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Changes to the Bylaws – Associate Membership

On May 11, 2011, the Board approved changes to the Bylaws required for the implementation of an ACIA designation for Associates, and for providing Associates with the additional privilege of acquiring voting rights after five years’ enrolment as an Associate. These changes will be put before the members for confirmation at the General Business Session of the Annual Meeting of the members that will be held in Ottawa on June 29, 2011.

This announcement provides links to several documents that outline the changes and the rationale behind them, along with details regarding the process that will be followed leading up to members’ confirmation of the changes.

Also approved by the Board on May 9, 2011, pursuant to Bylaw 10.04, was the use of electronic proxy voting to confirm these Bylaw changes. In accordance with the proxy voting procedures, a timetable has been established and it can be accessed from link #3 below.


As of the delivery of this announcement, the discussion of the proposed changes begins and the Amendments Listserver is now open to all members who would like to share their opinions and engage in thoughtful deliberations on the changes. To participate in the listserver discussions, members must opt in. (If you opted in to discuss the last set of changes to the Rules earlier this year (or previously), you are likely still on the listserver.) Please also note that to increase awareness of the proposed changes, all members currently on the General List have been added to the Amendments Listserver. Link #3 below will take you to the simple instructions for joining and leaving the Amendments Listserver. You may opt in/out at any time.


Links:

1. Memorandum to Members: Bylaw Changes Relating to the Enhancements to Associate Status in the Institute
http://www.actuaries.ca/members/publications/2011/211053e.pdf
2. Amending Bylaw No. 2011-1: Changes to Associate membership
Amending Bylaw: http://www.actuaries.ca/members/publications/2011/211054e.pdf
Appendix A: http://www.actuaries.ca/members/publications/2011/211055e.pdf
3. Instructions for Voting (Electronic Proxy and Live) and Use of the Amendments Listserver – Timetable for the Next 30 Days
http://www.actuaries.ca/members/publications/2011/211056e.pdf
4. Current Bylaws
http://www.actuaries.ca/members/publications/2007/207069e.pdf

Contact with Questions: Michel Simard, CIA Executive Director, at michel.simard@actuaries.ca

Discipline Bulletin – Volume 17, 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/2011/211052e.pdf

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

Discipline Notice – Notice of Disciplinary Tribunal Decision

On April 11, 2011 a CIA Disciplinary Tribunal dismissed a motion seeking an order for an interim suspension against Mr. Ashley B. Crozier, FCIA. For further information concerning the motion, we refer you to the Discipline Notice dated March 23, 2011. The Disciplinary Tribunal decision is available at the link below.


Link: http://www.actuaries.ca/members/publications/2011/211051.pdf

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

Revised Policy on Due Process for the Approval of Guidance Material Other than Standards of Practice

A revised version of the Policy on Due Process for the Approval of Guidance Material Other than Standards of Practice was approved by the Practice Council on April 14, 2011. This replaces the previous version published in 2007.


To read the revised policy, please access the link below.

Link: http://www.actuaries.ca/members/publications/2011/211046e.pdf

Contact with Questions: Lynn Blackburn, director, member services and standards development, at lynn.blackburn@actuaries.ca

Final Standards of Practice Regarding Changes to the General Standards of Practice – Part 1000

These final Standards of Practice were approved by the Actuarial Standards Board on May 11, 2011. They include both a clean version and a highlighted version with the changes compared to the current Standards of Practice.

The effective date for the final Standards of Practice is July 1, 2011.

Early implementation is permitted, since the changes are not intended to change the meaning of the current Standards of Practice.


Exposure Draft to Revise Subsection 2460 – Report to the Directors of the Standards of Practice Part 2000 – Practice-Specific Standards for Insurance, Incorporation of Standard Wording for Fairness Opinions

This exposure draft was approved by the Actuarial Standards Board (ASB) on May 11, 2011. Changes compared to the current Standards of Practice are highlighted.

Since the fairness opinions would potentially be available to the public, the ASB considers it desirable to standardize the language of unqualified fairness opinions. The objective is to ensure that opinions are unequivocal and uniform, the interpretation by the public of such opinions of appointed actuaries is therefore consistent, and it obviates potential misinterpretation arising from minor differences in language among opinions intended to convey the same message.

Parties wishing to comment on this exposure draft should direct those comments to Nicholas Bauer at nbauer@eckler.ca by June 30, 2011. A copy should also be sent to CIA resident actuary Chris Fievoli at chris.fievoli@actuaries.ca.


Link: http://www.actuaries.ca/members/publications/2011/211047e.pdf

Contact with Questions: Nicholas Bauer, Chair, Designated Group, at nbauer@eckler.ca

Submission to the Ontario Ministry of Finance – Draft Regulations – Ontario Bill 133

The CIA presented its comments to the Ontario Ministry of Finance on the recently released draft regulations for Bill 133.

Link: http://www.actuaries.ca/members/publications/2011/211043e.pdf

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

Submission to FSCO – Consultation Document – Risk-Based Regulation Framework

The Canadian Institute of Actuaries presented its comments on the Financial Services Commission of Ontario’s (FSCO) recently released consultation document, Risk-Based Regulation Framework.

Link: http://www.actuaries.ca/members/publications/2011/211042e.pdf

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

Educational Note: Financial Risks Inherent in Multi-Employer Pension Plans and Target Benefit Pension Plans

This note addresses the financial risks inherent in multi-employer pension plans and target benefit pension plans and provides actuaries with guidance in addressing these risks. The purpose of this educational note is to fill a gap in the actuarial literature regarding these types of plans in which plan experience can have a direct effect on the benefits to plan participants.

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

Link: http://www.actuaries.ca/members/publications/2011/211039e.pdf

Contact with Questions: Stephen Bonnar, Chair, Task Force on MEPP/TBPP Funding, at spbonnar@gmail.com

Notice of Intent to Revise the Standards of Practice Parts 1000 and 4000 – General Standards and Practice-Specific Standards for Actuarial Evidence (excluding Section 4300)

The Actuarial Standards Board (ASB) is initiating a review and revision of the current Actuarial Evidence Standards (except section 4300) and certain parts of the General Standards. The purposes of the review are to clarify, update and enhance consistency of the current standards with evolving practices related to actuarial evidence work. Further, it is intended that the review will improve the appropriateness of the Standards of Practice for the broader scope of actuarial evidence work. Revisions to the standards are important given the increasing judicial and legislative attention paid to the role of the expert in the courtroom, and the greater number of actuaries undertaking this type of work.


The ASB is soliciting feedback on this notice of intent from members of the CIA and other interested parties. Those wishing to comment should direct those comments to Nancy Yake at nancy.yake@sympatico.ca, with a copy to CIA resident actuary Chris Fievoli at chris.fievoli@actuaries.ca by July 15, 2011.

Link: http://www.actuaries.ca/members/publications/2011/211045e.pdf

Contact with Questions: Nancy Yake, Chair, Designated Group, at nancy.yake@sympatico.ca

Educational Note—Assumptions for Hypothetical Wind-up and Solvency Valuations with Effective Dates between December 31, 2010 and December 30, 2011

This educational note provides guidance on assumptions to be used for hypothetical wind-up and solvency valuations for 2011. It confirms the initial guidance for 2011 assumptions that was provided in an announcement issued on February 16, 2011.


In the educational note provided last year, the PPFRC included additional draft guidance on the assumptions to be used for hypothetical wind-up and solvency valuations for very large plans and plans with benefits indexed to the Consumer Price Index. Comments were invited from pension actuaries and other interested parties. Since last year, the Actuarial Standards Board has established a Designated Group to review and possibly revise the Practice-Specific Standards with respect to the selection of assumptions for hypothetical wind-up and solvency valuations. Due to the establishment of the Designated Group, the PPFRC has decided not to finalize the additional draft guidance at this time. Once the Designated Group has completed its review, the PPFRC will consider the need to finalize this draft guidance, including the need to update the guidance contained in this educational note.

Link: http://www.actuaries.ca/members/publications/2011/211044e.pdf

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

Webcast – Reinsurance 101

May 11, 2011

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

Mike Smith, FCIA, Dies Suddenly



It is with great sadness that I inform you about the sudden passing of Mike Smith, FCIA(1989), a candidate for Director in this year’s CIA Elections. Mike passed away on Saturday, May 7 at his Bermuda home. He was CEO of Wilton Reinsurance Bermuda in Hamilton, Bermuda, and is survived by his wife and son.

Mike served the CIA, throughout his career, on committees and task forces, as a chair of the Eligibility and Education Council from 2003 to 2005 and as a member of the Board from 2007 to 2010. His contribution to the actuarial profession in Canada will be deeply missed.

Below is a link to his obituary in The Royal Gazette in Bermuda.

With regard to Mike’s candidacy in this year’s CIA Election, since the ballot has already been released, a note has been made on the electronic ballot, indicating that Mike has passed away. Votes that have already been cast cannot, unfortunately, be changed, and will be counted, per the normal CIA Election Rules of Procedure.

Karen J. Hall

Chair
2011 Elections Committee

Link: http://www.legacy.com/obituaries/theroyalgazette/obituary.aspx?n=michael-neil-smith&pid=150912015

Contact with Questions: Karen J. Hall, Chair, Elections Committee, at (604) 443-2590 or by e-mail at karen.hall@aonhewitt.com

Standards of Practice for Capitalized Value of Pension Plan Benefits for a Marriage Breakdown – Delay of Effective Date

On January 5, 2011, the Actuarial Standards Board (ASB) released the Final Standards of Practice for Capitalized Value of Pension Plan Benefits for a Marriage Breakdown (Section 4300), with an effective date of July 1, 2011.


On March 16, 2011, the Actuarial Standards Oversight Council (ASOC) received a formal request from several CIA members to initiate a review of the standard to determine if the ASB’s Policy on Due Process for the Adoption of Standards of Practice was indeed followed (see Policy on the Review of the Due Process Followed in the Adoption of a Standard of Practice). This review process is underway.

In light of this review, the ASB has deferred the effective date of the standard pending completion of the review. Until that review is complete and the outcome announced, the previous standard will remain in effect.


Link: The final standard: http://www.actuaries.ca/members/publications/2011/211001e.pdf

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

Now let’s focus on the long-term public interest, the Canadian Institute of Actuaries tells Parliament

In the wake of the federal election, the Canadian Institute of Actuaries reminded members of the next Parliament that there are many critical issues facing the health and well-being of Canadians.


To read the full text of the press release, please click on the link below.

Link: http://www.actuaries.ca/members/publications/2011/211041e.pdf

Contact with Questions: Josée Racette, project manager, public affairs, at josee.racette@actuaries.ca

Membership Dues Invoice for 2011–2012

This is a reminder that you will be receiving your membership renewal invoice via e-mail this week. Please ensure you remit your dues as soon as possible to avoid late payment fees. Don’t forget, members can pay online, through online banking, or by cheque or money order.

Should you have questions about dues or online payments, please contact the CIA staff at (613) 236-8196 extension 102 or e-mail dues@actuaries.ca.
 

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