Richard Bruynel Research Prize

This award celebrates the legacy of a former valued member of the NZSA, Richard Bruynel (3 July 1965 - 24 February 2007) who passed away following a long period of illness in 2007. Richard was eager to encourage actuaries to carry out and share in a formal way high quality research and he often presented papers at the NZSA biennial conference, exploring new ideas and techniques for enhancing actuarial ideas and thinking. Richard left a bequest to the Society in the form of a prize fund for the best paper presented to the biennial conference. The bequest specified that papers are to be innovative, original and have some practical use. Richard’s parents also made a contribution to the prize fund. Council decided to increase the fund further by adding the monetary gifts received by the Society to mark its 50th anniversary plus a transfer from reserve funds.

HOW TO BE CONSIDERED FOR THE RICHARD BRUYNEL RESEARCH PRIZE

During the abstract submission process, you will be asked if you'd like to be considered for the prize.

PURPOSE

The Richard Bruynel Prize aims to encourage works that develop new research and innovation in actuarial science and practice.

ELIGIBILITY

A 'work' presented at the Society Conference, a Society seminar, in an international actuarial forum or published in the thought leadership section of the Society website is eligible for the Richard Bruynel Prize. Such 'work' may comprise a presentation, paper and/or publication. The authors or presenters of any ‘work’ must include at least one Member.

CRITERIA FOR THE 'WORK'

  • Original thought and research on actuarial practice and theory, and
  • Innovative thought and research on actuarial practice and theory, and
  • Usefulness and interest to the profession generally or to particular sections of the profession, and
  • Standard of presentation, logic and clarity.

NOMINATION PROCESS

During February of the year following the Society conference the Bruynel Prize Committee shall consider all the works presented in the conference or presented or published in any of the other eligible fora since the last consideration (that is, in the last two years if conference is biennial). 

Bruynel Prize Committee members must declare any conflicts of interest and must resign from the Committee if nominated for a prize. 

The Bruynel Prize Committee will make a shortlist of works as nominations for consideration.

Nominations are reviewed by the Bruynel Prize Committee and a recommendation is made to Council. Council will consider the recommendation and make the final decision. 

SELECTION PROCESS

The Bruynel Prize Committee will consider the nominations against the criteria and intent of the donor for the prize. The Committee may recommend to Council:

  • no prize, or
  • a prize; or
  • a shared prize.

Winner(s) will be announced at the Winter Dinners or Conference as appropriate and noted in the Annual Report (AGM papers).

Any shortlisted work which has not yet been published on the Thought Leadership section of the NZSA website will be reviewed by the Publication Panel for consideration for publication.

FUNDING

The capital sum shall be invested by Council as it sees fit in a manner that preserves the original $5,000 donation (plus addition from the Society) and maintains the real value of future prize payments. 

The amount of the prize will be set by Council and reviewed from time to time. The initial prize amount was $500. Council may supplement the prize payment from Society funds. 

Should the Society be dissolved, at the discretion of Council after consultation with the Bruynel family, the funds associated with the prize will be either: 

  • donated to a charity or foundation, or
  • transferred to a new memorial fund. 

The fund is not held separately in the Society’s accounts, rather it makes up part of the Society’s equity in the balance sheet. The fund is adjusted annually for earned interest (set as the average interest rate across the Society’s term deposits, less RWT) less any prizes.