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1999 Annual Meeting

Meeting Location: Vancouver, CA
Conference Theme:
Market Convergence: Risk Management, Insurance, and Financial Intermediaries

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SUNDAY, AUGUST 8

8:00 AM - 5:00 PM Board Meeting

1:00 PM - 6:00 PM Registration

5:15 - 6:00 PM Reception for First Time Attendees

6:00 - 7:00 PM Welcome Reception
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MONDAY, AUGUST 9

7:30 - 8:30 AM Breakfast

8:00 AM - 5:00 PM Registration

8:45 - 10:15 AM PLENARY SESSION I
Retirement Plans in a Converging Market: 25 Years After ERISA
Moderator: S. Travis Pritchett, University of South Carolina

1. James A. Wooten, State University of New York at Buffalo
2. Jack L. VanDerhei, Temple University
3. Gregory R. Niehaus, University of South Carolina

10:15 - 10:30 AM Break

10:30 - 12:00 Noon CONCURRENT SESSIONS I

Session A: Finance and Economics

Moderator: Lisa Posey, Pennsylvania State University

1. "The Strategic Use of Financial Debt by Insurance Companies"

James A. Ligon, University of Alabama
Richard D. Phillips, Georgia State University
2. "An Analysis of the Securitization of Catastrophic Risk: PCS Options and Other Alternatives"

Charles Nyce, University of Hartford
Krupa Subramanian, University of Pennsylvania
3. "Mortality Swaps and Tax Arbitrage in the Annuity Market"

Moshe Arye Milevsky, York University
Narat Charupat, McMaster University
4. "Liability Risk Shifting in Stock Insurance Companies"

Barbara Remmers, New York University

 

Session B: Retirement

Moderator: Bruce Palmer, Georgia State University

1. "Private Pensions, Mortality Risk, and the Decision to Annuitize"

Jeffrey R. Brown, Harvard University
2. "Evidence of Risk Aversion in the Health and Retirement Study"

Vickie L. Bajtelsmit, Colorado State University
3. "An Insight into the Changes in Employer's Pension Offerings: How did 401(k)s Replace Other Employer's Pensions?"

Jennifer L. Wang, National Chengchi University
Jack L. VanDerhei, Temple University
4. "Private Provision with Mutual Funds: Prospects and Risks"

Thomas Benesch, Graz University of Technology
Thomas Patsch, Graz University of Technology

 

Session C: Property & Liability

Moderator: Jan Ambrose, LaSalle University

1. "The Effective Duration of Liabilities for Property-Liability Insurers"

Stephen P. D'Arcy, University of Illinois
Richard W. Gorvett, The College of Insurance
2. "Organizational Form as a Signal of Insurer Quality"

Laureen Regan, Temple University
Larry Y. Tzeng, National Taiwan University
3. "Measuring the Volatility of Insurance Stocks"

Michael M. Barth, Georgia Southern University
William R. Feldhaus, Georgia State University
4. "Exclusive vs. Independent Agents: A Separating Equilibrium Approach"

Itzhak Venezia, The Hebrew University of Jerusalem
Dan Galai, The Hebrew University of Jerusalem
Zur Shapira, New York University

 

Session D: Mergers and Consolidations

Moderator: Randy Dumm, Florida State University

1. "An Empirical Analysis of Mergers Between Life Insurers"

Raja Bouzouita, Central Missouri State University
Arthur J. Young, Central Missouri State University
2. "Financial Economics of Life Insurer Mergers"

Ryan B. Lee, University of Georgia
Steven Pottier, University of Georgia
3. "Mega-Mergers in the Financial Services Industry: Banks and Insurance Companies: The Canadian Experience"

Mary Kelly, Wilfrid Laurier University
Alli Nathan, University of Calgary
4. "Bankers as Insurers: The European Perspective"

Mohamed Nurullah, City University
Elias Dinenis, City University

 

12:00 - 1:30 PM President's Luncheon
Real Options Approach to Valuation, Eduardo S. Schwartz, University of California at Los Angeles

1:45 - 3:15 PM PLENARY SESSION II
Risk Fusion: Combining Hazard, Financial, and Commodity Risk Financing
Moderator: Joan Lamm-Tenant, Ph.D., General Re

1. Henning Hasle, SafeCo
2. Teresa McTague, General Re
3. Craig Merrill, Brigham Young University

 

3:15 - 3:30 PM Break

3:30 - 5:00 PM CONCURRENT SESSION II

Session A: Underwriting Cycles

Moderator: Karen Epermanis, University of Hartford

1. "The 'Flight to Quality,' Global Capacity and U.S. Reinsurance Prices"

Joon-Hai Chung, Temple University
Mary A. Weiss, Temple University
2. "Coordination Failure and Insurance Cycles"

James A. Ligon, University of Alabama
Paul D. Thistle, Western Michigan University
3. "Disaggregating the Property and Liability Insurance Cycles: Does Historic Company Performance Matter?"

Patricia H. Born, University of Connecticut
Joseph A. Fields, University of Connecticut
Linda S. Klein, University of Connecticut
4. "Large Capital Flows in a Soft Property/Casualty Insurance Market: Resolving the Apparent Contradiction"

David T. Russell, Illinois State University

 

Session B: Finance

Moderator: Rich Phillips, Georgia State University

1. "Arbitrage and Viability on Insurance Markets"

Anja De Waegenaere, Tilburg University
2. "Surplus Management with a Linear Term Structure"

June Soo, National Taiwan University
Larry Y. Tzeng, National Taiwan University
Jennifer L. Wang, National Cheng-Chi University
3. "The Value of Product-Line Focus: Evidence from Insurer Stock Returns"

Robert E. Hoyt, University of Georgia
L. Lee Colquitt, Auburn University
4. "Valuing Risk Management Tools as Complex Derivatives: An Application to Revenue Insurance"

Alan R. Jung, San Francisco State University
Cyrus A. Ramezani, University of Wisconsin-Madison

 

Session C: Life Insurance I

Moderator: Steven Pottier, University of Georgia

1. "The Industrial Organization of the U.S. Life Insurance Industry: A Framework for Analysis"

Martin F. Grace, Georgia State University
Robert W. Klein, Georgia State University
2. "Demography of Risk Aversion"

Joseph G. Eisenhauer, Canisius College
Martin Halek, University of Pennsylvania
3. "Investigating the Use of Value at Risk in Insurance"

Kevin C. Ahlgrim, University of Illinois at Urbana-Champaign
4. "The Pricing of Forward Start Performance Options in a Gaussian Stochastic Interest Rate Framework and Applications to Equity-Linked Life Insurance"

Jochen Russ , University of Ulm

 

Session D: Regulation

Moderator: Anne Kleffner, University of Calgary

1. "Choice Automobile Plans in New Jersey and Pennsylvania"

Jia-Hsing Yeh, University of Wisconsin-Madison
Marjorie Rosenberg, University of Wisconsin-Madison
Joan T. Schmit, University of Wisconsin-Madison
2. "Making IRIS More Efficient"

Michael M. Barth, Georgia Southern University
3. "Regulatory Action on Rate Filings: The Effect of Recent Legislative Changes in Florida"

Kevin L. Eastman, Florida State University
Patrick F. Maroney, Florida State University
Alan D. Eastman, Indiana University of Pennsylvania
4. "State Taxation and the Demand for Labor in the Insurance Industry"

Boaz Yam, Georgia State University
Martin F. Grace, Georgia State University

 

5:00 - 5:45 PM Annual Business Meeting

6:00 - 7:00 PM Reception
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TUESDAY, AUGUST 10

7:30 - 8:30 AM Breakfast
Les Strickler Innovation in Instruction Award

8:00 - 12:00 NOON Registration

8:45 - 10:15 AM PLENARY SESSION III
Management and Regulatory Challenges for Financial Conglomerates
Moderator: Therese M. Vaughan, Ph.D., Iowa Insurance Commissioner

1. Roger T. Cole, Federal Reserve Board
2. Katherine McG. Sullivan, Citigroup
3. AXA Representative

 

10:15 - 10:30 AM Break

10:30 - 12:00 NOON CONCURRENT SESSIONS III

Session A: Risk-Based Capital and Solvency

Moderator: David Russell, Illinois State University

1. "Managerial Discretion and the Impact of Risk-Based Capital Requirements on Property-Liability Insurer Reserving Practices"

Robert E. Hoyt, University of Georgia
Kathleen A. McCullough, University of Georgia
2. "Risk-Based Capital Ratios, Financial Strength Ratings, and Property-Liability Insurer Insolvencies"

Steven W. Pottier, University of Georgia
David W. Sommer, University of Georgia
3. "Some Observations on the Behavior of Risk-Based Capital Measures for the Life and Property/Casualty Industries"

Davin Cermak, National Association of Insurance Commissioners
Raymond E. Spudeck, National Association of Insurance Commissioners
4. "Simulation Tests on the Effectiveness of Insurance Solvency Regulation"

Chenghsien Tsai, National Chengchi University
Shih-Yun Liao, National Chengchi University

 

Session B: Workers' Compensation

Moderator: Mark Browne, University of Wisconsin

1. "Downsizing, Safety Practices, and Workers' Compensation Costs"

Yong-Seung Park, University of Minnesota
Richard J. Butler, University of Minnesota
2. "Medical Treatment Intensity, Cost, and Duration in Workers' Compensation"

William J. Kahley, California Workers' Compensation Institute
3. "Introduction of Private System to Korean Workers' Compensation Insurance"

D. Han Chang, KonKuk University
4. "Loss Control Project Decision Models for the Construction Industry"

James Wm. Kallman, The College of Insurance
Dan R. Anderson, University of Wisconsin-Madison

 

Session C: Health I

Moderator: Sandra Gustavson, University of Georgia

1. "The Economic Impact of Health Insurance Mandates on Premium Costs and the Number of Uninsured"

J. Allen Seward, Baylor University
James W. Henderson, Baylor University
Beck Taylor, Baylor University
2. "Leaving an Unethical Managed Care Plan: An Exploratory Look at Doctors' Intentions"

Jacqueline K. Eastman, Valdosta State University
Kevin L. Eastman, Florida State University
R. B. Drennan, Temple University
3. "The Effect of Market Structure on HMO Profitability"

Anne Carroll, Rider University
Jan Ambrose, LaSalle University
4. "Estimating Adverse Selection Costs in a Market with Genetic Testing for Breast and Ovarian Cancer"

Krupa Subramanian, University of Pennsylvania

 

Session D: International

Moderator: Gilles Bernier, Lavalle University

1. "Competitive Dynamics in International Insurance Markets: An Empirical Analysis of Insurers' Expansion in the European Union"

Nicos A. Scordis, The College of Insurance
Frances A. Katrishen, Temple University
2. "The Coming of Private Insurance to Poland, the Czech Republic, and Hungary"

Mark S. Dorfman, University of North Carolina at Charlotte
Karl C. Ennsfellner, Institut für Versicherungswirtschaft
3. "Systemic v. Country-specific Risk and 'Financial Contagion'"

James Barrese, The College of Insurance
4. "A Study of the Insurance Buying Behaviours of Singaporeans"

Renbao Chen, National University of Singapore
Pui Leng Hong, National University of Singapore

 

12:15 - 2:00 PM Past Presidents' Luncheon

2:15 - 3:45 PM CONCURRENT SESSIONS IV

Session A: Life Insurance and Risk Management Issues

Moderator: David Sommer, University of Georgia

1. "The Relationship Between Asset Risk, Product Risk, and Capital in the Life Insurance Industry"

Etti G. Baranoff, Virginia Commonwealth University
Thomas W. Sager, University of Texas at Austin
2. "Evidence of Similarity in the Risk/Return Relationship Between Banks and Life Insurers"

Roberta L. Schini, University of Nebraska-Lincoln
3. "An Examination of the Value of Using Derivatives to Manage Risk: An Application for Risk Managers"

Ron Christner, Loyola University in New Orleans
4. "The Value of Genetic Information in the Life Insurance Market"

Michael Hoy, University of Guelph
Mattias Polborn, University of Munich

 

Session B: Pricing Issues

Moderator: Allen Seward, Baylor University

1. "Hedging Price Risk under Production Flexibility and Basis Risk"

Olivier Mahul, INRA, France
2. "The Market Impact of the Creation of the Florida Hurricane Catastrophe Fund"

David C. Marlett, Illinois Wesleyan University
Carl Pacini, Georgia Southern University
3. "Random Premium Insurance Contracts: Theory and Empirical Evidence"

Richard D. Phillips, Georgia State University
Chenghsien Tsai, National Chengchi University
4. "Weather Derivatives: Pricing and Portfolio Management"

Lixin Zeng, E. W. Blanch Co.

 

Session C: Organizational Structure and Insurance Economics

Moderator: Anne Carroll, Rider College

1. "Organizational Structure and Efficiency: The Case of Life Insurer Demutualizations"

Vivian S. C. Jeng, University of Rhode Island
Gene C. Lai, University of Rhode Island
Michael J. McNamara, Washington State University
2. "The Two Way Street: Bilateral Information Asymmetry in Insurance Markets"

Mary Kelly, Wilfrid Laurier University
3. "Demutualization in the Insurance Industry"

Krupa Subramanian, University of Pennsylvania
4. "Board Structure, Ownership and Financial Distress in Insurance Companies"

Anne E. Gleason, University of Central Oklahoma
Beverly J. Frickel, University of Central Oklahoma
W. Gary Simpson, Oklahoma State University

 

Session D: Impact of Convergence on Curriculum

Moderator: Phil Stichter, The Griffith Foundation

1. "Integration with Finance and Corporate Risk Management"

Rob Hoyt, University of Georgia
2. "Effects on Property/Liability Curriculum"

Scott Harrington, University of South Carolina
3. "Convergence, Technology, and Pedagogy"

Joan Schmit, University of Wisconsin
4. "Effects on Life Insurance Curriculum"

Harold Skipper, Georgia State University

 

3:45 - 4:00 PM Break

4:00 - 4:45 PM Round Table Discussion with the Spencer Foundation on Scholarship and Student Outreach (All faculty invited.)
James V. Davis, Ph.D., Chairman, Advanced Risk Management Services, Willis Corroon
Dick Smith, Principal, Smith Consulting Group

4:00 - 5:15 PM RESEARCH POSTER PRESENTATIONS AND DISCUSSION

Session A: Property, Liability, and Legal Issues

1. "Natural Disasters and Disruption in Property Insurance Markets: The Case for Federal Reinsurance"

William J. Warful, Indiana State University
2. "The Concept and Definition of Insurance: Is it Changing?"

Jerry D. Todd, St. Mary's University
Michael A. Kueber, USAA Group
Patrick O'Keefe, USAA Group
3. "Sexual Harassment and Inappropriate Behavior: A Risk Management Analysis of Various Industries Using Predictive Behavioral Models and Measurements"

Patricia A. Cheshier, California State University-Sacramento
4. "A Critique of the Joint Probability of Life, Participation, and Employment Approach"

William Jennings, California State University-Northridge
Penelope Mercurio-Jennings, California State University-Northridge
5. "Risk, Race, and the Jurisprudence of Unfair Discrimination: Housing Opportunities Made Equal vs. Nationwide Insurance Company"

Robert R. Detlefsen, Citizens for a Sound Economy Foundation
6. "The Impact of Technology on the Risk Management of Satellite Launches"

Ann Butler, University of Illinois

 

Session B: Life, Health, and Retirement Issues

1. "Measurement of Risk Attitude -- A Case Study for the Tenants of an Apartment Building in Shanghai, China"

Ziyou Yu, Lingnan College of Hong Kong
Yafong Xu, Lingnan College of Hong Kong
2. "Assessment of Public Knowledge, Attitudes and Preferences towards Pension Plans in Singapore, Sweden and America"

Renbao Chen, National University of Singapore
3. "The Effects of Demographic Similarity on the Performance and Turnover of the Sales Branches in Korean Life Insurance Industry"

Kiseok Oh, Chodang University
Kyung Soo Park, Chonbuk National University
4. "Shareholder Wealth Effects of Limiting Outside Directors' Retirement Plans"

Cynthia J. Campbell, Iowa State University
Mark L. Power, Iowa State University
Roger Stover, Iowa State University
5. "Singapore Healthcare System: Success and Challenges into the New Millennium"

Renbao Chen, National University of Singapore
Jian Lien Thong, National University of Singapore
6. "Principal-Agent Problems in China's Life Insurance Industry: An Examination of Agent Behavior"

Wei Zheng, Beijng University
John Maxwell, Indiana University
Qixiang Sun, Beijng University

 

Session C: Economics and Finance

1. "Specialization in the Insurance Industry: An Examination of Focus and Performance"

Conrad Ciccotello, Georgia State University
2. "The Relationship among Cross-shareholding, Mutual Payment Guarantee and Corporate Risk"

Dachong T. Jaang, Hallym University

 

Session D: International Perspectives

1. "Asian Insurance Companies' Solvency and Related Factors"

Renbao Chen, National University of Singapore
Ban Hua Pek, National University of Singapore
2. "Chinese Insurance Regulatory System: Problems and Outlook"

Hongtao Zhang, Development Research Center of China State Council
Weili Lu, California State University, Fullerton
3. "Reformation of the Polish Insurance Industry"

Mark Cross, Miami University
Robert A. Hershbarger, Mississippi State University
4. "Asia-Pacific Risk & Insurance Association"

Kailin Tuan, Temple University

 

Session E: Pedagogical Issues

1. "Refining the Risk Management Paradigm"

James Wm. Kallman, The College of Insurance
2. "Risk Management and Insurance Education in the Next Millennium: A Survey of Academe"

Mark S. Dorfman, University of North Carolina at Charlotte
Beverly J. Frickel, University of Central Oklahoma
William L. Ferguson, University of Southwestern Louisiana
3. "Collegiate Insurance and Actuarial Science Education in Asia"

W. Jean Kwon, Nanyang Technological University
4. "Global Insurance Information: Resources and Possibilities"

Barbie Keiser, The College of Insurance

 

Session F: Ethics

1. "The Ethical Dimension of Risk and Insurance: Sales Misconduct and Document Destruction at Prudential Insurance Company of America (A Case Study)"

Andrew Kuchar, University of Georgia
Catharine Kuchar, University of Georgia
2. "A Proposal for a Set of Curriculum Modules on Ethics for Use in Courses in Risk Management and Insurance"

Richard Corbett, Florida State University
3. "Who Decides What's Necessary? Medical Necessity and the Ethics of Managed Care"

Patricia Born, University of Connecticut

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WEDNESDAY, AUGUST 11

7:30 - 8:30 AM Breakfast

8:45 - 10:15 AM PLENARY SESSION IV
Market Convergence and Ethical Oversight: Insurers, Investment Bankers, and Securities Dealers
Moderator: Joseph M. Belth, Professor Emeritus, University of Indiana

1. Burke A. Christensen, JD, CLU, Quotesmith.com, Inc.
2. S. Roy Woodall, Jr., JD, Morris, Manning & Martin

 

10:15 - 10:30 AM Break

10:30 - 12:00 Noon CONCURRENT SESSIONS V

Session A: Automobile Insurance

Moderator: Robert Hershbarger, Mississippi State University

1. "Premium Tax Credits for Catastrophe Fund and Residual Market Assessments: A Study of State Practices"

Richard B. Corbett, Florida State University
Karen Hamilton, American Institute for CPCU/Insurance Institute of America
2. "Application of Genetic Algorithm to Automobile Insurance for Selection of Classification Variables: The Case of Korea"

Bong-Joo Lee, Kyunghee University
Min-Yong Kim, Kyunghee University
3. "Recovery on the Total Loss: An Investigation of Salvage Recovery in the Auto Insurance Industry"

James M. Carson, Illinois State University
Randy E. Dumm, Florida State University
George D. Krempley, Robert E. Nolan Company, Inc.
4. "A Study of Insurance Fraud Uncovering Model: Comparison of Analytic Hierarchy (AHP) Aided Expert's Judgment with Data Mining Techniques"

Hunsoo Kim, Soonchunhyang University
Gwangyong Gim, Soongsil University

 

Session B: Health II

Moderator: Norma Nielson, University of Calgary

1. "Retiree Health Under FAS 106: An Employee Benefit Perspective"

Ann Costello, University of Hartford
2. "Prohibitions on Health Insurance Underwriting: A Means of Making Health Insurance Available and Affordable or a Cause of Market Failure?"

Mark J. Browne, University of Wisconsin-Madison
Edward W. Frees, University of Wisconsin-Madison
3. "A Longitudinal of Model Health Insurance Coverage: Employer Sponsored Insurance"

Cathi M. Callahan, Actuarial Research Corporation
James W. Mays, Actuarial Research Corporation
Monica VanDoren, Actuarial Research Corporation
4. "The Impact of Cost Sharing on Prescription Drug Usage"

Gillian Currie, University of Calgary
Norma Nielson, University of Calgary

 

Session C: Economic Theory

Moderator: Mary Kelly, Wilfrid Laurier University

1. "Equilibrium in an Insurance Market with Imperfect Information and Transaction Costs"

Wenjiu Liu, University of Wisconsin-Madison
Mark Browne, University of Wisconsin-Madison
2. "Mean-Preserving Transformations: Market Insurance vs. Self-Insurance"

Michael R. Powers, Temple University
Larry Y. Tzeng, National Taiwan University
3. "The 'Zero Fraud' Indemnity Function for Insurance Contracts"

Richard Watt, Universidad Autónoma de Madrid
4. "Optimal Loss Mitigation and Contract Design"

Mary Kelly, Wilfrid Laurier University
Anne Kleffner, University of Calgary

 

Session D: Risk Management

Moderator: Nicos Scordis, The College of Insurance

1. "Liability Rules and Corporate Risk Management"

Richard MacMinn, University of Texas at Austin
2. "Risk Management in Independent Sector Organizations: A Model"

Peggy M. Jackson, Golden Gate University
3. "A Holistic Perspective for Risk Management"

Tom Aiuppa, University of Wisconsin-La Crosse
Jean-Francois Casta, University of Paris IX--Dauphine
4. "A Decision Model Framework for Enterprise"

Amy Puelz, Southern Methodist University
Robert Puelz, Southern Methodist University

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