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Archived stories from 2011

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Actuarial merger is 99.758% off

The Association of Reinsurance Actuaries (ARA) and the Reinsurance Actuarial Institute (IAA) have announced that their proposed merger is off.

The two groups voted by 1,400 votes to 976 to remain as separate identities. The two organisations have a combined 400 members. The official press release from the two organisations stated that turnout was 146% and approximately 78.9573839% had voted against the merger, while 67.47486948% had voted in favour. There were 1,789.4 abstentions. The referendum was tarnished by a large number of spoilt papers (12,987), mostly due to algorithmically based doodles.

The rules on actuarial mergers has recently been simplified. It now only requires a quora of 47.478% of the membership of each group, or 44.858% of one organisation and 37.56487% of the other. However, there is a special exemption where the combined turnout is below 37.456% to allow a statistical model - the Metropole-Bastings algorithm, a Karkov Chain Monte Carlo technique ? to decide the final result. If this fails to produce a satisfactory result, then there is the option (decided by a vote of at least four members) to use the Duckworth Lewis Method. If this also fails, then the two organisations will toss a coin 4,679 times.

The president of ARA, Henry Paper-Clip, said he was disappointed that he wouldn?t be able to head up a much bigger organisation with commensurate salary and benefits. Jeffrey Slide-Rule, president of the IAA, said he was upset that he wouldn?t be moving to bigger offices in a smarter area of town.


Other news from Apr 2011
 
Travelating the Wave of Insurability
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