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

Canadian Institute of Actuaries/Institut canadien des actuaires

February 2013
Your Institute

By Simon Curtis, FCIA
CIA President


Through the many years of my involvement with the CIA, one issue that has consistently come up is how the Institute can gain greater public recognition for the profession and more effectively contribute to dialogue on the key retirement and financial security issues we view as cornerstones of our area of expertise.

How should the CIA contribute to the public debate? Should we be "advocates" who express opinions—sometimes strong ones—on issues, or should we play an "honest broker" role, presenting key facts to frame and inform debates but staying away from advocacy?

In the past, the Institute has strongly come down on the side of the "honest broker" role. This approach has been supported by a view within the leadership that advocacy positions should be taken only when there is a consensus within the profession, and/or when a position will not offend a meaningful minority of our members, or even our key stakeholders. In framing our contribution to public dialogue, these are high hurdles as even relatively benign statements on topical issues frequently necessitate taking a position. It is fair to say that one consequence of this is the profession being less vocal in broader public dialogue than would otherwise be the case.

Another consequence is that when we do enter into the public forum on issues, the result is often much less impactful than we would hope. Why is this?

Primarily it is because when one does not take strong positions, especially with the media, one is usually viewed as having nothing newsworthy or meaningful to say. As a result, for a profession that should be front and centre of the debates on retirement, health care, insurer solvency, and other financial security issues, our voice is almost inevitably muted. I do not believe this serves our profession or the public well; other, and sometimes less relevant, voices and bodies fill the void, and the very thoughtful perspective that actuaries can bring is not heard.

Recently I had a chance to discuss this issue with the leadership of the Institute of Actuaries of Australia (IAA). They had been concerned about the low media/public profile and impact of the profession in Australia, and took two steps to address this.

First, and perhaps most dramatically, they decided that all public policy statements must advocate a strong view or perspective. If they do not, no position statement is made. This contrasts with our Canadian approach, and the approach of the UK institute, which is to generally avoid advocacy positions. The practice at the U.S. academy appears to be in the middle. Interestingly, the reports from the Australian leadership are that their approach has succeeded in significantly increasing the profession’s media and public policy profiles, and has consequently met with acceptance from the membership.

The second step was to encourage individual members to write articles and engage with the media to put forward their own views on topical issues. The IAA facilitates this through its staff by providing contacts and other tools to help actuaries connect to the media. In theory this can easily lead to actuaries being involved publicly in opposite sides of key policy debates. They report that this has also been successful in raising the profession’s profile.

Given that the CIA’s longer-term goals include enhancing our contribution to public policy debate and expanding the profession into new fields, raising actuaries’ profiles is likely a vital step. The reality is that this will be difficult to do without individual actuaries and/or the professional body contributing in stronger, more provocative ways to any media/public dialogue.

How far are we as a profession in Canada are willing to go to achieve this is a key question we must address.

Simon Curtis, FCIA, is President of the Canadian Institute of Actuaries.
 
Spotlight

By Bruce Langstroth, FCIA

Phil Rivard last shared happenings within the Practice Council about six months ago. This note will update you on key guidance material (research papers and educational notes) published since that time and some important work in progress, and highlight a need for volunteers.

Published in the Last Six Months

Guidance material published over the last six months includes:
Work in Progress

As we look at our desktops today (or consider work that we expect to be there in the near future), three particular projects stand out:
  • Work is well advanced on updating the 2009 educational note Calibration of Stochastic Interest Rate Models to provide guidance on the calibration of models projecting short-term interest rates and credit spreads (as well as the original long-term interest rates). This project has been affected by the Actuarial Standards Board’s (ASB) work on economic reinvestment assumptions—publication of the update will be delayed until the completion of the ASB’s work and evaluation of the nature of and need for further guidance.
  • Changes to the Standards of Practice in relation to mortality improvement assumed in the valuation of life insurance and annuity contracts were implemented in 2010 and work is under way to consider the application of those standards to the valuation of disabled life reserves (disabled life annuities).
  • Development of an educational note addressing dividend determination for participating policies intended to accompany streamlining of the Standards of Practice is expected later in the year.
  • The Committee on Risk Management and Capital Requirements is planning to work on research papers addressing capital for operational risk and risk appetite and limits.
Enterprise Risk Management Members

In the Practice Council’s last update, Phil Rivard spoke to the desire to obtain a diverse range of experience and practice within the council’s membership. Enterprise risk management (ERM) as a practice area is not well represented (at least by those whose principal area of practice is ERM) on the council. ERM practitioners who are interested in participating on the Practice Council should contact me at bruce.langstroth@rbc.com.

Bruce Langstroth, FCIA, is Chair of the CIA Practice Council.
 
MOVERS AND SHAKERS
Given today’s economy, it can sometimes be difficult to find the time or money to attend courses and presentations, even if they might improve one’s skills or career prospects.

But help may be at hand in the form of Coursera and Udemy.


Coursera is a website that enables visitors to "take the world’s best courses, online, for free". More than 2.5 million people have enjoyed lessons in such topics as mathematical thinking, finance, business strategy, innovative ideas, and much more, provided by lecturers from prestigious universities including Columbia, Princeton, Stanford, London, British Columbia, and Toronto.

The lessons are divided into categories like Business & Management, Economics & Finance, and Humanities, and generally range in length from six to 12 weeks. Earlier this month, for example, those viewing the Mathematics section could have signed up for a seven-week course by Friedrich Eisenbrand of the École Polytechnique Fédérale de Lausanne on linear and discrete optimization with a syllabus that included linear programming, the simplex method, the theory of duality, and integer problems. In the same section, forthcoming courses include:
  • Analytic Combinatorics with Robert Sedgewick of Princeton;
  • Introduction to Mathematical Thinking with Keith Devlin of Stanford; and
  • Calculus: Single Variable with Robert Ghrist of Pennsylvania.
The description for each course offers the expected workload (six to eight hours a week is fairly typical), a summary, information about the instructor, a recommended background for participants, suggested reading, and more. Joining simply involves completing an online form.

Founded by two award-winning academics, Coursera is backed by private investors, one of whom has sponsored ventures that have created 200,000 jobs. It describes itself a social entrepreneurship company that envisions "a future where the top universities are educating not only thousands of students, but millions . . . We hope to give everyone access to the world-class education that has so far been available only to a select few. We want to empower people with education that will improve their lives, the lives of their families, and the communities they live in."


Rather than universities, Udemy partners with individual academics, authors, celebrities, and business leaders who have taught more than 500,000 students. Backed, like Coursera, by venture capitalists and other investors, the site has fewer science courses and not all sessions are free of charge. But its list of business-related lessons is extensive, covering titles like:
  • Operations Management;
  • Foundations of Business Strategy; and
  • Enterprise Gamification.
Course descriptions are written by the presenters and explain what is required, their background, the syllabus, and more. Those signing up for the free course Energy Economics and the Environment, for instance, will join over 3,300 students being taught by a former White House economist via 27 lectures lasting more than six hours. Or why not follow in the footsteps of 20,000+ others who enjoyed An Entrepreneur’s Checklist, in which highly-regarded serial entrepreneur Steve Blank briefly explains key topics for those forming their own company?

Pros:

Coursera—the credentials of the presenters; the free nature of the courses.
Udemy—the broad range of presenters.

Cons:

Coursera—some subject areas have only limited numbers of courses.
Udemy—the cost of some courses may be prohibitive.

Addresses:

Coursera—https://www.coursera.org/
Udemy—http://www.udemy.com/

 
Institute News

It’s time to make your mark! The 2013 Elections offer opportunities to play a role in the governance of the CIA and the future of the actuarial profession, so please consider standing as a candidate.


Elections will soon take place for four Director positions (three-year terms), the Secretary-Treasurer (two-year term), and the President-elect (one-year term, three-year commitment). Any member who wishes to run for one of these positions, and who meets the nomination requirements set out in the CIA Elections Rules of Procedure, will have their name appear on the ballot.

The Elections Committee is also actively identifying and encouraging potential candidates to run. It aims to achieve proportional representation by region and practice area on the Board.

If you are interested in nominating an individual or submitting your own name for this year’s ballot, please contact Shirley Ann Mahon at the CIA Head Office before April 2. Further information regarding the nomination requirements can be found in this year’s Rules of Procedure.

This is your opportunity to serve and support your profession, and when the time comes, please vote!

 

By Dave Pelletier, FCIA

As CIA President Simon Curtis reported in the November issue of the (e)Bulletin, the Council of the International Actuarial Association (IAA) recently adopted its first International Standard of Actuarial Practice. ISAP 1 is on the subject of general actuarial practice, dealing with many of the subjects covered by part 1000–General of our own Standards of Practice.

This may well raise a number of questions in readers’ minds:
  • Just what is an ISAP?
  • Now there’s one; will there be more?
  • What status will they have in Canada, and how will they relate to our own standards?
  • What impact will they have elsewhere?
Given the increasing importance of globalization (particularly given the increasing acceptance of International Financial Reporting Standards—IFRS—around the world and the work being done on those standards in the insurance and employee benefit areas) and professionalism, the IAA’s Professionalism Committee established its Convergence of Actuarial Standards Task Force (CTF) in 2010. It was chaired by Hillevi Mannonen of Finland, and included among its members our own David Congram. The CTF defined six different levels of "convergence", ranging from identical standards everywhere ("full convergence") to some standards in some places but covering different things and potentially conflicting ("no convergence").

"No convergence" is the current reality; however, the CTF concluded that this was not an acceptable option going forward. "Full convergence" was also considered unworkable, certainly at this stage or even in the "foreseeable future". Full convergence would have taken standard-setting power out of the hands of individual jurisdictions and placed it with a yet-to-be-established and hence totally untried and untested global actuarial standards-setter. Even the International Accounting Standards Board (IASB) is not in that position; some key countries (the U.S. and Japan being two) do not follow IFRS and even those that are "IFRS countries" have local accounting standards-setters (in Canada, the Accounting Standards Board, or AcSB) that consider what the IASB comes up with for adoption locally.

The CTF concluded then that the appropriate objective was "medium convergence with voluntary application", and recommended that the IAA should reflect this in its strategic direction. As a result, the IAA now includes as part of one of its strategic objectives, "Promote the development and issuance of actuarial standards in the jurisdictions of all Full Member Associations, and the global convergence of actuarial standards." It identified the preparation of model standards as a key activity designed to ultimately achieve this objective, and so established the tentatively-named Interim Actuarial Standards Subcommittee (IASSC) in late 2010.

ISAP 1 is the first such model standard produced as a result, reflecting some excellent work by the IASSC’s General Task Force, chaired by Godfrey Perrott of the U.S. with strong contribution by Canada’s Jacqueline Friedland. So, given "medium convergence with voluntary application", what will Canada and the other countries do with ISAP 1?

The situation with respect to actuarial standards varies hugely by country. Some have none. In others, they are essentially by-products of regulation of insurance and/or pensions. Others have some standards but they are limited to certain areas of practice. Others, like Canada, have extensive standards, but these vary considerably in format and in the nature of the bodies developing, approving, and adopting them.

Countries with no or limited standards may well be those that find it easiest to adopt ISAPs as they are developed, once they have put a standard adoption process in place. It’s trickier in places like Canada with already existing standards, and particularly Canada where our standards across practice areas tend to be closely integrated, unlike in some other jurisdictions where the various standards are somewhat more stand-alone.

As Simon Curtis pointed out in his November article, philosophically and strategically "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."

The ASB and its counterparts elsewhere that share the same view will want to demonstrate support for this international initiative. The ASB is currently considering how best to do this, and has established a working group, to be chaired by Michael Banks (not Jim Christie, as I mistakenly reported in the (e)Bulletin last month), to examine the various options available to the ASB for dealing with this and future ISAPs. One approach could be, in the words of the news release accompanying the issuance of ISAP 1, to confirm that our existing standards are "substantially consistent" with this ISAP and others as they come along, and to modify our existing standards if necessary to achieve that "substantial consistency". Our standards would be deemed substantially consistent with the ISAPs if work conforming to our standards would also conform to the ISAPs. However, as the body of ISAPs grows over time and as acceptability and credibility of the ISAPs grow, perhaps at some point in the (distant!) future, we’ll see a move away from our own standards to the body of ISAPs, in the same way that the AcSB in Canada adopted IFRS in 2011.

Member associations of the IAA appear to be gaining comfort with the process, given the sensible approach towards medium convergence with voluntary application and the strong support for the effort provided by the IAA Presidents and Council (including IAA President-Elect Rob Brown and David Congram) over the last three years. The IASSC was pleased that the IAA Council decided that, effective January 1, 2013, the IASSC would drop the "Interim" and the "Sub" and it is now the Actuarial Standards Committee (ASC). However, the process of actual adoption or certification of substantial consistency across the world could be a long one, and close and genuine consultation on the part of the ASC with the IAA’s member associations and other interested parties worldwide will play a key role in gaining acceptance for the ISAPs.

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

After a long and successful career, CIA member Rob Brown has taken on a new challenge: becoming President-Elect of the International Actuarial Association (IAA).

The former professor at the Department of Statistics and Actuarial Science at the University of Waterloo was recently elected for the prestigious position and in 2014 will succeed Kurt Wolfsdorf as President.

Although Dr. Brown, FCIA, FSA, ACAS, Hon FIA, is retired, the coming year may keep him very busy. He said: "It is a privilege and an honour to be President-Elect, but it is also a responsibility. There are things that I want to do: the IAA has the capacity to build committees and rules and administration to the point that it could bog itself down, so I want it to be more nimble and able to react. There are issues like strategic planning and International Standards of Actuarial Practice coming down the pipe, and if we do not act carefully we could see ourselves on a path where it could take two to three years from the genesis of an idea to having a policy out to the world.

"We [IAA members] only meet every six months and there are things that do not work via e-mails or phone calls. Some matters require face to face meetings, but that doesn’t mean it should take six of our meetings to get things done. We now cover the world and we work really hard to make sure that we have representatives from every region on our committees. Asking them to get together more than every six months is not realistic. But we are putting together a process of approvals that will be critical. What we need is a lot more flexibility.

"The IAA is working hard to enhance the reputations of actuaries and the actuarial profession. We have been around long enough that we can change from being reactive to proactive. We can walk tall, and we can have more confidence; we have been around 15 years and we haven’t done anything that we need to regret."

But there may be challenges ahead, he added: "There is a natural tendency in actuarial people for analysis to lead to paralysis; give an actuary an inch and he or she will measure it. We tend to think of every problem that will come up before we take an action."

However, Prof. Brown—who has been a volunteer for 35 years and won extensive recognition for his writings on retirement issues—believes that his experience will help make his plans a success. He said: "I’ve been going to IAA meetings for 15 years, so I know the people, and I would like to think I have felt the pulse of the general membership so that there are not going to be any big surprises."

Being a member of the CIA might also give him an advantage. He said: "We punch well above our weight. We are seen as being very principled, and as being an organization that does put the public’s interest over its own. Many of the standards that are being developed internationally can be seen to have their foundations in Canada. We can be immensely proud."

His tenure as President will include being the presiding officer for the 30th International Congress of Actuaries in Washington, DC, in 2014. Brown said such exciting events, plus meetings with bodies like the World Bank and World Health Organization, gave him "great energy". He added: "It is good to work with people from around the world. They come from different backgrounds and cultures, and have grown up with different regulations. You grow to appreciate those differences, and when you get 10 to 12 such people to agree about a product you can be assured that it is of high quality.

"The past decade has been very exciting for actuaries. Take post-communist Europe: under communism, none of these countries had actuarial professions. Now they want and need actuaries. That has coincided with the growth of free markets in China, India and elsewhere, so there is now huge demand for actuaries.

"There are lots of emerging opportunities. Risk, and the ability to measure and manage it, is a great opportunity. Enterprise risk management is mushrooming around the world and the IAA is doing its very best to nurture that. The IAA has also helped take the Chartered Enterprise Risk Analyst credential to a global level.

"The world is getting smaller, and multinational financial institutions rely on actuaries’ involvement at the highest level. Working internationally is really important And having an international professional presence is equally important."

 
Derek Dobson, CEO and plan manager at the Colleges of Applied Arts and Technology (CAAT), has talked about the CAAT's response to the global economic crisis in the February issue of Benefits Canada.

Malcolm Hamilton has become senior fellow at the C. D. Howe Institute, focusing on human resources policy, pensions, and savings. Meanwhile, his views on alternatives are being featured in a video on BenefitsCanadaTV.

Susan Kudzman has been appointed to the board of human resource experts Atman Co.

Denis Latulippe has considered the changing face of retirement in La Presse.

Thomas Levy has spoken
in The Star about what happens to pension plans when companies fail.

Ken Millard has been appointed as vice-president, national accounts, at Great-West Life. Mr. Millard has spent more than 20 years at the company, and has served in such areas as individual insurance, group benefits, and group retirement services.

Ted Singeris has been named president of Mercer Canada. He will be responsible for defining and implementing the company's Canadian strategy, and delivering financial results, growth, and continued client service excellence.
_______________________________________

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 professionals—whether 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.
 
THIS MONTH'S PUBLICATIONS
Report: The Canadian Pensioners Mortality Table

This report on Canada/Québec Pension Plan mortality experience is the first of a series commissioned by the CIA to be published this year on Canadian pensioners’ mortality. The objective of this work was to review the experience of pensioners under the Canada Pension Plan and Québec Pension Plan. This report contains phases I and II; phase III will be published in the next few months.

Currently, the report is only available in English. Until the French version can be made available, which will be in a few weeks, the English version has been posted under Organization > Committees and Task Forces > Research Committee > Documents (remember to log in to the members site first).\

Contact with Questions: Marc-André Belzil, Chair, Research Committee, at mbelzil@rgare.ca

Wanted: Student Sponsors!

The CIA is once again trying to help Jeunes Explorateurs d’un jour link up with Institute members who would like to invite a student to spend a day with them in their office. Twenty Québec high school or CEGEP students have expressed an interest in visiting actuaries for the day on April 18.

The Institute is trying to find a placement for four students in the following places:
  • Montréal or Laval (1)
  • Montérégie (Longueil) (2)
  • Laurentides (Saint-Donat, Ste-Agathe or around these municipalities) (1)
If you are interested in sponsoring one or more of these students, please visit www.jeunes-explorateurs.org or contact Jean-David Tremblay at 418-643-3673, or at jean-david.tremblay@jeunes-explorateurs.org. We ask that you also let the CIA Head Office know that you have volunteered by contacting Josée Gonthier at 613-236-8196 ext. 106.

Contact with Questions: Josée Gonthier, French editor, at 613-236-8196 ext. 106 or josee.gonthier@actuaries.ca

ERM Symposium Attracts Big Names—Save the Date!

Headlining the 2013 ERM Symposium will be Sheila C. Bair, Chair of the Federal Deposit Insurance Corporation for the five years until July 2011—a challenging period, most agree.

This landmark occasion for enterprise risk management (ERM) practitioners and others will also include a general session that should attract great attention: "Critical Reflections of the Crisis; International Regulatory Experiences and the Way Forward to a More Robust Financial System." Bob Mark of Black Diamond Risk will moderate panellists Alan Malz of the Federal Reserve Bank of New York, Dale Gray of the International Monetary Fund, and Colin Lawrence of the Financial Services Authority in the UK.

Places are sure to go quickly, so make sure you save the date: April 22–24, 2013, at the Swissôtel Chicago, IL.

Contact with Questions: Ryan Smith, professional development manager, Society of Actuaries, at 847-706-3008 or rsmith@soa.org

Research Paper: Provisions for Adverse Deviations in Going Concern Actuarial Valuations of Defined Benefit Pension Plans

The attached research paper was approved by the Practice Council on January 17, 2013. It provides background for pension actuaries when developing provisions for adverse deviations (PfAD) in going concern pension plan valuations. Its main objective is to assist them in answering the following type of question: "With a PfAD of x% in a fully funded plan, what is the probability that the plan will still be fully funded at some future date?"

Contact with Questions: Stephen Bonnar, Chair, Task Force on the Determination of Provisions for Adverse Deviations in Going Concern Valuations, at spbonnar@gmail.com

Discipline Notice – Notice of Suspension

A discipline notice has been prepared by the Committee on Professional Conduct to inform CIA members of the suspension of Mr. Robert D. J. Scheiring.


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

The Member Listening Group Needs You!

Around 110 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, CIA Head Office, 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

Continuing Professional Development (CPD) Annual Filing Deadline – February 28, 2013

The CPD filing period is now open. Please be reminded that the deadline for filing your annual CPD compliance/exemption statement is February 28, 2013.

All Fellows, Affiliates, and Associates of the Institute must submit a compliance or exemption statement (except members on a Category 1(a) waiver of dues). You may file your annual statement online on the My CPD webpage of the Members Site. After logging in, just click on the File My 2011–2012 Annual CPD Compliance Statement button and choose the appropriate category.

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

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.

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—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: Leona Campbell, coordinator, professional practice, at leona.campbell@actuaries.ca

Join Us on Twitter!

The CIA’s Twitter accounts are proving a great success, with more than 550 people now receiving our updates. Recent tweets have covered such subjects as new appointments, noteworthy articles involving CIA members, and crucial reports.

To follow the CIA, click on the appropriate button on the CIA’s website, or directly at our Twitter page: English or French.

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

CIA Professionalism Workshop – 2013 Dates

Registration for the CIA 2013 Professionalism Workshops is now open on a first-come, first-served basis.

Please share this information within your company with candidates who are planning to become Associates/Fellows of the CIA, Society of Actuaries (SOA), or Casualty Actuarial Society (CAS) in the coming year.

This workshop is a requirement to become an Associate of the CIA (ACIA), and for property/casualty candidates applying for Fellowship in the CIA unless they have attended the CAS Professionalism Course offered in Canada.

The SOA recognizes the CIA workshop as equivalent to its Associateship Professionalism Course (APC) for Canadian students. Therefore, Canadian candidates who are pursuing the Associateship in the SOA (ASA) designation can obtain credit for the APC by attending the CIA workshop.

The following dates have been scheduled for the workshop. Please note it is now a ¾-day program.

Toronto Montréal (French)
February 15, 2013 February 26, 2013
April 9, 2013 June 19, 2013
TBD September 25, 2013
TBD TBD

Register now to avoid disappointment.

Registrants will be assigned to the next available workshop in the chosen location.

For more information on the workshop please see the link below.

Contact with Questions: CIA Head Office at secretariat@actuaries.ca

Practice Education Course


In order to obtain the Fellow of the Canadian Institute of Actuaries (FCIA) designation, all students who complete the Society of Actuaries (SOA) examinations must attend and pass the Practice Education Course (PEC).

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

Registration is open for the PEC to be held from Sunday to Wednesday, June 2–5, 2013, in Ottawa, ON.

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

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


Contact with Questions: Caroline Thebault, senior administrative assistant, education and professional development, at caroline.thebault@actuaries.ca

CAS Trust Scholarship Program


The Casualty Actuarial Society (CAS) Trust Scholarship Committee is accepting applications for scholarships of $2,000 each for the 2013–2014 school year. The scholarships are designed to further students’ interest in the property/casualty actuarial profession and to encourage the pursuit of the CAS designation. The program is open to U.S. or Canadian citizens or permanent residents who are full-time students in North America and have sat, or will sit, at least one actuarial exam by March 2013.

Up to three scholarships will be awarded, based on merit, and applications are due by March 4. For more information, see the link below.

Link: click here

Contact with Questions: Bob Searson, CAS Trust Scholarship co-ordinator, at bsearson@casact.org

Notice of Intent to Revise Economic Reinvestment Assumptions within the Practice-Specific Standards on Insurance Contract Valuation: Life and Health (Accident and Sickness) Insurance (Section 2300)


The attached notice of intent was approved by the Actuarial Standards Board (ASB) on December 20, 2012. It proposes to revise section 2300 with respect to the economic reinvestment assumptions and investment strategies utilized for long-tail liability cash flows under the Canadian asset liability method.


Parties wishing to comment on this notice of intent should direct those comments to Ty Faulds at ty.faulds@londonlife.com by March 15, 2013. A copy should also be sent to CIA resident actuary Chris Fievoli at chris.fievoli@actuaries.ca.


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

Final Standards – Revisions to the Practice-Specific Standards for Pension Plans (Part 3000)

A revised part 3000 of the Standards of Practice was approved by the Actuarial Standards Board on December 19, 2012.

The effective date of the final standard is December 30, 2012.

Links:
Memorandum: click here
Standards of Practice: clean version; redlined version

Contact with Questions: Stephen Butterfield, chair, Designated Group, at stephen.butterfield@towerswatson.com
 
Calendar of Events
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 20-21, 2013
Actuarial Evidence Seminar
ITHQ – Québec Tourism and Hotel Institute
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
November 13, 2013
Investment Seminar
St Andrew’s Club & Conference 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
Practice Council

The following people have been appointed as members of the committees named below:
  • Property and Casualty Insurance Financial Reporting (PCFRC): Houston Cheng;
  • Life Insurance Financial Reporting (CLIFR): Steve MacCharles, Michael Correa, Dominic Hains, and Josephine Marks, effective March 1, 2013; and
  • Pension Plan Financial Reporting (PPFRC): Jennifer Schoenfeld and Kiersten Johnston.
The Task Force on External Peer Review has been disbanded with thanks.

For information only:
  • Jacqueline Friedland and Catherine Robertson have completed their terms on the PCFRC and PPFRC respectively.
  • Edward Gibson, Steve Sullivan, Joan Strothard, and David Gourlay will complete their terms of service on the CLIFR on February 28, 2013.