Topic: Financial and Accounting Systems and Issues
Associated with the Globalization of Insurance
Advances in technology, the interdependence of world economies, phones, faxes, computers and the Internet…All of these factors, as well as others, have made the world a smaller place. It is easy to communicate and do business outside your geographic borders. As the world shrinks for many industries, it does so for insurance.
The globalization of the insurance industry has been accelerating as mergers and acquisitions have continued to cross country borders. This Discussion Paper Program will offer a forum to share thoughts and ideas on issues that arise in addressing the integration of the financial and accounting systems as companies merge across borders. It is also an opportunity to explore how the actuary can be an important player in putting together the globalization puzzle.
Some examples of topics for discussion might include:
- How to deal with exchange rate risk
- Certification of balance sheets and reserves across countries
- Cultural issues related to transnational mergers
- Analysis of liabilities unique to one nation, such as German and French pools and national reinsurance arrangements or the treatment of environmental liabilities
- Due diligence and the actuary across borders, including analysis of reserves and pricing/underwriting practices
- A look at the historic and forecasted pace of mergers
- Post mortems: Looks at mergers after the fact; what went well, what went poorly, and what can be learned
Accepted papers will be published in the Spring 2001 Discussion Paper Book and will be posted on the CAS Web Site. Authors will have the opportunity to present their papers at workshops scheduled during the CAS Spring Meeting in Miami, Florida on May 6-9, 2001.
The CAS hopes that you can participate in the Discussion Paper Program, and thanks you for considering being a part of it. The results will contribute to the written body of knowledge of the CAS and to the success of the 2001 Discussion Paper Program.
Very Truly Yours,
Abbe Sohne Bensimon
Vice President, Continuing Education
Schedule for the Program
To participate in this Discussion Paper Program, you need to prepare a proposal that includes a title and short description of your paper. The description should outline the key issues of your paper and the conclusions you intend to reach. It would be helpful if you could describe the methods you might use if the paper is to be technical in nature. This would give the committee the best possible opportunity to guide you in reaching the widest possible audience.
When a proposal is submitted, the Continuing Education Committee members do not know the name of the author as they decide to accept or reject the proposals. This is done to make sure the process is as fair as possible. You can help by omitting any references to companies or people in your proposal.
The general schedule for the year 2001 Discussion Paper Program is as follows:
Deadline for Proposals
The proposals must be received by August 1, 2000. They should be addressed to:
Mr. Floyd M. Yager
Discussion Paper Chairman
Allstate Insurance Company
2775 Sanders Road, Suite D8
Northbrook, Illinois 60062
Fax: (847) 326-6423
If you wish to discuss an idea for a paper with Floyd, he would welcome your call at
Acceptance or Rejection of Proposals
By early September, the Committee on Continuing Education will have reviewed each proposal and made a decision to accept or reject it. The Chairman will contact each author regarding the Committee’s decision.
Monitoring the Progress
Timely completion of the papers will be necessary so that all the papers can be combined into a book which can be distributed to CAS members well before the 2001 Spring Meeting. The Chairman will be in regular contact with each author and will provide general guidance in completing the paper. Please note that the papers should be prepared in accordance with the "Guides for Submission of Papers" in the 2000 CAS Yearbook (pp. 321-329) and on the CAS Web Site at www.casact.org/about/index.cfm?fa=guides. It is hoped that the authors will also submit their papers for publication in the Proceedings; however, papers must be submitted separately to the Proceedings for independent consideration.
The Discussion Paper Chairman must receive the completed paper and a 200-word abstract by November 6, 2000.
Approving the Completed Paper
Each paper will be reviewed and screened by the Committee on Continuing Education. Occasionally, an initially accepted proposal may result in a paper that does not meet the minimum standards established by the Committee either due to relevance of material or quality of exposition. When that happens, some re-writing may be required, or the paper may not be included in the program.
Presentation at the CAS Meeting
Discussion of Papers
All authors will be invited and expected to discuss their papers at the workshops scheduled during the 2001 Spring Meeting in Miami, Florida. Authors will be contacted in advance of this meeting regarding the nature of the presentation and coordination with the program.
Preparation of Bound Papers
All accepted papers meeting the deadlines will be printed, bound, and distributed in advance of the meeting.
Michelbacher Prize Committee
The Michelbacher Prize Committee will review submissions anonymously and decide upon a winner in accordance with the criteria sent to the authors once their proposals have been accepted. The Michelbacher Prize, in the amount of $1,500, will be awarded to the author of the best paper and presented at the 2001 Spring Meeting.