2008 ASNY ANNUAL MEETING

                                Monday, November 10, 2008

                               Marriott Downtown New York

                                         Meeting Agenda

7:45 – 8:30 a.m.    Continental Breakfast and Meeting Registration

8:30 – 9:00         Welcome  Tom Crawford, ASNY VP of Annual Meeting
                    Club Business  Tara Hansen, ASNY President

9:00 – 10:00        Global Reinsurance Challenges and Opportunities
                           Robert Musen - RGA Reinsurance Company - Executive Vice President

10:00 – 10:15                                        Coffee Break

10:15 – 11:15       Enterprise Risk Management – A Practical Approach Better Decision-Making
                           Sim Segal – Watson Wyatt – US Leader of ERM Services
                           Basil Rabinowitz – Assurant Inc. – SVP & Head of Strategic Analysis
11:15 – 11:25                                  Transition to Break Outs

11.25 – 12.35       Break Out Session 1 (Choose 1 of 5 topics)

12:35 – 1:45 p.m.   Lunch Speaker - Professional Ethics - Serving the Public Interest
                          Jim Toole - MBA Actuaries Inc – Managing Director, Life and Health
1:45 – 3:15         Break Out Session 2 (Choose 1 of 5 topics)

3:15 – 3:30                                          Coffee Break

3:30 – 5:00         Break Out Session 3 (Choose 1 of 5 topics)

5:00 – 6:30         Cocktail Reception
       As an approved provider of the American Academy of Actuaries, ASNY certifies that it
       believes in good faith that all sessions at this meeting qualify as Recognized Organized
       Activities. The credit hours for continuing education for each session and the applicable
       actuarial practice areas are indicated below:

Session                                                         Continuing Education   Applicable Actuarial
                                                                Credit Hours           Practice Areas
General Sessions
Global Reinsurance Challenges and Opportunities                         1.2            Life, Health
Enterprise Risk Management – A Practical Approach Better                1.2            Life, Health
Professional Ethics - Putting the Public First in the Face of           0.5            Life, Health
Increasing Competitive Pressures

Break Out Session 1
MCEV                                                                    1.2            Life
View from the Regulator                                                 1.2            Life, Health
Product Development Impact of the 2001CSO Table: A                      1.2            Life, Health
Retrospective View
Retiree Medical Benefits Update and Solutions                           1.2            Health
Financial Strategies for Actuaries in Transition: A Cross-              1.2            Life, Health
Disciplinary Approach

Break Out Session 2
Replicating Portfolios                                                  1.8            Life
Rating Agencies and Investment Analyst perspective of the
Insurance Industry – CANCELLED                                          1.8            Life, Health
REPLACED WITH… Techniques to Fast Track Your Career
"Black Swans, Subprime, and Systemic Risk" – Underwriting               1.8
                                                                                       Life, Health
IFRS 4 – An Overview for Actuaries                                      1.8            Health
Variable Annuities – Update on Product Innovations                      1.8            Life, Health

Break Out Session 3
Solvency II / QIS Update                                                1.8            Life, Health
The Markets and the US Economic Outlook - An Investor's                 1.8            Life, Health
"Land The Job & Pay You Deserve"                                        1.8            Life, Health
Consumer Driven Healthcare Plans                                        1.8            Health
Data management for Insurers and Reinsurers                             1.8            Life, Health
  BREAK OUT SESSION 1: 11:25 – 12:35 PM

Joe Chou – Ernst & Young – Senior Actuarial Advisor

This session will provide an overview of the MCEV framework and give practical examples of
how the calculation applies to certain product lines.

View from the Regulator
Mary Lee Kreuter – New York Insurance Department

This session is to provide an update on some of the recent developments in the NY insurance
market with focus on regulatory changes and new developments.

Product Development Impact of the 2001CSO Table: A Retrospective View
Alan Igielski – AXA Equitable Life Insurance – Vice President
Nick Pasyanos – New York Life –Vice President and Actuary

This session will discuss the impact this transition had on the various life product types, transition
planning, impact on the organization, implementation challenges and lessons learned.

Retiree Medical Benefits Update and Solutions
Moderator: Larry Bell
Panelist: Jeff Lane - Milliman
Panelist: Michael Sydlaske - Ernst & Young – Senior Actuarial Advisor
Panelist: Dr. Richard Feller - Lynchval Systems World Wide - Principal

GASB 45 was announced in 2004. 55,000 political subdivisions were affected and over $1 trillion
of liabilties must be addressed. This year is the first year the liability must be "booked". With this
session, the key will be not just the discussion on how liabilities are calculated, but what
organizations are doing about these liabilities. Most new health actuarial work is coming from
this area. This session will be a roundtable of actuaries, lawyers and consultants working closely
with GASB 45.

Financial Strategies for Actuaries in Transition: A Cross-Disciplinary Approach
Chris Amon – Sagemark Consulting
Beverly Amon – Sagemark Consulting

Using the case study method, the program explores important financial issues which are unique
to executives, both when they leave a job and when they are evaluating new options. The
presentation will offer a heads up on common problems that executives often face and how to fix
them before it’s too late. Utilizing a cross disciplinary approach, we will share innovative ideas in
the areas of wealth creation and wealth preservation - many of which Actuaries have not been
exposed to previously.
  BREAK OUT SESSION 2: 1:45 – 3:15 PM

Replicating Portfolios
Scott Underberg – Ernst & Young
Paul Heffernan - Prudential

Insurance companies are increasingly using replicating portfolios to gain efficiency in the
stochastic modeling process. This session will explore how a portfolio of assets can be
constructed that replicates the cash flows of insurance liabilities, and how such a portfolio can be
used effectively in the risk management framework.

Rating Agencies and Investment Analyst perspective of the Insurance Industry

Techniques to Fast Track Your Career
John Hadley – Career Development Coach

"Black Swans, Subprime, and Systemic Risk" - Underwriting Perspective
Jim MacDonald - JW Macdonald Associates, LLC
Philip J. Walsh - Hinshaw & Culbertson LLP

This session will consider the underwriting implications of the Subprime debacle, from the
immediate emerging mass litigation to the longer term questions that need to be addressed in the
areas of systemic risk, catastrophe exposure management, and alternatives to traditional

IFRS 4 – An Overview for Actuaries
Jennifer Weiner – Ernst & Young – Senior Accountant
Len Reback – MetLife – Vice President & Actuary

IFRS is becoming increasingly relevant for US insurers. Many US companies are subsidiaries of
companies that have already adopted IFRS, and US GAAP is converging to IFRS and will be
supplanted by it in the near future. This session gives an overview of the key considerations of
IFRS 4 which deals specifically with Insurance Contracts. It also touches on IAS 39 (Financial
Instruments: Recognition and Measurement) and IAS 18 (Revenue) that Actuaries will have to be
familiar with in order to prepare statements under the new regime.

Variable Annuities – Update on Product Innovations and Impact of Recent Markets
Jeffrey Rait – AXA Financial – Vice President and Actuary
Tom Crawford – Ernst & Young - Actuarial Advisor

This session provides an overview of the recent innovations in the Variable Annuity market in
terms of product design. It also takes a look at Variable Annuities in the context of the recent
market turmoil: How costly have the guarantees become? How have hedging strategies
  BREAK OUT SESSION 2: 3:30 – 5:00PM

Solvency II / QIS Update
Laura Hay – KPMG - Principal
Giselle Lim – KPMG – Director Financial Risk Management

Since late 2005, European Insurance regulators have been involving the insurance industry in a
consultation process to test the impact of the proposed new risk-based solvency regulations
(Solvency II). As a result of these Quantitative Impact Studies, the regulators’ thinking has
progressed significantly. This session will include insight into the Solvency II consultation
process, the key elements of the quantitative framework, and the next steps for the regulators in

The Markets and the US Economic Outlook - An Investor's Perspective
Lindsey Ferguson - JP Morgan Chase
Andrew Goldberg - JP Morgan Chase - Vice President and Market Strategist

Using JPMorgan research and data on the economy, labor statistics and historical perspective,
we explore strategic portfolio management techniques and opportunities for investors. We also
take a look at an emerging investor perspective called Behavioural Finance and it's overall impact
on investor behavior and psychology.

"Land The Job & Pay You Deserve"
John Hadley – Career Development Coach

Do you struggle to get the recognition and visibility your contributions deserve? Are you feeling
blocked in your career? Or are you just not that excited to go to work in the morning? John
Hadley will give you tips on how to unlock your potential and secure a high profile, highly
rewarded position in the global actuarial sphere or beyond!

Consumer Driven Healthcare Plans
Gabriela Dieguez- Milliman
Paula Holt - Carefirst

This session will be an update on Consumer Driven Health Plans. Presentation will be provided
by Milliman and Carefirst Blue Cross Blue Shield. Session will provide updates in the CDHP
market and include results of recent studies by Milliman and trends in the marketplace. Milliman
will present final results of Milliman’s consumer driven health plan experience, including the
actuarial adjustment techniques based on risk scores, geography, plan design, side funds, and
demographics necessary for the evaluation of the success of consumer driven plans. The actual
experience of 11 large national employers will be used as context for the discussion. Part of the
goal of the session will be to identify what conclusions that we can learn from the Milliman study.
Best Practices: Data Quality and Control
Brian Woods - Logic Reserve
Pete Lopatka - Independent Consulting Actuary

Have you ever been knee-deep in an analysis, only to discover the data you’ve been relying on is
inaccurate? If so, you’re not alone. When it comes to data, effective quality control can be very
difficult, especially for independent actuaries. In this session, we’ll explore practical ways to
improve the quality of your data, from the initial intake through the final output. Topics will
      5 key criteria for measuring data quality
      An overview of basic database architectures
      Organizing your data for easy access and retrieval
      Data security: Beyond password protection
      Emerging trends in data warehousing

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