1 IACA Committee Meeting November 1, 2005 Meeting in Asheville, North Carolina, USA Attendance Committee members in attendance in person were:, Chair Mike Toothman, Vice-Chair, Executive Director, Secretary/Treasurer Committee members in attendance by phone were: David Oakden New Member Brent Walker, Past Chair Hideyuki Yoshida Committee members absent were: Pauline Durant Jay Jaffe, Professionalism Committee Chair Bjorn Nilsson Mike Ross Janina Slawski (with apologies) Alexander van Stee Segundo Tascon Emmanuel Tassin Paul Thornton Horst Zimmermann Guests in attendance in person were: Fred Kilbourne, incoming President of the Conference of Consulting Actuaries Tom Terry, incoming President-Elect of the Conference of Consulting Actuaries Richard Roth Al Weller Minutes are shown in the order of the agenda items. Items were addressed as follows: 4 through 11, 1 through 3, and 10 revisited. FUTURE ACTION 1. Minutes from the 10 August 2005 meeting of the IACA Committee were approved. will send them to the Secretariat for posting on the website.
2 2. Financial Update. Budgeting - will decide on and implement a consistent process for budgeting and expensing conference call expenses. Investment policy Short term, will move most of the money to the Treasury account. Long-term, IACA needs an approved policy. Ron will find out the IAA policy and work with Mike and Ken to recommend a policy for IACA. Current thinking is that $250,000 will be put in longer-term investments, with $50,000-70,000 in shorter-term investments. will provide four years of cash-flow projections to help with this process. The Executive Committee will finalize the IACA investment policy., Mike Toothman, & Executive Committee 3. Administration. Honorary members list. is still working on this. Retention of IACA Records. The old records are not yet in the Ottawa IAA office. Mike Mills has agreed to eliminate duplicates and extraneous material before sending it to Ottawa. When the material is in Ottawa, Ron will review it and arrange for filing and safe keeping. New Committee Member From Canada. The Committee welcomes David Oakden as its new member from Canada. Expenses for IACA officers After reviewing other actuarial organizations officer reimbursement policies, the Committee agreed that it would reimburse officer expenses starting 1 June 2006 if agreed to by the IACA section members at the May 2006 members meeting if requested by the officers involved: Chair s out-of-pocket expenses for attending the two IAA meetings a year; Chair s out-of-pocket expenses for attending one other meeting a year if the IACA Committee meets other than at the IAA meeting; and Vice-Chair s out-of-pocket expenses to attend one IAA meeting a year. The Chair s reimbursement is limited to $7,500 US. The Vice-Chair s reimbursement is limited to $2,500 US.
3 Andrew will publicize this proposed policy in the newsletter prior to the May 2006 members meeting. Members Only Website. Ron will discuss this with Christian when Ron is in Ottawa. Jay and proposed listing members with 50 word self-written descriptions. will discuss this with Christian. Other. will e-mail to David relevant e-mails sent out prior to this meeting. 4. Report on IACA program at EAAC meeting in Bali. Brent reported that about 50 people attended the IACA program. IACA plans to do this again in October 2007 when the meeting will be in Japan. Hideyuki will coordinate this. Hideyuki Yoshida 5. Meetings Through Paris CCA Meeting 30 October - 2 November 2005 Asheville, NC. Sir David Tweedy was well-received as the keynote speaker. The international accounting standards concurrent session had 46 attendees. The Morris concurrent session had 26 attendees. It appears that IACA s presence at the conference added 10-15 meeting attendees. IACA would like to have better additional attendance the next time. ICA Meeting 29 May 2 June 2006 Paris. The Committee reviewed the preliminary program. will liase with the Paris Committee to get speakers into the entire program without paying the meeting fee. will ask Emmanuel to prepare marketing material. Andrew will assist him. will ask Emmanuel to set up another Large Firms Presidents Meeting. and The function on Thursday night will be a meeting at a restaurant at 9:00 pm for dessert and coffee. will send the membership list to the Committee. Ken will e-mail the paper someone submitted on the scientific program that is relevant to an IACA session.
4 6. Meetings After Paris February 2007 ACA Gatwick. will follow up on this meeting. May 2007 International Health Colloquium South Africa. will follow up with Janina about this meeting. September 2007 French Consulting Actuaries Deauville, France. will follow up on this meeting. Early October 2007 EAAC Tokyo. Hideyuki will follow up on this meeting. 21-24 October 21-24 2007 CCA San Antonio, Texas, USA. Ken will follow up on this meeting. October/November 2008 Biennial Meeting with the CCA Possibly Boston. Mike will work out the details with Chris Daykin (IAA Pension Section Head), Howard Bolnick (IAA Health Section Head), SOA, and CCA. He also will get the 2004 meeting details from Brent. General plan: Wednesday afternoon big cheeses meeting, Thursday all day, Friday half day, social event Thursday or Friday evening. We should not overlap our meetings with the other IAA sections. We anticipate needing 200 hotel rooms. Hideyuki Yoshida Mike Toothman & Brent Walker 7. Replacement of Chair of Membership Committee will circulate the current membership list to the IACA Committee. will ask Pauline to work on following up on members who do not renew their membership. David will help as a member of the Membership Committee but does not want to chair it. Pauline Bjorn & David Oakden 8. Function Committee Reports. Professionalism Committee No report. Publications & Research Committee Andrew needs help with the newsletter. He would like one person from the US and one from Europe. Mike will help him with the US person. will talk to Alexander. Andrew will work with Jay on professionalism articles for the newsletter. Janina also work on finding volunteers for this committee. Jay Jaffee Andrew Vaughan, Mike Toothman,, Janina Slawski Membership Committee No report. See #7.
5 9. Biennial Consulting Actuary Award. The intent is to offer this once every two years. The award will be $1,000 to the library of the winner s choice. A suggestion was made to call this the Max Landers Award. and Jay will develop the criteria for approval at the January conference call. 10. Plans to Expand Relationship With CCA. Mike will talk with Fred Kilbourne and Tom Terry about getting an automatic IACA membership for CCA members for less than the regular $40C. It would be nice to get this into the 2006 budget, but it may have to wait until 2007 so IACA has more chance to show the CCA the value of doing this. IACA should have two sessions at the CCA meeting integrated into the international track. will coordinate this. & Jay Jaffe Mike Toothman 11. Other Business. will talk with ACA about automatic IACA membership for ACA members for less than the $40C. At the January conference call, we need to discuss changes to the IACA constitution. Ron will distribute these. will distribute the draft and final minutes of this meeting to Fred Kilbourne and Tom Terry. 12. Next Conference Calls. will attend the IAA meeting in Brazil. He will arrange for an informal meeting of those attending and have phone-in arrangements as well. Conference call dates are 26 January 2006 and 15 March 2006 at the usual time.