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Where Cutting Edge Theory Meets State of the Art

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MARCH 28 – 30, 2007 CHICAGO MARRIOTT DOWNTOWN – MAGNIFICENT MILE CHICAGO, ILLINOIS

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2007 ENTERPRISE RISK MANAGEMENT SYMPOSIUM COMMITTEE: Kevin Dickson (Chair), Towers Perrin Mark Abbott, Guardian Life Insurance, PRMIA Erika Abrams, Casualty Actuarial Society Abbe Bensimon, General Re Capital Consultants Paul Cochran, Old Republic General Services Erika Davis, Casualty Actuarial Soceity Stephen D’Arcy, University of Illinois Kathleen Dean, Casualty Actuarial Society Jennifer DeMarr, Casualty Actuarial Society Jean DeSantis, Deloitte Consulting LLP Tom Hettinger, EMB America LLC Stephen Hiemstra, Ph.D., OFHEO Paul Horgan, PriceWaterhouseCoopers

8IP 4IPVME "UUFOE • Chief Risk Officers • Chief Financial Officers • Risk Managers • Investment Professionals • ALM practitioners • Actuaries interested in or practicing risk management roles

Valentina Isakina, McKinsey & Company Lori Ramos Marilla Jacquenette Moody, Society of Actuaries Hubert Mueller, Towers Perrin William Panning, Ph.D. Willis Re, Inc. Carrie Rice, Casualty Actuarial Society Michele Rochette, Society of Actuaries Max Rudolph, Rudolph Financial Consulting, LLC Parr Schoolman, Aon Re Alexander Shipilov, PriceWaterhouseCoopers, PRMIA Elizabeth Smith, Casualty Actuarial Society Shaun Wang, Ph.D., Georgia State University

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Scientific Paper Track Keeps ERM Symposium on the Cutting Edge

By Steven C. Siegel, SOA Research Actuary

One glance at the ever-expanding list of attendees to this year’s fourth annual ERM Symposium will tell you that this event is no doubt the leading forum for professionals to gather, network and learn about the latest on this topic. Although this has become a wellestablished event, how do you keep it on the cutting edge to push the boundaries of ERM? Last year, this very question occurred to Max Rudolph, one of the members of the event’s organizing committee. His solution: establish an annual call for ERM-related research papers that would present the very latest in ERM thinking and move forward principles-based approaches.

To move the effort forward, Rudolph enlisted the help of SOA staff, including Jeanne Nallon and myself. With the additional support of CAS, PRMIA, and ERMII, a call for papers was drafted and readied for distribution. Of particular importance for the success of the call for papers, The Actuarial Foundation agreed to sponsor an annual monetary prize for the top paper submitted. This prize, dubbed the ERM Research Excellence Award, not only serves as further proof of The Actuarial Foundation’s commitment to quality in education and research, but also gave the event added prestige to attract authors.

The official call for papers was issued in October 2005 and widely publicized to potential authors. As the abstract deadline approached, we were astonished by the response we received. In all, close to 30 abstracts were submitted for review. This level of response far and away exceeded our expectation and proves just how hot this topic is.

With the abstracts in hand, a committee was recruited to review them and decide which of the eventual papers would be presented at the ERM Symposium. The committee, chaired by Rudolph, included Mark Abbott, Sam Cox, Emily Gilde, Krzysztof Jajuga, Don Mango, Michel Rochette, Nawal Roy, Fred Tavan, Al Weller and myself. With only nine slots available for presentation of papers at the Symposium, it was no small task to choose from the abstracts submitted. Given the quality and number of abstracts received, the committee regretted that there were not additional slots available.

After meeting regularly between December 2005 and April 2006, the committee settled on nine papers for the three dedicated sessions at the symposium. A list of those papers is shown below. The final responsibility of the committee was to choose the first annual Actuarial Foundation ERM Research Excellence Award. After several rounds of scoring and deliberation once the final papers were received, including those not selected for presentation, the committee judged as best paper William Panning’s “Managing the Invisible: Measuring Risk, Managing Capital, Maximizing Value.” The award was presented to him by Tricia Guinn, a trustee on the Board of The Actuarial Foundation, during the General Session luncheon on Monday, April 24th.

The objective of Panning’s paper is to demonstrate the linkage between ERM and maximizing a firm’s value on the other. In the paper, Panning presents a valuation model for a property-casualty company and shows how the model can assist managers in making value-maximizing strategic decisions. The paper concludes with observations on the importance of value-focused ERM, as it makes a firm’s value more visible and manageable.

Tricia Guinn presents Bill Panning with the first annual Actuarial Foundation ERM Research Excellence Award List of Papers Selected for Presentation (in alpha order) Adapting Banking Models to Insurer ERM by Gary Venter Applying Actuarial Techniques in Operational Risk Modeling by Don Mango Bye Bye Beta, Bye Bye by Jeremy Gold Economic Impact of Capital Level in an Insurance Company by Yingjie Zhang Enterprise Risk Management Quantification – An Opportunity by Christopher Bohn and Brian Kemp

Extending ERM to Multi-Employer Pension Plans by Doug Andrews Managing the Invisible: Measuring Risk, Managing Capital, Maximizing Value by William Panning A Multi-Stakeholder Approach to Capital Adequacy by Robert Painter and Dan Isaac As of this writing, an online monograph is being created to house the papers. A link to the monograph, when completed, will be found on the ERM Symposium web site at www.ermsymposium.org . Papers that we were not able to allocate time for at the symposium will be included in the monograph.

We encourage you to review the monograph and read papers of particular interest to you.

You may not agree with everything you read in the monograph; it was our intent to procure papers that would not only inform, but also provoke discussion and spark debate.

After all, this is what keeps us on the cutting edge of ERM. We wish to thank all the organizations and committee members for their support and for making this a success. Planning for the 2007 ERM Symposium call for papers will begin shortly. I invite you to contact me if you have ideas or feedback for next year. Until then, watch the ERM Symposium site for the latest developments!

26/1/2014

Imprimer

Obje t :

Society of Actuaries-Volunteer Form

De :

Kim Woloszyk (KWoloszyk@soa.org)

Ă€ :

megan.a.mcgee@bpsm.com; jbirk@massmutual.com; charlie.kearns@gmail.com; jpolley@goldenrule.com; jbrone@nipponlifebenefits.com; michel.rochette@enterprise-risk-advisory.com; rlalonde@insightdecision.com; jfang@deloitte.com;

Dat e :

vendredi 10 janvier 2014 13h38

Good Afternoon,

I hope you are doing well today.

You have been recommended as a volunteer for the Society of Actuaries. In order to get your appointment confirmed, please follow the link below to a short informational form that you can complete electronically.

Please be as thorough on the form as you can.

Thank you for your interest in volunteering for the SOA! If you have any questions, please let me know.

https://soa.wufoo.com/forms/education-volunteer-information/

Thank you, Kim

KIM WOLOSZYK Society of Actuaries 847.706.3576 | kwoloszyk@soa.org | www.soa.org

about:blank

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Objet : Opportunity to help develop the SOA ERM e-Learning module for Fellowship Education

February 10, 2012 Michel I am currently serving on the e-Learning committee of the Society of Actuaries as General Officer responsible for facilitating the evolution of the current Operational Risk FSA e-Learning module to an ERM-related module.

A primary motivation for the change to a more broadly ERM-related module is the new CERA pathway requirements that become effective July 1, 2012. A key additional content item for the ERM-related module is coverage of Economic Capital and an assignment related to Economic Capital. There will also be improvements and adjustments throughout the module.

I am contacting you with a request to consider joining me as a member of a work group to complete the task. We would like to have 5 or 6 individuals on the work group so that we can divide the work in an efficient and productive manner. You have been recommended to me as someone whose experience and interest would be a good fit.

Additional Background. As you probably know, in March 2011, the SOA Board approved a CERA and FSA restructuring project. Highlights of the changes include an enhancement of the requirements for the CERA designation. These include:

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Development of a new Enterprise Risk Management (ERM) Exam

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Inclusion of the Validation by Educational Experience (VEE) requirement for Corporate Finance

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Inclusion of the Fundamentals of Actuarial Practice (FAP) e-Learning course

This enhanced pathway to the CERA designation more than meets the requirements set out in the CERA Global Association syllabus. The changes also expand ERM learning opportunities in all tracks for candidates pursuing fellowship.

Work Group Process and General Timeline. I anticipate the work group will meet primarily by conference call, although we plan to have a kickoff planning meeting in Chicago on a weekend in late February or early March. This meeting will include an orientation to our e-Learning process. Based on past experience, it is estimated that this project will require twenty to thirty hours of your time in addition to the planning meeting.

SOA Instructional Design staff will be significantly involved in the implementation of the module, and will need a final content draft by mid-May to meet the goal of releasing the module on July 1.

I am happy to discuss this volunteer opportunity with you at your convenience. Please feel free to call me or let me know when would be a good time to call you. It would be most helpful if I could hear back from you no later than Monday, February 20.

Thanks for considering this opportunity. If you are unable to participate in this effort, we would very much appreciate your recommendation of others who might be a good fit for this task.

Sincerely Warren Warren Luckner, F.S.A., M.A.A.A., C.F.A. David P. Hayes Memorial Chair in Actuarial Science Professor of Practice; Director, Actuarial Science Program University of Nebraska-Lincoln CBA 210 D; Lincoln, NE, 68588-0490 402-472-1981

; wluckner2@unl.edu

Article from:

The Actuary September 1996 – Volume 30, No. 7

The Actuary

SOA election results Anna Rappaport has been elected the 1996-97 president-elect of the Society of Actuaries. She is managing director at William M. Mercer, Inc., Chicago.

Three new vice presidents were elected: Donna R. Claire, A Norman Crowder, III, and James J. Murphy. New Board members are David N. Becker, Jay M. Jaffe, Neil A. Parmenter, Julia T. Philips, Bradley M. Smith, and Kurt K. von Schilling.

The level of FSAs voting increased this year two percentage points, from 37.3% in 1995 to 39.9% of all Fellows eligible to vote. The October issue of 7&eActztaly will cover the election results more extensively, including Section elections.

New journal unveiled Enclosed in this month’s mailing is the cover of the first issue of the Society’s w scholarly journal, the North a vnerican Actuarial Journal (NAAJ), scheduled to debut in January 1997.

The NAAJ is now the Society’s only refereed journal. Papers published will encompass traditional work in insurance, pensions, finance/investments, and employee benefits, and also emerging applications in public policy issues, demographic trends, global issues, and technology.

The “Submission Guidelines for Authors” are on the reverse side of the cover, along with the name of the SOA contact.

SOA members will receive the journal as a benefit of membership, and it will be available by subscription to the international, scientific, academic, business, and government communities, making it the most widely distributed actuarial journal.

E&E alerts The E&E department has received a of questions recently about Exam 45. Please be aware that a candidate & who has credit for I-445 cannot write I-545 for credit.

The Board Task Force on Education has issued its second report on the proposed new educational system.

This report was mailed to all Society members in early September. We would appreciate your response to the survey questions included in the report.

If you did not receive a copy of the report, please contact Patricia Garrity at the Society office, 847/706-3515.

Exam F580 needs volunteers Michel Rochette, vice chair for Exam F-580 - Corporate Finance, seeks new members for the committee for the spring 1997 session. Duties begin with question writing in October. Any FSA is welcome, as are English, French, or Spanish speaking members. European and residents outside North America are encouraged to participate.

Members must have an e-mail address.

For more information, contact Rochette at 514/768-4449 or by e-mail: Rochette.michel@ugam.ca Call for journal papers Actuaries and other interested parties are invited to submit articles to the Journal of Actuarial Practice on any subject matter related to actuarial science or insurance. The journal accepts technical papers, commentaries, essays or book reviews. However, all articles must have some relevance to actuarial practice.

If you are interested, send a short abstract ( 150 words or less). Five (5) copies of the completed paper must be submitted by November 15, 1996, for Volume 4, Number 2 edition to Colin M. Ramsay, Editor, Journal of Actuarial Practice, P.O. Box 22098, Lincoln, NE 68542-2098. Phone and fax: 402/421-8149; e-mail: absolomi@ix.netcom.com Bowles Symposium September 26-27 James C. Hickman has been appointed to the Thomas P. Bowles Jr. Chair of

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September

1996

21

Actuarial Science at Georgia State University from September 16 to October 18, 1996. He will host the Bowles Symposium on September 26 - 27 as the highlight of his tenure.

Hickman, professor and dean emeritus at the University of WisconsinMadison, is organizing the symposium to encourage actuaries to study problems and explore questions such as: What ethical and regulatory guidelines need to be in place if Social Security is to be partially privatized?

How well are insurance products such as reverse mortgages and accelerated benefits serving the public?

What changes in employment practices and employee benefits need to be made for the productive use of older workers?

Would larger savings increase productivity to an extent that they would prevent declines in real personal income?

What are the mathematical tools needed to model multistage benefits systems?

The symposium faculty includes: l Robert L. Brown, professor and director of Pension Research, University of Waterloo l Michael J. Cowell, vice president and corporate affairs actuary, UNUM Life Insurance Co. of America l Anna M. Rappaport, managing director, William M. Mercer Inc. l Bruce L. Jones, assistant professor, University of Iowa l James M. Robinson, senior consultant, Coopers 8r Lybrand LLP l Bruce D. Schobel, corporate vice president and actuary New York Life Insurance Co. l Andrew G. Young, Government Actuary’s Department, London l Howard Young, University of Michigan For registration information, contact Professor Sam Cox, 404/651-4854 or samcoxOgsu.edu.

ADDRESS DIRECTORY EDUCATION AND EXAMINATION COMMITTEE 2004 •

EXECUTIVE GROUP -- GENERAL OFFICERS

General Chairperson James A. Miles, FSA Senior Manager Deloitte Consulting LLP 111 Monument Circle Suite 2000 Indianapolis, IN 46204-5108 (317) 656-2467 FAX (317) 453-2768

jamiles@deloitte.com General Vice-Chairperson Diana Bowes Montigney, FSA 1209 Maple Avenue Wilmette, IL 60091 (847) 256-2243 Diamont60@comcast.net

Education Chairperson Marcus A. Robertson, FSA Robertson Eadie and Associates 481 Morden Rd., Suite 210 Oakville, ON L6K 3W6 Canada (905) 338-7002 FAX (905) 338-7022

mrobertson@re-a.com Examination Chairperson Robert J. Thiessen, FSA Aon Consulting 700 Merrill Lynch Tower Edmonton Centre 10025-102A Avenue Edmonton, AB T5J 2Z2 (780) 423-1010 FAX (780) 425-8295 robert.thiessen@aon.ca Training G.O. Daniel P. Cassidy, FSA Argus Consulting 53 Bradford Street Concord, MA 01742 (978) 371-8029 danc@arguscl.com

7/22/2004

FAX (978) 371-8028

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GENERAL OFFICERS - EDUCATION

Education Courses 1 through 4 TBD

Education Course 8 – Retirement Benefits Pamela L. Marlin Consultant The McKeogh Company Four Tower Bridge, Suite 225 200 Barr Harbor Drive W Conshohocken, PA 19428 (484) 530-0692 FAX (484) 530-0713 pam.marlin@mckeogh.com

Education Courses 5 and 6 Patricia Pruitt, FSA U.S. Railroad Retirement Board 844 N. Rush Street, Ninth Floor Chicago, IL 60611-2092 (312) 751-3392 FAX (312) 751-7136 patricia.p@worldnet.att.net

Education -- Professionalism Debra Liebeskind, FSA Vice President, Aon Consulting 270 Davidson Avenue Somerset, NJ 08873 (732) 302-2507 FAX (732) 302-2634 Debbie_Liebeskind@aoncons.com

Education Course 7 John I. Mange, FSA Managing Director Health Reinsurance Management Partnership 5 Hutchinson Drive Danvers, MA 01923 (978) 762-9780 FAX (978) 762-4767 jmange@hrmp.com

Education -- Professional Development William C. Cutlip, FCA, FSA President William C. Cutlip Consulting 8021 North Wildomar Dr. Tucson, AZ 85743 (520) 572-8833 FAX (520) 579-6688 cutlipconsulting@cs.com

Education Course 8 -- Finance and Investment Josephine Elisabeth Marks, FSA, FCIA, CFA Senior Vice-President, Investment Management & Chief Investment Officer Hospitals of Ontario Pension Plan (HOOPP) 1 Toronto Street, Suite 1400 Toronto, Ontario Canada 416-350-4805 FAX:416-842-9041 jmarks@hoopp.com Education Course 8 -- Group/Managed Care Cheryl G. Allari, FSA Anthem Blue Cross Blue Shield 4361 Irwin Simpson Road, MB3-312 Mason, OH 45040-9498 (513) 336-2754 FAX (513) 872-8418 cheryl.allari@anthem.com Education ILA Cheryl A. Krueger, FSA CNA Insurance Companies CNA Plaza Chicago, IL 60685 (312) 822-4297 Cheryl.Krueger@cna.com

7/22/2004

FAX

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GENERAL OFFICERS - EXAMINATION Course 8 Finance Kathleen R. Wong, FSA On Mondays, Tuesdays, and Thursdays Equitable Life Assurance Society 1290 Avenue of the Americas New York, NY 10104 (212) 314-4487 On Wednesdays and Fridays 5 Driftway Florham Park, NJ 07932 (973) 822-0876 FAX (973) 301-2045

Courses 1 and 2 Robert A. Alps, ASA

Towers Perrin 200 West Madison Street Chicago, IL 60606-3414 (312) 609-9819 FAX (312) 609-9839 Bob.Alps@towersperrin.com Courses 3 and 4

Nancy D. Davis, FSA The Prudential Insurance Company 213 Washington Street newark, NJ 07102-2992 (973) 802-5578 FAX (973) 367-8139 nancy.davis@prudential.com

kathleen.wong@axa-financial.com (Send all SOA mail and faxes to her home address) Course 8 -- Individual & Group Health, Group Life and Managed Care John C. Lloyd, FSA Reden & Anders, Ltd. 2170 Satellite Blvd, Suite 150 Duluth, GA 30097 (678) 417-4906 FAX (678) 417-4950 john.lloyd@reden-anders.com

Course 5 Mark Swotinsky, FSA Consultant Towers Perrin Morris Corporate Center II, Bldg. F One Upper Pond Road Parsippany, NJ 07054 (973) 331-3516 FAX (973) 331-3504

mark.swotinsky@towersperrin.com

Course 8 -- ILA Karl Anderson, FSA Vice President - Investment Products Solutions Mgmt Thrivent Financial for Lutherans 625 Fourth Avenue South Minneapolis, MN 55415 (612) 340-4213 FAX (612)340-5040 karl.Anderson@thrivent.com

Course 6 Jacques Tremblay, FSA Mercer Oliver Wyman.

BCE Place, 161 Bay Street Toronto, ON M5J 2S5 Canada (416) 868-7071 FAX (416) 868-7002 jacques.tremblay@mercer.com Home (905) 428-3582

Course 8 -- Retirement Benefits Peter Hayes, FSA Eckler Partners Ltd 1969 Upper Water Street, Suite 1306 Halifax, NS B3J 3R7 Canada (902) 490-3310 FAX (902) 454-9398

Course 7 Anthony J. Benjamin, FSA, FCIA Eckler Partners Ltd 110 Sheppard Avenue East Suite 900 Toronto, ON M2N 7A3 416-696-3027 FAX 416-429-3794 abenjamin@eckler.ca

phayes@eckler.ca Training G.O. Daniel P. Cassidy, FSA Argus Consulting 53 Bradford Street Concord, MA 01742 (978) 371-8029

Course 8 -- Investment Christian-Marc Panneton, FSA, FCIA Manager Financial Risks Fed Ex only Industrial-Alliance Life Insurance PVP 7205 Investments, General Funds 1080 St-Louis Road Sillery, QC G1S 1C7 Canada Mailing Address: P.O. Box 1907, Station Terminus Quebec, QC G1K 7M3 Canada (418) 684-5000 ext 5129 FAX (418) 688-8806

Examination Bilingualism GO Claude J. Paré, FSA Desjardins Financial Security 1 Complexe Desjardins tour sud, 19 iéme étage Montreal, QC H5B 1E2 CANADA (514) 350-8700, ext. 3284 FAX (514) 285-1416 cpare@djsfc.com

Christian-Marc.Panneton@inalco.com

7/22/2004

FAX (978) 371-8028

danc@arguscl.com

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COURSE 1 EXAMINATION OFFICERS

COURSE 2 EXAMINATION OFFICERS

Chairperson David L. Menning, MAAA, FCAS State Farm Mutual Auto Insurance Co. One State Farm Plaza Corp. E-3 Bloomington, IL 61710 (309) 766-2534 FAX (309) 766-5021 David.Menning.a0np@statefarm.com

Chairperson Arthur C. Placek, FCAS, MAAA Vice President Zurich North America 1400 American Lane, 16th Floor Schaumburg, IL 60196 (847) 605-6574 FAX (847) 605-6832 art.placek@zurichna.com

Vice-Chairperson Paul S. Judd, ASA Drake University Dept. of Math/Computer Science 2507 University Avenue Des Moines, IA 50311 (515) 271-2163 FAX (515) 271-2055 paul.judd@drake.edu

Stephen L. Kossman (Incoming Chair) Second Vice President & Actuary Monumental Life Ins Co Two East Chase Street Baltimore, MD 212022559 410/576-4523 FAX: 410/385-6925

Consultant Ralph P. Russo University of Iowa Department of Statistics Iowa City, IA 52242 (319) 335-0817

skossman@aegonusa.com Vice-Chairperson – Finance Consultant - Economics Consultant – Interest Theory and Finance

FAX (319) 335-3017

SOA Staff Liaison: Brett Rogers

rrusso@stat.uiowa.edu Consultant Carol Benson, Ph.D. Mathematics Department 4520 Math Illinois State University Normal, IL 61790-4520 (309) 438-7989

FAX (309) 438-5866

benson@math.ilstu.edu SOA Staff Liaison: Brett Rogers

7/22/2004

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COURSE 3 EXAMINATION OFFICERS

Chairperson Robert J. Stokes, FSA John Hancock Life Insurance Box 111 T-25 Boston, MA 02117 (617) 572-8566 FAX (617) 572-1447

gpfstok@jhancock.com Vice-Chair Jay P. Boekhoff, FSA United Healthcare MN002-0161 12125 Technology Drive Eden Prairie, MN 55344 (952) 833-8471 jay_p_boekhoff@uhc.com Vice Chairperson Thomas Karoly, FSA CRA RogersCasey One Parkland Drive Darien, CT 06820-1460 (203) 656-5958

FAX: (952) 833-8475

FAX: (203) 655-9601

tom.karoly@rogerscasey.com Vice-Chairperson Michel Montambeault, FSA, FCIA Senior Actuary Ofc of Superintendent of Financial Institutions of Canada Public Ins. And Pension Programs 225 Albert Strett Ottawa, ON Canada K1A 0H2 (613) 990-2840 FAX (613) 990-9900 mmontam@osfi-bsif.gc.ca Consultant Donald A. Jones, FSA

1926 NW 29th Place Corvallis, OR 97330-3948 (541) 758-4197 donjones3@attbi.com Consultant Stephen L. White, FSA

American Life Insurance Co. One ALICO Plaza P.O. Box 2226 MS: AIG-CACT Wilmington, DE 19899-2226 (302) 594-2738 FAX: (302) 571-1586 white.steve@aig.com SOA Staff Liaison: Brett Rogers

7/22/2004

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COURSE 4 EXAMINATION OFFICERS

Chairperson Clive L. Keatinge, FCAS Insurance Services Office Inc.

545 Washington Blvd.

Jersey City, NJ 07310-1686 (201) 469-2336 ckeatinge@iso.com Vice-Chair Steve J. Kopp, FSA University of Western Ontario Dept. of Stats & Actuarial Science Room 262 WSC London, ON N6A 5B7 (519) 661-2111 FAX (519) 661-3813 kopp@stats.uwo.ca Vice-Chair Bruce D. Schobel, FSA New York Life Insurance Co. Room 606 51 Madison Avenue New York, NY 10010 (212) 576-6807 FAX (212) 576-7316 bdschobel@aol.com Vice-Chair Walter B. Lowrie, FSA, FCAS 5072 Fanwood Avenue Lakewood, CA 90713 (562) 866-6416 wlowrie@comcast.net Consultant Sudhakar Dharmadhikari Southern Illinois University Mathematics Department Carbondale, IL 62901-4408 (618) 453-5302

FAX (618) 453-5300

sdharmad@math.siu.edu Consultant Robert B. Miller University of Wisconsin School of Business -- Dept. of Statistics 975 University Avenue Madison, WI 53706 (608) 263-1000 FAX (608) 263-3142

rbmiller@facstaff.wisc.edu SOA Staff Liaison: Brett Rogers

7/22/2004

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COURSE 5 EXAMINATION OFFICERS

Chairperson Rita Ricci

Chairperson Patricia A. Pruitt, FSA U.S. Railroad Retirement Board 844 North Rush Street 7th Floor Chicago, IL 60611 (312) 751-3392 FAX (630) 452-8018

Conseillere en Rentabilite Desjardins Financial Security 200 Ave des Commandeurs Levis, QC Canada G6V 6R2

(418) 838-7800, Ext. 7028

COURSE 5 EDUCATION OBJECTIVES COMMITTEE

FAX (418) 838-7039

patricia.p@worldnet.att.net

rricci@djsfc.com

efree@sunlife.com

Linley Kay Baker Instructor of Mathematical Sciences Ball State University Math Sci Dept Muncie, IN 47306-0490 (765) 759-1109 markandlinley@mstar2.net

Vice-Chair -- Written Answer Roland Rose, FSA Associate Actuary Guardian Life Insurance Co 7 Hanover Square New York, NY10004 (212) 598-7922 FAX (212) 598-8659 Roland_Rose@glic.com

Ching-Chen Chen Actuary Metropolitan Life Insurance Co 600 Plaza II Harborside Financial Center Jersey City, NJ 07311 (201) 761-4737 FAX (212) 578-8306 Cchen1@metlife.com

Vice-Chair – Written Answer Francis B. Carberry Consultant Towers Perrin 111 Huntington Avenue Boston, MA 02199 617/638-3789 FAX 617/638-3999 Francis.Carberry@towersperrin.com

Eric Andrew Christensen Senior Actuarial Associate Principal Financial Group 711 High Street Des Moines, IA 50392-0160 (515) 248-4080 Christensen.eric@principal.com

Vice-Chair – Multiple Choice Edward J. Freeman, FSA Sun Life of Canada SC4385 One Sun Life Executive Park Wellesley Hills, MA 02481 (781) 446-1330 FAX (781) 304-5312

Dawn L. Ghiorse 10 Pratt Street South Grafton, MA 01560 dlghiorse@charter.net

SOA Staff Liaison: Judy Powills

Toby A. White Visiting Lecturer University of Washington Dept of Statistics Padelford Hall Seattle, WA 98195 (206) 328-4519 toby@stat.washington.edu

SOA Staff Liaison: Judy Powills

7/22/2004

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COURSE 6 EXAMINATION OFFICERS

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Chairperson Donna L. Mann-Campbell, FSA

Chairperson Patricia Pruitt, FSA U.S. Railroad Retirement Board 844 N. Rush Street, Ninth Floor Chicago, IL 60611-2092 (312) 751-3392 FAX (312) 751-7136 patricia.p@worldnet.att.net

Mercer Oliver Wyman BCE Place, 161 Bay Street PO Box 501 Toronto ON M5J 2S5 Canada (416) 868-7061 dmanncampbell@mow.com

FAX (416) 868-7002 Michel Rochette AVP Risk Management ING US Financial Services 1475 Dunwoody Dr. West Chester, PA 19380 610-425-4229 FAX 610-425-3310 michel.rochette@us.ing.com

Co-Vice Chairperson Lucio Fortunato, FSA Manulife Financial East Tower 6 200 Bloor Street East Toronto, O M4W 1E5 (416) 926-3188 FAX (416) 926-5775 lucio_fortunato@manulife.com

SOA Staff Liaison: Judy Feldman Anderson

Co-Vice Chairperson Amhlaoibh Lynch Assistant Vice President Manufacturers Life Ins. Co 200 Bloor Street East Toronto, ON Canada M4W 1E5 416-926-3324 FAX 416-415-7843 Amhlaoibh_Lynch@manulife.com Co-Vice Chairperson Robert David McKenzie Manufacturers Life Ins Co 200 Bloor Street East Toronto, ON Canada M4W 1L8 416-926-3000 x2562 FAX 416-926-3438 Robert_McKenzie@manulife.com Co-Vice Chairperson Brent Rutherford, FSA BMO Life Insurance Company 55 Bloor St. West, 15th Floor Toronto, ON M4W 3N5 (416) 927-3603 FAX (416) 927-5280 Brent.Rutherford@bmo.com

SOA Staff Liaison: Judy Feldman Anderson

7/22/2004

COURSE 6 EDUCATION OBJECTIVES COMMITTEE

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COURSE 7 EXAMINATION OFFICERS

COURSE 7 EDUCATION OBJECTIVES COMMITTEE

Chairperson Mayer F. Kahn, FSA, MAAA Ohio National Financial Services One Financial Way Cincinnati, OH 45242 513-794-6820 FAX (513) 794-4522 Mayer_kahn@ohionational.com

Chairperson John I. Mange, FSA, MAAA Health Reinsurance Management Partnership 5 Hutchinson Drive Danvers, MA 01923 (978) 762-9780 FAX (978) 762-4767 jmange@hrmp.com

Vice-Chairperson Louis Marie Houde, FSA, FCIA Autorite des marches financiers Place de la Cité 2640, boulevard Laurier, 8éme étage Sainte-Foy Quebec G1V 5C1 Canada (418) 525-0558 x2378 FAX (418) 528-0835 louis.marie.houde@lautorite.qc.ca

Stephen J. Strommen, FSA Northwestern Mutual 720 East Wisconsin Avenue Milwaukee, WI 53202 (414) 665-1944 FAX (414) 665-5715 stevestrommen@northwesternmutual.com Henry B. Ramsey III, FSA Prudential Insurance Company 213 Washington Street NJ-02-13-04 Newark, NJ 07102-2992 (973) 367-1347 FAX (973) 799-0006 hank.ramsey@prudential.com

Vice-Chairperson Brett Roush Trustmark Insurance Co 400 Field Drive Lake Forest, IL 60045 847-283-2595 FAX 847-283-2595 Brett.roush@trustmarkinsurance.com Vice Chairperson Heather Waldron Aetna 151 Farmington Avenue RT 11 Hartford, Ct 06156 860-273-2753 WaldronH@aetna.com

Robert G. Utter, FSA, FCIA 2555 Hull Avenue Des Moines, IA 50317-6015 (515) 266-4751 FAX (515) 266-4751 robertutter@mshsi.com Thomas N. Herzog Chief Actuary US Dept of Housing & Urban Development 470 L'Enfant Plaza East SW Room 3119 Washington, DC 20026-0800 thomas_n._herzog@hud.gov

FAX 860-273-0066

SOA Staff Liaison: Judy Powills

7/22/2004

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COURSE 8 FINANCE EXAMINATION OFFICERS

COURSE 8 INVESTMENTS EXAMINATION OFFICERS

Chair, Course 8 Finance Lori L. Helge, FSA Tillinghast-Towers Perrin 200 West Madison St., Ste 3100 Chicago, IL 60606-3414 (312) 609-9505 FAX (312) 609-9393 lori.helge@towersperrin.com

Chairperson, Course 8 Investments Charles L. Gilbert, FSA Nexus Generations 243 Ridge Road West Aurora, ON L4G 3G8 (905) 841-9642

Vice Chair, Course 8 Stephen Zaharuk, FSA Vice President/Senior Analyst Moody’s Investors Service 99 Church St. New York, NY 10007 212-553-1634 FAX 212-553-4805 Stephen.zaharuk@moodys.com

Vice Chair, Course 8 Investments Shyh-Gene Cherng, FSA Social Security Administration 6401 Security Blvd., 760 Altmeyer Bldg Baltimore, MD 21235 (410) 965-3027 FAX (410) 966-2658

cgilbert@aci.on.ca

Gene.Cherng@ssa.gov Vice Chair, Course 8 Investments William P. Lonergan, FSA Nationwide Financial Services One Nationwide Plaze Columbus, OH 43215 (614) 677-6627 FAX: (614) 249-6883

Vice Chair, Course 8 Kip F. Headley, FSA

Nippon Life Insurance Co. of America 521 5th Ave., Fifth Floor New York, NY 10175 phone: 212-909-9866 k-headley@nlia.com

lonergw@nationwide.com

FAX (212) 681-3525

Vice Chair Course 8 Investments

Vice Chair, Course 8 Marc N. Altschull, FSA Tillinghast-Towers Perrin One Alliance Center 3500 Lenox Road Suite 900 Atlanta, GA United States of America 303264238 (404) 365-1553

Charles V. Ford Aviva Life Insurance Co Newport Office Park 108 Myrtle Street, Q06-03 North Quincy, MA 02171 617-405-6084 FAX 617-405-6016 cford@avivausa.com FAX (404) 365-1663

SOA Staff Liaison: Judy Feldman Anderson

marc.altschull@towersperrin.com

SOA Staff Liaison: Judy Feldman Anderson

7/22/2004

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COURSE 8: FINANCE AND INVESTMENT EDUCATION OBJECTIVES COMMITTEE Marsha Wallace 12011 Weddington St. Valley Village, CA 91607 818-763-219 FAX 818-720-6545 wallaceMarsha@msn.com

Chairperson Josephine Elisabeth Marks, FSA, FCIA, CFA Senior Vice-President, Investment Management & Chief Investment Officer Hospitals of Ontario Pension Plan (HOOPP) 1 Toronto Street, Suite 1400 Toronto, Ontario Canada 416-350-4805 FAX:416-842-9041 jmarks@hoopp.com

Michael I. Wiesner Associate Principal Buck Consultants Inc 500 Plaza Drive Secaucus, NJ 07096-1533 (201)902-2530 FAX (201)902-2450 weisnerm@buckconsultants.com

Frank G. Bensics, FSA Associate Professor Central Connecticut State University Marcus White Hall Math Department New Britain, CT 06050 (860) 832-2861 bensicsf@ccsu.edu

SOA Staff Committee Member: Michael Kaster SOA Staff Liaison: Judy Feldman Anderson

Boris Brizeli, FSA Consultant 477 Glencairn Avenue Toronto, ON Canada M5N 1V9 416-789-3536

b.brizeli@symbilitysolutions.com Catherine E. Ehrlich, FSA Swiss Re life & Health America 175 King Street West, 3D Armonk, NY 10504 914-828-8732 Catherine_Ehrlich@swissre.com Joseph Koltisko American International Group 70 Pine Street, 57th Floor New York, NY 10270 (212) 770-7863 FAX (212) 770-9982 joseph.koltisko@aig.com Gang Ma AEGON Institutional Markets 400 West Market Street, 9th Floor Louisville, KY 40202 502-560-3430 FAX 512-560-2036 GMa@aegonusa.com Julie Perks Sun Life Financial 150 King St. West, 5th Floor Toronto, ON Canada M5H 1J9 416-979-4810 FAX 416-971-9646 Julie.perks@sunlife.com or jperks@sympatico.ca

7/22/2004

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COURSE 8 GROUP LIFE AND MANAGED CARE EXAMINATION OFFICERS Chairperson Stella Ann Menard, FSA Standard Life Assurance Co 2045 Stanley Street Montreal, QC H3A 2V4 CANADA (514) 499-8758 FAX (514) 499-4465 stella-ann.menard@standardlife.ca Vice-Chair, Core David Tuomala, FSA Definity Health 1600 Utica Ave. S..

Suite 900 St. Louis Park, MN 55416 (952) 277-5652 FAX (952) 277-5502 david.tuomala@definityhealth.com Vice-Chair, Health and Group Life Extension Alexander Kogan, FSA American International Group One ALICO Plaza, 7th Floor 600 King Street Wilmington, DE 19801 (302) 594-2859 FAX (302) 571-9213 alex.kogan@aig.com Maureen A. Premdas Mercer Human Resource Consulting Sun Life Plaza II #2800 140 Fourth Avenue SW Calgary, AB Canada T2P 3N3 (403) 410-3304 FAX (403) 262-6646 Maureen.premdas@mercer.com Co-Vice-Chair, Managed Care Extension Richard C. Tash, FSA Director & Associate Actuary Anthem Blue Cross Blue Shield 220 Virginia Ave. IN22A-508 Indianapolis, IN 46204-3709 (317) 287-5687 FAX (317) 228-7005 richard_tash@aici.com Co-Vice-Chair, Managed Care Extension Stacey Muller, FSA Milliman USA 15800 West Bluemound Road, Suite 400 Brookfield, WI 53005 (262) 796-3490 FAX (262) 784-4116 stacey.muller@milliman.com SOA Staff Liaison: Judy Feldman Anderson

7/22/2004

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COURSE 8 GROUP LIFE AND MANAGED CARE EDUCATION OBJECTIVES COMMITTEE Chairperson Cheryl G. Allari, FSA Anthem Blue Cross Blue Shield 4361 Irwin Simpson Road, MB3-312 Mason, OH 45040-9498 (513) 336-2754 FAX (513) 872-8418 cheryl.allari@anthem.com

Jennifer D. Leazzo, FSA 8328 Deer Creek Ct. Grand Blanc, MI 48439 (810) 655-5366 jdleazzo@yahoo.com

Maryanne R. Rogers, FSA 9 Lanes End Weston, MA 02493 (781) 642-0810 FAX (781) 642-9593 maryannerogers@yahoo.com

Philip J. Barackman, FSA Gen Re Lifehealth 695 East Main Street Financial Center Stamford, CT 06901 (203) 352-3134 FAX (203) 328-5910 phil_barackman@gcr.com

David V. Smith, FSA National Teachers Association 4949 Keller Springs Road Addison, TX 75001-5910 (972) 532-2148

Linda Bronstein Anthem Blue Cross Blue Shield ME3-EXE 4361 Irwin Simpson Road Mason, OH 45040-9498 (513) 336-2731 FAX (513) 336-4400 linda_bronstein@aici.com

david.smith@ntalife.com.

FAX (972) 532-2194 SOA Staff Committee Member: Kara Clark SOA Staff Liaison: Judy Feldman Anderson

Marthe Cloutier, FSA Watson Wyatt Canada 600 boul. De Maisonneuve W., Bureau 2400 Montreal, Quebec H3A 3J2 (514) 985-3829 FAX (514) 844-4570 marthe.cloutier@watsonwyatt.com Robert G. Cosway, FSA Milliman USA 9255 Towne Centre Drive, Suite 900 San Diego, CA 92121-3042 (858) 558-8400 FAX (858) 597-0111 Bob.Cosway@milliman.com Isabelle Fournier Towers Perrin 1800 McGill College Ave 22nd Floor Montreal, QC Canada H3A 3J6(514) 982 9411 FAX (514) 982-9269 Isabelle.Fournier@towersperrin.com Paul E. Hansen, FSA Paul E. Hansen Inc. 1779 Braunwarth Circle Waconia, MN 55387 (952) 442-8822 phansen56@mchsi.com

7/22/2004

FAX (810) 655-4847

FAX (952) 442-8220

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COURSE 8: INDIVIDUAL LIFE AND ANNUITIES EXAMINATION OFFICERS

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Chairperson Brian L. Louth, FSA Vice President RGA Life Reins. Co of Canada 55 University Avenue Toronto, ON Canada M5J 2H7 (416) 682-0003 FAX (416) 777-9526

Chairperson Cheryl A. Krueger, FSA CNA Insurance Companies CNA Plaza Chicago, IL 60685 (312) 822-4297 Cheryl.Krueger@cna.com

blouth@rgare.ca

Thomas P. Kalmbach, FSA The Hartford Life Insurance Cos. 200 Hopmeadow Street Simsbury, CT 06070 (860) 843-7549 FAX (860) 843-5860 tom.kalmbach@hartfordlife.com

Vice Chair -- Case Study and Question Writing/ Kurt Guske Manager, Life Product Development Jefferson Pilot Financial 100 North Greene Street Greensboro, NC 27401 336/691-4500 ( FAX 336/335-2646 kurt.guske@jpfinancial.com

FAX

Sheryl M. Babcock, FSA Physicians Mutual Insurance Co..

2600 Dodge Street Omaha, NE 68131 (402) 930-2515 FAX (402) 930-2732 Sheryl.Babcock@pmic.com

Vice Chair – Marketing and Product Design Kristi J. Nelson, FSA Minnesota Life Insurance Company Assistant Actuary 400 Robert Street North 17-3677 St Paul, MN 55101-2098 (651) 665-3677 FAX (651) 665-3793

Vincent J. Granieri President Integrated Advantage Consultants, Inc 4865 Miami Rd. Cincinnati, OH 45243 (513) 272-7118 FAX (513) 272-7119 Vince@integratedadvantage.com

kristi.nelson@minnesotamutual.com Vice Chair, -- Pricing Nancy L. King, FSA Physicians Mutual Insurance Co. 2600 Dodge Street Omaha, NE 68131 (402) 633-1624 FAX (402) 930-2732 nancy.king@pmic.com

SOA Staff Committee Member: Narayan Shankar SOA Staff Liaison: Judy Feldman

Vice Chair -- Finance William J. Hauser, FSA Sun Life of Canada One Sun Life Executive Park, Area SC 3214 Wellesley Hills, MA 02481 (781) 446-1508 FAX (781) 235-0784 bhauser952@aol.com SOA Staff Liaison: Judy Feldman Anderson

7/22/2004

COURSE 8 INDIVIDUAL LIFE AND ANNUITIES EDUCATION OBJECTIVES COMMITTEE

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COURSE 8: RETIREMENT BENEFITS EXAMINATION OFFICERS

Chairperson William J. Gooden, FSA, FCIA Gooden & Kerr 505 Third Street SW, Ste. 250 Calgary, AB T2P 3E6 Canada (403) 263-5027 FAX (403) 264-4872

wgooden@goodenandkerr.com Vice-Chair, 8R-US Katharine Claire Currie, FSA Hewitt Associates LLC 201 South College Street Suite 1550 Charlotte, NC 28244 (704) 347-0100, Ext. 3429 FAX (704) 347-0757

kaci.currie@hewitt.com Vice Chair, 8R-C John R. Richards, FSA Vice President Avalon Actuarial Consulting 145 King Street West, Suite 1200 Toronto, ON M5H 1J8 (416) 777-9992, ext. 410 FAX (416) 777-1545 John.Richards@avalon.ca.

Vice Chair Tracey L. Delahey Consultant Mercer Human Resource Consulting BCE Place 161 Bay Street, P.O. Box 501 Toronto, ON Canada M5J 2S5 416-868-2860 FAX 416-868-0322 Tracey.delahey@mercer.com Vice Chair, James M. Forbush, FSA Fidelity Investments Actuarial and Consulting Group 26 Forest Street MF1B Marlborough, MA 01752 (508) 357-3641 FAX: (508) 263-3004 jim.forbush@fmr.com Acting Vice Chair Marcus H. Rafiee 14039 Timbergreen Dr Huntersville, NC 28078 (704) 947-9879 mhrafiee@hotmail.com SOA Staff Liaison: Judy Feldman Anderson

7/22/2004

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COURSE 8: RETIREMENT BENEFITS EDUCATION OBJECTIVES COMMITTEE Steven F. McKay, FSA Social Security Administration 6401 Security Blvd.

Room 4-N-29 Link Baltimore, MD 21235 (410) 965-3014 FAX (410) 966-2658 Steve.F.McKay@ssa.gov

Chairperson Pamela L. Marlin, FSA Consultant The McKeogh Company Four Tower Bridge, Suite 225 200 Barr Harbor Drive W. Conshohocken, PA 19428 (484) 530-0692 FAX (484) 530-0713 pam.marlin@mckeogh.com

SOA Staff Committee Member: Emily K Kessler SOA Staff Liaison: Judy Feldman Anderson

Jeffrey D. Clark, FSA Morneau Sobeco 1809 Barrington Street, Suite 701 Halifax, NS B3J 3K8 (902) 474-3256 FAX (902) 420-1932 jclark@morneausobeco.com Richard C. Fulljames, FSA Watson Wyatt Worldwide 1055 Washington Blvd.

Stamford, CT 06901 (203) 356-1220 rick.fulljames@watsonwyatt.com Kathryn A. Garrity, FSA KGarrityFSA@aol.com Eileen F. Luxton, FSA Mercer Human Resource Consulting BCE Place 161 Bay Street, PO Box 501 Toronto, ON Canada M5J 2S5 (416-868-2596 FAX 416-868-7555 eileen.luxton@mercer.com David L. Jakes, FSA Mercer Human Resource Consulting One Columbus, Suite 1100 10 West Broad Street Columbus, OH 43215-3475 (614) 227-5555 FAX (614) 224-7676 david.l.jakes@mercer.com

7/22/2004

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AMERICAN SOCIETY OF PENSION ACTUARIES

CANADIAN INSTITUTE OF ACTUARIES

Canadian Institute of Actuaries

800-150 Metcalfe Street Ottawa, Ontario K2P 1P1 Canada Phone: 613-236-8196 Fax: 613-233-4552

General Chair, E&E Committee, ASPA Michael Bain, ASA, EA, MAAA, MSPA President CMC 647 West Broadway Glendale, CA 91204 818-247-7900 AX 818-247-7277 bain@retireben.com

Chairperson, Committee on Education and Examinations: CIA: Liaison CIA Jim Doherty, FSA, FCIA Partner Ernst & Young Ernst &Young Tower.

TD Center, PO Box 251 Toronto, ON Canada M5G1J7 (416) 943-3847 FAX (416) 943-3796

Exam. Chair, E&E Committee, ASPA Representative for the EA Exams Howard L. Simon, FSA, MSPA, EA Aon Consulting 99 High Street Boston, MA 02110 617.457.4634 Howard.Simon@aoncons.com

jim.b.doherty@ca.eyi.com

Sally Jean Zavattari, FSPA, EA Actuarial Services Group 14200 Midway Road, Ste. 115 Dallas, TX 75244 (972) 387-9888 FAX (972) 387-9655 Sally@asgpension.com

Chairperson, Bilingualism Subcommittee Claude J. Pare, FSA, FCIA Senior Director, Saving Product Development Desjardins Financial Security One Complexe Desjardins South Tower, 19th floor Montreal, QC H5B 1E2 (514) 350-8700, poste 3284 Fax: (514) 285-1416 cpare@djsfc.com Translator, Course 1 Michel Rapin, FSA Office of the Superintendent of Financial Institutions 255 Albert Street, 12th Floor Ottawa, ON K1A 0H2 (613) 990-7971 FAX (613) 952-8219

mrapin@osfi.bsif.gc.ca Translator, Course 2 Mario Georgiev, FSA Optimum Reassurance Inc. 425 de maisonneuve Blvd. West, Suite 1200 Montreal, QC H3A 3G5 (514) 288-1900 FAX (514) 288-8099 mario.georgiev@optimumre.ca Translator, Course 3 Camil Lévesque, FSA Assurance-Vie Desjardins-Laurentienne Inc. 200 avenue des Commandeurs Levis, QC G6V 6R2 (418) 838-7243 FAX (418) 833-7217 camil.levesque@avdl.com Cont’d. on next page

7/22/2004

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CANADIAN INSTITUTE OF ACTUARIES – CONT’D.

Translator, Course 4 Marc-Andre Belzile, FSA, FCIA RGA Life Reinsurance Company of Canada 1010 Sainte-Catherine Street West Suite 1000 Montreal QC Canada H3B 3R8 514-985-5514 mbelzil@rgare.ca

Translator, ILA Course 8 Claude J. Paré, FSA, FCIA Senior Director, Saving Product Development Desjardins Financial Security One Complexe Desjardins South Tower, 19th floor Montreal, QC H5B 1E2 (514) 350-8700, poste 3284 Fax: (514) 285-1416 cpare@djsfc.com

Translator, Course 5 Claude J. Paré, FSA, FCIA Senior director, Saving Product Development Desjardins Financial Security One Complexe Desjardins South Tower, 19th floor Montreal, QC H5B 1E2 (514) 350-8700, poste 3284 Fax: (514) 285-1416 cpare@djsfc.com

Translator, Pension Course 8 Jean-Francois Girard, FSA, FCIA Towers Perrin 175 Bloor Street East South Tower Toronto, ON M4W 3T6 (416) 960-4460 FAX (416) 960-2819 Jean-Francois.Girard@towersperrin.com Translator, Finance Course 8 Pierre Lavigne, FSA BCE Corporate Services 1000 rue de la Gauchetiére Ouest, Suite 401 Montreal, QC H3B 4Y7 (514) 870-1244 FAX (514) 786-7008 pierre.lavigne@bell.ca

Translator, Course 6 Claude J. Paré, FSA, FCIA Senior director, Saving Product Development Desjardins Financial Security One Complexe Desjardins South Tower, 19th floor Montreal, QC H5B 1E2 (514) 350-8700, poste 3284 Fax: (514) 285-1416 cpare@djsfc.com

Translator, Investment Course 8 Pierre Lavigne, FSA BCE Corporate Services 1000 rue de la Gauchetiére Ouest, Suite 401 Montreal, QC H3B 4Y7 (514) 870-1244 FAX (514) 786-7008 pierre.lavigne@bell.ca

Translator, Course 7 Claude J. Paré, FSA, FCIA Senior director, Saving Product Development Desjardins Financial Security One Complexe Desjardins South Tower, 19th floor Montreal, QC H5B 1E2 (514) 350-8700, poste 3284 Fax: (514) 285-1416 cpare@djsfc.com Translator, Group Course 8 Denis Morcel, FSA Sun Life Assurance Co. of Canada 1155 Metcalfe St., 3rd Floor Montreal, QC H3B 2V9 (514) 866-2757 FAX (514) 954-3685 Denis_Morcel@sunlife.com

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CASUALTY ACTUARIAL SOCIETY Syllabus Chairperson, CAS Edward C. Stone, FCAS Mercer Risk Finance & Insurance 1717 Arch Street 27th Floor Philadelphia, PA 19103 (215) 982-4390 FAX: 215-982-4601 ted.stone@mercer.com

CAS General Officer, Courses 1 & 2 Thomas G. Myers, ASA, FCAS, MAAA Vice President, Product and Distribution High Point Safety and Insurance Management Company 23 Main St. Mailstop D1-42 Holmdel, NJ 07733 (732) 946-5635 FAX (732) 946-6020 thomas.myers@highpointins.com

Education Policy Chairperson, CAS Jeanne E. Swanson Associate Actuary Liberty Mutual Group 175 Berkeley Street, Dept. 02522 Boston, MA 02117 (617) 574-6691 FAX: (617) 574-5558 jeanne.swanson@libertymutual.com

CAS General Officer, Courses 3 & 4 Russell Frank, FCAS SCOR Reinsurance Company One Pierce Place Suite 600 Itasca, IL 60143-4049 (630) 775-7353 FAX (630) 775-0846 rfrank@scor.com

JOINT BOARD FOR THE ENROLLMENT OF ACTUARIES

Vice President Admissions (E&E), CAS Thomas G. Myers, ASA, FCAS, MAAA Vice President, Product and Distribution High Point Safety and Insurance Management Company Holmdel, NJ 07733 (732) 946-5635 FAX (732) 946-6020 thomas.myers@highpointins.com

Joint Board for the Enrollment of Actuaries Internal Revenue Service SE:OPR 1111 Constitution Avenue, NW Washington, D.C. 20224 Executive Director Patrick McDonough Fed Ex: c/o IRS - JB, IRS, C:AP:P 1111 Constitution Avenue, NW Washington, DC 20224 c/o Department of the Treasury Mail: 1111 Constitution Avenue, NW Washington, DC 20224 (202) 622-8225 FAX 202-622-8300

Examination Chairperson, CAS Richard P. Yocius, FCAS Allstate Insurance Company 2775 Sanders Road Northbrook, IL 60062-6127 (847) 402-3497 FAX (847) 326-6423 ryocius@allstate.com

patrick.mcdonough@irs.gov

J. Thomas Downey Manager, Admissions Casualty Actuarial Society of Actuaries 1100 North Glebe Rd., Suite 600 Arlington, VA 22201 703-276-3100 FAX 703-276-3108 tdowney@casact.org

Management Analyst Gloria Walker Joint Board for the Enrollment of Actuaries IRS (SE:OPR) – Dept. of Treasury 1111 Constitution Avenue, NW Washington, DC 20224 (202) 622-8280 FAX 202-622-8300

Bob Craver Examinations Coordinator Casualty Actuarial Society of Actuaries 1100 North Glebe Rd., Suite 600 Arlington, VA 22201 703-276-3100 FAX 703-276-3108 bcraver@casact.org

Chairperson Paulette Tino, ASA Internal Revenue Service, Room 2551 Pension Actuarial Board CP:E:EP:A:2 1111 Constitution Avenue, NW Washington, DC 20224-0001 (202) 622-7192 FAX (202) 622-6856 Home (202) 362-4457

Chairperson Martin Pippins, EA, MAAA Internal Revenue Service 1111 Constitution Avenue NW T:EP:RA:T:A2 Washington, DC 20224-0001 202-622-7863 FAX 202-622-6856 7/22/2004

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martin.l.pippins@m1.irs.gov

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ADVISORY COMMITTEE (JBEA)

ENROLLED ACTUARY (EA) EXAMS –2004

Chairperson (EA-1) Eric B. Feinstein, FSA, EA Ascension Health 11775 Borman Dr. St. Louis, MO 63146 (314) 733-8648 FAX: (314) 733-8581 efeinstein@ascensionhealth.org

Advisory Committee Coordinator (Chair) Carl Shalit, FSA, MAAA, MSPA, EA Carl Shalit & Associates, Inc. 65 Congress Street Salem, MA 01970 (978) 745-9939 FAX (978) 745-9949 cshalit@juno.com

Vice Chair Andrew William Ferguson, FSA, EA Altman and Cronin 160 Sansome St., 5th Floor San Francisco, CA 94104 (415) 395-7498 aferguson@altmancronin.com

Advisory Committee (SOA Rep.) Patricia A. Rotello, FSA PricewaterhouseCoopers LLP Kwasha HR Solutions 500 Frank W. Burr Blvd Glenpointe Centre West Teaneck, NJ 07666-6802 (201) 530-2020 FAX (201) 530-2323 Patricia.rotello@unifi.com

Chairperson, (EA-2A) David M. Ziegler, EA 13664 Bayberry Place, Unit 401 Centreville, VA 20121 ZieglerDavidM@aol.com

Advisory Committee (SOA Rep.) Bruce Anthony Cadenhead, FSA, MAAA, EA William M. Mercer Incorporated 1166 Avenue of the Americas New York, NY 10036-2708 (212) 345-7257 FAX (212) 345-7413

Co-Vice Chair Steven E. Ruiter Consultant Mercer Human Resource Consulting 600 University Street, Suite 3200 One Union Square Seattle, WA 98101-3137 206-808-8538 FAX 206-382-0627 Steve_ruiter@mercer.com Co-Vice Chair Evelyn S. Vlasak Consulting Actuary Florida Dept of Financial Services Office of Insurance Regulation 200 East Gaines Street Tallahasse, FL 32399 850-414-2778 FAX 850-922-5167 vlasakte@nettally.com Chairperson, (EA-2B) Arthur L. Conat, ASA Ernst & Young LLP 233 South Wacker Drive Chicago, IL 60606-6301 (312) 879-2105 art.conat@ey.com Vice Chair Michael L. Pisula Actuary The Phoenix Benefits Group Inc. The Allegheny Building, Suite 1001 429 Forbes Avenue Pittsburgh, PA 15219 412-434-7471 FAX 412-434-7475 mpisula@msn.com

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AMERICAN COLLEGE TESTING PROGRAM

Director Charles S. Kunce American College Testing Prof. and Occupational Programs Dept.

2201 North Dodge Street P. O. Box 168 Iowa City, IA 52243 (319) 337-1193 FAX (319) 337-1551 Home Director, Research/Psychometric Services Judy Spray American College Testing Prof. and Occupational Programs Dept.

2201 North Dodge Street Iowa City, IA 52243 (319) 337-1444 FAX (319) 337-1551 or 339-3020 Home Program Manager Wayne P. Fisher American College Testing Contract Services Department 2255 N. Dubuque Rd., Tyler Bldg P.O. Box 168 Iowa City, IA 52243 (319) 337-1247 FAX (319) 337-1122

fisher@act.org wayne.fisher@act.org

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SOCIETY OF ACTUARIES

President Neil A. Parmenter, FSA, FCA, EA 3021 38th St. Des Moines, IA 50310-4616 (515) 255-6966 FAX (515) 279-2501 nparmenter@soa.org

Judy F. Anderson, FSA - Staff Fellow Actuarial Education (847) 706-3590 janderson@soa.org Leslie Fausher - CSGI Administrator

Executive Committee - E&E Dale H. Yamamoto , FSA, EA, MAAA, FCA Hewitt Associates LLC 100 Half Day Road Lincolnshire, IL 60069 847-295-5000 FAX 847-575-3627 Dale.yamamoto@hewitt.com

Doreen Tan - Professionalism Education Administrator (847) 706-3561 dtan@soa.org Brett Rogers - Registrar/E&E Analyst (847) 706-3586 brogers@soa.org

General Counsel Alan Lazarescu Vice President and Insurance Counsel Metropolitan Life Insurance Company New York, NY 10010 (212) 578-2428 FAX (212) 696-0541 Home Secretary (212) 578-2429

David Stangl - E&E Technical Analyst (847) 706-3508 dstangle@soa.org Lauara Kibiloski - Supervisor- Examination Services (847) 706-3589 Lhoward@soa.org

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KEY EDUCATION & EXAMINATIONS SOCIETY OF ACTUARIES STAFF

Judy Powills - Director of Assessment & Candidate Affairs (847) 706-3563 jpowills@soa.org

Society of Actuaries 475 North Martingale Road, Suite 600 Schaumburg, IL 60173 (847) 706-3500 FAX (847) 706-3599 Marta L. Holmberg, Ph.D. - Managing Director of Core Studies and Global Initiatives (847) 706-3580 Home (630) 325-5643 mholmberg@soa.org Martha Sikaras - Manager of Global Initiatives (847) 706-3596 msikaras@soa.org Sarah Phelps - Coordinator – Core Studies & Global Initiatives (847) 706-3574 sphelps@soa.org Gena Long - Course 7 Manager (847) 706-3582 glong@soa.org

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Course 6 Education Objectives Committee 2002 - 2003

This Committee is responsible for determining the course content and developing the study material for the Course 6 examination.

Patricia A. Pruitt, Chairperson Jay D. Franklin Michel Rochette Staff Liaison: Judy Feldman Anderson Back to Examination and Basic Education Committees Back to Committees & Task Forces

Course 6 Education Objectives Committee 2001 - 2002

This Committee is responsible for determining the course content and developing the study material for the Course 6 examination.

Patricia A. Pruitt, Chairperson Jay D. Franklin Michel Rochette Staff Liaison: Maryellen Hilderbrand Back to Examination and Basic Education Committees Back to Committees & Task Forces

Master Class in Quantitative Risk Management: Concepts, Techniques and Tools Oct. 11-13, 2006 Renaissance Chicago O’Hare Chicago, IL

CONTACT: MICHEL ROCHETTE, FSA Without a thorough knowledge of the mathematics and the models used to assess and manage risk, enterprise risk management remains a concept more than a practical approach to enhance the value of risk undertaking. Risk must not only be controlled but, in many cases, can help firms increase their value.

But in order to achieve that goal, risk professionals must understand the theoretical concepts and their applications to many of today's most relevant risk subjects. The purpose of this course is to serve a first course dedicated to this purpose.

A number of relevant topics were chosen, and the course will be based on well-renowned book written by two of the faculties, who will do the lectures. Participants will receive a copy of the book as well as the full presentations.

The first day of the course will build the mathematical foundation while the other two days will present risk models for certain types of risk and their applications and limitations.

This course will also allow ample time for participants to ask questions, interact with each other, and discuss relevant problems in the implementation of risk models.

This course is open to all risk professionals with a quantitative background. This course is part of the Society of Actuaries’ dedication to advancing the knowledge of enterprise risk management in the broader financial community and its upcoming new credential in the risk management field.

Course material: Textbook A.J.McNeil, R.Frey and P.Embrechts (2005) Quantitative Risk Management: Concepts, Techniques and Tools. Princeton UP.

Faculty Paul Embrechts Professor of Mathematics ETH Zurich Paul Embrechts is Professor of Mathematics at the ETH Zurich specialising in actuarial mathematics and quantitative risk management. Previous academic positions include the Universities of Leuven, Limburg and London (Imperial College). Dr. Embrechts has held visiting appointments at the University of Strasbourg, ESSEC Paris, the Scuola Normale in Pisa and the London School of Economics (Centennial Professor of Finance). He is an Elected Fellow of the Institute of Mathematical Statistics, Honorary Fellow of the Institute of Actuaries, Corresponding Member of the Italian Institute of Actuaries and is on the editorial board of numerous scientific journals. He belongs to various national and international research and academic advisory committees. He co-authored the influential books "Modelling of Extremal Events for Insurance and Finance", Springer, 1997 and "Quantitative Risk Management: Concepts, Techniques and Tools", Princeton UP, 2005. Dr. Embrechts consults for a number of leading financial institutions

and insurance companies, and is a member of the Board of Directors of companies in insurance and finance. For full details of his CV, see http://www.math.ethz.ch/~embrechts/CV-PE.html Ruediger Frey Assistant Professor for Finance Swiss Banking Institute, University of Zurich Ruediger Frey is currently assistant professor for Finance at the Swiss Banking Institute at the Faculty of Economics in the University of Zurich; however he is still active in the financial mathematics group at the mathematics department of the ETH (the Swiss Federal Technical University) in Zürich. His research interest is in financial economics, financial mathematics, financial risk management and related problems in probability theory and statistics. For a list of his publications, visit: http://www.math.ethz.ch/~frey/pub_list.html

Agenda Wednesday, October 11 7:30 – 8:30am

Registration and Continental Breakfast

8:30-10 am

QRM: The Nature Of The Challenge (MFE:Chapters 1-2) Faculty: Paul Embrechts Financial Risk in perspective; Extremes and dependence, loss distributions, and risk measures.

10:00-10:30 am

Coffee Break

10.30am – 12:00pm

Multivariate Models (MFE, Chapter 3) Faculty: Ruediger Frey Basic multivariate analysis; normal mixture models; elliptical models; generalized hyperbolic models; estimation and testing; dimension reduction techniques

12-1pm

Lunch

1:00 – 3:00pm

Copulas I (MFE Chapter 5) Faculty: Paul Embrechts Basics; beyond linear correlation, normal mixture copulas; Archimedian copulas; tail dependence; copula estimation and simulation.

3-3:30 pm

Coffee Break

3:30 - 5:30 pm

Copulas II (MFE Chapter 5) and Extreme Value Theory I (MFE Chapter 7) Faculty: Ruediger Frey, Paul Embrechts The Fischer-Tippett Theorem; the Generalised Extreme Value Distributions; the Block-maxima method, a first example.

6:30-8:30pm

Reception

Thursday, October 12 8:30-10 am EVT II (MFE Chapter 7) (RF) Threshold Models (MFE Chapter 7) Faculty: Paul Embrechts

The Pickands-de Haan-Balkema Theorem; the Generalised Pareto DIstributions; estimating tails and related risk measures (VaR, Expected Shortfall) 10-10.30 am

Coffee Break

10.30-12:00pm

Some Advanced EVT (MFE Chapter 7) Faculty: Ruediger Frey The POT method, Multivariate Extremes, Dynamic Models.

12-1pm

Lunch

1-3 pm

Operational Risk I Faculty: Paul Embrechts Applications to operational risk and links with insurance.

3-3:30 pm

Coffee Break

3:30-5:30 pm

Operational Risk II (MFE Chapter 10) Faculty: Paul Embrechts Total loss amount, tails of aggregate loss distributions, Poisson processes, Aggregation of Risk Measures

Friday, October 13 8.30-10 am

10-10:30 am

Introduction to Credit Risk (CR) (MFE Chapter 8) Faculty: Paul Embrechts Credit Risk modeling, structural models of default, threshold models.

Coffee Break

10:30-12:00pm

Mixture Models, Monte Carlo Techniques and Statistical Inference for Credit Risk I (MFE Chapter 8) Faculty: Ruediger Frey Models and their estimation.

12-1 pm

Lunch

1-3:00 pm

Mixture Models, Monte Carlo Techniques and Statistical Inference for Credit Risk II (MFE Chapter 8)

Faculty:TBD 3-3:30 pm

Coffee Break

3:30-5:30 pm

An Introduction to Credit Derivatives (MFE Chapter 9) Faculty: Ruediger Frey Credit Derivatives and mathematical tools

Registration Fee The registration fee includes reading materials, continental breakfasts, lunches, reception and refreshment breaks. Take advantage of EARLY BIRD REGISTRATION. Rates increase by $200.00 for registrations received by mail after 9/11/06. Please allow sufficient time for mailing. Registration is limited to 35 participants.

Before 9/11/06 After 9/11/06 Member of an Actuarial Organization………..………………….$2500...…………………$2700 All Others…………………………………………………………...$2500……………………$2700

Registration Procedures

You may register using three methods:

ONLINE: (credit card required) Received no later than Wednesday, October 4, 2006 At: link to come MAIL: Received no later than Wednesday, September 27, 2006 Mail your registration form with check payable to: Society of Actuaries Quantitative Risk Management 2006 P.O. Box 71293 Chicago, IL 60694 IN PERSON ON SITE: If you are unable to pre-register you may register at the on-site registration desk located at the Renaissance Chicago O’Hare beginning Wednesday, October 11, 2006 at 7:30 a.m.

If registering within five business days of the program, you are required to register on-site at the program. Please call the Society of Actuaries, Continuing Education Department at 847-7063540 to confirm space availability.

Full payment is required at the time of registration.

Cancellation Policy You may e-mail your cancellation requests to cancel@soa.org. All seminar cancellations and refund requests must be put in writing and received by the Society of Actuaries Customer Service Department no later than September 27, 2006. Society of Actuaries will refund the registration fee minus a processing fee of $100. Refunds will be issued in the same manner in which the original charge was made. Refunds to credit cards will only be issued back to the original credit card charged. Refunds will not be issued for requests received after September 27, 2006. For more information regarding cancellation and transfers, please visit www.soa.org, Meetings & Seminars, Registration Confirmation • Confirmations are e – mailed upon completion of registration.

• Please check your confirmation letter to make sure your information is correct.

Using your confirmation code, you may make changes to your registration until September 27, 2006.

HOTEL INFORMATION: The Westin New York Times Square 270 West 43rd Street New York, NY 10036 212/201-2700 Toll-free reservations: 888/627-7149 (U.S. and Canada) 212/201-2700 (All other regions) Room Rates (taxes not included):

$359 single or double occupancy (traditional room)

Cutoff date:

Wednesday, November 8, 2006

We have arranged for hotel reservations to be made by telephone. To reserve the rate quoted in the brochure, the following procedures should be completed: • Make your reservations by the cutoff date Wednesday, November 8) • Use the phone numbers quoted in this brochure and identify yourself as part of the Society of Actuaries Rooms are available at the rate quoted above as long as there are rooms remaining in the Society of Actuaries' block or until the cutoff date of November 8. After this date, rooms will be on a space and rate available basis.

Hotel Cancellation: A deposit, with a major credit card, equal to one night’s stay is required to hold each reservation. This deposit is refundable if notice of cancellation is received 72 hours prior to your scheduled arrival and a cancellation number is obtained. All deposits will be charged at the time the reservation is made. No show reservations will forfeit the full first night’s deposit.

Early Departures: All guests will be asked at check-in to verify their departure date. At that time you may change your departure date without penalty. An early departure fee may be charged to any guest who decides to depart before that verified date.

ATTIRE Business casual attire is appropriate for this seminar.

LOCATION & AIRLINE The Westin New York Times Square is located in the heart of Times Square, about nine miles or 40 minutes from LaGuardia. Typical taxi fare is $35. Kennedy International Airport is located about 15 miles or one-hour from the Westin New York Times Square. Typical taxi fare is $45.

Professional Development This seminar has been approved for 12 units of Professional Development credit. For additional information regarding professional development please visit the SOA website.

Quantitative Risk Mana geme nt

Registrations Received BY 09/11/06

Registrations Received AFTER 09/11/06

ο Member of an Actuarial Organization …………….…$2500………………….……$2700 ο Non Member……………………………………...……..$2500....…........……....…..$2700

Form of Payment 00-230043-00000-101 Total Enclosed___________________ Check payable to the Society of Actuaries For registration using a credit card please register online at www.soa.org.

Click on Meetings/Seminars, Events, And Continuing Education Programs.

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___________________________________________________________

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_____________________________________________________________

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Complete the registration card and return with check to: Society of Actuaries, P.O.Box 71293, Chicago, IL 60694.

For registration using a credit card please register online at www.soa.org. Click on Meetings/Seminars, Events, And Continuing Education Programs.

Refund requests must be made in writing to the SOA by September 27, 2006. Payment is required at time of registration

Vol. 16, No. 9, May 2006

Bulletin Public positions from our profession

By Daniel Pellerin, BScAct, FCIA, FSA

I

t’s midnight, and Bob still can’t get to sleep.

A corporate restructuring has left him unemployed after 25 years of loyal service for a company that failed to keep pace with a very competitive environment. The severance pay is generous, payment of the commuted value of his benefits is providing a retirement cushion of sorts, the mortgage is almost entirely paid off and the kids have left home, so it’s not as though this is a catastrophe or anything. And yet... at age 50, Bob can’t afford such an early retirement. His accumulated assets have to keep growing, shielded from major capital losses.

Bob spent the day meeting with financial professionals who explained to him in great detail the relationship between risk and return, survival probabilities, risk aversion, the development of an investment policy, and historical data on Canada’s key financial indicators. He has all the available information with which to make an informed decision, but sleep continues to elude him. So what’s the problem? Being a mechanic by trade, he is far from well-versed in matters of wealth management and is in desperate search of a qualified professional to recommend a course of action.

Of course, Bob can retain the services of a financial planner, who will guide him in his decision making. But at a certain point in the process, this financial planner will make a recommendation, offer an opinion or take a position.

This type of situation, in which an uninformed individual requires the sage advice of a capable professional, occurs regularly and at various levels. However, it is becoming increasingly difficult to find professionals who are comfortable making recommendations or offering opinions. Corporate malfeasance, particularly in the world of finance, has necessitated a legal and regulatory framework that is so intimidating that fear of lawsuits is omnipresent in various professions. And the actuarial profession is no exception.

The above scenario seems fairly straightforward, but we could easily come up with other examples higher up the accountability chain: the pension committee of a defined benefit pension plan; the board of directors of an insurance company; a government agency managing a workers’ compensation program; a court of law tasked with determining fair value for a bodily injury; etc. In each of these examples, educating the parties and presenting the

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Canadian Institute of Actuaries President Charles C. McLeod President-elect Normand Gendron Immediate Past President Brian A.P. FitzGerald Secretary-Treasurer David J. Congram Board Editor Richard Bisson French Technical Reviewer Marc-André Brunet Executive Director Daniel Lapointe Special Contributors Ian Edelist Stephen Humphreys Gilbert Lacoste Daniel Pellerin Editor Brenda Warnes Assistant Editor Josée Racette Layout and Design Jean Levasseur Secretariat 800-150 Metcalfe St. Ottawa, ON K2P 1P1 Tel.: 613.236.8196 Fax: 613.233.4552 <secretariat@actuaries.ca> The Bulletin is an official publication of the Canadian Institute of Actuaries and is published monthly except for July and August. Subscription price is included in the annual CIA membership fee. Your comments and letters are welcomed. Opinions expressed are those of the author and not necessarily those of the Institute.

All contributions are subject to editing.

© Copyright 2006 ISSN 1180-3681 Document 206045

options remain key steps in the process. What will ultimately make the difference, though, is the ability to formulate a recommendation or an opinion that will allow the party or parties to move forward and achieve the desired comfort level.

I am convinced that the public interest is best served when the actuarial profession does not confine itself to merely presenting the options but goes so far as to advance a clear position. We have the needed skills and the right tools to quantify uncertain events and guide society toward the most reasonable and informed choices.

With that in mind, the CIA must expand its inventory of public positions so as to be able to influence societal debates and raise the profile of our profession. This inventory must cover a wide range of subjects of interest to the profession and offer clear strategies that can be employed in our public activities. This exercise will not always be easy, given our members’ differing approaches, but it is necessary in order to offer the public guidance on the complex issues facing our society.

There you have it: my impassioned plea as outgoing Chairperson of the Member Services Council!

The last two years have seen a raft of changes for this council, and I have had the privilege of assisting in this transformation alongside a devoted team of council members as well as Secretariat staff assigned to our area.

We have drastically pared down the number of committees and task forces in order to increase our efficiency. The main activities have been consolidated under the themes of “member services”, “research”, “communications”, “volunteer” and “public policy”.

A few committees manage these aspects of our activi-

ties, rounded out by task forces with more targeted, limited mandates. This allows for better use to be made of our volunteers’ valuable time.

The Secretariat has placed a greater emphasis on all aspects relating to communications, through the initiatives of our Executive Director, Daniel Lapointe, as well as those of the team led by Les Dandridge, our Director, Communications. There has been no shortage of ideas, and council members have had the pleasure of bandying them about. Topics have included the development of public policies and of a formal communications plan, the change in our logo, the review of our website, and faster production of our Proceedings – not to mention the opinion pieces, press releases, conferences and advertising aimed at promoting the profession.

We have focussed on other important issues as well, such as the use of electronic discussion lists, the possibility of proxy voting during general business sessions as part of the CIA’s Annual and General Meetings, and the debates surrounding Medicare. We are also developing a professional liability insurance program that will be presented soon.

Much remains to be done, and you can expect more news from our council. You can keep track of our activities through this Bulletin, the weekly announcements or the Members Section of our website.

In closing, it was a privilege for me to sit as a volunteer on the Member Services Council over the past five years, the past two spent as chairperson.

If there were times when this commitment proved somewhat demanding, I can assure you that it was never less than rewarding.

Daniel Pellerin, BScAct, FICA, FSA is the Chairperson of the Member Services Council.

What actuaries are saying

A

ctuaries are regularly quoted in the press, or contributing articles in various publications both nationally and internationally. The Communications Committee wants to recognize, in the Bulletin, members who are involved in these external communications initiatives and bring their efforts to the attention of the profession.

If you have been quoted in newspapers, or

interviewed on television or radio in the past two months, we would like to hear about it. If you have recently contributed an article for a magazine or journal, again, we want to know.

Please contact Les Dandridge, the CIA Director, Communications at <les.dandridge@actuaries.ca> with the details and he will ensure that the next edition of “What actuaries are saying” includes your information.

Vol. 16, No. 9, May 2006

International News

Update on International GAAP – New draft practice guidelines

By Stephen Humphreys, BSc, FCIA, FSA, MAAA

R

eaders may recall that in 2005 the International Actuarial Association (IAA) issued seven practice guidelines to assist actuaries in implementing IFRS 4 for insurance contracts, IAS 39 for financial instruments and IAS 18 for service contracts. Practice guidelines (or PGs) are similar to CIA educational notes and provide non-binding guidance to actuaries who are providing services in accordance with International Financial Reporting Standards (IFRSs).

On November 30, 2005 the IAA issued four more draft PGs for comment that cover: • Reinsurance • Business Combinations • Disclosure • Embedded Derivatives and Derivatives The task of developing all of the PGs has been difficult, as the accounting standards are sometimes confusing and ambiguous. The CIA comments to the IAA concerning the PGs have generally been positive and encouraging and recognize the importance of the IAA initiative.

The Task Force on IAA Insurance Standards, which is chaired by Lesley Thomson, reviewed the four more recent draft PGs earlier this year.

All of the PGs and the CIA responses (along with responses from other actuarial organizations) can be found on the IAA website at: <www.actuaries. org/INDEX.CFM?DSP=LIBRARY&ACT=STANDAR DS&LANG=EN>.

The task force has two general concerns about the four most recent draft PGs:

• A main focus is to explain the accounting standards to actuaries, and as a result there is relatively little actuarial content.

• Actuaries are not the only practitioners working under IFRSs. If the PGs apply only to actuaries, then divergent practices might arise within the industry.

The task force recommended that the guidance be released by the IASB rather than as IAA guidance.

The Reinsurance PG covers classification, recognition, and measurement issues such as prudence (or margins for adverse deviation), impairment of reinsurance assets, and loss adequacy testing. It also covers identification of derivatives, unbundling and disclosure for reinsurance. There are some controversial issues with the way in which IFRS 4 treats reinsurance, and in each case the PG provides a valuable discussion and explanation.

For example, IFRS 4 requires that reinsurance be disclosed separately in the financials and not netted against gross amounts. It is a general principle that assets and liabilities be measured consistently.

Therefore, including prudence in the measurement of the liability suggests increasing the asset to offset.

However, there is also a general accounting principle that does not allow increasing assets for prudence.

The PG suggests that one way to deal with this conflict is to include prudence on a net basis in the liability, and to exclude prudence from the measurement of the reinsurance asset. The PG also points out that there is no outright prohibition in IFRSs to increasing the reinsurance asset for prudence.

The Business Combinations PG describes the general process of accounting for business combinations.

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It covers topics such as measuring and allocating the cost of the business combinations, intangible assets, goodwill, and deferred taxes.

The Disclosure PG focuses on disclosures regarding insurance risk and has a comprehensive discussion concerning disclosure of: • sensitivity analysis, • concentration of risk, • claims development, • changes in assets and liabilities, • contractual and/or constructive links between assets and liabilities, • information about expected changes in risk exposure, • risk management, • interest rate risk and credit risk inherent in insurance contracts, and • interest rate risk and market risk inherent in embedded derivatives not reported at fair value.

Appendix A provides a useful list of information that might be disclosed.

Derivatives are a difficult subject. The Derivatives PG focuses on determining when an embedded derivative must be measured separately from the host contract and examines related disclosure requirements. It also provides some guidance for the measurement of the embedded derivative and of the remaining components of the host contract. The task force concluded that the current draft is too complex for educational guidance and recommended that it be revised and re-exposed.

The responses to the four draft PGs and the next steps will be discussed at the IAA Council Meeting in May. Stephen Humphreys, BSc, FCIA, FSA, MAAA, is a member of the International Relations Committee and a member of the IAA Accounting Standards Drafting Team.

What are actuaries thinking?

L

ast issue, we launched a new column in the Bulletin aimed at finding out what actuaries are thinking on a variety of topics. The first topic focused on retirement age. We asked several questions of 50 randomly-selected members via an e-mail survey.

The typical respondent to the survey was a man (88%) almost 44 years of age (the age ranged from 26 to 60; average: 43.8; median: 46), who lives in Ontario (58.8%) and whose area of practice is pensions (47%). Let’s call him Paul.

Paul believes that the retirement age for Canadians should be 65.9 years old. Paul considered many factors in coming up with this figure. At that age, one is old enough to have accumulated sufficient wealth to live comfortably after retirement, old enough to be ready to slow down, and young enough to be able to enjoy many years of retirement before health issues slows one down.

He also knows that some people will want to retire earlier than others; some will have to retire due to the physical demands of their job, and some will

choose never to retire but will find other interesting endeavours.

Even though the average life expectancy increases, people want to stop working earlier and enjoy retirement life. He doesn’t think that Canadians would accept an increase in the retirement age, and if it is decreased there might not be sufficient funds available for them to enjoy their non-working years.

Paul plans to retire at around 60 years old.

Next question In the next few days, 50 members will be receiving a short survey on the following question: Should the profession be using its demographic expertise to comment on costs and approaches to child care?

If you have something to say about this question, you don’t have to wait to see if you are among the 50 members being surveyed. Send your comments to Les Dandridge, Director, Communications at <les. dandridge@actuaries.ca>.

Vol. 16, No. 9, May 2006

Highlights from the 2006 Stochastic Modeling Symposium and Investment Seminar

by Gilbert Lacoste, BSc, FCIA, FSA

I

f you weren’t in Toronto this past April 3rd and 4th, you missed out on the 2006 Stochastic Modeling Symposium and Investment Seminar.

But missing out on the symposium and seminar doesn’t mean you have to miss out on all of the excellent papers and investment topics that were presented.

It was a great event, organized by the Canadian Institute of Actuaries’ (CIA) Committee on Investment Practice. The symposium received the full support and sponsorship of The Actuarial Foundation of Canada and a number of SOA sections, namely the Financial Reporting Section, the Investment Section and the Risk Management Section. It was also co-sponsored by the Casualty Actuarial Society.

Various events throughout the symposium were made possible, in part, by generous financial contributions from various corporate sponsors, which included Barclays Global Investors, Mercer Oliver Wyman, Tillinghast and Valani Consulting.

The event kicked-off with a welcoming reception on the evening of April 2nd. The symposium and seminar got right down to business the next morning and started on a great footing with the special announcement that one of its members, Phelim Boyle, was named Financial Engineer of the Year by the International Association of Financial Engineers.

The event covered a lot of ground over the next two days. One hundred and sixty-one attendees gathered in Toronto for the opportunity to see, hear, learn and question the authors of 22 excellent papers, all addressing some aspect of stochastic modeling as well as timely and interesting investment topics.

Like the previous 1999 and 2003 Stochastic

Modeling Symposia that were also held in Toronto, this event brought together academics and practitioners. In fact, of the 22 papers presented, nine were authored by academics, five by practitioners and eight by both academics and practitioners. There is a lot that each can learn from the other, and the Stochastic Symposium and Investment Seminar is a great forum for these exchanges. Even during the refreshment breaks there were a lot of ideas being shared, lots of contacts being rekindled, and many new ones being formed.

Clearly, interest in stochastic modeling is high.

We all know that when built and used carefully, stochastic models can be extremely powerful tools in shedding light on the potential financial implications of today’s increasingly complex pension, insurance and wealth accumulation products. Without stochastic models, one is often left speculating on the possible outcomes.

The CIA and the Office of the Superintendent of Financial Institutions (OSFI) have both realized the power of stochastic modeling. OSFI based the capital requirements (MCCSR) for segregated fund guarantees on the results of stochastic modeling and, subject to some conditions, permits companies to use their own internal models to set liabilities and capital for these products. OSFI sees stochastic modeling as a critical part of a company’s risk management infrastructure. The CIA, for its part, encourages the use of stochastic models for the valuation of a wider range of products by including stochastic models as an alternative to the general Canadian Asset Liability Method (CALM) valuation process.

The papers presented covered a variety of topics ranging from choosing appropriate equity, interest rate and credit models, and calibration parameters

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to optimal and efficient techniques and methodologies in valuing and managing associated risks. These practical applications were demonstrated in many areas of practice and products.

Guarantees • Thomas S.Y. Ho: Thomas Ho Company Ltd., Sang Bin Lee & Yoon Seok Choi: Hanyang University – Practical Considerations in Managing Variable Annuities •Joonghee Huh: Merrill Lynch Commodities Inc., Adam Kolkiewicz: University of Waterloo – Efficient Computation of Multivariable Barrier Crossing Probability and its Applications in Credit Risk Models •Martin le Roux: ING Institutional Markets – A Long-Term Model of the Dynamics of the S&P 500 Implied Volatility Surface The Investment Seminar continued its annual tradition of exposing registrants with timely and interesting investment topics. A financial primer to demystify the various financial engineering “buzz” words was presented by none other than Thomas Ho of the Thomas Ho Company. Presentations and applications of various aspects of a performance measurement and management framework were discussed from both an insurance and pension point of view, as well as the various sources of added-value Six recipients receive the honours for “Outstanding Paper Awards.” and associated strategies for both market Back Row (left to right): Hon-Kwok Fung, Martin le Roux, Joonghee Huh, Thomas S.Y. Ho, Ken Seng Tan, and Michel Rochette. and non-market risks.

Front row (left to right): Ronald Harasym, Mary Hardy, and Christian-Marc Panneton.

Now, if you weren’t at the event and don’t know someone who was, you might wonder how you could get your hands on these excellent papers and presentations. Well, you’re in All of the papers presented had been scrutinized luck – it’ s not too late. In fact, all 22 papers and by a scientific review committee consisting of both investment topics are now available on the CIA academics and practitioners. It would be fair to say website at <www.actuaries.ca/meetings/stochasticthat all 22 papers were of high quality. The review investment/2006/material_e.cfm>. And next time, committee initially identified a number of papers come out and join the crowd, meet people with deserving special mention. With the help of the prize similar interests, and learn more than you could committee, six papers were honoured as “Outstandfrom just reading the papers. Also, it’s a great break ing Paper Awards” and rewarded with $3,000 cash away from the office! prizes. The cash prizes were made possible due to the generous contributions of our non-corporate Stochastic modeling has changed our lives and sponsors. The winning authors (in alphabetical it is here to stay. Actuaries will find its applications order) and the paper titles are as follows: are also growing in number, so the Committee on Investment Practice is planning to hold another • Jun Cai & Ken Seng Tan: University of Waterloo Stochastic Modeling Symposium in two or three – Optional Retention for Stop Loss Reinsurance under years. I would like to encourage everyone working the VaR and CTE Risk Measures with stochastic models to consider submitting a • Hon-Kwok Fung & Leong Kwan Li: Hong Kong paper for the next symposium. If enough of us do Polytechnic University – Valuation of Equity Inthat, the next symposium could be even better than dexed Annuities when Interest Rates are Stochastic the one we just had.

• Mary R. Hardy, R. Keith Freeland & Matthew Gilbert Lacoste, BSc, FCIA, FSA, is a member of the Committee C Till: University of Waterloo – Validation of on Investment Practice.

Long-Term Equity Return Models for Equity-Link

Vol. 16, No. 9, May 2006

Actuarial communications – An oxymoron?

By Ian Edelist, BScAct(Hons), FCIA, FSA

T

he Communications Committee is a new entity created by the Member Services Council. Four CIA members with different actuarial backgrounds are its charter members.

Our mandate is to “Support the Communications Director with his responsibilities with advancing all internal and external communication matters of the Institute” and to “Recommend initiatives and programs related to communications issues and support the implementation of initiatives and programs approved by the Member Services Council.”

How can our committee fulfill its mandate?

Let’s answer that question by reviewing three strategic goals of the CIA: 1. To contribute meaningfully to public policy 2. To increase the positive profile and influence of the actuarial profession 3. To enhance the demand for actuaries With these goals in mind, the committee has provided input to Communications Director, Les Dandridge’s communications plan. This plan will focus on a number of politically and socially relevant topics such as health care, pension, and branding the profession. It will also feature a careers information initiative and a proposal to participate in the next federal budget.

To date, here’s what the committee has been working on: Advocacy – When an issue arises within the actuarial domain that has received the attention of government or the media, the CIA can draw upon its Public Positions to provide a response. The Public Positions have been developed and approved by due process and are stances that CIA members can

utilize when needed. For example, we have Public Positions covering: • Pension Vision • Actuarial Science and Medicare • Automobile Insurance Pricing, and • Oversight of the Actuarial Profession.

Our committee will seek ways to share our Public Positions externally through submissions to government and by informing the media. Our Public Positions can be found on the CIA website under the Advocacy menu.

We also want to highlight what actuaries are saying by compiling articles, media quotes and other actuarial sightings in the Bulletin and on our website.

We can then point our public and the media to the issues that have actuaries talking.

Spokeperson Pool – Most actuaries agree that we can contribute meaningfully to the health care, pensions and insurance debates that wax and wane in our country. Sometimes we have problems finding an actuary to speak to media or governments on these important issues. Our committee is forming a pool of actuaries from which the CIA can draw on to speak when a burning issue arises.

For example, we would like an actuary to be present in Ottawa when the federal government releases its budgets. The actuary will be responsible for providing an actuarial perspective to the press on how the budget affects health care and pensions.

Connections Breakfast – One obstacle that we face is that some actuaries seem to think that taking a stance on such issues can only cause the profession to appear biased or self-serving. On the other hand, the CIA strategy takes the view that it is difficult

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Bulletin of the Canadian Institute of Actuaries

to serve the public well without contributing to important debates and increasing our public profile.

If we remain silent, others will fill the void and we will have to live with the results. We think it’s time for actuaries to deal with this concern in a way that will let us move forward in achieving the Institute’s strategic objectives. At the June Annual Meeting in Ottawa, we will host a breakfast roundtable to discuss the question of what our communications approach should be in public policy matters.

Communication Review – Our committee is asked to review specific communications pieces and advertising copy from time to time. During the recent federal election, our committee was asked to review a questionnaire sent to each of the political parties.

The questionnaire asked the parties about their views on issues such as establishing an independent Chief Actuary, reforming workplace pensions and improving health care financial management.

Not only do we devote energy to improving external communications, we are also looking at internal communications.

Our committee has identified a few internal communications initiatives to focus on over the next year, including:

1. Re-introducing the CIA website to our members.

You may have noticed that included in the CIA’s weekly announcements has been a message giving some interesting information about the website and the three most used webpages during a period of time.

2. Taking the pulse of our membership through monthly surveys. The CIA has started a series of articles in the Bulletin aimed at finding out what actuaries are thinking on a variety of issues. The April 2006 Bulletin introduced the first topic on retirement age. Electronic surveys were sent to 50 randomly-selected members to get their thoughts. The second question appears elsewhere in this Bulletin.

3. Encouraging discussion via the General listserver or the discussion boards.

Any input you have on the CIA’s communications initiatives would be appreciated. You can always drop one of the committee members a line to give your comments: Michael Hale, Louis Adam, Chris Townsend or Ian Idelist.

Ian Edelist, BScAct(Hons), FCIA, FSA, is a member of the Communications Committee.

Announcements The following announcements were sent to the CIA Announcements listserver during the month of April 2006.

2006 Elections – Candidates for President-elect Position statements and biographical data for the three candidates for the position of the CIA President-elect for 2006 can be found on the 2006 Elections webpage (in Quick Links on the Members Site). The order in which the statements and data appear has been randomly selected. Please note that all Fellows will be able to cast their votes electronically in the Members Section of the CIA website beginning May 11, 2006. <www.actuaries. ca/members/security/index_e.cfm>. Contact: Mike Lombardi, Chairperson, Elections Committee at <mike.lombardi@towersperrin.com>.

Technical Amendments to the Standards of Practice The Standards of Practice Editing Committee has proposed, and the Practice Standards Council has

approved with an effective date of May 1, 2006, revisions to the current: General Standards, Part 1000; Practice-Specific Standards for Pension Plans, Part 3000; Practice-Specific Standards for Public Personal Injury Compensation Plans, Part 5000; Post-Employment Benefit Plans, Part 6000. The amendments are not substantive and do not in any way change either the intent or the meaning of these Standards of Practice. General, Part 1000 (Final): <www.actuaries.ca/publications/2006/206034e. pdf>. General (Red-Lined): <www.actuaries.ca/ publications/2006/206034e-rl.doc>. Pension Plans, Part 3000 (Final): <www.actuaries.ca/publications/ 2006/206036e.pdf>. Pension Plans (Red-Lined): <www.actuaries.ca/publications/2006/206036erl.doc>. Public Personal Injury, Part 5000 (Final): <www.actuaries.ca/publications/2006/206039e. pdf>. Public Personal Injury (Red-Lined): <www. actuaries.ca/publications/2006/206039e-rl.doc>.

Vol. 16, No. 9, May 2006

Post-Employment Benefit Plans, Part 6000 (Final): <www.actuaries.ca/publications/2006/206041e. pdf>. Post-Employment Benefit Plans (Red-Lined): <www.actuaries.ca/publications/2006/206041erl.doc>. Contact: Mo Chambers, Chairperson, Standards of Practice Editing Committee at <mo. chambers@londonlife.com> or John Brierley, Chairperson, Practice Standards Council at <john. brierley@rbc.com>.

Educational Note: Pension Commuted Values The Committee on Pension Plan Financial Reporting (PPFRC) has developed this Educational Note on Pension Commuted Values to provide actuaries with additional guidance in applying section 3800 of the Standards of Practice. This educational note has been approved by the PPFRC, and has received final approval for distribution by the Practice Standards Council as designated educational material. <www. actuaries.ca/publications/2006/206042e.pdf>. Contact: Stephen Butterfield, Chairperson, Committee on Pension Plan Financial Reporting at <stephen. butterfield@towersperrin.com>.

Guidance for 2006 on Assumptions for Wind-up, Hypothetical Wind-up and Solvency Valuations The Committee on Pension Plan Financial Reporting (PPFRC) has developed this educational note to provide guidance for 2006 on assumptions for windup, hypothetical wind-up and solvency valuations with effective dates between December 31, 2005 and December 30, 2006. This educational note has been approved by the PPFRC, and has received final approval for distribution by the Practice Standards Council. <www.actuaries.ca/publications/2006/206043e.pdf>.

Contact: Stephen Butterfield, Chairperson, Committee on Pension Plan Financial Reporting at <stephen. butterfield@towersperrin.com>.

April Bulletin This month’s feature article is, “Recent Changes to CPD Requirements” by David R. Dickson. PDF Version: <www.actuaries.ca/members/publications/ 2006/206032e.pdf>. HTML Version: <www.actuaries. ca/members/publications/2006/206032e.htm>. Contact: Brenda Warnes, Bulletin Editor, at <brenda. warnes@actuaries.ca>.

CPD Spotlight The Committee on Continuing Education is pleased to present its inaugural issue of CPD Spotlight. This newsletter will keep you, the member, informed and up-to-date on issues pertaining to Continuing Professional Development (CPD) Requirements. Changes

to CPD went into effect on January 1, 2006, and it is important that all members understand these new requirements. We hope that these newsletters are informative and answer any questions that might arise. We hope you enjoy the first edition of the newsletter, which focuses on the distinction between Structured vs. Unstructured activities. Watch for the next edition in the coming months which will be on the online CPD tracking form. <www.actuaries. ca/members/organization/EEC/CE/CPD0604e.pdf>.

Contact: Christine Mayer, Volunteer Support Facilitator at <christine.mayer@actuaries.ca>.

CIA Submission to the Société de l’assurance automobile du Québec This submission was presented to the Société de l’assurance automobile du Québec (SAAQ) as part of its consultation on the paper entitled, “Québec’s Public Automobile Insurance Plan, for a Sustainable and Equitable Plan.” <www.actuaries.ca/members/ publications/2006/206029e.pdf>. Contact: Daniel Lapointe, CIA Executive Director, at <daniel. lapointe@actuaries.ca>.

CIA Submission to Alberta Finance The Canadian Institute of Actuaries (CIA) submitted its comments on the Alberta Finance paper on proposed amendments to the Employment Pension Plans Regulation, which was released in December 2005. This submission was prepared by the CIA’s Pension and Social Security Liaison Committee, and approved by the Practice Standards Council. <www. actuaries.ca/members/publications/2006/206012e. pdf>. Contact: Anthony Benjamin, Chairperson, Pension and Social Security Liaison Committee at <abenjamin@eckler.ca>.

March 2006 IAA Newsletter The March 2006 International Actuarial Association (IAA) Newsletter is now available on the IAA website at the link below. The text in the table of contents of the newsletter represents links to the articles. <www. actuaries.org/index.cfm?DSP=MENU&ACT=HOME &LANG=EN>. Contact: International Actuarial Association at <secretariat@actuaries.org>.

International Asset Liability Management (ALM) Courses The Society of Actuaries (SOA) and Nexus Generations would like to invite CIA members to three international courses on ALM. These courses, co-sponsored by Standard and Poor’s, will be held in Copenhagen on May 8-11, 2006, New York on June 12-15, 2006, and Taipei on July 31-August 3, 2006. For more information on these courses, please access the link below. <www.nexusgenerations.com/courses>.

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10

Bulletin of the Canadian Institute of Actuaries

November 2004 Proceedings (Volume 36, No. 1) The Proceedings from the CIA General Meeting in Montréal on November 17 and 18, 2004 have been posted to the CIA website. Audio files and slides of the presentations have also been posted. <www.actuaries.ca/members/publications/ proceedings_ag_vol36no1_e.cfm>. Contact: Brenda Warnes, Manager, Communications at <brenda. warnes@actuaries.ca>.

Notice of Charges and Referral to a Disciplinary Tribunal The Committee on Professional Conduct has filed separate Charges against two Members of the Canadian Institute of Actuaries. Both these Charges have been referred to a single Disciplinary Tribunal.

Pursuant to new Bylaw 20.04(3.1) (in force since July 1, 2005), a notice of the filing of charges and referral of the charges to a Disciplinary Tribunal of the Canadian Institute of Actuaries is hereby provided to inform Members of the Institute and the public about a current disciplinary case involving two Members of the Institute. In accordance with the Bylaw, this notice includes the charge, the name and the principal practice address of the Member in question, and the specialty area in which the Member practises, if any. The Notice also includes a statement advising that the Member has been charged, but that the Disciplinary Tribunal hearing has not yet been held and its decision not yet rendered. For more information on this Notice, please access the link <www.actuaries.ca/members/publications/2006/206030.pdf>. Contact: Bob McKay, Chairperson, Committee on Professional Conduct at <bob.mckay@hewitt.com>.

Practice Education Course (PEC) - REGISTRATION UPDATE Registration for the June 2006 PEC is full. The CIA received over 270 registrations for PEC this June.

With the capacity to accommodate 180, the CIA was able to fill the June session with candidates who completed course 8 and filed their registration by the March 15 deadline. Final confirmations have been sent to candidates confirmed for the June 2006 PEC. Therefore, if you have not received a confirmation, you are now going to be automatically included on the list for the PEC on October 1-4, 2006 in Ottawa.

Registrations and confirmations for the October PEC will be processed beginning April 10. If you do not wish to attend the October session, please notify Christine Mayer (see contact information below) before registration begins. Please note: Registrations

for the October PEC will be processed in the order in which they were received and up to the capacity that we can accommodate. We may open registration again in the summer for the October PEC depending on capacity. If you withdraw from the October PEC at this time, you may not have an opportunity to register for the October PEC if capacity is reached.

The 2007 PEC (the last PEC that can be included as PD credits under the current SOA system) will be offered in June 2007. <www.actuaries.ca/membership/practice_education_course_e.cfm>. Contact: Christine Mayer, Volunteer Support Facilitator, at <christine.mayer@actuaries.ca> or Amy Pun, Chairperson, Education & Examinations Committee at <amy.pun@mercer.com>.

Draft Educational Note – CALM Implications of AcSB Section 3855 Financial Instruments – Recognition and Measurement On April 12, 2006, a Town Hall Meeting will take place in Toronto to discuss the implications of the new section 3855 of the Canadian Institute of Chartered Accountants (CICA) Handbook on CALM valuations. To provide background information for the Town Hall Meeting, a draft educational note entitled, CALM Implications of AcSB Section 3855 Financial Instruments – Recognition and Measurement has been posted to the Committee on Life Insurance Financial Reporting webpage. This draft educational note can be accessed at the link below.

Please note that the French version will be available in the near future. Town Hall Announcement: <www.actuaries.ca/members/publications/announcements_e.cfm#056>. Draft Educational Note: <www. actuaries.ca/members/organization/PSC/LIFR/PSCLIFR-2060XX.pdf>. Contact: Micheline Dionne, Chairperson, Committee on Life Insurance Financial Reporting by telephone at <mdionne@rgare.ca>.

Submission from the Canadian Institute of Actuaries to the Committee on Social Affairs This CIA submission was sent to the Québec Government’s Committee on Social Affairs as part of the consultation process on the paper entitled, “Guaranteeing Access: Meeting the Challenges of Equity, Efficiency and Quality.” The submission outlines the CIA’s recommendations for the financing of the Québec Health and Social Services System. <www. actuaries.ca/members/publications/2006/206019e. pdf>. Contact: Daniel Lapointe, CIA Executive Director at <daniel.lapointe@actuaries.ca>.

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Vol. 16, No. 9, May 2006

Documents distributed

T

hese CIA publications were distributed in April 2006. If you were not on the list to receive a particular item and would like to receive it, or if you are missing anything, please notify the Communications Department of the Secretariat by phone: 613.236.8196.119, fax: 613.233.4552, or e-mail: <judy.findlay@actuaries.ca>. If a number follows the title, please quote this number as it will help us locate the document in the archives more quickly. All online documents can be found at: <www.actuaries.ca/members/publications/pub_index_e.cfm>.

Document title

Accession #

Bulletin Vol. 16 No. 7 March 2006

Distribution 

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2

Biographical data and position statements of 2006 candidates for the position of President-elect

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

3

Preliminary Program for the CIA Annual Meeting

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1

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1

206018

Report on Canadian Economic Statistics 1924-2005

206022

1 = All; 2 = All plus those on waivers; 3 = Fellows; 4 = Associates; 5 = Appointed Actuaries; 6 = Actuarial Evidence; 7 = Life Actuaries; 8 = Pension Actuaries; 9 = P&C; 10 = Valuation Actuaries; 11 = Specific; 12 = Posted on Internet Only.

Calendar of events Event

Date

Location

Venue

E-info

Professionalism Workshop June 22, 2006

Toronto

Delta Chelsea Hotel

<www.actuaries.ca/meetings/ professionalism_e.cfm>

Annual Meeting

Ottawa

Westin Ottawa Hotel

<www.actuaries.ca/meetings/annual_e.cfm>

Asset Liability Management June 30, 2006 Practitioners Association

Ottawa

Westin Ottawa Hotel

*41st Actuarial Research Conference

August 10-12, 2006

Montréal

Université de Montréal

<www.crm.umontreal.ca/Arc2006>

Actuarial Evidence Seminar

September 8-9, 2006

Toronto

Renaissance Toronto Airport Hotel

<www.actuaries.ca/meetings/ae_e.cfm>

Seminar for the Appointed September 21-22, Actuary 2006

Toronto

Fairmont Royal York Hotel

<www.actuaries.ca/meetings/aa_e.cfm>

Asset Liability Management September 22, Practitioners Association 2006

Toronto

Fairmont Royal York Hotel

Joint Day with the SOA

October 18, 2006

Chicago

Sheraton Chicago Hotel & <www.actuaries.ca/meetings/general_ Towers e.cfm>

General Meeting

October 19-20, 2006

Chicago

Sheraton Chicago Hotel & <www.actuaries.ca/meetings/general_ Towers e.cfm>

June 29-30, 2006

* This event is not a CIA meeting.

Note: Additional information on all CIA meetings can be obtained at: <www.actuaries.ca/meetings/calendar_of_meetings_e.cfm>, or contact Sheila Richard at 613.236.8196.104, <sheila.richard@actuaries.ca>.

12

Bulletin of the Canadian Institute of Actuaries

Classifieds The Classified Ads below appear as provided by the advertisers.

AEGON Canada is a member of the AEGON Group, a leading international financial services group with over 25,000 global employees and $230 billion US in total assets. AEGON NV, based in the Netherlands, operates through locally managed units in three major markets: the Americas, the Netherlands and the United Kingdom, with a presence in Hungary, Spain, Belgium, Germany, Hong Kong, Italy, Luxembourg, the Philippines and Taiwan. Representative offices are maintained in China and India.

Join a dynamic and entrepreneurial workforce comprised of over 700 employees across Canada. AEGON Canada offers a competitive compensation package and benefits. Become part of our growing financial services organization, where you can contribute to building a premiere wealth management company.

AEGON Canada is currently seeking to fill new positions in the Corporate Actuarial function as a result of increased advancements in risk management controls and increased regulatory and management reporting.

We are looking for strong individuals at various levels which include responsibilities within:

Enterprise Risk Management; Asset Liability Management; Valuation These roles may involve work in regards to development and/or support of Economic Capital models, overall risk assessment, asset liability reporting, valuation of annuity, segregated funds, and or life products, and development and support of planning models, valuation models, and source of earnings.

The ideal candidates vary from those who have completed at least four of the SOA actuarial exams through to those individuals who have recently completed the requirements for their FSA/FCIA designation. Proficiency working with ATLAS or AXIS and previous experience within a corporate actuarial department dealing with Canadian, US, and IFRS reporting would be considered assets. Candidates should be able to manage an efficient work schedule, provide expertise on specific areas, be familiar working within a SOX environment, and have excellent problem solving, analytical, written and verbal communication skills.

Please forward your résumé to Karen Findlay-Bishop, Human Resources Coordinator at <karen.findlaybishop@aegoncanada. ca>. Please note that only those candidates selected for an interview will be contacted.

Where Cutting Edge Theory Meets State of the Art Practice

The 4th Annual Premier Global Event on ERM! April 23-25, 2006 Sheraton Chicago Chicago, IL

The Professional Risk Managersâ&#x20AC;&#x2122; International Association

Presented by the Society of Actuaries, Casualty Actuarial Society and The Professional Risk Managersâ&#x20AC;&#x2122; International Association

“

By bringing together the ERM knowledge from a variety of industries, this Symposium aspires to build a solid cross-disciplinary framework for senior management to create systematic value through effective management of risk and capital.

ENTERPRISE RISK MANAGEMENT SYMPOSIUM COMMITTEE: Valentina Isakina (Chair), McKinsey & Company Mark Abbott, Guardian Life, PRMIA Steven D’Arcy, University of Illinois Kathleen Dean, Casualty Actuarial Society Kevin Dickson, Allstate Doug Brooks, Sun Life Dave Ingram, Standard and Poor’s David Koenig, PRMIA Lori Ramos Marilla

—Valentina Isakina CHAIR

,

ERM SYMPOSIUM

WHO SHOULD ATTEND • • • • • •

Chief Risk Officers Chief Financial Officers Risk Managers Investment Professionals ALM practitioners Actuaries interested in or practicing in risk management roles

By providing extensive opportunities for interaction with faculty and peers, this symposium is ideal for learning more about current emerging risk management trends and practices, as well as keeping up to speed with the latest ERM developments.

Bob Mark, Black Diamond, PRMIA Jacquenette Moody, Society of Actuaries Hubert Mueller, Towers Perrin William Panning, Willis Re, Inc. Leonid Rasin, MFS Carrie Rice, Casualty Actuarial Society John Riley, Society of Actuaries

PLATINUM SPONSOR: Towers Perrin is a global professional services firm that helps organizations improve their performance through effective people, risk and financial management. Through its Tillinghast business, Towers Perrin provides consulting and software solutions to insurance and financial services companies and advises other organizations on risk financing and self-insurance. Tillinghast helps clients improve business performance in areas related to their financial, risk, product, distribution and capital issues. The firm’s other businesses are HR Services, which provides human resource consulting, and Reinsurance, which provides reinsurance intermediary services.

Together, these businesses have offices in 24 countries. More information about Tillinghast is available at www.towersperrin.com/tillinghast.

Michel Rochette, Society of Actuaries Max Rudolph, Mutual of Omaha Frank Sabatini, Ernst & Young Chris Suchar, DFA Capital 2

Shaun Wang, Georgia State University

SILVER SPONSOR: With a unique combination of actuarial and business expertise, Milliman consultants go beyond the numbers to the implications, beyond the reports to the applications. We draw from our enormous knowledge and experience base to bring depth, clarity and context to the issues you’re facing. In short, we deliver insight. Insight to your business, your markets, your challenges—and the answers that will help you succeed.

Monday, April 24, 2006

Agenda Sunday, April 23, 2006 8-9:30 a.m.

Registration & Continental Breakfast

9:30-11 a.m.

Workshops

11-11:30 a.m.

Networking & Refreshment Break

11:30 a.m. -1 p.m.

Workshops

1-2 p.m.

Luncheon

2-3:30 p.m.

Workshops

3:30-4 p.m.

Networking & Refreshment Break

4-5:30 p.m.

Workshop Session

6-8 p.m.

Reception & Exhibits

REGISTER ONLINE AT:

www.ermsymposium.org

7-8 a.m.

Registration & Continental Breakfast

8-8:15 a.m.

Opening Remarks

8:15-9:30 a.m.

General Session

9:30-10 a.m.

Refreshment Break

10-11:15 a.m.

Concurrent Sessions 1

11:15 a.m.-12:30 p.m.

Luncheon & Exhibits

12:30-1:45 p.m.

Concurrent Sessions 2

1:45-2:15 p.m.

Refreshment Break

2:15-3:30 p.m.

Concurrent Sessions 3

3:30-4 p.m.

Refreshment Break

4-5 p.m.

General Session

5-7 p.m.

Reception & Exhibits

Tuesday, April 25, 2006 7-8 a.m.

Registration & Continental Breakfast

8-9:15 a.m.

General Session

9:15-9:45 a.m.

Break

9:45-11 a.m.

Concurrent Sessions 4

11-11:30 a.m.

Break

11:30 a.m.-12:45 p.m.

Concurrent Sessions 5

12:45-2 p.m.

Luncheon & Keynote Speaker

2-3:15 p.m.

Concurrent Sessions 6

3:15-3:30 p.m.

Refreshment Break

3:30-4:30 p.m.

Ask the Experts Forum 3

8th Bowles Symposium & Second International Longevity Risk and Capital Market Solutions Symposium April 24, 2006

|

Sheraton Hotel | Chicago, Illinois

PAPERS TO BE INCLUDED: A Demographer’s Perspective of Longevity Risk Eric Stallard, Duke University Political Economy of GovernmentIssued Survivor Bonds Jeffrey Brown, University of Illinois The Securitization of Longevity Risk J. David Cummins, Wharton Killing the Law of Large Numbers: Is there a Mortality Risk Premium?

Moshe Milevsky, York University Pricing Life Securitizations and their Place in Optimal ILS Portfolios Morton Lane, Lane Financial LLC

Actuaries, demographers, financial economists and industry experts will address the topic of longevity risk, who should bear this risk and the means of bearing and allocating this risk in the financial markets at this second international symposium on longevity risk and capital market solutions in Chicago, Illinois on April 24, 2006.

The preliminary program includes one day of groundbreaking presentations with more than 10 speakers from around the world, representing countries including Canada, China, Germany, Japan, Taiwan, the United Kingdom, and the United States.

For a complete list of all participating organizations and to get more information visit: http://journalofriskandinsurance.org or http://www.pensions-institute.org

4

Exponential Tilting and Pricing Implications for Longevity Risk Shaun Wang, Georgia State University Samuel Cox, Georgia State University Creating Synthetic Survivor Bonds David Blake, City University Kevin Dowd, University of Nottingham Andrew Cairns, Heriot-Watt University Richard MacMinn, Illinois State University A Two-Factor Model for Stochastic Mortality with Parameter Uncertainty Andrew Cairns, Heriot-Watt University

Sponsors include The Actuarial Foundation, American Risk and Insurance Association, Pensions Institute, Society of Actuaries, Bowles Chair of Georgia State University, Edmondson-Miller Chair of Illinois State University.

PROFESSIONAL DEVELOPMENT The Sunday workshops have been approved for 6 units, and the ERM Symposium has been approved for 12 units of SOA Professional Development Credit.

As a participant in the CFA Institute Approved-Provider Program, the Society of Actuaries has determined that this event qualifies for credit under the CFA Institute Professional Development Credit.

13.5 CREDIT HOURS

Eligible for 13.5 credit hours.

Exhibit Opportunities Showcase your products and services with an exhibit. The SOA is offering 10’ x 10’ exhibit space to provide companies the valuable exposure to key investment professionals. Exhibitors receive two complimentary registrations to the Symposium. For additional information, please contact Denise Eiring at deiring@soa.org..

Workshops Sunday, April 23, 2006 WORKSHOP 1 Applying a Principles-Based Approach to Valuation Requirements: Lessons Learned From C-3 Phase II Implementation Don’t miss this opportunity to get the big picture behind principles-based reserves/capital as well as hear knowledgeable panelists discuss lessons learned from implementation of the 2005 new requirements for the C-3 component of RBC for variable annuities (known as C-3 Phase II in the U.S.).

The principles-based approach has become a hot

8-9:30 a.m.

Registration & Continental Breakfast

9:30-11 a.m.

Intro To Principles-Based Requirements

Jump right in and take part in this interesting session as the presenters explore stochastic analysis drivers for a variety of life, annuity and health product lines. Recently there has been a lot of momentum away from rules-based and toward principles-based reserve and RBC requirements.

Principles-based requirements result in capital standards and reserves determined using the actuary’s own expectation of future experience, the company’s diversification of risks, risk mitigation efforts and actual assets held.

topic in the insurance industry, but visionaries have seen this as the actuarial Holy Grail for many years.

11–11:30 a.m

Networking & Refreshment Break

11:30 a.m–1 p.m.

Modeling Issues

Based on a company’s own experience, diversification and strategies, coupled with transparency to facilitate review, the principles-based approach will lead to more appropriate reserves and capital.

Regulators are concerned about the actuary’s willingness and ability to complete this task in a consistent fashion for all companies. Outside peer review has taken on new meaning and may well become a required aspect of financial statement

Be sure to participate in this session as expert practitioners discuss how stochastic models are built. Stochastic modeling of insurance blocks of business requires strong equity scenarios and interest-rate scenarios, along with dynamic behavioral assumptions and non-level mortality and morbidity. Experts will cover these topics as well as how to set assumptions and determine appropriate margins.

2–3:30 p.m.

Adding Value Through PrinciplesBased Approaches

Do you know how to utilize these methods? If not, be a part of this session as experienced presenters describe how a company can leverage these models between pricing and valuation to improve a company’s strategic planning.

3:30–4 p.m.

Networking & Refreshment Break

4–5:30 p.m.

Implementation Results and Issues From C-3 Phase II

2005 was the first year insurers were required to calculate required capital for variable annuity blocks using C-3 Phase II techniques. Take this opportunity to educate yourself as experienced practitioners discuss what they learned and additional techniques that can be employed as actuaries move forward with this process. Experts will cover how to use CTE measures and the standard scenario. Regulators will also share some initial results from the 2005 NAIC filings of C-3 Phase II results.

6–8 p.m.

Reception & Exhibits

preparation.

Workshop Faculty: Jim Lamson, Actuarial Resources Corporation Kerry Krantz Larry Gorski, Claire Thinking Inc. Donna Claire, Claire Thinking Inc. Craig Morrow, Hartford Life

1–2 p.m.

Luncheon

5

WORKSHOP 2 Banks and Insurers: Separate Paths but a Common Destination – Practical Tools Shared Between Financial Service Industries Gain insights you can utilize as experts from banking as well as life and casualty insurance share tools you can use as each industry moves towards ERM. The Basel Accord has encouraged

• Benchmarking ERM from a policy, methodology and infrastructure framework • Why ERM is important – setting the context for ERM while discussing the drivers of change and development for the ERM discipline • The impact of ERM on management practices: a discussion of recent ERM trends, including organizational objectives for pursuing ERM • The role of ERM in value creation • The role of the Chief Risk Officer

bankers toward using company-driven ERM models for financial and non-financial risks to determine

11–11:30 a.m.

Networking & Refreshment Break

11:30 a.m.-1 p.m.

Banking/Insurance Tools and Techniques — Building Blocks of Success

the minimum required regulatory capital. Insurers are using principles-based valuation models for the same reason. You just might discover that these same models can be used for calculating economic capital, pricing, performance measurement and portfolio management at your company.

Workshop Faculty: Max Rudolph, Mutual of Omaha Robert Mark, Black Diamond Steve D’Arcy, University of Illinois Michel Crouhy, IXIS Corporate and Investment Bank 8-9:30 a.m.

Registration & Continental Breakfast

9:30-11 a.m.

ERM Basics for Banks and Insurers

Presenters will define the problem of translation of risk management concepts that exist between the two industries. What are the goals? The discussion will include potential solutions and where more work is needed, as well as: • Definition and scope of ERM

Get an overview of the techniques and tools used by banks.

You’ll be introduced to the breadth and depth of technical issues surrounding measuring and managing risks at the enterprise level. In particular, our experts will explore: • Essentials of financial and operational risk management and the pitfalls of using a “silo” approach to risk management as well as superior risk management approaches in the policy, methodology and infrastructure dimensions • Key risk-based decisions that need to be made under uncertainty in an environment of sparse and fragmented data sources • Risk-based business intelligence trends: top-down vs. bottom-up, and risk aggregation and issues in allocating risks back to the business units • Economic capital as a measure of the combined risk position of an enterprise • Case studies of failed ERM initiatives • Best practices and ERM frameworks

1–2 p.m.

Luncheon

2-3:30 p.m.

Banking/Insurance Tools and Techniques — Building Blocks of Success

Here’s your chance to be introduced to the breadth and depth of technical issues surrounding measurement and management of risks at the enterprise level. Our experts will provide an overview of the techniques and tools used by insurers. In particular, they’ll discuss: • Essentials of financial and operational risk management and the pitfalls of using a “silo” approach to risk management as well as superior risk management approaches in the policy, methodology and infrastructure dimensions • Key risk-based decisions that need to made under uncertainty in an environment of sparse and fragmented data sources • Risk-based business intelligence trends: top-down vs. bottom-up, and risk aggregation and issues in allocating risks back to the business units • Economic capital as a measure of the combined risk position of an enterprise • Case studies of failed ERM initiatives • Best practices and ERM frameworks

3:30–4 p.m.

Networking & Refreshment Break

4–5:30 p.m.

Roundtable — What Have We Learned and Where Do We Go Now?

Get your burning questions about ERM processes between banks and insurers answered as a panel of experts from both businesses discuss commonalities of the ERM process between their groups. Questions will be taken from the floor so be prepared!

6–8 p.m.

6

Reception & Exhibits

WORKSHOP 3 ERM Essentials for Decision Makers Across industries, Enterprise Risk Management (ERM) is evolving into a catalyst for companies to increase transparency, safeguard shareholders’ interest, leverage opportunities to strengthen their

• Definition and scope of ERM • The important factors that are driving the spread of ERM and how ERM is changing and developing • The impact of ERM on management practices including organizational objectives for pursuing ERM • ERM’s role in value creation • Role of the Chief Risk Officer

competitive advantage and comply with government reporting regulations. Corporations are adopting

11–11:30 a.m.

Networking & Refreshment Break

11:30 a.m.–1 p.m.

Case Study: Critical Factors in ERM Implementation

ERM as the new form of corporate governance and a Better Business Practice. This workshop will offer participants comprehensive coverage of drivers, tools, techniques and current issues relating to this emerging discipline.

Workshop Faculty: David Ingram, Standard & Poor’s Prakash Shimpi, Towers Perrin Mary Ellen Luning, Ernst & Young Don Mango, GE Insurance Valentina Isakina, McKinsey Gary Venter, Guy Carpenter Hubert Mueller, Towers Perrin

8-9:30 a.m.

Registration & Continental Breakfast

9:30-11 a.m.

Lecture: ERM Fundamentals

Join the first lecture session of this intensive workshop to hear industry experts discuss essentials and trends impacting the emerging practices of Enterprise Risk Management. Specifically, experts will explore:

You have implemented SOX 404 - so why do you need ERM? Beware of rushing into ERM risk analytics unprepared or applying checklists. Even the most sophisticated risk measurement technology will not meet stakeholders’ objectives if mechanically adopted without professional judgment. Creating a culture that embraces ERM will result in risk management decisions that increase economic value for a chosen risk appetite and time horizon. In this session you’ll learn about critical elements of a successful ERM framework. Experts will discuss: • Requirements for supportive internal environment • Up the organizational ladder with ERM • Critical organizational issues, alignment of incentives and responsibilities • The difference between Sarbanes-Oxley and ERM • Controlling and monitoring activities • Effective execution - the difference between an extra expense and invaluable resource • Case studies of failed ERM initiatives • Best practices and ERM frameworks

1–2 p.m.

2–3:30 p.m.

Lecture: ERM Tools and Techniques— Building Blocks of Success

Increase your knowledge with the techniques and tools involved in the ERM process. You’ll be introduced to the wide range of technical issues surrounding measurement and management of risks at the enterprise level. Experts will probe: • Essentials of market, credit, operational and insurance/ hazard risks, and the pitfalls of using a “silo” approach to risk management on the company bottom line • Decision-making issues under uncertainty with sparse and fragmented data sources, and business intelligence trends • Top-down vs. bottom-up. Risk aggregation and issues in allocating risks back to the business units • Economic capital as a measure of the combined risk position of an enterprise • Case studies of failed ERM initiatives • Best practices and ERM frameworks

3:30–4 p.m.

Networking & Refreshment Break

4–5:30 p.m.

Case Studies: ERM Implementation

Take a look at a hands-on example focused on dealing with issues associated with creating a successful ERM framework.

Building on the essential concepts addressed earlier in the day, the case study will provide practical answers to issues arising in this process. Expert panelists will cover: • Differences in ERM awareness across different industries • Elements of systems and data requirements • Infrastructure issues • Sample risk metrics report • Understanding the behavioral and market drivers of poor decision making regarding risk • Exploiting risks through diversification

Luncheon 6–8 p.m.

Reception & Exhibits 7

Track Legend Monday, April 24, 2006 7–8 a.m.

Registration & Continental Breakfast

8-8:15 a.m.

Opening Remarks from the Chair Valentina Isakina, McKinsey & Co.

8:15-9:30 a.m.

GENERAL SESSION

of interdisciplinary and cross-profession collaboration while showcasing an ERM study that combines qualitative risk assessment and robust quantification.L

2. In what way are these objectives new, significant and distinct from traditional corporate risk management and from DFA? 3. What are the significant conceptual, technical and political challenges a firm must confront in implementing ERM? The presentations will be widely applicable, but will use financial service firms as examples.

Convergence in Capital Management: Energy and Financial Services Leaders

Economic Capital: Company Models vs. Rating Agency L and Regulatory Capital Requirements RCM

Moderator: Geoff Kates, Lepus UK, PRMIA Chair Presenters: Robert Anderson, Committee of Chief Risk Officers Andrew Naughton, The Options Clearing Corp.

Moderator/Presenter: Hubert Mueller, Towers Perrin RM A Presenter: Jeff Mohrenweiser, Fitch Ratings Kerry Krantz

Join distinguished presenters as they discuss how risk management is becoming a universal language, and more and more industries are adopting it. Experts will share the latest developments in banking, insurance, energy and exchanges to bring risk management to the same page across the world.

9:30–10 a.m.

E

Don’t miss this session as experienced panelists give an overview of the various approaches for determining an insurance company's capital: economic capital, rating agency capital and regulatory capital as well as their uses and applications. In particular the panelists will analyze the implications of recent and proposed regulatory changes for determining capital and reserves directed at using economic capital methodology, i.e., reflecting a company's proprietary risks.

Refreshment Break

L RCM

International Practices and Developments in ERM 10–11:15 a.m.

CONCURRENT SESSIONS 1

What is Enterprise Risk Management?

L RCM

Moderator: William Panning, Willis Re, Inc.E RM Presenters: Marty Przygoda, Allstate A Richard Goldfarb, Ernst & Young Join expert panelists as they probe three crucial questions: 1. What are the ultimate objectives of ERM and what benefits do they imply for firms that implement it?

8

E RM

Moderator/Presenter: Shaun Wang, Georgia State University Presenters: Felix Kloman, Risk Management Reports James Stewart, Butterfield Bank of Bermuda

A

Interested in international and forward thinking about ERM? Be sure to take part in this session. Some international players are taking leadership in establishing innovative ERM thinking and best-in-class ERM practice. With an international scope, the knowledgeable panelists will share some of the latest developments in ERM thinking and the current state

RCM E

Risk Tolerances & Measurements

RM A

Moderator/Presenter: John C. Karow, Ernst & Young Presenter: To Be Determined Learn all about different approaches to measure risk in this interesting session. The ERM framework requires practitioners to implement risk metrics and to establish risk tolerances for use in the enterprise risk management system. Expert panelists will discuss: • Unique approaches used to measure risk • Establishing risk tolerances • The pros and cons of the different metrics • Practical considerations required to establish L RCM and implement meaningful tolerances.

E RM

ERM Research & Education at Leading Universities

A

Moderator Dr. Ron Dembo, ZeroFootprint Inc. Presenters: Prof. Luis Seco, University of Toronto, Risk Lab Prof. Krzystof Jajuga, Wroclaw University of Economics, Poland Dr. Michel Crouhy, IXIS Corporate and Investment Bank ERM is no longer just about market risk in a bank. It has to do with financial and non-financial risk, that includes operational and environmental risks, and how they are dealt with holistically. The panel will discuss what we are doing in universities to prepare for this and coordinating a multidisciplinary effort.

11:15 a.m.–12:30 p.m.

Luncheon & Exhibits

TRACKS L RCM E RM A

Latest Developments in ERM Risk and Capital Management ERM Throughout the Economy and the Globe Risk Measurement Issues Advanced Topics in ERM L RCM

CONCURRENT SESSIONS 2

12:30–1:45 p.m.

Value Creation through ERM

L RCM

E Moderator/Presenter: Stephen Lowe, Towers Perrin RM

Get educated on how to use ERM A to connect your company’s strategic perspective on risk to tactical implementation at the front line of doing business.

The ERM process involves several individual steps. In many companies there are disparate approaches for each step that result in difficulty relating one ERM process step to the next. This also inhibits integration of ERM into key business processes. Our expert presenter will discuss how to make that connection.

L

Exploiting Risk

RCM

L

E

RCM

Moderator: Michael RM Bond, Allstate Financial A J. Belfatti, Towers Perrin Presenters:Michael Matthew Peters, Allstate Insurance Company Betsy Joseph, Allstate Insurance Company How do you “exploit risk?” A key feature of any risk management system is identifying and effectively managing threats to the organization – playing defense. But, as is often touted about ERM, there should also be an offensive component to the game plan. This session features knowledgeable panelists who will share experiences and provide practical guidance as to how organizations can recognize and take advantage of the risks they face.

L RCM

ERM in Banking

initial stages, as it is everywhere, banks have made an essential contribution to developing best techniques and practices related to risk management within the financial services industry and beyond. In many countries, the banking risk management regulations influence other economic sectors’ requirements for institutionalizing risk management techniques. As a result, various financial and non-financial entities are trying to adopt best practices from banks to their own situations. In this session, you’ll learn about some of these banking techniques and expand your knowledge on a number of recent ERM developments in banking. An experienced bank risk management and ALM practitioner will discuss the evolution of the current state of the practice and where it is headed.

E RM

Moderator: RobertAMark, Black Diamond Risk Management, PRMIA Presenter: Elizabeth Wilson, Washington Mutual Capital Corporation Hone your knowledge of ERM in banking and learn some of the best practices in risk management in this unique session. Although ERM in banking is still in its

ERM Technology: Advanced Risk Measurement E and Decision Support RM

E

Correlation of Risks, Integrated Risk Measurement — RM A a.k.a. Risk Aggregation Moderator: Geoff Kates, PRMIA Chair, Lepus, UK Presenter: Thomas Ho, Thomas Ho & Company Seize this opportunity to gain an understanding of risk correlations. A key development of enterprise risk management over traditional risk management is that risks should be viewed in the aggregate in an integrated manner.

Different risks might not behave independently but instead have some relationship or correlation to other risks. Consequently this aggregation might look very different compared to a simple addition of risks in isolation.

Given this scenario, then it is very important to understand risk correlations as best as possible in order to take the appropriate risk management actions. In this session you’ll learn about these basic issues as an expert presenter speaks to recent developments within the financial services sector.

A

Moderator/Presenter: James Lam, James Lam & Associates Presenters: Alexander Korogodsky, Ernst & Young Matthew Feldman, Chicago FHLB Attend this session to learn about the people, process and technology needed for advanced risk measurement monitoring and decision support. Expert presenters explore common challenges that companies face in developing automated solutions, achieving satisfactory run times and reaching organizational alignment between risk measurement and technology disciplines. Presenters will cover techniques for moving risk measurement capabilities into production with appropriate controls while retaining the flexibility needed for ad hoc analysis and decision support. They will also discuss and illustrate how business intelligence solutions can be used to provide risk managers with sophisticated dashboard reporting capabilities for real-time analysis and business decision support.

1:45-2:15 p.m.

Refreshment Break

2:15-3:30 p.m.

CONCURRENT SESSIONS 3

Rating Agencies’ Views Towards ERM

L RCM

E Moderator: Frank P. Sabatini, Ernst & Young RM Presenters: David Ingram, Standard & Poor’s A Herve Geny, Moody’s Investors Service

Get a new perspective in this session as rating agency presenters provide their views on ERM. ERM is becoming an increasingly important component of the ratings analysis of insurers and reinsurers and could ultimately have a material impact on the ratings decision they make. The approach that each rating agency is taking appears to be different and the standards for ERM practices are yet undefined. In this exciting session, knowledgeable rating agency presenters will discuss how ERM will integrate into their respective ratings analysis.

9

Track Legend L RCM E

L

Securitization

RCM

RM

Moderator: JackRMGibson, Towers Perrin A Presenter: Paul Turner, Scottish Re (U.S.) Inc.

Moderator: Mark Abbott, PRMIA, Guardian Life Presenter: Steve D’Arcy, University of Illinois

Gain insights into securitization in this informative session. The securitization wave is sweeping the insurance industry. More and more insurers are starting to implement this great risk management technique. An expert will share practical challenges and insights related to the unique characteristics of the securitization approaches in the insurance industry.

Here’s your opportunity to get a foundation on the projection of economic and financial scenarios particularly regarding interest rates, inflation, equity, returns, dividend yields, real estate returns and unemployment. At this session, the presenter will review important work in the economic financial and actuarial literature, the identification and development of appropriate data sources and methodologies and the creation of a model for projecting economic scenarios. This work has relevance to any risk management application involving financial scenario modeling including dynamic financial analysis, L regulatory and management RCM tests and cash flow testing

L RCM

ERM in Energy

3:30–4 p.m.

Refreshment Break

4–5 p.m.

GENERAL SESSION

A

E

E RM

Moderator: RobertA Young, Risk Capital Advisors Presenters: Dan Rodriguez, Morgan Stanley Bob Biolsi, New York Mercantile Exchange (NYMEX) James Duncan, Conoco Phillips Take a look at a challenging and rewarding economic sector – energy – from an ERM perspective. Increasingly energy firms are being called upon to provide substantiation of current risk practices. From ratings agencies to external regulators, a trend has emerged that compares current ERM practices in the energy sector to those practices in financial services. Expert panelists representing utility, production/supply and banking will: • Share their assessment of existing and developing energy-related risk models • Address the evolution of environmental financial products and sustainable development • Discuss new tools developing to help mitigate energyrelated exposures.

You’ll be challenged to learn how the traditional risk management tools and techniques are applied in new and unexpected ways in this dynamic sector.

10

Modeling of Economic Series

E RM

Scenario Generation

A

Moderator/Presenter: Bill Pauling, Hartford Investment Management Company Presenters: David Hopewell, Ernst & Young Michael White, Sun Life Financial Join expert panelists as they present their views on the practical considerations in selecting generators in this interesting session. Scenario generation is an integral part of the risk and economic capital measurement process especially as it relates to the generation of interest rate and equity returns for use in measuring interest rate and equity risk exposures. Different generators and different parameterizations produce dramatically different results especially when the tail of the distribution is the primary concern. The problem is complicated further by the need to generate scenarios across different countries.

The panelists will address not only considerations, but also developing appropriate assumption sets.

View from the Top: The Role of the Board in ERM Moderator: James Lam, James Lam & Associates Presenter: To Be Determined Here’s your chance to participate as an expert presenter discusses the role of the board and answers your questions. As clearly established in regulatory and best-practice frameworks, directors have the ultimate responsibility to ensure that an effective ERM program is in place. What is their role in ERM? How can they set the tone from the top and provide meaningful board oversight? What are their expectations for the ERM function? Are their needs being served? For example, do they get good information and reporting with respect to risk management and compliance?

The presenter will examine these issues and answer your questions.

5–7 p.m.

Reception & Exhibits

TRACKS L RCM E RM A

Latest Developments in ERM Risk and Capital Management ERM Throughout the Economy and the Globe Risk Measurement Issues Advanced Topics in ERM

L RCM

Tuesday, April 25, 2006 7-8 a.m.

Registration & Continental Breakfast

9:45–11 a.m.

Economic Capital: Trends in Implementation

CONCURRENT SESSIONS 4

ERM in Light of Good Corporate Governance

L RCM

8–9:15 a.m.

GENERAL SESSION

How ERM Added Value in my Organization Moderator: Prakash Shimpi, Towers Perrin Presenters: Raj Singh, Allianz AG Thomas C. Wilson, ING Group Hear firsthand experiences about ERM value in this informative session!

Even though ERM has been implemented in many firms, some still question its value. Perhaps the value of ERM is clearest when ensuring compliance with certain regulations, i.e., avoiding the direct cost of non-compliance.

Quite a lot has also been said and written about the value of ERM in banks.

Moderator: David Ingram, Standard & Poor’s E RM Presenters: Michael Young, Wilkie, Farr & Gallagher A George Dallas, Standard & Poor’s Learn how governance structures can support ERM. Risk management is more than just a set of algorithms and assumptions for calculating value-at-risk or economic capital. To be effective, risk management must have the proper place within the governance system of an enterprise. Risk management must have a high profile and enough authority to impact on the risks taken by the organization before those risks become losses. Speakers will also discuss the ways breakdowns in good governance can add significant risks to an organization as well as the specific consequences of those breakdowns.

L

But beyond compliance and banks, leading firms are now focusing their attention on identifying and realizing the economic value created by the enterprise-wide management of risk through improving the quality of earnings and using capital more efficiently. In this panel, senior executives from a diverse set of firms (financial services) will offer their experience in adding value through ERM.

9:15-9:45 a.m.

Break

ERM in Asset Management

E RM

RCM E

Moderator: Erwin Martens, TIAA-CREF RM Presenters: Leroy Cody, LazardAAsset Management Ken Akoundi, Optima Fund Management An update to the latest developments on the ERM front in asset management in this timely session. ERM in asset management has become quite challenging in an era of high volatility, credit liquidity, operational risk challenges and an increasing importance of compliance oversight.

Expert presenters will also explore the issues and challenges faced by the sector as well as how to minimize losses from operational and fat-tail credit risk while seeking out modest out performance of a target benchmark. In addition, they’ll discuss the importance of ALM aligning incentives and issues of yield/income vs. total return.

Moderator: Hubert Mueller, Towers Perrin Presenters: Robin Lenna, MetLife Raj Singh, Allianz AG Doug Brooks, Sun Life Financial

A

Enhance your understanding of the interdisciplinary approach to economic capital issues in this informative session. This session will provide case studies of how leading-edge insurance companies have managed to implement an Economic Capital framework into their business decisionmaking and performance measurement. Risks covered include financial and non-financial risks. The companies will provide both cross-sector and multinational perspectives.

L RCM E

Operational Risk Measurement

RM A

Moderator/Presenter Yakov Lantsman Inc., Willis Re Inc. Presenter: Nikolay Hovhannisyan, Algorithmics/Fitch Risk Management Operational risk should be integrated in a framework easily understandable by stakeholders and not just a regulatory compliance check. Operational risk models should produce meaningful output and be a part of an 'end to end' integrated process. What are the key criteria for effective implementation? What insights can be provided? How important are responses in operational risk? How L RCM risk to ERM? important is operational E RM

Scientific Papers

A

Moderator: Max J. Rudolph, Mutual of Omaha Presenters: To Be Determined The 2006 ERM Symposium highlights scholarly papers that explore and advance risk management topics with a focus on the analysis and practical tools related to: • Financial risks • Operational risks 11

Track Legend L RCM E

• Interaction between the risks i.e. diversification benefits • Integrated ERM • Creating value through ERM

11-11:30 a.m.

11:30 a.m.–12:45 p.m.

Refreshment Break

CONCURRENT SESSIONS 5

Integrating ERM into Corporate Decision Making

L RCM

Moderator/Presenter: Mary Ellen Luning, Ernst & Young E RM Presenters: Douglas Brooks, Sun Life Financial A Elizabeth Wilson, Washington Mutual Capital Be a part of this session and learn how companies are successfully integrating emerging ERM processes without unduly slowing down the process.

The ERM process of identifying and quantifying exposures to the enterprise has little value unless it is integrated into the corporate decision-making process. Unfortunately, corporate decision making predates ERM and although risk is never ignored in the corporate decision-making processes, integrating emerging ERM practices into the existing process in a more formal way is one of the challenges that risk managers face today.

As part of the integration process, risk managers must also seek a balance between good decisions that effectively reflect risk management considerations and unduly slowing down the process itself. Knowledgeable panelists will speak on this topic from their own experiences.

L

Operational Risk Management

RCM E

Moderator: Linda Chase-Jenkins, RM Towers Perrin Presenter: Robert Semke, MetLifeA Don’t miss this opportunity to increase your understanding of the best practices and approaches for managing 12

operational risks. Operational risks can wreak havoc on an insurance company whether they are related to a particular event or result from a business decision. However, most insurers have only developed sophisticated techniques for dealing with financial risks and strategies. The expert will explore techniques for assessing operational risks to understand the key risks to be managed and quantified.

The presenter will also explore how analysis of existing data and other risk management activities can be leveraged and how managing operational risk can help to optimize both financial and operational strategies.

L RCM

ERM in Insurance

E RM

Moderator: Jeanne M. A Hollister, Towers Perrin Presenters: Craig Raymond, The Hartford Larry Moews, Allstate Increase your knowledge on a variety of issues related to ERM in insurance as expert panelists cover a wide range of topics. There are several stages of development in ERM ranging from largely compliance-related activities to better decision-making that appropriately considers risk-reward trade-offs and value creation. Although insurance companies are beginning to recognize the potential for creating value through integrated risk and capital management, many still lack the practical methods for doing so. In this session we will compare and contrast the state of the property/casualty insurance industry with the life insurance industry with regard to ERM. Through a moderated discussion, expert panelists will cover a variety of issues including: • How and if companies are thinking about risk limits • Where they see themselves on the continuum between compliance and value creation • How companies are responding to increasing rating analyst interest in ERM • Challenges they face in operationalizing ERM • Other timely subjects.

Identification and Measurement of Extreme Events

RM A

Moderator/Presenter: Cliff Angstman, Berkshire Life Presenters: Bob Guth, Mennonite Mutual Aid Association Tom Edwalds, Munich American Reassurance Company How will extreme events impact your organization?

Participate in a group discussion on the potential impact of tail events that could influence the economy and society in general, with a focus on the financial impacts. Identify ways to reduce the impact of unusual events. Knowledgeable panelists will discuss topical events and could include: • Avian Flu • Bioterrorism • Hyperinflation • Detonation of a dirty bomb • Radioactive contamination • Meteor impact • Catastrophic earthquake L RCM in markets.

• A major discontinuity E RM

Scientific Papers

A

Moderator: Max J. Rudolph, Mutual of Omaha Presenters: To Be Determined The 2006 ERM Symposium highlights select scholarly papers that explore and advance risk management topics with a focus on the analysis and practical tools related to: • Financial risks • Operational risks • Interaction between the risks i.e. diversification benefits • Integrated ERM • Creating value through ERM

TRACKS L RCM E RM A

Latest Developments in ERM Risk and Capital Management ERM Throughout the Economy and the Globe Risk Measurement Issues Advanced Topics in ERM L RCM E

12:45–2 p.m.

LUNCHEON & KEYNOTE SPEAKER

What Can Markets Tell About Rare Events?

Moderator/Presenter: Andrew Smith, Deloitte & Touche, London Don’t miss out on this stimulating discussion on market prices vs. statistics. Economic capital seeks to capture all risks to which the company is exposed. Much statistical effort has been expended to quantify rare events.

Market prices, however, tell a different story from the statistics. There is a market price to insure against company failure or extreme equity fall, but this price is normally much higher than statistical history would lead us to expect. Which then is the better arbiter of economic capital needs - market prices or statistics? Join this general session for a thought-provoking discussion.

2–3:15 p.m.

CONCURRENT SESSIONS 6

RCM

Moderator: Evan R. Busman, Towers EPerrin Presenters: Dan Rodriguez, Morgan RM Stanley A Dr. Stephen Schoess, The Options Clearing Corporation Mickey Chadha, Morgan Stanley Join technology and business leaders as they discuss challenges and accomplishments in modernizing risk technology (the CDO & CRO in partnership) to meet changing regulatory and business requirements for ERM. L RCM E

Moderator: Hubert Mueller, Towers Perrin Presenters: John Hele, ING Group Philip Barlow, DC Department of Insurance

Risk Measurement Overview

RM A

Moderator: Nawal Roy, Moody’s Investors Services Presenter: Andrew Smith, Deloitte & Touche, London Erwin Martens, TIAA-GREF There are many moving parts in current frameworks for Risk Measurement—Assumptions, historical data, models, time horizon, assets, liabilities, processes and internal and external drivers. Discussants will review the current state and evolution of the practice of risk measurement.

L

RCM

Corporate Risk Management – View from Silicon Valley

E RM

Moderator/Presenter: Venu Nagali, Hewlett-Packard Presenters: Lloyd Nirenberg, Shannon Bayes Ventures Aram Sogomonian, Constellation Power Source Eric P. Giauque, Intel Corporation Petere Miner, Future Freight Corp.

Pierre Laurent, Future Freight Corp.

A

Also discussed will be “Value at Risk—The Next Generation.”

Value at risk methodology for the insurance industry is evolving and remains challenging. This session will reveal enhancements to the basic methodology, addressing common criticisms relating to alternative distributions, tall dependencies and non-linear behavior. The presenter will demonstrate ways L to communicate these ideas simply RCMlikely causes of financial distress. and to rank the most E RM

Technological Innovations – Delivering on the Promise: The ERM Infrastructure L

Implementing Regulatory Capital (C-3 Phase II)

Get the latest information on recent developments in implementing regulatory capital in this exciting session.

The insurance industry is undergoing significant changes in the determination of risk-based capital and reserves at a worldwide level. Models have been put in place in Canada and the U.S. (for variable annuities) and are in the process of being rolled out for other life and annuity products in the U.S. over the next several years. Expert presenters will explore current developments at the regulatory level and the implications for insurance companies worldwide.

RM

Update your know-how on risk management techniques used by non-financial companies by taking this session.

The experienced presenter will explore supply chain and logistics risk management, operations risk management, energy risk management and information risk management. The panelist will present a framework to categorize these risks as risks that are transferable vs. non-transferable and risks that are tactical vs. strategic.

The session will also address the challenges in implementing a risk management program for manufactured goods which lack traded markets for futures and options contracts and the application of real-options methodology in such situations. This session is a great way to explore the similarities and differences in risk management techniques in use across a range of industries.

Scientific Papers

A

Moderator: Max J. Rudolph, Mutual of Omaha Presenters: To Be Determined The 2006 ERM Symposium highlights select scholarly papers that explore and advance risk management topics with a focus on the analysis and practical tools related to: • Financial risks • Operational risks • Interaction between the risks i.e. diversification benefits • Integrated ERM • Creating value through ERM.

3:15-3:30 p.m.

Refreshment Break

3:30-4:30 p.m.

Ask the Experts Forum

A

Moderator: Mark Abbott, PRMIA & Guardian Life Presenters: To Be Determined 13

Location & Hotel

Registration REGISTRATION FEE The registration fee includes reading materials, continental breakfasts, lunches, reception and refreshment breaks. Take advantage of EARLY BIRD REGISTRATION. Rates increase for registrations received by mail after 03/24/06. Please allow sufficient time for mailing.

SHERATON CHICAGO 301 East North Water Chicago, IL 60611 Phone: 312/464-1000 (Main) 877/242-2558 (Reservations)

WORKSHOP REGISTRATION FEES

The Sheraton Chicago Hotel & Towers welcomes you to the heart of the city.

Overlooking the Chicago River, the hotel puts you within walking distance of Navy Pier, Water Tower Place and North Michigan Avenue. The hotel is located approximately 20 miles from O’Hare International Airport and 12 miles from Midway Airport. Continental Airport Express operates shuttle service from either airport with the costs ranging between $16-$20. Taxi fare from O’Hare is approximately $40 and $25 from Midway.

We have arranged for hotel reservations to be made by telephone or via the Web at: http://www.starwoodmeeting.com/StarGroups Web/res?id=0511143810&key=EAA. To reserve the rate quoted in the brochure, the following procedures should be completed: • Make your reservations by the cutoff date (Friday, March 24, 2006) • Use the phone numbers quoted in this brochure or visit the Web • Identify yourself as part of the Society of Actuaries

ATTIRE Business casual attire is appropriate for this seminar.

14

ROOM RATES

$199 single or double occupancy

CUTOFF DATE

Friday, March 24, 2006

(TAXES NOT INCLUDED)

Rooms are available at the rate quoted above as long as there are rooms remaining in the Society of Actuaries' block or until the cutoff date of March 24, 2006. After this date, rooms will be on a space- and rateavailable basis.

HOTEL CANCELLATION: A deposit, with a major credit card, equal to one night’s stay is required to hold each reservation. This deposit is refundable if notice of cancellation is received 72 hours prior to your scheduled arrival and a cancellation number is obtained.

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REGISTRATION PROCEDURES You may register using three methods: MAIL

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PAYMENT MUST BE RECEIVED NO LATER THAN FRIDAY, APRIL 14, 2006.

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Refunds will be issued in the same manner in which the original charge was made. Refunds to credit cards will only be issued back to the original credit card charged. Refunds will not be issued for requests received after April 14, 2006. For more information regarding cancellation and transfers, please visit www.soa.org, Meetings & Seminars, and Meetings & Seminars General Information.

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Member of SOA, CAS or PRMIA

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All Others

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Audio Visual Mobile Sunday, April, 23, 2006 WORKSHOP 1—Applying a Principles-Based Approach to Valuation Requirements: Lessons Learned from C-3 Phase II Implementation

WORKSHOP 2—Banks and Insurers: Separate Paths but a Common Destination—Practical Tools Shared Between Financial Service Industries

WORKSHOP 3—ERM Essentials for Decision Makers

Monday, April 24, 2006

LATEST DEVELOPMENTS IN ERM

RISK AND CAPITAL MANAGEMENT

CONCURRENT SESSIONS 1

What is Enterprise Risk Management?

Economic Capital Company Models vs. Rating Agency and Regulatory Capital Requirements

International Practices and Developments in ERM

Risk Tolerances & Measurements

10-11:15 a.m.

ERM Research & Education at Leading Universities

CONCURRENT SESSIONS 2

Value Creation Through ERM

Exploiting Risk

ERM in Banking

ERM Technology: Advanced Risk Measurement and Decision Support

Correlation of Risks, Integrated Risk Measurement—a.k.a. Risk Aggregation

Rating Agencies’ Views Towards ERM

Securitization

ERM in Energy

Modeling of Economic Series

Scenario Generation

ERM THROUGHOUT THE ECONOMY AND THE GLOBE

12:30-1:45 p.m.

CONCURRENT SESSIONS 3

2:15-3:30 p.m.

Tuesday, April 25, 2006 CONCURRENT SESSIONS 4

9:45-11 a.m.

CONCURRENT SESSIONS 5

11:30 a.m. -12:45 p.m.

CONCURRENT SESSIONS 6

2:00-3:15 p.m.

LATEST DEVELOPMENTS IN ERM

RISK AND CAPITAL MANAGEMENT

ERM THROUGHOUT THE ECONOMY AND THE GLOBE

RISK MEASUREMENT ISSUES

RISK MEASUREMENT ISSUES

ADVANCED TOPICS IN ERM

ADVANCED TOPICS IN ERM

ERM in Light of Good Corporate Governance

ERM in Asset Management

Economic Capital: Trends in Implementation

Operational Risk Measurement

Scientific Papers

Integrating ERM into Corporate Decision Making

Operational Risk Management

ERM in Insurance

Identification and Measurement of Extreme Events

Scientific Papers

Technological Innovations— Delivering on the Promise: The ERM Infrastructure

Implementing Regulatory Capital (C-3 Phase II)

Corporate Risk Management— View from Silicon Valley

Risk Measurement Overview

Scientific Papers

Where Cutting Edge Theory Meets State of the Art Practice April 23-25, 2006 Sheraton Chicago Chicago, Illinois

Register by March 24th and Save!

475 North Martingale Rd., Suite 600 Schaumburg, IL 60173

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