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

Canadian Institute of Actuaries/Institut canadien des actuaires

December 2012
Your Institute


By Simon Curtis, FCIA
CIA President


Recently I have been involved in a number of conversations in Canada, and in meetings with other actuarial associations, about how to expand the opportunities for actuaries to work in new and emerging practice areas. A common theme in virtually all of them was how to increase the actuarial presence in the risk management field. It is fair to say that a number of actuaries feel that risk management is the future of the profession, and that the actuarial profession needs to re-brand itself to focus on this area.

However, in listening to these discussions it strikes me that we, as a profession, have not answered one key question—or at least have not answered it with one voice: what are the key competencies/skill sets that we as a profession bring to the risk management space, and how does this impact where we want to be in this very broad space?


Broadly speaking, I have heard it said that actuaries should focus on the enterprise risk management (ERM) space and/or become the recognized leaders in the management of risk, with the vision that we would ultimately be the professionals of choice for chief risk officer roles. But is this a realistic vision, or does it ultimately ensure failure because it is over-reaching and unrealistic?


Or should the actuarial profession focus instead on developing a niche as recognized leaders in a narrower specialist or professional role that is best aligned with our competencies and training (i.e., as risk measurement specialists)? This role would then serve as a base for individuals with broader competencies to take on wider responsibilities as risk managers. My personal bias is towards this latter path, although I have been in enough conversations to know that there are wide-ranging views on this subject.


The primary issue I see is confusion between the roles of risk management and risk measurement. Risk measurement—for which the actuarial skill set is well suited for most (but not all) risks—is a subset of risk management. Risk management involves not only measuring risk and establishing risk tolerances, but using professionals of many backgrounds to manage the risks, establishing organizational cultures around risk and its management, and calling upon strong communication skills to ensure relentless and consistent dialogue on risk with organizations and their stakeholders.


An actuary with extensive training and skills in risk measurement may be well placed to take on broader roles, but will always be competing for these positions with professionals with other backgrounds, skill sets, and personal attributes.


My view is that the goal of the actuarial profession should therefore be more focused: to be the leaders in the use of quantitative analysis to measure and facilitate management of risk.


I believe actuaries, with our training and quantitative analysis skills, as well as a professional society infrastructure which reassures users on the quality and consistency of work (something that virtually no competing professionals possess), are well positioned. If we can own this space, then the broader risk management roles will come naturally to those with the aptitude for them.


As a small practical example of how we could advance our presence in the risk management field, I would use the example of stress testing of financial institutions. For years, actuaries in Canada and elsewhere have conducted financial stress tests of insurance organizations. In Canada we have developed, through dynamic capital adequacy testing, robust approaches to do this with support from well-crafted professional guidance material and standards. As a result of the 2008 financial crisis, stress testing is now a huge area of focus for all financial institutions, including banks and their regulators. Who is better placed than the actuarial profession, with our experience and professional infrastructure, to step into this space?

At the end of the day, there are huge opportunities, but as a profession we need to determine how to seize them and then move forward with vigour.

Simon Curtis, FCIA, is President of the CIA.

 
Spotlight


B
y Marc-André Melançon, FCIA


With 2012 coming to an end, I am pleased to have the opportunity to share with you the current developments at the Member Services Council (MSC) and its various committees.

Member Listening Group

As we announced last June, the CIA has created the Member Listening Group (MLG), a volunteer group that will play a uniquely important role: providing timely and direct feedback from our members on various issues. As of this writing, the group is built of 100 members who have accepted the responsibility to respond to quickly to all surveys—usually short and pinpointed—submitted to them. The first survey was submitted to the MLG a few weeks ago and was meant to obtain members’ opinion and insights on the future direction of the publication meant to replace Beyond Risk; it was a very fruitful exercise and some of the results will be shared with the MLG.

Research Projects


As always, research is an important endeavour and responsibility of the CIA. The Chair of the Research Committee, Marc-André Belzil, provided the following updates:
  • Canadian Pensioners Mortality Table: this study based on CPP/QPP data is getting into the approval process involving the Research Committee and, shortly thereafter, the MSC. The project is divided into three phases; the reports for the first two were being reviewed for approval this month, while the third, just submitted by the researcher, will be examined in early 2013.
  • Private Pension Mortality Study: this project is facing some delays due to data validation issues and extended reporting time from the contracted research institution. Its publication date has been delayed, probably until mid-year 2013.
  • Critical Illness Experience Study Report—2002–2007: the final draft version of the report, including the associated tables, has been submitted to the Research Committee for approval. Publication is expected in early 2013.
  • Critical Illness Research-Based Morbidity Study: this project has been approved and finalized recently and its results were presented at the CIA Appointed Actuary Seminar in September.
  • Annuitant mortality experience studies: The 2000–2009 individual annuity mortality study was released. The committee is engaging a researcher to complete an annual 10-year study for this business. The contract would be effective for three years covering policy anniversaries from 2002–2012, 2003–2013, and 2004–2014. The scheduled completion date for each annual 10-year study is December 31 of the subsequent year.
  • Individual life mortality study 2009–2010: this study was published in August.
  • Individual life term lapse study: this project is on track and we should have a first draft report in January 2013, with final publication in the second quarter. Ten insurance companies have already provided experience data for the study.
  • Segregated funds: work is progressing on the segregated funds lapse study, as the committee is validating the data received from four companies.
Public Positions and Submissions

Over the past year, the CIA responded to numerous requests for comments through the MSC. We believe in the importance of making our voice heard on public policy issues where actuarial expertise can make a tangible contribution to the debate. Here are the issues we covered:
  • Guideline on Earthquake Exposure (Office of the Superintendent of Financial Institutions—OSFI);
  • Employee future benefits (Canadian Institute of Chartered Accountants);
  • Objectives for Preliminary Education Content and Process (Casualty Actuarial Society);
  • Determination of the Solvency Liability Adjustment (Financial Services Commission of Ontario);
  • Comments on Bill 38-2012 concerning the British Columbia Pension and Benefits Supervisory Act;
  • The International Actuarial Association’s (IAA) Common Framework for the Supervision of Internationally Active Insurance Groups;
  • Federal Pre-Budget Consultation;
  • Corporate Risk Governance (OSFI);
  • Own Risk Solvency Assessment (OSFI);
  • International Standard of Actuarial Practice on IAS 19 (IAA);
  • Guideline B-9 (OSFI); and
  • Aggregation and Diversification (OSFI).
New Member Committee – Looking for a Chair!

One of the Institute’s objectives is to see young members of the CIA becoming more involved and influential in matters concerning our profession. In this regard, the New Member Committee has been created by the MSC in recent months and it is eager to start its activities . . . but first we need to find its inaugural chair!

If you are interested in joining the current group of committee members or becoming chair, please do not hesitate to contact me, or the MSC Vice-chair, Cathy Shum-Adams, either by phone or e-mail via the Online Directory.

Pension Advisory Committee

  •  The Task Force on Retirement Age, chaired by Rob Brown, is finalizing a document in the next few weeks that will identify the issues associated with delaying normal retirement age. A draft version of this document was discussed at the Board’s November meeting to guide the CIA position and actions in regard to this important topic.
  • The Task Force on the Determination of PfADs in Going Concern Valuations is expected to release its report shortly.
  • The pooled registered pension plans framework was adopted by the federal government. To date, only Québec has shown an interest in moving forward.
Social Media

We launched the CIA Twitter account on March 29 and we now have more than 500 followers. The CIA has sent almost 200 tweets in both official languages.

Season’s greetings!


Marc-André Melançon, FCIA, is Chair of the Member Services Council.


 
MOVERS AND SHAKERS
The Upside of the Downturn. All In. Need, Speed, and Greed. Get Lucky. These are just some of the business books published in the last few years that might hold the secret to improving your career and your company. But when faced with nothing but a title and maybe a review or synopsis, how does the busy executive choose which ones are worth reading?

A range of summary websites aim to provide the answer by offering visitors the key points of business-related books, thereby enabling time-short managers and others to understand new approaches and ideas without having to wade through chapter after chapter. Here are three chosen at random from the many available.


One site, getabstract, claims to offer the largest online library of business book summaries. It summarizes thousands of publications into just five pages of the most important points. Books (which are available in various languages) can be browsed via categories such as Leadership & Management, Finance, and Career & Self-Development. Actuarial science-related titles currently include The Retirement Savings Time Bomb, Insurance From Underwriting to Derivatives, and Managing Operational Risk.

Summaries can be downloaded in various formats, such as PDF and MP3, and free samples are available. Annual subscriptions cost from $89 U.S.


Rival site Business Book Summaries says it offers the "best summaries of the best business books". Its categories include Major Works, Social Responsibility, and many more, and it adds: "We believe a summary can provide the basic overview of the book, and give you insights into the author’s ideas. Nothing substitutes for reading the book, but we believe our summaries will help you to get a solid grasp of the lessons in the book, so you can decide which books to read and when to read them."

Its subscriptions cost $95 and upwards, but individual summaries are available for $9.95. As with similar sites, summaries can be downloaded as PDF documents, audio files, and for mobile devices.



Soundview believes it provides "the solution to the ongoing problem of information overload". To do this, besides summaries it also provides webinars from authors plus video interviews with executives from leading companies.

While its website includes similar categories to its rivals, it also includes special features like blogs providing advice from expert authors, a newsletter, a list of the best business books of 2012, and more. It subscriptions cost from $99 U.S., and can incorporate access to an archive of 13 years' worth of material.

Pros: the easy access to hundreds of books; the clear and concise summaries.
Cons: the most extensive subscriptions could be prohibitively expensive to some.

Addresses:
Getabstract: www.getabstract.com
Business Book Summaries: www.bizsum.com
Soundview: www.summary.com
 
Institute News

The CIA’s Enterprise Risk Management Applications Committee (ERMAC)
was set up to promote the application of actuarial science to ERM and market actuaries as knowledgeable experts in this field. As its chair, Shannon Patershuk (pictured) is leading the charge to achieve the ERMAC’s expansive set of goals.

She said: "I come from a traditional path, through group insurance and pensions. There is a big difference between that work and the ERMAC, because ERM is all inclusive and deals with all risks. The complexity makes it challenging and thereby quite interesting. In addition, the range of expertise required brings us a diverse cast of volunteers and working with them is very rewarding. You might say there is a good risk–reward trade-off."

The committee pursues a number of initiatives, including:
  • Producing marketing material to promote actuaries as risk management professionals;
  • Talking to employer and industry groups and other professional associations to encourage more use of actuarial techniques;
  • Identifying ideas for new research that will draw attention to actuaries’ work; and
  • Communicating existing research and case studies via webcasts, meetings, and other avenues.
For Ms. Patershuk—who holds FCIA, FSA, and CERA designations and works in retiree program relations for Johnson Inc.—chairing the ERMAC is only the latest milestone in a career that involved ERM at an early stage.

She said: "I’ve always been interested in risk management. In the 1980s, when interest rates were peaking at 18 percent, I was working at Great West Life in corporate life and asset matching came to the fore. Tail risk was important, and it showed that things can happen for which we really need to be prepared. Later, I was working in the voluntary retirement market, which seemed to get more and more complex. When the Chartered Enterprise Risk Analyst designation was first offered in 2008, it looked interesting and necessary, and I qualified based on my experience. Now I am still working in the retirement benefit area, but when the opportunity to join ERMAC came along, I jumped at it. The learning curve is steep but it is very interesting; my role as chair is to grow interest among all practitioners, and when there are a lot of moving parts it can be challenging to create a workable structure."

Ms. Patershuk, who has already enjoyed responsibilities such as insurance consulting, providing expert testimony, and developing pricing models, said that her latest goal was to help ERM expertise spread throughout all sectors and expand the network of actuaries working in this burgeoning area.

She added: "The pace of change has increased. Risks are interconnected on a global basis, and without a central focus, decision making in organizations can be lacking or flawed. It is essential to have people who can assess all types of risks on an integrated basis, and long-term financial security requires a well-designed framework. Pay-as-you-go funding doesn’t work, so ‘risk-as-you-go’ funding doesn’t work.

"The scope of work in ERM is virtually unlimited. ERM looks not only at the financial risks but also things like strategic risks and governance risks. In addition, ERM can be applied not just at the organizational level but also at the country level. When she was CIA President, Micheline Dionne was quoted as saying how valuable it would be to have a country risk officer. Given the vast and expanding opportunities in ERM and the strong risk management skills embedded in the DNA of actuaries—members of the world’s oldest risk profession—it is vital that more actuaries get involved in ERM. Within the financial sector, it is a more natural and logical step for actuaries to move into ERM. In the non-financial sector, it may be a bit more of a leap, but it is not at all unrealistic; even companies like Bombardier now have actuaries working for them. This is an exciting time for actuaries in ERM. I can see a time when it will be de rigueur for large non-financial companies to have actuaries working on their ERM programs."
 
Sun Life Financial has appointed Michaël Hébert as assistant vice-president of group retirement operations. M. Hébert has 15 years' experience in this area, and will be responsible for ensuring that the division operates effectively and continues to improve its high level of service to its clients. He previously directed Sun Life's retirement operations for South America.

Faizel Alladina, vice-president of group insurance at Munich Re, was quoted in a story in the Investment Executive newspaper about a survey by his company that discovered that more than six in 10 Canadians expect to work past 65.

_______________________________________

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
IAA Approves ISAP 1

The International Actuarial Association (IAA) has approved its first International Standard of Actuarial Practice, ISAP 1, on general actuarial practice. The ISAP, a model for actuarial standard-setting bodies to consider, would apply to all actuarial services performed by an actuary except for elements of guidance that are explicitly superseded by another standard or by law.

It is available on the IAA website (www.actuaries.org) under Publications and can also be accessed by clicking on the link provided under Hot Topics on the IAA’s home page.

Contact with Questions: Contact the Director of Technical Activities at the IAA Secretariat

Request for Proposals: Analysis of Mortality Experience

The CIA Research Committee has issued a request for proposals from parties interested in conducting the Analysis of Canadian Individual Annuitant Mortality Experience Research Project.

The committee is seeking a researcher to conduct an annual 10-year study of the mortality experience of the individual annuitant population in Canada for three years, covering policy anniversaries from 2002–2012, 2003–2013, and 2004–2014. It envisages that the project will result in, among other things, key measures to analyze recent mortality experience and a finely-detailed database of grouped experience.

Anybody interested in submitting a proposal should read all of the documents below, and express an interest before February 1, 2013.

Request for proposals
CIA Participation Protocol
External data policy
Non-disclosure agreement

Contact with Questions: Julie Chambers, Chair of the Research Project Management Team, at julie.chambers@londonlife.com or 519-435-4929

Educational Note: Guidance for the 2012 Valuation of Insurance Contract Liabilities and Dynamic Capital Adequacy Testing for Property and Casualty Insurers

The attached educational note was approved by the Practice Council on November 22, 2012, and provides guidance to actuaries in several areas affecting the valuation of insurance contract liabilities and dynamic capital adequacy testing reporting for P&C insurers. It reviews relevant standards of practice and educational notes and discusses current issues affecting the work of the Appointed Actuary.


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

Discipline Bulletin – Volume 19, No. 1

This Discipline Report has been prepared by the Committee on Professional Conduct to educate and inform all members of the CIA about the disciplinary process and current disciplinary activities.


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

Report on the CIA Survey of C-1 Provisions of Life and Health Insurance Organizations in Canada – 2011 Fiscal Year-End

This report documents the results of the Canadian Institute of Actuaries survey of C-1 provisions for life and health insurance organizations in Canada, as at fiscal year-end 2011.

The report is available in the members section of the CIA website. To access this report, please log into the Members Site and click on Organization on the top menu bar. Select Practice Council and under Committees and Task Forces select the Committee on Investment Practice. The link to the report will be under Reports and Documents near the bottom of the page.

Contact with Questions
: Tony Williams, Chair, Committee on Investment Practice, at tony.williams@pbiactuarial.ca

Submission to the Department of Finance Canada: Regulations Amending the Pooled Registered Pension Plans Regulations

The Canadian Institute of Actuaries presented its comments to the Department of Finance Canada on the Regulations Amending the Pooled Registered Pension Plans Regulations.

To read the submission, please access the link below.


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

International Mortality Research Update


CIA members are being invited to comment on and contribute to the work of the International Actuarial Association’s Mortality Working Group.

The group, whose members represent 23 countries, is developing an online Information Base which contains information on mortality studies, papers, and websites of particular interest, and group member Brian Ridsdale has produced a one-page update on its activities which can be read by clicking here.

Contact with Questions: The working group at iaamwg@actuaries.org

Join Us on Twitter!


The CIA’s Twitter accounts are proving a great success, with close to 500 people now receiving our updates of Institute events and activities, links to articles of value, and news of people in the actuarial profession and beyond. Many of your peers and industry leaders have already signed up, and we encourage anybody not already following us on Twitter to do so in order to stay as up to date as possible.


You can click on the appropriate button on the CIA’s website, or directly at our Twitter page: English or French. By following the CIA, and retweeting any posts you feel would be of interest, you help ensure that the work of the Institute and its members can reach the widest possible audience, constantly raising the profile of the Canadian actuarial profession.


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

Exposure Draft to Introduce Standards Relating to Appointed Actuary Opinions with Respect to Use of Internal Models to Determine Regulatory Capital for Segregated Fund Guarantees

The attached exposure draft was approved by the Actuarial Standards Board (ASB) on November 15, 2012. The proposed changes provide model wording for the Appointed Actuary’s opinion relating to models used to determine required capital for segregated fund guarantee risks, clarifying that the actuary would be opining on the compliance with the requirements of the regulator. The deadline for comments was December 20.

Link: http://www.actuaries.ca/members/publications/2012/212098e.pdf

Contact with Questions
: Stephen Haist, Chair, Designated Group, at shaist@eckler.ca

The Member Listening Group Needs You!

Around 100 members have already stepped forward 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 of short online surveys.

But many more are needed to make the group as effective as possible and ensure that the opinions of the broadest spectrum of members are represented.

Only a small time commitment is required, and 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

Discipline Notice – Notice of Disciplinary Tribunal Hearing

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

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


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

Webcast – Bill 133 for Pension Actuaries: A Primer on Issues and Best Practices

November 28, 2012

Noon to 1:30 p.m. (EST)


Featuring:
Dani Goraichy, director, actuarial services and plan policy, Ontario Public Service Employees Union Pension Trust
Ken Harrison, director, actuarial services and tax, Ontario Teachers' Pension Plan
Kelley McKeating, consulting actuary, Dilkes, Jeffery & Associates

This webcast is intended for actuaries who advise pension plan sponsors and those directly involved with plan administration. It features an overview of elements of the Ontario Family Law Act relevant to pension plan sponsors, their advisers, and the administrator, plus case studies that will highlight pitfalls, issues, and opportunities inherent in Ontario's new pension valuation and division regime.


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

Webcast: Longevity Risk and Solutions for It

November 27, 2012
Noon to 1:30 p.m. (EST)


Speakers:

Daniel Ryan, head of life and health research and development, Swiss Re
Kai Hoffmann, pensions longevity originator, Swiss Re

This webcast will outline the nature and extent of longevity risk and provide insights into solutions available to pension plans and insurers for managing this risk. It will focus on longevity (re)insurance (sometimes referred to as "longevity swaps") which transfers the plan/portfolio-specific longevity risk to (re)insurers.

Link:
http://www.actuaries.ca/webcasts/index_e.cfm

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

CPD Deadline Grows Near


This is a friendly reminder that just a few weeks are left for CIA members to meet their Continuing Professional Development (CPD) requirement for 2012. Compliance with the Institute’s Qualification Standard with respect to CPD is a prerequisite for members to provide actuarial services, and the minimum requirement is 100 hours over a two-year calendar period, with at least the following:

• Technical: 12 structured hours;
• Professionalism: four hours (structured and/or unstructured); and
• Structured: 24 hours.

For more information, visit My CPD at http://www.actuaries.ca/members/professional/my_cpd_e.cfm (please ensure you are logged into the Members Site).

Links:
My CPD: http://www.actuaries.ca/members/professional/my_cpd_e.cfm

Contact with Questions
: Leona Campbell, coordinator, eligibility and education, at leona.campbell@actuaries.ca. Tel: 613-236-8196 ext. 124; fax: 613-233-4552

Submission to OSFI: Draft Guideline B9 – Earthquake Exposure Sound Practices


The Canadian Institute of Actuaries offered comments on the Office of the Superintendent of Financial Institutions’ Draft Guideline B9 – Earthquake Exposure Sound Practices.


To read the submission, please access the link below.


Contact with Questions
: Phil Rivard, Chair, Practice Council, at privard@segalco.com

Research Paper – Considerations on the Quantification of Variability in P&C Insurance Policy Liabilities

The attached research paper was approved by the Practice Council on September 7, 2012. It addresses the calculation of economic capital and aims to provide education for the actuary working in property and casualty insurance when evaluating the variability surrounding estimates of claim and premium liabilities.


Contact with Questions
: Michel Dionne, Vice-chair, CRMCR, at michel.dionne@intact.net

Erratum: Report – 2009 Pension Review Project

The publication of the 2009 Pension Review Project, which was prepared by the 2009 Pension Review Task Force, was announced yesterday. The announcement contained an error: the task force was disbanded in September 2012, not September 2009.

To read the report, please access the link below.


Contact with Questions
: Rod Sproule, former Chair, 2009 Pension Review Task Force, at rodsproule@gmail.com

August 2012 Risk Management Newsletter Now Available in Both Official Languages

The CIA has just produced a French version of the Risk Management Newsletter and it is now available in both official languages on the Society of Actuaries (SOA) website. The Joint Risk Management Section is sponsored by the CIA, the Casualty Actuarial Society, and the SOA to promote education and research in the area of enterprise risk management and to establish leading risk management techniques.

Link: click here


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

Exposure Draft for Practice-Specific Standards on Insurance Contract Valuation (Sections 2100–2300) to Narrow the Range of Practice on Certain Elements

The attached exposure draft was approved by the Actuarial Standards Board on October 11, 2012. It addresses assumptions for non-fixed income asset classes where reliable historical data are not available, considerations where regulatory approval is required on adjustable products; and policyholder behaviour assumptions in the context of life and health insurance contract valuation. The closing date for comments was December 15.


Contact with Questions
: Ty Faulds, Chair, Designated Group, at ty.faulds@londonlife.com

Video – The CIA Discipline Process

After a seven-year absence, the CIA’s Not-Ready-For-Any-Time Players returned to the stage at the 2012 CIA Annual Meeting for a repeat performance of their acclaimed portrayal of the Institute’s disciplinary process. A stirring depiction that shows how the process works for a fictional case, how it is initiated, and how it can change as new information comes to light. The heretofore undiscovered theatrical skills of several CIA members had the audience on the edges of their seats in this entertaining and informative presentation.

If you missed the special live performance—or enjoyed it so much you want to see it again—a video recording is now available for viewing in the Discipline section of the CIA website and in the Proceedings (along with all of the audio-recorded sessions from the meeting).

Links:

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

Determining the Impact of Climate Change – Phase I Report Launched

The Canadian Institute of Actuaries, Casualty Actuarial Society, Society of Actuaries, and the American Academy of Actuaries’ Property/Casualty Extreme Events Committee have responded to the impact of emerging risks due to climate change on insurance by collaboratively tasking committees to recommend, support, and perform research on climate change and assess the potential risk management implications for the insurance industry.

As well, this group has launched a multi-phase research project and commissioned Solterra Solutions to research and prepare a report, "Determining the Impact of Climate Change on Insurance Risk and the Global Community".

This Phase 1 report is a synthesis of a vast and rapidly growing body of scientific knowledge on climate change with a focus on potential impacts to society and the insurance industry.

Links:

Executive summary
Complete report

Contact with Questions
: Caterina Lindman, Chair, CAS Climate Index Working Group, at caterina.lindman@gmail.com

Report: 2009 Pension Review Project


The 2009 Pension Review Project prepared by the 2009 Pension Review Task Force has been posted to the CIA website. The ultimate purpose of this review is to enhance the support and advice provided by the CIA to practitioners preparing total plan wind-up reports filed with the regulatory bodies, to provide input to any practice committee(s) responsible for the documentation of standards generally, and to promote the highest quality of work. The task force was disbanded in September 2009, following the approval of the report by the Board.

To read the report, please access the link below.


Contact with Questions
: Rod Sproule, former Chair, 2009 Pension Review Task Force, at rodsproule@gmail.com

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

November 7, 2012

Noon to 1:30 p.m. (EST)


Presenters: Chris Eccles, senior pension analyst, 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
 
Calendar of Events
February 15, 2013
Professionalism Workshop
InterContinental Hotel
Toronto, ON
February 26, 2013
Professionalism Workshop Hilton Montreal Bonaventure Montréal,
Québec
April 9, 2013
Professionalism Workshop InterContinental Hotel Toronto, ON
June 2-5, 2013
Practice Education Course
Delta Ottawa City Centre
Ottawa, ON
June 19, 2013
Professionalism Workshop Hilton Montreal Bonaventure Montréal,
Québec
June 20-21,
2013
Annual Meeting
Hilton Montreal Bonaventure Montréal,
Québec
September 25, 2013
Professionalism Workshop Hilton Montreal Bonaventure Montréal,
Québec
September 26-27, 2013
Seminar for the Appointed Actuary
Hilton Montreal Bonaventure Montréal,
Québec
November 12, 2013
Pension Seminar
Metro Toronto Convention Centre
Toronto, ON
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 Board has approved the appointment of Bruce Langstroth as Chair of the Practice Council, effective January 1, 2013.

A Governance Task Force (featuring members Jim Christie, Bill Chinery, Sharon Giffen, and Simon Curtis) has been created with the following mandate:
  • To review current policies and practices on Board member participation on councils;
  • To review current policies and practices on Board member participation on specific Board committees (e.g., Committee on Finance, Risk Management Committee) and recommend any required changes;
  • To determine if there is a need for a standing Governance Committee and, if affirmed, to propose its mandate and structure; and
  • To bring recommendations on the above issues to the Board at its March 2013 meeting.
The CIA Legal Services Provider Task Force has been disbanded with thanks from the Board.

The Board has approved the appointment of the following to the 2013 Committee on Elections: Larry Miller (Chair), Claudette Cantin, Jean-François Poitras, Heike Reck, Dennis Schettler, Kathy Thompson, Kevin Vantil, and Stuart Wason.

For information only:

Phil Rivard, Chair of the Practice Council, has offered his resignation to the council, effective December 31, 2012.