There is little doubt that improved risk management will be a top priority for insurance carriers in 2009. How does this impact the CIO's strategic agenda? Even today, I'd generally be shocked if a CIO's response was a strategic IT spend for support of their actuarial department. However, as companies look to improve risk management, I think 2009 will be the year many realize that IT investments in this area can provide immediate impact to a company's ability to understand and manage their risks.

The 401(k) program and Individual Retirement Accounts are good ways for Americans to save now and retire later, rather than rely solely on Social Security.

But there are rules on when the money can be withdrawn, and stiff penalties apply when people withdraw the money too soon. That makes some sense, because these are retirement accounts, not savings accounts.

But the requirement to start withdrawing money  at the age of 70 1/2 also carries an additional unanticipated penalty, in that it can force people to cash in their IRAs or 401(k)s in a down market.
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We have all seen the significant press coverage surrounding the Government's multi-billion bail-out of banks. However, I have been contacted by a number of people who have been severely impacted by another financial scandal, for which the Government has been found entirely negligent yet has so far refused to pay compensation. These are Equitable Life pensioners, around one million of whom have lost up to half their pensions.

Actuaries rebelling against the proposed merger of the two UK professional institutes have set up an "actuarial defence group" called Fidelis to defend Scotland's 152-year-old Faculty of Actuaries. Fidelis, named after the faculty's motto "ad finem fidelis" (faithful to the end), says it is prepared to appeal to the Privy Council or take a legal case to the House of Lords to stop the merger with the 160-year-old Institute of Actuaries.

Video on how to find an actuary job.

Richard S. Foster, the chief actuary of the Centers for Medicare & Medicaid Services (CMS), was awarded the 2006 Robert J. Myers Award for Public Service on May 16, 2006 by the American Academy of Actuaries. Foster was given the award in recognition of his extraordinary contributions to the public good, outstanding commitment to professionalism, the inspiration he has provided to practicing actuaries, and for the respect he commands both within and outside of the actuarial profession.

Market Consistent Embedded Value. More information will available soon.

Predictive modeling has entered almost every facet of industry, government, and academia, and its applications for insurance are only beginning to be realized. This two–day introductory course offers life actuaries a practical, working understanding of predictive modeling tools.

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This seminar is designed to give professionals with limited–to–moderate experience an understanding as to how to better quantify, monitor and manage the risks underlying the VA and EIA products.

We live in a time of great changes in the way Americans save, invest, and manage the risks to their standard of living. Baby boomers are the most prosperous, healthiest, and longest-lived generation of Americans ever. They also face more choices about saving and investing than their predecessors. More choices mean more decisions. Voluntary tax-advantaged accounts are now available for retirement, college tuition, and health care. It seems everyone is talking about personal finance. Should you open an IRA or 401(k) account? An ordinary IRA or a Roth IRA? How much to contribute? continue reading

Plan to attend the SOA 08 Annual Meeting & Exhibit, October 19-22 at the Orlando World Center Marriott Resort in Orlando, Fla. We’re planning more great seminars and networking opportunities – and, of course, a few surprises. Don’t miss the Actuarial Foundation Charity Event, Monday, October 20, to support achievements in mathematics.

Career information about the actuarial profession.

Richard S. Foster, the chief actuary of the Centers for Medicare & Medicaid Services (CMS), was awarded the 2006 Robert J. Myers Award for Public Service on May 16, 2006 by the American Academy of Actuaries. Foster was given the award in recognition of his extraordinary contributions to the public good, outstanding commitment to professionalism, the inspiration he has provided to practicing actuaries, and for the respect he commands both within and outside of the actuarial profession.

The Pension Protection Fund (PPF) is seeking a software provider for services enabling the organisation's actuarial team to complete its job.

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Island Insurance Company, Ltd., the State's largest locally owned and managed property and casualty insurance carrier, has appointed Michael A. Onofrietti as Vice President of Actuarial Services, Product Development & Management.

In this newly created position, Onofrietti will be responsible for developing techniques for pricing insurance products, analyzing lines of business portfolios as well as the development, management and implementation of new products.
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