Academy Testifies on Federal Reinsurance Aproposed federal catastrophe reinsurance program now under consideration by Congress should not be allowed to disrupt the private marketplace, the Academy told the House Banking and Financial Services Committee on April 23 . The Academy's written testimony commented on H.R. 219, the proposed Homeowners' Insurance Availability Act of 1997, and was submitted by Paul O'Connell, chairperson of the Academy Catastrophe Working Group . Th slation's stated goal is to protect the solvency of state insurance grams in the event of a large-scale catastrophic event, while at the same time not interfering in the private marketplace . The Academy praised the goal of noninterference and suggested an annual assessment of private insurance and capital markets' capacity to absorb risk. Such determination would help ensure that federal involvement did not s 11l~e development ofnew derivatives or other securities that could reso capacity shortages . If Congress decides to create a reinsurance program, actuarial involvement will be important to its success . The Academy comments called for the inclusion of actuaries on the bill's proposed National Commission on Catastrophe Risks and Insurance Loss Costs . The Academy also agreed to help identify qualified actuaries to serve on the commission.
The Academy testimony cautioned lawmakers not to codify risk loads . "We recommend against stating a risk load or even a minimum load in the legislation," O'Connell wrote . "Any number stated will be used as a benchmarkk by the private insurance or reinsurance industry." Risk loads should also be based on specific state circumstances . "A risk load needs to reflect a variety of circumstance-specific variables, including the probability of catastrophic losses, the federal attachment point, and concentration of exposures . These variables will change over time, and therefore the risk load should be reviewed on a regular basis ." The Academy also recommended that the national commission advise "on both the risk-based price and the risk load and that each be based on the state prgrams'specific variables" and that the government "look to the private market as a guide for an appropriate risk load ." The proposed legislation could have a significant financial impact on federal disaster relief programs as well as policy implications for the states . "Should the reinsurance program established in the act increase the availability of homeowners' coverage in catastrophe-prone areas ;' O'Connell wrote, "then there may be a savings to the federal government in the form of reduced disaster-relief outlays . On the other band, if disaster relief outlays continue to be made available to states that do not establish their own reinsurance programs, then the incentive to establish state programs that address this issue may be severely diminished." The invitation to testify came to the Academy through contacts made by Casualty Practice Council members during a March 27 series of meetings with congressional staff. During the Capitol Hill visits, Academy Casualty Practice CouncilVice President Mike Thothman, Fred Kist, Mike Miller, and O'Connell met with staff members for the Senate Commerce ConsumerAffl irs Subcommittee, House Commerce Committee, Sen . Mitch McConnell (R-Ky.), and Reps . Rick Hill (P,Mon.), Rick Lazio (R--N.Y.), Robert Matsui (D-Calif.), and Bill McCollum (R-Fla .) .
Academy Urges Action on Retirement Security
new Academy monograph that takes a comprehensive view of retirement income urges U .S. policy makers to
take "decisive steps now to begin rebalancing our nation's programs for supporting financial security in retirement ."
The Academy report, "Financing the Retirement
of Future Generations " was produced by the Academy Task Force on Trends in Retirement Income Security, chaired by ormer Academy President Larry Zimpleman ly action is needed to avoid drastic and disruptive changes down the road," Zimpleman said in announcing the April 30 release of the report . "It's not just a problem of the baby boomers retiring, it's that life expectancies are increasing, putting added press both public and private pro for retirement income." The Academy report presents data on each of the major sources of security during retirement : Social Security, employer-sponsored pensions , individual savings, and health insurance. The Academy examin ed expected costs for Social Security and Medicare over the next 30 to 40 years and the primary demographic and economic factors underlying those costs. Increasing life expectancies and changing demographics are threatening both the public's confidence and the future of Social Security and Medicare . Today, two-thirds of retired Americans rely on Social Security for at least half of their retirement income, and virtually all rely on Medicare as the largest source of payment for their health care . Such reliance is perilous for the unprecedentedly large cohort of individuals born between 1946 and 1964 who will begin to retire in the next decade . "The baby boom generation will not experience the favorable trends that helped their parents," the report states. Real Social Security benefits are unlikely to be increased; Medicare will likely pay a lower share of health care expenses; and employers facing global competition are not expected to boost contributions to pension plans . In addition, the report continues,"demographics could drive down house values and may reduce real rates of return on other assets ." The result is that "future generations could need to replace at least 20 percent more of their incomes than current retirees have had to replace" The report outlines options that Congress can consider to bring public programs into better financial balance and to encourage the expansion of private programs and individual savings . "Changes to the public and private programs supporting retirement have far-reaching implications for the vast majority of Americans . Although the task force does not recommend any particular set of solutions, it does outline a
wide array of options that merit Congress's consideration ." added Zimpleman . The Academy report outlines basic structural changes, tax adjustments, and ben t adjustments that could restore Social Security an care to solvency. Social Security privatization co d bring greater return on investment, but "is not required from an actuarial standpoint,' the report notes . "The system as currently structured could be brow t into actuarial balance through tments in taxes, benefit levels, or oth :" In addition, individual accounts would pose greater investment risk for individuals and bring substantial transition costs to the next generation . Strong incentives are required to encourage the private pensions and individual savings that will be needed by future generations of retirees. Simplification of pension regulations, particularly discrimination rules, would help small and medium-sized employers establish and maintain pension plans . Individuals not covered by an employer plan should be given increased savings options, including permitting flat percentage-- of-income contributions to individual retirement accounts (IRAs) . Early withdrawal rules for tax-favored savings vehicles should not be loosened, and the Academy report suggests that policy makers consider making early withdrawal rules more restrictive for all plans, including IRAs, in return for higher allowable contributions . The Academy task force also suggested measures to improve the consideration of reform options by policy makers . These include consistent examination of Social Security reform proposals , including basic tests of actuarial viability; consistent guidelines for pension regulatory changes, along the lines of the guidelines developed by the Academy Pension Committee; better collection ofpension and private saving information ; and long-run revenue calculations for pensions . Other members of the cross - disciplinary task force are Academy members Ed Burrows , Robert Moe, Fred Munzenmaiez ; Mark Ruloff, Stanley Samples, and StanleyWeisleder; Robert Clarke, Economics Professor at North Carolina State University ; and Sheila Zedlewski, director of income and benefits policy for the Urban Institute. The Academy report was summarized in a May 1 article in the influential Washington Daily Tax Report and has been distributed on request to a wide spectrum of business, policy, and public-interest groups .
sess comparable expertise," he added. Dicke also noted that a pension plan's enrolled actuary does not necessarily possess the professional qualifications to offer the
VA Seeks Chief Actuary The U.S. Department ofVeterans Affairs (VA) is now accepting applications for the newly established position of chief actuary. The chief actuary will have responsibility
for the actuarial soundness of all VA benefit programs, including
the disability compensation system, education benefits and loan programs, and an $18-billion medical care delivery system .
A key advocate of the new position is Academy member Toni Hustead, chief of the veterans affairs branch of the Office of Management and Budget . In the absence of a VA actuary; Hustead's office has worked closely with VA staff to cost out programs. "The VA has not had the capability to do its own long-term projections," stead . "The veterans disability program, which has an annual budget of $17 billion, has been the only federal entitlement program not required to do a long-term a tuarial evaluation." Hustead and eVA have been discussing the need for an office of the actuary for several years . "The VA has traditionally enjoyed bipartisan support for its programs without much consideration of long-term cost," she said . "In addition, because its funds must be appropriated by Congress, adequate short-term projections are critical to ensure adequate funds to pay benefits during the course of the fiscal year. Evaluation by a professional actuary who is familiar with the programs will help in both short-term and long-term planning and costing, and help put the VA's programs on a sound long-term footing." The Academy also played a role in the VA's effort to establish the chief actuary post . "Senior Pension Fellow Ron Gebhardtsbauer met with VA officials on several occasions to outline specific functions that an in-house actuary could perform," Hustead said. "He also explained the actuarial profession's standards and discipline process, which was a key part of opening the eyes of theVA to what actuaries do." According to Hustead, the new chief actuary will have ample resources to hire staff and to engage consultants for cost-testing purposes, with funds ear-
actuarial opinion and that "the life actuary who issues the actuarial opinion should not be presumed to have the necessary training and experience to qualify as an enrolled actuary."
REMINDER: All Academy Members are invited to attend the Annual Washington Luncheon on June 30 . To RSVP, fax Doreen Evans at (202) 872-1948.
ALLAN M . KAUFMAN
verse agency, employing approximately 20 percent of nondefense federal employees . Said Hustead, "This is an exciting opportunity for an experienced actuary who is looking for a challenging role in the public sector . I urge all qualified Academy mem-
A Time of Transition offer this report to Academy members in my
bers to contact the VA for more information." For detailed information on the new position , including
dual role as president of the Academy and as
salary range and
l Wyatt stepped down after three years as
how to apply, see this month's Academy job-listing supplement, "In Search Of,"
its acting executive director. In April, Wilson
Academy executive director. During his tenure, the Academy developed closer working relationships with members of Congress, congressional
Allan M. Keafman
included with this mailing . The deadline for applications is
staffs, and insurance regulators . Wilson also succeeded i n communicating
June 19 . Applicants
the Academy's work on public issues more effectively to allied profes-
should ensure that they specifically address all technical and executive core qualifications outlined in the formal job announcement.
Reporting Rules Would Boost Liability Proposed Department of Labor regulations could expand the responsibilities of the appointed actuary and blur the distinction between life and pension actuarial practice, according to a March 23 Arnold flake comment letter addressed to the Department of Labor by Academy Federal Life Insurance Issues Committee . The proposed regulations, intended to clarify the application of ERISA to insurance company general accounts, would require that the appointed actuary's opinion and supporting documents be provided to pension plan policyholders . Provision of the opinion could "subject the appointed actuary to unanticipated liability and costs" and "result in the disclosure to the insurer's competitors of sensitive proprietary information ; Committee Chairperson Arnold Dicke wrote . "The actuary's opinion is a technical document created solely for use by the insurer and the regulator to assess the adequacy of the insurer's reserves . . . . Insurance regulators and company management have the necessary expertise to assess the quality of the appointed actuary's
marked in the 1998 fiscal year
work and understand the contingent nature of the actuary's opin-
budget . The Department of Veterans Affairs is a large and di-
ion. Pension plan administrators do not, we believe, generally pos-
sional and business groups . The Academy will build on these improvements to our communications and public policy operations . During the search for a successor, I have taken on the duties of executive director .This is not a role that I have sought; indeed it's one that I will gladly relinquish. However, as president I think it important to take personal responsibility for the Academy on behalf of our profession . I am grateful to Past President Larry Zimpleman and President-elect Dick Robertson and the Academy's staff for assisting me in my administrative responsibilities IS ion AcaderWntinues to carry out many important public policy initiatives during this tl~lftion period . In late April, Paul O'Connell, chairperson of the Academy's Catastrophe Working Group, presented testimony to the House Banking and Financial Services Committee hearing on a proposal for a federal homeowners reinsurance program to supplement state and private reinsurance in catastrophe-prone areas . The testimony addressed the need for a federal program, determina tion of risk load, and federal limit of liability and eligible losses. The A also called for the appointment of qualified actuaries to the proposed Natior > mmiss on on Catastroph and Insurance Loss Costs . (See page 1 .) Last year, the National Association of Insurance Commissioners (NAIC) asked the Academy's Valuation Task Force to develop a new unified valuation model law. Developing a system that has value for life and health insurers has been a challenging task for the valuation work group, which is expected to deliver its report potr th the NAIC in June . The ongoing discussion on valuation underscores the Academy's important role as a forumm for debate among actuaries . Over the past two years, Senior Pension Fellow Ron Gebhardtsbauer has been invited by members of Congress to speak in a coast-to-coast series oÂŁpublic meetings on Social Security. In March, he participated in a nationwide Social Security teleconference with President Clinton sponsored by the nonpartisan group, Americans Discuss Social Security. In addition, dozens ofAcademy members have joined Ron in providing actuarial information at forums where the American people have become involved in the debate on the future of Social Security . Earlier this month, the Academy released its long-awaited report to Congress on "Financing the Retirement of Future Generations ." Other Academy groups are preparing reports on issues such as toxic waste site liabilities, auto-choice legislation, Medicare expansion, and genetic testing . Beyond these ongoing activities, the Academy is engaged in the process of redefinition . For the past nine months, Dick Robertson has been leading a task force charged with developing a new strategic plan for the Academy. A new mission statement and strategic plan will soon be ready for exposure to the membership . I am confident that the plan will help the Academy continue to be a dynamic organization explicitly committed to advancing our profession . The search for the next executive director will be spearheaded by former Academy President Larry Zimpleman and a work group composed of Vince Amoroso, former Academy vice president and current president of the Conference of ConsultingActuaries ; Howard Bolnick, formerAcademy vice president and president-elect of the Society of Actuaries ; Brian Graff, executive director of the American Society of Pension Actuaries and a veteran staff member ofthe congressional joint Committee on Taxation ; Ken Krehbiel, director of communications for the Academy ; Mavis Walters, president of the Casualty Actuarial Society and former Academy president; and Bob Wilcox,Academy vice president for life practice and former insurance commissioner for the state of Utah. The work group has been carefully balanced to represent the entire profession and full range of audiences for the Academy's work . These individuals represent diverse backgrounds in profession and public policy, as well as a common commitment to the Academy. Their pooled experience will ensure that all aspects of the executive director's work are considered and that the ultimate choice will possess the range of qualities needed for effective leadership. Please feel free to share your thoughts or suggestions with Larry Zimpleman or members of his group. His group's decision is an important one for the entire actuarial profession . As the organization that represents actuaries in all areas of practice, the Academy is an important resource that deserves broad support . Nineteen ninety-eight will mark an important turning point toward a more effective Academy. A new strategic plan, implemented by a new executive director, will give us the tools to take full advantage of the organization's possibilities . I hope that each one of us will make the commitment to become personally involved in building a solid Academy and a stronger profession .
Don't Put Off Social Security Reform, Academy Tells Congress Good news for Social Security should not be an excuse for delay in restoring the program to long-term actuarial balance, the Academy stated in a response to the 1998 report of the Social Security trustees . The April 28 report pushes back the date for Social Security insolvency by three years . Actuarial projections show that under intermediate assumptions the main Social Security trust fiend could pay full benefits until 2032 ; last year's report showed insolvency coming in 2029 . "Although this year's report is slightly more positive than last year's, the Social Security program is still not in close actuarial balance, and over the next 75 years the projected tax revenues of the system, combined with the current trust fund balance and interest earnings, will be insufficient to meet expected benefit payments," wrote Dwight Bartlett, chairperson of the Academy Social Insurance Committee, in a letter to Congress . Bartlett added that to achieve actuarial balance in Social Security today, the combined employee-employer contribution would have to be increased by 2 .19 percent of pay, or benefits would have to be cut across the board by about 15 percent for all current and future recipients . If no change is made until the Social Security trust fund reaches zero, an increase of about 25 percent or higher will be required . Acting now would allow changes to be phased in and give workers and employers time to adjust their retirement income plans . "We applaud the national dialogue now taking place on the future of Social Security and hope the discussion will be'followed by action
ASPA Forms PAC to Wield Po litical Cl o ut A. Conversation with Brian Graff
he Academy; as the only U.S. actuarial organization whose members come from all areas of practice, does not take positions on political issues . However, one of the other
organizations representing actuaries, the American Society of Pension Actuaries (ASPA), is an advocate on
behalf of the pension professionals who are its mem-
bers . One important issue to ASPA members and pension actuaries is the possible impact of tax reform on employee benefits . Some observers believe that eliminating current tax advantages for employee benefits could cause many employers to drop their pension plans. To demon-
before the next trustees report is issued next year;" added Bartlett . The trustees based their report on actuarial projections performed by the Social Security Administration's office of the actuary, led by Chief Actuary Harry Ballantyne and Deputy Chief Steve Goss .
strate its commitment to this issue,ASPA's board of directors in January
Former Academy Executive Director Steve Kellison serves as a public trustee of the Social Security system and was a signatory to the report. The emy has actively participated in the national dialogue at the grafts level through involvement in the programs of
managing editor recently met with ASPA Executive Director Brian Graff
Americans Discuss Social Security, a nonpartisan public education campaign funded by the Pew Charitable Trusts.
approved the creation of a political action committee (PAC) . The Update's
to discusiis new government relations program. Why did ASPA farm a political action committee? The ASPA board of directors chose to establish the PAC in light of increasing con about proposals to significan the tax system . Among the suggestions are a flatrate income tax, a national sales tax, and a value-added tax. Many of
the proposals that are being discussed retain incentives for mortgage deductions and charitable contributions but eliminate incentives for private retirement savings.
nificant campaign in favor of tax
What strategy will ASPA follow?
reform . Many businesspeople would be delighted to eliminate the complexities associated with qualified plans, especially the nondiscrimination rules . In effect, it would be comparable to a deductible IRA without limits .
We have two aspects to our strate-
Unfortunately, statistics clearly demonstrate that low- and modcrate-income individuals generally do not save outside of employer sponsored retirement savings plans .
directly to key members of
Two Academy members testified on Capitol Hill in March on behalf of the American Society of Pension Actuaries Government Affairs Committee . Mike Callahan (left), former member of the Academy Board of Directors, testified before the House Ways and Means Oversight Subcommittee on the obstacles that small businesses face in establishing defined-benefit pension plans . James Turpin (right), a member of the Pension Committees of both the Academy and Actuarial Standards Board, spoke to the Senate Labor and Human Resources Conunittee about the Pension ProSave bill sponsored by Sen . JeffBingaman (D-N.M.). in developing his proposal, Bingaman consulted with Academy members, including Senior Pension Fellow Ron Gebhardtsbauer, on ways to strengthen defined-benefit pensions. (See Update, June 1996 .)
with other p n--related organizations. The second is to work through the PAC to communicate Congress .
ifications of tax reform .
Retention of the preferences for mortgage and charitable deductions was directly connected to the political action activities of organizations that wanted to retain those preferences.
represent the point of view of the
ASPA members, is mapping a sig-
nizations sucle Academy and
the Pension Rights Center have a
Not entirely.There are other groups
Yes.The board recognized that our traditional allies on developing proposals to simplify the private pension system would be on the opposite side the tax reform issue . Those allies are primarily smallbusiness groups that are very strongly in favor of tax reform . On pension issues,ASPA has often had the advantage of working with groups who had developed good relationships with members of Congress through their own political action committees . For example, the National Federation of Independent Businesses, many of whose members are clients of
to educate lawmakers with orga-
fight. For instance, groups such as
Why did the mortgage and charitable deductions escape the ax?
So ASPA decided that a PAC was the way to go.
gy. The first is to continue to work
We respect the Academy's need to stay nonpartisan and not take stands on potentially divisive issues . However, we also appreciate the Academy's educational role in helping make people aware of what's at stake . The Academy issued a very thorough monograph on the subject last year, which is helpful in explaining the issue. Congress and the American people need to make an informed decision that takes into consideration all the ram-
So ASPA is forced to go it alone.
that we can join in coalitions to private pension community, but these groups by and large do not have the resources needed to engage in the political aspects of the
clear interest in preserving the private pension system as a way to give low- and moderate-income people an incentive to save . But these groups do not have the wherewithal to form a political action committee.
You served many years an the staff of the Joint Committee on Taxation. As a Hill veteran, what does a PAC accumplish? In my experience, no member votes on an issue because of the influence of a single PAC . However, there's no question that being able to assist in a member's campaign opens doors and permits an organization to make its case with both members and staff:
Will the PAC focus axclusately an tax reform? Yes, although if the PAC is successful, its scope could be broadened. We are conducting a very intensive informational campaign on the Hill on behalf of our SAFE (Secure Assets for Employees) proposals, which offers a simplified defined-benefit plan that small employers will find attractive . The proposal has drawn many supporters from the business community, including the U.S . Chamber of Commerce and American Association of Life Underwriters, so we have the allies we need on that issue to make our case without forming a PAC.
-7"THE ACTUARIAL PRESIDENT Allan M . Kaufinan
Long-term Care, Demutualizations, and Models Get Standard Treatment A t its April meeting in Washington, D.C ., the Actuarial Standards Board (ASB) approved for exposure draft actuarial standards of practice (ASOPs) on three disparate topics : long-term care (LTC) insurance, mutual life-company reorganization, and use of models . The LTC exposure draft approved is actually a proposed revision to ASOP No. 18, Long-term Care Insurance . Presented to the board by Long-Term Care Task Force Chairperson Bart Munson, the proposed standard would apply to individual and group LTC insurance plans, LTC insurance benefits issued as riders or included within other insurance and annuity products, and self-insured plans providing LTC benefits. The transmittal memorandum singles out several topics for reader review and comment, including assumption setting and premium rate recommendations . The second draft approved for exposure is a Life Committee project, Actuarial Responsibilities with Respect to Closed Blocks in Mutual life Insurance Company Reorganizations. Developed by the Life Committee Closed Block Task Force, chaired by Godfrey Perrott, the proposed standard will give guidance to actuaries who are asked to advise on, review, or opine on proposed or existing closed blocks formed in connection with mutual life insurance company reorganizations . Demutualizations present important actuarial issues, including the preservation of reasonable policyholder dividend expectations and, in a full demutualization, the allocation among eligible policyholders of the compensation due them in exchange for their membership rights (i .e ., consideration) . The final draft approved for exposure, The Use of Models with Nonactuarial Components, willl apply to actuaries in all practice areas
PRESIDENT-EI .CT Richard S . Robertson SECRETARYTREASURER Stephen R . Kern
perts, have a basic understanding of the model, evaluate the appropriateness and application of the model, and confirm that appropriate validation has occurred . KarenTerry is chairing the multidisciplinary task force developing this draft, which as written applies to proprietary models with nonactuarial components .The comment deadline for each of the three exposure drafts is September 1 . Aside from approving for exposure these three proposed standards, the ASB also approved proposals to revise ASOP No.5, Incurred Health Claim Liabilities, and ASOP No.10, Methods and Assumptionsfor Use in Stock Life Insurance Company Financial Statements Prepared in Accordance with GAAP The revision of ASOP No . 5 will be completed by the Health Committee,ASOP No . 10 by the Life Committee. The ASB also reviewed working drafts of revisions to Interpretative Opinions No . 3 (Professional Communications of Actuaries) and No. 4 (Actuarial Principles and Practices) by the General Committee . Both of these proposed ASOPs are expected to be reviewed by the ASB as exposure drafts at its July 13-14 meeting . 0 -KoTcHEK IS STANDARDS EDITOR Pou THE Acui iuAL STANDARDS BOARD .
This Update mailing includes The Use of Models with Nonactuarial Components, a draft actuarial standard ofpractice that addresses the use who use models that rely on specialized knowledge and expertise not of models by actuaries in all areas of practice : health, life, and pension, normally considered actuarial in nature . The proposed standard din- as well as casualty practice . The ASB requests that practitioners from cusses the actuary's need to determine appropriate reliance on ex- all four areas read and comment on this important exposure draft .
VICE PRESIDENTS William F Bluhm Ken W. Hartwell Lawrence A. Johansen Kenneth A . Steiner Michael L .Toothman Robert E . Wilcox
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federal Reinsurance Plan Draws Comment
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ASsoCIATE EDrroRs William Carroll Ronald Gebhardtsbauer . - Patrick J.-Grannan .
~ ASPl4 farms Tax PAC
MANAGING EnITOR Jeffrey Speicher email@example.com CONTRIBUTING EDrroR Ken Krehbiel --- ;--
Contingencies Honored for Excellence Contingencies continues to be honored as one of the most outstan publications in its field. The Academy's bimonthly magazine has been awarded a 1998 SNAP EXCEL Award for General Excellence by the Society of National Association Publications . Contingencies was chosen from the field of 942 entries in various categories . "This award recognizes the magazine's long-time commitment to quality," Ken Krehbiel, Academy director of communications, said .
"Under the leadership of our new editor; Steve Sullivan, Contingencies continues to reflect the expanding role of the actuary ." Founded in 1989, the magazine has earned numerous honors over the years for its distinguished editorial content and design . Its more than 20,000 subscribe include decision makers in business, government, and acade ing its mission of bringing actuarial information to the atten on of broader audiences .
PRODUCTION MANAGER _ Renee Saunters EDrrORIAL ASSISTANT Susan Szot
Statements of fact and opinion in this publication, including editorials and letters to the editor, are made on the responsibility of the authors alone toot necessarily nn-ply--or-represent the
of the American Academy ofActuaries, the editors, or the members ofthe Academy. ÂŠ1l 95-- he. American Academy of Aetnaaies Ail Rights Reserved
In Search Uf â€˘ Proposed revision to ADP No . I$ (with Comment Cardl
Exposure Draft an Actuarial Responsibilities with Respect to Closed Blocks* E cposure' Draft an The Use of -Models whit Ranactuar al Components (with Comment Card} 1907 Professionalism Annual Report
Published on Feb 28, 2012
Academy Testifies on Federal Reinsurance new Academy monograph that takes a comprehensive view of retirement income urges U.S. policy makers...