Transactions of The Institute of Actuaries of Australia – 1993

764 Pages·2014·23.91 MB·English

THE INSTITUTE OF ACTUARIES OF AUSTRALIA
A.C.N. 000 423 656
Transactions
1993
Volume I
ISSN 1033-0763
© 1994 The Institute of Actuaries of Australia
R.W. Champion, FFA,FIAA
President of The Institute of Actuaries of Australia

THE INSTITUTE OF ACTUARIES OF AUSTRALIA
Suite 1, 8th Floor, 49 Market Street
Sydney NSW 2000 (Tel: [phone])
FOUNDED 1897 INCORPORATED 1963
COUNCIL & OFFICERS
1992-93
President
RONALD WILLIAM CHAMPION, FFA ( 1987)
Senior Vice President Vice President
ROBERT GEORGE GLADING, STEPHEN PAUL MILES, BA,FIA (1989)
BSc,FIA (1989)
Immediate Past President
RODNEY JOHN ATFIELD, FIA (1988)
Council
(1991) KEVIN FRANCIS ALLPORT, BA,FIA
( 1991) IAN FRASER BELL, FIA
( 1990) GEOFFREY FRANK BURGESS, BA,FIA
(1992) RONALD IVAN FRIEDMAN, FIA
(1991) BRUCE ANTHONY HOWE, BEc(Hons),UM
(1992) DAVID IAN CHARLES KERR, BA,FIA,ASA
( 1992) TREVOR JOHN MATTHEWS, MA,FIA,ASA
(1992) HAZEL MARY McNEILAGE, BSc(Hons),FIA
(1990) PHILIP ROGER MUIR, FIA
( 1992) KEVIN SPENCER PIKE, FIA,ASA
(1991) JOHN JOSEPH REID, BSc,FIA
(1991) DAVID ANDREW SCOTT, BA
(1990) WALTER ADRIAN SCOTT, FFA
(1990) JOHN ERNEST WALSH, BSc,AIA,ASA
(1990) BARRY CHARLES ARTHUR WELLAND, FIA
Secretary & Treasurer
ROBIN VALENTINE CAREY, MA,FIA,ASA
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.O. 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
C.M. Prime, BSc,FIA,DipLaw,ASA 1991
R.J. Atfield, FIA 1992
CONTENTS
Page
VOLUME I
Presidential Address - R W Champion 9
Guidelines for Actuarial Appraisals of Life Insurance
Business Exposure Draft - Appraisal Values Sub-Committee 94
Investment Education of Actuaries in Australia
- R M Fitzherbert 122
Profit Reporting in a Mutual Life Office
- J Lang, W A Scott 180
Crediting Rates for Superannuation Plans
- J Humphreys, C A Newman 229
Expenses and their Allocation under Margin on Services
- A discussion note - L D James, P Murray 346
National workers compensation for Australia?
- J R Cumpston 376
Margin on Services - Financial Implications - M A Cant,
D A French 437
1993 CONVENTION
Actuarial Skills - Expanding the Role
- Demand for Actuaries Task Force 550
Financial Reporting - A Discussion Paper - G M Atkins,
M H Baxter, G A Dunsford, G W Walker 646
Investment Policy- M D Barker, D J Finnis, R J Paton,
A H Stitt 680
Report on Planet Earth - Working Group on the Future 702
VOLUME II
1993 CONVENTION
Solvency and Capital - R A Buchanan, I F Bell,
D M Goodsall, S M Partridge 761