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Guidance for Assumptions for Hypothetical Wind-Up and Solvency Valuations Update – August 2010

The most recent guidance from the Committee on Pension Plan Financial Reporting (PPFRC) regarding assumptions for hypothetical wind-up and solvency valuations was provided in an educational note dated April 13, 2010. An update was issued on June 15, 2010 which was based on a review of data collected as of March 31, 2010. The review concluded that there was insufficient evidence to warrant amending the guidance provided in the April 2010 educational note.

Methodology


The guidance contained in the April educational note as to estimated annuity purchase costs for non-indexed group annuities was based primarily on quotes provided by six insurance companies on illustrative group annuities using pricing conditions as at December 31, 2009.


Analysis


In an effort to continue to monitor group annuity pricing, the PPFRC obtained illustrative quotes on a similar basis to those obtained at December 31, 2009, but based on pricing conditions as at June 30, 2010. The illustrative non-indexed quotations at December 31, 2009 and June 30, 2010 may be summarized as follows:

 
 Average of the three most competitive quotes
(using UP94@2020 mortality tables)
   Large purchase Small purchase
   31/12/2009  30/06/2010  31/12/2009  30//06/2010
Retirees        
Discount rate  4.51%  4.33%  4.52%  4.28%

Spread over CANSIM V39062

 +0.42%  +0.74%  +0.43%  +0.69%
Deferred vesteds        
Discount rate  4.46%  4.31%  4.40%  4.07%

Spread over CANSIM V39062

 +0.37%  +0.72%  +0.31%  +0.48%
 
For the retiree group of the large non-indexed purchase, there was an increase in the excess (spread) of the average of the discount rates for the insurers that provided the three most competitive quotes, in conjunction with the UP94@2020 mortality tables, over the yield on Government of Canada (GoC) long-term bonds (series V39062) of 32 basis points (bps). Similarly, the spread for the deferred vested members of the large purchase increased by 35 bps.

There was an increase in the spread of 26 bps for the retiree group of the small non-indexed purchase, and the spread for the deferred vested members of the small purchase increased by 17 bps.

The illustrative quotes as at June 30, 2010 suggest that, since December 31, 2009, the spread between non-indexed group annuity purchase discount rates and the yields on GoC long-term bonds may have increased by roughly 30 to 35 bps for large purchases and by roughly 15 to 25 bps for smaller purchases.


From discussions with a few insurers, the PPFRC understands that the group annuity market was not very active during the first half of 2010. However, the PPFRC has been able to obtain limited data on recent actual group annuity purchases, which seem to corroborate an increase in discount rate spreads since December 31, 2009. Overall, the PPFRC concluded that the actual purchase data did not exhibit any pattern that invalidates the information contained in the illustrative quotes, especially given the fact that the actual purchase data were limited in quantity.


Guidance for Non-Indexed Pensions

Based on the analysis described above, the PPFRC has concluded that, for valuations with effective dates on and after June 30, 2010, an appropriate discount rate for estimating the cost of purchasing a non-indexed group annuity would be determined as the unadjusted yield on GoC long-term bonds (CANSIM V39062) increased arithmetically by 70 bps, in conjunction with the UP94@2020 mortality tables. This guidance applies to both immediate and deferred pensions and also applies regardless of the overall size of a group annuity purchase.


The revised guidance on spreads applies to valuations with effective dates on and after June 30, 2010 up to December 30, 2010, pending any further guidance or other evidence of change in annuity pricing.


Example


As at June 30, 2010, the unadjusted CANSIM V39062 rate was 3.59%. This rate would form the basis for developing an appropriate underlying discount rate for valuations of non-indexed group annuities with effective dates of June 30, 2010 and July 1, 2010. Prior to rounding, an applicable underlying discount rate would then be determined as 3.59% + 0.70% = 4.29%.


Validity of April 2010 Educational Note


With the exception of the revisions to the guidance contained in this memo, actuaries would continue to reference the April 13, 2010 educational note for guidance with respect to the selection of assumptions for hypothetical wind-up and solvency valuations with effective dates between December 31, 2009 and December 30, 2010.


Link:
http://www.actuaries.ca/members/publications/2010/210056e.pdf

Contact with Questions: Gavin Benjamin, Chair, Committee on Pension Plan Financial Reporting, at gavin.benjamin@towerswatson.com

Merger of the Faculty of Actuaries in Scotland with the Institute of Actuaries

The members of the Faculty of Actuaries in Scotland and of the Institute of Actuaries resolved on May 25, 2010 to proceed with the merger between the two bodies. The transaction to give effect to the merger was completed on August 1, when the faculty’s Royal Charter was surrendered and the institute (renamed as the Institute and Faculty of Actuaries) became the sole actuarial association in the UK. Given that the faculty no longer exists, references to the faculty in local legislation, in members’ wills, in private contracts and in trusts may no longer be effective.


Local Legislation


Any references to the Faculty of Actuaries or to the Institute of Actuaries should be reviewed, where appropriate being replaced by the Institute and Faculty of Actuaries. Where there is a reference to the Institute of Actuaries alone, a change is not needed because the legal entity will continue. However, it is recommended that this change is made to avoid any confusion in the future.


Wills and testamentary writings


If any CIA members have made a bequest to the faculty in their wills, following the merger the bequest may no longer be effective, depending on its construction. Members to whom this is relevant should review their wills with their legal adviser.


Trusts


There are likely to be a number of trusts that require adjustment upon completion of the merger. This is particularly the case where a trust deed appoints an office bearer or member of the faculty as trustee. It is recommended that anyone responsible for such a trust consult with a legal adviser to ensure that any provisions remain effective.


Court Orders


Pension valuations in litigated matters, such as divorce proceedings, may be one way in which the merger could have relevance to the orders of the court. Where there are outstanding court orders or judgments mentioning the faculty that are not capable of implementation until after the merger has completed, affected parties may require to obtain an amended judgment referring to the new merged body. Prior to approaching the court in this regard, however, individuals are recommended to consult with their legal adviser.


Link:
http://www.actuaries.org.uk/

Contact with Questions:
The institute and faculty’s main switchboard is +44 (0)20 7632 2100

To Appointed Actuaries and Other Interested Parties


The CIA is providing comments to the IASB (and subsequently to the FASB) Exposure Drafts on Insurance Contracts (IFRS 4 Phase II), and wishes to offer insights into the proposed discounting methods’ dynamics and, potentially, suggest different approaches.


Some actuaries have indicated their company’s interest in providing information and support in modeling alternative discount rate scenarios. The Institute is now broadening that opportunity to all interested parties.


If your company is willing to supply information regarding the impact of the proposed discounting methodology, and to run additional tests on existing blocks of business, please e-mail Jim Doherty (
Jim.B.Doherty@ca.ey.com), including the contact person’s details.

Contact with Questions: Jim Doherty at Jim.B.Doherty@ca.ey.com

Call for Essays – Risk Management


The Joint Risk Management Section (SOA/CAS/CIA) and the SOA Investment Section are issuing Round Two of a call for essays on Systemic Risk, Financial Reform, and Moving Forward from the Financial Crisis. Details are available at the link below.


Unlike the first call for papers, there is also a nominal monetary prize for worthy papers – 1st Place, $500; 2nd Place, $250; and 3rd Place, $100.

Link: click here

Contact with Questions: Bob Wolf, SOA staff Fellow, risk management, at rwolf@soa.org or at 847-706-3560

Report – Task Force on Segregated Fund Liability and Capital Methodologies

The Task Force on Segregated Fund Liability and Capital Methodologies has developed the attached report. It presents recommendations for the determination of policy liabilities for segregated fund guarantees and considerations for setting capital requirement for these guarantees.


Should you have any queries or comments regarding this report, please contact Alexis Gerbeau at
alexis.gerbeau@standardlife.ca.

Link:
http://www.actuaries.ca/members/publications/2010/210053e.pdf

Contact with Questions:
Alexis Gerbeau, Chair, Task Force on Segregated Fund Liability and Capital Methodologies, at alexis.gerbeau@standardlife.ca

Permanent Position for an Actuary at Essec Business School Paris


The Department of Information Systems and Decision Sciences at Essec Business School invites applications for a full-time faculty position in applied mathematics: statistics, applied probability or econometrics, specializing in actuarial sciences, in order to create a research and teaching Chair in Actuarial Sciences.


Essec is a leading European business school (one of the top French grande ecole), with two campuses in the Paris metropolitan area and one in Singapore. It offers mostly graduate-level training in business administration (MSc, executive MBA, specialized masters, PhD/doctorate). In 1997, it became the first AACSB-accredited business school outside North America. Details about Essec and the department can be found at
http://www.essec.edu/.

To be considered, candidates should hold a PhD (or equivalent) in applied mathematics: statistics, applied probability or econometrics, as well as the title of actuary.


The position is open with the objective of creating a research and teaching Chair in Actuarial Science, and the candidate should hold significant non-academic professional experience in the actuarial field.


Rank of appointment and salary will be commensurate with qualifications and experience. Candidates will have the opportunity to teach in statistics or/and econometrics at the master or PhD levels.


Candidates should send a cover letter, a complete vita, and sample copies of their research (published or working papers) to:


Administrative Assistant in Decision Sciences

Department of Information Systems and Decision Sciences
Essec Business School
Avenue Bernard Hirsch
BP 50105
95021 Cergy-Pontoise Cedex
France
Preferably, please send applications via e-mail only to: stats@essec.fr

The final closing date for applications is November 15, 2010.


For further information on academic matters at Essec, prospective candidates are invited to contact Prof. Kratz (
kratz@essec.fr).

Contact with Questions: See above

Annual Meeting Audio Files on CIA Website


The audio files of the presentations recorded at the CIA Annual Meeting held on June 29–30, 2010 have been posted to the CIA website (Members Site), available under Publications > Proceedings > Annual Meeting.


Contact with Questions:
Nancy Jenkinson, Manager, Meeting Services at nancy.jenkinson@actuaries.ca

Voluntary Survey No Substitute for Mandatory Census

The Canadian Institute of Actuaries released a press release on the current debate regarding the mandatory nature of the long-form census questionnaire.


Link:
http://www.actuaries.ca/members/publications/2010/210052e.pdf

Contact with Questions:
Les Dandridge, Director, Communications and Public Affairs, at les.dandridge@actuaries.ca

The Profession’s Public Position on the Long-form Census Questionnaire


The CIA has prepared a public position on the current debate regarding the mandatory nature of the long-form census questionnaire. Members are encouraged to click on the link below to review the document.

Link: pdf

Contact with Questions: Chris Fievoli, Resident Actuary, chris.fievoli@actuaries.ca

2010 Annual Meeting of the Conference of Consulting Actuaries (CCA) – October 24–27, 2010

You are invited to attend the Conference of Consulting Actuaries’ (CCA) 2010 Annual Meeting in Rancho Mirage, California (just outside Palm Springs). The meeting is from Sunday through Wednesday, October 24–27. The CCA has put together an international track and a broad spectrum of other session topics; many could be beneficial in helping to meet your continuing professional development (CPD) requirements.


The CCA Annual Meeting is widely recognized for its quality continuing education sessions and diverse program. Attendees also have numerous opportunities to meet and interact with thought leaders in the actuarial profession. These opportunities extend beyond the sessions with our Tuesday afternoon networking forums, from Healthcare Reform to Public Pension Plans and Small Firms. In addition, we have our Monday evening gala event on site at the Westin Mission Hills. On Tuesday evening we have a poker event.


We hope to see you in sunny Rancho Mirage, California!


For more information, please click on the link below.


Link:
http://www.ccactuaries.org/events/am2010/register.html

Contact with Questions:
Conference Office – phone 847-719-6500; e-mail conference@ccactuaries.org

The Practice Council Approves a Public Opinion on IFRS


International Financial Reporting Standard 4 (IFRS 4) deals with the measurement of liabilities for insurance contracts. It is still a preliminary standard (often called "Phase 1"), but will apply in Canada when we move to IFRS in 2011.


The Practice Council of the CIA believes that current methods of valuation satisfy the requirements of paragraph 14 of IFRS 4, and hence PPICPs may continue to use current methods for the measurement of PPICP benefits in Canada after IFRS is adopted.


Link:
pdf

Contact with Questions:
Tyrone Faulds, Chair, Practice Council, at ty.faulds@londonlife.com

The Profession’s Response to the Long Census Form Issue


CIA President Micheline Dionne sent a letter yesterday to Minister Clement stating the Institute’s concerns about the recent Statistics Canada announcement regarding the replacement of the mandatory version of the long census form with a voluntary version.


A robust exchange on the issue is happening on the general list (general@actuaries.ca). If you do not yet subscribe to the general list, log on to the members website, then click on Toolkit and then on Update List Subscriptions.


To learn more, please read the letter at the link below.


Links:

Letter to Minister Clement:
pdf

To subscribe to the general list: http://www.actuaries.ca/members/security/index_e.cfm

Contact with Questions:
Micheline Dionne, President, at president@actuaries.ca

Submission to the Nova Scotia Pension Review Panel

The Canadian Institute of Actuaries presented its comments on the discussion paper on pensions issued in March 2010 by the Nova Scotia Department of Labour and Workforce and which followed Promises to Keep, the report issued by the Nova Scotia Pension Review Panel.


Link:
http://www.actuaries.ca/members/publications/2010/210050e.pdf

Contact with Questions:
Michel St-Germain, Chair, Member Services Council, at michel.st-germain@mercer.com

Continuing Professional Development (CPD) Opportunities!

The following opportunity is available to you in the fall to network with your peers and accumulate structured CPD hours:


CIA Pension Seminar – November 3, 2010 at the Hilton Bonaventure Hotel in Montréal, Québec.


Link:
http://www.actuaries.ca/meetings/specialty_seminars_e.cfm

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

CIA Pension Seminar – November 3, 2010

Registration is now open!


The CIA Pension Seminar will take place on November 3 at the Hilton Montréal Bonaventure Hotel.


The program and the online registration form are now available on the CIA website. You can register by fax, by mail, or online with our secure transaction registration form.


You will find information on the sessions, registration, accommodation and transportation at the link below.


Link:
http://www.actuaries.ca/meetings/pension/2010/index_e.html

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

Revised Study on Canadian Group Long-Term Disability Termination Experience (1988–1997)

A revised version of the Study on Canadian Group Long-Term Disability Termination Experience (1988–1997) has been published following changes to the acknowledgements section.

The study also now includes a table on disabled recovery and mortality.


To view the revised study and table, please access the links below.

Contact with Questions: Peter Douglas, Chair, Group Life and Health Experience Subcommittee, at douglas@uregina.ca

Exposure Draft to Revise the Standards of Practice – Dynamic Capital Adequacy Testing – Section 2500

This exposure draft for amendments to the Standards of Practice – Dynamic Capital Adequacy Testing – Section 2500 was approved by the Actuarial Standards Board on June 3, 2010.

It proposes changes to Section 2500 resulting from the publication of Guideline E-18 (Stress Testing) by the Office of the Superintendent of Financial Institutions (pdf).

Comments on this exposure draft are invited, particularly from actuaries practicing in this area, by September 10, 2010. Please send your comments, preferably in an electronic format, to Jacques Tremblay at jacques.tremblay@oliverwyman.com with a copy to Chris Fievoli at Chris.Fievoli@actuaries.ca.

Link: http://www.actuaries.ca/members/publications/2010/210049e.pdf

Contact with Questions: Jacques Tremblay, Chair, Designated Group, at jacques.tremblay@oliverwyman.com

Discipline Bulletin – Volume 16, No. 2

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.

Link: http://www.actuaries.ca/members/publications/2010/210046_e.pdf

Contact with Questions:
Bill Weiland, Chair, Committee on Professional Conduct at bweiland@eckler.ca

Notice of Intent – Amendment to the Practice-Specific Standards for Post-Employment Benefit Plans
  

The notice of intent for amendments to the Practice-Specific Standards for Post-Employment Benefit Plans (Part 6000) was approved by the Actuarial Standards Board on June 3, 2010.

It proposes a review and revision of Part 6000 of the Standards of Practice.

Comments on the proposed changes are invited, particularly from actuaries practicing in the post-employment benefit plans area, by August 30, 2010. Please send them, preferably in an electronic format, to Ellen Whelan at ellen.whelan@mercer.com, with a copy to Chris Fievoli at Chris.Fievoli@actuaries.ca.

Link: http://www.actuaries.ca/members/publications/2010/210035e.pdf

Contact with Questions: Ellen Whelan, Chair, Designated Group, at ellen.whelan@mercer.com

A new and exciting opportunity for CPD – Interviews in MP3 Format

Interviews with Chris Fievoli, resident actuary

The CIA is pleased to present a new opportunity for your continuing professional development (CPD): an exciting series of interviews with resident actuary Chris Fievoli, who will be discussing current topics with industry professionals. Each is approximately 30 minutes long and available in MP3 format so you can listen and learn on the go. Whether in the car, on the train, at home or at work, CIA CPD is now available in flexible formats to suit your busy schedule.

Member price: $29.00
Non-member price: $58.00

Link: To purchase the downloadable MP3 file: http://www.actuaries.ca/interviews/index_e.cfm

Contact with Questions: Alicia Rollo, CHRP, director, education and professional development, by e-mail at alicia.rollo@actuaries.ca or by phone at 613-236-8196, ext. 136

Submission to the Financial Services Commission of Ontario

The Canadian Institute of Actuaries presented its comment on the Financial Services Commission of Ontario’s Statement of Priorities.

Link: http://www.actuaries.ca/members/publications/2010/210045e.pdf

Contact with Questions:
Michel St-Germain, Chair, Member Services Council, at michel.st-germain@mercer.com

Final Standards of Practice for Revised Practice-Specific Standards for Pension Plans (Part 3000)

The attached final Standards of Practice for Revised Practice-Specific Standards for Pension Plans (Part 3000) were approved by the Actuarial Standards Board on June 3, 2010.

The effective date is December 31, 2010. Early implementation of the revised Standards is not permitted.


Actuaries practising in the pension area will need to review the final Standards carefully before completing work governed by them.


To read the final Standards of Practice for Pension Plans, please access the links below.


Links:

Memorandum: http://www.actuaries.ca/members/publications/2010/210040e.pdf

Changes to the Standards of Practice – General Standards of Practice, Subsection 1110: http://www.actuaires.ca/members/publications/2010/210041e.pdf

Standards of Practice – Practice-Specific Standards for Pension Plans (Part 3000): http://www.actuaires.ca/members/publications/2010/210043e.pdf
 

Contact with Questions: Michael Banks, Chair, Working Group on Pension-Specific Standards, at Michael_Banks@mercer.com

Guidance for Assumptions for Hypothetical Wind-Up and Solvency Valuations Update – June 2010

The most recent guidance from the Committee on Pension Plan Financial Reporting (PPFRC) regarding assumptions for hypothetical wind-up and solvency valuations was provided in an educational note dated April 13, 2010 (pdf).

The guidance contained in the April educational note as to estimated annuity purchase costs for non-indexed group annuities was based primarily on quotes provided by six insurance companies on illustrative blocks of group annuity business using pricing conditions as at December 31, 2009.


In an effort to continue to monitor group annuity pricing, the PPFRC obtained illustrative quotes on a similar basis to those obtained at December 31, 2009, but based on pricing conditions as at March 31, 2010. The illustrative non-indexed quotations at December 31, 2009 and March 31, 2010 may be summarized as follows:

Average of the three most competitive quotes
  Large purchase
Small purchase
31/12/2009 31/03/2010 31/12/2009 31/03/2010
Retirees    
Discount rate
4.51 % 4.53 % 4.52 % 4.47 %
Spread over CANSIM V39062 +0.42 % +0.54 % +0.43 % +0.48 %
Deferred vesteds
   
Discount rate
4.46 % 4.51 %
4.40 %
4.26 %
Spread over
CANSIM V39062
+0.37 % +0.52 % +0.31 % +0.27 %

For the retiree group of the large non-indexed purchase, there was an increase in the excess (spread) of the average of the discount rates for the insurers that provided the three most competitive quotes, in conjunction with the UP94@2020 mortality tables, over the yield on Government of Canada (GoC) long-term bonds (series V39062) of 12 basis points (bps). Similarly, the spread for the deferred vested members of the large purchase increased by 15 bps.

There was an increase in the spread of 5 bps for the retiree group of the small non-indexed purchase, and the spread for the deferred vested members of the small purchase decreased by 4 bps.

The illustrative quotes as at March 31, 2010 suggest that the spread between non-indexed group annuity purchase discount rates and the yields on GoC long-term bonds may have increased by 10 to 15 bps for large purchases, while the spread appeared to remain unchanged for smaller purchases.


From discussions with a few insurers, it is the PPFRC’s understanding that the group annuity market was not very active during the first quarter of 2010. The PPFRC has not been able to obtain data on a sufficient number of recent actual group annuity purchases to validate the discount rates obtained from the March 31, 2010 illustrative quotes for consistency.


Considering the lack of actual purchase data, the high volatility in group annuity purchase discount rates experienced during certain periods over the past 24 months, and the relatively modest change in the spreads that may be suggested by the March 31, 2010 illustrative quotes, the PPFRC has decided that there is not sufficient evidence at this time to warrant changing the guidance provided in the April 2010 educational note.

Contact with Questions: Michael Banks, Chair, Committee on Pension Plan Financial Reporting, at Michael_Banks@mercer.com

New survey finds that Canadians are worried about retirement – but they won’t seek help

As part of its ongoing public policy commentary, the Canadian Institute of Actuaries (CIA) has published a report based on a survey it commissioned from Ipsos Reid, which involved more than 2,000 Canadians, split between pre-retirees (adults over age 45 who are not retired) and retirees (adults over 45 who identify themselves as retired).

The goal of the research was to assess Canadians’ awareness of, planning for and management of retirement risks.


Almost half of the pre-retirees are not fully prepared for a comfortable retirement according to the survey, which was released on June 14.


The response from the media was excellent, especially in light of the meeting of finance and pension ministers in PEI to discuss changes to Canada’s retirement income system. The media was crowded with groups looking to get their messages out, and the Institute ended up breaking through the clutter to have its biggest newsday ever.


To view the entire press release and the report, Retirement Risk: Defining retirement horizons, please access the links below.

Link(s):

Report: http://www.actuaries.ca/members/publications/2010/210037e.pdf
Press release: http://www.actuaries.ca/members/publications/2010/210042e.pdf

 
Contact with Questions: Les Dandridge, Director, Communications and Public Affairs at les.dandridge@actuaries.ca

Second Revised Exposure Draft for Capitalized Value of Pension Plan Benefits for a Marriage Breakdown (Section 4300)

The above document was approved by the Actuarial Standards Board (ASB) on June 3, 2010. As a result of comments received, it contains some changes to a previous exposure draft published in December 2009. In addition, however, it contains a response to comments on the previous exposure draft, both as to the process followed by the ASB and to the assumptions recommended by the ASB. It also explains why the ASB is recommending specific assumptions, in particular the use of the BEIR (the Break Even Inflation Rate – the difference between the yields on non-indexed and real return Government of Canada Bonds) as the basis for the inflation assumption, and it responds to those who think the use of the BEIR is inappropriate.

Link: http://www.actuaries.ca/members/publications/2010/210036e.pdf

Contact with Questions: Charles McLeod, Chair, Actuarial Standards Board at charlesmcleod@sympatico.ca

Educational Note – Valuation of Group Life and Health Policy Liabilities

The Committee on Life Insurance Financial Reporting (CLIFR) has produced the attached educational note to assist actuaries in applying the Standards of Practice in the valuation of group life and health policy liabilities in life insurer financial statements prepared in accordance with generally accepted accounting principles (GAAP) in Canada.

This note, which is also intended to provide supplemental information to the Standards of Practice, draws on previous work by the committee and reflects input from a number of experts in the group life and health area.

To read the educational note, please access the link below.

Link: http://www.actuaries.ca/members/publications/2010/210034e.pdf

Contact with Questions: Dale Mathews, Chair, Committee on Life Insurance Financial Reporting, at Dale_Mathews@manulife.com

2010 CIA Election Results

Congratulations to the CIA members who were elected to the Board in the 2010 elections:

President-elect is:
James (Jim) K. Christie

New Directors are:

Stephen P. Bonnar
Sylvie Charest
William F. Chinery
Jacques Lafrance

The President-elect will serve a one-year term in that position, followed by a year as President and a further year as Immediate Past President. Directors are elected for three-year terms.

These elected members will commence their terms effective following the close of the Annual Meeting on June 30, 2010.


On behalf of all members, thank you to those candidates who let their names stand for election, but were unsuccessful.

Contact with Questions: Al Edwards, Chair, Elections Committee at 519-435-7069 or by e-mail at al.edwards@londonlife.com

 

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