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SimErgy ERM Boot Camp, New York, June 6–8, 2011

SimErgy, in affiliation with the Canadian Institute of Actuaries and the Society of Actuaries, is proud to offer this practical hands-on training program designed to give participants tangible skills that can be applied immediately to successfully implement enterprise risk management (ERM). This unique program uses a stimulating and dynamic combination of lectures, individual exercises, large and small group exercises, and case studies. Limited space is available.

Link: http://www.simergy.com/seminars

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

CIA Secretariat to no longer accept payments by American Express

The Committee on Finance met on February 9, 2011 to discuss, among other items, the proposed 2011–2012 budget. Credit card transaction fees were examined during the course of this review. Given the very high American Express transaction fees, it was decided that the Institute would no longer accept American Express as a method of payment as of April 1, 2011. This decision will reduce the Institute’s overall expenditures.


The Institute will continue to accept Visa, MasterCard and cheques.

Contact with Questions: Jacques Leduc, director, operations, finance and administration, jacques.leduc@actuaries.ca
 

CPD Compliance Reviews – Are your records up to date?

In 2008, the CIA approved the Policy on Monitoring Compliance with the Continuing Professional Development (CPD) Qualification Standard, requiring that the Eligibility and Education Council establish a formal process to monitor and verify compliance and outline the nature of review or audit that would be performed.

As indicated in the CIA Qualification Standard in sections 2.2 and 2.4, members are required to retain personal records of their CPD activities for a period of five years and should be able to support claims that the activities are relevant and appropriate.


The CPD Compliance review process will begin in early May 2011. A stratified sample of one percent of each CPD filing category will be selected for the review. If a member is selected for a CPD Compliance Review, the individual will be notified in writing by e-mail or by mail no later than May 30. CPD records will be due from the member within four weeks of the notification date. The review will be conducted by the Secretariat and the Subcommittee on CPD Compliance.


The June 2010 (e)Bulletin article by Roger Allen contains further information on the topic.

Link: http://www.naylornetwork.com/cia-nwl/articles/?aid=71996&projid=4598
 
Contact with Questions: Alicia Rollo, CHRP, director, education and professional development; alicia.rollo@actuaries.ca
 

Discipline Notice – Notice of Disciplinary Tribunal Hearing

A discipline notice has been prepared by the Committee on Professional Conduct to inform CIA members about an upcoming Disciplinary Tribunal hearing.

In accordance with the Bylaws, a notice of a hearing before a CIA Disciplinary Tribunal is hereby provided to inform members of the Institute and the public about a current case. This notice includes the date, time and place of the hearing of the Disciplinary Tribunal and a summary of the charge.

Link: http://www.actuaries.ca/members/publications/2011/211032.pdf
 
Contact with Questions: Bill Weiland, Chair, Committee on Professional Conduct at bweiland@eckler.ca
 

Webcast – Reinsurance 101

May 11, 2011, noon to 1:30 p.m.

Concepts from risk pooling to individual insurance underwriting trends will be covered in this introductory look at reinsurance from Mark Lombardo, FSA, director of individual life pricing at Munich Re in Toronto.

Aimed at actuarial associates (ASAs and new FSAs) and designed to be at the basic/intermediate level, the webcast will look at fundamental reinsurance concepts such as the purpose of reinsurance, terminology, and treaties.

Mark will also address what he describes as slightly more complicated topics, including the reserve and capital impact of reinsurance, and trends in the individual reinsurance marketplace, including retentions and capacity.

To register, click on the link below.

Link: http://www.actuaries.ca/webcasts/index_e.cfm
 
Contact with Questions: Leona Campbell at leona.campbell@actuaries.ca; telephone: 613-236-8196 ext. 124; fax: 613-233-4552
 

Reserve a room now for the CIA Annual Meeting on June 29–30, 2011

We encourage anybody who is planning to attend the CIA Annual Meeting on June 29–30 to book a room as soon as possible, given the high demand for accommodations in the city on the dates surrounding the July 1 visit of Prince William and Kate Middleton. The CIA has reserved a block of rooms at the Westin Ottawa—the meeting’s venue—at a special rate, but it may fill up quickly. Information on the rates can be found here.

To make your reservation visit here, or call the hotel on (613) 560-7000 and be sure to mention that you are booking within the Canadian Institute of Actuaries Annual Meeting room block. Reservations may be cancelled without charge up until 4 p.m. on the day of your arrival.

Those interested in extending their stay to include the royal visit on Canada Day should check here nearer July 1 for details of the day’s events.

See you in Ottawa!


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

The Hugh G. White Memorial Scholarship

In memory of Hugh G. White, his family, friends and colleagues have established an endowment fund with the Actuarial Foundation of Canada to provide two annual scholarships of $1,000 each to high school students entering an actuarial science or mathematics program at a Canadian university. The first scholarships will be available for the 2011-2012 academic year.

Hugh was a prominent actuary with Eckler Ltd. which he joined in 1999. Hugh consulted in the Property & Casualty practice, was Head of the Financial Services group, and served on Eckler’s Board of Directors. Prior to joining Eckler, Hugh spent 31 years with Zurich where his positions included Head of Underwriting and Risk Management, Chief Financial Officer, and Chief Actuary.

Throughout this career, Hugh devoted a great deal of time and energy as a volunteer in the work of the actuarial community. At the time of his death, he was the Secretary-Treasurer of the Canadian Institute of Actuaries and a Director Emeritus of the Actuarial Foundation of Canada. These were only two in a long list of volunteer positions Hugh undertook demonstrating his great willingness to help the profession evolve and improve.

Donations, qualifying for tax-deductible receipts, are welcome and may be made through the Actuarial Foundation of Canada’s website.

To read more on the Hugh G. White Memorial Scholarship, please visit  here.

Links:
Donation form: http://www.actuaries.ca/meetings/contribution_form_e.cfm
.

Memorial Scholarship Description: www.actuaries.ca/afc/hugh_memorial_e.cfm
 
Contact with Questions: Ronald J. Harasym, director, board of directors, Actuarial Foundation of Canada, at ronald_j_harasym@newyorklife.com
 

Canadian Individual Annuitant Mortality Experience – Policy Years 1996 to 2006

This document contains summary results for the Canadian Individual Annuitant Mortality Experience for Policy Years 1996 to 2006. There are a number of tables referenced in section 6, which will be available online at http://actuaries.ca or by requesting paper copies through the CIA Secretariat.


Contact with Questions: Julie Chambers, Chair, Annuitant Experience Subcommittee, at julie.chambers@londonlife.com
 

General Meeting

Results of Membership Confirmation - Changes to the Rules of Professional Conduct

A General Meeting of the Members of the CIA was held in Ottawa to formally confirm the Board’s decisions to adopt Amending Bylaw 2010-1 and Amending Bylaw 2010-2, and thereby confirm the proposed changes to Rule 6 and Rule 13 of the Rules of Professional Conduct. The meeting was also webcast to all Members.

Micheline Dionne, President, and Bob Howard, Immediate Past President, were present at the Secretariat offices in Ottawa and Daniel Pellerin, Board member, and Martin Roy, Secretary-Treasurer, joined the meeting via teleconference. No other members were present at the Secretariat offices, but over 50 members participated via webcast.

The motions to adopt the Amending Bylaws were both carried by a majority of voting members. The results of the votes (all received by proxy) were as follows:

Amending Bylaw 2010-1 (Rule 6)
Total Votes received: 386
Votes FOR: 303
Votes AGAINST: 74
ABSTENTIONS: 9

Amending Bylaw 2010-2 (Rule 13)
Total Votes received: 386
Votes FOR: 207
Votes AGAINST: 175
ABSTENTIONS: 4

It was also noted, during the meeting, that Daniel Pellerin has been asked, by Micheline Dionne, to organize information sessions to ensure a common understanding and uniform application of the new Rules. Daniel will also prepare a broader communication plan and to look at the usefulness of providing an Educational Note on Rule 13.

Contact with Questions: Michel Simard, CIA Executive Director, at executive.director@actuaries.ca
 

Continuing Professional Development (CPD) Opportunities

Mark your calendars with the following opportunities to network with your peers and accumulate structured CPD hours in 2011:

  • CIA Annual Meeting – June 29–30, 2011 at the Westin Hotel in Ottawa, Ontario;
  • CIA Actuarial Evidence Seminar – September 9–10, 2011 at the Institut de tourisme et d’hôtellerie du Québec (Québec Tourism and Hotel Institute) in Montréal, Québec;
  • CIA Seminar for the Appointed Actuary – September 22–23, 2011 at the Hilton Doubletree Hotel in Toronto, Ontario;
  • CIA Pension Seminar – November 2, 2011 at the Hilton Doubletree Hotel in Toronto; and
  • CIA Investment Seminar – November 3, 2011 at the Hilton Doubletree Hotel in Toronto.
Contact with Questions: Nancy Jenkinson at nancy.jenkinson@actuaries.ca; telephone: 613-236-8196 ext. 104; fax: 613-233-4552
 

Educational Note – Investment Return Assumptions for Non-Fixed Income Assets for Life Insurers

This educational note presents considerations and examples of the application of the Standards of Practice to the valuation of insurance liabilities that are matched in part or in whole by non-fixed income assets. It also describes considerations for selecting best estimate investment return assumptions and margins for adverse deviations for non-fixed income assets when used in deterministic scenarios for the valuation of policy liabilities of life insurers.

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

Link: http://www.actuaries.ca/members/publications/2011/211027e.pdf
 
Contact with Questions: Edward Gibson, Chair, Committee on Life Insurance Financial Reporting, at edward.gibson@empire.ca
 

Exposure Draft to Revise the Standards of Practice – General Standards – Recognizing Events in Work

This exposure draft was approved by the Actuarial Standards Board on February 1, 2011. It introduces the new subsection 1515 to the Standards of Practice – General Standards and amends subsection 1520 Subsequent Events and subsection 1820 Reporting: External User Report. The primary focus of the exposure draft is to replace the current table in paragraph 1520.17 with an event decision tree in a new subsection 1515. Other changes have been made to the definition of subsequent event and to subsection 1520 and subsection 1820 to clarify intent.

Comments on this exposure draft are invited by May 31, 2011. Please send them, preferably in an electronic format, to Stephen J. Butterfield, with a copy to Chris Fievoli. It is hoped that the effective date of the final Standard of Practice will be established before the end of 2011.

Link: http://www.actuaries.ca/members/publications/2011/211026e.pdf
 
Contact with Questions: Stephen Butterfield, Co-chair, Designated Group, at stephen.butterfield@towerswatson.com
 

Webcast: Risk Adjustment – Lessons Learned

March 30, 2011: 4 p.m. EDT
March 31, 2011: 4 a.m. EDT

The International Actuarial Association’s Health Section (IAAHS) is inviting CIA members to register for a webcast, Risk Adjustment – Lessons Learned: Featuring Three Countries’ Experience in Voluntary Health Insurance Markets. It will be of interest to health actuaries in countries that have or will soon be implementing risk adjustment (or risk equalization) in a mandatory or voluntary health insurance market. In particular, in addition to the historically wealthier countries of Western Europe which have mandatory health insurance markets (e.g., Germany, the Netherlands), this includes countries that have moved or are moving from a centralized economic model to a more market-driven model of the financing of healthcare (e.g., China, Slovenia). Furthermore, the topic is becoming increasingly important in countries with a large voluntary health insurance market where health reforms have been proposed to reduce incentives for risk-rating and risk-selection (e.g., the United States).

The webcast will include a general review of risk adjustment and its uses around the globe. John Armstrong, Heather McLeod and Dr. Francesco Paolucci, three of the authors of the Health Policy paper Risk Equalisation in Voluntary Health Insurance Markets: A Three Country Comparison, will be speakers on the webcast. Further information about the papers is available at: http://bit.ly/gWtdwT.

The 105-minute webcast—which will include a look at the global experience plus special consideration of the situation in Ireland, South Africa and Australia, and a question-and-answer session—will be offered free of charge to IAAHS members. If you have not yet renewed your membership for 2011, please contact your local actuarial association or join via the IAA website. It is being offered at different times on two days to accommodate listeners in different time zones.

To register, go here. You will subsequently receive an internet link allowing you to access the event and its audio and slide presentation. Non-IAAHS members are welcome to participate but they must pay a registration fee of CAD $50, equivalent to the IAAHS annual membership fee. This fee will also give them access to the webcast offered by the IAAHS in 2011 - we plan to have at least one more webcast during the year, which will also be provided free of charge to all IAAHS members.

Link: http://www.actuaries.org/IAAHS/Webcast/RiskAdjustment/webcast_registration.cfm

Contact with Questions: Christian Levac, IAA staff support for the IAAHS, at christian.levac@actuaries.org
 

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