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Program
2007 Academy Spring Meeting
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Washington Luncheon
The Academy's Washington Luncheon will feature a keynote speech by the new director of the Congressional Budget Office, Peter Orszag.
As the new CBO director, Orszag heads the agency that produces cost estimates, budget and economic projections, and other reports that Congress uses to make spending and revenue decisions. Most recently senior fellow at the Brookings Institution, Orszagwas tapped by the leaders of the new Democratic-majority Congress to head the CBO.
Note: The "luncheon-only" registration option will be available to actuaries attending the EA Meeting.
General session
ASOPs, the ASB, and You
Actuarial Standards of Practice, the Actuarial Standards Board
11:15 a.m. - 12:45 p.m.
- A presentation explaining the composition and the workings of the ASB will be given. The processes that the ASB uses will be discussed along with crucial issues that are currently facing the board (such as teasing out consensus versus acting quickly, and how to set standards in a rapidly developing area) to illustrate their points.
- A review will be given of the current ASOPs pointing out those that generally apply to members in all fields. This will include ASOP 12, Risk Classifications; ASOP 17, Expert Testimony by Actuaries; ASOP 23, Data Quality; and ASOP 41, Actuarial Communications.
- A presentation will be given covering the current developments in the principle-based reserving as they relate to ASOPs. The ASB authorized the task force to distribute discussion drafts about Standard for Principle-based Reserves for Life Products and the Independent Review of Principle-based Valuations, which the ASB had not reviewed to move this process along.
- The session will end with a question and answer period during which individuals are encouraged to give the ASB their impressions of the way it does its job.
Speakers
- Cecil Bykerk, Chairperson, Actuarial Standards Board
- Bob Meilander, Member, Actuarial Standards Board
- Godfrey Perrott, Member, Actuarial Standards Board
Concurrent casualty sessions
(C1) Risk Transfer Testing 1
8:00 - 9:30 a.m.
This session is about the current status of risk transfer testing, including policy directions of the Academy, the National Association of Insurance Commissioners, and the Financial Accounting Standards Board.
Speakers
(C2) Risk Transfer Testing 2
9:30 - 11:00 a.m.
This session is a panel discussion, including litigation implications of risk transfer testing.
Speakers
- Charles Cook
- Ken Kruger
- Mark Oberholtzer
- Chap Cook
(C3) Casualty Outlook for the 110th Congress
3:00 - 4:15 p.m.
This session will address the issues facing the new Congress, including the anticipated expiration of Terrorist Risk Insurance Extension Act, possible development of a national catastrophe insurance program, the shortcomings of the National Flood Insurance Program, and the actuarial role in risk-focused surveillance, an ongoing CATF project.
Speakers
- Stuart Mathewson
- Mike McCarter
- Mary D. Miller
(C4) Unpaid Claim Estimates
4:30 - 5:45 p.m.
This session will feature an updated discussion about the proposed standard on property and casualty unpaid claim and claim adjustment expense estimates.
Speakers
- Chris Carlson (Moderator)
- Ralph Blanchard
- Raji Bhagavatula
Concurrent health sessions
(H1) Principle-based Reform
8:00 - 9:15 a.m.
How will principle-based reforms at the state level affect long-term care and other health insurance products? Of particular interest will be the effect of the standard valuation law, governance documents, and other regulatory efforts on health care. This discussion will give an update on the efforts in the long-term care arena as well as the developing projects in other product areas.
Speakers
- Brad Spenney
- John Timmerberg
- Shari Westerfield
(H2) Medicare Reform Options
9:45 - 11:00 a.m.
The Medicare program will face a financial crisis if changes are not implemented to improve program’s financial outlook. R eforms are needed to effectively deal with the projected shortfall between Medicare income and spending, and to put the Medicare program back on sound financial ground. Panelists will provide background on Medicare’s financial condition before exploring potential reform options.
Speaker
- Cori Uccello
- Tom Wildsmith
(H3) The Health Care Landscape in the 110th Congress
3:00 - 4:15 p.m.
How are health care priorities changing with the new Congress? This session will highlight the health care issues emerging, as priorities with a Democratic-controlled Congress, such as prescription drugs, and it will also address the status of issues that have been Republican priorities like individual accounts and insurance market reforms.
Speaker
- Patrick Collins
- Karl Madrecki
- David Schea
- John Schubert
(H4) Premium Deficiency Reserves
4:30 - 5:45 p.m.
A recent white paper on premium deficiency reserves serves as the focus of this panel discussion. A topic of much discussion at both the regulatory and practicing actuarial levels, this session will review the definitions and examples that the paper uses to help the practicing actuary complete year-end reports.
Speakers
- Donna Novak
- D. Joeff Williams
Concurrent life session
(L1) Principle-based Approach Internationally and at Home
for Life Products
3:00 - 4:15 p.m.
Both in the U.S. and internationally, there is a broad movement toward model-based approaches to determining reserves and risk-based capital. This session will present a summary of developments occurring worldwide that may affect insurers, including Solvency II, IFRS, U.S. GAAP, and U.S. Stat. This session also will provide a perspective about how the developments in the U.S. on principle-based reserves compare to similar developments internationally.
Speakers
- Thomas Campbell
- William Hines
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