The truth about loss reserve adequacy, from the perspective of a regulator, an investor and an attorney, and the rationale behind the implementation of fair value accounting standards will be among the topics featured at the Spring Meeting of the Casualty Actuarial Society (CAS), May 16-19, at The Broadmoor, Colorado Springs, Colorado.
The program is designed to give actuaries and other professionals an opportunity to stay abreast of emerging issues affecting the insurance industry and the actuarial profession and to interact with other actuaries around the globe to exchange ideas and experiences.
The featured speaker is Terry “Moose” Millard who served for 20 years in various positions with the U.S. Air Force. He will talk about building and maintaining high performance corporate cultures, nurturing gutsy leadership and dealing with adversity through the concept of Realistic Optimism.
General sessions include:
*The Truth About Loss Reserve Adequacy – Loss reserve adequacy has been the subject of intense renewed interest in the past year. This panel will explore loss reserve adequacy from various perspectives addressing, among other things: the state of actuarial practice as it relates to loss reserving, both the art and the science; implications from a regulatory, investor, and legal perspective; implications for the education of the actuary; and the need for improved communications with users of actuarial estimates of reserves.
*Fair Value Accounting – Can It Work? – Many practicing actuaries are relatively uninformed about fair value accounting standards and the repercussions they will have on their profession and their employers. This panel will present a brief history of fair value accounting standards and the rationale behind its implementation. Panelists will share their thoughts on whether this new concept makes sense for the insurance industry.
*Privacy of Information – Increased access to computing and modeling technology has made the widespread use of data for analysis of risk and exposure more common and more likely. The models often use data that individuals deem private, and many people are demanding greater restrictions on the uses and users of this data. This panel will discuss whether restricting the use of data on the grounds of privacy protection could have profound effects on the ability of insurers to: underwrite risks; build underwriting or scoring models; adjust claims or detect fraudulent activity in claims, and rate risks correctly and adequately. Under various information privacy and security laws, insurance companies risk potential liability for any breach of information privacy that may occur in their handling of data. Panelists will describe possible doomsday and real-life scenarios embodied in the current laws and proposed legislation.
*A Proposed Global Framework for Insurer Solvency Assessment – Acting in support of the International Association of Insurance Supervisors (IAIS), the Insurance Regulation Committee of the International Actuarial Association (IAA) formed the Insurer Solvency Assessment Working Party in early 2002 to prepare a report on insurer solvency assessment. This report represents the culmination of that mandate and is meant to help develop a global framework for insurer solvency assessment and determine insurer capital requirements. This session will discuss the critical components of the Working Party’s recommendations.
Other topics to be covered include: actuaries in nontraditional roles; California workers’ compensation; capping of non-economic damages in medical malpractice claims; pay-as-you-drive insurance; data quality and standards; estimated reserve ranges; loss reserve discounting; dynamic financial analysis; optimal pricing; professionalism and actuarial limits of liability; and reinsurance pricing innovation, among others.
The registration fee is $700 for active members, candidates or subscribers of the CAS or an actuarial organization worldwide and must be received by April 30. After that date, fees will increase by $50.
For more information, contact Kathy Spicer, CAS meeting planner, (516) 352-8453 or visit the CAS Web site, at www.casact.org.
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