Four papers were available for discussion at the meeting:

(1) ‘Continuing Care Retirement Communities — Attractive to Members, but what about Sponsors?’ by R. A. Humble and D. G. Ryan, was previously presented to the Institute of Actuaries on 26 January 1998, and the paper and the discussion of it appear in British Actuarial Journal, 4, 547-614.

(2) ‘A Model for Projecting the Number of People who will Require Long-Term Care’, by R. R. Ainslie, C. O. Daly, S. P. Laurie, B. D. Rickhayzen, M. A. E. Thraves and D. E. P. Walsh; and

(3) ‘The Actuarial Modelling of NHS Data’, by C. G. Orros, M. Iqbal, I. W. Lane, I. P. McKeever and M. R. Moliver, were both presented at the 1998 Health Care Conference, held at the University of Warwick. These papers are available in the Faculty and the Institute Libraries.

(4) ‘The Elderly and Continuing Care’, by Dr R. G. Smith, Chairman of the Geriatricians Committee of the Royal College of Physicians, commences on the next page.

This paper reviews some principles surrounding the reporting of realistic profits for life assurance companies and reports on the methods used in the United States of America and in Australia. Mention is also made of the valuation method adopted in South Africa.

The text of this paper, together with the abstract of the discussion by the Institute of Actuaries and the Society of Actuaries in Ireland on 18 September 1998, are printed in British Actuarial Journal, 5, I, 55-113.

This paper addresses the fundamental issues in the construction and use of actuarial economic models, with specific reference to those described in the UK literature. Two approaches are considered: an empirical approach and a theoretical approach using financial economics. Although empirical testing is essential, the difficulties associated with it should not be underestimated. A theoretical framework can be used to limit the impact of these difficulties. However, economic modelling is further complicated by the lack of a reliable and comprehensive theoretical framework. This suggests that economic models are always likely to be inaccurate and consequently actuarial judgement is likely to be indispensable.

Consolidation of the FTSE Actuaries Share Indices in real time. Preparations for the internationalisation of the industry classification system in 1999.

This is the twelfth year of publication of the FT/S&P Actuaries World Indices. Equity Indices are now given for 29 countries, 15 regional groups and the World. Greece, Portugal (and the Eurobloc) were added in 1998, but Malaysia was ejected.