The Practitioner’s Award was presented in recognition of actuarial work and problem solving in areas where there have been no precedents.
Ted Rudge MA, FIA, ASA, FIAA
The first Practitioner’s Award was presented to Mr Ted Rudge, Group Chief Actuary of National Mutual, in recognition of his pioneering work, which paved the way for demutualisation of mutual life insurance groups. Mr Rudge spearheaded the actuarial effort on ground-breaking work for National Mutual Life which helped to prepare the company for demutualisation.
The actuarial effort included an assessment of the value of the organisation, how much of that value could be released to policyholders, the means by which this could be done and the rights of the individuals involved. There was no precedent in Australia for a demutualisation of the kind proposed and the National Mutual Life actuarial team had to take into account the impending changes to the Life Insurance Act and new capital adequacy requirements.
The Practitioner’s Award was presented to Mr Rudge in March 1996.