Introduction/ Welcoming Remarks

• Gregorio Impavido, Senior Financial Economist, Financial Sector Operations and Policy Department, World Bank

• Chair: Richard Hinz, Advisor, Social Protection Team, World Bank

Opening Remarks

• Marilou Jane D. Uy, Director, Financial Sector Operations and Policy Department, World Bank

Plenary Lecture on Pension, Accounting and Funding

• Colin Pugh, Editor, International Benefits Information Service (download 783 kb PDF)

Coffee Break

Funding Rules and Solvency: Pensions

• Coping With and Implementing Funding Rules: The UK Case (Chris Daykin, Government Actuary, Government Actuary's Department) (download 1.6 Mb PDF)
  

• Current Funding Issues in the United States (Steven Kandarian, Executive Director, Pension Benefit Guaranty Corporation) (download 338 kb PDF)
  

• Pension Fund Sponsors' Perspectives on Funding (Sylvester Schieber, Vice President, Director, Watson Wyatt LLP) (download 2.7 Mb PDF)
  

• Q & A Session (15 minutes)

Accounting and Solvency Regulation

• Chair: Rodney Lester, Lead Specialist, Financial Sector Operations and Policy Department, World Bank

• Risk Based Insurance Solvency Regulation (Michael Barth, Assistant Professor of Finance, Georgia Southern University) (download 329 kb PDF)

• EU Insurance Solvency Regulation and Recent Developments (Michael Thom, Principal Administrator and Secretary of the EU Insurance Committee, Insurance and Pension Funds Unit, European Commission) (download 2.4 Mb PDF)

• Q & A Session (15 minutes)

Coffee Break

Select Issues of Insurance Liabilities

• Fair Valuation of Liabilities in Insurance Companies (Sam Gutterman, Director & Consulting Actuary, PricewaterhouseCoopers LLP) (download 271 kb PDF)

• Report of International Association of Actuaries (IAA) Insurer Solvency Working Group (ISWG) (Stuart Wason, Director, Mercer Oliver Wyman) (download 4.9 Mb PDF)
  

• Stochastic Modeling of Equity Guarantees Provided by Life Insurers (Geoffrey H. Hancock, Principal, Mercer Oliver Wyman) (download 307 kb PDF)
  

• Q & A Session (30 minutes)

Reception (sponsored by the World Bank and International Association of Actuaries)

• Welcoming remarks by Jim Macginnitie, President, IAA

Role of Supervisors: Dealing with Affected Partners

• Chair: Rodney Lester, Lead Specialist, Insurance Supervision, Operations and Policy Department, World Bank

• Overview of Supervisory Styles: Proactive and Reactive Supervision (Dimitri Vittas, Senior Advisor, World Bank) (download 87 kb PDF)

• Regional Supervisors: Promises and Challenges of the Conférence Interafricaine des Marchés d'Assurances (Erard Moutassi, CIMA Secretary, CIMA) (download 272 kb PDF • download 265 kb PDF)

• Q & A session (15 minutes)

Coffee Break

Role of Supervisors in the Insurance Industry

• From Audit Approach to Risk-Based supervision (Lawrie Savage, President, Lawrie Savage and Associates, Inc.) (download 223 kb PDF)
  

• Risk-Based Supervision of Insurance Companies in Mexico (Manuel Aguilera, President, CNSF [Comisión Nacional de Seguros y Finanzas]) (download 2.5 Mb PDF)
  

• Q & A Session (15 minutes)

Lunch

Role of Supervisors: Cooperation with Affected Parties and Training

• Chair: Alberto Musalem, Lead Economist, World Bank

• Outreach and Communication Within the Regulated Community (Alan Lebowitz, Deputy Assistant Secretary for Program Operations, Employee Benefits Security Administration, U.S. Department of Labor)

Coffee Break

Role of Supervisors: Cooperation with Affected Parties and Training (cont.)

• Training the Staff of Pension Regulatory and Compliance Enforcement Agencies (Paul Antsen, National Training Coordinator, Employee Benefits Security Administration, U.S. Department of Labor) (download 338 kb PDF)

• Providing Training to the Regulated Community (Mary Hutch, Head of Information and Training, Pensions Board Ireland) (download 666 kb PDF)
  

• Q & A Session (15 minutes)

Dealing with Distressed Insurance Companies

• Dealing with Troubled Companies: The U.S. Perspective (Diane Koken, Commissioner, Department of Insurance, Commonwealth of Pennsylvania)
  

• Lessons from the Equitable Life (Chris Daykin, Government Actuary, Government Actuary's Department) (download 1.7 Mb PDF)
  

• Dealing with Troubled Companies: The Global Situation and IAIS Work (George Brady, International Counsel, National Association of Insurance Commissioners [NAIC]) (download 772 kb PDF)
  

• Q & A Session (15 minutes)

Asset Liability Management I

• Chair: Roberto Rocha, Lead Evaluation Officer, World Bank

• Role of Bonds and Stocks for Financing Retirement Income (Zvi Bodie, Professor of Finance, Boston University School of Management) (download 437 kb PDF)
  

• Strategic Asset Allocation for Contractual Savings Institutions (Cliff Speed, Hewitt Bacon & Woodrow) (download 1.6 Mb PDF)
  

• Incomplete Markets (Michael Orszag, Head of Research, Watson Wyatt LLP)
  

• Q & A Session (15 minutes)

Coffee Break

Asset Liability Management II

• Macroeconomic Preconditions for Investing Abroad (Michael Klein, Professor, Tufts University) (download 348 kb PDF)

• Foreign Investment and Asset Swaps (Zvi Bodie, Professor of Finance, Boston University School of Management)
  

• Q & A Session (15 minutes)

Lunch

• Keynote: Macroeconomic Implication of Funded Schemes, Peter Orszag, Joseph Pechman Senior Fellow, Brookings Institute (download 1.1 Mb PDF)

Innovation in Financing Retirement I

• Chair: David Lindeman, Principal Pensions Analyst, OECD

• Managing Annuity Purchase Decision (David Lindeman, Principal Pensions Analyst, OECD, and Indermit S. Gill, Economic Advisor, World Bank) (download 272 kb PDF)

• Annuities in Mandatory Regimes (John Piggott, Professor of Economics, University of New South Wales) (download 2.3 Mb PDF)

• Q & A Session (15 minutes)

Coffee Break

Innovation in Financing Retirement II

• Financial Market Constraints and Minimum Capital Requirements, New Products (Mike Wadsworth, Partner, Watson Wyatt LLP) (download 4.5 Mb PDF)

• Reverse Mortgages and Other Innovations in Japan and the United States (John Piggott, Professor of Economics, University of New South Wales) (download 326 kb PDF)

• Transforming Savings Into Retirement Income (Dr. Douglas Fore, TIAA-CREF Institute) (download 174 kb PDF)
  

• Q & A Session (15 minutes)

Consumers and Protection: How Much Paternalism?

• Chair: Michael Orszag, Head of Research, Watson Wyatt LLP

• Overview of Issues Related to the Sale Process (Michael Orszag, Head of Research, Watson Wyatt LLP)
  

• Behavioral Economics and Its Role for Financial Education and Consumer Protection: When Is Choice Too Much? (Sheena Sethi-Iyengar, Associate Professor, Columbia University School of Business) (download 586 kb PDF)

• Introducing Multiple Portfolios in Chilean AFPs (Guillermo Larrain, Superintendente, SAFP [Superintendencia de Administradores de Fondos de Pensiones] and Solange Bernstein, Director of Research, SAFP)
  

• Q & A Session (15 minutes)

Coffee Break

Financial Education

• Financial Education and Consumer Behavior (Madeleine d'Ambrosio, Executive Director, TIAA-CREF Institute) (download 173 kb PDF)
  

• International Perspectives on Financial Education (Barbara Smith, OECD) (download 640 kb PDF)
  

• Individuals' Investment Decisions in the Swedish Pension System (Stefan Engström, Professor, Stockholm School of Economics)

• Comments on Financial Education (Olivia Mitchell, Professor of Insurance and Risk Management, University of Pennsylvania, Wharton School of Business)
  

• Q & A Session (15 minutes)

Lunch

The Regulator and Consumer Protection

• Market Discipline in the Insurance Industry: The Case of Argentina (Ricardo Néstor Bebczuk, Chief Economist, Center for Financial Stability) (download 1.5 Mb PDF)

• Regulating Investment Advice in the U.S. 401(k) Context (Russ Galer, Administrator, Private Pensions and Insurance Unit, OECD)

• Q & A Session (15 minutes)

Coffee Break

Managing Costs

• Distribution Models: Lessons from Around the World (Tom Kelly, Executive Vice President and Chief Operations Officer, LIMRA International) (download 633 kb PDF)

• Managing Costs in Individual Accounts (Rafael Rofman, Senior Economist, World Bank) (download 833 kb PDF)

• Administrative Costs in the Swedish PPM (Hans Jacobson, Government Premium Pension Fund, Sweden) (download 731 kb PDF)

• Q & A Session (15 minutes)

Corporate Governance I

• Chair: Gregorio Impavido, Senior Financial Economist, World Bank

• Framework for Institutional Investors (Geof Stapledon, Associate Professor and Reader, The University of Melbourne) (download 676 kb PDF)

• Corporate Governance and the Role of Institutional Investors in the United States (Stephen Deane, Vice President and Director of Publications, Institutional Shareholder Services) (download 345 kb PDF)

• Q & A Session (15 minutes)

Coffee Break

Corporate Governance II

• Lessons from Recent Crises (Simon Deakin, Robert Monks Professor of Corporate Governance, University of Cambridge) (download 121 kb PDF)
  

• Q & A Session (15 minutes)

Lunch

Governance of the Insurance Industry

• Governance of Insurance Companies (Lawrie Savage, President, Lawrie Savage and Associates, Inc.) (download 272 kb PDF)

• How Opaque Is the Insurance Industry? (Craig Thorburn, Senior Financial Sector Specialist, The World Bank)
  

• Q & A Session (15 minutes)

Coffee Break

Governance of the Pension Fund Industry

• Pension Fund Governance (Gordon Clark, Professor, School of Geography & the Environment, England) (download 113 kb PDF)

• Pension Governance in LAC (Augusto Iglesias, Senior Partner, PrimAmérica Consultores) (download 2.4 Mb PDF)
  

• Q & A Session (15 minutes)

Closing Remarks

• Ruben Lamdany, Director, Sector and Thematic Programs, World Bank Institute