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Board and Council Updates

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Board

Micheline Dionne has been appointed Chair of the Committee on International Relations, effective immediately. Mike Lombardi has been appointed a member of the committee.

Bob McKay has been appointed CIA representative to the IAA Advice and Assistance committee, effective October 2011.

John Dark has been appointed a member of the Committee on Finance, effective July 1, 2011.

Bill Solomon has been appointed a member of the Pension Review Task Force, effective July 1, 2011.

Christopher Townsend has been appointed CIA liaison to the Casualty Actuarial Society, effective July 1, 2011.

Dave Dickson (Chair), Jason Vary (Vice-chair), Stephen Bonnar, Trevor Cartlidge, Alana Farrell, Angelita Graham, John Have, Jim Lewis, Anne Vincent, Neville Henderson, Paul Winokur and Jim Christie (ex officio) have been appointed as the Eligibility and Education Council for 2011–2012, effective July 1, 2011.

Marc-André Melançon has been appointed Chair of the Member Services Council, effective July 1, 2011.

Phil Rivard (Chair), Alan Exley, Jacqueline Friedland, Derek Gerard, Jacques Lafrance, Bruce Langstroth, Richard Larouche, Dale Mathews, Daniel Pellerin, Hélène Pouliot, Les Rehbeli and Lesley Thomson have been appointed as the Practice Council for 2011–2012, effective July 1, 2011.

William Weiland (Chair), Wayne Berney (Vice-chair), Douglas Brooks, Stephen Butterfield, Micheline Dionne (ex officio), Stephen Eadie, Luc Farmer, Normand Gendron, Ian Karp, Danielle Lamarche, Claude Lockhead, Bonnie Lysyk, Liam McFarlane, Jim Murta and John Tarrel were appointed as the Committee on Professional Conduct for 2011–2012, effective July 1, 2011. William Weiland later left the committee and Wayne Berney was appointed chair, both effective July 14, 2011. Dave Dickson and Bob Howard were later appointed to the committee, effective retroactively to July 1, 2011.

J. Edward (Ted) Nixon (Chair), Martin J. K. Brown, David Congram, Gilles Dufresne, Brian FitzGerald, Neville S. Henderson, C. S. (Kit) Moore, Daniel E. Murphy, James G. Paterson, Philip J. Pothier, Allan H. Shapira, David A. Short, William Solomon, Monique Tremblay and Nancy A. Yake were appointed as the Tribunal Panel for 2011–2012, effective July 1, 2011.

The Task Force on International Financial Reporting Standards (IFRS) 4 Phase 2 (Insurance) has been disbanded with thanks.

The Task Force on International Financial Reporting Standards (IFRS) Readiness has been created with a mandate to "coordinate efforts among the Practice Council, the Actuarial Standards Board and the Committee on International Relations" until January 1, 2014. It consists of the Immediate Past President as Chair, the President as Vice-chair, and the President-elect, the chair of the Actuarial Standards Board, the chair of the Practice Council, the chair of the Committee on International Relations, the chair of the Task Force on International Accounting and Actuarial Standards (Insurance)—or its successor entity—and the chair of the Task Force on International Pension and Employee Benefits Standards—or its successor entity—as members, effective July 1, 2011.

Member Services Council

The P&C Research Subcommittee, a subcommittee of the Research Committee, has been created with the following mandate: "It has the responsibility, but not the exclusive responsibility, of identifying the need for research projects as well as experience and other studies that are of interest to the P&C membership of the CIA and/or the Canadian public and that are likely to be helpful in developing Institute recommendations in matters of public policy." Marc-Olivier Faulkner has been appointed chair of the subcommittee, and a member of the Research Committee, both effective immediately.

Kim Young has been appointed Chair of the Pension Experience Subcommittee of the Research Committee and a member of the Research Committee, both effective immediately.

Stephen W. I. Cheng has been appointed Chair of the Communications Committee, effective immediately.

For information only:

Frank Grossman has resigned as Chair of the Communications Committee, effective immediately.

Gavin Benjamin has resigned as Chair of the Pension Experience Subcommittee of the Research Committee, and as a member of the Research Committee, both effective immediately. Jason Wiebe has also resigned as a member of the Research Committee, effective immediately.

Practice Council

Sylvain St-Georges has been appointed as a regulatory representative to the Committee on Life Insurance Financial Reporting (CLIFR). Stéphane Santerre, Mario Robitaille and Stéphane Lévesque have been appointed members of the committee.

Dylan Moser, Jim Cole and Dani Goraichy have been appointed members of the Committee on Pension Plan Financial Reporting.

Eric Fontaine and Paul Tytarenko (non CIA-member) have been appointed members of the Committee on Investment Practice.

Glenalan Cameron, Leonard Pressey, Pascal Verrette, Kelly Levy and Andrea Sherry have been appointed members of the Committee on Risk Management and Capital Requirements.

Cindy Forbes has been appointed Chair of the Committee on the Appointed/Valuation Actuary.

Wendy Achoy, Sébastien Cliche, Martin Cyrenne, Douglas Isaac (non-CIA member), Uros Karadzic, Melissa Kirshenbaum, Geoffrey Melbourne, Boris Pavlin (non-CIA member), Marlene Puffer (non-CIA member), Martin Raymond, and Guillaume Turcotte David Walsh have been appointed to the Task Force on Pension and Post-retirement Benefit Accounting Discount Rates. The task force's mandate has been confirmed as:

Canadian, U.S. and international pension and other post-employment benefits accounting standards require that a plan's discount rate be set with reference to yields on high quality corporate bonds. Due to the scarcity of Canadian long-term high-quality corporate bonds, the development of appropriate discount rates for Canadian pension and other post-employment benefits plans can be a challenge. This has particularly been the case during the capital market turmoil of late 2008 and early 2009.

The task force will prepare an educational note that includes best practices for actuaries who are providing advice to plan sponsors on the selection of appropriate accounting discount rates.

The task force's review will include the following:
1. The requirements of the relevant accounting standards regarding the selection of discount rates.
2. Which bonds should be included in and excluded from the analysis (based on factors such as issue size, credit quality, callability features, etc.).
3. Determining pricing for the bonds included in the analysis.
4. Whether (and if so, how) to exclude "outlier" bonds.
5. Developing an appropriate yield curve and spot rate curve.
6. Approaches to address the scarcity of long-term high-quality corporate bonds in Canada.

A Task Force on External Peer Review has been created, and Hélène Pouliot (chair) and Jacqueline Friedland have been appointed to it. The task force has the following mandate:

The mandate of the Task Force on External Peer Review is to work with OSFI to review the Guideline E-15 requirements for the external peer review of the Appointed Actuary's work.

The first objective of the review is to reassess the need for external peer review given OSFI's intention to increase their own review of the actuarial function. Then, should the TF determine that external peer reviews are still needed, the objective of the TF would be to recommend changes to Guideline E-15 and supporting actuarial guidance to better meet the needs of all users.

The Task Force on International Pension and Employee Benefit Standards and the Task Force on International Accounting and Actuarial Standards (Insurance)  have been disbanded with thanks.

For information only:

Martin Ouellet completed his term on the ALM Working Group, reporting to the Committee on Investment Practice, effective January 1, 2011.

Bill Osenton has resigned from the Standards of Practice Editing Committee.

Tim Bishop completed his term on the Committee on Investment Practice, effective December 31, 2010, Andrey Marchenko completed his term effective June 30, 2011, and Harold Hugel resigned from the committee effective June 30, 2011.

Greg Heise completed his term on the Committee on Pension Plan Financial Reporting, effective August 1, 2011.

Wally Bridel, Elizabeth Boulanger, Bill Beatty and Michael White have completed their terms on the Committee on Risk Management and Capital Requirements, effective July 1, 2011.

Eric Jobin and Leonard Pressey have resigned from CLIFR, effective April 1, 2011.

 

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