (D-Ind.) about his defined benefit pension legislation. ® The Pension Accounting Committee has two new members: Donald Elbaum, director of actuarial studies at Ford Motor Co. in Dearborn, Mich., and James Rizzo, senior consultant and actuary at Gabriel Roeder Smith & Co. in Fort Lauderdale, Fla. IN THE NEWS

An article in the Sept. 25 New York Times on potential changes

in accounting for pension fund obligations quoted several Academy members, including Mark Beilke, vice chairperson of the Pension Accounting Committee and director of employee benefits research at Milliman USA in Vienna, Va.; Eric Lofgren, global director of the benefits consulting group at Watson Wyatt Worldwide in Philadelphia; and James Verlautz, a member of the Pension Practice Council and a director of Deloitte & Touche in Minneapolis. ® Tom Campbell, chairperson of the Variable Annuity Reserve Work Group and vice president and corporate actuary with Hartford Life in Simsbury, Conn., was quoted in an Oct. 6 National Underwriter article on VA reserving. ® An Oct. 9 Chicago Sun-Times article on congressional pension reform legislation quotes Ron Gebhardtsbauer, the Academy’s senior pension fellow. ® John Parks, the Academy’s vice president for pension issues and president of MMC&P Retirement Benefit Services Inc. in Pitts-


I T ’ S A FA C T burgh, was quoted in an article in the October Workforce Management on the Academy’s DB-K Plus pension plan proposal. ® David Sandberg, a member of the Academy’s Board of Directors, chairperson of the International Task Force, and second vice president and corporate actuary at Allianz Life Insurance Co. of North America in Minneapolis, was quoted in an Oct. 14 Buffalo News article on credit insurance. ® Alan Seeley, chief property casualty actuary for the New Mexico Division of Insurance in Santa Fe, was quoted in an article in the New Mexico Business Weekly on credit scoring. ON THE MOVE

Jan Carstens, the Academy’s vice

president for health issues, has

been named senior vice president, chief actuary, and risk officer for Prime Therapeutics in Eagan, Minn. She was formerly a consulting actuary with Milliman USA in Minneapolis. ® James Oatman, vice chairperson of the Rate-Filing Task Force and senior vice president of Fortis Health in Milwaukee, was a featured speaker at an Oct. 1 congressional Joint Economic Committee roundtable on improving the health of Americans. ® Institutional Investor named Todd Bault, a senior research analyst at Sanford C. Bernstein Co. in New York, the No. 3 equity analyst in the country. ® Steven Huber has been named chief investment officer for the Maryland state employees’ pension system. He was for-

merly a director, fixed income, with Aeltus Investment Management in Hartford, Conn. ® Gregory Cuzzi has been named senior vice president and chief actuarial officer for Berkley Risk Solutions Inc. in Greenwich, Conn. He was formerly senior vice president and chief actuary at Cologne Re Managers in Stamford, Conn. ® Jerry Klenow has been named chief actuary for GE Commercial Insurance in Overland Park, Kan. He was formerly an independent actuarial consultant.

From September 2002 to September 2003, the Academy’s pension assistance list (PAL) program received 310 requests for assistance from consumers who had questions about their pension plans.

JOE SUTLIFF

Professional Diplomacy

Insurance executives and regulators from the republics of Armenia and Georgia visited the Academy in October to learn about the U.S. actuarial profession. Lauren Bloom, the Academy’s legal counsel and director of professionalism, gave a presentation to the group on the role and training of actuaries in this country and discussed the development of Actuarial Standards of Practice (ASOPs) and the role of the ABCD. Among the questions that Bloom fielded were several referring to the limitations in statistical data available to actuaries working in countries that were part of the former Soviet Union. Agreeing that data quality can also be an issue for actuaries working in this country, Bloom pointed the group to ASOP 23, Data Quality, which offers guidance on dealing with such limitations.

w w w. a c t u a r y. o r g

Obviously there are nonactuarial groups that have the same acronyms as our professional organizations. However, for an MAAA (that is, a member of the American Academy of Actuaries), the use of nonactuarial designations to imply actuarial credentials that he or she doesn’t have is a violation of Precepts 4, 11, and 12.

Actuarial U P D A T E

November 2 0 0 3

3


The Year in Review: A Job Well Done BY

BOB ANKER

A

LOT OF GOOD THINGS HAPPENED THIS YEAR. The Academy continued to grow in its ability to serve the public and the actuarial profession in its three key mission areas: building and maintaining professionalism, assisting in the formulation of public policy, and representing and advocating for the profession. All of that and more, I believe, increased the value we provide to our members. This is a period in which our international activities increased significantly. Specifically, we spent a good deal of time this year working closely with the International Actuarial Association as it developed international standards of practice. The Academy also participated in numerous professionalism sessions and seminars held with our sister organizations. A very immediate measure of success is the maximum capacity enrollment in this year’s Life and Health Qualifications Seminar, a number that is more than double the enrollment when the Academy hosted the inaugural seminar in 2000. The passage of the Sarbanes-Oxley Act provided the first major test of a new public policy decision model that was developed at an Academy leadership meeting last December. The model worked effectively in helping us respond in a very short time frame to rules implementing the new law. The effectiveness of our response was reflected in the high degree to which the final rules were in keeping with the comments provided by the Academy. One tangible result of the Academy’s active program of Capitol Hill visits and briefings has been a growing demand for actuarial expertise by legislators and policymakers. For the first time this year, we expanded our Hill visits to include meetings with White House officials. At the same time, the Academy provided input to the deliberations of other groups, including the IRS, the GASB, the National Conference of Insurance Legislators, and, of course, the NAIC. Of particular note was the NAIC’s

final adoption last December of the CSO mortality tables, developed jointly by the Academy and the SOA in a multiyear project. Through all of this, enormous volunteer efforts and an ever-more-effective staff made it all work. It is impossible to say too much about either. They are the source of all our success. Mentions of actuaries in the media continued to increase. In fact, we now exceed the aggressive targets of Forecast 2000, a professionwide effort of the past. While it wasn’t only about actuaries, the movie About Schmidt was about an actuary and it gave all of us new insights into retirement that are different from those we gain from our actuarial training. Academy materials, notably copies of Contingencies, the Update, the Yearbook, and an Academy mug, were enshrined in the movie and visible to those with quick eyes. Our most important product placement this year, however, came in a statement that appeared in the Congressional Record recognizing actuaries as the architects of financial security. The past year also saw the Academy make significant progress in improving its operations with an eye toward building an even stronger future. We revised our budget process to better fit our planning cycle, modified our audit process to fit the demands of the times, began a media-training program to enhance the effectiveness of our spokespersons, and undertook the first steps toward new database capabilities that will multiply significantly our ability to serve our members. And in a second leadership meeting held in August under the guidance of incoming Academy President Barbara Lautzenheiser, we began to position Academy strategies within the framework of a professionwide vision for the year 2020 where the public will recognize actuaries as the architects of financial security. Good things did indeed happen this year. I believe the pattern will continue. Bob Anker became the Academy’s immediate past president on Oct. 27.

OFFICERS, continued from Page 1 rectors are Ethan Kra, Stephen Radcliffe, P.J. Eric Stallard, Andrea Sweeny, and Pat Teufel. Serving on the board as special directors are the 2004 presidents and presidents-elect of other American actuarial organizations: Bruce Ashton and Stephen Rosen of ASPA, Mary Frances

4

Actuarial U P D A T E

November 2 0 0 3

Miller and Stephen D’Arcy of the CAS, Margaret Tiller Sherwood and Bill Bluhm of the CCA, and Neil Parmenter and Stephen Kellison of the SOA. Look for complete coverage of the meeting in the December Update.


BOARD OF DIRECTORS, 2003-2004

Barbara Lautzenheiser President

Robert Wilcox President-Elect

Robert Anker Immediate Past President

Dan McCarthy Past President

Peter Perkins Secretary-Treasurer

Bob Rietz VP, Professionalism

Jan Lommele VP, Casualty

Ken Kent VP, Pension

Donna Claire VP, Life

Jan Carstens VP, Health

Burt Jay VP, Financial Reporting

Joseph Applebaum

Bruce Ashton President, ASPA

Bill Bluhm President-Elect, CCA

Stephen D’Arcy President-Elect, CAS

William Falk

Stephen Kellison President-Elect, SOA

Ethan Kra

Mary Frances Miller President, CAS

Neil Parmenter President, SOA

Stephen Radcliffe

Stephen Rosen President-Elect, ASPA

David Sandberg

Bruce Schobel

John Schubert

Margaret Tiller Sherwood President, CCA

P.J. Eric Stallard

Andrea Sweeny

Patricia Teufel

w w w. a c t u a r y. o r g

Actuarial U P D A T E

November 2 0 0 3

5


Actuaries Unite on Risk Management FINANCIAL REPORTING

E

NTERPRISE RISK MANAGEMENT (ERM)

is a concept encompassing all the factors an organization must address to effectively identify, assess, manage, and mitigate risk. A consortium of accounting groups, the Committee of Sponsoring Organizations of the Treadway Commission (COSO), recently exposed a draft framework for implementing an effective ERM system. COSO intends for its framework to be broadly applicable to any organization, regardless of its size or industry. Actuaries have long been at the forefront of risk management, so the Academy, collaborating with the SOA, the CAS, and the Canadian Institute of Actuaries, submitted comments to COSO to offer an actuarial perspective on risk management and a critique of COSO’s proposed framework. The Academy commended COSO for this first step in designing an ERM framework, but stressed the importance and value of involving other professions and perspectives outside accounting in designing a comprehensive approach to risk management. The Academy noted that the proposed framework seems to create a checklist approach to risk management, with a greater focus on compliance than on effectiveness. Such a compliance approach might present risk management as merely a burden or drain on resources, and de-emphasize its significance as a means of realizing strategic objectives and capitalizing on possible opportunities.

The Academy also concluded that the framework appeared internally focused and might underestimate the significance of external risk factors that often carry the largest financial or political impacts for an organization. And whether risks arise internally or externally, the framework doesn’t adequately identify a process for quantifying those risks. In its comments, the Academy suggested that both short-term and long-term views of risk are important, and it pointed out how risk correlations and interdependencies need to be managed across all areas of an organization. While risk management within an organization is not the responsibility of a lone individual, effective, transparent leadership is essential to the ERM process and to establishing a risk culture that supports ERM. To help in moving the framework ahead and developing the next draft, which is due in early 2004, the Academy offered the resources of the collective actuarial organizations, along with the skills and expertise of their volunteers. Members of the Academy and the other actuarial organizations responsible for drafting the comments to COSO all felt that the collaborative process had worked well and was valuable in presenting a unified statement on behalf of the greater actuarial community. In the future, the effectiveness of such collaborative efforts will likely be a critical factor in successfully addressing actuarial concerns and advancing the actuarial profession. —Ethan Sonnichsen

Designing Retirement Security

M

the Social Security system call for workers to accumulate contributions in individual accounts. Proponents of this approach want workers to be able to invest in the stock market, seeking greater returns and helping the economy, with direct control and ownership of their accounts. Opponents are concerned about disrupting traditional Social Security benefits and the payroll taxes that support them. Neither side in the debate has focused clearly on all the design questions that may be critical to the success or failure of individual accounts. To shed light on issues that policy-makers would need to address if they were to create an individual account program, the Academy’s

6

Actuarial U P D A T E

ANY RECENT PROPOSALS TO REFORM

November 2 0 0 3

PENSION

Social Insurance Committee has significantly revised an earlier issue brief, Social Security Individual Accounts: Design Questions. Among many questions that the issue brief addresses are whether workers’ use of individual accounts should be voluntary or mandatory, whether individual accounts should be managed and invested centrally, and how payout annuities should be designed and administered. Eric Klieber, chairperson of the committee, led the effort to revise the issue brief. Other committee members who participated in the redrafting are Kenneth Buffin, Ed Burrows, Ron Gebhardtsbauer, Robert Randall Sr., Richard Schreitmueller, P.J. Eric Stallard, Joan Weiss, and James Wiseman.


Standard Revisions, continued from Page 1 and Disability Liabilities Other Than Liabilities for Incurred Claims, is a second exposure draft that complements the existing ASOP No. 5, Incurred Health and Disability Claims. It applies to actuaries determining, establishing, or reviewing health and disability liabilities, other than liabilities for incurred claims, associated with a health benefit plan or a risk-sharing arrangement. The second exposure draft does not apply to interpretations of statutory or generally accepted accounting practices. This document will be enclosed with the December Update. The other proposed new standard, Selection and Use of Asset Valuation Methods for Pension Valuations, is a second exposure draft that applies to actuaries when selecting, giving advice on select-

ing, or using an asset valuation method for any defined benefit pension plan that is not a social insurance program. One key change made in response to comments on the first exposure draft is that this draft recognizes both the use of market value and the use of asset valuation methods other than market value as generally accepted actuarial practices. The proposed standard treats certain practices as meeting the requirements of the standard provided they are appropriately disclosed. The revised title and scope clarify that the disclosure requirements apply whenever the actuary uses an asset valuation method, regardless of who selected it. This document will also be enclosed with the December Update. —Caren Clark

CLARIFYING GUIDANCE This month, the Actuarial Standards Board (ASB) is releasing an exposure draft of a proposed Introduction to the Actuarial Standards of Practice. The ASB is proposing to incorporate the introduction into the standards and to give it the same weight and authority as the standards themselves. The proposed new introduction describes the purpose and structure of the standards and clarifies the nature of the guidance they provide to actuaries. For instance, while standards are intended to provide actuaries with an analytical framework for exercising professional judgment in the completion of their work, the proposed introduction makes it clear that actuaries can and do reasonably differ in their preferred methodologies,

choices of assumptions, and opinions. It also describes how actuaries comply with the standards and discusses some concepts, such as reliance, that are integral to an informed reading of the standards. The proposed introduction also discusses ways that an actuary is permitted to deviate from the standards when, in the actuary’s professional judgment, such deviation is appropriate.

that the accuracy, validity, and comprehensiveness of such data and relevant information are the responsibility of the individuals who provide them to the actuary. Similarly, the revision makes a point of emphasizing that actuaries are not required to audit data, at the same time clarifying the actuary’s role in reviewing and using data and making appropriate disclosures.

Concurrently, the ASB is releasing an exposure draft of a proposed revision to ASOP No. 23, Data Quality. The proposed revision explicitly recognizes the fact that, in most instances, actuaries do not collect the data underlying their analyses. Rather, others typically provide data and other relevant information to the actuary. The proposed revision makes it clear

Comments on both exposure drafts are due by March 31. You may e-mail your comments to comments@actuary.org; send letters to the ASB at 1100 17th Street, NW, Seventh Floor, Washington, DC, 20036; or comment online at www.actuarialstandards board.org/asb_comments.htm. —Lauren Bloom

MAINTAIN AN ALERT LIFESTYLE You live and work in interesting times. You need to know about things as they happen. You should subscribe to Academy Alerts. Available as an annual paid subscription that starts in January, Academy Alerts provide timely information about legislative, regulatory, and judicial developments affecting the casualty, health, life, and pension practice areas and the actuarial profession as a whole, as well as updates on general insurance issues. All subscribers, for instance, received details about the varying House and Senate tax cut plans shortly after their passage last May. Similarly, all Alerts subscribers were kept apprised of SEC appointments to the Public Company Accounting Oversight Board, SEC rules on auditor independence and disclosure, and the Academy’s comments to the SEC on proposed Sarbanes-Oxley rules as they happened. Artville/Greg Hargreaves

If you are a pension actuary, perhaps you need to inform your clients about the annual qualified plan limits but don’t have the time to research them? Pension subscribers this year received timely bulletins containing 2004 limits for qualified plans, April 2003 and October 2003 interest rates, and updated Social Security amounts, as well as the details of new pension reform legislation as it was introduced. Information about becoming a subscriber is included in your November dues mailing. Subscribers receive Alerts by either e-mail, fax, or regular mail. If you have questions or need further information, contact Eric Opanga, the Academy’s legislative assistant (Opanga@actuary.org; 202-223-8196).

w w w. a c t u a r y. o r g

Actuarial U P D A T E

November 2 0 0 3

7


The Actuarial Update ASSOCIATE EDITORS

Michael Braunstein William Carroll Ronald Gebhardtsbauer Rade Musulin Peter Perkins Adam Reese

2004 Life & Health Valuation Law Manual The 2004 edition of the Academy’s Life and Health Valuation Manual, designed to help appointed actuaries comply with NAIC model standard valuation law and the model actuarial opinion and

EDITOR

Linda Mallon (editor@actuary.org)

memorandum regulation, can be ordered now for delivery in late January.

DESIGN AND PRODUCTION

The manual contains a summary of the valuation laws of all 50 states, the District of Columbia, and Puerto Rico, as well as copies of the NAIC’s model laws and regulations that may have an effect on reserve calculations. It includes a discussion of generally distributed interpretations and copies of the current actuarial guidelines from the NAIC Examiners Handbook.

BonoTom Studio Inc. PRODUCTION ASSISTANT

Becky Horst

American Academy of Actuaries PRESIDENT

Barbara Lautzenheiser

The manual is available through the following:

PRESIDENT-ELECT

® A single-user-access license subscription, providing a sole user unlimited web access to the manual until Dec. 31, 2004 (subscribers receive a user name and password granting access to a restricted area of the Academy’s website)

Robert Wilcox SECRETARY-TREASURER

Peter Perkins VICE PRESIDENTS

Jan Carstens Donna Claire Burt Jay Ken Kent Jan Lommele Robert Rietz

® A group-access license subscription, permitting a com-

pany and its affiliates to provide their employees unlimited web access to the manual until Dec. 31, 2004 (subscribers receive a single user name and password for website access that the company may distribute to multiple users) ® A single-user license subscription for the multi-platform CD-ROM version of the manual, permitting a sole user to install the software program on both a primary and secondary computer system ® A multiple-user license subscription for the multi-platform CD-ROM version of the manual, granting a company and its affiliates the authority to reproduce and distribute an electronic version of the manual to employees ® A single-license hard-copy manual.

2004 LIFE & HEALTH VALUATION LAW MANUAL ORDER FORM (PRICES FOR ACADEMY MEMBERS ONLY)

EXECUTIVE DIRECTOR

Richard Lawson DIRECTOR OF COMMUNICATIONS

Name _____________________________________________________

Qty.

Description

Unit Price

Company __________________________________________________

Book

Noel Card

Address ___________________________________________________

Single-User License (CD-ROM)

$ 470

ASSISTANT DIRECTOR FOR PUBLICATIONS

City _______________________________________________________

$ 420

Steven Sullivan

State _________________________ Zip_________________________

MANAGING EDITOR, NEW MEDIA

Phone ________________________ Fax ________________________

Single-User-Access License Subscription (Web access) $280 each additional password Group Access License Subscription (Web access)

$2,000

Multiple-User License Subscription (CD-ROM)

$2,010

Anne Richardson EXECUTIVE OFFICE

The American Academy of Actuaries 1100 Seventeenth Street NW Seventh Floor Washington, DC 20036 Phone 202-223-8196 Fax 202-872-1948 www.actuary.org Statements of fact and opinion in this publication, including editorials and letters to the editor, are made on the responsibility of the authors alone and do not necessarily imply or represent the position of the American Academy of Actuaries, the editors, or the members of the Academy. ©2003 The American Academy of Actuaries. All rights reserved.

8

E-mail _____________________________________________________

❑ Enclosed please find a check made payable to the American Academy of Actuaries

❑ Please bill my ❑ Visa ❑ MasterCard ❑ American Express Cardholder name____________________________________________

Subtotal

$ 590

TOTAL

Card # __________________________________Exp. date __________

Please ship via FedEx and charge the following account #: ________________________________

Signature __________________________________________________

❑ Priority overnight

❑ 2-day

If paying by credit card, you may also order the manual online through the Academy’s website at www.actuary.org/lhmanual.htm. Fax to: 202-223-0442

Mail to: American Academy of Actuaries, Attention: Accounting Dept., 1100 17th Street, NW 7th Floor, Washington, DC 20036

Mail your query to: American Academy of Actuaries 1100 17th Street, NW, 7th Floor Washington, DC 20036

QUESTIONS ON TERMS OF USE? or fax it to: For further information, contact: 202-223-0442 Kasha Shelton, the Academy’s administrative/legislative manager (Shelton@actuary.org)

Actuarial_Update_November_2003  

Inside T HE N EWSMONTHLYOFTHE A MERICAN A CADEMYOF A CTUARIES Board of Directors The Academy’s 2003–2004 leadership. . . . . . . . . . . PAG...

Advertisement