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

Canadian Institute of Actuaries/Institut canadien des actuaires

February 2012
Your Institute

By Jim Christie, FCIA
CIA President

I am amazed by how fast my time as CIA President is passing. As we move into March, my term of office is more than half over, yet it seems only weeks ago that I assumed office. We have begun to make plans to celebrate the Institute’s fiftieth anniversary in 2015, and if any members have suggestions for something we might consider as part of these festivities, I urge you to drop me a note about your ideas.

The Institute typically plays a significant role in the professional lives of actuaries in Canada from mid-career onward but is often not an important factor in the early stages of their actuarial development. For many, their introduction to the Institute comes after they have obtained Fellowship in another actuarial organization. We would like to change that, and so the Institute has taken several steps to enhance its status among actuaries and candidates as they begin their careers.

We have dramatically changed the concept of Associates within the CIA. Beginning in June 2012, individuals who meet the qualification criteria—typically Associateship in the Society of Actuaries (SOA) or Casualty Actuarial Society (CAS)—will be able to join the CIA and formally use the designation ACIA. Moreover, those Associates with more than five years’ membership will be able to vote in Institute ballots. Our Task Force on Associateship Implementation has been working hard since last June to make sure this new concept has a smooth launch.

Starting in September 2012, students in actuarial programs at eight accredited Canadian universities will be able to enrol in classes offering the potential to earn credits for up to four of the early exams (2/FM, MFE, 3L/MLC, 4/C) in the Associate syllabus. The courses will have to cover the syllabus of each exam, and the student will have to achieve a sufficiently high grade in the course. This is an ambitious project for the Institute and will certainly make many students much more aware of the CIA early in their actuarial careers. Both the CAS and SOA are currently reviewing our University Accreditation Program and we hope they will ultimately decide to accept credits awarded by the CIA toward their designations.

The mandate of our existing Committee on Academic Relations is being expanded to encompass the expected additional interest from academia that will result from the University Accreditation Program.

We have just created a New Members Committee whose membership will be composed of recent members. The committee’s mandate will be to promote education and networking opportunities specifically targeted to new Fellows and Associates. This committee will be responsible for ongoing measurement and monitoring of the value of Associate status in the Institute.

We are also close to establishing an Actuarial Networking Group which will be targeted at actuarial students in universities and those working in actuarial jobs who do not yet meet the criteria to be Associates.

In all we have many initiatives underway that should dramatically increase awareness of and involvement in the Institute among those who are just beginning their actuarial careers.

If you have any questions or comments, please feel free to write me at

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

By Dave Pelletier, FCIA

This article is an update of activity of the Actuarial Standards Board (ASB) since my previous report for the (e)Bulletin last October.

Approved Final Standard

Readers may recall that in the last article I had reported on five new or revised final standards that had been approved since the preceding one. Our pace with respect to final standard approval has slowed somewhat, and there’s just one to report on this time.

Thanks to some persistent effort by Shams Munir and his designated group during 2011, the ASB was able to approve the final Standard of Practice on Ratemaking for Property and Casualty Insurance. The original notice of intent had been issued in June of 2008, and we were glad to finally bring closure to this new standard. It became effective on January 1, 2012.

Exposure Draft

One exposure draft has been approved for publication since October, dealing with a substantial revision of part 6000 on post-employment benefit plans, and is due to be published shortly.  The designated group, chaired by Ellen Whelan, looks forward to comments on it; the comment deadline is April 30, 2012.

Notices of Intent

Since October, we’ve issued two notices of intent. The first dealt with a proposed standard on life insurance costing, analogous to the ratemaking standard just approved for the property and casualty insurance area and drawing on a 2008 research paper on this topic. Jacques Tremblay’s designated group received six sets of comments on the NOI, and will be preparing its recommended course of action for the ASB’s March meeting.

The second deals with insurance dividends. When the Consolidated Standards of Practice (CSOP) were created several years ago, they replaced the former Institute standards, valuation technique papers (VTPs), and recommendations previously in place. However, the "Recommendation" dealing with dividends and an associated explanatory note were never "CSOPped" along with the rest and they technically remain in force. This notice of intent announced the ASB’s intent to repeal these outdated materials and replace them with updates to the standards (coincident also with updated educational notes that would be prepared under the CIA’s Practice Council). Steve Haist and the designated group he chairs look forward to receiving comments on the NOI by the deadline of March 31, 2012. We’re aiming to adopt a final standard by December 1, 2012.

Initial Communication

Where the ASB promulgates the use of particular assumptions, our due process calls for a procedure slightly different from the usual one. It serves notice, at least five months prior to the effective date, of its intent through an "initial communication", inviting comment, followed by a "final communication" of the approved promulgation at least three months before the effective date. In January, we approved an initial communication regarding revised calibration criteria for models used in the valuation of insurers’ segregated fund guarantees, which was published along with a supporting research paper produced by a working group, chaired by Alexis Gerbeau, of the CIA’s CLIFR. The comment deadline is March 31, 2012, and the intended effective date is October 15, 2012.

Other Activity

The ASB continues to be busy with a number of other initiatives, several of which have been mentioned in previous articles.

We received eight sets of thoughtful comments on the proposed revisions to our due process, of which some were in opposite directions. Reflecting these and comments from the Actuarial Standards Oversight Council (ASOC), the ASB discussed further refinements to those revisions, which are intended to be finalized at the March meetings of the ASB and of ASOC.

Richard Gauthier’s designated group on the proposed modelling standard received several comments on its NOI, and is currently considering those comments as it recommends a course of action to the ASB on this area at its May meeting.

Following discussion with the chair of the CIA’s Practice Council, the ASB appointed liaisons to each of the CIA’s practice committees, to facilitate communication in both directions of intended actions.

In the pension area, we have three different areas of activity at the moment. The notice of intent issued last year on hypothetical windup and solvency valuations generated considerable comment, and the ASB expects to issue a revised notice of intent in the coming months. Secondly, a specific issue has arisen with respect to incremental cost and sensitivity disclosures on certain interim valuation reports, and a notice of intent is being prepared by a designated group chaired by Michael Banks, with the intent to move quickly to a revised final standard by the end of the year. Finally, we’ve also created a designated group, chaired by Stephen Butterfield, to determine if there are other issues arising from the revisions to part 3000 introduced in 2010 that require action.

ASB Membership

Stephen Butterfield came to the end of his term on the ASB on December 31, 2011. Stephen has been an excellent and vocal contributor during his time on the ASB, and has helped guide our work with post-employment benefits, with "subsequent events", and in the pension area. Notwithstanding his "retirement" from the ASB, we’re pleased to see his involvement will continue (as evidenced by his chairing the designated group mentioned above!).


Dave Pelletier, FCIA, is Chair of the Actuarial Standards Board.

The internet is an excellent source of free information, but its sheer size can be a problem; according to one survey, as of January 2012 there are more than 582 million sites on the web, and even by 2008 there were over 1 trillion unique webpages.

In such a maze of sites, finding exactly what you need to know can be difficult. But fortunately there is a  site specifically designed to make knowledge computable and accessible.

Wolfram|Alpha has been used by some actuaries for the last few years, but is rapidly increasing in popularity thanks to the success of programming that allows it to offer "definitive answers to factual queries".

The site, which makes clear that it is a computational knowledge engine and not a search engine, has a strong mathematical section (called a "pod") which allows the user to complete such tasks as calculating a derivative, computing a prime factorization and analyzing a graph specified by adjacency rules.

Its Statistics and Data Analysis pod covers such topics as Poisson distribution, regression analysis and probability, while the site also offers information on subjects like computational sciences and socioeconomics. If you need to rapidly discover Canada's birth rate fraction, or the mean dividend yield of 12 insurance companies, this site has that data and more.

Wolfram|Alpha says it aims to bring "high-level knowledge and capabilities to the broadest possible range of people", generating powerful results and presenting them with maximum clarity. For those who want to access particularly specialized information, a paid-for "pro" version of the site allows visitors to enter images, tabular data and symbols as queries to the knowledge engine, and receive longer computations and other benefits.

But for many people, the basic site will be enough. Rather than the general results of search engines, Wolfram|Alpha aims to provide exact, detailed answers to even the most complex question, whether you need to analyze a substitution system, find representations for a function, or know at what time the sun set in Toronto today.

Pros: the quality of scientific data available, and the clear presentation.
Cons: its emphasis on areas where knowledge is more readily quantitative.


Do you know of a website that might be of use to your fellow actuaries? Is there a page to which you regularly turn for information, financial news, industry updates, or assistance? If you think you know of a site which might not be familiar to CIA members, please send the address to Andrew Melvin, the CIA's English editor, at, for inclusion in the (e)Bulletin.
Institute News

  It’s that time of year again: the CIA Elections Committee is working hard on the 2012 Elections. This year elections are required for four Director positions (three-year terms) and the President-elect (one-year term, three-year commitment). Any member who wishes to run for office as a Director or as President-elect, and who meets the nomination requirements set out in the CIA Elections Rules of Procedure, will have their name appear on the ballot.

The Elections Committee is also actively identifying and encouraging potential candidates to run. It encourages proportional representation on the Board by region and practice area, and is highlighting a particular need for Directors with expertise in life insurance, actuarial evidence, enterprise risk management (ERM), or investments.

If you are interested in nominating an individual or submitting your own name for this year’s ballot, please contact Lynn Blackburn at the Secretariat prior to March 30, 2012, for the necessary forms. Further information regarding the nomination requirements can be found in the Elections Committee’s approved Rules of Procedure.

This is your opportunity to serve and support your profession!

Please note that, pursuant to the Member Services Council’s decision last year to discontinue the distribution of paper publications, voting in this year’s elections, as well as in future elections, will only be available electronically.

Lynn Blackburn, director, member services and standards development, at 613-236-8196 ext. 117 or

or any of the Elections Committee:
Larry Miller, Chair, at 306-585-4342 or
Elizabeth Boulanger at 514-985-5269 or
Brian Burnell at 902-491-4278 or
Claudette Cantin at 416-359-2109 or
Yves Girouard at 514-673-4725 or
Jean-François Poitras at 418-838-7800 ext. 3352 or
Heike Reck at 416-868-7560 or
Dennis Schettler at 416-988-1429 or
Kathleen Thompson at 613-548-1890 ext. 3914 or
Kevin Vantil at

As members will recall, in 2007 the Institute’s Task Force on the Financing of Employment Insurance produced a report entitled A Look Back and A Way Forward: Actuarial Views on the Future of the Employment Insurance System.

The report was launched at a press conference on Parliament Hill hosted by then-CIA President Mike Hale and task force chair Bruno Gagnon and member Michel Bédard, followed by meetings with government officials and members of Parliament. A few months later, in March 2008, the government launched legislation within its Budget Implementation Bill to create the arm’s-length body that the CIA had advocated for, the Canada Employment Insurance Financing Board (CEIFB). However, there were serious flaws in the CEIFB concept, and the CIA met Commons and Senate committees to seek changes to the legislation before it was passed.

While our lobbying efforts were not completely successful, the Standing Senate Committee on National Finance did say:

EI Fund—The majority of the Committee agrees with several witnesses, including the Canadian Institute of Actuaries, who expressed concern that the $2 billion Employment Insurance EI fund reserve is woefully inadequate. A larger reserve in the range of $12 billion to $15 billion is needed, both to permit the Financing Board to avoid dramatic fluctuations in premium rates, and to ensure that the fund will be adequate to cover a sharp rise in benefit payments during any future economic downturn.

Now, more than three years and a global recession later, the government has realized that the financing system has flaws, and Finance Canada has opened consultations to hear Canadians’ potential fixes. The CIA’s submission can be found here.

Once again, CIA representatives (led by Michel Bédard) have met with members of Parliament, the CEIFB and policy officials to share our ideas. This effort is not yet complete, and more meetings are being scheduled in the coming weeks.

The tenth annual Enterprise Risk Management (ERM) Symposium continues its tradition as the premier global conference on ERM on April 18–20, 2012, in Washington, DC.

Among the main attractions will be these general sessions:
  • The Chief Risk Officer (CRO) Roundtable will feature a discussion among CROs from a broad spectrum of the financial services sector;
  • In Enterprise Risk Management Blind Spots: Prophets of Emerging Risk, a panel of ERM "prophets" will lead an enlightening and lively discussion;
  • When Black Swans Aren’t: On Better Holistic Assessment and Forecasting of Emerging Global and Country-Level Change will include a discussion of the latest emerging trends in the international environment;
  • A Regulatory Update will provide attendees with an update on recent ERM regulatory issues; and
  • In Really Out There—Lessons from the Non-Financial Industry on the Evaluation and Treatment of Extreme Events, risk management professionals will describe risks their organizations face, how they evaluate them, and how they plan to handle the consequences of a worst-case event.
For a separate registration fee, attendees can choose to come early for a full day of optional seminars:
  • ERM Implementation;
  • Risk Architecture: Alignment of Business Strategy and Objectives and Risk Appetite and Limits; and
  • Risk and Sustainability.
For more details, including the complete list of educational sessions with descriptions and speakers, visit the ERM Symposium website.


Joe De Dominicis, the Society of Actuaries' new Staff Fellow - Responsible for Canadian Membership, is pictured, left, with the CIA's Executive Director, Michel Simard.

As a part of the Society of Actuaries’ (SOA) Canadian Member Engagement Initiative, Joseph De Dominicis, FSA, FCIA, has joined the SOA as Staff Fellow—Responsible for Canadian Membership.
Joseph’s mandate will be to increase the value Canadian members and candidates gain from their relationship with the SOA. He will spearhead the SOA’s presence and programs in Canada and will be responsible for leading and guiding its professional development, research topics and content development for its Canadian membership.
In many aspects of his role Joseph will partner closely with the CIA for the benefit of Canadian members in both organizations. He visited the Institute’s offices in late January to highlight his new role and exchange ideas for effective partnering in key areas. Both organizations look forward to building on the strong partnership between the CIA and the SOA in Canada.
Joseph is located in Toronto and can be reached at or 647-390-7621.


  Volunteering is a fundamental component of the ethos of the Canadian Institute of Actuaries (CIA), and hundreds of its members donate their time and expertise to serve on councils, committees and task forces. But some actuaries are volunteering a little further afield.

A forthcoming mentoring scheme in Kenya is only the latest initiative organized by Actuaries Without Borders (AWB), a section of the International Actuarial Association (IAA).

In April, several volunteers from AWB will travel to the East African country for a month. With their board, lodging—organized by the Actuarial Society of Kenya—and travel expenses all provided, they will be assigned to different life insurance companies or regulatory authorities.

While there, they will mentor actuarial staff in such areas as defining the problems they are working on in actuarial terms, evaluating their results and the development of their conclusions, and communicating their findings to the management team. The volunteers will also enjoy collective social and educational activities, and present short talks.

Volunteers assembled by the IAA and AWB have already visited Kenya; in 2009 Allan Brender of the CIA and Dave Ingram of the Society of Actuaries went to Nairobi to deliver a two-week course on enterprise risk management and economic capital concepts and present lectures to local university students and others.

Other AWB projects have seen actuaries travelling to:

  • Azerbaijan, where Peter Murdza of the Casualty Actuarial Society helped teach a three-week course on property-casualty ratemaking and loss reserving;
  • Kazakhstan, where a group of volunteers taught at the Second Actuarial School, covering such topics as liability adequacy testing, risk management, and credit risks of pension funds to more than 60 people from nine countries; and
  • India, where an actuary and two actuarial students worked on setting up a mutual fund to help protect the health of a poor community.
To learn more about the AWB and its work, visit its webpage.

By Caterina Lindman, FCIA

In 2008, the Image Advisory Group (IAG), comprising representatives from the Canadian Institute of Actuaries (CIA), American Academy of Actuaries (AAA), American Society of Pension Professionals & Actuaries (ASPPA), Casualty Actuarial Society (CAS), Conference of Consulting Actuaries (CCA), and the Society of Actuaries (SOA), discussed the possibility of commissioning actuarial research of interest to the public as part of its efforts to enhance the profession’s image.

The idea that emerged was to focus a research project on climate change. In particular, did the concept of an actuaries’ climate change index (ACCI) have any merit? The IAG eventually decided that such an index was viable but more work was needed to pull together the various elements. Soon after this decision, the CAS created a Climate Change Committee, which, in turn, formed the Index Working Group (IWG) as a collaborative effort of the CIA, SOA, AAA and CAS.

The IWG has compiled a list of essential indicators of climate change, including:
  • Arctic Ice Cap;
  • Global Land Surface Temperatures;
  • Precipitation;
  • Sea Level;
  • Sea Surface Temperature;
  • Melting of Land-Based Glaciers;
  • Wild Fires;
  • Floods; and
  • Droughts.
It has also commissioned the research group Solterra Solutions—led by Andrew Weaver, a prominent Canadian climate change scientist—to work on the index. Research has begun on phase 1: reviewing the literature and identifying data sources for climate change indicators, and proposing a strategy to develop the ACCI. A global index of interest to the public is planned, along with a more insurance-oriented index that will be of use and significance to the actuarial community.

The global index will help inform the public about how the climate is changing, and how it is projected to alter if we continue on the path of business-as-usual fossil fuel emissions. James Hansen, one of the world’s leading climate scientists, said (James Hansen, Makiko Sato, Reto Ruedy: Perceptions of Climate Change: The New Climate Dice
—draft paper): "The greatest barrier to public recognition of human-made climate change is the natural variability of climate."

For example, at the time of writing, we appear to be having a very mild winter in southern Ontario. But are we simply having a mild winter, or is the climate changing? And if the climate is changing, and it results in milder winters, is that really a bad thing? But what if we have hotter summers as well? To explore the first question about natural variability, Hansen et al. studied the temperatures since 1951. Using the three decades from 1951–1980 as a base period, the next three decades have each been successively warmer, such that the high temperature extremes from the base period are much more common today.

June–July–August Temperature
Anomaly distribution: global

In the base period, the probability of a summer temperature that is more than three standard deviations above the mean is less than 0.5%; what one would expect for variations that follow a normal distribution. In recent years, the percentage of observed temperatures in June, July and August that is more than three standard deviations above the mean is (Hansen, ibid):

% of Extremely Hot Temperatures

These increased temperatures are becoming noticeable, as the probability of extremely hot temperatures is at least 10 times higher than what it would normally be in the base period (1951–1980).

Hansen (ibid) says: "One implication of this shift is that the extreme summer climate anomalies in Texas in 2011, in Moscow in 2010, and in France in 2003, almost certainly would not have occurred in the absence of global warming and the resultant shift of the anomaly distribution. In other words, we can say with a high degree of confidence that these extreme anomalies were a consequence of global warming."
So while we might enjoy more mild winters, there are downsides to warmer temperatures, as seen in the extreme events listed above. Climate change can impact people’s ability to access water, due to drought and the melting of glaciers. It can also affect the ability to grow food, as extreme conditions can ruin crops.

As the CIA is a partner in the working group’s work, we will share the results of our study with Institute members over the coming years.

Caterina Lindman, FCIA, is Chair of the CAS Climate Change Committee’s Index Working Group.

Nearly 2,500 young people from across Québec will be putting aside their school books on April 19, 2012, for a one-day taste of the job market. For a seventh consecutive year, scores of grade 11 and 12 students, as well as those attending CEGEP, will have the unique opportunity to discover the occupation they hope to enter one day. And this opportunity is made possible by the program Jeunes Explorateurs d’un jour.

In 2011, nearly 1,000 sponsors hosted student interns and shared with them their daily experiences. For the 2,500 participants to be able to benefit from this day-long internship, there is a crucial need to recruit sponsors who are passionate about what they do for a living. Potential sponsors have until the end of March to step forward by contacting Jeunes Explorateurs d’un jour.

"This internship can prove pivotal in the lives of many students," says Isabelle Cloutier, who heads up the organization. "Indeed, sponsors often light a spark in these teenagers by showing them the challenges associated with a particular career, letting them take part in exciting simulations and giving them a hands-on taste of what their workdays are like. In addition to being able to make a difference in the future lives of the participants, it is a wonderful way of helping prepare the next generation of employees and promoting their profession and organization!"

If you are interested in sponsoring one or more interns on April 19, please visit or contact Isabelle Cloutier before the end of March 2012 at 418-641-3000 ext. 6305, or at


The growing importance and popularity of enterprise risk management (ERM) means that it can cover many aspects of an actuary’s work, even if they do not formally specialize in that aspect of actuarial practice.

Health expert Claude Ferguson, FCIA, FSA, is a case in point: his current position as director of actuarial services at Medavie Blue Cross might not be focused on ERM, but he says his career path naturally led him to take on a role that puts ERM at its centre.

He explained: "Health actuaries do play their traditional roles in corporate and product development areas. But their expertise in traditional roles also leads them to more easily get a sense of what might go wrong, whether it’s simply actual income not following pricing expectations, or adjusting utilization and severity trends for specific business segments with the appropriate exposure to identify any under-performing processes."

Thanks to a career that allowed him to embrace most aspects of running a successful insurance operation—from pricing to financial reporting—and learn about product design, marketing, distribution and claim processing, M. Ferguson said he now finds himself in an ideal position.

"It helped me develop this high-level and connected view of our business to be able to readily explain what might go wrong, assess its potential impact, and better be able to quickly spot it through your financial results.

"ERM is not officially my key role. Yet I find that it is everywhere, whether it be helping to develop key risk assessments through the company’s Dynamic Capital Adequacy Testing or stress-testing exercises, or monitoring various claim adjudication processes and assessing their performance in order to identify any unexpected trend."

M. Ferguson, Chair of the CIA Risk Management Committee, also finds himself helping to identify and quantify risk components that are typically, or at least currently, not measured on an ongoing basis, and designing and implementing initiatives that should better mitigate risks—for example, by adapting Medavie Blue Cross’ investment strategies to achieve more predictable financial outcomes, given possible developments in the economic environment.

He added: "The company’s management is expected to meet benchmarked performance targets and protect its intrinsic value. ERM is one of the key tools that will allow managers to be reasonably confident that they will be able to deliver what is expected.

"ERM is becoming the common lens through which management, regulators and related companies assess any business’ ability to achieve the promised level of performance. By embracing the ERM framework, you are also embracing an analytical tool that not only applies to your immediate environment, but also to a very broad array of industries and markets.

"ERM is a solid framework that’s there to stay, and will continue to play a central role in assessing and managing any company’s solidity and performance in the future. Investing in your ability to deliver better ERM is a great investment to make."

A business looking to develop such a framework would do well to rely heavily on actuaries’ extensive expertise, he said: "Actuaries are well trained and experienced in modelling and managing financial outcomes in a world with multiple contingencies and incomplete information.

"For these reasons, they typically excel in helping management understand how financial performance will develop and how it could evolve under different environments, depending on whether certain risks materialize or not, and whether certain mitigation strategies are implemented or not."


Anthony Michael Byrne

Mike Byrne, FCIA, FSA, of Winnipeg, MB, became a Fellow of the CIA in 1968 and spent 34 years in the insurance industry as a group and pension specialist.

The holder of a BA (Honours) in Actuarial Math from the University of Manitoba (U. of M.), he worked as a senior executive at Monarch Life, North American Life and Manulife Financial, besides serving on the Manitoba Pension Commission, other organizations, and CIA committees including Post-Employment Benefit Plans; Pension and Social Security Liaison; Continuing Education; and Education and Examinations.

In 1997 he left insurance to become a professor at the U. of M., and served as director of the Warren Centre for Actuarial Studies and Research and as a consulting actuary at Eckler.
He retired from the U. of M. in 2004, and from Eckler in 2009, but later returned to the university to serve at its Asper School of Business as executive in residence.

Doug Andrews, FCIA, FSA, pictured above, has moved from the University of Southampton to the University of Kent as senior lecturer.

Michel Lafrance, FCIA, FSA, has been named vice-president, product development and marketing, individual insurance and financial services, at La Capitale.

Daniel Pellerin, FCIA, FSA, CERA, has been named senior vice-president and chief actuary at Transamerica Life Canada.

Ted Singeris, FCIA, FSA, has been appointed the head of investments for Canada and Latin America at Mercer.

Bernard Tanguay, FCIA, FSA, has been named senior vice-president, investment and retirement, at SSQ Life Insurance Company.



Networking is a key part of any successful professional's career, and the CIA is offering you a fresh opportunity to inform your peers about your achievements and progress.

Our (e)Bulletin section, Actuaries on the Move, is a chance for you to publicize your new job, title, credentials or other information. This is an opportunity to tell thousands of fellow actuaries and financial professionalswhether they are ex-colleagues, former college friends, potential employers, future clients, etc.about, for example:

  • Your new job;
  • A change of title or area of responsibility;
  • Your new qualifications;
  • A change of contact details;
  • Awards or other recognition; or
  • Publication of academic papers or articles.
Simply send an e-mailone line of information can be enough, but feel free to add more if you so wishto the CIA's English Editor at and we will aim to include it in the next issue of the (e)Bulletin.

Please include a daytime telephone number and, whenever possible, a colour hi-res photograph. Information must be received at least a week before the final working day of the month to be considered for inclusion in the next issue.
CIA Members Invited to Attend Hong Kong Colloquium

CIA members have been invited to attend the International Actuarial Association’s (IAA) Colloquium in Hong Kong, where more than 80 speakers from over 20 countries will present 42 sessions covering all areas of actuarial practice.

The event—representing a collaboration between three IAA sections—runs from May 6-9, 2012, at the Sheraton Hong Kong Hotel & Towers, Kowloon, and features several keynote speakers:
  • Dr. Anthony Neoh, former chair of the Hong Kong Securities and Futures Commission and chief adviser of the China Securities Regulatory Commission;
  • Paul Murray, managing director of Swiss Re Life and Health (Hong Kong);
  • Ms. Annie Choi, Commissioner of Insurance in Hong Kong; and
  • Mitchell Wiener, a senior social protection specialist in the World Bank’s Indonesia office.
Early-bird registration ends on February 29, and members of the IAA’s International Association of Consulting Actuaries, Pension Benefits and Social Security Section or Health Section, as well as the Actuarial Society of Hong Kong, can attend at reduced rates. Registrants who are not IAA section members are encouraged to join an IAA section (for $50 a year) to obtain the lower registration fee. To learn more about the benefits of joining the IAA, read its brochure.

The colloquium’s scientific program is now available, and the organizers have also arranged a social program for delegates and spouses.

Special rates at the Sheraton have been arranged for delegates and their travelling companions, and for more details click here.


More information

Contact with Questions: the IAA at

Webcast: Drivers of Utilization Increases in Health Care Claims Around the World

February 22, 2012

A webcast next month will offer an insight into the main drivers of health care utilization growth in some of the world’s major markets. Utilization patters are subject to huge variation across different markets, but nearly all countries experience year-to-year increases. This webcast, organized by the International Actuarial Association’s Health Section (IAAHS), will consider the key reasons for those increases and some of the initiatives underway to manage them.

Joanne Buckle, Pang Chye, Safder Jaffer, Eduardo Lara and Luis Maldonado—all consulting actuaries with Milliman—will identify global best practices in medical management over 75 minutes. This will be followed by a 15-minute question-and-answer session, with an opportunity for participants to contribute their thoughts on the success (or otherwise) of utilization management schemes in their countries.

The webcast is being held twice, to cater for actuaries in different time zones, and the speakers will be divided between the first and second sessions (Joanne Buckle will be present for both).

To register, click on the link below. The webcast is open to members of the IAAHS, but non-members can participate by paying the IAAHS registration fee ($50). This will provide access to the webcast plus IAAHS membership for 2012. The section plans to have at least three to four webcasts during the next year—all provided free to its members—with the next planned for late February.

Members of the CIA wishing to join the IAAHS can do so here.



Join the IAAHS

Contact with Questions: Christian Levac, manager, IT and members services, at the IAA (

Webcast: Expert Actuarial Testimony for Non-AE Actuaries

February 1, 2012

Moderator: Jamie Jocsak, actuary, BCH Actuarial Services
Speakers: John Tarrel; Jay Jeffery, president, Dilkes, Jeffery & Associates

Actuaries who do not formally practice in the actuarial evidence (AE) field may find themselves called on to act as experts in a courtroom, at quasi-judicial tribunals, or in other adversarial situations. In this webcast, originally presented at the 2011 Annual Meeting, actuaries with extensive courtroom experience will answer such questions as:
  • What’s the difference between an opinion witness and a fact witness, between an expert report and verbal testimony?
  • What is an expert’s duty to the court?
  • What can go wrong and how can you mitigate the risks?
Learn how to be an effective expert witness—what to do, what to avoid. Learn from the experiences of actuarial evidence practitioners who have testified in court dozens of times.

For more details and to register, click here.

Contact with Questions: Leona Campbell at; telephone: 613-236-8196 ext. 124; fax: 613-233-4552

ASOC Seeking ASB Chair

The Actuarial Standards Board (ASB) is responsible for establishing, developing, and maintaining actuarial standards of practice in Canada. It is independent from the Canadian Institute of Actuaries (CIA) and reports directly to the Actuarial Standards Oversight Council (ASOC).

The current Chair of the ASB, Dave Pelletier, will retire in June 2013, and the selection process for his successor is underway. The ASOC plans to select a new chair by September 2012, with a term commencing in July 2013. To facilitate an orderly transition, it is anticipated that the successful candidate will become a member of the ASB effective September 2012.

The chair of the ASB performs his/her duties on a volunteer basis with reimbursement of all reasonable expenses. The position requires a significant time commitment. He/she chairs all ASB meetings and coordinates its strategic plans and activities. The chair also attends and reports at all ASOC meetings as an ex officio ASOC member.

Fellows of the CIA who wish to be considered for this position (for a two-year term commencing July 1, 2013) should send their application and résumé to the CIA Executive Director, Michel Simard, no later than March 15, 2012.

Additional information:
ASB Terms of Reference
ASB Membership
ASB Current Projects



Contact with Questions: Michel Simard, CIA Executive Director, at (613) 236-8196, ext. 108, or

Submission to the (American) Actuarial Standards Board

The Canadian Institute of Actuaries provided its comments to the (American) Actuarial Standards Board on two discussion drafts concerning actuarial standards of practice for enterprise risk management (ERM).

Link: click here.

Contact with Questions: Marc-André Melançon, Chair, Member Services Council, at

Practice Education Course (PEC)

In order to obtain the Fellow of the Canadian Institute of Actuaries (FCIA) designation, all students who completed the Society of Actuaries examinations must attend and pass the PEC in order to become an FCIA.

The PEC can be taken if the candidate satisfies any one of the following conditions:
  • The candidate has credit for Courses P, FM, M and C (with full VEE), all FAP requirements (all eight FAP modules and both the interim and final assessments) and both FSA exams (N.B., FSA modules are NOT required) under the Society of Actuaries’ examination system; OR
  • The candidate has obtained his/her Fellowship designation from a recognized actuarial organization.
Please note that no exceptions will be made to the above requirements.

Registration is open for the Practice Education Course to be held from Sunday, June 3, through Wednesday, June 6, 2012 in Ottawa, Ontario.

Candidates who have satisfied the eligibility requirements should complete a registration form and return it to the CIA Secretariat along with payment of the registration fee by April 1. Registration forms and other information can be obtained on the CIA website at the link below.

Registration is on a first-come, first-served basis depending on the date of receipt of the registration form and payment of the registration fee. Candidates will generally be accepted, space permitting. However, due to size considerations, space may be limited for some practice area specialties.

Link: click here.

Contact with Questions: Leona Campbell, coordinator, eligibility and education, at

Webcast: Country Risk Management

January 19, 2012

Speakers: Esther Baur and Nikhil da Victoria Lobo, both from Swiss Re

Societies are increasingly vulnerable as risks become more complex and more interconnected. Earthquakes, floods, storms, epidemics, food shortages, financial crises and economic shocks suggest the need for a systematic approach to the way risks are identified, assessed and mitigated at a country level.

Similar to a chief risk officer in the private sector, the role of a country risk officer can lend weight to the process of systematic risk management and give it a public face. Experts Esther Baur and Nikhil da Victoria Lobo will introduce the concept of a country risk officer and discuss how risk managers can work with governments to make societies more resilient.

For more details of the webcast and how to register, click here.

Contact with Questions: Leona Campbell at; telephone: 613-236-8196 ext. 124

Submission to Finance Canada

The CIA responded to the Government of Canada’s invitation to provide its views on possible improvements to the existing system for setting Employment Insurance (EI) premium rates.

Link: click here.

Contact with Questions: Marc-André Melançon, Chair, Member Services Council, at

Calendar of Events
March 28,
The 10 Key ERM Criteria N/A
April 18, 2012
Professionalism Workshop Hilton Montreal Bonaventure Montréal,

April 25, 2012
Five Keys to Successful Risk Identification N/A
June 3-6, 2012 Practice Education Course Delta Ottawa Ottawa,
June 20, 2012
Professionalism Workshop  DoubleTree by
Hilton Hotel Toronto Airport
Toronto, Ontario
June 21-22,
Annual Meeting DoubleTree by
Hilton Hotel Toronto Airport
Toronto, Ontario
September 14-15, 2012
Actuarial Evidence Seminar
The Waterside Inn Port Credit, Ontario
September 20-21, 2012
Seminar for the Appointed Actuary
Fairmont Royal York Hotel Toronto, Ontario
September 27, 2012
Investment Seminar
St. Andrew's Club
Toronto, Ontario
2012 (TBD)
Professionalism Workshop TBD
Toronto, Ontario
November 5, 2012
Pension Seminar
Hilton Montreal Bonaventure Montréal,
December 6, 2012 Professionalism Workshop Hilton Montreal Bonaventure Montréal,
June 20-21,
Annual Meeting
Hilton Montreal Bonaventure Montréal,

Additional information on all CIA meetings can be obtained at:, or by contacting Nancy Jenkinson at 613-236-8196, ext.104, or

For information on CIA webcasts, visit

Board and Council Updates
Member Services Council

Peter Snyder has been appointed a member of the Annuitant Experience Subcommittee of the Research Committee, effective immediately.

For Information Only:

Julie Chambers has completed her term as director of volunteer initiatives, effective immediately, and leaves with thanks.

Jinxia Ma has completed her term as a member of the Annuitant Experience Subcommittee of the Research Committee, effective immediately, and leaves with thanks.