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July 11, 2006

Pandemics - Are We Prepared?


The SOA has developed this Web page to help actuaries respond to senior management questions about their organization's readiness for a potential pandemic.  The information in this site will assist actuaries in addressing the potential consequences of a pandemic, especially how they relate to providing companies and their clients with professional advice, should such an event occur.  Insurance and health care industries, in particular, could suffer serious repercussions in the wake of such an event.   This information will also be of interest to other professionals.

For more information, please visit the SOA website.

Posted by Tom Troceen at 07:55 PM

Maximizing the Value of the Pharmacy Benefit-Seminar Content

Wednesday, July 26, 2006
7:30 – 8:30 am Registration & Continental Breakfast
8:30 am – 4:15 pm Meeting
4:30 pm – 5:30 pm Networking Reception

Presented by the Society of Actuaries Health Section.

When:July 26-27, 2006
Where:Hard Rock Hotel, Chicago IL

Thursday, July 27, 2006
7:30 – 8:30 am Continental Breakfast
8:30 am – 12:15 pm Meeting


Prescription drugs have been a front burner issue for some time. A myriad of clinical, consumer, research advertising, safety, regulatory, and finance issues affect decisions that, in turn, impact drug costs and utilization. This seminar will focus on current areas of concern to commercial carriers and others charged with developing, managing, and providing benefits for prescription drugs.

Register Online (credit card required)
Deadline: Wednesday, July 19
To register online, click here.


Mail (check required)
Deadline: Wednesday, July 12
Mail your registration form with check payable to:
Society of Actuaries
Maximizing the Value of the Pharmacy Benefit
P.O. Box 71293
Chicago, IL 60694

Target Audience
Health Actuaries, Policy Makers, Health Plan and Managed Care Executives, Pharmacy Benefit Managers, Researchers and Academics, Health Insurers.

Level of Difficulty
This seminar is designed for attendees with a moderate level of knowledge on the topic of pharmacy benefits.

Society of Actuaries Professional Development Credit
This seminar has been approved for 8 units of Professional Development credit. For further information regarding the Professional Development requirement, please access the SOA Web site at (www.soa.org)


Content:
Issues and ways to maximize the pharmacy drug benefit will be addressed and explored in depth by a variety of experts. Presenters will provide insights and experience to help shape the ideas and approaches to addressing pharmacy benefit-related issues. Attendees will learn about the impact on commercial health plans caused by specialty pharmaceuticals, new chemical entity drugs (NCE), injectibles and Medicare’s new drug coverage policies and programs. Attendees should leave with an enhanced understanding of the key issues and current thinking on ways to maximize their drug benefit.

Specifically, session topics include:
- Value for money for pharmaceutical benefit
- Current Pricing/Design Issues and Strategies (New Benefit Designs and other strategies to Manage the impact to Trend)
- Findings for the SOA Study on Avian Influenza
- Drug Management Issues – the clinical and actuarial perspectives
- Effectively Managing the Pharmacy Benefit for all Age Groups
- “Consumer Issues”- Patient Behaviors: Compliance and Drugs as a substitute for lifestyle changes”? How outcomes are affected by the patients’ decisions, and poor outcomes only increase medical and pharmaceutical costs.
- Adverse Drug Events, Causality and their Potential Financial Impact
- Efficacy Issues
- New Drugs – Are they better than existing drugs
- New uses of existing drugs
- Safety and Recalls
- Impact of Government Programs on Commercial Carriers

Objectives:
1. Provide continuing educations, advance the Society of Actuaries Health Section Council’s mission, and serve as a robust forum for the exchange of ideas.
2. Fill a major gap by focusing on a non-Medicare (i.e., commercial population), but include what’s new in Medicare Part D and its impact on other insured populations and active medical drug benefits.

Presenters:


Steven D. Berna
Consulting Actuary
Trivantage Pharmacy Strategies

Roslind A. Bowens, Pharm.D.
Director, Formulary Services
Walgreens Health Initiatives

Ariel V. Fernando
Asst. Actuary
Guardian Life

Bela Patel Gorman, ASA, MAAA
Actuarial Consultant
Gorman Actuarial

C. Daniel Mullin, PhD.
University of Maryland, School of Pharmacy

Robert Nauman
Principal
BioPharma Advisors Network

Jim Toole, FSA,MAAA
Managing Director, Life & Health
MBA Actuaries Inc.

Kirk Twiss, FSA, MAAA
Reden & Anders, Ltd.

Margaret Wood Wear
VP, Rx Actuary
PacifiCare Health Systems

HOTEL INFORMATION:
Hard Rock Hotel Chicago
230 North Michigan Avenue
Chicago, IL 60601
Telephone: 312-345-1000
Fax: 312-345-1012
Toll-free Reservations: 1-866-966-5166

Room Rates: $209 Single/Double Occupancy (Taxes not included)

Cutoff date: Wednesday, July 5, 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, July 5, 2006)
· 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 July 5. 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 24 hours prior to your scheduled arrival.

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 will 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 Hard Rock Hotel Chicago is located in the heart of Chicago on the Magnificent Mile…Michigan Avenue. The hotel is approximately 18 miles (35-60 minutes) from O’Hare International Airport and 12 miles (30-45 minutes) from Midway. Shuttle service is available from either airport at an approximate cost of $20 from O’Hare and $15 from Midway. Typical taxi fares are $35 from O’Hare and $25 from Midway.

Registration Fee
Maximizing the Value of the Pharmacy Benefit - registration fee includes reading materials, continental breakfast, lunch, refreshment breaks and reception.
(Register by 7/5/06 - Register after 7/5/06)
Member of the Health Section ($875 - $975)
Member of any Actuarial Organization ($925 - $1025)
All others ($975 - $1075)

Registration Procedures
You may register using two methods:

Online (credit card required)
Deadline: Wednesday, July 19
To register online, click here.


Mail (check required)
Deadline: Wednesday, July 12
Mail your registration form with check payable to:
Society of Actuaries
Maximizing the Value of the Pharmacy Benefit
P.O. Box 71293
Chicago, IL 60694

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 Wednesday, July 12. 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 Wednesday, July 12. For more information regarding cancellations and transfers, please visit www.soa.org, Meetings & Seminars, General Information.
· 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, Customer Service Department at 847-706-3500 to confirm space availability.

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 Wednesday, July 19

Posted by Tom Troceen at 07:45 PM

SOA Board partners with Pension Section to explore new retirement solutions and authorizes ACLI interim mortality table review

At its June 19-20 meeting the Society of Actuaries’ Board of Governors took action to respond to developments in the pension practice. The Board approved a partnership with the SOA Pension Section to explore new retirement solutions and initiated a broader exploration of how the Society should respond to changing opportunities for pension actuaries. The group also authorized a review of an ACLI interim mortality table proposal and advanced the discussion of diversity within the profession.

“Our Board believes the issue of change within the pension environment is both urgent and important,” said SOA President Bob Beuerlein, “and our approach recognizes the need for actuarially-sound, long-term solutions to retirement security as well as a member-centric plan to address the needs of a practice in transition.” He added that this issue was advanced to board level discussion by the SOA strategic management system.

Retirement 20/20 is a strategic project of the SOA’s Pension Section to envision a 21st century retirement system, consistent with the SOA market and market development plan’s goal of positioning the actuary as a 21st century thought leader. The initial focus is on research and building consensus on fundamental principles between key stakeholders.

The Board also commissioned a backgrounder (a comprehensive review that documents potential impacts on stakeholders, strategy, and capacity) on the Society’s response to changing opportunities for pension actuaries and began to define what needs to be explored in this study. The backgrounder will set the stage for an informed, fact-based dialogue, discussion, and decision-making around this issue. The Board is currently preparing a backgrounder on mandatory continuing education for discussion in October 2006 and the pension opportunities will be discussed in March 2007.

Responding to the progression toward principles based reserving (PBR) for the life insurance industry; the SOA board authorized a review of an ACLI interim mortality tables proposal. This review will be conducted by a joint SOA/American Academy of Actuaries task force composed of regulators, actuaries from direct writers, and reinsurance employers, with input from the Academic community. This review will not impact the timing of the ongoing SOA preferred mortality study, which is a key component of the PBR process and follows the plan set forth by the NAIC’s Life and Health Actuarial Task Force (LHATF).

Posted by Tom Troceen at 07:42 PM

Limited Attendance Seminar on Predictive Modeling

August 15-16, 2006
Chicago, Illinois

Online Registration via the CAS Online Store
Printable Registration Form
CAS Link

PURPOSE

The Limited Attendance Seminar on Predictive Modeling focuses on the practical issues involved in creating predictive algorithmic solutions. Attendees will benefit from training in the following areas:

* Data scrubbing and manipulation
* Methods of creating predictive algorithmic solutions
* Interpreting results from predictive algorithmic solutions

The approach is to demonstrate a systematic methodology for developing an algorithmic solution to the property and casualty insurance business problem.

The curriculum will focus on the critical issues and highlights the common barriers and pitfalls of developing such a solution, rather than focusing on an academic investigation of the underlying statistical theories.


The seminar will present two business applications of algorithmic solutions:

1. Factor optimization for an existing personal lines auto class plan using Generalized Linear Models on pure premium
2. Development of an underwriting scoring algorithmic solution for workers' compensation renewal business using multiple regression on loss ratio.

Attendance is limited to a maximum of 40 students. Attendees will be selected on a first registered, first accepted basis. Participants are expected to bring their own laptop to the seminar.

SCHEDULE
August 15, 2006 8:30 a.m. - 5:30 p.m.
August 16, 2006 8:30 a.m. - 4:30 p.m.

For a complete detailed schedule, please click below to download a PDF agenda.

*Note: this is subject to change
Limited Attendance Seminar on Predictive Modeling Agenda

REGISTRATION FEES
Registration Fees (in U.S. Dollars)
CAS Member, Affiliate, Subscriber, Active Candidate*, or Member of an Actuarial Association Worldwide - $575 (If received by July 31) $625 (If received on or after July 31)

Non-Members - $675 (If received by July 31) $725 (If received on or after July 31)

*Active candidates have attempted at least one actuarial exam in the last two years.

LODGING/TRANSPORTATION

The seminar will be held at the:

Crowne Plaza Hotel
The Allerton-Chicago
701 North Michigan Avenue
Chicago, Illinois 60611
(312) 440-1500

A limited number of rooms have been reserved for the evenings of August 14 and August 15, at a rate of $169.00 per night for a single or double room. You must specify that you are with the Casualty Actuarial Society when making your reservations. Room reservations must be made by August 1, 2006.

Posted by Tom Troceen at 03:13 AM

July 10, 2006

Meet the Candidates for 2006 CAS Elections

The announcement of candidates for the 2006 CAS Elections has been posted by the CAS. Who are the candidates?

The following slate of candidates will be standing for elections this year.

President- Elect:
Christopher S. Carlson

Board of Directors:
Brian Z. Brown
Charles A. Bryan
Clive L. Keatinge
Mary D. Miller
Joanne S. Spalla
Andrea M. Sweeny
Alfred O. Weller
Patrick B. Woods

What information is provided about the candidates?

Through the "Meet the Candidates" Web page, all candidates are providing the information listed below so that you can make comparisons and informed voting choices. Click on the appropriate link below each candidate's name to open a document. You may also print out all information provided by clicking on the link titled "Printable Version of Candidate Documents."

* A one page CAS biography.
* An additional page of relevant biographical information.
* A one-page statement on why the candidate wants to serve the CAS in the capacity of President-Elect or Director.
* A one-page statement identifying issues that are of special interest to the candidate and any positions he or she may have on these issues.
* A summary of the employment type and geographical information for continuing Board of Directors members is also provided for your consideration.

What is the "Open Question Forum" and how does it work?

The "Open Question Forum" provides Fellows the opportunity to pose questions to categories of candidates (not individuals). The Forum is open from June 30-July 14. Click on the "Ask the Candidates" link to access the form to submit a question. Select the candidate category from the drop-down menu, enter the required information, type your question in the space provided, and click "Submit Question." You will receive a confirmation e-mail that your question was received.

Once the Forum closes on the 14th, candidates will have one week to respond to your questions. Beginning on July 24, a link to the questions and responses will be posted under each candidate's name. In addition, the responses of all candidates will be compiled under each question on a separate Web page titled "Candidates Respond."

How and when do I vote?

Official ballots, including voting instructions, will be mailed to all Fellows that did not register to vote online on August 1. Fellows that registered for online voting will receive an e-mail announcing that the online voting booths have opened on August 1. Completed ballots must be submitted online or returned to the CAS Office by September 1, 2006.

Who do I contact if I have questions about the elections?

Your questions about and comments regarding these procedures are welcome and should be directed to office@casact.org.

I encourage you to take advantage of the information provided by the candidates and the question and answer forum. Most of all, you are strongly encouraged to add your voice to the future development and growth of the CAS by casting a ballot.

Thank you for your participation in our governance process.

Sincerely,
Paul Braithwaite
President

Posted by Tom Troceen at 04:32 PM

Exam registration just got a little easier - Now Online!

With the new system, you may now sign on to the SOA website and submit your Online Exam Registration for exams P, FM, M, C, 8, EA. Payment will be by credit card. If you would like to pay by check, you must register by mail or fax. Students who are eligible for international discounts must contact Leslie Fausher at lfausher@soa.org.

Preliminary Exams


Exam P/1 Computer-Based | Register Online

Probability
• Dates: In the United States and Canada: November 28 – December 1, 2006
In all other countries: November 28 – November 30, 2006
• Registration deadline: September 15, 2006

Exam P/1 Paper and Pencil | Register Online

Probability (In limited Canadian and International locations)
• Dates: November 28, 2006
• Time: 8:30am – 11:30am
• Registration deadline: September 15, 2006

Exam FM | Register Online

Financial Mathematics
• Date: November 8, 2006
• Time: 8:30am – 10:30am
• Registration deadline: September 24, 2006

Exam M | Register Online

Actuarial Models
• Date: November 7, 2006
• Time: 8:30am – 12:30pm
• Registration deadline: September 24, 2006

Exam C | Register Online

Construction and Evaluation of Actuarial Models
• Dates: November 6, 2006
• Time: 8:30am – 12:30pm
• Registration deadline: September 24, 2006

Course 8 Exams

Course 8E | Register Online

Finance and Enterprise Risk Management – Enterprise Risk Management Extension
• Dates: November 2, 2006 8:30am – 11:45am and 1:30pm – 4:45pm
• Registration deadline: September 24, 2006

Course 8F | Register Online

Finance and Enterprise Risk Management – Finance Extension
• Date: November 2, 2006
• Times: 8:30am – 11:45am and 1:30pm – 4:45pm
• Registration deadline: September 24, 2006

Course 8G | Register Online

Health, Group Life and Managed Care – Health and Group Life Extension
• Date: November 2, 2006
• Times: 8:30am – 11:45am and 1:30pm – 4:45pm
• Registration deadline: September 24, 2006

Course 8M | Register Online

Health, Group Life and Managed Care – Managed Care Extension
• Date: November 2, 2006
• Times: 8:30am – 11:45am and 1:30pm – 4:45pm
• Registration deadline: September 24, 2006

Course 8IU | Register Online

Individual Insurance - U.S.
• Date: November 2, 2006
• Times: 8:30am – 11:45am and 1:30pm – 4:45pm
• Registration deadline: September 24, 2006

Course 8IC | Register Online

Individual Insurance - Canada
• Date: November 2, 2006
• Times: 8:30am – 11:45am and 1:30pm – 4:45pm
• Registration deadline: September 24, 2006

Course 8V | Register Online

Investments
• Date: November 2, 2006
• Times: 8:30am – 11:45am and 1:30pm – 4:45pm
• Registration deadline: September 24, 2006

Course 8RU | Register Online

Retirement Benefits Comprehensive Segment - U.S
• Date: November 2, 2006
• Times: 8:30am – 11:45am and 1:30pm – 3:10pm
• Registration deadline: September 24, 2006

Course 8RC | Register Online

Retirement Benefits Comprehensive Segment - Canada
• Date: November 2, 2006
• Times: 8:30am – 11:45am and 1:30pm – 3:10pm
• Registration deadline: September 24, 2006

Course 8P | Register Online

Retirement Benefits, Pensions Funding Mathematics Segment
• Date: November 3, 2006
• Times: 2:00pm – 3:40pm
• Registration deadline: September 24, 2006

EA Exams

Exam EA-2, Segment A | Register Online

Pension
• Date: November 3, 2006
• Times: 8:30am – 12:30pm
• Registration deadline: September 24, 2006

Posted by Tom Troceen at 03:46 PM

Wachovia Insurance Services Enters Miami Market

Wachovia Insurance Services announced today the acquisition of Miami-based US Insurance Underwriters (USIU) in a deal that provides Wachovia its first entry into the Miami market through a well-established insurance brokerage firm specializing in property & casualty and employee benefits.

Julio C. Moreno, a native of Matanzas, Cuba, founded USIU in 1980. His son Jay, a graduate of Florida State University's risk management program, joined the firm in 1991 as a managing partner.

"The Hispanic community across our country has an estimated buying power of approximately $700 billion," said Stewart McDowell, president of Wachovia Insurance Services. "Julio and Jay Moreno have spent their entire business careers creating and serving relationships within the Hispanic community in Miami. Julio, Jay and the staff of USIU bring a wealth of talent that will be shared across Southeast Florida. We expect the combination of their experience and Wachovia Insurance Services' extensive professional insurance resources to produce exponential growth."

Julio Moreno will continue leading the Miami operation. He will report to William Allen, managing director for Wachovia Insurance Services in Southeast Florida, and focus his team's efforts on expanding sales and services.

"This combination represents an important first step toward achieving our strategic goal of having a significant presence in the Miami-Dade market," said Valerie Harwell, regional managing director for Wachovia Insurance Services in Florida. "Having already worked on several projects jointly with the Morenos, we have witnessed firsthand the depth of their relationships within the community and the professionalism with which they approach their business. We are very excited that the Morenos will serve as the foundation of our future growth and success in this vital market."

"Wachovia has an established and admired brand within the Miami/Dade Hispanic community and the corporation shares our high regard for excellent customer service," Moreno said. "It made perfect sense for us to combine our firm with Wachovia Insurance Services. Our existing contacts and reputation in the local business community combined with the additional resources that Wachovia brings in the way of products, services and markets truly make this a win-win situation. I am proud to be the newest member of the Wachovia Insurance Services team."

The deal closed June 30, 2006.

Posted by Tom Troceen at 03:45 PM