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

Canadian Institute of Actuaries/Institut canadien des actuaires

October 2012
Your Institute

By Simon Curtis, FCIA
CIA President


One of the ancillary benefits of the Institute’s work to implement the University Accreditation Program (UAP), which allows university course-based credits for certain of the core technical professional exams, is that it has significantly increased the level of engagement and interaction between the Institute and Canada’s actuarial academic community.

One of the greatest strengths of the profession in Canada is the existence of over a dozen strong university actuarial programs from Vancouver to Québec City. Nearly all of us in the profession in Canada are familiar with these programs as most of us are graduates of one of them. Many of these programs have a strong reputation internationally and attract students from around the world. Despite this, the level of engagement between the CIA and the universities and academics who teach actuarial science has historically been relatively low. The recent increased interaction gives us a chance to correct this and leverage our university/academic relationships in a number of areas: education, research, broadening the profession, and increasing the contact with younger members of the profession.

In the education field, we have 10 universities accredited for the UAP program, with a strong possibility of one or two additional schools in the future. The number of Institute members involved with and/or teaching courses within these programs is increasing as universities meet the criteria established by the CIA for accreditation. This increased involvement at the university level, along with the recent introduction of the ACIA professional designation, should allow the CIA to become much more engaged with students just beginning their actuarial careers, which is a key goal of the CIA. As well, this increased engagement will hopefully lead to increased focus within the university programs on skill gaps that we see in students entering the profession today—communication skills being an often-cited example.

In the research field the academic community is unquestionably a strong partner. A number of the best public policy papers and papers on topics of interest to actuaries in Canada have come out of the academic environment in recent years. Universities, with their focus on research, are well equipped to partner with us, where our own resources are more constrained given our limited staff and the volunteer structure. Being more active in research with the aim of building the profile of the actuarial profession in Canada and contributing to public policy has again been identified as a priority for the Institute.

Increased involvement with universities is also a key tool for us to broaden the profession in Canada, both in terms of the types of work actuaries are equipped to perform and the breadth of fields in which actuaries work. Universities provide an excellent platform to develop skills for many of the more advanced quantitative techniques that actuaries will need going forward to compete with or work with other professionals who have these skillsets, such as financial engineers with advanced degrees in mathematical finance. As well, the university environment is an excellent "hot house" to encourage younger actuaries entering the profession to enter non-traditional practice areas and expand the profession’s scope—something that is much more difficult to achieve with established professionals.

To further develop and add momentum to the academic relationship, the CIA Eligibility and Education Council has recently created a Committee on Academic Relations. I am very excited about the potential for this committee and the Institute to continue to develop the relationship with academia over the next few years.

 Simon Curtis, FCIA, is President of the CIA.  
 
Spotlight

By Jason Vary, FCIA

This article marks my first as Chair of the Eligibility and Education Council (EEC), a role I assumed at the Annual Meeting in June. I would like to offer my thanks to Dave Dickson, who ably served as council chair for the past few years and now continues his volunteering activities as a member of the Member Services Council and Committee on Professional Conduct, among others.

My main topic will be the recently adopted education strategy, but I will also touch on some good news related to our University Accreditation Program, a reminder regarding changes affecting new FCIAs starting June 1, 2013, and a call for more ACIA volunteers.

The CIA’s Education Strategy

Earlier this year, the EEC identified a need to examine the Institute’s education and qualification processes for the ACIA and FCIA designations to ensure a cohesive and rigorous approach to education in Canada that recognizes multiple sources of education and which enhances the positive recognition of FCIAs internationally.

Many aspects of the education strategy were already being addressed by various EEC committees and task forces. Therefore, the strategy exercise merely ensures that any and all activities undertaken support the overall education objectives and lead towards a common goal, which is identified by the following education vision statements which were confirmed by the EEC in February 2012 and approved by the Board a month later:
Education Vision 2012–2022
The CIA takes active responsibility for the education of actuaries in Canada, and protects Canadian interests related to their education and qualification requirements.
The CIA’s education strategy maintains and enhances the positive recognition of FCIAs internationally.
In support of this vision, the CIA identified two pathways for education and qualification processes in Canada:
  1. Offering sustainable, relevant, and timely Canadian actuarial education for Associateship and Fellowship qualification in the Canadian Institute of Actuaries; and
  2. When deemed appropriate, recognizing the education and examination systems of other actuarial organizations through active co-sponsorship and mutual recognition agreements.
By adopting a multi-faceted approach to education, the CIA does not necessarily need to choose a pure independence model, nor does it place itself in the position of being solely reliant on the education and examination systems of other actuarial organizations. The Institute may choose one pathway or the other to achieve a specific goal, depending on how well each solution meets a particular need.

Of course, the main route to ACIA or FCIA involves the education systems of the Society of Actuaries (SOA) and Casualty Actuarial Society (CAS), of which the CIA is a co-sponsor. These have been the two traditional routes for some time now; however, since last month CIA credit for four out of five of the preliminary exams may be obtained through the CIA’s University Accreditation Program (UAP). In addition, since 2000 the CIA has administered the Practice Education Course for FCIA candidates who take the SOA route.

Another significant path to Fellowship in the Institute is through one of the existing mutual recognition agreements with the UK Institute and Faculty of Actuaries, the Society of Actuaries in Ireland, and the Institute of Actuaries of Australia.

Finally, the last route to Fellowship in the Institute is the so called "Affiliate Route". This is a process of enrolment for fully qualified foreign actuaries who wish to practice in Canada and who are not covered under a mutual recognition agreement. Enrolment as an Affiliate of the Institute requires an initial assessment of the candidate’s individual qualifications to determine the equivalency of the education and experience to the requirements of the CIA. The result is a customized program for each individual outlining the additional educational requirements needed to become an FCIA.

With our education strategy clearly defined, we have begun a process to define the Canadian education and eligibility criteria to become an ACIA and FCIA, and determine how the requisite knowledge will be taught and tested. Angelita Graham is leading a task force to tackle this very important assignment. Once we have our education and eligibility criteria documented in first principles, it will allow the CIA to more efficiently and consistently evaluate requests for recognition, such as those from the SOA with respect to its upcoming General Insurance track, and a new mutual recognition agreement with the Actuarial Society of South Africa.

External Recognition of the UAP

I am excited to report that both the CAS and the UK Institute and Faculty of Actuaries have confirmed their recognition of the CIA’s UAP for credit under their eligibility and education systems. The SOA continues to review the UAP and we remain optimistic that recognition will be granted in due course.

FCIA Eligibility Changes Effective June 1, 2013

As noted prominently on the CIA website, candidates considering becoming a Fellow of the CIA should be aware that as of June 1, 2013, to become an FCIA a candidate must have been enrolled with the CIA as an Associate for a minimum of 12 months while obtaining their Canadian work experience. Therefore, candidates planning to apply for Fellowship in the Institute on or after June 1, 2013, should consider enrolling as an Associate of the CIA when first eligible.

ACIA Volunteers Wanted

I would also like to personally encourage any new or existing Associates to consider volunteering with the CIA. The Institute has a strong desire to involve members at all levels in the Institute’s activities and given the recent introduction of the ACIA designation there is an increased demand for ACIA volunteers. In fact, I am interested in recruiting one or two ACIAs to serve on the EEC, so please contact me directly at jason@actuarialsolutionsinc.com if you are interested.

Jason Vary, FCIA, is Chair of the Eligibility and Education Council.


 
MOVERS AND SHAKERS

While many actuaries pride themselves on the depth and extent of their expertise in the world of probability and statistics, there may be times when even their knowledge comes up short.

Fortunately, there is an internet community,
Stack Exchange, specifically designed to connect those with problems and those with possible solutions. It is composed of 89 sites, which include at least three that may be of value to CIA members.

Cross Validated describes itself as "a free, community driven Q&A for statisticians, data analysts, data miners and data visualization experts", and its message board is designed to help those working on such subjects as:
  • Statistical analysis, applied or theoretical;
  • Designing experiments;
  • Collecting data;
  • Data mining;
  • Probability theory;
  • Mathematical statistics; and
  • Statistical and data-driven computing.

Actuaries are among its varied members, who are given a reputation rating based on the expertise they demonstrate in their answers to other people's questions. The most highly-rated contributors include holders of PhDs and master's degrees in statistics; professors; and many more experts in the field.

Visitors, who do not have to register, are encouraged to pose practical, answerable questions based on actual problems that they face. Recent questions involve such topics as the ratio between two densities, detecting outliers, interpreting forms of a mixed model, logistic regression, and cluster analysis.

Actuaries with questions that are more math-focused will find a similar high level of support at the Mathematics section of the Stack Exchange network. There, a retired professor emeritus and several PhDs are among the the top-rated users, and the topics under discussion include duality, functional analysis, convergence, algorithms, logical expressions, and graph products.

Another site in the network which may prove invaluable for CIA members is
Quantitative Finance, where users look at topics like derivatives, the difference between kappa and delta, variance swaps, and spectrum analysis. Thirty questions have been asked about modelling alone, and another 20 about risk management.

Pros:
the detail and expertise provided by users; the variety of questions.
Cons:
despite the level of knowledge available, some questions do go unanswered; the layout is not as attractive as some other sites.

Addresses:

Stack Exchange http://stackexchange.com
Cross Validated http://stats.stackexchange.com
Mathematics http://math.stackexchange.com
Quantitative Finance http://quant.stackexchange.com

 
Institute News


Most CIA members hope they will never need it, or assume that their employer provides coverage, but for an unfortunate few, professional liability insurance has proved a lifeline during the thankfully rare occasions when an actuary faces the possibility of court action.


Following concern among the membership that some consulting actuaries were having difficulty securing adequate coverage, the Institute asked Dale Parizeau Morris Mackenzie (DPMM), one of Canada’s largest insurance brokerage and risk management firms, to develop a suitable solution. The result was ProAct, which was recently discussed during sessions at the Annual Meeting.

Alexis Tertulliani, Vice President – Commercial and Risk Management at DPMM (pictured above), explained how ProAct operates and the value it has for CIA members.


"We found that very few insurance markets were willing to insure the kind of risks involved in actuarial consulting," he said. "Many consulting actuaries were operating without professional liability coverage. Actuaries can be held personally responsible for errors, and even unfounded claims against them have an important financial impact. Many firms may not fully appreciate professional liability risk, or believe that the risk is too remote, so they go on without coverage."


Following a market study to discover CIA members’ specific requirements, the ProAct program was created to assist those facing action from clients or the public. For example, said Mr. Tertulliani: "An actuary working on a defined benefit pension plan would use assumptions, and what if those rates do not materialize? When a decision is then made to increase or decrease premiums or benefits, there could be a claim for mismanagement. It might be that a mistake was made, or it could be that the future didn’t turn out as planned. If the methodology was sound and based on standard practices, the fact that the result was not as planned does not indicate negligence. In claim cases, we have found that 50 per cent or more of costs incurred by actuaries are in defence costs, and they could amount to millions of dollars.


"This is such a specialized field that even going through the motions of defending yourself can be very expensive; retaining counsel and hiring an outside expert to analyze your work could easily cost thousands. Even a small claim could cost you $20,000 in defence costs."


ProAct aims to mitigate some of that expense by providing coverage limits ranging from $250,000 to $5 million. The coverage is provided by Lloyds, and premiums vary depending on the consulting firms’ profile, activities, revenues, claims history, limit of insurance, and deductible; a pension consulting actuary, for example, could expect to pay between 1.5 and 2 percent of their consulting revenue for suitable coverage.


Mr. Tertulliani added: "Professionals are expected to carry insurance. They protect themselves, and there are often regulatory requirements to have insurance for public protection. The actuarial profession is one of the few professions where the many consulting professionals do not carry insurance.


"This year Joe Nunes [a member of the former Professional Liability Insurance Advisory Committee] was active in coordinating the Litigation Against Actuaries, and Professional Liability Insurance session at the Annual Meeting. The primary objectives of the session were to provide insight on the insurance underwriting process, review the principal policy coverages and exclusions, highlight a consultant’s risk exposures and potential situations that may give rise to a claim, as well as claim examples.


"We have had good participation in the program, and relatively low claims frequency. Hopefully most people will never have to make a claim, but they feel there is value in insuring against this risk. Our retention level is extremely high, as people realize that this is a good long-term solution."


For more details on ProAct, visit http://www.pro-act.ca/index_en.html.


 

Most actuaries work in such traditional practice areas as insurance, health care, and investments. But according to one expert, they are being increasingly sought after in an area that contains a relatively low number of actuaries: banking.


In an article in South African Insurance Times & Investments News, Michael Tichareva, chair of the Banking and Finance Committee of the Actuarial Society of South Africa, says banks are increasingly recognizing the value of using actuaries for their unique modelling, projection, and risk management skills.

Such skills, he says, are especially valuable for banks developing and implementing economic capital management and risk-adjusted performance measurement frameworks.

Mr. Tichareva says the implementation of Basel II by South African banks has seen actuaries playing a critical role in developing and reviewing banking models required by the regulator. He adds: "It is not unthinkable that in the future the implementation of capital solvency regulations by banks could be overseen by actuaries on an ongoing basis."

He further suggests that a changing regulatory landscape could lead to the introduction of a statutory actuarial function for banks in South Africa, something that currently only applies to life companies and short-term insurers.

Mr. Tichareva's committee is in the early stages of investigating the possibility of introducing a Banking and Finance Fellowship subject for South African actuaries. His society's Fellowship subjects focus on the more traditional actuarial practice areas of long- and short-term insurance, healthcare, and retirement benefits.

He adds that rccent banking bailouts have cost taxpayers around the world trillions, highlighting the need for much improved risk management at banks. "Since risk management is a key component of an actuary's skills set, banks have increasingly been looking towards the actuarial profession to provide the resources needed to accurately assess risk in banking and finance and implement the necessary controls."
 
SSQ Financial Group has appointed four FCIAs as key players in the company to assist with the firm's growth objectives:
  • Serge Boiteau has been appointed strategic advisor to the CEO, while remaining Appointed Actuary. He will be in charge of complex and strategic corporate issues. 
  • Eric Trudel has been appointed senior vice-president of corporate services, and will be in charge of corporate development, legal services, internal auditing and risk management, as well as corporate actuarial, reinsurance, and underwriting.
  • Donald Cyr succeeds M. Trudel as vice-president of actuarial under life and health insurance. He has been the vice-president of actuarial and sales support with SSQ Investment and Retirement since 2009.
  • Sylvain Charbonneau, vice-president of actuarial, medical underwriting/new business with SSQ Insurance, will see his responsibilities expand to include actuarial and sales support with investment and retirement.
Nino Boezio, FCIA, has been named vice-president, portfolio strategist, and consultant at Segal Rogerscasey Canada.

Chris Denys, FCIA, has become senior vice-president of client solutions at Sun Life Financial. In this position, he will lead the client solutions business to help clients make the most of their benefits and pension programs and connect them with an advisor. Mr. Denys previously led the sponsored markets and finance area of client solutions, and has also served as vice-president of group benefits finance.

Sonia Gélinas
, FCIA, and Yves Plourde, FCIA, have been named partners in Morneau Shepell's pension consulting practice. Ms. Gelina, who has more than 16 years' pension experience, will lead the expansion of the company's pension practice in Québec's municipal, public, and private sectors. M. Plourde will provide strategic and bilingual consulting services to public and private sector plan sponsors in Atlantic Canada. He has more than 21 years of experience.

_______________________________________

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-mail—one line of information can be enough, but feel free to add more if you so wish—to the CIA's English Editor at andrew.melvin@actuaries.ca 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.
 
THIS MONTH'S PUBLICATIONS
Highlights from the September 19, 2012, Board Meeting

The highlights from the most recent Board meeting, held on September 19, 2012, 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 – International Actuarial Experiences

Wednesday, October 10, 2012
Noon to 1:30 p.m. (EDT)
Presenters: Alan Cooke and Kelly Rendek

This webcast will provide an insight into the experiences of actuaries working in overseas settings. Topics covered will include:
  • Unique considerations when contemplating a move to or an assignment in a different country;
  • How actuarial work in Canada differs from, and is similar to, work in other developed nations;
  • Actuarial practice and work challenges in developing countries;
  • How the profession is reaching out to other countries, e.g., through organizations such as Actuaries Without Borders; and
  • Microinsurance and why it is important in developing countries, as well as unique challenges and opportunities it may offer to actuaries.

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

Member Listening Group Launched

Ninety-nine members stepped forward during the summer to join the new CIA Member Listening Group (MLG), which allows them to deliver their opinions and thinking on topics of importance to the CIA Board, Secretariat, councils, and committees through the timely completion (within 24 hours of survey distribution) of short online surveys.

The first survey, which focused on the replacement of Beyond Risk, was distributed at 11:30 a.m. on September 21. By 11:33, we had received the first completed survey. Of the 99 MLG members, 85 have checked in on the survey, and 77 have answered some or all of the questions.

There is still space available for those keen to have their say and play their part in the profession’s future.

An omnibus survey will be distributed shortly and we could greatly benefit from your input. Only a small time commitment is required. We encourage you to click on the link and sign up today.


Contact with Questions: Josée Racette, project manager, communications and public affairs, at josee.racette@actuaries.ca

CIA Pension Seminar – November 5, 2012
Registration is Open!

Registration is open for the CIA Pension Seminar being held on November 5 at the Hilton Montreal Bonaventure Hotel. You can register by fax, by mail, or online with our secure transaction registration form.

Please visit the website for the program and other pertinent information.


Contact with Questions: Nancy Jenkinson, meeting services, at nancy.jenkinson@actuaries.ca. Tel: 613-236-8196 ext. 104; fax: 613-233-4552

StatsCan to Revise Data for Economic Indicators

Statistics Canada has announced that it will soon publish revised data for several important economic indicators. Consequently, many familiar terms will no longer be used in its texts and tables, although the revisions will add important variables and concepts, plus institutional sector detail. The revised data (and the dates of their release) include:
  • October 1: Quarterly gross domestic product and more;
  • October 12: Labour productivity for the business sector; and
  • October 15: National balance sheet accounts.
Regular users of StatsCan data can familiarize themselves with the new terms and concepts at the link below.


Contact with Questions: StatsCan at csna-info-scnc@statcan.gc.ca

Exposure Draft for Revisions to the Practice-Specific Standards for Pension Plans (Part 3000)

The attached exposure draft was approved by the Actuarial Standards Board (ASB) on September 19, 2012, and includes amendments to the current Pension Standards. The revisions address such issues as the meaning of incremental cost, requirements for disclosure of the actuarial methods and actuarial assumptions used in determining the incremental cost, and funding valuations that are not strictly going concern, hypothetical wind-up, or solvency valuations.

Parties wishing to comment on this exposure draft should direct those comments to Stephen Butterfield at stephen.butterfield@towerswatson.com by November 15, 2012. A copy should also be sent to CIA resident actuary Chris Fievoli at chris.fievoli@actuaries.ca.


Contact with Questions: Stephen Butterfield, Chair, Designated Group, at stephen.butterfield@towerswatson.com

Submission to the International Association of Insurance Supervisors

The Canadian Institute of Actuaries presented its comments to the International Association of Insurance Supervisors (IAIS) on the Working Draft of the Common Framework for the Supervision of Internationally Active Insurance Groups.


Contact with Questions: Micheline Dionne, Chair, Committee on International Relations, at mdionne@rgare.ca

Educational Note – Subsequent Events

The attached educational note was approved by the Practice Council on September 7, 2012. Through a discussion of materiality, the event decision tree from the Standards of Practice, and concrete examples, this educational note provides guidance to property and casualty actuaries in identifying whether events are subsequent events and in understanding appropriate courses of action for such events.


Contact with Questions: Isabelle Périgny, Chair, Committee on Property and Casualty Insurance Financial Reporting, at isabelle.perigny@lacapitale.com

Submission to the Office of the Superintendent of Financial Institutions

The Canadian Institute of Actuaries has presented its comments on the Office of the Superintendent of Financial Institutions’ Draft Guideline on Corporate Governance of Federally-Regulated Financial Institutions.


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

CAS Recognizes CIA University Accreditation Program

The CIA’s University Accreditation Program has received an important vote of confidence this week: it has achieved recognition from the Casualty Actuarial Society (CAS).

Announcing the decision, the CAS said it had completed a comprehensive review of the program, and its backing of the UAP was the culmination of a multi-year process that involved working with and monitoring the CIA’s development of policies, procedures, academic standards, and evaluation of universities and individual courses. It had concluded that the standard for exam waivers would be at least as rigorous as an actuarial exam, and therefore the waivers granted by the Institute would be valid for CAS preliminary examinations.

For more details about the CAS decision and the program itself, see the links below.

Links:
CAS announcement

Contact with Questions: accreditation@actuaries.ca

Submission to the House of Commons Standing Committee on Finance

The Canadian Institute of Actuaries provided input to the 2012 pre-Budget consultations being undertaken by the House of Commons Standing Committee on Finance.


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

Exposure Draft for Revised Standards of Practice – Part 4000 Practice-Specific Standards for Actuarial Evidence and Relevant Paragraphs of Part 1000 General Standards

The attached exposure draft was approved by the Actuarial Standards Board (ASB) on August 30, 2012. The proposed revision is intended to update the Standards of Practice to reflect evolving practices and new developments within the profession and within the legal system in Canada, and to improve the appropriateness of the Standards of Practice for the broader scope of actuarial evidence work.


Parties wishing to comment on this exposure draft should direct those comments to Nancy Yake at nancy.yake@sympatico.ca by November 30, 2012. A copy should also be sent to CIA resident actuary Chris Fievoli at chris.fievoli@actuaries.ca.


Contact with Questions: Nancy Yake, chair, Designated Group, at nancy.yake@sympatico.ca
 
Calendar of Events

November 5, 2012 Pension Seminar Hilton Montreal Bonaventure Montréal,
Québec
November 7, 2012
Webcast
CAPSA Guideline 6 - The Regulator's Perspective on Prudent Investment Practices
N/A
November 16,
2012
Professionalism Workshop InterContinental Hotel
Toronto, Ontario
December 6, 2012 Professionalism Workshop Hilton Montreal Bonaventure Montréal,
Québec
June 20-21,
2013
Annual Meeting
Hilton Montreal Bonaventure Montréal,
Québec
September 26-27, 2013
Seminar for the Appointed Actuary
Hilton Montreal Bonaventure Montréal,
Québec
June 18-19, 2014
Annual Meeting
Hyatt Regency Hotel
Vancouver, BC
June 17-18, 2015
Annual Meeting
Westin Ottawa
Ottawa, ON

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
Board

The following people have been appointed to the councils named below:
  • PracticeMichel Giguère, effective July 1, 2012;
  • Member ServicesMarc Tardif, effective immediately; and
  • Eligibility and EducationClaude Ferguson, effective July 1, 2012.
The creation of a CIA Legal Services Provider Evaluation Task Force—to assist the Board in selecting the legal services vendor with the best combination of attributes, including price—has been approved, with the following members: Simon Curtis (Chair); Liam McFarlane (member—Committee on Professional Conduct); James E. (Jay) Jeffery (member—Actuarial Standards Board); Martin Roy (member—Board), treasurer; Joe Nunes (member—Board); Michel St. Germain (member—Board); and Michel Simard (ex officio).

The 2009 Pension Review Task Force has been disbanded with thanks from the Board

For information only:

Diane Gosselin has resigned from the Risk Management Committee.

Sylvie Charest’s term on the Member Services Council ends with the appointment of Marc Tardif.

The terms of Trevor Cartlidge and John Have on the Eligibility and Education Council were completed effective July 31, 2012.

Eligibility and Education Council

Amy Waldhauer has been appointed an observer member for the Casualty Actuarial Society on the Accreditation Committee, effective immediately.

The EEC has approved the membership of the Committee on Continuing Education and its subcommittees for 2012–2013, effective October 1, 2012, as follows:
  • Committee on Continuing Education: Lynn Grenier-Lew (Chair), Nathalie Bégin (Chair, Property and Casualty Insurance Subcommittee), Jeremy Bell (Chair, Group Life and Health Subcommittee), Claire Bilodeau, Patrick Chamberland (Chair, Investments Subcommittee), Ashley Goorachurn (Chair, Enterprise Risk Management Subcommittee), Dominic Hains (Chair, Reinsurance Subcommittee), Deborah McMillan (Chair, Pension Subcommittee), Ralph Ovsec (Chair, Individual Life and Health Insurance Subcommittee), Chris Fievoli, and Alicia Rollo.
  • Investments Subcommittee: Patrick Chamberland (Chair), Chris Brisebois, Tim Cavallin, Ross Dunlop, Eric Fontaine, Sunny Oh, Paul Tytarenko, and Tony Williams.
  • Enterprise Risk Management Subcommittee: Ashley Goorachurn (Chair), Jay Zhong, Hélène Baril, and Altaf Rahim.
  • Pension Subcommittee: Deborah McMillan (Chair), Stephen Cheng, Emily Tryssenaar, Tulio Walles Mora, and Heather Dee Wolfe.
  • Group Life and Health Subcommittee: Jeremy Bell (Chair), Isabelle Bouchard, Louise Lessard, and Edward Tsu-Jen Kuo.
The appointment of Michael Hale as the CIA’s CERA Treaty Board representative from November 2012 to November 2013, and Minaz Lalani as the CIA’s Global CERA Review Panel representative from November 2012 to November 2015, has been approved.

Member Services Council

The following people have been appointed to the bodies named below:

  • Research Committee—Dave Dickson, Vice-Chair, effective July 1, 2012; and Donald Blue, Candice Hung, and Claire Bilodeau, members, effective immediately.
  • Group Life and Health Experience Subcommittee of the Research Committee—Donald Blue and Candice Hung, Co-Chairs, effective immediately.
  • Annuitant Experience Subcommittee of the Research Committee—Lynn Allen, member, effective September 1, 2012.
  • Individual Life Experience Subcommittee of the Research Committee—Simon Bélanger, member, effective immediately.
  • Enterprise Risk Management Applications Committee (ERMAC)—Shannon Patershuk, Chair, effective May 1, 2012; Sim Segal (non-CIA member), Vice-Chair, effective immediately, on the understanding that Shannon Patershuk will recruit a second Vice-Chair; and Hélène Baril, Joseph Daniel DeDominicis, Frank Reynolds, Mark Struck, Ella Young (non-CIA member) and Jay Zhong, members, effective September 14, 2012.

The Task Force on Comprehensive Member Services Survey has been disbanded with thanks.

For Information Only:

Jean-Yves Rioux and Kathryn Hyland have completed their terms as Chair and member of the ERMAC, effective May 1 and July 1, 2012, respectively, and leave with the committee’s thanks. Martin Leroux and Jennie Kang have resigned from the committee, effective October1 and July 1, 2012, respectively.

Irawati Chen (non-CIA member) has resigned as a member of the Annuitant Experience Subcommittee of the Research Committee, effective immediately.

Michel Hébert has resigned from the Individual Life Experience Subcommittee of the Research Committee, effective immediately.

Please note that the committee liaisons are as follows:

  1. Committee on Volunteer Initiativesto be confirmed
  2. Op-Ed Teamto be confirmed
  3. Editorial CommitteeMarc Tardif
  4. Group Insurance CommitteeCathy Shum-Adams
  5. Pension Advisory CommitteeRobert Stapleford
  6. New Members CommitteeJulie Chambers
  7. Research CommitteeDave Dickson
  8. ERMACto be confirmed
  9. Communications CommitteeJason Alleyne.
Practice Council

The following people have been appointed to the committees named below:
  • Workers’ Compensation—Ryan Tse, Crispina Caballero, Jeff Turnbull, Lalina Lévesque, and Julie Bélanger.
  • Pension Plan Financial Reporting—Simon Nelson and Nilesh Patel.
  • Risk Management and Capital Requirements—Leonard Pressey (Vice-chair, Life).
  • Life Insurance Financial Reporting—Alexis Gerbeau (Chair) and Rebecca Rycroft (Vice-chair), both effective January 1, 2013.
For information only:

Marie-Eve Morency and Anne St-Martin have resigned from the Committee on Workers’ Compensation.

Michel Dionne will continue as Vice-chair (P&C) of the Committee on Risk Management and Capital Requirements.

The terms of Karen Hall and Kelly Aimers on the Committee on Post-Employment Benefit Plans have come to an end, and they leave with the committee’s thanks.