February 2011 Past Issues | Advertise | www.cia-ica.ca
Return to main page


Print Print this Article | Send to Colleague

Registration is open for the 2011 Enterprise Risk Management (ERM) Symposium

Now in its ninth year, the premier global conference on ERM takes place in Chicago, IL, from March 14–16 and will offer:

  • Five general sessions and almost 30 concurrent sessions featuring risk management experts;
  • Seminars on hot ERM issues;
  • Networking opportunities to renew and expand your list of contacts;
  • A scientific program showcasing top brainpower in new applied research;
  • A track of sessions featuring academics presenting research from leading universities; and
  • Exhibitors demonstrating their services and knowledge.


Who should attend:
  • Actuaries;
  • Chief risk officers;
  • Chief financial officers;
  • Risk professionals;
  • Equity analysts and other investment professionals;
  • Risk modeling experts;
  • Asset liability management practitioners;
  • Anyone interested in learning more about ERM; and
  • Anyone interested in networking with their peers about recent issues and how best to manage risk.


The Swissôtel Chicago, where precise Swiss service meets American energy and European elegance, is the setting for the symposium. The room rate for attendees is $159 per night, plus tax.

Link: http://www.ermsymposium.org/2011/

Contact with Questions: Casualty Actuarial Society at office@casact.org

Report of the Joint CICA/CIA Task Force on Developing Non-Authoritative Guidance: CICA – CIA Guide: Audits of Financial Statements That Contain Amounts That Have Been Determined Using Actuarial Calculations

This non-authoritative guide provides information that may help auditors to understand and apply the requirements of the Canadian Auditing Standards (CAS) when conducting audits of financial statements that contain amounts determined using actuarial calculations whether or not determined by, or with the assistance of, an actuary. It was developed by a joint task force of the Canadian Institute of Chartered Accountants and the Canadian Institute of Actuaries.

The guide reflects the current professional standards for auditors, accountants and actuaries and is based on guidance contained in previously effective Assurance and Related Services Guidelines. It incorporates substantively all of AuG-43, Audit of Policy Liabilities of Insurance Companies and aspects of AuG-29, Audit of Employee Future Benefits — Defined Benefit Plans.
Contact with Questions: Mary Olynik, Principal, Auditing and Assurance Standards, at mary.olynik@cica.ca


Final Communication of a Promulgation of Calibration Criteria for Investment Returns Referenced in the Standards of Practice for the Valuation of Policy Liabilities: Life and Health (Accident and Sickness) Insurance (Subsection 2360)
The Actuarial Standards Board (ASB) is promulgating the use of the calibration criteria for equity returns. These calibration criteria are to be used for valuations on or after April 30, 2011, and early implementation is permitted.

Please read the final communication at the link below to find out more about this promulgation.
Contact with Questions: A. David Pelletier, Chair, Actuarial Standards Board, at dave@davep.ca
Final Standard of Practice – Practice-Specific Standards for Insurers (P&C Insurance) – Subsections 2260 and 2270
The attached final Standard of Practice was approved by the Actuarial Standards Board on January 17, 2011. Only minor wording changes were made to the exposure draft.
The changes affect subsections 2260 and 2270, which address margins for adverse deviations (MfADs) for property and casualty insurance. The prior Standards of Practice in subsections 2260 and 2270 did not allow for MfADs which are below the low end of the prescribed range. It was acknowledged, though, that there may be circumstances where an MfAD less than the low end of the range would be entirely appropriate. Given that the Standards of Practice were very specific in not allowing this, an actuary setting the MfAD at this level would technically be in violation of the Standards of Practice and accepted actuarial practice.
The effective date of the final Standard of Practice is January 31, 2011. Early implementation will be permitted since the guidance in subsections 1130 and 1330 currently support the selection of an MfAD below that specified in paragraph 2260.02 in unusual situations.
Contact with Questions: Jacqueline B. Friedland, Chair, Designated Group, at jfriedland@kpmg.ca


Practice Education Course (PEC)
In order to obtain the Fellow of the Canadian Institute of Actuaries (FCIA) designation, all students who completed the Society of Actuaries examinations must attend and pass the PEC in order to become an FCIA.
The PEC can be taken if the candidate satisfies any one of the following conditions:
  • The candidate has credit for Courses P, FM, M and C (with full VEE), all FAP requirements (all eight FAP modules and both the interim and final assessments) and both FSA exams (N.B., FSA modules are NOT required) under the Society of Actuaries’ examination system; OR
  • The candidate has obtained his/her Fellowship designation from a recognized actuarial organization.
Please note that no exceptions will be made to the above requirements.
Registration is open for the Practice Education Course to be held from Sunday, June 5, through Wednesday, June 8, 2011 in Ottawa, Ontario.
Candidates who have satisfied the eligibility requirements should complete a registration form and return it to the CIA Secretariat along with payment of the registration fee by April 1. Registration forms and other information can be obtained on the CIA website at the link below.
Registration is on a first-come, first-served basis depending on the date of receipt of the registration form and payment of the registration fee. Candidates will generally be accepted, space permitting. However, due to size considerations, space may be limited for some practice area specialties.
Contact with Questions: Leona Campbell, coordinator, eligibility and education, by e-mail at leona.campbell@actuaries.ca


Presentation by Chief Actuary
A presentation by Jean-Claude Ménard, OSFI Chief Actuary, to the Society of Actuaries’ (SOA) Living to 100 International Symposium has been posted to the OSFI website. The topic is Mortality Projections for Social Security Programs in Canada and Its Implications, and it was delivered January 7, 2011 in Orlando, FL.
Contact with Questions: Office of the Superintendant of Financial Institutions at information@osfi-bsif.gc.ca
Submission to IASB – Exposure Draft "Insurance Contracts"
The Canadian Institute of Actuaries presented its comments on the International Accounting Standards Board Exposure Draft on Insurance Contracts.
Contact with Questions: Lesley Thomson, Chair, Task Force on International Accounting and Actuarial Standards (Insurance) at lesley.thomson@sunlife.com


Final Standards of Practice for Capitalized Value of Pension Plan Benefits for a Marriage Breakdown (Section 4300)
The attached final Standards of Practice for section 4300 (the "final Standards") were approved by the Actuarial Standards Board (ASB) on December 21, 2010, with an effective date of July 1, 2011. Early implementation is not permitted. The final Standards replace the existing section 4300 of the ASB’s Standards of Practice.

Links: Final Standards:

Contact with Questions: Charles McLeod, Chair, Designated Group, at charlesmcleod@sympatico.ca

360 Albert Street, Suite 1740, Ottawa, ON K1R 7X7
Tel.: 613.236.8196 Fax: 613.233.4552