Transactions of The Institute of Actuaries of Australia – 1991

798 Pages·2014·26.22 MB·English

C.M. Prime Bsc, FIA, Diplaw, ASA, FIAA
President of The Institute of Actuaries of Australia

THE INSTITUTE OF ACTUARIES OF AUSTRALIA
Suite 1, 8th Floor, 49 Market Street
Sydney. N.S.W. 200 (Tel: [phone])
FOUNDED 1897 INCORPORATED 1963
COUNCIL & OFFICERS
1990-91
President
CATHERINE MARY PRIME, BSc,FIA,DipLaw,ASA (1988)
Senior Vice President Vice President
RODNEY JOHN ATFIELD, FIA RONALD WILLIAM CHAMPION,
(1988) FFA (1987)
Immediate Past President
JOHN FINDLAY MORTON ROSS, FFA,AIA (1987)
Council
(1989) GEOFFREY MICHAEL ATKINS, BA,FIA
(1990) GEOFFREY FRANK BURGESS, BA,FIA
(1989) ROBERT GEORGE GLADING, BSc,FIA
(1988) COLIN ROYCE GRENFELL, FIA
(1989) JOHN KENT, FIA,ASA
(1989) STEPHEN PAUL MILES, BA,FIA
(1990) PHILIP ROGER MUIR, FIA
(1988) IAN ALFRED POLLARD, BA,MA,DPhii,FIA
(1990) WALTER ADRIAN SCOTT, FFA
(1988) PETER LAURENCE VINSON, FIA
(1990) JOHN ERNEST WALSH, BSc,AIA,ASA
(1990) BARRY CHARLES ARTHUR WELLAND, FIA
(1989) CHRISTOPHER JOHN WHITE, FIA,ASA
Secretary & Treasurer
ALEXANDER CRAIG GINNANE, AAII,AFAIM,MACS
The year in brackets is the year of election to Council.

PAST PRESIDENTS
The Actuarial Society of New South Wales 1897-1918
The Actuarial Society of Australasia 1919-1959
The Actuarial Society of Australia and
New Zealand 1960-1962
The Institute of Actuaries of Australia and
New Zealand 1963-1976
The Institute of Actuaries of Australia 1977 on
President Year
W.R. Dovey, FFA, AlA 1897
D. Carment, FIA, FFA, FAS 1898
E.M. Moors, MA, FIA 1899
R. Teece, FIA, FFA, FAS, FSS 1900
W.R. Day, FIA 1901
T.W. Bremner, FFA, AlA 1902
R.D. Miller, FFA 1903
G.F. Diamond, AlA 1904
R. Teece, FIA, FFA, FAS, FSS 1905
D. Carment, FIA, FFA, FAS 1906
A.C. Hollingworth, AlA 1907
E.M. Moors, MA, FIA 1908
A. Jobson, AlA 1909
C.A. Elliott, FIA 1910
W.R. Day, FIA 1911
W.R. Day, FIA 1912
G.F. Diamond, AlA 1913
R. Thodey, FIA 1914
D. Carment, FIA, FFA, FAS 1915
B. Latham, AlA 1916
A.W. Sneddon, FIA 1917
J.J. Kelly, FIA 1918
A.C. Hollingworth, AlA 1919
A.M. Laughton, FIA, FFA 1920
M.C. Alder, AlA 1921
H.M. Jackson, FIA 1922
T.W. Bremner, FFA, AlA 1923
C.H. Wickens, FIA, FSS 1924
R.D. Miller, FFA 1925
J.S. Wilson, FIA 1926
B. Latham, AlA 1927
F.C. McPhail, AlA 1928
C.A. Elliott, FIA 1929
H.M. Jackson, FIA 1930-
A.T. Traversi, FIA 1931
P.O. Touzel, AlA 1932
H. Vaughan, FIA 1933
PAST PRESIDENTS
J.J. Lohan, AlA 1934
L.S. Polden, FIA 1935
A.C. Bradbury, FIA 1936
F.F. Innes, FIA 1937
0. Gawler, FIA 1938
G.E. Moore, AlA 1939
D. Drybrough, MA, FFA 1940
C. Gostelow, FIA 1941
E.H. Templeton, FIA 1942
L.W. Offord, FIA 1943
H.G. Walker, BCE, FIA 1944
W.J. Cooksey, BSc, FFA 1945
W.J. Falconer, FFA 1946
H. Vaughan, FIA 1947
J.B. Fletcher, MA, FFA 1948
W.J. Dowd, BA, FIA 1949
L. Shotlander, MA, AlA 1950
l.G. Oxby, FIA 1951
A.M. Parker, FIA, FSS 1952
P.C. Wickens, MA, LLM, FIA 1953
G.B. Palmer, FIA 1954
A.H. Pollard, MSc, MSc(Econ),PhD, FIA 1955
S.J.R. Chatten, FIA 1956
G.R. Kensit, MA, FIA, FSS 1957
R.B. Levey, FIA 1958
K.J. Hedley, BCom, FFA, FSS, FIS, ASA 1959
V.H. Arnold, FIA, ASA 1960
A.W.R. Wheatley, FIA, ASA 1961
G.C. Lane, FIA, ASA 1962
E.H. Templeton, FIA 1963
F. Ross, BA, FIA 1964
H.V. Napier, FIA 1965
L.J. Cohn, FFA, ASA 1966
S.W. Caffin, FIA, FSS, ASA 1967
B. Whittle, FFA 1968
J.M. Anderson, FIA, ASA 1969
C.J. Stevens, FIA 1970
F.J. Young, FIA 1971
M.J. Werner, FFA, ASA 1972
R.M. Craig, FIA 1973
J.G. Rutherford, FIA 1974
R.F. McDonald, FFA 1975
R.C. Palmer, FIA, ASA 1976
B.R. Paul, FIA 1977
R.G. McCrossin, FIA 1978
G.L. Melville, BA, FIA, ASA 1979
A.E.M. Geddes, BA, BCom, FIA, ASA, AASA 1980
PAST PRESIDENTS
D.J. Kimber, FIA 1981
W.K. Roberts, FIA 1982
O.F. Roach, MA, FIA 1983
J. Graham, FFA, MAAA, ASA, ASIA 1984
T.C. Jenkins, FIA 1985
B.C. Amond, FIA, ASA 1986
J.H. Pollard, BSc, PhD, FIA, FSS, FASSA 1987
G.B.K. Trahair, FIA, ASA 1988
J.R. Hunter, FFA 1989
J.F.M. Ross, FFA, AlA 1990
CONTENTS
VOLUME I Page
Presidential Address - C.M. Prime 9
Greater of Benefits - Member Options in Defined
Benefit Superannuation Plans - S. Britt 77
Victorian Friendly Societies -
C.J. Stevenson 160
Introductory Review of the papers for the 2nd AFIR
International Colloquium- A.D. Wilkie 217
Required Rate of Return for Life Insurers- M.J. Hall 240
Report of the Disability Committee 257
The Derivation and Application of an Australian
Stochastic Investment Model- J. Carter 315
Market Valuation of Liabilities - R.A. Buchanan 429
1991 CONVENTION
International Perspective on Actuarial Education 501
Current Developments in Actuarial Education
in the UK - S. Haberman 502
The Education of Actuaries in North America
- R.L. Brown & H.H. Panjer 520
A New Zealand Perspective on Actuarial Education
- L.A. Roberts 528
Actuarial Education in Australia - Some Personal
Views- J.H. Pollard 540
Accounting for Superannuation in Employer Accounts
- Superannuation Practice Committee 576
Life Insurance Professional Standards - D.J. Kimber
on behalf of the Life Insurance Practice Committee 624
CONTENTS
Page
Standards for Investment Performance Measurement
-J. Buckeridge 649
Overseas Developments 695
A Standard for Determination of Policy Reserves 712
- Best Estimate Reporting Sub-Committee
The Evolution of Solvency Standards for Life Insurance
Companies in Canada - A. Brender 773
VOLUME 11
1991 CONVENTION
The City University/Actuaries Property Indices
- A.T. Adams 797
Stochastic Approach to Pension Funding Methods
- S. Haberman 808
A Prescription for Health in the North American
Health Care Delivery System- R.L. Brown 828
Stock Index Futures: Uses, Pricing and Hedging
Techniques- S. Hafey & M. Sherris 843
Report of the Mortality Committee. 899
Underwriting the AIDS Risk for Life Insurance
- W.K. Gratton 960
Group Life Mortality Study- D.M. Torrance 982
Graduation of 1984-1 989 Disability Experience
- Disability Committee 992
Proposals for a Standard for the Determination of
Statutory Reserves - Capital Adequacy Committee 1028
Purchase of Life Companies in Australia - A Case
for Professional Guidelines - R. Friedman 1063
Minimum Statutory Reserves for Investment Account
Business- P.M. Hodgett & I.F. Bell 1093
CONTENTS
Superannuation Guidance Notes - Superannuation
Practice Committee 1195
Reflections on a Takeover of a United Kingdom
Insurer: A Case Study - I.L. Salmon, A.E.M. Fine 1216
The Funding of Health Care in the Year 2000
- B.W. Walker 1292
The Influence of General Insurance Actuaries
on Their Environment - C. Latham 1309
Capital Adequacy in Life Insurance - A Survey of
Overseas Developments - M. Freeman & B. Vincent 1322
International Fixed Interest Investment
- N.G. Basile & M.J. O'Callaghan 1371
TRANSACTION INDEX 1984-1991 1426
BULLETIN 1991
Court Decisions 1443
Administrative Appeals Tribunal Decisions 1448
Statutes 1451
Australian Publications 1991 1452
Memorials 1454
1991 EXAMINATIONS 1469
Examiners 1470
Tuition 1471
Tutors 1472
Results 1473
Papers 1477