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

Canadian Institute of Actuaries/Institut canadien des actuaires

November 2012
Your Institute


By Simon Curtis, FCIA
CIA President


While the actuarial profession is a relatively small one globally, it is characterized by having a significant number of professional associations representing different interests. In fact, the International Actuarial Association (IAA), the umbrella organization for the profession, has 98 members.

A key challenge for the Canadian Institute of Actuaries is to ensure we interact and work with these other organizations most effectively to represent the interests of both the CIA and the profession in Canada as a whole. That interaction currently involves the following important issues, among others: the development of global actuarial standards by the IAA, the potential ramifications of the Society of Actuaries’ (SOA) recently-announced move into providing a general insurance track, and the impact of the introduction of the CIA University Accreditation Program (UAP).

International Standards

The IAA has just adopted its first international standard, a general practice standard. While it is not binding on its members, the association expects that member countries will try and align their own standards with the IAA’s. For the Canadian profession, where we already have very strong, comprehensive standards, how we integrate international standards with ours is a crucial issue for the Actuarial Standards Board (ASB), and an important subject for the CIA.

The good news is that Canadian actuaries have had a significant influence in the development of the initial standard, and are well represented in the IAA standard-setting process—in fact, Dave Pelletier, Chair of our ASB, heads the new IAA standard-setting body. Partly as a result, we do not expect significant changes in Canada from the introduction of this first general standard. At the IAA, the CIA has been a strong supporter of the need for a robust standard-setting capability, largely because we feel that this will position the actuarial profession globally to be a full participant with bodies such as the International Accounting Standards Board in the development of global practice in areas of interest to actuaries.

General Insurance

In North America, the SOA’s move into providing a general insurance track requires the CIA to determine how this track fits into the path to the FCIA designation. In these discussions, the CIA has two goals: to ensure that we continue our strong working relationship with the Casualty Actuarial Society (CAS) in maintaining an integrated path to CAS/CIA fellowship, and to create a path to SOA/CIA fellowship with the SOA’s general insurance track. Key to these discussions is ensuring the CIA has a strong voice and control over the Canadian-content exams within all fellowship tracks of both organizations—we are hopeful that we will achieve this.

University Accreditation Program

Our UAP has attracted a lot of interest internationally. It moves Canada into the global mainstream of actuarial education practice, as major actuarial associations—with the exception of the SOA—allow for university education as a route to receive credit for some portion of the early technical education. We are very happy that our recent discussions with the CAS have led it to agree to recognize the UAP exam credits for the relevant CAS exams. The SOA, because of a more general philosophical concern about maintaining a fully exam-based system, is not prepared to recognize the UAP at this time. Consequently, there is a possibility that students who follow the FSA exam track but with UAP credits will achieve their FCIA but not the FSA designation. While this is unfortunate, a number of discussions with our peer actuarial organizations have confirmed that the FCIA designation is a very portable and well-recognized designation internationally.

Finally, these bilateral meetings with other organizations allow us to understand how they are responding to many of the same issues we face today: for example, how to influence public policy, how to expand roles for the profession, and how to work effectively with the IAA.

The fact remains that we are all members of the same global profession, and the public at large thinks of us as "actuaries", rather than members of the individual organizations we represent—and the profession both in Canada and abroad is better when we work together in a co-ordinated manner.

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

By Stuart Wason, FCIA


My work as an actuary for Canada’s federal regulator of financial institutions (OSFI) has recently been focused on a more formal assessment of the actuarial function (AF) of insurers. The lessons learned from this work may be of interest to boards, senior management, financial analysts, and others as they relate to the role of the actuary in providing risk oversight.

Reliance Versus Use

OSFI’s risk-based supervisory framework was amended in 2011 to add the AF to the list of insurer-independent oversight functions (i.e., internal audit, compliance, risk management) to recognize its important role in mitigating risk in financial institutions with insurance business. This change reflects a continuation of the shift from "reliance" to "use" of the work of the actuary by OSFI. This is in line with the importance placed on the work of the actuary by regulators and the attendant need for independent oversight.

Actuaries are employed in a variety of roles in insurers due to their education, skills, experience, and professionalism (e.g., pricing, product design, underwriting, claims management, investment, financial reporting, capital management, executive positions). The scope of an AF assessment may vary for each insurer, but clearly most actuarial roles are important for policyholders’ ultimate protection.

The assessment of the AF attempts to validate important aspects of the actuary’s work so that OSFI can have confidence in using that work. To be clear, under normal circumstances, this shift is not intended to replace the work of the company actuary (e.g., full modelling, data validation, recalculation, assumption setting).

Assessing the AF seeks to measure the most important qualitative and quantitative aspects of, and outputs from, the AF throughout the insurer/group (as appropriate) and between companies. While the regulator will not be resourced to verify all such qualitative and quantitative outputs, it will seek to determine the reasonableness, consistency, and comparability of material outputs, with emphasis on those related to key risks.

The complexity, size, and nature of the risks assumed by insurers have highlighted the need for insurers, and the actuaries who play key roles within them, to demonstrate sound practices in risk governance and management. Therefore, OSFI expects active involvement in risk management to be an essential component of the AF.

Independent Oversight

The need for independent oversight functions is well known. However, individual insurers will adopt different approaches taking into account the nature, scope, complexity, and risk profile of their operations. For larger, more complex financial institutions, fully independent oversight functions (i.e., risk management, internal audit, actuarial, and compliance) are expected. For smaller institutions, it would be useful to focus on the principles of independence, rather than the structure, to maximize functional independence. For example, do the control function personnel have clear performance objectives/incentives that link to the management of risk rather than targets related to profit, revenues, and volume? Is their incentive compensation calculated independently of the results of the business unit they oversee?

Boards and management should do more than rely on "gut and instinct" when assessing management. Gut and instinct are good things, reflective of the degree of experience and judgement of those performing such assessment. However, arranging for third-party reviews of the financial institution’s oversight functions from time to time will help boards and management (not to mention the regulator) to benchmark the institution’s risk management practices and processes and to address gaps.

Given the importance of the work of actuaries in insurers, it seems only fitting that the AF provide independent risk oversight within the insurer. However, in practice, the answer may vary substantially from insurer to insurer. In some insurers the scope of the AF itself may not be well defined and the connections between areas such as product pricing, asset liability management (ALM), financial reporting, and risk management may not be clear. In some insurers it may be difficult to define the head of the AF. Even if the head of the AF is well defined, to what extent does that person provide independent risk oversight? Is their role also combined somehow with an operational role? For example, it is difficult to provide independent risk oversight to a hedging program if the individual is also responsible for its design and operation.

The work of the external auditor and peer review processes help to provide independent reviews of parts of the AF and confirm its reliability, but they may not be comprehensive enough for the regulator. Some examples might include:
  • While the external auditor performs some re-computation of actuarial outputs, independent oversight of actuarial results is important given their complexity and significance to an insurer;
  • Increasing use of sophisticated internal models warrants independent oversight of their design, calibration, and use; and
  • The need to demonstrate effective linkage between activities such as pricing, ALM, valuation, capital models, etc.
The provision of independent risk oversight by the actuarial function is important to boards, senior management, and the regulator (among others) as it provides additional comfort in the insurer’s controls. This in turn can lead to an improved assessment of insurer net risk by the regulator and lessened supervisory work. On the other hand, if the AF of an insurer is not seen as providing sufficient independent risk oversight, the onus may fall on the other insurer oversight functions to assume those duties. This would also lead to increased supervisory attention and potentially a worsened assessment of insurer net risk.

Does your AF provide sufficient independent risk oversight?

Stuart Wason, FCIA, is a senior director at the Office of the Superintendent of Financial Institutions.
 
MOVERS AND SHAKERS

You may or may not have heard of Apptuary, i41CX, TWGlobal50, or Concur, but according to a group of actuaries, they could be of great benefit to you and your work.

They are just some of the products highlighted on Apps for Actuaries, a website developed by the Society of Actuaries (SOA) that describes itself as a guide to useful mobile applications "for actuaries, by actuaries".

Covering Blackberry, Android, and Apple devices, it brings together more than 100 apps (some free, others paid-for) alongside links enabling visitors to download them from iTunes and elsewhere. The apps can be divided by category, audience, and primary practice area; the academic area, for example, includes information on such software as:
  • Akt—practice for actuarial exams or simply improve your knowledge;
  • Biostats Calculator—a comprehensive collection of biostatistical calculations; and
  • MathStudio—described as the most comprehensive math app for the iPhone/iPad.
Elsewhere, those working in life insurance might benefit from Life Annuity Calculator—said to be the only app which can calculate the value of a life contingent annuity—and those wanting to work in property/casualty insurance might find FlashCards Galore invaluable: it features explanations of more than 500 P&C terms.

While two apps have been developed specifically to promote the SOA and its activities, and some are highlighted as being of particular interest to the society’s members, the vast majority are intended for a broad audience of financial professionals.

Besides 16 actuary-specific apps, the clearly-designed and easily readable site also has categories such as "business", with apps like
Dragon Dictation voice recognition and the business card reader CamCard, and "financial", which includes mobile stock trader E*Trade and the money manager Mint used by 10 million people.

Apps for Actuaries also includes social networking features which enable visitors to rank or recommend apps already on the site, or suggest o
thers they use that might be of use to actuaries.

As of this year, there are more than 650,000 apps on iTunes alone. Given the enormous variety available for your smartphone, tablet, or computer, the hard work of the SOA in developing this site might help you pinpoint at least 100 that are worth investigating.

Pros: the variety on offer; the efficient design.

Con: the content of the practice area section is limited.

Address: http://appsforactuaries.org

 
Institute News

As far as Sim Segal, FSA, CERA, is concerned, enterprise risk management (ERM) is not only an excellent career choice for actuaries; it is also a way of making a positive impact on the world around you.

Armed with 27 years’ experience of managing and measuring risk, Mr. Segal has been recognized for his expertise in the expanding field of ERM. Besides running his own consulting firm, Manhattan-based SimErgy, he is a published author (Corporate Value of Enterprise Risk Management), host of a weekly radio show (Risk Radio), and adjunct professor at Columbia University.

"I was drawn to ERM as a natural extension of one of my guiding principles to make the biggest possible positive impact that I can," he says. He synthesized two fundamental business disciplines—risk management and value-based management—to produce his value-based approach to ERM. He says that "risk-return" is the most common phrase in business, yet few have been fully integrating their risk management and decision making processes. He adds that when done properly, ERM has the ability to help organizations deliver on the risk-return management promise, which "enhances their strategic planning and decision making processes, improves the odds of achieving their goals, and increases their value".

ERM has its challenges, though, according to Mr. Segal, who was the inaugural chair of the Society of Actuaries’ Risk Committee and also served as chief editor of the international quarterly Risk Management. The absence of uniform standards has led to many suboptimal ERM programs that fall short of expectations. He says there are three questions organizations can use to diagnose whether their ERM program may have shortcomings:
  1. Is there a robust ability to quantify strategic and operational risks?
  2. Is there a clear, quantitative definition of risk appetite that can be used in the risk governance process?
  3. Is ERM integrated into a broad range of strategic and tactical decisions?
ERM is a process that must encompass all sources of risk: strategic, operational, financial, and insurance, he says. Strategic risks include items such as a flawed strategy; an inability to execute the strategy; competitor risk; regulatory risk; etc. Operational risks include items such as technology risk, human resources risk, and disasters. "Every industry study I have seen, including one that I led and co-authored, shows that more than 80 percent of all organizational volatility is caused by strategic and operational risks," says Mr. Segal, "yet most ERM programs focus mainly on the financial and insurance risks instead. Without quantification of the strategic and operational risks, the ERM team cannot inform any decisions on strategy or operations, which represent the bulk of the important decisions in the firm."

Another critical element is risk appetite, he added. Risk appetite is the maximum level of risk exposure with which management is comfortable. Unfortunately, many organizations use only vague language in their risk appetite statement. "Without a clear, quantitative definition of risk appetite, it is impossible to do the main job of ERM: managing exposures to within risk appetite."

Perhaps the most important challenge is that many ERM frameworks are not designed to integrate ERM information into a broad range of strategic and tactical decision making, he explains. The most common reason for this is that the ERM program was viewed as an extension of capital management. This often results in ERM models that are overly complex, too slow, and lack the transparency to gain buy-in from decision makers.

"In part, I designed the value-based ERM approach to address and resolve these three issues," he says. By connecting risk and value through an advanced yet practical framework, his value-based approach allows the quantification of all risks, provides a quantitative definition of risk appetite, and fully integrates ERM into decision making. "With the right framework, properly customized to the organization’s strategy and culture, ERM reaches its full potential. Many chief risk officers struggle to achieve internal buy-in for their ERM programs and often do not have a seat at the table when important decisions are being made. However, with the proper approach, the ERM team gets invited into discussions involving the most important business decisions in the company. Seeing this turnaround is part of what makes this such satisfying work."
 
Mr. Segal says that although ERM requires a range of skills and experience, it is well-suited for actuaries, who are really futurists, and to whom measuring and managing risks, making long-term projections, and handling the multi-dimensional complexity of risk combinations comes naturally.

In addition, he emphasizes that ERM represents a large expansion of opportunities for actuaries. ERM is being adopted in all corporate sectors, globally, as well as beyond the corporate sector. Mr. Segal says, "ERM is being adopted by non-corporate entities, such as government entities and non-profit organizations." He believes this is an area where actuaries have a nearly unlimited opportunity to get involved and make an impact. "The world needs people who are able to understand the numbers and who are willing to speak the truth. Actuaries have strong reputations in both of these areas—we are seen as number-savvy and ethical. Would we be better off if actuaries were more involved in government budget projections, for example? I believe so . . . and I’d certainly like to find out."

 
Given the high standards and hard work demanded by actuarial exams, many Fellows decide that once they have joined an organization like the CIA and achieved a coveted designation like FCIA, FSA, or FCAS after their name, they have studied enough.

However, some do decide to return to their books and gain further qualifications, perhaps to enhance their personal development or career prospects, or maybe branch into a non-traditional area. Among them is Neil Zheng, the first actuary to take the Master of Finance program at the University of Toronto’s Rotman School of Management.

Mr. Zheng, associate actuary at Manulife in Toronto, is partway through the 20-month, part-time program. He explained: "I wanted to learn more about financial concepts and how to apply them to real life. When you reach a particular level of management, or work in general, you have a top-down point of view, starting with a theory and then penetrating down to real cases and real business problems. This master’s program teaches subjects like macroeconomics and portfolio management, so you understand more theories and learn why policymakers do what they do. I work in asset liability management but have to talk to people working in portfolio management—now I know what they are talking about."

Although the majority of actuaries earned degrees in subjects like mathematics or actuarial science and went on to work in such actuary-focused fields as insurance and pensions, a surprising number cite "finance" as their education route and have moved into non-mainstream fields. Rotman, which is one of a number of Canadian institutions that offer a Master of Finance course, believes the MFin qualification can help graduates become finance leaders by teaching them about such topics as valuation, derivatives and trading. On its website, the school says: "The MFin goes beyond a Chartered Financial Analyst (CFA) or other professional finance program: with more class hours learning from some of the leading lights in the field, you'll gain the sophisticated knowledge that will fast-track you to a leadership position."

Mr. Zheng, who already holds FSA and CERA designations, plans to complete the CIA Practice Education Course next year. Manulife supports him by granting him study time, and he added: "I would definitely recommend this program to other actuaries. The Society of Actuaries [SOA] exams, for example, go quite deep, but the classroom is a very different way of learning. The professors are teaching using their life experience, which helps you connect the dots in the real world. During the self-study for some of the SOA exams, I struggled with some points and had to let them go because the study was so time-consuming. But in the classroom, if you do not understand some concepts you can talk to the professors and consolidate the information.

"It also helps to be in a class of 30 or so people, compared to the 100-plus you might have in a Master’s in Business Administration class. I am not an extrovert, so this is the right number to get to know people and share ideas. My classmates are all working in various aspects of finance. There are no electives, so we take the same courses together. We knew each other by the second week, and we have developed a real bond."

For more information on the Rotman Master of Finance program, which takes place in Toronto on Wednesdays and Saturdays, visit its website or contact Sean MacLure, assistant director, recruitment and admissions, Master of Finance, at sean.maclure@rotman.utoronto.ca or 416-978-7874.

Do you have relatively unusual qualifications, or do you use your actuarial expertise in an unusual field? Or do you know of an actuary who does? The CIA is eager to raise the profile of its members by highlighting the range of their skills and experience, and if you would like us to tell your story, or suggest one of your colleagues or friends, contact (e)Bulletin editor Andrew Melvin at andrew.melvin@actuaries.ca

 
Josephine Marks, FCIA, CFA, FSA, has become a principal with Eckler's financial services practice. Ms. Marks has more than 30 years' experience in the financial sector and has worked with major organizations throughout Canada. Before joining Eckler, she managed pension assets for a financial institution and, prior to that, for a public sector Ontario pension plan. She has also enjoyed executive-level investment and pension roles for two leading insurance companies.
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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
Submission to the International Actuarial Association

The Canadian Institute of Actuaries presented its comments to the International Actuarial Association on a Proposed International Standard of Actuarial Practice (ISAP) on IAS 19.


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

JRMS Research Paper in New Section of CIA Website

The Joint Risk Management Section (JRMS), an initiative involving the CIA, Society of Actuaries (SOA), and Casualty Actuarial Society, has released a research paper entitled Development of a Network Model for Identification and Regulation of Systemic Risk in the Financial System.

In the paper, which was created by Risklighthouse, a network approach is taken to characterize the systemic risk in a financial system which may have a high degree of interconnectedness and whose failures may result in further distress or breakdowns in the system.

It is now available in English in a new section of the CIA Members Site: Collaborative Research (remember to log in to the Members Site first). Translation into French is underway, and the French version will be posted to the website as soon as it is available. To access the paper directly, click on the link below.


Contact with Questions: Steve Siegel, SOA research actuary, at ssiegel@soa.org

Webcast: CAPSA Guideline 6—The Regulator’s Perspective on Prudent Investment Practices

November 7, 2012
Noon to 1:30 p.m. (EST)

Presenters: John Grace, specialist on pension policy in the private pension plans division, Office of the Superintendent of Financial Institutions
Lynda Ellis, senior manager of pension policy, Financial Services Commission of Ontario

The speakers will discuss:
  • Canadian Association of Pension Supervisory Authorities (CAPSA)—Its Role and Its Guidelines;
  • Dual Role of the Employer When Acting as Sponsor and Administrator;
  • Prudent Person Rule;
  • Prudent Investment Practices; and
  • Use of the Self-Assessment Questionnaire.

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

Notice of Intent – Amendment to the Practice-Specific Standards for Pension Plans – Assumptions for Hypothetical Wind-Up and Solvency Valuations

The attached notice of intent was approved by the Actuarial Standards Board (ASB) on October 11, 2012. It proposes to revise the Practice-Specific Standards for Pension Plans with respect to the selection of assumptions for hypothetical wind-up and solvency valuations to better accommodate alternative settlement methods, notably where the purchase of annuities may not be possible or where alternative settlement methods are permitted pursuant to law or any relevant regulatory policy or guideline.


Parties wishing to comment on this notice of intent should direct those comments to Michael Banks at michael.banks@mercer.com by December 15, 2012. A copy should also be sent to CIA resident actuary Chris Fievoli at chris.fievoli@actuaries.ca.


Contact with Questions: Michael Banks, Chair, Designated Group, at michael.banks@mercer.com

Webcast: The Committee on Professional Conduct. Everything you've always wanted to know.

Thursday, October 25, 2012

English (noon to 12:45 p.m. EDT): Doug Brooks, Dave Dickson, Tina Hobday
French (1:00–1:45 p.m. EDT): François Boulanger, Tina Hobday

This webcast will discuss the CIA discipline processes plus the Rules of Professional Conduct and common violations seen by the Committee on Professional Conduct (CPC):
  • Processes used by the CPC in resolving complaints;
  • A summary of the results of complaint handling; and
  • The Rules of Professional Conduct and common violations and resolutions.

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

OSFI Issues Policy Advisory on Buy-in Annuity Products

The Office of the Superintendent of Financial Institutions (OSFI) has issued a policy advisory to inform pension plan administrators of OSFI’s expectations in areas relevant to a buy-in annuity investment for a federally-regulated plan.

The policy, which replaces a draft policy advisory issued in January, says that OSFI has concluded that, provided this investment would be permissible under the plan terms, it would have no objections in principle to a federally-regulated pension plan investing in a buy-in annuity issued by a life insurance company for pensions in pay.


Contact with Questions: OSFI at information@osfi-bsif.gc.ca or call 1-800-385-8647

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

CPD Compliance Monitoring – Changes for 2013

As the end of the 2011–2012 continuing professional development (CPD) compliance year approaches, all members are reminded to complete and record their 100 hours of continuing professional development by December 31, 2012.

CPD filing opens January 1 and runs until February 28, 2013.

Members who do not file a CPD compliance statement will be reminded by e-mail and contacted once by registered mail.

Please ensure that your information is up to date with the CIA, and note that updating the SOA-hosted actuarial directory does not update your CIA record.

New for 2013—Every year, the CIA incurs significant expense from having to follow up with members who do not file CPD statements, by calling and sending registered letters.

Help reduce these costs by filing on time. Our goal is to significantly reduce/eliminate this expense. Members who file after February 28, 2013, may be subject to late filing fees, to be invoiced at the time of membership renewal.

New for 2013—Members will be identified in the CIA Membership Directory as follows:
  • Green dot—the member has filed a statement indicating that they have met the requirements of section 2 of the CPD Qualification Standard.
  • Blue dot (new!)—the member has filed a statement claiming an exemption from the requirements of section 2 of the CPD Qualification Standard, pursuant to Section 3.1 or 3.2 of the Standard.
  • Red dot—the member has not submitted the statement that they are required to file to enable the Institute to monitor their compliance with the CPD Qualification Standard.
Members are advised to review the updated Policy on Monitoring Compliance with the CPD Qualification Standard.


Contact with Questions: Alicia Rollo, CHRP, director of education and professional development, at alicia.rollo@actuaries.ca
 
Calendar of Events
December 6, 2012 Professionalism Workshop Hilton Montreal Bonaventure Montréal,
Québec
June 2-5, 2013
Practice Education Course
Delta Ottawa City Centre
Ottawa, ON
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
Eligibility and Education Council

The people named below have been appointed to the Committee on Continuing Education or its subcommittees:
  • The committee—Deborah McMillan (Vice-Chair);
  • Reinsurance—Mayur Shah (Chair);
  • Pension—June Smyth and Heather Wolfe (Co-Vice-Chairs);
  • Life Corporate—Ralph Ovsec (Chair);
  • Individual Life and Health Insurance—Dominic Hains (Chair).
David Dickson has been appointed a member of the Task Force on Professionalism Workshop, effective immediately.

For information only:

Dominic Hains and Deborah McMillan have completed their terms as Chairs of the Committee on Continuing Education’s Reinsurance Subcommittee and Pension Subcommittee, respectively, and leave with thanks.

Practice Council

Brian Phelps has been appointed retroactively as a member of the Task Force on Bill C-57 from May 1, 2009, to January 19, 2012, and the Committee on the Appointed/Valuation Actuary Committee’s Working Group on Financial Statement Disclosure from September 1, 2007, to November 3, 2009. These appointments were not noted at the time they took place and are listed here to ensure that the member’s volunteer terms of service are properly recorded.

The following people have been appointed to the committees named below:
  • Committee on Post-Employment Benefit Plans (CPE)—Heike Reck and Karen Dixon (members); and
  • Committee on Property and Casualty Insurance Pricing (PCFRC)—Kun Zhang (member); and David Lim of OSFI (regulatory representative).
The DCAT Working Group, Fair Value Subcommittee, and Standards Review Subcommittee, all subgroups of the PCFRC, have been formally disbanded with thanks.

For information only:

Julie Joyal and Cheong Poon have completed their terms on the CPE and PCFRC respectively, and leave with the committees’ thanks.