Walters Warns Against Complacency

TORONTO, O.N., Canada.—"There is more to do," was the theme of the luncheon address given by Mavis A. Walters, 1998 CAS President, during the CAS Annual Meeting held November 8-11, 1998 in Toronto.

In her address on November 9, Walters touched on mutual recognition, affiliate membership, changes to the Bylaws and Constitution, nontraditional areas of practice, and the revised Rules of Procedure for Disciplinary Action. While she trumpeted the accomplishments of the CAS and expressed great confidence in current and future CAS leaders, she also tempered her speech with the exhortation to do more, highlighting areas where more could be accomplished.

She called on the CAS to participate more in the international arena. According to Walters, two meetings in 1998—the International Congress of Actuaries meeting in Birmingham, England and the combined ASTIN and general insurance conference in Glasgow, Scotland—were missed opportunities for CAS members to participate. Only one CAS member was a presenter in Glasgow and none participated in Birmingham. "It is difficult to maintain the posture that the Casualty Actuarial Society represents the finest, best-educated and most knowledgeable actuaries in the general insurance area when we don't participate in important international forums such as these," she said.

Walters acknowledged Society of Actuaries (SOA) President Anna Rappaport for her efforts to help the CAS and SOA come "into closer harmony." She and Rappaport recommended that joint board meetings be held every other year, if not annually.

Turning to the significant accomplishments, Walters cited the impressive growth of the CAS, with a membership surpassing 3,000 and the largest Fellowship class ever (126). "Obviously something about a career as a casualty actuary is impressive to college students," said Walters. "We have continued to attract students who are intelligent, well-motivated and not intimidated by the prospect of sitting for 10 or 14 exams to achieve their credentials."

Despite the impressive growth in membership—almost doubling since 1989—Walters warned against complacency and said that the CAS "must...expand our expertise so we remain relevant and necessary in the changing marketplace."

Walters chose her brother and past CAS president, Michael A. Walters, to address the new members at the Business Session held earlier that morning. Michael Walters congratulated the new members on their determination and judgment. "Let's face it," he said, "the syllabus for our exams is still quite a formidable barrier to master completely. You had to exercise considerable judgment in finding the essence of those readings and deducing the likely exam questions."