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that, I simply wouldn’t be doing this today.” McCarthy also said Becoming a more that working harmovisible presence to niously with other actumembers. Getting more actuaries arial organizations will involved in the Academy’s public remain an important policy activities. part of the Academy’s acThose are three vital areas the tivities. “It’s particularly Academy will concentrate on durimportant that we idening the coming year, says Daniel tify what each organizaMcCarthy, the Academy’s new Academy President Dan McCarthy (left) and President-Elect tion can do best, and president. McCarthy took office at Bob Anker, right, join McLaughlin Group regulars Eleanor Clift and Fred Barnes, who debated public policy issues at what the organizations the Academy’s annual meeting, held the annual meeting. can do best together,” he Nov. 13 in Atlanta. said. “That is not something new. It is a continuing efA New York-based consulting actuary and former fort.” (For more on McCarthy’ s goals as president, see chairman of Milliman USA, McCarthy has been a memstory on Page 3.) ber of the Academy since its founding in 1965. As the new president, McCarthy presented the Jarvis In a luncheon speech at the annual meeting, McCarthy thanked his wife, Virginia, for her support during “well Farley Service Award to Jack Turnquist (see story, Page 2). The Academy luncheon also featured valedictory over 40 years.” He also thanked remarks from McCarthy’s predecessor, Larry Johansen. a mentor, Bill Halvorson, a forWEBSITE COVERAGE Johansen said that during the past year, the Acadmer Academy president and Visit for emy has made good progress toward his goals of enMilliman actuary. In the late more annual meeting hancing membership services, bolstering the Acade1970s, McCarthy said, “Bill took coverage: my’ s finances, and strengthening the staff. “None of it as a personal mission to get ® Q&A with Dan McCarthy these achievements,” he said, “would have been possime more involved in the activ® Larry Johansen looks back ble without the work of the Academy’ s dedicated memities of the Academy. . . I thank ® A gallery of snapshots Bill because if he hadn’t done See ANNUAL MEETING, Page 2 ORKING MORE ON INTERNATIONAL ISSUES.

Inside Turnquist Honored Jack Turnquist received the Jarvis Farley award at the Academy’s annual meeting . . . . . . . . . . . . .PAGE 2 Meet Dan McCarthy An interview with the Academy’s new president . . . . . . . . . . . .PAGE 3 Academy Report Card A look at action in each practice council for the second half of 2001 Casualty . . . . . . . . . . . .PAGE 4 Financial Reporting . . . .PAGE 4 Health . . . . . . . . . . . . . .PAGE 5 Life . . . . . . . . . . . . . . . .PAGE 5 Pension . . . . . . . . . . . . .PAGE 6 Professionalism . . . . . . .PAGE 6

Attacks Rattle P/C Industry



policy-makers are moving quickly to draft legislation addressing the impact on the property/casualty insurance industry of possible future terrorist attacks. At separate hearings held in late October by the Senate Committee on Banking, Housing, and Urban Affairs and the House Subcommittee on Capital Markets, Insurance, and GovernmentSponsored Enterprises, the Academy’s vice president for casualty insurance issues, Steve Lehmann, submitted written testimony outlining a rationale for shortterm government intervention. “In view of the magnitude of potential losses, it is difficult to conceive of any effective mechanism that would not

have to involve the federal government, at least in the short term,” Lehmann’s testimony reads. “However, any short-term solution will undoubtedly require future modification to reflect an increased understanding of the risk involved as well as subsequent experience in addressing it.” Lehmann goes on to state: “A sunset period is necessary to provide time for the insurance industry to develop adequate risk assessment techniques while providing protection for insurers and insureds in the interim.” Although insurers have issued statements pledging to cover losses caused by the September attacks, some reinsurers are now in the process of exSee PROPERTY/CASUALTY, Page 8

Actuarial UPDATE

McCarthy Takes Office as President



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



Becky Horst

American Academy of Actuaries PRESIDENT




Henry Knowlton Steven Lehmann John Parks Stephen Preston Geoffrey Sandler Patricia Teufel EXECUTIVE DIRECTOR





The American Academy of Actuaries 1100 Seventeenth Street NW Seventh Floor Washington, DC 20036 Phone 202-223-8196 Fax 202-872-1948 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.


years ago, “we didn’t want the became the 10th award to become a pat on the back recipient of the Jarvis Farley Serfor outgoing presidents,” said Mcvice Award at the Academy’s anCarthy. “In Jack’s case, we realized nual meeting in Atlanta. that his post-presidency accom“Jack Turnquist’s long and distinplishments alone merited the guished record of service to the actuaward.” arial profession is both an inspiration Because he had worked with and a model for us all,” said Dan McJarvis Farley while serving on the Carthy, the Academy’s new president. Academy’ s Committee on Guides A singular achievement was Turnto Professional Conduct and on quist’s role shepherding the adoption both the IASB and the ASB, Turnof the revised Code of Professional Farley award recipient Jack Turnquist quist said receiving the award was Conduct through all five U.S.-based with his wife, Edith a particular honor. actuarial organizations. The new code “If you think I have an appreciation as to what took effect Jan. 1. constitutes ethical behavior, appropriate profession“You might say, ‘What’s hard about that? Everybody knows you should have one code of conduct,’” al conduct, and sound actuarial practice—I learned McCarthy told the audience at the awards ceremony. from a great teacher,” Turnquist said. “If you think I understand that the actuarial profession has a re“Well, that’s true—but some people think you should have this one, and some people think you should sponsibility and an obligation to the public—I learned have that one. Jack, by dint of intellectual effort, diplo- from an outstanding advocate.” macy, and sheer doggedness, managed to get five Turnquist called the new code a collaborative effort. The Joint Committee on the Code of Professional boards of directors to adopt the same code.” Announcing the award, McCarthy noted that a Conduct deserved most of the credit for structuring the final code, he said. restriction blocking former Academy presidents reSince 1996, Turnquist has served as a trustee of ceiving the award was amended this year in light of Turnquist’s exceptional work on behalf of the pro- the Actuarial Foundation and has chaired the Joint Committee on the Code of Professional Conduct and fession after leaving the presidency in 1996. When the Jarvis Farley award was established 10 the SOA’s Committee on Professionalism. ACK TURNQUIST

Annual Meeting, continued from Page 1 ber volunteers.” Johansen also noted that in the wake of Sept. 11, “we have all been profoundly affected by this terrible tragedy. . . and it has created a significant challenge for the actuarial profession.” Perhaps more than ever, he suggested, it is important for actuaries to use their skills to help maintain “the solvency and credibility of the nation’s insurance companies.” During the annual meeting, four regular directors were elected to the board: Jan Carstens, Donna Claire (re-elected to a full term), William Falk, and Bruce Schobel. (For photos of the 2001-2002 Board

FASHION MIGHT NOT HAVE STANDARDS, BUT ACTUARIES DO. If a standard covers an assignment, it must be followed. If you depart materially from the standard, be prepared to justify your procedures. And if no standard applies, use your professional judgment, taking into account generally accepted actuarial principles and practices.

©2001 The American Academy of Actuaries. All rights reserved.


of Directors, see Page 7.) In the afternoon, public policy issues took center stage as McLaughlin Group regulars Eleanor Clift of Newsweek and Fred Barnes of the Weekly Standard discussed the post-Sept. 11 political climate. Although they don’t agree on much, they both predicted that Congress will pass some type of disaster insurance bill before Christmas and that tort reform won’t be part of it.

Actuarial U P D A T E

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Joe Sutliff

The Actuarial Update

A Talk with Dan McCarthy

Academy Forecast: Improving Visibility



in coming months. One of his top goals as the Academy’s new president is improving its visibility, both within the profession and within the Academy. The effort begins at an office or meeting near you. “I think it’s important that members have the opportunity to hear from someone first-hand about what the Academy is doing,” McCarthy said. To that end, he is encouraging Academy officers to attend more regional and local actuarial club meetings within the next year, as well as meetings at major employers. McCarthy sees this ambassadorial effort as the final piece in a three-part campaign to improve Academy communications. The first two parts, redesigning Academy publications such as the Update and reconfiguring the Academy’s website, have already been completed. Visibility beyond the profession is also on McCarthy’s radar, even though he is convinced that the Academy is already doing a good job in that area. In the wake of the Sept. 11 terrorist attacks, however, regulatory and legislative initiatives have changed. “Social Security and Medicare reform are going to be slower to move forward, and casualty issues, like the effect of terrorism on the casualty insurance industry, are now in the forefront,” said McCarthy in a recent interview with the Update. As a result, the Academy will be emphasizing greater flexibility as it monitors issues, with an eye toward quickly ramping up a response in areas where actuarial analysis would be beneficial. This past year, as the Academy’s president-elect, McCarthy chaired a task force reviewing the operations of the Actuarial Board for Counseling and Discipline (ABCD). A cooperative effort undertaken at the request of the Council of Presidents, the task force has, among other things, surveyed people directly affected by ABCD actions, including those who have lodged or have investigated complaints and those who have had complaints lodged against them. These surveys, coupled with an intensive review of the history and past operations of the ABCD, will form the basis for the task force’s recommendations, which are due to be released early in 2002. McCarthy is hopeful the task force’s conclusions will be widely disseminated within the profession, and he expects the Academy to take a large role in that process. “More than any one thing,” he said, “dispelling the mystery (about how the ABCD works) is helpful.” McCarthy expects the Academy to also take a leadw w w. a c t u a r y. o r g

Daniel J. McCarthy ® Was born in 1938 in Brooklyn, N.Y. ® Now lives in Matawan, N.J. ® Served as vice president for life insurance issues, vice president for professionalism issues, as a regular board member, and as treasurer of the Academy. Also served as a member of the Actuarial Standards Board and as a member of the Committee on Qualifications. ® Graduated in 1959 from Fordham University with a B.S. in mathematics. ® Is married to Virginia McCarthy and is the father of six and the grandfather of 12. ® Began his career in 1959 with Equitable Life, working there, with detours for service in the U.S. Army, until 1972. Has worked for Milliman & Robertson (now Milliman USA) from 1972 to the present. ® Enjoys reading (primarily history, biography, and economics), sports (both as a participant and a spectator), and spending time with his large family.

ing role in efforts to more closely coordinate continuing education within the profession. “The whole subject of continuing education is one that pulls together the interests of every actuarial organization in the U.S.,” McCarthy said. While most basic education is provided by the Society of Actuaries or the Casualty Actuarial Society, there are other areas of continuing education that are not being addressed, McCarthy said. “From the point of view of the members, we need to make sure that the right opportunities are presented,” said McCarthy. “From the point of view of the organizations, we need to sort out who does what so it doesn’t have to be reviewed or debated from scratch each and every time.” Similarly, McCarthy said he expects the Academy to continue in its leadership role on the international level. With the increasing globalization of the actuarial profession, he said, it is vital for the Academy to maintain a presence on international issues, a process that began under the leadership of Past President Steve Kern and continued with Immediate Past President Larry Johansen. Issues of job mobility, transfer of credentials, and the possibility of international standards all require vigilance on the part of the U.S. profession. “This is not something that can be turned on like a faucet from one year to the next,” McCarthy said. “International activities have a long learning curve, and we need to remain involved from one year to the next.” Toward that end, McCarthy said, he is already discussing international activities with his successor, Bob Anker, the Academy’s new president-elect. Actuarial U P D A T E

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Casualty Practice Council Casualty Vice President: STEVEN LEHMANN Casualty Policy Analyst: GREG VASS (, 202-785-7865) TERRORISM


Terrorism risk: The Academy submitted testimony to the Senate Banking, Housing, and Urban Affairs Committee identifying the risk and giving parameters for a solution. Status: Completed


Monitor pre-event catastrophe reserve: The Academy is reviewing actuarial opinion issues in potential NAIC proposals related to pre-event reserving. Status: Ongoing


Federal proposals: The Academy will monitor and comment when appropriate on actuarial issues related to terrorism risk. Status: Ongoing


Solvency-based regulation: The Academy is monitoring NAIC working groups as they explore this issue. Status: Ongoing


State issues: The Academy will assist the NAIC in its efforts to create a terrorism risk-spreading mechanism. Status: Ongoing



Article on survival ratios: This Q&A piece addresses potential uses and misuses of survival ratios as an analytical tool. Status: Completed


Monograph on asbestos: This paper will address the background of asbestos-related liabilities and what is driving the current increase in claim activity. Status: To be completed this winter


Monograph on natural disasters: This report described problems and potential solutions for insurers dealing with catastrophes. Status: Completed


Financial Reporting Council Financial Reporting Vice President: PATRICIA TEUFEL Financial Reporting Policy Analyst: MEREDITH DETWEILER (, 202-785-7866) BANKING AND FINANCIAL SERVICES REFORM ®

Review NAIC responses to Financial Services Modernization Act: The Academy is closely monitoring NAIC action taken as a result of this legislation. Status: Ongoing


Monitor NAIC “function regulation” working groups: The Academy is reviewing the actions of two working groups formed earlier this year to deal with regulation issues between federal banking and state insurance regulators. Status: Ongoing


Meet with key banking regulators: The Academy will set up briefings for banking agency staff on insurance risk issues. Status: Ongoing


Monitor federal regulatory issues: The Academy will review any proposed federal regulations on bank/insurance affiliations and comment if necessary. Status: Ongoing

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Fair value monograph: This monograph will analyze tools used to value insurance liabilities. Status: To be completed spring 2002


IASB response: The Fair Value Accounting Policies and Procedures Task Force responded to the IASB’s “Joint Working Group Draft Standard and Basis for Conclusions, Financial Instruments, and Similar Topics.” Status: Completed


International standards: The Academy is participating in international discussions of common accounting and actuarial standards. Status: Ongoing


Review RBC issues: The Academy continues to respond to NAIC requests to review issues involving various risk-based capital formulas. Status: Ongoing


Health Practice Council Health Vice President: GEOFFREY SANDLER Health Policy Analyst, Federal: HOLLY KWIATKOWSKI (, 202-785-7871) Health Policy Analyst, State: JOANNA OSSINGER (, 202-785-6924) COVERAGE FOR THE UNINSURED ®

Health coverage issue brief: This issue brief will address different types of health coverage and describe who has coverage and why people are uninsured. Status: To be completed spring 2002



Medicare issue briefs: Three issue briefs consider (a) how Medicare is financed, (b) the role of the Medicare actuary, and (c) the defined contribution approach to Medicare reform. Status: (a) Completed; (b) and (c) to be completed this winter


Genetic information issue brief: This issue brief will address genetic information and disability income and long-term care insurance. Status: To be completed this winter


Capitol Hill briefing: The Academy sponsored a briefing for congressional staff on genetic testing issues from both health and life insurance perspectives. Status: Completed


VAGLB reserving guideline: The Academy is assisting the NAIC in developing a reserving guideline for VAGLBs. A report was delivered to the NAIC on generation of calibration points, accumulation factors of different stochastic distributions, comments on exposed draft actuarial guideline MMMM, an update on the Academy’s riskbased capital C-3 phase II project, and recommended next steps. Status: Ongoing


Report on Medicare supplement insurance: This report will update the Academy’s 2000 study that examined factors that may be affecting the cost of Medicare supplement insurance policies. Status: To be completed summer 2002

Defined contribution issue briefs: The first in a series of issue briefs will (a) discuss defined contribution health plans within a continuum of different health plans. Future issue briefs will consider (b) the concept of insurance, employer group concerns, cost, and controlling trends; and (c) consumer education and administrative issues. Status: (a) To be completed this winter; (b) and (c) to be completed in 2002

Actuarial U P D A T E



Life Practice Council Life Vice President: STEPHEN PRESTON Life Policy Analyst: STEVE ENGLISH (, 202-785-7880)

continues to monitor the impact of this legislation, particularly in the areas of speed to market, NARAB, and optional federal charters. The Academy recently commented to the NAIC on its Coordinated Advertising Rate and Form Review Authority and is working with the Financial Reporting Council to analyze different bill proposals for optional federal charters. Status: Ongoing


Restructuring: In an effort to become more proactive and address issues from a non-formulaic approach, the council reorganized into three committees: the Life Financial Reporting Committee, dealing with GAAP accounting issues; the Life Financial Soundness/Risk Management Committee, concerned with life valuation, life capital adequacy, and life mortality; and the Life Products Committee. Status: Completed


2001 CSO table: An Academy task force continues to work on completing a new CSO table, particularly loading and setting the margins of the table. The task force will report to the NAIC at its winter meeting. Status: Ongoing


Monitoring implementation of the Financial Services Modernization Act: The Academy

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Pension Practice Council Pension Vice President: JOHN PARKS Pension Policy Analyst: BRIDGET FLYNN (, 202-785-7869) PROFESSIONAL ISSUES FOR PENSION ACTUARIES ®

ASOP 27 practice note: The Academy released a practice note for ASOP 27, “Selection of Economic Assumptions.” Status: Completed


Cash balance practice note: The Academy is working with a task force from the Committee on Pension Accounting to create a practice note for cash balance plans and FAS 87. Status: To be completed this winter



“Pensions 201” Capitol Hill briefing: The Academy sponsored an educational briefing for congressional staff on the pension reform elements of EGTRRA, President Bush’s tax cut law. Status: Completed


30-year Treasury interest rates: The Academy is active in discussions about problems with the use of 30-year Treasury interest rates in pension plans. Status: Ongoing


RP 2000 mortality and current liability: The Academy presented the RP 2000 Mortality Table to the Treasury Department for use in determining current liability. Status: Completed


Annuitization issue brief: This issue brief discussed the annuitization of individual accounts under Social Security. A Capitol Hill briefing on the topic is planned for 2002. Status: Completed


Issue brief updates: The Academy plans to update previously issued papers on various Social Security topics. Status: Ongoing

Technical corrections: The Academy sent a letter to the Treasury Department regarding the implementation of and technical changes to the pension provisions of EGTRRA. Status: Completed


Council on Professionalism Professionalism Vice President: HENRY KNOWLTON General Counsel and Director of Professionalism: LAUREN BLOOM (, 202-785-7861) ENHANCING COMMUNICATION ABOUT PROFESSIONALISM ®

Newsletter articles: The council continues to publish articles and cartoons on professionalism in the Update and in the newsletters of other actuarial organizations. Status: Ongoing


Actuarial communications: The council is taking comments on a white paper it has written on actuaries’ responsibilities to the users of their work products. A final version of the paper will be published next year. Status: To be completed summer 2002


Communications plan: The council is developing a communications plan that would include speakers’ kits on professionalism for distribution to actuarial clubs. Status: To be completed in January

Actuarial U P D A T E

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Life and health seminar: The second annual Life and Health Qualifications Seminar was held in November. Status: Completed


Illustration actuary seminar: A hands-on seminar for illustration actuaries was held in October. Status: Completed


Cross-border regulations: The council is monitoring the progress of proposed federal regulations to include actuaries on the list of professions eligible for facilitated cross-border temporary entry under NAFTA. Status: Ongoing


Mutual recognition: The council continues to oversee mutual recognition discussions and the Academy’s membership in the IAA. Status: Ongoing


Daniel McCarthy President

Robert Anker President-Elect

Lawrence Johansen Immediate Past President

Stephen Kern Past President

Peter Perkins Secretary-Treasurer

Henry Knowlton VP, Professionalism

Steven Lehmann VP, Casualty

John Parks VP, Pension

Stephen Preston VP, Life

Geoffrey Sandler VP, Health

Patricia Teufel VP, Financial Reporting

Ralph Blanchard

Cecil Bykerk

Janet Carstens

Donna Claire

Robert F. Conger President, CAS

William Falk

Alan Ford

Larry Gorski

Craig Hoffman President, ASPA

Kenneth Kent President, CCA

James MacGinnitie President, SOA

Robert Miccolis

Scott Miller President-Elect, ASPA

Harry Panjer President-Elect, SOA

William Reimert

Gail Ross President-Elect, CAS

Stanley Samples President-Elect, CCA

Bruce Schobel

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Actuarial U P D A T E

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Calendar DECEMBER 2-4 ASB meeting, Washington 3 Heath Practice Council planning session by conference call 3-7 Power Week seminars, Orlando, Fla. 4 Executive Committee meeting, Washington 6-7 ABCD meeting, Savannah, Ga. 8-12 NAIC winter national meeting, Chicago 10 Financial Reporting Council planning session, Chicago 14 Life Financial Reporting Committee meeting, Orlando, Fla. 19 Health Rate Filing Task Force meeting, Minneapolis

JANUARY 17 Board of Directors meeting, Washington 17-18 Survival at advanced ages symposium, Lake Buena Vista, Fla. 21 Expert witness seminar, Los Angeles, Calif.

FEBRUARY 11-12 Provider contracting trends seminar, Tempe, Ariz.

MARCH 7-8 ASB meeting, Washington 7-8 CAS ratemaking seminar, Tampa, Fla. 7-8 Executive compensation plans seminar, Toronto 10-13 Enrolled Actuaries meeting, Washington 16-20 NAIC spring meeting, Reno, Nev. 17-22 IAA meeting, Cancun, Mexico

APRIL 11 Executive Committee meeting, Washington

MAY 16 Washington Forum, Washington 17 Board of Directors meeting, Washington 19-22 CAS spring meeting, San Diego 30-31 SOA spring meeting (financial reporting, product development), Colorado Springs, Colo.

JUNE 8 NAIC summer meeting, Philadelphia 24-26 SOA spring meeting (health, pension), San Francisco 27-28 CIA annual meeting, Halifax, Canada

SEPTEMBER 7-11 NAIC fall meeting, New Orleans 19-20 SOA valuation actuary symposium, Orlando, Fla.

23-24 Casualty loss reserve seminar, Arlington, Va.

OCTOBER 27-30 SOA annual meeting, Boston 27-30 ASPA annual conference, Washington

NOVEMBER 3-6 CCA annual meeting, Amelia Island, Fla. 10-13 CAS annual meeting, Boston 28-29 CIA general meeting, Toronto

PLANNING AHEAD? Bookmark the complete calendar at


Actuarial U P D A T E

Foster Receives Presidential Award


ICHARD FOSTER, CHIEF actuary for the Centers for Medicare and Medicaid Services and a member of the Academy’s Health Practice Council, is a 2001 recipient of the Presidential Distinguished Executive Award, a prestigious award for federal government executives. President Bush honored Foster, along with 64 other recipients, at an Oct. 15 ceremony in Constitution Hall. “Those of you in high places of government are more than administrators and experts,” Bush told the award winners. “You hold the ideals and hopes of the nation in trust. And I want to thank you for your willingness to serve our great nation.” Foster was recognized for his dynamic leadership and exceptional technical expertise. Foster’s citation credits him with identifying adverse financial trends in 1995 that would have exhausted the Medicare Hospital Insurance trust fund by 2001. Foster “alerted the appropriate leaders in the Administration and Congress and played a key role in developing legislation to slow Medicare cost growth,” the citation states. “This effort culminated in the Balanced Budget Act of 1997 with 5-year Medicare savings of $150 billion.” “I was very honored,” said Foster, a recent member of the Academy’s Board of Di-

President Bush speaks at the award ceremony. Foster (wearing glasses) stands just behind the president’s shoulder.

rectors. He is the second actuary to receive the award, which goes annually to no more than 1 percent of Senior Executive Service (SES) members who have achieved “extraordinary results for a sustained period.” Harry Ballantyne, retired chief actuary for Social Security, received the award in 1998. Also honored at the Oct. 15 ceremony were recipients of the Meritorious Executive Award, which is given to only 5 percent of SES executives. Receiving that award this year was Academy member Eli Donkar, Social Security’s deputy chief actuary. Donkar serves on the Academy’s Committee on Actuarial Public Service and its Committee on Social Insurance.

Property/Casualty, continued from Page 1 cluding coverage of terrorism risk for their primary insurer clients during policy renewals. Primary insurance carriers are being driven to avoid potential terrorism losses and may exclude terrorism from both commercial and personal lines when policies are renewed in January. At the time of this writing, draft legislation being considered in Congress puts caps on the amount the insurance industry is required to finance in the aftermath of a terrorist attack before the government steps in. In his testimony, Lehmann raised several questions for Congress to consider in the development of any new terrorism reinsurance mechanism. Among them: ® How would it be funded? ® How would liquidity be assured so funds would be available to pay losses?

December 2 0 0 1

® Would the mechanism be voluntary or mandatory? ® Would the government act as a backstop above a finite limit of loss? In related action, two Academy members participated in a recent NAIC summit on terrorism and insurance. Terri Vaughan, vice president of the NAIC, moderated a panel considering the issue from the point of view of the reinsurance industry, and Edmund Kelly, chairman, president, and CEO of Liberty Mutual Group, participated in a panel of primary insurers. Also, Academy member Rade Musulin served as a consultant to the Congressional Budget Office in its recent paper on federal reinsurance for terrorism. To read the paper go to .

December 2001 Actuarial Update  

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