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MAINE EMPLOYERS' MUTUAL
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| Jolan Force Ippolito | Ward Irving Graffam |
| Katherine Maxim Greenleaf | Vicki Jean Mann |
| David Mark Labbe | John Thomas Leonard |
| Sara Catherine Longley | Mary Jane Sheehan |
| Robert Dale Umphrey |
Officers
| John Thomas Leonard | President & CEO |
| Robert Stephen McMann | Senior Vice-President, CFO & Treasurer |
| John Francis Marr | Senior Vice President, Claims |
| Daniel Stanley Cote | Senior Vice-President, Loss Control & Safety |
| Gary Richard Baxter | Senior Vice President & Chief Information Officer |
| Donald Vernon Hale | Senior Vice President, Underwriting |
| Michael Peter Bourque | Vice President, Corp. Marketing & Communications |
| Catherine Flaherty Lamson | Vice President, Human Resources & Administration |
| James Bradford Zimpritch | Secretary |
Title 24-A M.R.S.A. § 3413 requires that each director and officer of the Company complete a Conflict of Interest Statement to disclose any material interest or affiliations which are likely to be in conflict with his/her official duties and responsibilities to the Company. The Conflict of Interest Statements for the period under examination are substantially in compliance with the Company policy.
The Articles of Incorporation, Bylaws and Minutes of the Board of Directors and committee meetings held from the period of January 1, 2003 through the completion of field work were reviewed. The Company is operating in accordance with its Bylaws. There were no amendments to the corporate documents during the period of examination.
The Company is licensed in Maine and Massachusetts to write workers' compensation insurance and employers’ liability insurance incidental to and written in connection with workers' compensation coverage exclusively for employers in the State of Maine.
FIDELITY BOND AND OTHER INSURANCE
The Company maintains the following insurance coverage:
A blanket fidelity bond in the amount of $1,000,000 protects the Company, and meets the suggested amounts of the NAIC for a company of this size. All of the above coverages were written by Maine licensed insurance companies.
A review of legal confirmations furnished by outside legal counsel confirmed the Company is not involved in any actual, pending or threatened litigation that would result in a material judgment against the Company.
REVIEW OF COMPUTER INFORMATION SYSTEMS
Examiners performed a general control review and a software security review of the Company’s computer systems, in accordance with Exhibit C in the NAIC Financial Condition Examiners Handbook, for the purpose of assessing controls and identifying exception conditions. No reportable exceptions were noted.
Examiners reviewed claim files on a selected sample for adherence to the controls and to substantiate loss payments and case reserves. No reportable exceptions were noted.
General Reinsurance Corporation
The following excess of loss and aggregate stop loss reinsurance contracts were executed with General Reinsurance Corporation (“Gen Re”) to indemnify the Company for losses in excess of the Company's $2,000,000 retention. Gen Re is licensed to transact reinsurance in the state of Maine. The following is a summary of the contract in effect for the period under examination.
Excess of Loss
The Company has an excess of loss agreement to indemnify the Company, with respect to workers' compensation and employers' liability business, in accordance with the following retention schedule:
First Excess (†): $3,000,000 in excess of $2,000,000
Second Excess: $5,000,000 in excess of $5,000,000
Third Excess: $10,000,000 in excess of $10,000,000
Fourth Excess: $30,000,000 in excess of $20,000,000
(†) The first excess coverage for the period of January 1, 2003 through December 31, 2004 was $4,000,000 in excess of $1,000,000. The Company increased its retention to $2,000,000 effective January 1, 2005.
In addition, the reinsurer will pay loss adjustment expenses proportionate to its share of net loss.
Aggregate Stop Loss
This agreement covers the amount by which the Company’s incurred net loss exceeds 71% of its net earned premium for the policy years 1999 through 2002, subject to a maximum of 15% of ultimate net loss, or up to an 86% incurred net loss. The agreement was not renewed for policy year 2003. Premiums earned in 2003 and incurred losses with 2003 loss dates relating to policy year 2002 are excluded from this agreement.
The Company entered into an excess of loss contract with Gen Re effective July 1, 1998 to act as a Retrocessionaire for 100% of the business that Gen Re assumes from Fairfield Insurance Company. The Company is underwriting and servicing the Fairfield original workers’ compensation business in the Vermont market on behalf of Fairfield. This allows the Company to write incidental business relating to Maine policy accounts. Fairfield then cedes 100% of the business to their parent, Gen Re, who retrocedes the business to the Company. The amount of this business assumed by the Company is immaterial and represents less than .04% of the Company’s direct written premium.
The following financial statements show the results of the Company's financial position at December 31, 2005 as determined by this examination.
BALANCE SHEET
DECEMBER 31, 2005
ASSETS
| Bonds (Note 1) | $ 392,214,799 |
| Preferred Stocks (Note 2) | 1,948,154 |
| Common Stocks (Note 2) | 87,511,535 |
| Cash and short-term investments (Note 3) | 6,019,639 |
| Other Invested Assets | 98,997 |
| Aggregate write-ins for invested assets (Note 4) | 3,026,433 |
| Agents' balances (Note 5) | 47,832,504 |
| Reinsurance recoverable | 1,322,939 |
| Federal and foreign income tax recoverable | 18,058 |
| Net deferred tax asset | 8,656,879 |
| EDP equipment | 528,768 |
| Interest, dividends and real estate income accrued | 4,337,755 |
| TOTAL ASSETS | $ 553,516,460 |
| LIABILITIES AND SURPLUS | |
| Loss reserves (Note 6) | $ 253,305,916 |
| Loss adjustment expense reserves (Note 6) | 31,498,246 |
| Contingent commissions | 5,145,932 |
| Other expenses | 8,299,204 |
| Taxes, licenses and fees | 568,892 |
| Unearned premium (Note 7) | 74,578,404 |
| Advance premiums | 495,707 |
| Dividends declared but unpaid to policyholders | 68,757 |
| Ceded reinsurance premiums payable | 1,555,478 |
| Amounts withheld for account of others | 2,898,048 |
| Provision for reinsurance | 43,000 |
| Payable to subsidiaries and affiliates | 155,712 |
| Aggregate write-ins for liabilities | 1,399,339 |
| TOTAL LIABILITIES | 380,012,635 |
| Gross paid in and contributed surplus | 3,449,541 |
| Unassigned funds (surplus) | 170,054,284 |
| TOTAL SURPLUS | 173,503,825 |
| TOTAL LIABILITIES AND SURPLUS | $ 553,516,460 |
INCOME STATEMENT
DECEMBER 31, 2005
| Earned Premiums | $ 151,172,038 |
| Losses incurred | 102,127,322 |
| Loss expense incurred | 8,959,189 |
| Underwriting expenses | 28,858,428 |
| Total underwriting deductions | 139,944,939 |
| Net underwriting gain/(loss) | 11,227,099 |
| Net investment earned | 16,638,195 |
| Net realized capital gain/(loss) | 130,885 |
| Net investment gain/(loss) | 16,769,080 |
| Net gain/(loss) for premiums charged off | (862,010) |
| Finance and service charges | 88,351 |
| Aggregate write-is for miscellaneous income | 21,344 |
| Total other income | (752,315) |
| Net income before dividends to policyholders & income taxes | 27,243,864 |
| Dividends to policyholders | 3,988,900 |
| Federal and foreign income tax incurred | 8,257,217 |
| NET INCOME | $ 14,997,747 |
| CAPITAL & SURPLUS ACCOUNT | |
| Surplus as regards to policyholders at December 31, 2004 | $ 152,936,373 |
| Net income | 14,997,747 |
| Net unrealized capital gains/(losses) | 4,462,914 |
| Change in net deferred income tax | 2,132,801 |
| Change in non-admitted assets | (996,706) |
| Change in provision for reinsurance | (34,000) |
| Surplus adjustments (return of capital contributions) | 4,696 |
| Change in surplus as regards to policyholders | 20,567,452 |
| Surplus as regards to policyholders at December 31, 2005 | $ 173,503,825 |
| Note 1 – Bonds | $392,214,799 |
| Cost | Par Value | Market Value | Amortized or Statement Value |
|
|---|---|---|---|---|
| Governments | $ 14,132,782 | $ 13,904,767 | $ 13,886,403 | $ 14,037,539 |
| States, Territories | 81,764,378 | 75,395,000 | 82,196,292 | 80,660,613 |
| Political Subdivisions | 118,725,541 | 111,235,000 | 120,139,230 | 117,479,314 |
| Special Revenue | 79,181,511 | 78,486,944 | 77,329,010 | 79,146,885 |
| Public Utilities | 18,801,204 | 17,615,000 | 18,499,072 | 18,469,417 |
| Industrial and Misc. | 82,986,049 | 85,562,619 | 81,893,430 | 82,421,031 |
| TOTALS | $ 395,591,465 | $ 382,199,330 | $ 393,943,437 | $ 392,214,799 |
As required by Title 24-A M.R.S.A. § 412, the Company has maintained the required security deposit with the Treasurer of Maine and the Treasurer of Massachusetts.
In accordance with procedures described by the NAIC, bonds eligible for amortization are reported at amortized cost, and bonds not eligible are reported at NAIC statement values, which may be less than amortized values.
| Note 2 – Stocks | Preferred Stocks $ 1,948,154 Common Stocks $87,511,535 |
| Cost | Book Value | Market Value | |
|---|---|---|---|
| PREFERRED STOCK: | |||
| Banks, Trust and Insurance | $ 948,154 | $ 948,154 | $ 948,154 |
| Industrial and Miscellaneous | 1,000,000 | 1,000,000 | 1,042,813 |
| TOTAL | $ 1,948,154 | $ 1,948,154 | $ 1,990,967 |
| COMMON STOCK: | |||
| Public Utilities | $ 1,622,406 | $ 1,997,715 | $1,997,715 |
| Banks, Trust and Insurance | 4,151,465 | 5,415,590 | 5,415,590 |
| Industrial and Miscellaneous | 27,603,109 | 38,468,939 | 38,468,939 |
| Parent, Subsidiaries and Affiliates | 46,223,529 | 41,629,291 | 41,629,291 |
| TOTAL | $ 79,600,509 | $ 87,511,535 | $ 87,511,535 |
Preferred stocks are reported at cost per the NAIC designations. Common stocks are stated at market value in accordance with valuations promulgated by the NAIC. Unrealized capital gains and losses on investments reported at market value are recorded directly in policyholders’ surplus.
| Note 3 - Cash and Short-term Investments | $ 6,019,639 |
Investments with a maturity of one year or less from the date of acquisition
are classified as short-term investments.
| Cash | $ 6,019,639 |
|---|---|
| Short-term Investments | 0 |
| Total Cash and Short-term Investments | $ 6,019,639 |
| Note 4 - Aggregate Write-ins for Invested Assets | $3,026,433 |
This write-in consists of an investment fund that the Company administers
for the benefit of the Executive Retirement Plan. The Company reports
a corresponding liability included in Other Expenses.
| Note 5 - Agents' Balances | $47,832,504 |
| In course of collection | $ 9,515,550 |
|---|---|
| Deferred and not yet due | 38,316,030 |
| Accrued retrospective premiums | 924 |
| $ 47,832,504 |
Amounts due the Company were verified by examination. The balance per
examination is the same as that reported by the Company at year-end
2005.
| Note 6 - Loss and Loss Adjustment Expense Reserves | Losses $253,305,916 LAE $ 31,498,246 |
Examiners reviewed the Company's claim files for the period under examination. The Bureau of Insurance contracted with Pinnacle Actuarial Resources, Inc. to perform an actuarial analysis of the Company's loss and loss adjustment expense reserves on both a net and gross basis. Based on this actuarial analysis, the Company's estimates for gross and net unpaid loss and loss adjustment expenses appear to be reasonably stated in all material aspects. (See Appendix A for actuarial opinion.)
| Note 7 - Unearned Premium | $74,578,404 |
The Company provided a reserve for unearned premiums based on the monthly
pro rata method. Direct and ceded premium written was tested on a selected
sample of data with no reportable exceptions.
The Company's financial condition, as disclosed by this examination, is reflected in statements and supporting exhibits contained in this report. The basis of preparation of such statements conforms to laws, rules and regulations prescribed and/or permitted by the Maine Bureau of Insurance.
Acknowledgment of cooperation and assistance extended to the examiners
by all Company personnel is hereby expressed.
STATE OF MAINE
COUNTY OF KENNEBEC, SS
Kendra L. Godbout, CPA, CFE, being duly sworn according to law, deposes and says that in accordance with the authority vested in him by Eric A. Cioppa, Acting Superintendent of Insurance, pursuant to the Insurance Laws of the State of Maine, he has made an examination of the condition and affairs of the
MAINE EMPLOYERS' MUTUAL INSURANCE COMPANY
of Portland, Maine as of December 31, 2005, and that the foregoing report of examination subscribed to by him is true to the best of his knowledge and belief. The following examiners from the Bureau of Insurance assisted:
Graham S. Payne
Margaret S. Boghosian, CPA, CFE
Tom Begeal (New Hampshire Department of Insurance)
Colin D. Wilkins, CIA, CISA (New Hampshire Department of Insurance)
Faith Talbot
Debra L. Blaisdell
____________________________
Kendra L. Godbout CPA, CFE
Director of Financial Analysis
Subscribed and sworn to before me
this ____ day of March , 2007
____________________________
Patricia A. Galouch, Notary Public
My Commission Expire:
January 31, 2007
STATEMENT OF ACTUARIAL OPINION
MEMIC INDEMNITY COMPANY
FOR THE YEAR ENDING DECEMBER 31, 2005
Identification
I, John E. Wade, am a Consulting Actuary with the firm of Pinnacle Actuarial Resources, Inc. I am a Member of the American Academy of Actuaries and meet its qualification standards for rendering this Statement of Opinion, and I am an Associate of the Casualty Actuarial Society. I was engaged by the Maine Bureau of Insurance (MBI) on September 11, 2006 to render this opinion.
Scope
I have examined the reserves shown in the Annual Statement of the company as prepared for filing with state regulatory officials, as of December 31, 2005. This opinion relates to items in Exhibit A.
The loss and loss adjustment expense reserves specified above, on which I am expressing an opinion, reflect the items 3 through 8 in Exhibit B.
In forming my opinion on the loss and loss adjustment expense reserves, I relied upon data prepared by responsible officers or employees of the company. In this regard, I relied primarily upon Mr. Matthew Davies, of Maine Employers’ Mutual Insurance Company (the Company). I evaluated that data for reasonableness and consistency. I also reconciled that data to Schedule P — Part 1 of the company’s current Annual Statement. In other respects, my examination included the use of such actuarial assumptions and methods used and such tests of the calculations as I considered necessary.
My review was limited to items in Exhibit A and did not include an analysis of any other balance sheet items. I have not examined the assets of the company and I have formed no opinion as to the validity or value of these assets. My opinion on the reserves is based upon the assumption that all reserves are backed by valid assets, which have suitably scheduled maturities and/or adequate liquidity to meet the cash flow requirements.
Opinion
This is a Reasonable Opinion.
In my opinion, the amounts carried in Exhibit A on account of the items identified:
1. meet the requirements of the insurance laws of New Hampshire;
2. are consistent with reserves computed in accordance with accepted loss reserving standards and principles; and
3. make a reasonable provision for all unpaid loss and loss expense obligations of the company under the terms of its contracts and agreements.
This opinion applies to loss and loss expenses on a combined basis.
Relevant Comments
a. Risk of Material Adverse Deviation
There is a significant risk of material adverse deviation for the company.
The Company has booked reserves within our reasonable range of actuarial estimates. The potential for material adverse deviation relates to the nature of the coverage provided. The chief factors which bear the risk of material adverse deviation for reserves are the concentration of writings in one line of business and a small number of states, legal and economic conditions that impact workers compensation insurance, and the lack of fully developed payment patterns. MEMIC Indemnity has only been writing workers compensation insurance since 2000. As such, none of their policy periods have even become fully mature. Because of the long tail nature of this coverage, many unanticipated changes could occur to the future payout patterns. These changes could result from changing economic conditions, changing societal behavior, and changes in the legal climate.
The above risk factors are compounded by the potential variability inherent in the underlying data. Therefore, there is a risk of material adverse determination. I have used 5% of MEMIC’s statutory surplus, $2,381,000, as a benchmark in determining this risk of material adverse deviation. This materiality threshold is consistent with the results of a survey we conducted of state Insurance Departments, the threshold requirement of the Actuarial Opinion Summary regarding one-year reserve developments, and the materiality guidelines contained in the NAIC Examiners Handbook.
b. Other Disclosures in Exhibit B
The data underlying my review, and resulting estimates, are net of salvage and subrogation. The company reduces its loss reserves for anticipated salvage and subrogation recoverable as of December 31, 2005. The company does not discount its loss and loss adjustment expense reserves. I have reviewed the company’s exposure to asbestos and environmental claims. In my opinion, there is a remote chance of material liability since the company writes only workers compensation insurance. The company does not write any policies which would result in the need for extended reporting reserves.
The company does have material exposure to voluntary or involuntary pool arrangements. According to Schedule F, MEMIC Indemnity holds $7.0 million in reserves for its participation in the National Workers Compensation Pool, and another $0.6 million in reserves for its participation in the Massachusetts Workers Compensation Pool. The booked reserves and earned premiums for the pool reflect losses incurred and premiums earned by the pool through various dates prior to year-end. Company practice is to record the loss and loss adjustment expense reserves reported to it by the pools as of September 30, and adjust the totals for an accrual lag through December 31. I have not independently evaluated these reserves. I have relied on an actuarial opinion prepared by Mr. Dennis Mealy, FCAS, MAAA, Chief Actuary of the National Council on Compensation Insurance.
The company writes no policies or contracts related to single or fixed premium policies with coverage periods of thirteen months or greater which are non-cancelable and not subject to premium increase (excluding financial guaranty contracts, mortgage guaranty policies, and surety contracts).
c. Reinsurance
Based on a review of the reinsurance contracts provided by the Company, and on discussions with Company management and their description of the Company’s ceded reinsurance, I am not aware of any reinsurance contract that either has been or should have been accounted for as loss portfolio transfer, retroactive reinsurance or financial reinsurance. I have reviewed the Part 2 - Property and Casualty Interrogatory #9 regarding the risk transfer elements of the Company’s reinsurance contracts. Furthermore, I have reviewed the Reinsurance Attestation Supplement to the Annual Statement and discussed the company’s reinsurance program with management.
The treaties have been reviewed for any terms or conditions that would limit risk transfer, whether the limitation includes limits on underwriting and timing risk. These contracts have no such limitations were found in the contracts. I have also relied on management’s representations that the credit for reinsurance is consistent with SSAP No. 62 - Property and Casualty Reinsurance.
My opinion on the loss and loss adjustment expense reserves net of ceded reinsurance assumes that all ceded reinsurance is valid and collectible. The Company has represented to me that it knows of no uncollectible reinsurance cessions. All material reinsurance recoverables are with A or higher rated reinsurers, as listed by the A. M. Best Company. I have not anticipated any contingent liabilities that could arise if the reinsurers do not meet their obligations to the Company as reflected in the data and other information provided to me.
d. IRIS Ratios
I reviewed the results of the three NAIC IRIS Tests, which are relevant to loss reserves, as calculated by the company’s management. These tests are listed as follows:
a. One-Year Reserve Development to Policyholders’ Surplus
b. Two-Year Reserve Development to Policyholders’ Surplus
c. Estimated Current Reserve Deficiency to Policyholders’ Surplus
No exceptional values resulted for Tests A, B, or C.
e. Methods and Assumptions
The methodologies employed in deriving my reserve estimates are consistent with those used in the 2005 opinion as rendered by the Company’s appointed actuary.
Variability
In evaluating whether the reserves make a reasonable provision for unpaid losses and loss adjustment expense, it is necessary to project future loss and loss adjustment expense payments. It is certain that actual future losses and loss adjustment expenses will not develop exactly as projected and may, in fact, vary significantly from the projections. Further, my projections make no provision for extraordinary future emergence of new classes of losses or types of losses not sufficiently represented in the company’s historical data base or which are not yet quantifiable.
Actuarial Report
An actuarial report and any underlying actuarial work papers supporting the findings expressed in this Statement of Actuarial Opinion has been provided to the MBI in conjunction with its regulatory examination of the Company.
This statement of opinion is solely for the use of, and only to be relied upon by, the MBI and the various state departments with which the company files its Annual Statement.
______________________________
John Wade, ACAS, MAAA
Pinnacle Actuarial Resources, Inc.
374 Meridian Parke Lane, Suite C
Greenwood, IN 46142
(317) 889-5760
January 18, 2007
Exhibit A: SCOPE
| Loss Reserves: | Amount |
| A. Reserve for Unpaid Losses (Liabilities, Surplus, and Other Funds page, Line 1) |
$ 38,395,761 |
| B. Reserve for Unpaid Loss Adjustment Expenses (Liabilities, Surplus and Other Funds page, Line 3) |
$ 4,891,362 |
| C. Reserve of Unpaid Losses - Direct and Assumed (Schedule P, Part 1, Totals from Columns 13 and 15) |
$ 41,085,000 |
| D. Reserve for Unpaid Loss Adjustment Expenses - Direct and Assumed
(Schedule P, Part 1, Totals from Columns 17, 19, and 21) |
$ 5,099,000 |
| E. The Page 3 write-in item reserve, “Retroactive Reinsurance Reserve Assumed.” | $ 0 |
| F. Other Loss Reserve items on which the Appointed Actuary is expressing an Opinion (Extended Reporting Loss Reserves) | $ 0 |
| Premium Reserves: | Amount |
| G. Reserve for Direct and Assumed Unearned Premiums for Long Duration Contracts | $ 0 |
| H. Reserve for Net Unearned Premiums for Long Duration Contracts | $ 0 |
| I. Other Premium Reserve items on which the Appointed Actuary is expressing an Opinion (list separately) | $ 0 |
Exhibit B: DISCLOSURES
| Amount | |
| 1. Materiality Standard (expressed in $US) | $ 2,381,465 |
| 2. Statutory Surplus | $ 47,629,292 |
| 3. Anticipated net salvage and subrogation included as a reduction to loss reserves as reported in Schedule P | $ 300,000 |
| 4. Discount included as a reduction to loss reserves and loss expense reserves as reported in Schedule P | |
| (a) Nontabular Discount | $ 0 |
| (b) Tabular Discount | $ 0 |
| 5. The net reserves for losses and expenses for the company’s share of voluntary and involuntary underwriting pools’ and associations’ unpaid losses and expenses that are included in reserves shown on the Liabilities, Surplus and Other Funds page, Losses and Loss Adjustment Expenses lines. | $ 7,637,000 |
| 6. The net reserves for losses and loss adjustment expenses that the company carries for the following liabilities included on the Liabilities, Surplus and Other Funds page, Losses and Loss Adjustment Expenses lines, as disclosed in the Notes to Financial Statements | |
| (a) Asbestos | $ 0 |
| (b) Environmental | $ 0 |
| 7. The total claims made extended loss and expense reserve (Schedule P Interrogatories) | |
| (a) amount reported as loss reserves | $ 0 |
| (b) amount reported as unearned premium reserves | $ 0 |
| 8. Other items on which the Appointed Actuary is providing Relevant Comment (list separately) | $ 0 |
2005 ACTUARIAL OPINION SUMMARY
MEMIC Indemnity Company
all figures in $000’s
1. Comparison of Appointed Actuary's Reasonable Range of Reserves
to Company's Held Reserves
| Range of Reasonable Reserves |
Company’s Recorded |
Difference from Actuarial Estimates |
|||
|---|---|---|---|---|---|
| Low | High | Reserves | Low | High | |
| Direct & Assumed | $37,487 | $57,991 | $46,184 | ($8,697) | $11,807 |
| Net | $34,235 | $54,134 | $43,287 | ($9,052) | $10,847 |
2. IRIS Test Results for One Year Development to Surplus
| 2005 | 2004 | 2003 | 2002 | 2001 | |
|---|---|---|---|---|---|
| Development in estimated losses and loss expenses incurred prior to current year | |||||
| % of development of losses and LAE incurred to policyholder surplus of prior year end | (12.3) | (4.7) | 14.6 | 5.7 | 0.2 |
Has the company had one-year adverse development, as measured by Schedule
P, Part 2- Summary, in excess of 5% of surplus in at least three of
the five most current calendar years?
| YES |
|
NO |
If YES, provide explicit description of the reserve elements or management
decisions which were the major contributors:
3. Statement by Appointed Actuary:
I have attached a copy of the Statement of Actuarial Opinion (SAO) that I signed on January 31, 2007 to this Actuarial Opinion Summary (AOS). These two documents are closely related as the AOS is an extension of the SAO; all limitations, caveats and reliances in the SAO apply equally well to the results herein. Moreover, it is my understanding, per the Annual Statement Instructions, that the AOS will be held strictly confidential by state regulatory authorities and is not intended for public inspection.
| January 31, 2007 Date |
Signature of Appointed Actuary John E. Wade, ACAS, MAAA |
Last Updated: July 16, 2008
| Copyright © 2006 All rights reserved. |