The IAA has published new books and mongraphs on actuarial sciences, related to "Stochastic Modeling","Discount Rates" and "Risk Margins". The general idea of the session is that a co-author from each could present the highlights and features of each publication.

Be ready for an interactive session when you join Andrew Dalton, Principal and Consulting Actuary, Milliman, Inc. for a discussion on the International Actuarial Association’s (IAA) Educational Monograph on Issues Associated with the Determination of Discount Rates for Financial Reporting Purposes. This monograph, intended for practitioners in the insurance and pension sectors, covers the following five major sections: 1) general methodology; 2) current applications, including economic scenarios, life, non-life and pension examples, and country or region-specific issues; 3) recommended procedure for the evaluation of results audit; 4) peer review; 5) and communication.

Bob Miccolis, Director, Deloitte Consulting LLP -  will present “Measurement of Liabilities for Insurance Contracts:  Current Estimates and Risk Margins”. He will present the results of the work of the  ad hoc Risk Margin Working Group (RMWG) of the International Actuarial Association (IAA) which has conducted research into the measurement of liabilities for insurance contracts that has resulted in this paper. The issues addressed are those that will help determine future practice for measuring liabilities for insurance contracts for both regulatory and general purpose financial reporting. It focuses on current estimates and risk margins, which the RMWG believes to be an appropriate basis for the measurement of liabilities for insurance contracts. During the course of this research the RMWG has sought and incorporated input from various stakeholders in the measurement of these liabilities.

Jim Stoltzfus, Principal and Consulting Actuary, Milliman, Inc. will present “Stochastic Modeling — Theory and Reality from an Actuarial Perspective”, a  Stochastic Modeling guide for practitioners interested in understanding this important emerging field. It  presents the mathematical and statistical framework necessary to develop stochastic models in any setting (insurance or otherwise).  Sufficient mathematical detail is presented but no advanced background in mathematics or statistics is required.