CIA (e)Bulletin/(e)Bulletin de l'ICA

Canadian Institute of Actuaries/Institut canadien des actuaires

November 2011
Your Institute


By Jim Christie, FCIA
CIA President

During my term as President, I am trying to increase the timeliness with which the Institute lets the membership know what the Board is discussing. After the last Board meeting on September 27, the Secretariat was able to get an unofficial summary of the meeting discussion posted and announced to the membership on October 12. Though not overnight reporting like the daily press and certainly nothing like a tweet, it is nevertheless much faster than before.

As I write this article the November Board Meeting is still a week away, but you may be reading this just as the Board wraps up its November 29 discussions. To give you a heads-up on the Board discussions I have selected several issues which, at the time of writing, were on the Board’s agenda for the November meeting.

Short-Term Strategic Focus: the Board is supposed to set the overall direction for the Institute and generally leave management of operational activities to the three councils and their respective committees. In order to do increase the Board’s strategic focus, we plan to spend the first part of the meeting discussing which aspects of our formal five-year plan require our attention in the next year or two in order to maximize the likelihood of the Institute achieving the Board’s long-term vision.


ACIA: the new concept for Associates was approved by the membership in June 2011 and will come into effect June 1, 2012. However, there is a tremendous amount of work that needs to be done between now and June 2012 to ensure the new concept rolls out smoothly. The Chair of the Task Force on Associateship Implementation, Jason Vary, will provide the Board with an update on the timetable for all initiatives related to the rollout.


University Accreditation Program (UAP): the Accreditation Committee (AC) has determined which universities it believes meet the Institute’s criteria for accreditation. It has also recommended the grades for each course at every accredited university that students will need to achieve in order to earn CIA exam credits. The AC report was recently submitted to the Eligibility and Education Council (EEC), which has the final authority on this issue. The Chair of the AC, Rob Stapleford, and the EEC Chair,  Dave Dickson, will be explaining to the Board the process followed by the AC and EEC in determining which universities to accredit. Following the Board presentation the results will be communicated to universities and then to the membership.


Review of Existing Task Forces and Committees: annually the Board reviews all task forces and committees reporting directly to it. This review is designed to vet and, if necessary, update the mandates of each group. At the same time we consider whether any task force or committee has outlived its usefulness and should be disbanded. The Board will also receive similar reports from the three councils concerning the task forces and committees reporting to each of them.

New or Revised Committees: the UAP has increased the need for the Institute to have closer relations with the academic community in Canada. Consequently, the mandate of the Academic Relations Committee has been revamped. Implementation of the new Associate concept will eventually require the creation of a New Members Committee and Actuarial Networking Group. Plans for these two groups are still in the formative stages.

Committee on International Relations: while there are many pressing Canadian issues, the Institute still needs to keep abreast of international actuarial issues. We will be receiving a report from the Committee on International Relations on the October meeting of the International Actuarial Association (IAA). In particular we will be advised how IAA activities may impact the Institute and its members.

Financial Literacy: the board will receive a discussion paper on the subject of "the role of individual savings and financial literacy" from a similarly-named task force created by the Board. We expect to approve and release this document to the membership.


Board Code of Conduct/Removal from Office: the Board will receive a recommendation from its Task Force on Governance regarding an appropriate code of conduct for Board members. We do not expect this to be a controversial item as many organizations have such codes of conduct. However, we do need a formal code of conduct in place so that if the membership ultimately approves the proposed process to remove a Board member from office, we can judge whether the actions of the Board member have violated that code of conduct.

Fiftieth Anniversary Plans for 2015: I read with interest Nick Bauer’s recent post to the General List in which he commented on his experience at becoming an Associate when the Institute was founded in 1965. It is hard to believe the Institute is almost 50 years old. Since its Bylaws require the Board to approve the time and location of all annual meetings, in order to give the task force planning our fiftieth anniversary celebrations a firm date and location the Board will be approving the site of the 2015 meeting much earlier than usual.

If you have any questions or comments, please feel free to write me at president@actuaries.ca.

Jim Christie, FCIA, is President of the Canadian Institute of Actuaries.
 
Spotlight


On November 18, the Montréal Chapter of the Professional Risk Managers’ International Association (PRMIA) held its 13th Finance & Risk Management Career Conference at Concordia University in Montréal.

In addition to speakers from different areas of finance, risk management and financial engineering, there was a trade show and, for the first time, the CIA participated as an exhibitor.

Working at the booth were Sylvain Fortier—pictured right—on behalf of the ERM Applications Committee, resident actuary Chris Fievoli, and Josée Racette, project manager, communications and public affairs department.

It was attended by the conferences' largest audience: between 300 and 400 students and recent graduates from ESG UQAM (the Université du Québec à Montréal's business school), McGill University, Concordia University, Université de Sherbrooke, Université Laval, the HEC Montréal business school and Université de Montréal.

Presentations were made on venture capital/private equity, asset management, pension funds/hedge funds, risk management, investment banking.

For more details about PRMIA's Montréal Chapter, visit:
http://www.prmia.org/Chapter_Pages/Montreal/ (English)
http://www.prmia.org/Chapter_Pages/Montreal/Newsletter/indexFrench.html (French)



Pictured (left to right) are: Sylvain Fortier, Chris Fievoli, Josée Racette and a student.
 
MOVERS AND SHAKERS


With the slogan "Your success is our business", the website of  Canadian Business says it is designed to cater for business leaders, entrepreneurs and investors.


The online home of the magazine of the same name, it offers a broad spread of content, including:
  • Financial news and market updates;
  • Blogs and analysis from business experts; 
  • Technology reports;
  • Investment advice; and
  • Lifestyle articles.
Topics under discussion range from the impact of a famous person's death on their company's earnings (pictured) and a profile of the Governor of the Bank of Canada to boosting your self-confidence in the office and different ways men and women are perceived in the workplace .

Recent actuary-related topics collated on the site from numerous sources include:
Fully immersed in social media, Canadian Business also provides live market updates, polls, Twitter feeds and an e-newsletter, along with familiar topics like the Rich 100 (currently topped by the Thomson family) and the Investor 500.

For business professionals seeking inspiration, Canadian Success Stories highlights interesting or unusual practices that paid off for some companies, including the lingerie company that opened in the Middle East and a ceramic company whose forethought regarding the fluctuating loonie paid off in the U.S.

Backed by the powerful Rogers empire, the site is part of the "Canadian Business Network" and is also able to offer plentiful video and audio content, including podcasts on such topics as the Canada Investment Act, galleries of successful advertising and logos, and video question-and-answer sessions with such successful executives as the president and CEO of Canada Goose, the founder of Aldo Shoes and the head of food distributor George Weston.

Pros: the healthy variety of business sectors covered in depth; the number of links to other useful sites.
Cons: the number of fonts, sizes and colours can make some pages difficult to read.

Address: www.canadianbusiness.com/
 
Institute News


According to some experts, Canada's jobs market is still facing a difficult time, with
54,000 jobs being lost in October alone, a blow that put the country's unemployment level at 7.3 percent.


However, there is reassuring news for anybody in the actuarial profession: a new report from the U.S. says that 100 percent of the country's actuarial science graduates find a job.

The figure was revealed in 2010 U.S. Census data published by the Wall Street Journal, which also said that actuarial science ranked as 150th in the list of most popular subjects for American students. Business administration and management, which has an unemployment rate of 6 percent, topped the list, followed by general business and accounting. The least popular subject, in 173rd place, was military technologies.

Actuarial science is one of six fields of study that have a zero unemployment rate in the U.S., with the others including astronomy and astrophysics, pharmacology, and geological and geophysical engineering. As a comparison, according to the latest report from Service Canada, Canadians with a bachelor's degree in actuarial science had a zero unemployment rate from 2001 to 2007, and a "low" rate in 2009.

The census also said that actuarial science was one of the best-paid majors for American graduates: with a median income of $87,000 a year, such graduates are 13th in a salary table that has petroleum engineers in first place (median income $127,000 a year) and school student counsellors in last ($20,000 a year).

News of actuarial science graduates' success rate comes in the same year as actuary was once again identified as one of the top jobs. The combination of working environment, relatively low stress, minimal physical demands and good hiring outlook puts actuary in third place in the list of best jobs of 2011, behind software engineers and mathematicians.

Each year, analysts survey 200 different professions to determine how gratifying each would be for a majority of workers, and in 2010 they identified actuary as the best job in America. It fell to third this year, CareerCast said, as a result of uncertainty over insurance industry regulation that affected actuaries' stress levels and employment outlook.

If anybody is considering a change of career and wonders which profession to avoid, the answer is: roustabout. Thanks to 12-hour shifts in isolated and hostile working environments, low pay (their median income is $32,143) and high risk of injury, those who maintain oil rigs and pipelines are judged to have the worst job in America.
 

Actuaries planning or working on research into an insurance-related topic could benefit from prizes and grants worth thousands of dollars, or recognition in leading industry journals.


The Geneva Association, a leading global insurance think tank, fosters and promotes research in insurance issues, whether related to economics, finance, health and aging, pensions or risk management.

This month, it issued a challenge to Canadian actuaries to submit their research for consideration for one of a number of initiatives run by the association.

Prizes and Grants

Those who are working on or have completed a doctoral thesis are eligible to compete for the annual Ernst Meyer Prize, worth 5,000 Swiss francs (about $5,500 CAD). It is presented for a university thesis which makes a significant and original contribution to the study of risk and insurance economics. The thesis must have been presented at the candidate's university within the 15 months preceding the submission deadline.

The Geneva Association, in partnership with the International Insurance Society, also sponsors an annual program for applied research in the insurance area. The program is designed to create original, practically-oriented research which address insurance business issues and areas of concern for senior insurance executives around the world. Researchers, who can earn a prize of up to $10,000 U.S., present their winning paper at the IIS annual meeting and their work will be published.

Every year, the association offers two grants of CHF10,000 (about  $11,100 CAD) on topics related to economic theory and economic practice in insurance. It also grants authors of submitted university theses in the field of risk and insurance economics a subsidy of up to CHF3,000 (about $3,300 CAD) to help defray printing costs.

Academic Publications and Conferences

The Geneva Association also seeks articles and speakers for its publications and conferences:
  • The Geneva Papers on Risk and Insurance - Issues and Practice is a peer-reviewed journal designed to improve the scientific knowledge of insurance and stimulate constructive dialogue between the industry and its economic and social partners.
  • The Geneva Risk and Insurance Review is a refereed journal that provides a forum for the scholarly exchange of findings and opinions on the economics of risk, uncertainty, insurance and related institutions.
  • The Annual Seminar of the European Group of Risk and Insurance Economists (EGRIE) promotes academic research on risk and insurance economics. The event is considered one of the most prestigious academic meetings in risk and insurance economics.
  • The Joint Seminar of the European Association of Law and Economics (EALE) and the Geneva Association takes place every two years in Europe to hear presentations from academics on a specific subject related to law and economics in insurance. Click here to learn more about the association's conferences.
For more details on the Geneva Association and how you can contribute, click on the links above or go to www.genevaassociation.org.

 
The Casualty Actuarial Society is once again accepting applications for its scholarship program for college students pursuing a career in actuarial science. The CAS Trust Scholarship program, funded by donations to the CAS Trust, will award up to three $2,000 scholarships to deserving students for the 2012–2013 academic year.

To be eligible, applicants must be a permanent resident of the U.S. or Canada, or have a permanent resident visa, and be admitted as a full-time student to a U.S. or Canadian educational institution. Applicants must have demonstrated high scholastic achievement and a strong interest in the casualty actuarial profession, and must also have taken at least one actuarial exam prior to March 1, 2012.

Recommendations, transcripts, actuarial exam results, work experience, and written essays will all be considered in selecting the award recipients. Additional details and applications are available online at http://www.casact.org/academic/index.cfm?fa=scholarship. Applications are due by March 1, 2012 and winners will be notified in late May.

The intent of the scholarships is to further students' interest in the property/casualty actuarial profession and to encourage pursuit of the FCAS designation. Established in 1979, the Casualty Actuarial Society Trust affords CAS members and others an income tax deduction for funds contributed and used for scientific, literary, or educational purposes.

For questions, comments, or to submit an application please contact Megan O’Neill, CAS Communications Coordinator, at moneill@casact.org.


 

CIA members are advised that the Secretariat's offices will be closed during this year's Christmas holiday.

The offices at 360 Albert Street, Ottawa, will be shut from December 26, 2011, until January 2, 2012, inclusively, and will reopen on Tuesday, January 3, at 8:30 a.m. Any communications received during that period will be dealt with as soon as possible once the offices are open again.

We wish all our members a happy festive season.
 
THIS MONTH'S PUBLICATIONS
Joint CIA and SOA Seminar: Business Savvy Skills

Today, employers want professionals who also have business savvy skills that enable them to translate their knowledge into successful actions in the business environment. Therefore, the Society of Actuaries (SOA) and CIA have partnered to bring you a special seminar on Business Savvy Skills—a set of skills that will enable actuaries to translate their knowledge into successful actions in the business environment.

The topics covered in this course include persuasive communication, negotiation skills, listening skills, and leadership communication skills.

The day-and-a-half seminar takes place on December 7–8, 2011, at the St. Andrews Club and Conference Centre in downtown Toronto, ON.

For more information and to register, visit the SOA’s website at the link below. You can register online until December 1, by mail before November 23, or at the seminar.

Link: click here.

Contact with Questions
: SOA customer service center at 888-697-3900 or customerservice@soa.org

Potential Merger of SOA, AAA and CAS: Speech and Blog

As members may know, at the Society of Actuaries (SOA) Annual Meeting on October 17, SOA President Brad Smith called for a merger of the SOA, American Academy of Actuaries (AAA), and Casualty Actuarial Society (CAS). A link to his speech can be found at the SOA’s website here. The SOA has also established a blog for anyone to comment on this issue.

We will obviously learn more about this subject in the weeks to come, but at first glance, it appears that the initiative does not present any negative prospects for the CIA or its members.

While this a U.S. concern that the CIA will not interfere with, we want to reassure our members that we are monitoring the situation closely.

Contact with Questions: Jim Christie, CIA President, at president@actuaries.ca

CIA Vital Statistics Report

The CIA Vital Statistics Report is a graphical report of various CIA statistics (e.g., membership growth, membership distribution by practice area, operating revenue and expenses). The document can be found at the link below, and is provided for your information.

Link: click here.

Contact with Questions: Michel Simard, CIA Executive Director, at executive.director@actuaries.ca

Discipline Notice – Notice of Disciplinary Tribunal Hearing

A Discipline Notice has been prepared by the Committee on Professional Conduct to inform all CIA members about an upcoming Disciplinary Tribunal hearing.

In accordance with the Bylaws, a notice of a hearing before a CIA Disciplinary Tribunal is hereby provided to inform members of the Institute and the public about a current case. This notice includes the date, time and place of the hearing of the Disciplinary Tribunal and a summary of the charge.

Contact with Questions: Wayne Berney, Chair, Committee on Professional Conduct, at wberney@shaw.ca

Bill C-57 Translation Issues

In the course of preparation of the French version of the working document (draft educational note) on Bill C-57, two apparent discrepancies were discovered between the English and French versions of the regulations and one in the Insurance Companies Act. Please see the document linked below for an explanation of the issues. These apparent discrepancies were communicated to the Department of Finance by the CIA, who agreed to review our comments and, if they concur, make the necessary changes. Given their workload, however, it is unlikely that this will happen quickly.

It is our understanding that the English versions correctly reflect the intent of the legislator, so in all three cases we are recommending to the Department of Finance that the French versions be revised.

Link: click here.

Contact with Questions: Nicholas Bauer, Chair, Task Force on Bill C-57, at nbauer@eckler.ca

Delay in Publishing - Natcan’s CIA Method Accounting Discount Rate Curve

Due to events beyond the control of the Canadian Institute of Actuaries and of Natcan Investment Management, the publication of Natcan’s CIA Method Accounting Discount Rate Curve for the end of September 2011 has been delayed. Natcan expects to publish the end of September curve on its website shortly. Please note that this publication delay is expected to be a one-time occurrence. The normal publication timing of approximately three business days after month end should prevail for future curve publications. Here are the planned publication dates of Natcan’s CIA Method Accounting Discount Rate Curve for the remainder of 2011 and 2012:

Market Data Date 
Publication Date
2011-10-31
2011-11-03
2011-11-30
2011-12-05
2011-12-30
2012-01-05
2012-01-31
2012-02-03
2012-02-29
2012-03-05
2012-03-30 
2012-04-04
2012-04-30 
2012-05-03
2012-05-31
2012-06-05
2012-06-29
2012-07-05
2012-07-31
2012-08-03
2012-08-31
2012-09-06
2012-09-28 2012-10-03
2012-10-31
2012-11-05
2012-11-30
2012-12-05
2012-12-31
2013-01-04

Link: www.natcan.com

Contact with Questions
: Natcan Investment Management : Michael Quigley, senior vice-president of distribution, at mquigley@natcan.com or (514) 871-7671. CIA: Josée Racette, project manager, public affairs, at josee.racette@actuaries.ca or (613) 236-8196, ext. 107

Call for Papers on Enterprise Risk Management

The Actuarial Profession in the UK is seeking papers for a special issue of Annals of Actuarial Science to be published in 2012 on the topic of "Enterprise Risk Management: Averting the Next Crisis". Papers may be theoretical or applied but should in all cases have a clear relevance to the industrial practice of enterprise risk management.

Authors are welcome to contact the guest editor, Prof. Alexander McNeil (A.J.McNeil@hw.ac.uk), to discuss potential contributions, or to submit a paper marked for the special issue to a.s.macdonald@hw.ac.uk.

The closing date for submissions has been extended to December 31, 2011.

For full details click here.

Contact with Questions: Prof. Alexander McNeil at A.J.McNeil@hw.ac.uk

Global ERM Webcasts: Preparing for the Unexpected

Actuaries from around the world will be taking part in two enterprise risk management webcasts on December 7 and 8, 2011. The webcasts, entitled Preparing for the Unexpected: Enhancing the Actuarial Toolkit, are being hosted by the Joint Risk Management Section of the Society of Actuaries (SOA), Casualty Actuarial Society, and Canadian Institute of Actuaries, plus the AFIR/ERM section of the International Actuarial Association, Institute of Actuaries of Japan, Institute and Faculty of Actuaries, and Institute of Actuaries of Australia, in conjunction with the International Network of Actuarial Risk Managers.

The sessions provide content and commentary on topics relevant to actuaries and risk professionals. The global spread aims to shed light on developments and challenges faced by our counterparts in other parts of the world, covering both technical and professional aspects. The webcasts were developed for those working in all industries with an interest in enterprise risk management. They will feature an update on the much-talked-about risk credential for actuaries, Chartered Enterprise Risk Analyst (CERA), and perspectives from modellers and reinsurers of mega events. Longevity is covered from different angles and Solvency II remains a key agenda item for the insurance industry.

The December 7 event is for the North American region, and will run from noon to 4:30 p.m. EST. The December 8 webcast will cater for the Asia-Pacific region, and will run from 1:00 p.m. to 6:00 p.m. JST.

For more information on each webcast and to register, visit the links below.

Links: North American region - click here. Asia-Pacific region - click here

Contact with Questions
: SOA customer service center at 888-697-3900 or customerservice@soa.org

Submission to the New Brunswick Pension Task Force

The Canadian Institute of Actuaries provided input to the New Brunswick Task Force on Protecting Pensions.

Link: http://www.actuaries.ca/members/publications/2011/211102e.pdf

Contact with Questions: Marc-André Melançon, Chair, Member Services Council, at mamelancon@rgare.ca

Group Long-Term Disability Termination Study

This study of termination experience under Canadian group long-term disability (LTD) policies was conducted by the Canadian Institute of Actuaries through the Group Life & Health Experience Subcommittee of the Research Committee.

Contact with Questions: Peter Douglas, Chair, Group Life & Health Experience Subcommittee, at douglas@uregina.ca

Highlights from the September 21, 2011 Board Meeting

The highlights from the most recent Board meeting, held on September 21, are now available. To view the document please access the link below.


Contact with Questions
: Michel Simard, CIA Executive Director, at executive.director@actuaries.ca

Webcast: Economic Roundtable

October 19, 2011
Noon to 1:30 p.m. EDT

Speakers
  • Nadine Gorsky, moderator, Chair of the Committee on Continuing Education’s Investments Subcommittee and an actuarial specialist at OSFI
  • Allan Seychuk, vice-president, economics and institutional portfolio management, Phillips, Hager & North Investment
  • Jean-Pierre Aubry, economist, Associate Fellow of CIRANO
  • Gavin Benjamin, Chair, Committee on Pension Plan Financial Reporting (PPFRC), and senior consultant, Towers Watson
  • Edward Gibson, Chair, Committee on Life Insurance Financial Reporting (CLIFR), and senior vice-president and chief actuary at Empire Life
More than ever, the economic environment is seen as the major risk factor for pension plans and insurance companies. In 2008 we passed through the worst financial downturn since the Great Depression. In early 2009, the CIA sponsored our first Economic Roundtable webcast to a favourable reception. Now, when the economy appears to enter a new era of uncertainty, it is crucial that actuaries continue to explore the fundamentals driving it and the financial markets. Actuarial work has always been cross-disciplinary, so the purpose of this webcast is to develop expertise in the economics branch of our discipline. This is your chance to hear from two economists—one working in a Canadian investment management firm and the other an economist formerly with the Bank of Canada—who will share their insights about recent economic circumstances and future prospects. You will also hear from the chairs of the PPFRC and CLIFR, who will explore the meaning of these circumstances in the context of pension plan and life insurance actuarial work.

Please take advantage of this exciting opportunity for an important dialogue between economists and actuaries.

Link: http://www.actuaries.ca/webcasts/index_e.cfm (members must first log in to the members site to receive member pricing.)

Contact with Questions
: Leona Campbell at leona.campbell@actuaries.ca; telephone: 613-236-8196 ext. 124; fax: 613-233-4552

Webcast – Emerging Risks of Grave Importance: Providing Clarity and Understanding


October 13, 2011

Noon to 1:30 p.m. EDT

Speaker: Alan D. Roth, chief risk officer, Advanced Fusion Systems

This webcast will offer a detailed look at emerging risks including solar storms (including electromagnetic pulse), extreme weather events, water scarcity, food scarcity, cyber threats, climate change, pandemics, and earthquakes/tsunamis.

Most of these have a black swan aspect to them. We generally just go on with life with the expectation that we will be OK. It is unlikely we will suffer the full impact from any one of these risks, at least for the near future, and we are busy with life as it is. But those who are risk averse, along with some government agencies and insurance companies, are starting to look at these more closely and are trying to assess probability. Unfortunately, such assessment is difficult as there is conflicting information and many unknowns. Also, Canada has exceptional vulnerability for some of these risks, which will be addressed.

To register for this and other CIA webcasts, please click on the link below.

Link: http://www.actuaries.ca/webcasts/index_e.cfm (members must first log in to the members site to receive member pricing.)

Contact with Questions: Leona Campbell at leona.campbell@actuaries.ca; telephone: 613-236-8196 ext. 124; fax: 613-233-4552

Private Sector Task Force Calls on G-20 to Promote Regulatory Convergence

The Private Sector Task Force of Regulated Professions and Industries (PSTF) has released its final report to G-20 deputies. The PSTF was established in May 2011 at the request of the Presidency of the G-20 to provide an analysis of gaps in regulatory convergence and to make recommendations on how to close such gaps across a number of professions and industries that operate within the financial sector.

The International Actuarial Association (IAA) is a member of the task force, along with: the International Federation of Accountants; CFA Institute; Institute of International Finance; International Accounting Standards Board; International Corporate Governance Network; International Insurance Society; International Valuation Standards Council and Insol International.

The PSTF recommends that the G-20 encourages and supports the development, adoption, implementation and consistent interpretation of globally-accepted high-quality international standards, to the greatest extent possible, for financial reporting, auditing, valuation, and actuarial services.

Links: IAA press release - click here. The final report - click here

Contact with Questions
: Nicole Séguin, IAA Executive Director, 613-236-0886 ext 123, executive.director@actuaries.org

Submission to the Ontario Workplace Safety and Insurance Board

The Canadian Institute of Actuaries presented its comments on the Ontario Workplace Safety and Insurance Board Funding Review.

Link: http://www.actuaries.ca/members/publications/2011/211099e.pdf

Contact with Questions: Les Dandridge, director, communications and public affairs, at les.dandridge@actuaries.ca

Motions Related to Rule 13 Approved at Board Meeting

On September 21, 2011 the CIA Board of Directors approved the following two motions related to Rule 13 of the Rules of Professional Conduct:

1. That members who, in their capacity as occupants of the following positions, become aware of an apparent material noncompliance with the Standards of Practice by another member be prohibited from reporting such apparent noncompliance to the Committee on Professional Conduct (CPC), pursuant to Rule of Professional Conduct #13:

The chair, vice-chair and members of the CIA Pension Review Task Force.

2. That members who, in their capacity as occupants of the following positions, become aware of an apparent material noncompliance with the Standards of Practice by another member be prohibited from reporting such apparent noncompliance to the Committee on Professional Conduct (CPC), pursuant to Rule of Professional Conduct #13:

The employees of OSFI, Assuris, AMF and PACCIC. These members are nevertheless required to promptly inform their employer of any apparent material noncompliance with the Standards of Practice of which they become aware in the course of their work.

To view the Rules of Professional Conduct, please go to the link below.

Contact with Questions: Michel Simard, CIA Executive Director, at executive.director@actuaries.ca

Pension Plan Actuarial Report Review 3 Project

Please see the memo from CIA President Jim Christie linked below for information regarding the third Pension Plan Actuarial Report Review Project, which was initiated by the Board in September 2009 and which is being implemented by the Pension Review Task Force.

Contact with Questions: Jim Christie, CIA President, at president@actuaries.ca
 
Calendar of Events
December 7-8, 2011
Business Savvy Skills Seminar
St. Andrew's Club Toronto, Ontario
February 29, 2012
Enterprise Risk
Management Workshop
Metro Toronto Convention Centre Toronto, Ontario
June 3-6, 2012 Practice Education Course Delta Ottawa Ottawa,
Ontario
June 21-22, 2012 Annual Meeting DoubleTree by
Hilton Hotel Toronto Airport
Toronto, Ontario
September 20-21, 2012
Seminar for the Appointed Actuary
Fairmont Royal York Hotel
Toronto, Ontario

Additional information on all CIA meetings can be obtained at:
www.actuaries.ca/meetings/calendar_of_meetings_e.cfm, or by contacting Nancy Jenkinson at 613-236-8196, ext.104, or nancy.jenkinson@actuaries.ca.

For information on CIA webcasts, visit http://www.actuaries.ca/webcasts/index_e.cfm.
 
 
Board and Council Updates
Education and Eligibility Council

Alana Farrell has been appointed as the CIA education and examination liaison to the Casualty Actuarial Society (CAS), effective immediately.

Carol Moellers has been appointed to the Individual Life and Health Insurance Subcommittee of the Committee on Continuing Education, effective immediately.

Jason Vary has been appointed as the CIA liaison to the Society of Actuaries’ education committees.

Jeremy Bell has been appointed Chair of the Group Life and Health Subcommittee of the Committee on Continuing Education.

Mathieu Boudreault has been approved as Chair of the Committee on Academic Relations, effective immediately.

For information only:

Jim Lewis has completed his term as a member of the Eligibility and Education Council, effective September 27, 2011, and leaves with thanks.

Stephen Kopp has completed his term as a member of the Joint Committee on Academic Relations (now named the Committee on Academic Relations), and leaves with thanks.

Kathy Thompson and Walton Achoy have completed their terms as members of the Group Benefits Subcommittee of the Committee on Education and Examinations, and leave with thanks.

Roger Allen has completed his term as a member of the Committee on Continuing Education, and leaves with thanks.

Raymond Liu has completed his term as a member of the Finance/Investments Subcommittee of the Committee on Education and Examinations, and leaves with thanks.

Mike Schofield has completed his term as a member of the Individual Life and Annuities Subcommittee of the Committee on Education and Examinations, and leaves with thanks.

Cara Low has completed her term as a member of the Committee on Eligibility, effective June 28, 2011, and leaves with thanks.

Gary Walters has completed his term as a member of the Committee on Education and Examinations, and leaves with thanks.

Member Services Council

Patrick De Roy and Ashley Goorachurn have been appointed members of the Enterprise Risk Management Applications Committee, effective immediately.

Marcia Gallos has been appointed Chair of the Committee on Volunteer Initiatives, effective September 1, 2011. Kevin Vantil has been appointed Vice-chair, and Marisa Chan and Andrew Gooden members of the committee, all effective immediately.

Peter Gorham has been appointed the CIA representative on the Joint Forum of Financial Market Regulators' Working Committee on Capital Accumulation Plans Industry Advisory Group, effective immediately.

For Information Only:

Jim Wagner and Marcia Gallos have completed their terms as Co-chairs of the Committee on Volunteer Initiatives, effective September 1, 2011, and leave with thanks. Fiana Kwok has completed her term as a member of the committee, effective immediately, and leaves with thanks.

Mariève Tétreault and Minaz Lalani have completed their terms as members of the Enterprise Risk Management Applications Committee, effective immediately, and leave with thanks.

Practice Council


Ron Miller (member) and Sylvain St-Georges (regulatory representative) have been appointed to the Committee on Risk Management and Capital Requirements.

Alexandra Leslie and Martin Gélinas have been appointed members of the Committee on Pension Plan Financial Reporting.

For information only:

The Task Force on Segregated Fund Liability and Capital Methodologies has been disbanded as of July 28, 2010.