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Webcast: Stochastic Modeling For Health Care Actuaries

The International Actuarial Association’s Health Section (IAAHS) is offering a webcast on Stochastic Modeling for Health Care Actuaries on November 16, 2010 at 9:00 a.m. and 6:00 p.m. (EST). The webcast is sponsored by Milliman, and follows the publication of Stochastic Modeling – Theory and Reality from an Actuarial Perspective. This book was published in May by the International Actuarial Association (IAA) and two of the authors, Jim Stoltzfus and Andrew Dalton from Milliman, will be speakers on the webcast. Further information about the book is available at: www.actuaries.org/stochastic/

The webcast will be offered free of charge to IAAHS members and its agenda is as follows:
  • Stochastic Modeling: General Concerns
  • Overview of Health-Specific Issues
  • Data Validation
  • Calibration
  • Auditing
  • Review
  • Communication
  • Stochastic Modeling for Health Actuaries
  • Economic Factors (interest, unemployment, inflation, etc.)
  • Assumptions (PMPM, terminations, etc.)
  • Trend Factors
  • Specific Products
  • Stochastic Model for Medical Policy Claims Example
  • Stochastic Model for Long Tail Health Product
  • Listener-Submitted Questions

Speakers: Jim Stoltzfus (view bio), Andrew Dalton (view bio) and Richard Kipp (view bio).

Duration: Ninety minutes (each webcast).


All that you need to follow the webcast is an internet connection, Windows Media Player and the Java plug-in.

Non-members of the IAAHS are welcome but will have to pay a registration fee of $50 CAD for the webcast. This will also give them access to the webcasts offered by the IAAHS in 2011—it plans to have at least two during the year, which will also be provided free to IAAHS members.


Contact with Questions: N/A

Educational Note: Guidance for the 2010 Valuation of Policy Liabilities and DCAT for Property and Casualty Insurers

The Canadian Institute of Actuaries’ Committee on Property and Casualty Insurance Financial Reporting has prepared this educational note to provide guidance to actuaries in areas affecting valuation of policy liabilities and dynamic capital adequacy testing (DCAT) reporting for property and casualty insurers. This educational note reviews relevant Standards of Practice and educational notes and discusses current issues affecting the Appointed Actuary’s work.

Link: http://www.actuaries.ca/members/publications/2010/210076e.pdf

Contact with Questions
: Pierre Dionne, Chair, Committee on Property and Casualty Insurance Financial Reporting, at pdionne@ccr.fr

New Co-sponsored Audiocasts

The Conference of Consulting Actuaries is pleased to announce the first two audiocasts co-sponsored by the American Academy of Actuaries and Canadian Institute of Actuaries. To find out more or to register, please click on the link below.

How Have the New ASOPs Changed Your Practice?
Wednesday, November 10, 2010
12:30 p.m. – 1:45 p.m. EST

Presenters:
S. Aquil Ahmed, EA, FCA, MAAA, ASA – consulting actuary
Susan Breen-Held, EA, CPC, MAAA – Principal Financial Group
Stephen Alpert, EA, FCA, MAAA, FSA, MSPA – Mercer

This session will explore the evolution of actuarial practice in response to the Actuarial Standards of Practice (ASOPs). The speakers will discuss their personal experiences in working through dynamic tensions embedded in the ASOPs and how that analysis helps the practice evolve. Some examples may be:

  • Should ASOPs lead practice or codify existing practice?
  • Are ASOPs just a compliance requirement, or should their spirit and intent be considered guidance to help improve actuarial work?
  • When can an actuary be silent about his or her feelings, and when does the public expect a clear statement (even if it is not required by the ASOPs)?


Best Practices for Non-US Retirement and Benefit Plan Management
Wednesday, November 17, 2010
12:30 p.m. – 1:45 p.m. EST

Presenters:
Douglas Carey, FCA, MAAA, FSA, EA – Deloitte Consulting
Jason Flynn, EA, FCA, MAAA, FSA – Deloitte Consulting
Robert Holdom, MAAA, FSA, EA – American Express

The panellists will discuss global governance of employee benefit plans, including such topics as which practices work best from a global perspective and what is best left to local managers. Hear the perspectives and experiences of global actuaries from the corporate and consulting sides of global benefits.


Contact with Questions: Alicia Rollo, CHRP, director, education and professional development; alicia.rollo@actuaries.ca

Board Appointments

At a special meeting of the CIA Board on October 28, 2010, Martin Roy, FCIA, who has served on the Board as a Director since 2008, was appointed Secretary-Treasurer of the Institute, to complete the term of office (through June 2011) of Hugh White, who passed away suddenly on October 8.

As well, A. Kim Young, FCIA, was appointed to the Board to complete Mr. Roy’s term of office as Director, which also runs through June 2011. The Elections Committee, in accordance with its rules, recommended Mr. Young to the Board. He is a pension practitioner in Calgary, AB.

Contact with Questions: Lynn Blackburn, interim executive director, CIA Secretariat, at lynn.blackburn@actuaries.ca

Submission to the Nova Scotia Department of Finance

The CIA presented its comments on Nova Scotia Department of Finance paper entitled Mechanisms for Enhancing the Retirement Income System in Canada.

Link: http://www.actuaries.ca/members/publications/2010/210071e.pdf

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

CIA Accreditation Committee releases draft university accreditation program document

As you are aware, the Canadian Institute of Actuaries (CIA) has for some time been considering the implementation of a Canadian university accreditation program. Its purpose would be to enhance the actuarial profession by ensuring it evolves and remains relevant for current and future actuaries. The program also aims to create a culture of partnership between the CIA and universities providing actuarial education in Canada.

A draft policy document outlining the criteria for accrediting universities is available for review.

CIA members are invited to review the material and send comments, if desired, by December 1, 2010 to accreditation@actuaries.ca

Contact with Questions: Alicia Rollo, CHRP, director, education and professional development; alicia.rollo@actuaries.ca

Launch of global Chartered Enterprise Risk Analyst (CERA) website and CIA CERA webpage

The Canadian Institute of Actuaries is pleased to announce the launch of the global CERA website, ceraglobal.org, and a Canadian CERA page on the CIA website, at http://www.actuaries.ca/membership/cera_e.cfm, which is intended to be members’ source of local information regarding the qualification.

CERA is the new global Chartered Enterprise Risk Analyst qualification and the website will provide news and information about the credential and its benefits.

Links: Global CERA website: ceraglobal.org
Complete Global CERA website announcement: http://www.actuaries.ca/members/publications/2010/210070e.pdf
CIA CERA webpage: http://www.actuaries.ca/membership/cera_e.cfm

Contact with Questions: Alicia Rollo, CHRP, director, education and professional development, alicia.rollo@actuaries.ca, (613) 236-8196, ext. 136

Webcast – Total Career Benchmark Model – A Pension Model for Retirement 20/20

October 28, 2010 from 12:00 to 13:30 (EDT)

Speaker: Thomas J. (Tom) Walker, FCIA, FSA, CFP

Tom Walker will provide an overview of his award-winning Total Career Benchmark (TCB) Model and answer the key questions: what is it, what does it do, and how does it do it? He will explain the model’s key tools and how they work, plus how to transition from the current pension system to the TCB.

Mr. Walker’s paper was among four papers selected to win an award at the Retirement 20/20 Conference: New Designs for a New Century, held in Washington during the summer. The Society of Actuaries brought together experts to design a new retirement system from the ground up that works for employers, workers and society at large, while factoring in market risks.

Links: To register: http://www.actuaries.ca/webcasts/index_e.cfm
To view paper: http://retirement2020.soa.org/Files/2010-walker.pdf

Contact with Questions: Alicia Rollo, CHRP, director, education and professional development; alicia.rollo@actuaries.ca

CPD deadline grows near

This is a friendly reminder that the December 31 deadline is just around the corner for CIA members to have completed their Continuing Professional Development requirement for 2010. The period for filing your compliance statement for the 2009–2010 period will be January 1–February 28, 2011. Compliance with the Institute’s Qualification Standard with respect to CPD is a prerequisite for members to provide actuarial services. Members are required to complete a minimum of 100 hours of combined structured and unstructured relevant activities, which includes at least 24 hours of structured activities, over the last two complete calendar years. These hours must include:

  • At least 12 hours of structured activities related to the member’s technical skills; and
  • Four hours (structured or unstructured) related to professionalism.


The CPD Information Tracking Tool is available to help you keep track of your hours throughout the year at:
https://www.actuaries.ca/members/toolkit/update_cpd_info_e.cfm.


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


Links: Tracking tool:
https://www.actuaries.ca/members/toolkit/update_cpd_info_e.cfm

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

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

Hugh White dies suddenly

It is with great sadness that I inform you about the sudden passing of Hugh White, our Secretary-Treasurer, on October 8 in Toronto.

Hugh, who was 64 and is survived by his wife and three children, had a degree in actuarial mathematics from the University of Western Ontario. He qualified as a Fellow of the Casualty Actuarial Society and of the Canadian Institute of Actuaries in 1970. During 31 years with a major global insurance company, he held a variety of senior management positions including head of underwriting and risk management, chief financial officer, chief actuary, and business unit head. In 1999 he joined Eckler, where he was working as principal before his death.

Hugh was a long-time volunteer with the Institute, serving as vice-president and member of the Board. He was also involved in the Committee on Property and Casualty Insurance Financial Reporting, the Committee on Life Insurance Financial Reporting, the Committee on Review, the Committee on Emerging Issues, the Editorial Committee, the Public Policy Committee and the Committee on the Appointed Actuary, among others, as well as the Crawford Task Force, and the Practice Standards Council. His wise counsel will be deeply missed.

Below is a link to his obituary which includes details on the services to be held on Thursday.

Micheline Dionne
President



Educational Note on Sources of Earnings CalculationsGroup Life and Health

This educational note is meant to provide a framework for disclosure of sources of earnings for group life and health benefits that would result in reasonable consistency of approach and disclosure across the industry. The note is directed to life insurance company actuaries whose work in Canada is involved with the determination and disclosure of sources of earnings analysis.

It is meant to supplement the existing draft educational note, Sources of Earnings: Determination and Disclosure (August 2004), with more detail concerning issues specific to group life and health benefits. It is also intended to give some guidance for additional review and understanding of group earnings that management may find useful, even if they choose not to disclose the full analysis publicly.

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

Link: http://www.actuaries.ca/members/publications/2010/210069e.pdf

Contact with Questions
: Arshil Jamal, Chair, Committee on the Appointed/Valuation Actuary, at arshil.jamal@gwl.ca

Canadian Standard Ordinary Life Experience 2003-2008 – Special report on the CIA9704 Tables

This is a special report submitted by the Individual Life Experience Subcommittee of the Research Committee detailing the intercompany mortality experience for Canadian standard ordinary life insurance policies. The underlying experience is identical to the recent 2007–2008 study.

The CIA 9704 mortality tables were used to separately calculate the expected death claims for males and females and for smoker/non-smoker distinctions.

To view the special report or the tables, please access the links below.

Contact with Questions: Marc-André Belzil, Chair, Individual Life Experience Subcommittee, at mbelzil@rgare.ca

Research Paper – Disclosure Requirements IFRS 4 – Insurance Contracts for P&C Insurers

For property and casualty (P&C) insurers, the two primary implications of IFRS 4 Phase I, which is due to be implemented in Canada on January 1, 2011, are related to the classification of insurance contracts and enhanced disclosures in financial statements.

The Committee on Property and Casualty Insurance Financial Reporting has drafted this research paper to identify the disclosures that are relevant to P&C insurers, analyze the considerations of the disclosure requirements, and provide guidance for disclosure, including examples.

The paper presents the actual disclosure requirements from the IFRS paper, followed by the committee’s comments and suggestions. It is followed by an appendix which offers an illustrative example.

Link: http://www.actuaries.ca/members/publications/2010/210067e.pdf

Contact with Questions: Pierre Dionne, Chair, Committee on Property and Casualty Insurance Financial Reporting, at pdionne@ccr.fr

Webcast – International Financial Reporting Standards (IFRS) Series
The CIA Response to Recent Developments

October 27, 2010 from noon to 13:30 (EDT)

Speaker: Jim Doherty, partner, Ernst and Young

The International Accounting Standards Board (IASB) has released its long-awaited Exposure Draft on Insurance Contracts under IFRS 4 Phase II, with a deadline for comments of November 30, 2010. The CIA has charged two committees to develop the Institute’s response to this document. During this webcast, we will present an update on the progress of these committees, and provide attendees with the latest view on the content of the submission.

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

Contact with Questions: Alicia Rollo, CHRP, director, education and professional development, at alicia.rollo@actuaries.ca

The CIA is looking for an executive director

As you know, the CIA is currently looking to hire a new executive director, following the departure of Daniel Lapointe. You will find below the advertisement that has now been posted by the recruiting agency for the position. If you are interested in receiving further information about the position, please contact the recruiter at the link below.

September 2010

The Canadian Institute of Actuaries (CIA) is a respected national organization that serves the interests of the public and the CIA’s nearly 4,000 professionals. With financial security and risk management a top priority for Canadian institutions, Fellows of the CIA are highly sought by many of the country’s financial and institutional leaders, and are looked to as trusted voices for the Canadian public.

Based in Ottawa and accountable to the Board of Directors, the executive director plays a fundamental role in advancing awareness of the CIA and the actuarial profession with Canada’s corporate, government and political leaders. The executive director builds sound relationships for the CIA, represents the Institute and its positions to stakeholders, and provides counsel to the Board, its Councils, and assigned committees. The executive director is responsible for the daily operations of the Secretariat of the Canadian Institute of Actuaries including the management of all staff resources, the delivery of assigned member services, and support to volunteers.

As the ideal candidate for this role, you possess a degree in a relevant discipline and have a minimum of 10 years' senior leadership experience in organizations of similar size and complexity to the CIA. Highly strategic and well respected for your financial literacy and public policy knowledge, you will be a guiding force in the continuing development of the Institute – focusing on maintaining its role as the spokesperson for the actuarial profession in Canada. You are an outstanding communicator and relationship builder, able to build sound relationships at all levels, internally and externally. Dynamic, proactive and politically astute, you possess significant experience reporting to and supporting a board of directors. Functional bilingualism in Canada’s official languages is required for this role.

For more information on this exciting opportunity, please contact Andrew Dumont at (613) 742-3210 or via e-mail to andrew.dumont@odgersberndtson.ca. To be considered for this position, please submit your resume and related information online here.

Link: See above

Contact with Questions: Andrew Dumont at (613) 742-3210 or via email to andrew.dumont@odgersberndtson.ca.

 

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