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1996 Annual Meeting

Meeting Location: Philadelphia, PA SUNDAY, AUGUST 11

8:00 a.m. Board of Directors Meeting

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

3:00 - 3:45 p.m. Les Strickler Innovation in Instruction Award
Moderator: Gary Stone, The American College

4:00 - 5:15 p.m. President's Seminar
"Update on the Risk Management & Insurance Review"
Moderator: Norma Nielson, Oregon State University
Speaker: Claude Lilly - - Florida State University

6:00 - 7:00 p.m. Reception


7:30 - 8:45 a.m. Breakfast

9:00 - 10:15 a.m. PLENARY SESSION I
Minorities in Insurance
Moderator: Sandra Gustavson, University of Georgia

1. Barry Smith - - New Mexico State University
2. Sylvester Green - - Chubb and Son
3. Rachel Cornelius - Sedgwick
4. Neil Chambers - Marsh & McLennan

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

Session A - Regulation Issues
Moderator: Mary Weiss, Temple University

1. "Examining the Effectiveness of Insurance Industry Lobbying Efforts"
Anne Carroll--Rider University
Laureen Regan--Temple University

2. "Issues in Multi-State Producer Regulation"
William L. Ferguson--University of Louisiana at Lafayette
Joseph E. Johnson--University of North Carolina at Greensboro

3. "A Logical Framework for the Regionalization of Insurance Regulation"
William R. Feldhaus--Georgia State University
Paul M. Kazenski--University of Hawaii-Manoa

4. "The Impact of Regulatory Threat on the Price of Automobile Insurance"
M. Martin Boyer--University of Pennsylvania

Session B - Reinsurance
Moderator: Claude Lilly, Florida State University

1. "The Demand for Reinsurance: Theory and Empirical Tests"
James R. Garven--InsWeb Corporation
Joan Lamm-Tennant--Villanova University

2. "Growth and Concentration Patterns of the World's 100 Largest Reinsurance Companies"
J. Francois Outreville--United Nations

3. "Relative Efficiencies of Reinsurance Marketing Methods"
James Barrese--The College of Insurance
Jack Nelson--The College of Insurance

4. "Use of Risk Based Capital Method To Analyze Reinsurer Solvency"
Robert A. Hershbarger--Mississippi State University
Mark Cross--Miami University

Session C - Corporate Decisions & Their Effects
Moderator: John Thornton, University of North Texas

1. "Corporate Insurance: Reducing Transaction Costs in Optimal Financial Contracting"
Georges Dionne--University of Montreal
B. Caillaud--CERAS-ENPC and CEPREMAP-Paris
B. Jullien--CREST-INSAE-Paris

2. "Corporate Insurance Demand: Evidence from Publicly Held Industrial Corporations"
Nicos A. Scordis--College of Insurance
Andrew Saporoschenko--University of South Carolina

3. "The Captive Insurance Company Puzzle: An Empirical Investigation"
Nicos A. Scordis--College of Insurance
M. Moshe Porat--Temple University

4. "Structural Changes in Time-Varying Volatility of Stock Returns Around FASB Pronouncement on Non-Pension Postretirement Benefits"
Mahmoud Wahab--University of Hartford
Ann Costello--University of Hartford

Session D - Mitigating Risks
Moderator: Christian Gollier, University of Toulouse

1. "The Production of Goods in Excess of Demand: A Generalization of Self Protection"
Carole Haritchabalet--University of Toulouse

2. "A Comparative Analysis of Technology in Risk Management Processes Among Risk Exposures and its Impact Upon Cost"
Phyllis S. Myers--Virginia Commonwealth University
Etti G. Baranoff-- Virginia Commonwealth University
E. G. Miller-- Virginia Commonwealth University

3. "The Financial Implications of Mitigating Hurricane Risk"
Krishnan Dandapani--Florida International University and International Hurricane Center
Shahid S. Hamid-- Florida International University andInternational Hurricane Center

4. "Schooling, Health Risk and the Decision to Quit Smoking"
Chee Ruey Hsieh--Academia Sinica

Noon - 1:30 p.m. "Hot Topics" Luncheon
"Coping with the Hotest Topics"
Moderator: Richard A. Derrig - - Automobile Insurers Bureau of Massachusetts
1. Gerald A. Isom - - Cigna
2. Anthony M. Santomero - - University of Pennsylvania

Session A - Life Insurance Companies
Moderator: Dave Babbel, University of Pennsylvania

1. "An Analysis of the Efficiency of Universal Banking System: In the Case of *Bankinsurance* (Bancassurance) in Korea"
Hunsoo Kim--Korea Insurance Development Institute
Ki Hong Kim--Chungbuk National University

2. "An Agency Theory Perspective on the Growth of Surplus Note Utilization by Life Insurers: Empirical Evidence"
Robert E. Hoyt--University of Georgia
Randy E. Dumm--University of Georgia

3. "Free Cash Flow in the Canadian Life Insurance Industry"
Anne E. Kleffner--University of Calgary
Gilles Bernier--Laval University

Session B - Moral Hazard
Moderator: John D. Worrall, Rutgers University

1. "Workers' Compensation, Moral Hazard, and the Observability of Injury Status"
John W. Ruser--U.S. Bureau of Labor Statistics

2. "More Than Cost Shifting: The Productivity Effects of Moral Hazard"
Richard J. Butler--University of Minnesota
Harold H. Gardner--Options and Choices
B. Delworth Gardner--Brigham Young University

3. "Contracting with Costly State Falsification: Theory and Empirical Results from Automobile Insurance"
Keith J. Crocker--Pennsylvania State University
Sharon Tennyson--University of Pennsylvania

4. "The Moral Hazard Effects of the P&C Guarantee Fund System"
Brian J. Hall--Harvard University

Session C - International Insurance Trends
Moderator: Harold Skipper, Georgia State University

1. "Relating Family Income, Health Care and Insurance Expenditure--The Case of Taiwan"
Chwen-Chi Liu--Feng Chia University

2. "Regulation vs. Deregulation: A Case of the Chinese Insurance Industry"
Xiaohong Wu--University of London
Wen Dou--Clifford Chance, UK

3. "Market Orientation and Business Performance in the Spanish Insurance Sector"
Miguel Angel Martinez Martinez--Fundacion MAPFRE
Estudios and Universidad de Alcala de Henares-Spain
Nora Lado Couste--Universidad Europea de Madrid - Spain

4. "An International Analysis of the Demand for Property-Liability Insurance"
Jaewook Chung--University of Wisconsin-Madison
Mark J. Browne--University of Wisconsin-Madison

Session D - Solvency: Factors and Consequences
Moderator: Allen Seward, Baylor University

1. "The Impact of Natural Catastrophes on the Net Wealth of Insurance Firms
Krishnan Dandapani--Florida International University
and International Hurricane Center
Shahid S. Hamid-- Florida International University
and International Hurricane Center

2. "Evidence and Significance of Underwriting Diversification in the Property-Liability Industry"
Ian Webb--Georgia State University

3. "Property-Casualty Insurance Guaranty Funds and Insurer Vulnerability to Misfortune"
Michael L. Smith--Ohio State University
Soon-Jae Lee--Samsung Fire & Marine Insurance Co.
Ltd-Seoul, Korea

4. "The Coexistence of Stock and Mutual Insurers: The Roles of Default Risk, Consumer Heterogeneity, and Asymmetric Information"
James A. Ligon--University of Alabama
Paul D. Thistle--Western Michigan University

3:30 p.m. Busses to the American College, Bryn Mawr4:30 - 5:45 p.m. PLENARY SESSION II
The Future of Life-Insurance Distribution
Moderator: Samuel H. Weese, The American College

1. Glenn A. Britt - - State Farm Life Insurance Company
2. Samuel J. Foti - - Mutual Life Insurance Company of New York
3. Walter H. Zultowski - - LIMRA

5:45 - 6:15 p.m. Annual Business Meeting6:30 - 9:15 p.m. Reception and Dinner at the American College9:30 p.m. Return Busses to Hotel


7:30 - 8:45 a.m. Breakfast

9:00 - 10:15 a.m. PLENARY SESSION III
Managing Tobacco Risks
Moderator: Joan T. Schmit, University of Wisconsin
1. Melissa Ronan - - Litigation Analysis for Wall Street
2. Robert L. Carter - - McKenna & Cuneo, L.L.P.
3. Renie Schapiro - - Former Speechwriter for David Kessler,

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

Session A - Long-Term Liability
Moderator: Neil Doherty, University of Pennsylvania

1. "Mass Torts: Tobacco as An Example"
Joan T. Schmit--University of Wisconsin-Madison

2. "Long-Tail Product Liability and Environmental  Liability Claims--Should Insurers be Required to Pay?"
William J. Warfel--Indiana State University
Alex Hamwi--University of Southern Mississippi

3. "The Effect of Environmental Liability Reserves Increases by Insurers: Evidence from Securities Prices"
Robert E. Hoyt--University of Georgia
Lee Colquitt--Auburn University

4. "Innovative Attempts by the State of Minnesota to Efficiently Recover Environmental Clean-up Costs from Liability Insurers"
Andrew F. Whitman--University of Minnesota

Session B - Life Insurance Production
Moderator: Bill Rabel, LOMA

1. "Term Versus Cash Value Life Insurance: An Option Pricing Approach"
James R. Garven--InsWeb Corporation
Glenn S. Daily--Private Consultant

2. "Universal Life Insurance Cash Values: An Empirical Examination"
James M. Carson--Illinois State University
Mark D. Forster--MDF Insurance Services

3. "Uncertainty of Investment Returns and Life Insurance Sales Illustrations"
S. Travis Pritchett--University of South Carolina
Session C - Insurer Performance
Moderator: Elizabeth Sprinkle, Insurance Research Council

1. "The Effect of the Passage of the Tax Reform Act of 1986 on Property/Liability Insurance Company Stocks"
Alan Eastman--Florida State University
David Marlett--Florida State University

2. "Identification and Investigation of Suspicious Automobile Injury Claims"
Richard A. Derrig--Automobile Insurers Bureau of Massachusetts
Herbert I. Weisberg--Correlations Research Inc.

3. "Attorney Involvement and Costs in High-Cost Workers' Compensation Claims"
Mike Helvacian--NCCI
David L. Durbin--NCCI

4. "Exceptions to Workers' Compensation as Sole Remedy: Success of Third-Party-Over, Dual Capacity, Loss of Consortium, and Consequential Bodily Injury Actions"
John C. Bratton--Old Dominion University
Stephen M. Avila--Ball State University

Session D - Pricing Issues
Moderator: Michael Murray, Drake University

1. "A Comparison of Property-Liability Insurance Financial Pricing Models"
Stephen P. D'Arcy--University of Illinois
Richard W. Gorvett--University of Illinois

2. "Financial Pricing of Insurance in the Multiple Line Insurance Company"
Richard D. Phillips--Georgia State University
J. David Cummins--University of Pennsylvania
Franklin Allen--University of Pennsylvania

3. "Fitting to Loss Distributions: A Regression Based Approach"
Farrokh Guiahi--Hofstra University

4. "A Comparative Analysis of Fire Insurance Risk Classification: Linear Additative Models and Neural Network Approach"
Hunsoo Kim--Korea Insurance Development Institute
Gwang Ki Son--Korea Insurance Supervisory Board
Gwangyoung Gim--Soong Sil University

Presiding: Norma L. Nielson - - Oregon State University
Incoming Address: Bruce A. Palmer - - Georgia State University

Session A - Health Care Alternatives
Moderator: Patricia Danzon, University of Pennyslvania

1. "The Design and Pricing of Long Term Care Insurance Contracts"
Helen I. Doerpinghaus--University of South Carolina
Sandra G. Gustavson--University of Georgia

2. "A Theoretical Analysis of Design Issues in Medical Savings Accounts: The Policy Implications"
Jan M. Ambrose--LaSalle University
Ann Butler--Florida State University

3. "Organizational Form and the Operating Performance of Health Maintenance Organizations"
Patricia Born--American Medical Association
Rosalie Pacula--University of San Diego

4. "A Comparison of the HMO Efficiency as a Function of Provider Autonomy"
Patrick L. Brockett--University of Texas at Austin
R. E. Chang--National Taiwan University-Taipei
John J. Rousseau--University of Texas at Austin
John H. Semple--University of Texas at Arlington

Session B - Insurance Buying Theory
Moderator: Paul Thistle, Western Michigan University

1. "Price Search in the Independent Agency and Direct Insurance Marketing Systems"
Sharon Tennyson--University of Pennsylvania
Lisa Posey--Pennsylvania State University

2. "Correlations of Insurable Losses and Their Long-Run Consequences for Insurers"
Harris Schlesinger--University of Alabama
Roland Eisen--University of Frankfurt
Peter Zweifel--University of Zurich

3. "The Optimal Trading Partner for Reciprocal Insurance Treaties"
Richard Watt--Universidad Autonoma de Madrid

4. "The Insurance of Low Probability Events"
Louis Eeckhoudt--Catholic University of Mons-Belgium
Christian Gollier--University of Toulouse

Session C - Ownership Structure
Moderator: Larry Cox, University of Mississippi

1. "Managerial Discretion and the Determinants of Ownership Structure in the Life-Health and Property-Casualty Insurance  Industries"
Chenghsien Tsai--Georgia State University
Richard D. Phillips--Georgia State University

2. "Agency Theory and Life Insurer Ownership Structure"
David W. Sommer--University of Georgia
Steven W. Pottier--University of Georgia

3. "A Retrospective Analysis of the Ownership Interest in a 'Home-Made Mutual' Life Insurance Company"
Richard Corbett--Florida State University
David Marlett--Florida State University

4. "Ownership Structure and Japanese Insurance Industry"
Gene C. Lai--University of Rhode Island
Piman Limpaphayom--University of Rhode Island
Soichro Moridaira--Keio University

Session D - Auto Insurance Industry
Moderator: Terrie Troxel, Insurance Research Council

1. "Modelling Market Shares of the Leading Personal Auto Liability Underwriters"
Jason Hecht--Insurance Services Office

2. "Joint Underwriting Associations v. Assigned Risk Pools: A Comparison of Automobile Residual Market Facilities"
Mark Browne--University of Wisconsin-Madison
Brenda Wells--University of North Texas

3. "The Impact of Rate Regulation on the Residual Market for Automobile Insurance"
Raja Bouzouita--Central Missouri State University
Vickie L. Bajtelsmit--Colorado State University

4. "Race, Redlining, Automobile Insurance Prices"
Scott Harrington--University of South Carolina
Greg Niehaus--University of South Carolina

Current and Future Research Topics in Various Areas

Table A: Property - Liability Insurance
Moderator: Stephen P. D'Arcy, University of Illinois

Table B: Life Insurance
Moderator: David Babbel, University of Pennsylvania

Table C: Insurance Education
Moderator: Arnold Shapiro, Penn State University

Table D: Insurance Economics
Moderator: Christian Gollier, University of Toulouse

Table E: Consulting and Applied Research
Moderator: David Appel, Milliman & Robertson

Table F: Health Care Finance and Economics
Moderator: Patricia Danzon, University of Pennsylvania


7:30 - 8:45 a.m. Breakfast

9:00 - 10:15 a.m. PLENARY SESSION IV
Securitization of Catastrophe Insurance
Moderator: Joan Lamm-Tennant, Villanova University
1. James E. Bachman - - AEGIS
2. Paul McDermott - - American Reinsurance Corporation
3. Brian S. Murphy - - Marsh & McLennan

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

Session A - Insurance Company Decisions
Moderator: Don Hardigree, University of Nevada - Las Vegas

1. "An Analysis of Merger Activity in the Property-Liability Insurance Industry"
Sandra L. Chamberlain--Santa Clara University
Sharon Tennyson--University of Pennsylvania

2. "The Efficiency-Profitability Relationship and Predictions of Life Insurance Company Consolidations"
Martin F. Grace--Georgia State University
Lisa Gardner--Bradley University

3. "Management Turnover and Succession in the Insurance Industry"
James B. Bohn--Board of Governors

4. "The Macro Economic Environment and its Impact on the Insurance Industry's Labor Demand"
Boaz Yam--Georgia State University
Martin F. Grace--Georgia State University

Session B - Insurance Market Theory
Moderator: Emilio Venezian, Rutgers University

1. "A Dynamic Model of the Property-Liability Underwriting Cycle"
Joseph D. Haley--Texas Southern University

2. "The Value of Rating Information: A Factor in the Underwriting Cycle"
Arthur M. B. Hogan--Office of Thrift Supervision

3. "Fraud, Fraud Detection and Fraud Bureaus...Or How Big Brother May Become 'Fat Tony'"
M. Martin Boyer--University of Pennsylvania

4. "Competitive Equilibrium in the Insurance Market"
Larry Y. Tzeng--Temple University
Michael R. Powers--Temple University

Session C - Information, Attitudes and Decisions
Moderator: Anita Benedetti, RIMS

1. "An Evaluation of Offering Risk/Insurance Courses via Interactive Technology"
Tom Aiuppa--University of Wisconsin-La Crosse

2. "Changing Attitudes Through Education: Evidence from a Risk and Insurance Program"
Lisa Gardner--Bradley University
James Barrese--College of Insurance
Ellen Thrower--College of Insurance

3. "Retirement Decisions of Men and Women: A Preliminary Analysis"
Tapen Sinha--Bond University

4. "The Singaporeans' Attitudes Toward the Central Provident Fund and the U.S. Social Security System"
Renbao Chen--National University of Singapore
Kie Ann Wong--National University of Singapore
Mei Yee Chiang--National University of Singapore

Session D - Pensions
Moderator: Bruce Palmer, Georgia State University

1. "Pension Plan Property Rights: Evidence from Debt and Equity Markets"
Greg Niehaus--University of South Carolina
Tom Carroll--University of Iowa

2. "The Economic Determinants of Defined Benefit Pension Funding Strategy"
Vickie L. Bajtelsmit--Colorado State University
Sanjai Bhagat--University of Colorado-Boulder
Robert Lipe--University of Colorado-Boulder
Stephen Henning--University of Colorado-Boulder

3. "Pension Integration with Social Security: Who Wins and Who Loses"
Mark Beilke--Georgia State University

4. "Pension Plan for China: Application of Dynamic Modeling"
Weili Lu--University of Illinois

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