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AgendaDay 2: Monday, October 20
Session 4: Reinsurance Section Hot BreakfastTime: 7:00 – 8:15 a.m.Session Sponsor: Reinsurance Moderator: JJ Lane Carroll, FSA, MAAA Presenters: Thomas Crawford, FSA, FIA, MAAA; Richard de Haan, FSA, FIA, MAAA Please join us as Rich De Haan and Tom Crawford of Ernst and Young discuss the findings of the Reinsurance Section’s most recent research project on Longevity Product Risks. The purpose of the project is to identify and assess the techniques, processes and methods that direct writers and reinsurers are using to quantify and manage longevity risks in life insurance product lines. The researchers will present their findings in a global context, and cover a broad range of product concepts and risk mitigation techniques. This breakfast is open to all meeting attendees. There is a nonrefundable fee of $10 for Reinsurance Section members and $25 for all others. If you are interested in attending, please stop by the SOA registration desk to check availability. Refunds will not be given. Coordinator: JJ Lane Carroll, FSA, MAAA
Session 6: Management & Personal Development Continental Breakfast–Review of Recent Executive BooksTime: 7:15 – 8:15 a.m.Session Sponsor: Management & Personal Development Moderator: Paula M. Hodges, FSA, MAAA Presenters: Paula M. Hodges, FSA, MAAA; Kevin F. Leavey, FSA, MAAA With all the business books out there, it's hard to choose the next one to read for your personal development. Come listen to summaries of a dozen books and discuss your favorite books with colleagues. This breakfast is open to all meeting attendees free of charge. If you are interested in attending, please stop by the SOA registration desk to check availability. Value Ladder: Industry Coordinator: Kevin F. Leavey, FSA, MAAA
Session 7: Smaller Insurance Company Section Hot BreakfastTime: 7:15 – 8:15 a.m.Session Sponsor: Smaller Insurance Company Chairperson: Christopher H. Hause, FSA, MAAA Network and enjoy breakfast in a casual atmosphere. Section leaders will provide a brief update on section activities. You'll have an opportunity to raise issues in which the section should become involved during the next year. This breakfast is open to all meeting attendees. It is free of charge for Smaller Insurance Company Section members. There is a nonrefundable fee of $15 for all others. If you are interested in attending, please stop by the SOA registration desk to check availability. Refunds will not be given. Coordinator: Ellen J. Gorman, FSA, MAAA
Session 8: Investment Section Hot BreakfastTime: 7:15 – 8:15 a.m.Session Sponsor: Investment Chairpersons: Marc N. Altschull, FSA, MAAA; Anthony Dardis, FSA, FIA, MAAA Presenter: Neal Roese, PhD* Join fellow investment actuaries and others interested in the investment profession for a hot breakfast and a great networking opportunity. In addition to catching up with friends and colleagues, you will hear from a respected member of the investment community. Don't miss this opportunity to informally discuss developments in the investment world and to gain insight into current events in the investment profession. his breakfast is open to all meeting attendees. There is a nonrefundable fee of $20 for Investment Section members and $40 for all others. If you are interested in attending, please stop by the SOA registration desk to check availability. Refunds will not be given. Coordinator: Andrew H. Dalton, FSA, MAAA
Session 9: Actuary of the Future Section Hot Breakfast: Actuaries Without FrontiersTime: 7:15 – 8:15 a.m.Session Sponsor: Actuary of the Future Presenters: Fazli M. Datoo, FSA, MAAA; Shiraz Jetha, FSA, FCIA, MAAA This breakfast will explore the possibilities of getting actuaries involved with nonprofit organizations like the United Nations, Red Cross, etc., whether it is in terms of career expanding opportunities or as an avenue for actuaries to take up short-term assignments on a volunteer basis. This breakfast will include two parts: a panel discussion, followed by an open town hall-type discussion. The panel will consist of a practicing actuary with experience in these kinds of assignments, a retired actuary who has done volunteer stints for nonprofit organizations and/or someone from a nonprofit group who can talk about the need for actuarial skills in this arena. The purpose of the town hall-type discussion would be to give the audience a chance to present their views on this topic, including asking questions of the panelists. Also, we hope to discuss the opportunities and challenges that actuaries interested in pursuing these assignments can expect to face. This session aims to gauge the level of interest by the membership for such an initiative. This breakfast is open to all meeting attendees. There is a nonrefundable fee of $15 per person. If you are interested in attending, please stop by the SOA registration desk to check availability. Refunds will not be given. Value Ladder: Industry Coordinator: Randall M. Koss, FSA, MAAA
Session 11: Opening General SessionTime: 8:30 – 10:00 a.m.
Bruce Schobel SOA President Bruce D. Schobel, FSA, MAAA, FCA, gives his presidential address including a review of the SOA's achievements in the past year, a look at the new directions our organization has taken and a tip of the hat to the people who made things happen.
Greg Heidrich SOA Executive Director Greg Heidrich will give an operational overview of the Society of Actuaries.
Keynote Speaker: Billy Beane We're very excited to have Billy Beane as our keynote speaker at the general session this year. Beane, general manager of Major League Baseball's Oakland A's, the subject of the best-selling book, Moneyball. He combines a down-to-earth style, humorous anecdotes and concrete lessons for business success with content that will help you become a more effective manager and leader. Join Bean as he motivates you to improve your management and leadership skills, ultimately helping you achieve success.
Session 13: The Actuarial Toolkit–Methods for Forecasting Economic VariablesTime: 10:30 a.m. – NoonSession Sponsor: Investment Moderator: Anthony Dardis, FSA, MAAA, FIA Presenters: Anthony Dardis, FSA, MAAA, FIA; Armand M. Yambao, FSA, EA, MAAA Central to much of the quantitative work performed by actuaries is the forecasting of economic variables, notably interest rates and inflation, and associated financial market returns. This panel discussion looks at the various tools available to actuaries for these forecasts. These will include:
The session will examine the various techniques and identify in what circumstances and for what purposes these techniques may be appropriate. The panel will also discuss what they are seeing in practice, looking at the techniques used in various industries (including pensions, life insurance, P&C insurance and banking) around the globe. Value Ladder: Task/Process Coordinator: Anthony Dardis, FSA, MAAA, FIA
Session 14: Future Threats to Mortality Improvement: Opposing ViewsTime: 10:30 a.m. – NoonSession Sponsor: Reinsurance Moderator: Mark Swanson, FSA, MAAA Presenters: Kevin Somerville, MD*; David Winsemius, MD, MPH* Serious threats to general population mortality include the organic threat of obesity/diabetes/heart disease and catastrophic events such as naturally occurring pandemics and terrorist/rogue state attacks. How would such events affect the insured population? Is the insured population less exposed to obesity and its effects? Is the insured population more likely to receive protection from and treatment for the effects of pandemics or bioweapons? Are the tools of the underwriting profession adequate to the task of limiting future claims? Are there likely to be legal constraints to how effective the tools can be? After the terrorist attacks of September 11, 2001, the life insurance industry paid virtually all submitted claims without contest. Will governments and society insist on a similar approach in the event of a future threat? Take part in this session to hear both reasons to be optimistic and pessimistic with regard to future mortality trends, and to be better able to form your own opinions. Value Ladder: Industry Coordinator: Mark Swanson, FSA, MAAA
Session 15: Application of Product Development Tools and Techniques from Other IndustriesTime: 10:30 a.m. – NoonSession Sponsor: Product Development Moderator: David A. Moore, FSA, MAAA Presenters: Christopher L. Conklin, FSA, MAAA; Rob Docters*; Alice Kroll, FSA, MAAA The ability to effectively bring innovative, high quality products to market rapidly has become a hallmark of the successful customer-focused companies. Other industries, such as manufacturing, have used product development tools for many years. The life insurance development process has begun to adopt tools and processes from the manufacturing industry. This session will explore the use of these and other innovative tools in the life insurance arena. It will also cover the advantages and difficulties in adapting these tools and techniques to the life insurance industry, including potential broad synergies and efficiencies across various departments and the potential impact on speed to market, product complexity and overall effectiveness. Value Ladder: Industry Coordinator: Andy Ferris, FSA, MAAA
Session 16: A New Way to Think About RetirementTime: 10:30 a.m. – NoonSession Sponsor: Pension Noncore Credit: 90 minutes Moderator: Anna M. Rappaport, FSA, MAAA, EA Presenters: Barbara Butrica*; Anna M. Rappaport, FSA, MAAA, EA Retirement is no longer an "event" or a "finish line"; rather, evolving thought is now looking at phases. Come learn about the different phases and how people might plan for them. New research is prompting us to think about retirement as consisting of several different phases. There have been various research studies that have been conducted by the SOA, the Urban Institute and others that help us to understand what people say about the phases of retirement and how they plan for them. Research from the Urban Institute helps us understand what people do, and papers published in a recent SOA Monograph titled "Needs and Spending in Retirement: Unraveling the Mystery", provide insight into post-retirement spending, medical expenses, health shocks, disability/poor health, financial shock of widowhood, etc. This session will review the research and create a foundation for those thinking about the implications of these research findings. Value Ladder: Industry Coordinator: Maria Teresa Palandra, FSA, FCIA
Session 17: Bringing "Equity" to the Issue of Equity Investments in Pension PlansTime: 10:30 a.m. – NoonSession Sponsor: Pension Noncore Credit: 90 minutes Moderator: Thomas M. Sablak, FSA, MAAA, EA, FCA Presenters: Paul Bosse*; Chad Aaron Hueffmeier, FSA, MAAA, EA; Dimitry D. Mindlin, ASA, MAAA What is the "right" investment mix for a pension plan? Will there ever be a "right" answer? This session will summarize the arguments for and against the investment of pension plan assets in equities. The consequences of the "wrong" investment mix are often pretty clear. For sponsors of defined benefit plans, the "wrong" investment mix can mean unpredictable cash contributions, volatile pension disclosures or worse. So, then, what is the "right" investment mix for a pension plan? Often, this question boils down to what percentage of a plan's assets should be invested in equities and risky assets. The purpose of this breakout session is to identify the arguments for having a substantial portion of assets invested in equities and arguments against. In order to form an opinion, it is important that the issues and arguments are summarized in an unbiased way. This session will do just that: you will walk away with an understanding of the major issues so that you can join the debate. Value Ladder: Employer/Market Coordinator: Thomas M. Sablak, FSA, MAAA, EA, FCA
Session 18: Integration of Foreign Subsidiaries with U.S. Parent Companies (Canceled)Time: 10:30 a.m. – NoonSession Sponsors: Financial Reporting, International
Session 19: PBA PrimerTime: 10:30 a.m. – NoonSession Sponsor: Financial Reporting Moderator: Kerry A. Krantz, FSA, MAAA Presenters: Michael W. Boerner, ASA, MAAA; Arnold A. Dicke, FSA, MAAA, EA, FCA This session targets individuals without extensive knowledge of principle-based reserving, with the goal of achieving a coherent view. Expert presenters will address what business is included, how to set deterministic and stochastic assumptions, the calculations involved, the actuarial certification, the actuarial report and the effects on the actuarial opinion and memorandum. You should leave with a basic understanding of the process of principle-based reserving, and the sources available to help you. Value Ladder: Task/Process Coordinator: Dwayne S. McGraw, FSA, MAAA
Session 20: Disability Modeling–Designing Effective and Efficient ModelsTime: 10:30 a.m. – NoonSession Sponsors: Health Disability Special Interest, Technology Moderator: Scott D. Haglund, FSA, MAAA Presenters: Lijia Guo, ASA, MAAA, PhD; Trevor C. Howes, FSA, FCIA, MAAA What are the best design and system to be used for disability models? During this session, various modeling techniques and considerations will be presented that will allow you to design efficient and effective disability models. Due to the complexity of modeling disability insurance, efficient modeling techniques are necessary to accommodate the variety of model factors that need to be considered and incorporated. Attend this session to learn various techniques and approaches that can be used for a variety of modeling needs. Value Ladder: Task/Process Coordinator: Scott D. Haglund, FSA, MAAA
Session 21: LTCI Pricing: Profitability Measures and their BehaviorTime: 10:30 a.m. – NoonSession Sponsor: Long-Term Care Moderator: John Leo Timmerberg, ASA, MAAA Presenters: Loida Rodis Abraham, FSA, MAAA; Scott A. Weltz, FSA, MAAA; John Leo Timmerberg, ASA, MAAA This session will help improve the actuary's understanding of the various profit measures that could be applied during LTCI new product pricing and the unique characteristics of each measure. You will leave with better understanding of which measure is most appropriate for your company's goals and how to discuss and present profit measure analyses to management. Profit measures to be discussed will include return on GAAP equity, internal rate of return, economic value added and loss ratio measures. For each measure the session will compare pricing results using a target, compare anticipated annual profit streams, discuss unusual results or idiosyncratic behavior, consider the impact of scenario variations, and discuss how "moderately adverse" experience might be defined. Presenters will also consider how a stochastic approach to pricing might interact with these measures or if new measures might need to be defined. Value Ladder: Employer/Market Coordinator: Amy Pahl, FSA, MAAA
Session 22: Risk Management in Non-Traditional Arenas: Expanding Our Risk HorizonsTime: 10:30 a.m. – NoonSession Sponsors: Actuary of the Future, Joint Risk Management Moderator: Francis P. Sabatini, FSA, MAAA, CERA Presenters: Karen J. DeToro, FSA, MAAA; Venu Nagali*; Sameer Vittal* Actuaries are looking to expand their horizons especially in the field of risk management, and this session will explore nontraditional industries where actuarial skills can be applied in new roles. The new CERA designation is an integral part of the effort to move new and experienced practitioners into new frontiers of risk management. This session will explore one or more nontraditional industries (potential industries are: investment banking, oil and gas and corporates) for risk-management practices and explore what it means to be a risk manager, what qualifications are needed and how actuarial skills may serve the needs of that industry. Panelists will:
Value Ladder: Task/Process Coordinator: Randall M. Koss, FSA, MAAA
Session 23: Focus Your Time for Superior ResultsTime: 10:30 a.m. – NoonSession Sponsor: Entrepreneurial Actuaries Moderator: Janet E. Duncan, MAAA, FCAS Presenter: Doris Orr* Learn how to improve your effectiveness by following through with the simple things. This session will help you become the business leader you need to be. This session will cover some basic business and communication skills that are especially important for actuaries running their own small businesses, but also apply to a large company setting. Managing time, sending effective e-mails, managing information clutter, and project management basic skills can help with the challenge of being responsible for all business functions. Value Ladder: Task/Process Coordinator: David V. Axene, FSA, MAAA, FCA
Session 24: Being the Bad Guy (Communicating News to Executives)Time: 10:30 a.m. – NoonSession Sponsors: Management & Personal Development, Financial Reporting, Health Disability Special Interest Moderator: Kevin F. Leavey, FSA, MAAA Presenters: Dennis Becker, BS, MA, PhD; Michael E. Shunney* They don't shoot the messenger anymore, but it sure can feel like it. Bring your real life examples to this interactive workshop and learn tools on how to successfully deliver unwelcome news. You've been there before, probably more than once. A mistake was made; results didn't come out as planned; forecasted income was not realized; bad things happen. You are the lucky one who gets to communicate the news to those higher up in the organization. How do you do it? What steps should you take to improve your chances the news will be received in the best way possible? Come prepared with your real life examples. Help yourself and your colleagues by learning from professionals and practicing the tools needed to survive the encounter. Value Ladder: Employer/Market Coordinator: Kevin F. Leavey, FSA, MAAA
Session 25: Medical Management TodayTime: 10:30 a.m. – NoonSession Sponsor: Health Moderator: Ian G. Duncan, FSA, MAAA, FCIA, FIA Presenters: Ian G. Duncan, FSA, MAAA, FCIA, FIA; Francois Millard, FSA, FIA, MAAA; David W. Plocher, MD* Actuaries in managed care now need to have a working knowledge of care management, its organization, economics and outcomes assessment. This session will provide an introduction to some of these topics for the managed care actuary, as well as cover some recent developments in the field. Actuaries will leave this session with a more detailed knowledge of the most common programs used in managed care, including the current popular interventions like wellness programs. They will also be able to interact better with clinicians and medical management departments. Value Ladder: Industry Coordinator: Ian G. Duncan, FSA, MAAA, FCIA, FIA
Session 26: Life and Annuity Product Development–Year in ReviewTime: 10:30 a.m. – NoonSession Sponsor: Product Development Moderator: Christine E. Dugan, FSA, MAAA Presenters: Christine E. Dugan, FSA, MAAA; Elinor Friedman, FSA, MAAA; Lisa Hollenbeck Renetzky, FSA, MAAA Expert speakers will provide you with an overview of life insurance and annuity product development trends and issues that have arisen during the past 12 months. Speakers will discuss the current product landscape with a focus on the following:
At the end of the session, you'll be more familiar with current hot topics in the industry and potential product trends to emerge during the next year. Value Ladder: Employer/Market Coordinator: Christine E. Dugan, FSA, MAAA
Session 27: Medicare Advantage, Session One–Part C, Present and FutureTime: 10:30 a.m. – NoonSession Sponsor: Health Moderator: Daniel W. Bailey, FSA, MAAA Presenters: Scott Harrison, PhD*; Kirk A. Roy, FSA, MAAA; A. Kirk Twiss, FSA, MAAA Medicare Advantage (MA) has come a long way from the days of Medicare Risk. Enrollment is at an all-time high with penetration into many rural locations and new types of plans. Payment from CMS to participating MA organizations is entirely risk adjusted. Three health actuaries with diverse experience in MA will comment on the complex present and ambiguous future of Part C. This session will concentrate on Part C, the medical coverage alternative to Medicare Parts A and B. It will focus on the current market and products with a view to the future as well. Actuarial considerations will be included in the broader context of the Medicare Advantage (MA) market and products. Enrollment in MA has increased by almost four million during the past few years; roughly half of that has been in PFFS. When the MMA was passed in December 2003, no one could fully anticipate where we would be today. Meanwhile, as MAOs wrestle with managing their business, changes have been proposed to the program that could affect their future. Topic titles to be covered include Efficiency–the Role of Coordinated Care and SNPs, The Rise of PFFS and EGWP plans–MA Employer Group Retiree Health. Value Ladder: Employer/Market Coordinator: Daniel W. Bailey, FSA, MAAA Follow up: 42, 62
Session 28: ERM: Opportunities for Actuaries to Make a DifferenceTime: 10:30 a.m. – NoonSession Sponsor: Joint Risk Management Moderator: Sim Segal, FSA, MAAA, CERA Presenters: Jeremy Gold, FSA, MAAA, FCA, CERA; R. Dale Hall, FSA, MAAA, CERA; Sim Segal, FSA, MAAA, CERA; Sudha Shenoy, FSA, MAAA, CERA Although there are a wide variety of actuarial practice areas, the core of the actuarial profession is measuring and managing risk. While all actuaries are trained and practiced in traditional risk management, it is unclear to some just how well these traditional actuarial skills map into the opportunities to practice enterprise risk management (ERM), what additional training or skills may be needed and the magnitude of employment opportunities. In this session, learn why ERM represents a large expansion of opportunities for all actuaries. This session will outline: the fundamental concepts of ERM and how it differs from traditional risk-management practices; how traditional actuarial skills align with those required for ERM; examples of ERM roles that actuaries are seizing; and the expected expansion of ERM opportunities in the coming years. This session will include a panel of three CERAs sharing their ERM experiences. Value Ladder: Industry Coordinator: Matthew P. Clark, FSA, MAAA
Session 30: Integrating Economic Capital and Enterprise Risk ManagementTime: 2:00 – 3:30 p.m.Session Sponsor: Joint Risk Management Moderator: Stephen J. Bochanski, ASA, MAAA Presenters: Bradley E. Barks, FSA, MAAA; Sim Segal, FSA, MAAA, CERA Gain insight into how companies are integrating economic capital and enterprise risk management (ERM) frameworks. Many insurance companies have developed economic capital (EC) models. While EC models have many benefits and applications, there is much more to an enterprise risk management (ERM) program. Integrating EC into the overall ERM program is critical to driving decision-making with EC. It also resolves a potential disconnect between EC and the more holistic ERM framework and model. Learn how some companies are approaching this issue, and some of the benefits gained. Value Ladder: Industry Coordinator: Matthew P. Clark, FSA, MAAA
Session 31: Hedging Strategy OptimizationTime: 2:00 – 3:30 p.m.Session Sponsor: Investment Moderator: Wendy Yawen Yu, FSA, MAAA Presenters: Dave A. Bulin, FSA, MAAA; Joseph Orrin Stoutenburg, FSA; Wendy Yawen Yu, FSA, MAAA For many variable annuity writers/reinsurers, hedging strategy is typically defined by the current accounting treatment of the liabilities. In this session, presenters will compare hedging strategies that are motivated by economic considerations with those purely driven by accounting considerations. Reducing earnings volatility is obviously desirable, but how much economic gain is lost in the process? You will benefit from:
Value Ladder: Task/Process Coordinator: Andrew H. Dalton, FSA, MAAA
Session 32: Jumbo Troubles and RemediesTime: 2:00 – 3:30 p.m.Session Sponsor: Reinsurance Moderator: Timothy J. Ruark, FSA, MAAA Presenters: Robert A. Diefenbacher, FSA, MAAA; Brian Millman*; Timothy J. Ruark, FSA, MAAA Large life insurance amounts require a coordinated reinsurance effort to get placed. What are the ramifications when the process fails; when gaps in coverage emerge after the fact; or are there remedies for mitigating the risk? You will learn from case studies, highlighting the jumbo risk impact on ceding companies, reinsurers and retrocessionnaires. You will also learn the role that proper data and treaty adherence has on the jumbo problem, and strategies the industry is exploring to combat the problem. Value Ladder: Industry Coordinator: Timothy J. Ruark, FSA, MAAA
Session 33: 2004-05 Individual Life Experience Study ResultsTime: 2:00 – 3:30 p.m.Session Sponsor: Product Development Moderator: Richard L. Bergstrom, FSA, MAAA Presenters: Richard L. Bergstrom, FSA, MAAA; Sharon S. Brody, FSA, MAAA; Thomas E. Rhodes,FSA, MAAA, FCA Ever wonder who actually performs SOA mortality experience studies–and why? Curious about how multi-company data/experience can be combined to provide cohesive pivot tables in a single study? Interested in the most recent results of the 2004-05 individual life experience study? If so, attend this session for an in-depth review and discussion. This session will discuss in detail:
Value Ladder: Task/Process Coordinator: Catherine J. Bierschbach, FSA, MAAA
Session 34: Enterprise Risk Management for Smaller CompaniesTime: 2:00 – 3:30 p.m.Session Sponsors: Smaller Insurance Company, Joint Risk Management Moderator: Max J. Rudolph, FSA, MAAA, CERA Presenters: Marvin P. Ehly, FSA, MAAA; Randall P. Rotschafer, FSA, MAAA, CERA; Max J. Rudolph, FSA, MAAA, CERA Learn how a smaller insurance company has implemented an enterprise risk management (ERM) process and how it has helped it to manage its business. Enterprise risk management has become the hot topic for actuaries and the insurance industry in general. How are smaller insurance companies implementing an ERM process? How can smaller insurers leverage the required principle-based approaches with their firm-wide risk culture to increase firm value? After this session, you will have a better appreciation for the types of risk-management strategies that can be implemented in a small company environment. You will also gain an understanding of how these techniques and strategies can be performed in a small company environment with limited resources. Value Ladder: Employer/Market Coordinator: Ellen J. Gorman, FSA, MAAA; Matthew P. Clark, FSA, MAAA
Session 35: Retirement–New Products and ApproachesTime: 2:00 – 3:30 p.m.Session Sponsor: Pension Noncore Credit: 90 minutes Moderator: Marcia Mantell* Presenters: Brent Hamann*; Marcia Mantell*; Christopher G. Raham, FSA, MAAA What are the types of products available upon retirement? This session takes a look at long-term care products, longevity insurance, annuities and other products. Having a consistent, steady flow of retirement income for one's lifetime has long been considered by many to be fundamental to financial security. Research has now suggested that perhaps we should re-consider this position and view retirement needs on a more holistic basis by matching resources (income) to spending. Deferred annuities, mutual fund products, longevity insurance, combination long-term care products, purchasing coalitions and other arrangements can be used to provide income in retirement. Value Ladder: Employer/Markety Coordinator: Maria Teresa Palandra, FSA, FCIA
Session 36: Striking a Match between Assets and Liabilities without Getting Burned: Update on Pension Risk ManagementTime: 2:00 – 3:30 p.m.Session Sponsors: Pension, Investment Noncore Credit: 90 minutes Moderator: Marvin Lee Stokes, FSA, MAAA, EA, FCA Presenters: Chad Aaron Hueffmeier, FSA, MAAA, EA; James Scott, CFA* The issue of volatility and risk management is important to all pension plan sponsors. This session provides an update on what is happening in the marketplace and covers the various approaches being used to manage pension risk. Join us to discuss this hot topic and get an update on issues and ideas concerning management of pension assets and liabilities. We will review strategies used by retirement companies to "buy" pension plans, and analyze liability-driven investing and other pension risk-management techniques. Value Ladder: Employer/Market Coordinator: Marvin Lee Stokes, FSA, MAAA, EA, FCA
Session 37: Hot Topics in the Principle-Based Approach to Reserves and CapitalTime: 2:00 – 3:30 p.m.Session Sponsor: Financial Reporting Moderator: Gary L. Falde, FSA, MAAA Presenters: Richard H. Daillak, FSA, MAAA; Gary L. Falde, FSA, MAAA; James W. Lamson, FSA, MAAA There is currently a movement towards a principle-based approach for determining capital and reserves for U.S. statutory reporting. This session will cover hot topics related to this movement. Possible topics will include tax issues and C3- phase 3, as well as life and annuity reserve updates from the various working groups. Perspectives from regulators will also be covered. In this session, you will learn about the current proposals and the implementation issues for the new environment. Value Ladder: Industry Coordinator: Susan T. Deakins, FSA, MAAA
Session 38: Capital Market Issues in a Global SocietyTime: 2:00 – 3:30 p.m.Session Sponsor: International Moderator: Catherine Denise Lyn, FSA, FIA Presenters: Aaron Hou, CFA, FRM, PRM*; Andrew D. Smith* Current turmoil in capital markets around the world could have a long-lasting impact on the actuarial profession. Will risk lead to opportunity? Why do economic problems in one part of the world often spread to other places? How will global economic issues impact the insurance, healthcare and retirement industries? How will you personally be affected? Attend this session to gain a better understanding of the relationship between capital markets around the world, and how current developments may affect the future of the actuarial profession. Value Ladder: Industry Coordinator: Carl I. Hansen, FSA, MAAA, EA, FCA
Session 39: Critical Illness DevelopmentsTime: 2:00 – 3:30 p.m.Session Sponsor: Marketing & Distribution Moderator: Sheila Matheson* Presenters: Sebastien Blondeau, FSA, MAAA; Steve Fretwell, CLU* Whether you're considering selling critical illness (CI) products or are beginning to explore the details of the industry, this session is the one you should attend. Learn about critical illness products being marketed in Canada, the United States and internationally. Through attending this session you will be able to explain:
Value Ladder: Employer/Market Coordinator: Kevin J. Pledge, FSA, FIA
Session 40: All Politics is Local: What the States are Doing about Health Insurance Coverage and AffordabilityTime: 2:00 – 3:30 p.m.Session Sponsor: Health Moderator: Daniel W. Bailey, FSA, MAAA Presenters: Ronald E. Bachman, FSA, MAAA; Daniel W. Bailey, FSA, MAAA; David M. Dillon, FSA, MAAA What's going to happen with federal health care reform next year? Who knows? But if you want to learn about all the state-level programs that already are underway (as well as several more that are being planned right now), come to the session on state health care reform, and find out why "all politics is local." States are the nation's laboratories of reform, and nowhere is this more so than in the health care arena. State governments–with the help of citizens' groups, business alliances and other private organizations–are often able to test innovations in financing, regulation, health insurance coverage and health care delivery. During the last three decades, states have created new public insurance arrangements, expanded and restructured their Medicaid plans, reformed the individual and small group markets, allowed buy-ins to public employee plans and established purchasing alliances, high-risk pools, coverage subsidies and indigent care programs which, taken together, already are serving millions of Americans throughout the country. The enactment of HIPAA in 1996 and the passage of enabling legislation for SCHIP in 1997 only accelerated this long running trend, and there's no sign of it stopping anytime soon. At least a dozen states have created task forces, study committees and other types of health reform commissions, and governors in several other states are formulating–or have already announced–detailed proposals for expanding health insurance coverage. Come to the state health reform session to learn what has been tried, what works, what doesn't and what to look for next from America's health reform "labs." Value Ladder: Industry Coordinator: Grady C. Catterall, FSA, MAAA
Session 41: Securitizations and Reinsurance–How They Apply to LTCTime: 2:00 – 3:30 p.m.Session Sponsor: Long-Term Care Moderator: Mark J. Costello, FSA, MAAA Presenters: Edward John Bonach, FSA, MAAA; Thomas R. Corcoran, FSA, MAAA; Mark J. Costello, FSA, MAAA LTC writers are looking for ways to release trapped capital in their LTC insurance business. Securitizations offer a possible solution. This session will discuss the fundamentals of insurance risk securitizations, recent trends in securitizations for health and LTC business and the outlook for the future. The reinsurance market for LTC has been expanding during the last several months. In this session, you will learn more about what is driving this trend, the opportunity for reinsurers and the benefits of reinsurance for direct writers. Value Ladder: Employer/Market Coordinator: Amy Pahl, FSA, MAAA
Session 42: Medicare Advantage, Session Two–Part DTime: 2:00 – 3:30 p.m.Session Sponsor: Health Moderator: P. Anthony Hammond, ASA, MAAA Presenters: P. Anthony Hammond, ASA, MAAA; Brendan Charles Lyons-Keefe*; Sue E. Todhunter* In January 2006, Medicare launched the largest expansion in benefit since its inception in 1965. The Part D pharmacy benefit for Medicare beneficiaries is the subject of this session. As a federally regulated health plan, participating carriers face some of the strongest managed competition of any health product. Three health actuaries with diverse experience in MA will comment on the large and quickly evolving market for Part D. This session will focus on the present and future of Part D. The speakers include a Part D certifying actuary and a Part D pharmacy expert. Actuarial issues will be the primary focus in the broader context of the Part D market and products. Topics covered include an overview of the Part D program, issues related to pricing and plan design, formulary, the role of PBMs and low income subsidy. Additional topics to be covered include Part D accounting and risk adjustment for Part D. This session will concentrate on stand-alone Part D plans (PDP), but will also cover PD as a component of MA-PD plans, including SNPs. Value Ladder: Employer/Market Coordinator: Daniel W. Bailey, FSA, MAAA Follow up to: 27
Session 44: Where are Technological Advances Taking the Insurance Industry...and Its Actuaries?Time: 2:00 – 4:30 p.m.Session Sponsors: Futurism, Technology, Actuary of the Future Moderator: Ben H. Wolzenski, FSA, MAAAD Presenters: James Barnes*; Dave Dorans*; Jay M. Jaffe, FSA, MAAA; Eric J. Joyce*; Mitch McCloskey*; Chris Peek*; Kevin J. Pledge, FSA, FIA This session will present several leading edge technology applications that could impact the insurance industry and its actuaries. Presenters will also use technology to obtain audience feedback. The last hour will be a reception with the opportunity to visit with presenters and enjoy refreshments. This session will include:
You should leave the session with an understanding of these issues:
Value Ladder: Industry Coordinator: Ben H. Wolzenski, FSA, MAAA
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