Minutes of the 2004 Risk Theory Society Meeting

The meeting was called to order at 4:50 by President Arthur Snow.

Attendance/Membership

The 2004 Seminar of the Risk Theory Society was held on April 16-18 in New York, at the Manhattan campus of St. John’s University. 54 papers were submitted. The program consisted of 10 papers presented by 14 persons (21 authors or coauthors, with 7 not attending). Five of the presenters were new members (Marie-Cécile Fagart, Nathalie Fombaron, Henri Loubergé, John Pratt and Thomas Sager), the remainder being current members (Ettie Baranoff, Richard Derrig, Georges Dionne, Robert Hoyt, John Marshall, Richard Phillips, Harris Schlesinger, and Richard Watt). The Seminar was hosted by James Barrese who handled the local arrangements, and chaired by President Arthur Snow.  After the 2004 Seminar, there are 68 members of the Risk Theory Society. Three people lost their membership for failure to attend the 2004 Seminar (Stephen D’Arcy, Yanlin Ge and Jack Meyer).

Treasurer’s Report

The Treasurer’s Report by Professor Mike Smith is joined to the minutes of the Seminar. Nearly all of the expenditures from the RTS treasury have been to support travel expenses.  The RTS has a tradition of using funds in the treasury to attract new members by supporting travel expenses of authors who are unable to find support elsewhere, although travel expense reimbursements have also been provided to established members.

Mike Smith was unable to continue serving as RTS Treasurer beyond the 2004 meeting. The members expressed their gratitude to Mike Smith for his activity as the Treasurer of the RTS during many years. Professor Gene Lai offered his services, which met with loud applause: he will be the new Treasurer.

Meeting Arrangements

At the 2003 RTS Seminar, the membership had chosen the University of Georgia for the 2005 RTS Seminar. After a debate, it was unanimously decided to transfer the 2005 RTS Seminar to the University of Mississippi (Oxford), conditional on the ability for Professor Larry Cox, who would be the host, to manage some practical organization details. The location and the dates for the Seminar are to be confirmed.  Two universities were nominated to host the 2006 RTS: Colorado State University and Virginia Commonwealth University. Virginia Commonwealth University was chosen by the vote of the membership. Professor Ettie Baranoff will handle the local arrangements.

Officer Election

Richard Phillips was elected Secretary of the Risk Theory Society for the coming year. Pierre Picard will be President and Arthur Snow will be Past President.

Recognition of Life Members

No members qualified for life membership in 2004 under the rules of the Society.

Thanks

The members then expressed their appreciation to James Barrese, the host of the 2004 RTS Seminar, for the perfect organization of the Seminar. The meeting adjourned at 5:30.  

Pierre Picard
         Secretary 

REPORT OF FINANCIAL CONDITION
RISK THEORY SOCIETY
APRIL 17, 2004

Reported balance 5/3/03                                                         $8,702.00           Contributions                                                                               1,400.00                                  Travel expense reimbursements                                               1,239.73                                  Balance 4/17/04                                                                        $8,862.27

The Risk Theory Society treasury balance increased from the year 2003 meeting by $160.27.  The Society’s treasury balance increased after the 2002, 2001 and 2000 meetings as well.  These increases followed a series of deficits during 1997-1999, which began after the Alliance of American Insurers discontinued its support in 1997.  These deficits were covered by funds built up during a period when a greater number of contributors provided financial support.The National Association of Independent Insurers (NAII) and Nationwide insurance provided financial support for the 2003 RTS meeting, each contributing $700.  Both organizations have provided support to the RTS for well over a decade.  Nationwide support can be traced to within one or two years of the founding of the RTS, while the NAII began contributing in 1987.Recently the NAII and the Alliance of American Insurers merged to become the Property Casualty Insurers Association of America (PCI).  Diana Lee, who was liaison between the RTS and the NAII, served as liaison between the RTS and the PCI for the 2004 meeting.  As a result of her efforts, the PCI contributed $700 to support the 2004 RTS meeting.  Nationwide Insurance contributed $700 as well.  These contributions are not reflected in the April 17, 2004 balance reported above, which includes contributions and expenditures for the 2003 meeting.Travel Reimbursement Policy: Presenters requesting reimbursement for air fare should send their request promptly to Michael Smith.  The air fare of at most one presenter per paper can be reimbursed, North American portion of international travel only.  Authors first should seek reimbursement from other sources, using Risk Theory Society funds if other sources are not available.

Prof. Michael L. Smith
Finance Department                              E-Mail: Smith.142@osu.edu
Fisher College of Business                                Phone: (614) 292-1747
Ohio State University
2100 Neil Avenue
Columbus, Ohio 43210-1144