The Valuation Actuary - An Overview of 1993 Developments

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1 1993 VALUATION ACTUARY SYMPOSIUM PROCEEDINGS TABLE OF CONTENTS Title Page Session 1: The Valuation Actuary - An Overview of 1993 Developments Session 2: Session 3: Session 4: Luncheon Presentation: Donna R. Claire Frank P. Dino William F. Bluhm Richard S. Miller Appendix Life Practice Notes General Modeling Issues Jacqulynn AbdeUa Paul A. I-Iekman Barbara L. Snyder Life and Annuity Valuation Issues Errol Cramer Karen Olsen MacDonald W. Keith Sloan The Appointed Actuary and Health ln~rance Michael S. Abroe S. Michael McLaughlin Burton D. Jay "Assuming the Mantle of Professionalism" Walter S. Rugland

2 TABLE OF CONTENTS Title Page Session 5: Session 6: Session 7: Session 8: Session 9: Session 10: General Asset Issues Thomas W. Reese John C. Sweeney Kin OnTam GAAP Issues Charles D. Friedstat Randall S. Schuldt J. Peter Duran Bradley M. Smith Surplus Planning and Allocation Stephen N. Steinig Disability Income David E. Scarlett Stephen J. Ruffs Thomas S. Bell Robert W. Beal Long-Term Care James M. Robinson Douglas C. Kolsrud Mark D. Newton Dennis M. O'Brien Problems and Solutions Abraham S. Gootzeit J. Lynn Peabody Craig R. Raymond iv

3 TABLE OF CONTENTS Title Page Session 11: Session 12: Session 13: Session 14: Session 15: Session 16: Mutual Company Issues Armand M. depalo Richard F. Lambert Robert M. MauU Medical Products Richard J. Nelson James T. O'Connor Thomas J. Stoiber Ask the "Experts" Robert W. Stein Paul F. Kolkman Frank S. Irish Asset Modeling Issues Louis M. Pirog James G. Stoltzfus Small Company Issues Larry D. Baber Timothy F. Harris W. Harold Phillips Appointed Actuary Opinion and Memorandum Issues Meredith A.-Ratajczak Daniel J. Kunesh Paul F. Wharrarn V

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5 1993 VALUATION ACTUARY SYMPOSIUM PROCEEDINGS CONTRIBUTORS Jacqulynn AbdeUa, FSA, MAAA Consultant Tillinghast/Towers Perrin Michael S. Abroe, FSA, MAAA Larry D. Baber, FSA, MAAA, FCA Robert W. Beal, FSA, MAAA Vice President, Financial Individual Disability Income Life Insurance Company of America Thomas S. Bell, FSA, AAA, FCIA Vice President and Chief Actuary Massachusetts Casualty Insurance Company William F. Bluhm, FSA, MAAA, FCA Principal and Millirnan & Robertson, Inc. Donna R. Claire, FSA, MAAA President Claire Thinking, Inc2 Errol Cramer, FSA, MAAA Actuary and Consultant Allstate Life Insurance Company Armand M. depalo, FSA, MAAA, EA Senior Vice President and Chief Actuary Guardian Life Insurance Company Frank P. Dino, ASA, MAAA Chief Actuary, Corporate Affairs State of Colorado Division of Insurance J. Peter Duran, FSA, MAAA Partner Ernst & Young charles D. Friedstat, FSA, MAAA Senior Manager KPMG Peat Marwick Abraham S. Gootzeit, FSA, MAAA Principal Tiniughast/Towers Perrin Timothy F. Harris Senior Consultant Paul A. Hekman, FSA, MAAA Vice President PolySystems, Inc. Frank S. Irish, FSA, MAAA Senior Vice President and Corporate Actuary John Hancock Mutual Life Insurance Company Burton D. Jay, FSA, MAAA Executive Vice President and Actuary MuttmYUnited of Omaha Insurance Company Paul F. Kolkman, FSA, MAAA Vice President - Finance IDS Life Insurance Company Douglas C. Kolsrud, FSA, MAAA Vice President and Corporate Actuary AEGON USA Inc. Daniel I. Kunesh, FSA, MAAA Vice President and Principal Ti!linghast/Towers Perrin vii

6 CONTRIBUTORS (continued) Richard F. Lambert, FSA, MAAA, CFA Vice President and Actuary Prudential Preferred Financial Services Karen Olsen MacDonald, FSA, MAAA, CLU Senior Vice President and Corporate Actuary Transamefica Occidental Life Insurance Company Robert W. MauU, FSA, MAAA Senior Vice President and Corporate Actuary Mutual of America Life Insurance Company S. Michael McLaughlin, ASA, MAAA, FIA Partner Ernst & Young Richard S. Miller, FSA, MAAA, MCA Principal Tillinghast/Towers Perrin Richard J. Nelson, FSA, MAAA Consultant Tillinghast/Towers Perrin Mark D. Newton, FSA, MAAA Senior Associate Actuary John Hancock Mutual Life Dennis M. O'Brien, FSA, MAAA Vice President and Actuary Transport Life Insurance Company James T. O'Connor, FSA, MAAA J. Lynn Peabody, FSA, MAAA W. Harold Phillips, FSA, MAAA, FLMI Senior Life Actuary State of California Department of Insurance Louis M. Pirog, FSA, MAAA Actuary Aetna Life & Casualty Meredith A. Ratajczak, FSA, MAAA Craig R. Raymond, FSA, MAAA Vice President and Actuary 1TT Hartford Insurance Group Thomas W. Reese, FSA, MAAA Principal Tillinghast/Towers Perrin James M. Robinson, FSA, MAAA, Ph.D. Senior Consultant Coopers & Lybrand Walter S. Rugland, FSA, MAAA, FCA Stephen J. Rulis, FSA, MAAA Associate Actuary ITI" Hartford Life Insurance Companies David E. Scarlett, FSA, MAAA, FCIA Randall S. Schuldt, FSA, MAAA Associate Actuary Northwestern National Life Insurance. VIII

7 CONTRIBUTORS (continued) W. Keith Sloan, FCA, MAAA, FLMI Bryan, Pendleton, Swats and McAllister Bradley M. Smith, FSA, MAAA Barbara L. Snyder, FSA, MAAA, FCA Vice President and Appointed Actuary American Bankers Insurance Group Robert W. Stein, FSA, MAAA, CPA Partner Ernst & Young Stephen N. Steinig, FSA, MAAA Chief Actuary and Controller New York Life Insurance Company James G. Stoltzfus, ASA, MAAA Actuarial Assistant John C. Sweeney Chairman Falcon Asset Management, and CIO USF&G Kin On Tan, FSA Actuary Metropolitan Life Insurance Company Paul F. Wharram, FSA, MAAA, FCIA Assistant Vice President Crown Life Insurance Company Thomas J. Stoiber, FSA, MAAA Senior Consultant Coopers & Lybrand The following were panelists at the symposium but did not contribute a paper to the Proceedings: Lauren M. Bloom Mark A. Davis Charles Carroll William J. McCarthy Dennis L. Stanley ix

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