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1997 Annual Meeting

Meeting Location: San Diego, CA

SUNDAY, AUGUST 10

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 Presentation

4:00-5:00 p.m. President’s Seminar
Implications of Digital Commerce for Insurance Markets and Institutions
M. Gordon Gaddy, InsWeb Corporation

5:15-6:00 p.m. Special Reception for First Time Attendees

6:00-7:00 p.m. General Reception
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MONDAY, AUGUST 11

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

8:45 - 10:15 a.m. PLENARY SESSION I
Ethics and What to Do About Them: How Can the American Insurance Industry Build (and Rebuild) Trust With the Consuming Public?

Moderator: James Carson, Illinois State University

1. Hugh Murphy, Nationwide Insurance Enterprises
2. Mark Boozell, Director, Illinois Department of Insurance
3. Edward Petry, Ethics Officer Association and Bentley College

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

10:30 - Noon CONCURRENT SESSIONS I

Session A - Strategies for Teaching Ethics
Edward Petry, Ethics Officer Association and Bentley College

Session B - Health Insurance and Long Term Care
Moderator: Joan Krueger, Alliance Blue Cross-Blue Shield

1. "A Study of High Risk Health Insurance Pools"
Ann Butler, Florida State University
 
2. "State Implemented Health Care Mandates and Their Sociological and Insurance Industry Impact"
Patrick Brockett, University of Texas
Chris Sapstead, University of Texas
 
3. "The Design and Pricing of Long Term Care Insurance Contracts"
Helen Doerpinghaus, University of South Carolina
Sandra Gustavson, University of Georgia
 
4. "The Health Insurance Portability and Accountability Act of 1996: Long Term Care-the Future Employee Benefit?"
Ann Costello, University of Hartford
 
Session C - International Issues
Moderator: Kailin Tuan, Temple University
 
1. "Assessing The Strength Of The Global Insurance Industry: An Application Of Risk Based Capital Requirements To Insurer Insolvencies Worldwide"
Jung Young, Samsung Fire & Marine
Keun-Chang Lee, Yeungnam University

2. "Ownership and Financial Structure Among Spanish Insurers"
David Camino, Universidad Carlos III de Madrid
Miguel Martinez, Fundaciaon Mapfre Estudios

3. "Solvency Issues of International Reinsurance Companies"
Mark Cross, Miami University
R. Hershbarger, Mississippi State University

4. "The Value of Multinationality for US Insurance Companies"
Nicos Scordis, College of Insurance
 
Session D - Finance
Moderator: Lawrence Berger, Milliman and Robertson
 
1. "Securitization and Optimal Insurance Contracts"
Harris Schlesinger, University of Alabama
Neil Doherty, University of Pennsylvania

2. "Dynamic Financial Analysis of Property - Liability Insurance Companies"
Richard Gorvett, University of Illinois
 
3. "Dynamic Financial Models of Life Insurers"
Mark J. Browne, University of Wisconsin-Madison
James M. Carson, Illinois State University
Robert E. Hoyt, University of Georgia
 
4. "Closure Rules, Interest Rate Risk and Premiums for Insurance Guaranty Funds"
Jin-Chuan Duan, Hong Kong University of Science and Technology
Min-Teh Yu, National Central University, Taiwan
 
Noon - 1:30 p.m. "Hot Topics" Luncheon
Moderator: Richard Derrig, Insurance Fraud Bureau of Massachusetts
 
1. Sharon Patterson, Vice President, Allstate Research Center
2. William Hager, President, NCCI

1:45 - 3:15 p.m. PLENARY SESSION II
Financial Risk Management
Moderator: David F. Babbel, University of Pennsylvania
 
1. David Mayers, University of California, Riverside
2. Craig Merrill, Brigham Young University
 
3:15 - 3:30 p.m. Break
 
3:30 - 5:00 p.m. CONCURRENT SESSIONS II

Session A - Workers’ Compensation
Moderator: Andrew Whitman, University of Minnesota
 
1. "Macroeconomic and Institutional Factors Influencing Workplace Injury Claims"
Gregory Krohm, State of Wisconsin Division of Workers Compensation
 
2. "New Evidence on Rate Regulation and Workers’ Compensation Insurance Premiums"
Anthony Barkume, U.S. Bureau of Labor Statistics
John Ruser, U.S. Bureau of Labor Statistics
 
3. "State Employer Drug/Alcohol Regulations and Workers' Compensation Claims"
William L. Ferguson, University of Louisiana
 
4. "Legal and Economic Developments Affecting Workers’ Compensation: Opportunities for Restructuring the System"
Joan T. A. Gabel, Georgia State University
Robert W. Klein, Georgia State University
Nancy R. Mansfield, Georgia State University
 
Session B - Retirement
Moderator: Vickie L. Bajtelsmit, Colorado State University

1. "A Comparison of Income Replacement Strategies Between Female And Male Employees Of Major Firms"
Richard B. Corbett, Florida State University 

2. "Projected Wealth and Implications for Retirement Saving in the Health and Retirement Study"
James F. Moore, University of Pennsylvania
Olivia S. Mitchell, University of Pennsylvania
 
3. "Retirement Income Adequacy in an Increasingly Defined Contribution World"
Jack L. VanDerhei, Temple University
 
4. "The Relative Importance of Defined Contribution Plans in the Provision of Retirement Income: A Re-Examination of the Defined Benefit/Defined Contribution Trend Analysis Literature"
Jack L. VenDerhei, Temple University
Jennifer Wang, Temple University
 
Session C - Organizational Structure
Moderator: Sandra Gustavson, University of Georgia
 
1. "Organizational Forms Within the Insurance Industry: Theory and Evidence"
David Mayers, University of California, Riverside
Clifford W. Smith, University of Rochester
 
2. "Property-Casualty Insurer Risk Based Capital: An Option Theoretic Approach"
Samuel Cox, Georgia State University
Arthur M.B. Hogan, Department of Treasury

3. "Unfunded Pension Liabilities and Share Price Performance"
Mark L. Power, Iowa State University
Ajai K. Singh, Iowa State University
 
4. "The Capital Structure of Insurers: Theory and Evidence"
Dajiang Guo, Centre Risk Advisors
Ralph Winter, University of Toronto
 
Session D - Agency Issues
Moderator: Sharon Tennyson, University of Pennsylvania
 
1. "A Principal Agency Model of Compensation in the Life Insurance Replacement Transaction"
David T. Russell, Illinois State University
 
2. "Exclusive vs. Independent Agents: A Separating Equilibrium Approach"
I. Venezia-Hebrew University
 
3. "Economic Equilibrium in Insurance Markets: Independent Risks vs. Dependent Risks"
Larry Tzeng, National Taiwan University
Michael Powers, Temple University
 
4. "Is Bancassurance Really More Efficient?"
Lisa Gardner, Bradley University
 
5:00 - 5:30 p.m. Annual Business Meeting

5:45 p.m. Reception
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TUESDAY, AUGUST 12 

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

8:45 - 10:15 a.m. PLENARY SESSION III
Meeting the Reasonable Expectations of the Consumer
Moderator: Michael Murray, Drake University
 
1. George M. Reider, Connecticut Commissioner of Insurance
2. James Hunt, Savings Bank Life Insurance Company, former Vermont Commissioner of Insurance
3. Eugene Anderson, Anderson Kill & Olick

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

10:30 to Noon CONCURRENT SESSIONS III
 
Session A - Life Insurance
Moderator: David Appel, Milliman and Robertson
 
1. "A Model For Evaluating Life Insurance Products"
Arnold F. Shapiro, Penn State University

2. "Estimating Demand Elasticities of Life Insurance Purchases using Cross Section and Time Series Data from the United States and Mexico"
Tapen Sinha, Instituto Tecnologico Atonomo de Mexico
 
3. "Legal, Actuarial and Economic Analyses of Whole Life Insurance"
Don Cho, Quinnipiac College
 
4. "Top Management Team Characteristics and Life Insurer Performance: Do Top Managers Make a Difference?"
Victor Puleo, Appalachian State University
Dan Marlin, University of Texas at San Antonio
 
Session B - Property/Liability
Moderator: Richard Phillips, Georgia State University
 
"Automobile Insurance in Canada: A Comparison of Providers"
Anne E. Kleffner, University of Calgary
Giles Bernier, Laval University
 
2. "The Impact of Product Diversification of Efficiency of Property and Liability Insurers"
Vickie L. Bajtelsmit, Colorado State University
James A. Ligon, University of Alabama
 
3. "The Underwriting Cycle and Unemployment: A Preliminary Analysis"
Michael McNamara, University of Memphis
Emily N. Zietz, Middle Tennessee State University
 
4. "Multiple Period ‘Rothschild-Stiglitz’ Insurance Contracts"
Mary Kelly, University of British Columbia and University of Calgary
 
Session C - Economic Theory
Moderator: Lisa Posey, Penn State University
 
1. "A Note on Utility Functions Exhibiting Standard Risk Aversion"
Patrick L. Brockett, University of Texas
Linda L. Golden, University of Texas
Henry Wurts, University of Texas
 
2. "Appetite for Income Risk When Privately Providing a Public Good"
Julio R. Robledo, Free University of Berlin
 
3. "Insurance of Car Lessor’s Residual Value Risk with Options on a Synthetic Instrument"
Dr. Sven Beyer, Leipzig University
 
4. "On The Design of Optimal Insurance Policies Under Manipulation of Audit Cost"
Pierre Picard, Universite Paris X-Nantere
 
Session D - Trends in Education and Commerce
Moderator: Larry Cox, University of Mississippi
 
1. "An Analysis of Risk and Insurance Research Productivity: 1987 - 1996"
Lee Colquitt, Auburn University
Randy Dumm, Florida State University
Sandra G. Gustavson, University of Georgia
 
2. "Electronic Commerce in Insurance"
James R. Garven, Louisiana State University
Martin F. Grace, Georgia State University
Robert Klein, Georgia State University
 
3. "The Class of 2000: Preparing the Risk and Insurance Employee for the 21st Century"
Patricia A. Cheshier, California State University-Sacramento
Thomas L. Heflin, California State University-Sacramento
 
4. "China’s Insurance Market Today"
Qixiang Sun, Peking University
 
12:15 - 2:00 p.m. PAST PRESIDENTS’ LUNCHEON AND AWARDS
Presiding: Bruce A. Palmer, Georgia State University
Incoming Address: Harris Schlesinger, University of Alabama
Title: Uncommon Knowledge: Bilateral Asymmetry of Information in Insurance Markets

2:15 - 3:45 p.m. CONCURRENT SESSIONS IV

Session A - Health Insurance
Moderator: Ann Costello, University of Hartford
 
1. "Any Willing Provider Laws: The Financial Effect on HMOs"
Anne Carroll, Rider University
Jan Ambrose. LaSalle University
 
2. "Commitment And The Design Of Optimal Agreements: Evidence From Employment-Based Health Insurance Contracts"
Keith J. Crocker, University of Michigan
John R. Moran, Penn State University
 
3. "Measuring Underwriting Risk Differentials Between Life Insurers and HMOs"
Mike Barth, National Association of Insurance Commissioners
 
4. "The Ethics of Managed Care: An Initial Look at the Doctor’s Perspective"
Jacqueline Eastman, Valdosta State University
Kevin L. Eastman, Florida State University
Micheal A. Tolson, Valdosta State University
 
Session B - Workers Compensation and Fraud
Moderator: Diana Lee, National Association of Independent Insurers
 
1. "Insurance Fraud and The Monday Effect in Workers Compensation Insurance"
Richard A. Derrig, Insurance Fraud Bureau of Massachusetts
 
2. "Insurer Fraud: Characteristics and Detection"
Sarah Holmes, Texas A&M University
Jerry Todd, St. Mary’s University
Orion J. Welch, St. Mary’s University
Sandra T. Welch, University of Texas at San Antonio
 
3. "The Impact of State Mandated Maximum Weekly Disability Benefits on the Potential Employee Moral Hazard Problem Within the Workers’ Compensation System"
Lorilee A. Schneider, Georgia Southern University
William Feldhaus, Georgia State University
 
4. "Workers Compensation and Disability Prevention"
Richard J. Butler, University of Minnesota
David Durbin, National Council of Compensation Insurance
 
Session C - Catastrophes
Moderator: Terrie Troxel, Insurance Research Council
 
1. "Frequency, Cycles and Intensity in US Earthquake Events"
Steven L. Green, Baylor University
J. Allen Seward, Baylor University
 
2. "The Estimated Impact of Residual Market Assessments on Florida Property Insurers"
David C. Marlett, Florida State University
Alan D. Eastman, Florida State University
 
3. "The Valuation of Catastrophe Insurance Derivatives"
Daniel Zajdenweber, University De Paris
 
4. "Basis Risk with Catastrophe Insurance Derivative Contracts"
Scott Harrington, University of South Carolina
Steven Mann, University of South Carolina
Greg Niehaus, University of South Carolina
 
Session D - Regulation
Moderator: Richard Roth, Jr., California Department of Insurance
 
1. "A Game Theoretic Examination of the Insurance Retaliatory Tax: Implications and Evidence"
Boaz Yam, Georgia State University
Martin F. Grace, Georgia State University
 
2. "Is the Sky Falling? The Impact of Health Insurance Regulation on Market Structure"
Deborah J. Chollet, Alpha Center
 
3. "Regulatory Stringency and New York Licensed Life Insurers"
Steven W. Pottier, University of Georgia
David Sommer, University of Georgia
 
4. "Three Years Of Risk-Based Capital: Differential Impacts On Life/Health Industry Segments"
Etti Baranoff, Virginia Commonwealth University
Thomas W. Sager, University of Texas
 

4:00 - 5:30 p.m. RESEARCH ROUNDTABLE SESSIONS

Session A: Focused Research Papers
Moderator: Norma Nielson, University of Calgary
 
1. "On Corporate Risk Management and Insurance"
Richard MacMinn, University of Texas
 
2. "Price and Quality Differences in Insurance: Empirical Evidence"
J. Tim Query, University of Georgia
Robert E. Hoyt, University of Georgia
 
Session B: Benchmarks For Teaching Insurance
Moderator: Andrew Nappi, Illinois State University
 
Session C: Best Practices in Risk Management
Moderator: Gerald Belfiglio, Highmark, Inc.
 
Session D: Doctoral Dissertations
Moderator: Thomas Aiuppa, University of Wisconsin - La Crosse
 
1. "Loss Control Decision Models for the Construction Industry"
James Kallman, University of Wisconsin
 
2. "Natural Hazard Risk, Homeowners Insurance Premiums and Regulation: Interaction and Effects on Housing Values"
Charles Nyce, University of Pennsylvania
 
3. "Critical Factors for the Financial Success of South African Short-term Insurers"
Gerrit Sandrock, University of South Africa
 
4. "Stochastic Control of the Insurance Firm: Optimal Leverage and Dividends"
Wen-Chang Lin, Temple University
 
Session E: ARIA Faculty Internship Program
Moderator: Phil Stichter, The Griffith Foundation for Insurance Education
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WEDNESDAY, AUGUST 13 

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

8:45 - 10:15 a.m. PLENARY SESSION IV
Generating Financial Support for an Insurance Program
Moderator: Bill Rabel, LOMA
 
1. Andrew S. Nappi, Illinois State University
2. Bruce Palmer, Georgia State University
3. Carol Jordan, Northeast Louisiana State
 
10:15 - 10:30 a.m. Break

10:30 - Noon CONCURRENT SESSIONS V
 
Session A - Legal Issues
Moderator: Joan Schmit, University of Wisconsin
 
1. "Punitive Damages: Insurability and the Willingness to Insure"
Joseph Launie, California State University-Northridge
William P. Jennings, California State University-Northridge
 
2. "On the Deterrent Effect of Securities Class Actions"
Greg Niehaus, University of South Carolina
Greg Roth, St. Mary’s University
 
3. "Plaintiff’s Attorney Expertise in Liability Cases: Search, Signaling, and Settlement"
Lisa Posey, Penn State University

4. "Impact of Proposition 103 on Property-Liability Insurance in California"
Chenghsien Tsai, Georgia State University
 
Session B - International
Moderator: Don Hardigree, University of Nevada, Las Vegas
 
1. "Effect of Deregulation on Solvency of Taiwan‘s Life Insurers"
Shun-Lan Lin, University of North Florida
Mary Ann Boose, Indiana State University
 
2. "Ownership Structure and Risk Taking Behavior in the Japanese Non-Life Insurance Industry"
Gene C. Lai, University of Rhode Island
Piman Limpaphayom, University of Rhode Island
Vivian Jeng, University of Rhode Island
 
3. "Reforming Unemployment Insurance In China: Implication Of Labor Absorption"
Weili Lu, California State University-Fullerton
 
4. "The Nature and Rationale of Islamic Insurance with an Emphasis on Life Insurance"
Fuad Talib, Arkansas State University
 
Session C - Finance
Moderator: Richard Gorvett, University of Illinois
 
1. "A Survey on the Use of Derivatives by Property and Casualty Insurers"
Raja Bouzouita, Central Missouri State University
Arthur J. Young, Central Missouri State University
 
2. "Investigating the Likelihood and the Extent of Derivatives Activities by U.S. Insurers"
J. David Cummins, Wharton School
Richard D. Phillips, Georgia State University
Stephen D. Smith, Georgia State University
 
3. "Are Life Insurers Better Hedged Against Systematic Risk Than Banks? Evidence from the Market"
Robert L. Schini, University of Nebraska
 
4. "Capacity Constraints and the Dynamics of Underwriting Profits"
Paul D. Thistle, Western Michigan University
Matt Higgins, Western Michigan University
 
Session D - Insurance Decision Making
Moderator: James Barrese, The College of Insurance
 
1. "No Commitment and Dynamic Contracts in Insurance Markets with Adverse Selection"
Nathalie Fombaron, Thema University Paris
 
2. "Personal Risk Premium in Evaluating Future Random Sums"
Natalie De Marcellis, GRID, Ecole, Normale Superieure of Cachan (France)
Francesca Nieddu, Trieste University (Italy)
Lorenzo Peccati, Universita Bocconi (Italy)

3. "Predicting the Decision to Retire"
Norma Nielson, University of Calgary
Terry Beehr, Central Michigan University
Sharon Glazer, Central Michigan University
Suzanne Farmer, Central Michigan University
 
4. "Variable Immediate Annuities and Asset Allocation at Retirement"
Moshe Milevsky, York University

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