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1994 Annual Meeting

Meeting Location: Toronto, CA

Saturday, August 20, 1994

2:00 p.m.- 5:00 p.m. Strategic Planning Committee

Sunday, August 21, 1994

8:30 a.m.- 3:00 p.m. Board of Directors Meeting

1:00 p.m.- 6:00 p.m. Registration

3:00 p.m.- 4:30 p.m. Presentations by "Innovation in Instruction" Winners


Monday, August 22, 1994

7:30 a.m.- 8:30 a.m. Breakfast

8:45 a.m.-10:15 a.m. Plenary Session

"Professional or Academic -- Responses to the Industry's Educational Needs"

Moderator: J. Chris Rhind, President and CEO, Insurance Institute of Canada

Panelists: Gerald A. Wolfe, Jr., Vice President and Chief Agent in Canada of General Reinsurance Company; Chairman of Board of Governors, Insurance Institute of Canada

Norton Campbell, Senior Vice President Human Resources, London Life Insurance Company 519/432-5281 x 5268

Anthony Bridger, Risk Manager, Bank of Montreal and Immediate Past President of Risk and Insurance Management Society

10:15 a.m. -10:30 a.m. Coffee Break

10:30 a.m. - 12:00 noon Concurrent Sessions

Session A: The Role of Insurance Agents

Moderator: Claude Lilly, Florida State University

"Insuring The Agents: The Role Of Directors And Officers' Insurance In Corporate Governance" by Noel O'Sullivan, University of Nottingham

"The Ethics Of Insurance Agents: Comparison Of Personal Versus Professional Ethics And The Variables That Impact Them" by Kevin l. Eastman, Florida State University, Jacqueline K. Eastman, Valdosta State University, and Alan D. Eastman, Florida State University

"Agents as Monitors of Insurer Default" by David A. Cather, University of Pennsylvania

Session B: Issues in Workers Compensation

Moderator: David Appel, Milliman and Robertson

"Explaining the Demand For Workers' Compensation Self-Insurance" by Anne Carroll, Rider College

"A New Look At What's Driving Up Workers' Compensation Medical Costs" by Gregory Krohm, Journal of Insurance Regulation

"Efficiency Comparison Between Private and Public Insurers: A Case in Workers' Compensation" by Wook Jean Kwon, Georgia State University, Hunsoo Kim, Georgia State University, and Kenneth Scoles Jr., Georgia State University

Session C: Financial Markets and Insurance

Moderator: James Bicksler, Rutgers University

"Corporate Risk Management and Insurance" by Richard D. MacMinn, University of Texas

"Optimality of Deductibles in Non-Expected-Utility Models of Consumer Behavior" by Harris Schlesinger, University of Alabama, and Christian Gollier, University of Toulouse

"On the Valuations of Loan Guarantees Under Stochastic Interest Rates" by Van Son Lai, Laval University, and Michel Gendron, Laval University

Session D: Health Care Delivery & Decisions I

Moderator: Helen Doerpinghaus, University of South Carolina

"The Cost of Informal Caregiving to Disabled Elders: Implications for Private Long- Term Care Insurance and Public Policy" by Deborah Chollet, Alpha Center

"On the Value of a Checkup: Treatment Options Versus Insurance Lotteries" by Neil Doherty, University of Pennsylvania

"A Comparative Analysis of Efficiency Measurement for Health Maintenance Organizations" by R.B. Drennan, Temple University, and Mary A. Weiss, Temple University

12:00-1:20 "Hot Topics" Luncheon

Moderator: Richard A. Derrig, Automobile Insurers Bureau of Massachusetts

Panelists: George D. Anderson, Insurance Bureau of Canada

Allan Kaufman, Milliman and Robertson

Rodger Lawson, Alliance of American Insurers

1:30 p.m. - 2:45 p.m. Plenary Session

"Market Conduct in the 90s"

Moderator: Sam Weese, President, American College of Life Underwriters

Panelists: Kevin T. Sullivan, Vice President and Assistant General Counsel Allstate Insurance Company

David J. Walsh, Director of Insurance, State of Alaska and President, National Association of Insurance Commissioners

Joseph Belth, Publisher of The Insurance Forum and Professor Emeritus, Indiana University

2:45 p.m. - 3:00 p.m. Coffee Break

3:00 p.m. - 4:45 p.m. Concurrent Sessions

Session A: Retirement Plans


"The Effectiveness and Early Retirement Implications Of Flat Pension Reduction Scales: A Mathematical Analysis" by Jihad S. Nader, Concordia University

"Implications of the Omnibus Budget Reconciliation Act of 1993 Reduction in the Compensation that may be Recognized in Qualified Defined Benefit Pension Plans" by Jack L. VanDerhei, Temple University

"An Analysis of Social Security Reforms Which Recommend Individual Savings Plans in the Context of Private Defined Contribution Plans" by Ann Butler, Florida State University

"Optimal Funding of State Employee Pension Systems" by Stephen P. D'Arcy, University of Illinois, and Pyungsuk Oh, University of Illinois

Session B: Catastrophes and Insurance Markets

Moderator: Jan Ambrose, LaSalle University

"Market Failure in Property Insurance Market: The Case for a Joint Region - Federal Disaster Insurance Program" by William J. Warfel, Indiana State University

"The Risky Business of Environmental Impairment Liability Insurance - Development of a Calculation Model of Environmental Impairment Costs for Liability Insurance" by Markus Hofmann, Swiss Federal Institute for Environmental Science and Technology

"Property and Liability Insurance Market Share Shifts After Recent Catastrophes: Evidence and Implications" by Richard B. Corbett, Florida State University

"Anatomy of a Failure: The California Residential Earthquake Recovery Fund" by Patricia A. Cheshier, California State University Sacramento and Thomas L. Heflin, California State University Sacramento

Session C: Organizational Form in Insurance

Moderator: David Mayers, Ohio State University

"The Consistency of Mutual Life Insurers' Dividend Policy with the Public Purpose of Mutual Life Insurers" by Nicos A. Scordis, University of South Carolina, and Travis Pritchett, University of South Carolina

"On the Performance of Stock and Mutual Canadian Life Insurance Companies" by Gilles Bernier, Laval University

"Predicting Life Insurer Conversions: A Logistic Regression Analysis" by James M. Carson, Illinois State University, and Michael J. McNamara, Memphis State University

"The Formation Of New Mutual Insurers In An Existing Market" by Paul D. Thistle, Western Michigan University, and James A. Ligon, University of Alabama

Session D: Efficacy of Insurance Regulation

Moderator: Robert Klein, National Association of Insurance Commissioners

"On The Effectiveness of State Insurance Regulation: Evidence from the Financial Behavior Life Insurers" by William L. Ferguson, Marshall University

"Solvency Regulation In The Property-Liability Insurance Industry: Reexamined" by Soon-Jae Lee, Gardner-Webb University

"The Impact of Rate Regulation on the Structure of Automobile Insurance Markets" by Sharon Tennyson, University of Pennsylvania, and Susan Suponcic, University of Pennsylvania

"An Analysis of the Solvency Surveillance of Canadian Life Insurers" by Anne E. Kleffner, University of Calgary, and Jerry L. Jorgensen, University of Calgary

Session E: Life and Health Insurance Issues

Moderator: Bill Rabel, Life Office Management Association

"Determinants of Hedging by Life Insurers: Empirical Evidence" by L. Lee Colquitt, University of Georgia, and Robert E. Hoyt, University of Georgia

"Life Insurers, Junk Bonds, and Guaranteed Investment Contracts" by Brenda Wells, University of North Texas, Larry Cox, University of Georgia, and Kenneth Gaver, University of Georgia

"Assessment of the Motivations for Early Adoption of FAS 106 - Employer's Accounting for Retiree Health" by Ann Costello, University of Hartford, Harriet Farney, University of Hartford, and Aurelle Locke, University of Hartford

"Predicting A.M. Best Life and Health Insurer Ratings" by Steven W. Pottier, University of Texas

5:00 p.m. - 5:45 p.m. Annual Business Meeting


Tuesday, August 23, 1994

7:30 a.m. - 8:30 a.m. "Getting Together" Breakfast

During this breakfast, a few tables will be designated as gathering points for people with common interests:

1) "Getting a Job" for doctoral candidates and those recruiting. Moderator: John Thornton, University of North Texas

2) "Getting Published" for those wanting to share ideas about getting published. Moderator: J. David Cummins

3) "Getting the Attention of Students" to share teaching ideas & course materials. Moderator: Nancy Bell, Washington State University

4) "Getting Internships Established." Moderator: Moshe Porat

5) "Getting the Money to Run Your Program."

6) "Getting Systems (and People) to talk to Each Other Intelligently". Moderator: Patrick Vice.

Other tables will be available if two members request

8:45 a.m. -10:15 a.m. Plenary Session

"Technology Transforming the Insurance World"

Moderator: Terrie Troxel, National Association of Independent Insurers

Panelists: Adm. M. Staser Holcomb, USAA on applications of imaging technology in insurance

James Garven, University of Texas, on Internet

10:15 a.m. - 10:30 a.m. Coffee Break

10:30 a.m. - 12:00 noon Concurrent Sessions

Session A: Safety and Workers Compensation

Moderator: Jane Nettesheim, Stanford Consulting Group

"Joint Use Of Liability And Regulation--Workers' Compensation And OSHA Regulations For Occupational Disability" by D. Han Chang, Penn State University

"The Value of Workers Compensation Insurance Incentives in Reducing Occupational Injuries in the Presence of Moral Hazard" by Lorilee A. Medders, Georgia State University

"Moral Hazard and the French System of Workers' Compensation" by Tom Aiuppa, University of Wisconsin at LaCrosse, and Jim Trieschmann, University of Georgia

Session B: Insurance in the U.S. and Abroad

Moderator: Sandra Gustavson, University of Georgia

"Some Observations On U.K. Insurance Practices & Regulations" by Iskandar S. Hamwi, University of Southern Mississippi

"The Demand for Reinsurance in Developing Countries" by J. François Outreville

"An Empirical Analysis of the Economic Influence of Punitive Damages in Texas" by J.J. Launie, California State University Northridge, William P. Jennings, California State University Northridge, and Robert C. Witt, University of Texas

Session C: Costs and Profitability of Insurers

Moderator: Alice Lee, University of Pennsylvania

"A Revenue-Restricted Cost Study of the Property-Liability Insurance Industry" by Dean Hiebert, Illinois State University, Han Bin Kang, Illinois State University, and George Flanigan, Illinois State University

"Measuring Operating Efficiency in Taiwan's Life Insurance Industry -- A Non- Parametric Approach" by Chwen-Chi Liu, Feng Chia University

"An Empirical Examination of Underwriting Cycles in Property-Liability Insurance" by Dr. Hung-Gay Fung, University of Baltimore, Gene C. Lai, University of Rhode Island, Wai-Chung Lo, City Polytechnic of Hong Kong, and Robert C. Witt, University of Texas

Session D: Attitudes and Insurance Decisions

Moderator:Carol Jordan, Eastern Kentucky University

"Asymmetric Information and Competitive Behavior: Experimental Tests of Self Selection in Insurance Decisions" by Itzhak Venezia, Hebrew University, and Zur Shapiro, New York University

"Age Differences in the Relationship between Attitudes Toward Financial Risk and Investment Diversification" by Steven J. Devlin, University of Pennsylvania, and Neal Cutler, University of Pennsylvania

"The Erosion of a Social Norm: Consumer Attitudes Toward Insurance Fraud" by Sharon Tennyson, University of Pennsylvania

12:00 noon - 1:20 p.m. Past President's Luncheon

1:45 p.m. - 3:30 p.m. Concurrent Sessions

Session A: Event Studies About Insurance

Moderator: Larry Berger, Milliman and Robertson

"Do Government Guarantees of Life Insurance Liabilities Lead to Increased Risk?" by Elijah Brewer III, Federal Reserve Bank of Chicago, Philip E. Strahan, Federal Reserve Bank of New York, and Thomas H. Mondschean, DePaul University

"The Announcement Effects of Risk Based Capital Requirements" by Jack Nelson, College of Insurance, James Barrese, College of Insurance, and Krupa Subrumanian, College of Insurance

"Stock Market Reactions and Information Transfer Due to Financial Instability in the Life Insurance Industry" by Stephen Avila, Ball State University, and Kevin Eastman, Florida State University

"Event Study Methodology with Gradual Effects in a Heterogeneous Time Dependent Stochastic Market" by Patrick L. Brockett, University of Texas, Hwei-Mei Chen, University of Texas, and James R. Garven, University of Texas

Session B: Health Care Delivery and Decisions II

Moderator: Charles P. Hall, Temple University

"An Empirical Analysis of the Relationship Between Health Benefits Financing and Loss Control" by Linda J. Leetch, University of Wisconsin-Madison

"Determinants and Public Policy Implications Of Underwriting Cycles In Health Insurance Markets" by Sharon L. Taylor, Georgia State University

"The Cost Management Activities of PPOS" by Dean G. Smith, University of Michigan

"Employee Choice of Health Insurance Options: Selection Into An Exclusive Provider Organization" by Joan Krueger, Ohio State University

Session C: Solvency Protection and Its Cost

Moderator: Andy Whitman, University of Minnesota

"A Financial-Economic Evaluation of Insurance Guaranty Fund Systems: An Agency-Cost Perspective" by Robert C. Witt, University of Texas, Gene C. Lai, University of Rhode Island, and Li-Ming Han, Washington State University

"Regulatory Solvency Costs In The Insurance Industry: Misclassification And Forbearance" by Martin F. Grace, Georgia State University

"Solvency Prediction for Life Insurers: A Comparative Study" by Shun-Lan Lin, University of Mississippi, Robert E. Dorsey, University of Mississippi, and Mary Ann Boose, University of Mississippi

"The Effects of Ceded Reinsurance on Solvency of Primary Insurance Companies" by Yueyun Chen, University of California Santa Barbara

Session D: Risk-Based Capital Issues

Moderator: Richard Phillips, University of Pennsylvania

"Prices, Capital, And Risk In Property-Liability Insurance Markets" by J. David Cummins, University of Pennsylvania and David W. Sommer, Virginia Commonwealth University

"Pricing Of Insurance Contracts And Evaluating Insurer Investment Practices: An Alternative Approach" by Etti Baranoff

"A Test of Market Discipline: Application to the Insurance Industry" by Raja Bouzouita, Central Missouri State University

"An Analysis of Risk-Based Capital Requirements for Property-Casualty Loss Reserves" by Michael M. Barth, National Association of Insurance Commissioners

4:00 p.m. - 4:45 p.m. Discussion Roundtables

Session A: International Insurance

Moderator: Harris Schlesinger, University of Alabama

"The Operating Efficiency and Growth of Life Insurance Companies in Korea" by Keun-Ock Lew, Taegu University, and Bon-Sung Koo, Samsung Life Insurance Research Institute

Session B: State Efforts to Reform Health Care

Moderator: Travis Pritchett, University of South Carolina

Session C: Portfolio Issues in Insurance

Moderator: Larry Cox, University of Georgia

"Disasters' Impact on the Insurance Portfolio and Loss Distribution" by Vladimir Vaynshtok, College of Insurance

Session D: Technology Issues for Insurance Companies and Educators

Moderator: James Garven, University of Texas

"Storing Too Much Information in the Insurance Industry?" by Boaz Ronen, Tel Aviv University

"The Role of Multimedia in Risk and Insurance Instruction" by Arnold Shapiro, Penn State University

"Answers to your Questions about Internet" by James Garven, University of Texas

Wednesday, August 24, 1994

7:30 a.m. - 8:30 a.m. Breakfast

8:45-10:15 Plenary Session

"The Outlook for Health Care Reform"

Moderator: Deborah Chollet, Alpha Center

Panelists: Jon Gabel, Director of Research, Group Health Association of America

Linda Schofield, Vice President of Health Issues, Aetna

10:15-10:30 Coffee Break

10:30 a.m. - 12:00 noon Concurrent Sessions

Session A: Research Results to Improve Insurer Operations

Moderator: Paul Gronewoller, University of Wyoming

"The Use of Accounting Data for Pricing Decisions in the Insurance Industry" by Dr. Jochen Zimmerman, Mannheim University

"A Dynamic Decision Model for the Insurance Firm: Product Line Mix, Asset Allocation, Leverage and Solvency" by Joan Lamm-Tennant, Villanova University

"Insurance Supply as a Function of Price: A Contingent Claims Model in Continuous Time" by Emilio Venezian, Rutgers University, and Ren Raw Chen

Session B: Contracts: Offerings, Options and Obligations

Moderator: Rob Hoyt, University of Georgia

"An Empirical Analysis of Life Insurance Policyholder Surrender Activity" by David T. Russell, Illinois Wesleyan University

"Policy Offerings in the Presence of Asymmetric Information: The Case of Two Types of Consumers and Two Types of Insurers" by Jan M. Ambrose, LaSalle University

"Uncertain Legal Standards and the Market for Insurance" by Paul D. Thistle, Western Michigan University, and Vickie L. Bajtelsmit, Colorado State University

"Insurer Contract Nonperformance In A Market With Adverse Selection" by Varun Garwal, University of Alabama, and James A. Ligon, University of Alabama

Session C: Property-Casualty Company Issues

Moderator: Mike Smith, Ohio State University

"Price Dispersion in the Direct Writer and Independent Agency Marketing Systems" by Lisa Lipowski Posey, Pennsylvania State University, and Sharon Tennyson, University of Pennsylvania

"A Comparison of Market Shares Across Distribution Systems in the Property- Liability Insurance Industry" by Laureen Regan, Temple University

"Reinsurance: Capacity and Profitability" by Edwin H. Duett, Mississippi State University, and Robert A. Hershbarger, Mississippi State University

Session D: Tax Issues and Insurance

Moderator: Jack VanderHei, Temple University

"The Role of Managerial Accounting in the Investment Strategy of Insurance Companies Affected By the 1986 Tax Reform Act" by Frank Linton, Illinois State University, P. Baharelle, Illinois State University, and K. Razaki, Illinois State University

"Tax Policy for Captive Insurers: The Business of Insurance and Transfer Efficiency" by Moshe Porat, Temple University

"State Premium Tax Policy: Pareto Optimality And The Public Interest" by Michael R. Powers, Temple University, and Larry Tzeng, Temple University

12:00 noon ADJOURN

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