Who Should Attend
Chief executive officers, chief financial officers, chief risk officers, chief actuaries, chief underwriters, senior-level professionals responsible for reinsurance in their companies and senior management from companies that supply services to the reinsurance sector, investment bankers, rating agency staff and regulators.
Business casual attire is appropriate for this meeting.
The American Council of Life Insurers (ACLI) is a Washington, D.C. - based trade association with more than 300 member companies operating in the United States and abroad. ACLI advocates in federal, state, and international forums for public policy that supports the industry marketplace and the 75 million American Families that rely on life insurers’ products for financial and retirement security. ACLI members offer life insurance, annuities, retirement plans, long-term care and disability income insurance, and reinsurance, representing more than 90 percent of industry assets and premiums. Learn more at www.acli.com.
The American Council of Life Insurers is committed to adhering strictly to the letter and spirit of the antitrust laws. Meetings conducted under the ACLI's auspices are designed solely to provide a forum for the expression of various points of view on topics described in the programs or agendas for such meetings. Under no circumstances shall ACLI meetings be used as a means for competing companies or firms to reach any understanding—expressed or implied—which restricts competition or in any way impairs the ability of members to exercise independent business judgment regarding matters affecting competition. Accordingly, appropriate objection will be made to any presentation or colloquy that presents a risk from the standpoint of the antitrust laws.
The materials contained in the presentations are provided for general information purposes only and are not legal advice. ACLI does not warrant the accuracy or completeness of any information contained therein, and you should consult the appropriate legal and compliance staffs prior to taking any actions based on this information. ACLI did not prepare this information and does not hold any copyrights or other claims to the content of presentations, and therefore cannot authorize any reproductions.
American Council of Life Insurers is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: LearningMarket.org.
The Society of Actuaries is an educational, research and professional organization dedicated to serving the public, its members and its candidates. The SOA's mission is to advance actuarial knowledge and to enhance the ability of actuaries to provide expert advice and relevant solutions for financial, business and societal problems. The SOA's vision is for actuaries to be the leading professionals in the measurement and management of risk.
Active participation in the Society of Actuaries is an important aspect of membership. Participation not only adds to the vitality and energy of the organization, but it also furthers the SOA's vision for actuaries to be recognized as the leading professionals in the modeling and management of financial risk and contingent events.
While the positive contributions of professional societies and associations are well recognized and encouraged by government, association activities also are subject to close scrutiny under both federal and state antitrust laws. The single most significant law affecting associations is the Sherman Antitrust Act, which makes unlawful every contract, combination or conspiracy in restraint of trade. Because an association is, by nature, a group of competitors joined together for a common business purpose, an association satisfies what would ordinarily be a difficult element in proving an antitrust violation. As such, any association activity that arguably could be perceived as a restraint of trade exposes the SOA and its members to antitrust risk.
Historically, the most significant area of antitrust concern for associations has been price fixing. Price fixing is a very broad term which includes any concerted effort or action that has an effect on prices, terms or conditions of trade, or on competitors. Accordingly, meeting participants should refrain from any discussion which may provide the basis for an inference that they agreed to take any action relating to prices, services, production, allocation of markets or any other matter having a market effect. These discussions should be avoided both at formal meetings and informal gatherings and activities. In addition, meeting participants should be sensitive to other matters that may raise particular antitrust concern for associations: membership restrictions, codes of ethics or other forms of self–regulation, product standardization or certification. The following are guidelines that should be followed at all SOA meetings, informal gatherings and activities:
DON'T discuss your own or others' prices or fees for service, or anything that might affect prices or fees, such as costs, discounts, terms of sale, or profit margins.
DON'T stay at a meeting where any such price talk occurs.
DON'T make public announcements or statements about your own prices or fees, or those of competitors, at any SOA meeting or activity.
DON'T talk about what other entities or their members or employees plan to do in particular geographic or product markets or with particular customers.
DON'T speak or act on behalf of the SOA or any of its committees unless specifically authorized to do so.
DO alert SOA staff or legal counsel about any concerns regarding proposed statements to be made by the association on behalf of a committee or section.
DO consult with your own legal counsel or the SOA before raising any matter or making any statement that you think may involve competitively sensitive information.
DO be alert to improper activities, and don't participate if you think something is improper.
Adherence to these guidelines involves not only avoidance of antitrust violations, but avoidance of behavior which might be so construed. Bear in mind that the antitrust laws are stated in general terms, and that these guidelines only provide an overview of prohibited actions. If you have specific questions, seek guidance from your own legal counsel or from the SOA's Executive Director or legal counsel.
Presentations are intended for educational purposes only and do not replace independent professional judgment. Statements of fact and opinions expressed are those of the participants individually and, unless expressly stated to the contrary, are not the opinions or position of the Society of Actuaries, its cosponsors, or its committees. The Society of Actuaries does not endorse or approve, and assumes no responsibility for, the content, accuracy or completeness of the information presented. Attendees should note that panel discussions, teaching sessions, lectures, debates and open forums are audio-recorded and may be published in various media, including print, audio and video formats without further notice.
The SOA Continuing Professional Development (CPD) Requirement was effective on Jan. 1, 2009 and members must report compliance annually as of each Dec. 31. Members must meet the Basic Requirement provisions of Section B or one of the Alternative Compliance provisions of Section C of the SOA CPD Requirement in order to be deemed compliant.
The SOA believes that this event may be suitable for filling continuing education requirements. Ultimately, it is an actuary's responsibility to make a reasonable, good-faith determination of what continuing education opportunities will enhance his or her ability to practice in a desired field.
Below is the maximum number of credits you could receive, based upon your session attendance.
13.50 credits may be applied toward the "Qualification Standards for Actuaries Issuing Statements of Actuarial Opinion" and the "SOA Continuing Professional Development Requirement."
11.25 credits may be applied toward "The Canadian Institute of Actuaries Qualification Standard—Continuing Professional Development."
For further information on these requirements, visit SOA.org/CE.
U.S. Qualification Standards
The Qualification Standards for Actuaries Issuing Statements of Actuarial Opinion in the United States took effect Jan. 1, 2008 and were developed by the American Academy of Actuaries' Committee on Qualifications, on behalf of the five U.S. actuarial organizations.
The SOA believes that this webcast may be suitable for filling this requirement as continuing education under the U.S. Qualification Standards. Ultimately, it is an actuary's responsibility to make a reasonable, good-faith determination of what CE opportunities will enhance his or her ability to practice in a desired field.
For further information on this requirement, please visit the American Academy of Actuaries website.