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

Canadian Institute of Actuaries/Institut canadien des actuaires

April 2013
Your Institute

By Simon Curtis, FCIA, CIA President

This month’s (e)Bulletin has a number of articles about volunteerism, which is truly the lifeblood of the CIA and the actuarial profession in Canada. With a membership of over 4,000, and only one full-time actuary on staff at the CIA (soon to be two), the volunteer effort to staff the numerous councils, committees, and task forces run under the auspices of the CIA is huge. Currently over 440 members, representing around 11 percent of our membership, volunteer in some capacity with the CIA—and this is on top of volunteer efforts with other actuarial bodies our members are involved with, such as the Society of Actuaries, Casualty Actuarial Society, International Actuarial Association, and Actuarial Standards Board.

While this overall effort is impressive, it does mask some issues and concerns. A few members put in a disproportionately large amount of time, especially in taking leadership roles on key committees/councils or other bodies, and it is becoming increasingly difficult to find individual members willing and able to put in the degree of effort required by these roles. Our structure has come to place significant reliance on certain roles requiring time commitments that are extremely hard for most individuals to contemplate. This is beginning to impact our ability to recruit individuals and candidates for key roles, including even the role of CIA President.

As well, as I covered in an earlier article during my term, the changing nature of the work environment, individual priorities, and societal values is, if anything, reducing the time and energy individuals are willing to invest in their professional volunteer activities. To counter this, the CIA leadership and Head Office have been very proactive in focusing on initiatives to encourage professional volunteering, especially targeting younger members, who have historically been under-represented in our committee structure. The challenges around some of the more time-intensive roles, such as key committee chairs, council chairs, and Board leadership positions, are something that the CIA Board is beginning to explore. Unfortunately, there are no easy solutions.

I would, however, encourage all of you who are not involved in the CIA volunteer structure to become involved. While it is clearly in the Institute’s interest for you to volunteer, I passionately believe it is also in your own individual interests. As a professional, the challenge is always to do the right thing, not just what is permitted. The best way to learn how to do the right thing is to interact with your fellow professionals, and there is no better way to do that than volunteering. Almost any volunteer role will expose you to a wealth of individuals with different backgrounds, experiences, and perspectives, and will help you gain the independent perspective that is needed to be a professional. Furthermore, my own experience has been that the connections and contacts I made through volunteering have been hugely beneficial to me throughout my career, and I’m sure most volunteers would say the same thing.

So, for those of you who are volunteers, let me say thank you on behalf of the profession. For those of you who have not volunteered, please take the plunge and get involved—it will not only help the profession, but will also help you be a better professional.


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

By Marc-André Melançon, FCIA

As we celebrate all these volunteers across the country who are giving back to their community, including the CIA family, I would like to thank them in a personal way.

Thank you for simply thinking that you could make a difference, even if small.

Thank you for your heartfelt generosity, which will touch your neighbor, your colleague, or the person you met this morning on your way to work.

Thank you for sharing your talents, including those that sometimes get revealed in the course of your volunteerism.

Thank you.


Marc-André Melançon, FCIA, is Chair of the Member Services Council.
 
MOVERS AND SHAKERS
Volunteers are crucial to the Institute’s continued success and future development, and the Head Office has utilized the launch of the CIA’s new website to make volunteering as easy as possible.

For the first time, the site brings together a wide range of resources to ensure that potential and current volunteers have all the necessary information at their fingertips.

The Volunteer Centre is split into three sections:
  • Getting Involved—an explanation of the benefits of being a volunteer, and how to become one.
  • Orientation Guide—a comprehensive section packed with pages on who to contact for advice, the services available for volunteers, how people are recruited, position guides, useful links, training material, and much more. It is specifically designed to assist chairs by giving them extensive advice and pointing them to further information that can make their lives easier.
  • Volunteer Recognition and Awards—details of how volunteers are recognized and the awards that they can earn through periods of service.
The Volunteer Centre has been written with both volunteers and those who manage them in mind; not only are there pages about how to join a committee, task force, or council, but there are also pages on how to work with new recruits and how to make your committee, etc., as efficient as possible.

Volunteering for a busy task force, for example, can be a daunting prospect, so the centre has information on the help available from both the CIA as a whole and volunteer coordinator Carmelina Santamaria in particular.

It also includes a series of pages to assist those who are in charge of volunteers—whether they are chairing a committee or simply trying to hold a productive meeting—such as:
  • The Volunteer Recruitment and Appointment Process;
  • Harnessing the Best and Keeping the Best;
  • When Conflict Arises;
  • Thank-You Letter Templates; and
  • Guides to the roles of committee, task force, and council chairs, vice-chairs, and members.
Mrs. Santamaria said: "Without the hard work and dedication of our hundreds of volunteers of all practice areas and all levels of experience, the CIA would cease to function as an effective body in the actuarial profession.

"We know how difficult it can be in today’s business world to find the time to spare for volunteering, and we appreciate that it can be hard to join your first committee or deal with a group of volunteers from different backgrounds and with differing viewpoints. So we have made every effort to make sure that the new website’s Volunteer Centre is clear and concise while still including a great deal of information for those who have never volunteered for any part of the CIA’s structure, those who have served on numerous committees, and those who are chairing a council.

"Last week National Volunteer Week highlighted the value of volunteers to all kinds of organizations. We believe the size of the new Volunteer Centre is a suitable reflection of volunteers’ importance to the CIA."

Address: http://www.cia-ica.ca/members/organization/volunteer-centre
 
Institute News

By Minnie Green, ACIA

This year Canada will celebrate its 73rd National Volunteer Week, paying tribute to the millions of volunteers who graciously donate their time and talent with the common cause of strengthening our communities.

As a new member and volunteer at the CIA, my work with the Committee for Volunteer Initiatives has allowed me to appreciate the incredible volume of work completed by the Institute’s volunteers. Each brings a unique expertise, and their insights are invaluable. Their efforts have given actuaries a voice on the global stage while attracting new talent to the field and preserving the value of our credentials.

In my pursuit of defining what it means to be a volunteer in the CIA, the following individuals provided me with insight and information:
  • Julie Chambers—volunteer since 2006, current member of the Member Services Council (MSC), Research Committee, and Segregated Fund Experience Subcommittee;
  • Byron Corner—volunteer since 1989, a former member of the Task Force on Segregated Fund Liability and Capital Methodologies, and the committees on Life Insurance Financial Reporting and the Appointed/Valuation Actuary;
  • Chris Fievoli—volunteer since 1997, current member of the Committee on Continuing Education and the Task Force on Canadian Eligibility Requirements;
  • Marcia Gallos—volunteer since 2010, current member of the MSC, Committee on Volunteer Initiatives, and New Members Committee;
  • Frank Grossman—volunteer since 2004, current member of the MSC, and former chair of the Communications Committee and member of the Task Force on the Comprehensive Member Services Survey;
  • Angela Jonkhans—volunteer since 1992, current member of the Actuarial Standards Board Working Group; and
  • Carmelina Santamaria—CIA coordinator of volunteer services since 2009.
Volunteering in the CIA—it’s never too early to start

As of 2012, approximately 450 CIA members volunteer for 625 positions on CIA committees, councils, and task forces, representing 10 percent of the membership. Three councils, overseeing 26 committees and 12 task forces, offer a variety of work, including policy setting, education/eligibility, and administration.

Creating the next generation of volunteers is one of the CIA’s key goals. While many new members may feel that they lack the technical experience to contribute to a volunteer committee, this is far from true. After discussing the matter with several of the CIA’s most decorated volunteers, I see that there is a common sentiment that new members bring a valuable perspective to the table.

Established in 2012, the New Members Committee (NMC) represents one of many varied volunteering experiences available to CIA members. The NMC’s mandate is to promote education, networking, and volunteering opportunities specifically targeted to new Fellows and Associates. The development of this committee is part of the CIA’s ongoing commitment to encourage its newer members to take part in shaping the profession.

Some of the exciting initiatives on the NMC’s agenda for 2013 include:
  • Exploring networking opportunities for engaging new CIA members;
  • Investigating the production of career development information;
  • Exploring opportunities to produce student- or Associate-focused webcasts; and
  • Assisting with the creation of study groups.
An excellent first committee for those new to volunteering, the NMC is currently looking for one new member. No previous experience is required to join this dynamic group. In fact, the preference is for ACIAs and new Fellows, whose distinct experiences can provide the committee and the CIA with a unique and updated perspective.

What is the value of volunteering to the CIA and the volunteer?

Power growth and innovation
Diversified volunteers include a great number of specialized people that the CIA could never afford to hire as permanent staff. Consequently, committees can approach an issue from different perspectives. Chris Fievoli said: "We have a lot to do, and very few dedicated resources to do it. The CIA Head Office numbers less than 20 people. Without volunteers, we would not have the human resources or knowledge to complete all the projects that are important to the profession in Canada."

Volunteers contribute new ideas and out-of-the-box thinking that is critically important to growth and innovation within the actuarial profession. Byron Corner says that the CIA has been a powerhouse for new ideas on the world stage. He believes that it will continue to be at the forefront of delivering innovative solutions to the challenges imposed by the continuously evolving global economy.

Stay current, help the profession evolve, stay engaged in the profession
Volunteering is a great outlet for staying informed on, and being involved with, the future of the profession. Julie Chambers, who describes her volunteer experience as something that has enriched her career, has found that volunteering has helped her to view her membership with the CIA as more than just paying annual dues.

Promote mentorship
Early in his career, Byron Corner developed a lasting mentorship relationship when he presented at a conference in Toronto and a more tenured actuary interested in his perspective came to discuss his thoughts and insights.

More experienced actuaries can have a significant impact on the profession’s future by promoting the culture of volunteerism among new members. For Byron, one of the most rewarding aspects of his volunteer work has been seeing the success of students who he encouraged to pursue a career in the field.

Build a network
For Byron, who started his career in Nova Scotia, volunteering was an opportunity that he otherwise would not have had to connect with a network of actuaries outside of his company. He did not have access to a local actuary club where he could meet other actuaries and discuss common interests. He views the CIA as a forum for actuaries across the industry to discuss issues and challenges of mutual interest.

Angela Jonkhans finds herself staying in touch with people she met 20 years ago. She views volunteering as a great opportunity to network with people from other companies asking the same questions. She is able to call colleagues to discuss how to approach challenging problems, which has proved invaluable. She notes that newer members can benefit from volunteering by gaining increased visibility and making connections throughout the industry.

Career development
The interactive nature of a volunteer committee can challenge the skills that actuaries stereotypically lack, such as public speaking, articulating ideas, and teamwork. Tasks such as running a meeting, writing a formal report, and presenting at a meeting can develop strong communication skills to complement existing technical experience. Leading a meeting can help one to master the art of consensus building when trying to reconcile different perspectives. New members in particular may benefit from building the confidence to voice their thoughts and opinions.

Balancing volunteer and work commitments pushes many volunteers to develop their time management skills. Prioritizing so that you can go well-prepared into conference calls can be challenging. Angela likes to use her travel time on the train to stay on top of relevant readings. Byron found that the unique team nature of the committees he served on required him to plan, delegate, and set goals for a group. Volunteering can have tremendous value on the technical side when you can challenge or be challenged by others coming at problems from a different perspective.

Getting started: All you have to do is say yes!
  1. Go to the CIA website. Log in to the members section. On a page where the left navigation panel appears, click on My Profile > My Volunteer Profile > Update Volunteer Profile. Once you’ve completed the Update Volunteer Profile form to indicate your skills, experience, and general interests, go to the Modify My Committee and Task Force Interests form to indicate specific volunteer committees you are interested in joining.
  2. Press your case. If you have a strong interest in a specific committee, contact the CIA or the committee chair. They will be happy to provide you with more information or to invite you to a meeting. You can also gain a feel for what each committee does by visiting the Volunteer Booth at many CIA meetings.
  3. Make it a priority. Understand the time commitment required for the volunteer position and set aside time in your schedule. Communicate any concerns to the committee chair and allow them to help you in assessing whether the opportunity is right for you.
  4. Get your employer on board. In many cases, volunteering can actually bring value to your employer. Many committees might overlap with your work or provide you with valuable training and experience. In many cases, you may be able to designate work time towards volunteering.
  5. Stay tuned. Look for the inaugural Volunteers’ Corner, coming in the May (e)Bulletin. This new monthly feature will highlight volunteering in the CIA, including tips for getting and staying involved and announcements about current vacancies on CIA committees, task forces, and councils.
  6. Check out the resources for volunteers in the new Volunteer Centre on the CIA website.
Conclusion

The earlier a member starts volunteering, the more opportunities they will have. Volunteering builds a network with whom you can discuss how to approach the issues and challenges that you face. Volunteers are a powerhouse for outside-the-box thinking, and contribute to growth and innovation within the profession. Volunteering can enrich your career, build your skills and expertise, and broaden your opportunities.

Minnie Green, ACIA, is Vice-chair of the Committee on Volunteer Initiatives.

 
The Elections Committee is pleased to present its slate of candidates for election to the CIA Board for terms beginning in 2013. There are eight candidates for Director, two for Secretary-Treasurer, and two for the office of President-elect. This slate of candidates was developed through the election process adopted by the CIA in 2007, and includes candidates identified by the committee as well as any members who put their names forward.

Position statements and biographical data for all of the candidates will appear on the CIA website before voting begins.

Please note that all Fellows will be able to cast their votes electronically in the Members Section of the CIA website beginning May 14.

President-elect
Jacques Tremblay
Joe Nunes

Secretary-Treasurer
John Dark
Steve Prince

Director
Daniel Doyle
Stephen Easson
Dale Mathews
Scott McGaire
Paul Raeburn
Jean-Yves Rioux
Dean Stamp
Mercy Yan

 
For many, the word "actuary" conjures up an image of a serious professional fixated on numbers and accuracy to the exclusion of everything else. However, as we all know, this is a complete fallacy . . .

The Canadian Institute of Actuaries (CIA) will be celebrating its 50th anniversary throughout 2015, bringing with it an ideal opportunity to prove just how fun-loving and enthusiastic actuaries can be (if given enough notice for sufficient modelling and forecasting, perhaps?).

Some groups are already at work sketching out events and activities for this landmark year, and now you can play a key role in celebrating the profession’s achievements in the five decades since a group of actuaries took measures to convert, through an Act of Parliament, the Canadian Association of Actuaries into a federal corporation: the CIA.

In May, the Institute will be launching a contest to define a theme for the anniversary, with a prize of an iPad for the author of the winning entry. The winner will be announced, and will receive their prize, at the 2013 CIA Annual Meeting on June 20–21 in Montréal.


Guidelines:

  • The objective of the competition is to generate the theme for the entire year’s celebration. Obviously the 2015 Annual Meeting will be designed around the theme, and CIA webcasts, seminars, or other special events to be organized during 2015 will also rely on the theme to guide the organizers’ efforts.
  • The contest begins May 1, 2013, and entries must be submitted by midnight, May 31, 2013.
  • Entries must be submitted by a CIA member or group of members.
  • Only one iPad will be awarded.
  • The theme can be submitted in either official language.
  • Each theme must be submitted via e-mail to:
Judging:
  • The judges’ decisions will be final.
  • Themes will be evaluated for:
    • Clarity/communication of an idea;
    • Creativity;
    • Potential impact in both official languages;
    • Inspiration; and
    • Vision.
As those who have attended actuarial events can testify, actuaries do know how to have a good time (even if, admittedly, non-actuaries will rarely understand actuarial humour). The 50th anniversary is an opportunity to demonstrate that the CIA can give actuaries the best time—now we only need the right theme!
 


By Yvonne Cheng, FCIA

We as actuaries are especially equipped when it comes to giving back to society. Here is an organization entirely focused on doing that: the Actuarial Foundation of Canada (AFC).

For those of you who haven’t heard about the AFC, it is the philanthropic arm of the actuarial profession in Canada. It was founded in December 2003 to support youth education, consumer education, and research initiatives in Canada that utilize actuarial science and skills in the public interest. The CIA, Society of Actuaries (SOA), Casualty Actuarial Society (CAS), and individual donations provide the majority of the funding to support the foundation’s operations. In addition to making generous cash donations over the years, the CIA has provided valuable services to assist the AFC with its initiatives.

The foundation sponsors a wide range of programs, including student education and scholarships, early childhood education, and consumer education. The main goal for many of these programs is to introduce mathematical concepts early on in school and/or to improve financial literacy in society at large. For many students, an early understanding of basic math will help them grasp more advanced math later on in life.


Here are highlights of the foundation’s activities in 2011 and 2012:

  • Established support for the LittleCounters program, which is designed to teach parents and early childhood caregivers to incorporate mathematical teaching techniques into their child’s playtime (under guidance of Wilfred Laurier University). The main objectives include assisting young children in developing an understanding of early mathematics through play and creating a model for parents and caregivers on ways to use language and engage in play that will support numeracy development.
  • Established the Hugh G. White Memorial Scholarship, with the generous support of Eckler and a number of actuaries. The scholarships are awarded to students who intend to pursue university programs in actuarial or mathematical studies. One of the award recipients attended the 2012 CIA Annual Meeting.
  • Sponsored an initiative in the consumer education area, with a donation of $5,000 to the Winnipeg Harvest Food Bank for the development of a course on budgeting.
  • Jointly sponsored a research project entitled The Impact of the Financial Crisis on the Financial Welfare of Canadian Seniors, together with the SOA Committee on Knowledge Extension Research. Final research will be submitted to the Canadian Journal of Public Policy.
  • Initiated a project to Canadianize and distribute the youth education materials that have been prepared by the Actuarial Foundation in the U.S.
  • Continued support of well-regarded youth education programs, including the Youth Science Foundation (science fairs), the Canadian Mathematical Society (math camps), SMAC (Laval), MathFrog (Waterloo), Jeunes Entreprises du Québec ("Economics for Success") and Junior Achievement of Central Ontario ("Dollars with Sense"). More details about these programs can be found here.
Referring back to the AFC’s mission, it will continue to seek out and ultimately provide funding for worthy activities that will contribute to the goals of:
  • Promoting youth awareness and education in mathematics and financial matters;
  • Advancing public understanding of financial and risk-related matters; and
  • Researching societal issues involving risk, and advancing actuarial knowledge in the interest of the public.
Your generous donation will help ensure the continued success of the AFC and sustain many of these education and research initiatives. The foundation’s outreach will also help to raise the profile of actuaries with the public.

Contributions made to the AFC by Canadian residents should qualify as eligible charitable donations under the Income Tax Act. Further, unlike many charitable organizations, the AFC applies almost all of the donations received from individual contributors to projects and grants, and not to administration. The AFC intends to maintain this enviable practice, and is able to do so partly as a result of the generous monetary and service donations from the CIA.

With your support, together we can make a difference.


For more information about the AFC or to make a donation, please refer to the foundation’s website at www.afc-fac.ca

Yvonne Cheng, FCIA, is a member of the AFC’s Communications Committee.


 

The importance of enterprise risk management (ERM) continues to grow apace, with more and more employers, clients, and professionals seeing the value of taking an overall, enterprise-wide approach to minimizing risk.


Increasing numbers of actuaries are moving into this expanding field, and a large number of them were among the hundreds of attendees at a key event for risk managers: the ERM Symposium that took place last week in Chicago, IL.

Those who enjoyed the eleventh such global conference included Shannon Patershuk (pictured above), one of the CIA members who have taken part in our series of profiles of ERM practitioners. Shannon, Chair of the Enterprise Risk Applications Committee, said: "There is always a great deal of Canadian content at the symposium, which makes attending well worthwhile for CIA members.

"This year alone there were sessions on how ERM improves financial management in British Columbia’s healthcare and elsewhere, and how countries like Canada fared relatively well in the financial crisis.

"It is also a useful opportunity to meet other ERM practitioners from Canada and elsewhere and discuss important issues."

The symposium featured keynote addresses from Professor Charles Perrow, Professor Emeritus of Sociology at Yale, and Sheila Bair, former chair of the Federal Deposit Insurance Corporation. It also included seminars on lines of risk and improving the forecasting and management of extreme events, plus sessions on such topics as jet fuel hedging, suboptimal risk disclosures, interconnectedness and contagion, and effective ERM programs.

However, it is only one of the broadening range of events designed to ensure ERM practitioners remain up to date and promote their expertise among the business community. This year’s other ERM-related meetings include:

  • Actuarial Enterprise Risk Management Part I, presented by the European Actuarial Academy in Budapest, Hungary, from May 28–30 (Part II takes place from September 3–5);
  • The Professional Risk Managers’ International Association’s (PRMIA) seminar on managing longevity risk, which will be hosted by the PRMIA’s Montréal chapter on May 29;
  • This year’s CIA Annual Meeting, which will include sessions on such ERM topics as scenario construction for effecting stress testing, risk appetite frameworks, Own Risk Solvency Assesment, risk governance, and more; and
  • The AFIR/ERM–PBSS–LIFE Colloquium in Lyon, France, from June 24–26, organized by three sections of the International Actuarial Association, including the Actuarial Approach for Financial Risks/Enterprise Risk Management section.
The remainder of the year will also witness webcasts, seminars, and other events from organizations both within and outside the actuarial profession.

ERM practitioners are playing a larger role than ever in the financial world, both at home and abroad. The popularity and prevalence of these events demonstrates that more and more actuaries are embracing the opportunities and challenges offered by ERM.
 
Jean-François Chalifoux and Brad Fedorchuk were part of the panel of experts involved in the 2013 Group Benefits Providers Report featured in the April issue of Benefits Canada magazine.

Tim Clarke co-authored an article on drug plan management, and forthcoming developments, in Benefits Canada.


Alan Cooke was recently appointed to the board of directors of the Workers’ Compensation Board of British Columbia. He was also appointed Chair of its Audit Committee and a member of its Investment Committee.

Hugo Drouin has been appointed vice-president of investments at SSQ Financial Group, having begun his career at the company in 1989 as an actuarial analyst. He later served as director and then senior director of investments, and his work has included participating in the development of asset/liability strategies and managing investment risk exposure.

Larry Madge has been appointed senior vice-president and chief actuary at Sun Life Financial, Inc. He has responsibility for the corporate oversight of actuarial practices enterprise-wide and provides leadership, direction, and vision for the company’s actuarial community globally. He has already served as chief actuary for Sun Life Financial Canada, and senior vice-president and chief actuary for Sun Life Financial U.S., among other posts.

Emmanuel Matte is the new senior vice-president, investment solutions, at Standard Life Investments. He is responsible for handling relationships with consultants and further developing relationships with institutional clients.He joined the company in 2009.
_______________________________________

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@cia-ica.ca and we will aim to include it in the next issue of the (e)Bulletin.

For more news of CIA members and their activities, follow the CIA on Twitter.
 
THIS MONTH'S PUBLICATIONS
Submission to the International Actuarial Association

The Canadian Institute of Actuaries offered its comments on the International Actuarial Association’s exposure draft of a model international standard for social security programs.

Link 

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

Correction of Minor Error in the Standards of Practice for Pension Plans and in the Standards of Practices for Insurers – French Version

A minor error was found in the French version of the revised part 3000 published on December 21, 2012. The third bullet of paragraph 3260.06.1 is missing "l’" before the word "importance." This part of this sentence should read as follows: "revêt de l’importance." A minor error was also found in the French version of part 2000. In paragraph 2520.10, "des actifs de l’assureur" should read "de l’actif de l’assureur."

The effective date of the revised standards is March 15, 2013.


Contact with Questions: Dave Pelletier, Chair, Actuarial Standards Board, at dave@davep.ca

CIA Co-sponsored Webcast—Preventative Medicine: Changes to Seniors’ Drug Plans in Canada

Date: April 10, 2013
Time: noon to 1:30 p.m. EDT


The Canadian Institute of Actuaries (CIA) is pleased to co-sponsor this webcast with the Society of Actuaries (SOA) that reviews the current landscape for seniors’ drug plans in Canada.

In every Canadian province, seniors’ drug costs are a significant and rapidly increasing contributor to overall government expenditure. Given Canada’s aging population, coupled with a continued rise in healthcare costs generally, the problem is worsening. As baby boomers retire, the ratio of working Canadians to retirees is declining fast—but someone has to pay for the increases in seniors’ drugs.

Provincial governments have started to recognize the problem and some are making changes, like those seen recently in Ontario and Alberta. Other alternatives to help control future costs and make the plans sustainable have also been proposed, including implementing a national plan. Many of these developments can have significant impact on employer-sponsored drug plans.

Recent and proposed changes to provincial plans, other possible ways to control costs, and their implications for employer plans will also be discussed.

Please note registration for this webcast is through the SOA registration system. Fees start at $149 (includes access to a subsequent webcast recording).

The webcast will be presented in English only.

Link: click here

Contact with Questions: Alicia Rollo, CHRP, director of membership, education, and professional development, at alicia.rollo@cia-ica.ca

Career Opportunity with the CIA – Staff Actuary, Education

Do you, or someone you know, want to take an active role in shaping the future of actuarial education and professional development in Canada?

The CIA is pleased to announce an exciting new career opportunity at the Head Office in Ottawa. The staff actuary, education, will be the Institute’s in-house professional actuarial resource, dedicated to the development of education and professional development programs.

The successful incumbent will be responsible for enhancing the CIA’s education and professional development programs, including the University Accreditation Program, Professionalism Workshop, Practice Education Course, specialty seminars, Annual Meeting, webcasts, and e-learning programs, through the proactive identification and recommendation of program content, topics, and speakers across all practice areas. Therefore, a thorough working knowledge of the CIA’s structure, professional guidance, and standards of practice is required. A keen interest in domestic and international regulatory changes that may affect the work of actuaries in Canada will be highly valued.

The staff actuary, education, will participate in career fairs, university visits, and other activities to promote the Institute’s programs and services—plus the ACIA and FCIA designations—and will be required to attend CIA meetings and seminars on a regular basis. Therefore some travel will be required.

The incumbent will also respond to general queries from members and potential members about the actuarial profession, the roles that actuaries play in Canada, the process for entering the actuarial profession, and the application of actuarial work as it affects individuals.

Fellowship in the CIA is essential, along with a university degree in actuarial science or a related program, and experience as a practising actuary or as an academic teaching actuarial science courses in Canada. Experience working or volunteering with other actuarial associations on education matters would be considered an asset. Proficiency in both official languages is preferred.

The salary range for this position is $118,759–160,673.

The closing date for this position was April 12, 2013.

Contact with Questions: Alicia Rollo, CHRP, director of membership, education, and professional development, at alicia.rollo@cia-ica.ca

Webcast – Own Risk and Solvency Assessment (ORSA)

Tuesday, March 26, 2013

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

Speaker:

Henri Boudreau, director, life insurance capital, Office of the Superintendent of Financial Institutions (OSFI)

Henri Boudreau will discuss OSFI’s recently-published draft guidelines A-4 Regulatory and Internal Target Capital Ratios and E-19 Own Risks and Solvency Assessment (ORSA). He will address selected topics such as considerations for implementation to both small/simple and large/complex insurers, the requirement that life insurers have two internal targets, the meaning of "independent review" of the ORSA, and how the results of the Dynamic Capital Adequacy Test and E-18 stress test can be integrated with or used in the ORSA.


Contact with Questions
: Roxanne Vézina, assistant, membership and education, at roxanne.vezina@cia-ica.ca

University of Montréal Granted Accreditation

The Eligibility and Education Council and Committee on Accreditation are pleased to announce that the University of Montréal has been granted accreditation for courses beginning in the fall 2013 semester as part of the CIA University Accreditation Program (UAP).

The UAP provides students with the option of applying to the CIA to gain exemptions from writing exams FM/2, MFE/3F, MLC/3L, and C/4. No exemptions are available for the Probability Exam; therefore, students will be required to complete the examination of the SOA/CAS for P/1 as well as all other qualification requirements for ACIA and FCIA. CIA exam exemptions are currently recognized by the Casualty Actuarial Society and the Institute and Faculty of Actuaries of the UK towards their respective designations, FCAS and FIA.

To be granted an exemption from the CIA, students will submit official university grade transcripts showing that they have achieved the minimum exemption grade, as approved by the CIA, along with their application and 80 percent of the corresponding SOA/CAS exam fee. There will be no grandfathering of exemptions for courses taken in any accredited university before prior to their accreditation date as outlined below, as retroactive assessment of appropriate syllabus coverage is not possible.

The following universities are currently accredited:
  • Concordia—fall 2012
  • Simon Fraser—fall 2012
  • Québec à Montréal—fall 2012
  • Laval—fall 2012
  • Calgary—fall 2012
  • Manitoba—fall 2012
  • Montréal—fall 2013
  • Regina—fall 2012
  • Toronto—fall 2012
  • Waterloo (undergraduate and graduate program courses)—fall 2012
  • Western Ontario—fall 2012
Contact with Questions: e-mail accreditation@cia-ica.ca

Volunteers Needed for Possible CIA Genetic Testing Statement

Twelve years ago, the CIA published a statement on genetic testing and insurance. Now, considering the ongoing development of genetic science, the implementation of privacy regulations in various jurisdictions, and the fact that the federal Office of the Privacy Commissioner is looking into whether Canada needs laws governing the privacy of individuals’ genetic information, the Institute would like to create a new task force to consider the need to update its statement.

If you are interested in joining this new group to work on a statement concerning genetic testing, please contact Chris Fievoli at chris.fievoli@cia-ica.ca.

Link:
http://tinyurl.com/cc6n4zs

Contact with Questions: Chris Fievoli, CIA resident actuary, at chris.fievoli@cia-ica.ca

Webcast – Proposed Changes in the Economic Reinvestment Assumptions for Life Insurer Valuation

Wednesday, March 20, 2013

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

Speakers:

Ty Faulds, vice-president and corporate actuary, London Life
Edward Gibson, senior vice-president and chief actuary, Empire Life
Alexis Gerbeau, assistant vice-president, actuarial finance and modelling, corporate actuarial, Standard Life

Representatives from the Actuarial Standards Board’s (ASB) Designated Group on Economic Reinvestment Assumptions Within the Practice-Specific Standards on Insurance Contract Valuation: Life and Health (Accident and Sickness) will discuss a relevant notice of intent. They will also provide an update on their activities, target dates, and thoughts on what they might propose to the ASB for the upcoming exposure draft. The group is interested in your feedback on its conceptual framework of the proposed changes. Copies of the slide presentation will be posted to the CIA website by March 15.


Contact with Questions: Roxanne Vézina, assistant, membership and education, at roxanne.vezina@cia-ica.ca

Report: Application of Actuarial Science to Systemic Risks

The Joint Risk Management Section, which is sponsored by the CIA, Society of Actuaries (SOA), and Casualty Actuarial Society, has released a report examining the circumstances that lead to systemic risk and identifying the need for innovative methods to measure and manage it.

Written by Dr. Shaun Wang, a professor of actuarial science and chair of Risk Lighthouse, Application of Actuarial Science to Systemic Risks covers such topics as valuation methods, actuarial analysis, and the impact of such risks on a housing market and the insurance industry. It also suggests risks that are on the horizon and considers the effect of government policies.

It is now available on the SOA website at the link below.

Link: click here

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

Notice of Intent – Amendment to the Practice-Specific Standards for Pension Plans – Mortality Assumption for Pension Commuted Values

The attached notice of intent was approved by the Actuarial Standards Board (ASB) on March 5, 2013. It proposes to revise the Practice-Specific Standards for Pension Plans to introduce a promulgation clause for the mortality assumption prescribed for the calculation of pension commuted values. The promulgation clause will better accommodate a timely response to changing mortality experience over time and will make this standard consistent with other standards where the ASB prescribes the mortality basis.

Comments on this notice of intent should be sent to Conrad Ferguson at cferguson@morneaushepell.com by March 26, 2013, with a copy to CIA resident actuary Chris Fievoli at chris.fievoli@cia-ica.ca.


Contact with Questions: Conrad Ferguson, Chair, Designated Group, at cferguson@morneaushepell.com
 
Calendar of Events
May 24, 2013
Professionalism Workshop Holiday Inn
Toronto International Airport

Toronto, ON
June 2-5, 2013
Practice Education Course
Delta Ottawa City Centre
Ottawa, ON
June 19, 2013
Professionalism Workshop Hilton Montreal Bonaventure Montréal,
QC
June 20-21,
2013
Annual Meeting
Hilton Montreal Bonaventure Montréal,
QC
September 20-21, 2013
Actuarial Evidence Seminar
ITHQ – Québec Tourism and Hotel Institute
Montréal,
QC
September 26-27, 2013
Seminar for the Appointed Actuary
Hilton Montreal Bonaventure Montréal,
QC
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 here, or by contacting Nancy Jenkinson at 613-236-8196, ext.104, or nancy.jenkinson@cia-ica.ca.

For information on CIA webcasts, click here.

 
Board and Council Updates
Board

The following people have been appointed to the committees named below:
  • International Relations: Catherine Robertson, effective immediately; and
  • Professional Conduct: Douglas W. Brooks (Vice-chair), effective July 1, 2013, for a period of two years; Donald L. Ireland (member), effective July 1, 2013.
The following appointments have been approved:
  • Elections Committee: Michael Hale, effective February 6, 2013;
  • Governance Task Force: Sharon Giffen, effective November 28, 2012; and
  • The CIA’s investment management firm for the fiscal year 2013–2014: Fiera Capital Corporation.
The following have been appointed as the CIA representatives to the International Actuarial Association committees named below, all effective May 1, 2013:
  • Insurance Accounting: Simon Curtis;
  • Pension and Benefits: Jason Malone; and
  • Enterprise and Financial Risk: Réjean Besner.
Stephen Bonnar, Robert Stapleford, and Jacques Lafrance have been appointed to redraft the CIA public position on retirement age, and Chris Townsend, Michel Giguère, and Simon Curtis to review and approve the public position prior to release.

Eligibility and Education Council

The following people have been appointed to the task forces and subcommittees named below:
  • Task Force on Canadian Eligibility Requirements: Brad Wallis, retroactive to February 21, 2013;
  • Task Force on Mentoring: Stephen Cheng, Denise Lang, Nancy Nyisztor, and Pierre Parenteau, effective immediately;
  • Life Corporate Subcommittee of the Committee on Continuing Education: Joan Strothard and Brad Wallis, effective immediately; and
  • Pension Subcommittee of the Committee on Continuing Education: Charlene Moriarty, effective immediately. Emily Tryssenaar resigned from the subcommittee, and leaves with its thanks.
Mathieu Boudreault has been appointed as the Accreditation Actuary (AA) at the Université du Québec à Montréal, effective June 1, 2013, and Jeffrey Strong as the AA at the University of Manitoba, effective immediately.

The Task Force to Review the SOA General Insurance Track Syllabus has been formed with Jim Christie as Chair and Angelita Graham, Pierre-Paul Renaud, and one member of the Eligibility Committee as members.