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Annual Report 1999

The society held seven meetings in 1999 with the following presentations:

15 February

Mikael Forss: Do pensions mean saving, insurance or redistribution?

22 March

Timo Ahjos: Use of the Internet in insurance.

26 April

Jukka Rantala: The valuation of a non-life insurance company.

25 May

Arto Kallinen: The changes created by the introduction of enhanced competition into the statutory worker's compensation insurance.

6 September

Katariina Rajala: Accounting for pension entitlements according to different accounting standards.

11 October

Jorma Leinonen and Teppo Martikainen: Equity returns in the long run.

13 December

Tuula Lempiäinen and Anneli Uimonen: A comparison between the semi-statutory TEL-additional pension insurance and optional pension insurance.

Further to the above mentioned meetings the Foundation for the Promotion of the Actuarial Profession arranged a seminar on the forthcoming IAS insurance accounting standard. The seminar provided a forum for discussion for around 160 participants. The opening speakers were:

• Peter Clark, IASC: Introduction to Insurance IAS.
• Paul McCrossan, Eckler Partners: The Actuarial Aspects of the Insurance IAS.
• Axel Oster, European Comission: Commission's point of view.

The board of the foundation granted the following awards during the year under review:

• Jukka Rantala and Teivo Pentikäinen: For travelling expenses for lectures on risk theory in Italy.
• Katariina Rajala: For finishing a study on the accounting for pension entitlements according to different accounting standards.
• Harri Nyrhinen: For travelling expenses to a conference on risk theory in Oberwolfach.
• Anni Hellman: For a study on LTC insurance.
• International Promotion of Education Fund: For the promotion of actuarial education in Eastern Europe

The constitution of the society was so amended that without Finnish actuarial qualification a full member of another actuarial association can be granted full membership in the society provided that the societies have signed an agreement of mutual recognition and that the applicant has done actuarial work in Finland for one year.

The society opened an Internet site. The address is 'www.actuary.fi' and the notices, minutes and presentations of its meetings are accessible there.

There were 92 full members and 198 ordinary members at the end of the year. The society had five honorary members at the end of the year 1999.

The board had nine meetings and consisted of the following members (end of mandate in brackets)

• Jaakko Tuomikoski, President (2000)
• Jorma Leinonen, Vice-President (2000)
• Hannu Parviainen, Secretary (2001)
• Hely Salomaa (2002)
• Martti Pesonen (2002)
• Jukka Rantala (2001)

Auditors were Ari Ikonen and Pasi Mustonen.

The annual meeting of the society on 14 February elected Ms Onerva Savolainen and Mr Esko Kivisaari as new members of the board. Mr Tuomikoski and Mr Leinonen retired from the board. Mr Rantala is the new president and Mr Kivisaari is the new secretary of the society.

Additional information of the society can be found on its Internet site 'www.actuary.fi'. The Actuarial Society of Finland can be reached via its secretary:

E-mail esko.kivisaari@varma-sampo.fi