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Joint CIA and SOA Seminar: Business Savvy Skills

Today, employers want professionals who also have business savvy skills that enable them to translate their knowledge into successful actions in the business environment. Therefore, the Society of Actuaries (SOA) and CIA have partnered to bring you a special seminar on Business Savvy Skills—a set of skills that will enable actuaries to translate their knowledge into successful actions in the business environment.

The topics covered in this course include persuasive communication, negotiation skills, listening skills, and leadership communication skills.

The day-and-a-half seminar takes place on December 7–8, 2011, at the St. Andrews Club and Conference Centre in downtown Toronto, ON.

For more information and to register, visit the SOA’s website at the link below. You can register online until December 1, by mail before November 23, or at the seminar.

Link: click here.

Contact with Questions
: SOA customer service center at 888-697-3900 or customerservice@soa.org

Potential Merger of SOA, AAA and CAS: Speech and Blog

As members may know, at the Society of Actuaries (SOA) Annual Meeting on October 17, SOA President Brad Smith called for a merger of the SOA, American Academy of Actuaries (AAA), and Casualty Actuarial Society (CAS). A link to his speech can be found at the SOA’s website here. The SOA has also established a blog for anyone to comment on this issue.

We will obviously learn more about this subject in the weeks to come, but at first glance, it appears that the initiative does not present any negative prospects for the CIA or its members.

While this a U.S. concern that the CIA will not interfere with, we want to reassure our members that we are monitoring the situation closely.

Contact with Questions: Jim Christie, CIA President, at president@actuaries.ca

CIA Vital Statistics Report

The CIA Vital Statistics Report is a graphical report of various CIA statistics (e.g., membership growth, membership distribution by practice area, operating revenue and expenses). The document can be found at the link below, and is provided for your information.

Link: click here.

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

Discipline Notice – Notice of Disciplinary Tribunal Hearing

A Discipline Notice has been prepared by the Committee on Professional Conduct to inform all 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.

Contact with Questions: Wayne Berney, Chair, Committee on Professional Conduct, at wberney@shaw.ca

Bill C-57 Translation Issues

In the course of preparation of the French version of the working document (draft educational note) on Bill C-57, two apparent discrepancies were discovered between the English and French versions of the regulations and one in the Insurance Companies Act. Please see the document linked below for an explanation of the issues. These apparent discrepancies were communicated to the Department of Finance by the CIA, who agreed to review our comments and, if they concur, make the necessary changes. Given their workload, however, it is unlikely that this will happen quickly.

It is our understanding that the English versions correctly reflect the intent of the legislator, so in all three cases we are recommending to the Department of Finance that the French versions be revised.

Link: click here.

Contact with Questions: Nicholas Bauer, Chair, Task Force on Bill C-57, at nbauer@eckler.ca

Delay in Publishing - Natcan’s CIA Method Accounting Discount Rate Curve

Due to events beyond the control of the Canadian Institute of Actuaries and of Natcan Investment Management, the publication of Natcan’s CIA Method Accounting Discount Rate Curve for the end of September 2011 has been delayed. Natcan expects to publish the end of September curve on its website shortly. Please note that this publication delay is expected to be a one-time occurrence. The normal publication timing of approximately three business days after month end should prevail for future curve publications. Here are the planned publication dates of Natcan’s CIA Method Accounting Discount Rate Curve for the remainder of 2011 and 2012:

Market Data Date 
Publication Date
2011-10-31
2011-11-03
2011-11-30
2011-12-05
2011-12-30
2012-01-05
2012-01-31
2012-02-03
2012-02-29
2012-03-05
2012-03-30 
2012-04-04
2012-04-30 
2012-05-03
2012-05-31
2012-06-05
2012-06-29
2012-07-05
2012-07-31
2012-08-03
2012-08-31
2012-09-06
2012-09-28 2012-10-03
2012-10-31
2012-11-05
2012-11-30
2012-12-05
2012-12-31
2013-01-04

Link: www.natcan.com

Contact with Questions
: Natcan Investment Management : Michael Quigley, senior vice-president of distribution, at mquigley@natcan.com or (514) 871-7671. CIA: Josée Racette, project manager, public affairs, at josee.racette@actuaries.ca or (613) 236-8196, ext. 107

Call for Papers on Enterprise Risk Management

The Actuarial Profession in the UK is seeking papers for a special issue of Annals of Actuarial Science to be published in 2012 on the topic of "Enterprise Risk Management: Averting the Next Crisis". Papers may be theoretical or applied but should in all cases have a clear relevance to the industrial practice of enterprise risk management.

Authors are welcome to contact the guest editor, Prof. Alexander McNeil (A.J.McNeil@hw.ac.uk), to discuss potential contributions, or to submit a paper marked for the special issue to a.s.macdonald@hw.ac.uk.

The closing date for submissions has been extended to December 31, 2011.

For full details click here.

Contact with Questions: Prof. Alexander McNeil at A.J.McNeil@hw.ac.uk

Global ERM Webcasts: Preparing for the Unexpected

Actuaries from around the world will be taking part in two enterprise risk management webcasts on December 7 and 8, 2011. The webcasts, entitled Preparing for the Unexpected: Enhancing the Actuarial Toolkit, are being hosted by the Joint Risk Management Section of the Society of Actuaries (SOA), Casualty Actuarial Society, and Canadian Institute of Actuaries, plus the AFIR/ERM section of the International Actuarial Association, Institute of Actuaries of Japan, Institute and Faculty of Actuaries, and Institute of Actuaries of Australia, in conjunction with the International Network of Actuarial Risk Managers.

The sessions provide content and commentary on topics relevant to actuaries and risk professionals. The global spread aims to shed light on developments and challenges faced by our counterparts in other parts of the world, covering both technical and professional aspects. The webcasts were developed for those working in all industries with an interest in enterprise risk management. They will feature an update on the much-talked-about risk credential for actuaries, Chartered Enterprise Risk Analyst (CERA), and perspectives from modellers and reinsurers of mega events. Longevity is covered from different angles and Solvency II remains a key agenda item for the insurance industry.

The December 7 event is for the North American region, and will run from noon to 4:30 p.m. EST. The December 8 webcast will cater for the Asia-Pacific region, and will run from 1:00 p.m. to 6:00 p.m. JST.

For more information on each webcast and to register, visit the links below.

Links: North American region - click here. Asia-Pacific region - click here

Contact with Questions
: SOA customer service center at 888-697-3900 or customerservice@soa.org

Submission to the New Brunswick Pension Task Force

The Canadian Institute of Actuaries provided input to the New Brunswick Task Force on Protecting Pensions.

Link: http://www.actuaries.ca/members/publications/2011/211102e.pdf

Contact with Questions: Marc-André Melançon, Chair, Member Services Council, at mamelancon@rgare.ca

Group Long-Term Disability Termination Study

This study of termination experience under Canadian group long-term disability (LTD) policies was conducted by the Canadian Institute of Actuaries through the Group Life & Health Experience Subcommittee of the Research Committee.

Contact with Questions: Peter Douglas, Chair, Group Life & Health Experience Subcommittee, at douglas@uregina.ca

Highlights from the September 21, 2011 Board Meeting

The highlights from the most recent Board meeting, held on September 21, are now available. To view the document please access the link below.


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

Webcast: Economic Roundtable

October 19, 2011
Noon to 1:30 p.m. EDT

Speakers
  • Nadine Gorsky, moderator, Chair of the Committee on Continuing Education’s Investments Subcommittee and an actuarial specialist at OSFI
  • Allan Seychuk, vice-president, economics and institutional portfolio management, Phillips, Hager & North Investment
  • Jean-Pierre Aubry, economist, Associate Fellow of CIRANO
  • Gavin Benjamin, Chair, Committee on Pension Plan Financial Reporting (PPFRC), and senior consultant, Towers Watson
  • Edward Gibson, Chair, Committee on Life Insurance Financial Reporting (CLIFR), and senior vice-president and chief actuary at Empire Life
More than ever, the economic environment is seen as the major risk factor for pension plans and insurance companies. In 2008 we passed through the worst financial downturn since the Great Depression. In early 2009, the CIA sponsored our first Economic Roundtable webcast to a favourable reception. Now, when the economy appears to enter a new era of uncertainty, it is crucial that actuaries continue to explore the fundamentals driving it and the financial markets. Actuarial work has always been cross-disciplinary, so the purpose of this webcast is to develop expertise in the economics branch of our discipline. This is your chance to hear from two economists—one working in a Canadian investment management firm and the other an economist formerly with the Bank of Canada—who will share their insights about recent economic circumstances and future prospects. You will also hear from the chairs of the PPFRC and CLIFR, who will explore the meaning of these circumstances in the context of pension plan and life insurance actuarial work.

Please take advantage of this exciting opportunity for an important dialogue between economists and actuaries.

Link: http://www.actuaries.ca/webcasts/index_e.cfm (members must first log in to the members site to receive member pricing.)

Contact with Questions
: Leona Campbell at leona.campbell@actuaries.ca; telephone: 613-236-8196 ext. 124; fax: 613-233-4552

Webcast – Emerging Risks of Grave Importance: Providing Clarity and Understanding


October 13, 2011

Noon to 1:30 p.m. EDT

Speaker: Alan D. Roth, chief risk officer, Advanced Fusion Systems

This webcast will offer a detailed look at emerging risks including solar storms (including electromagnetic pulse), extreme weather events, water scarcity, food scarcity, cyber threats, climate change, pandemics, and earthquakes/tsunamis.

Most of these have a black swan aspect to them. We generally just go on with life with the expectation that we will be OK. It is unlikely we will suffer the full impact from any one of these risks, at least for the near future, and we are busy with life as it is. But those who are risk averse, along with some government agencies and insurance companies, are starting to look at these more closely and are trying to assess probability. Unfortunately, such assessment is difficult as there is conflicting information and many unknowns. Also, Canada has exceptional vulnerability for some of these risks, which will be addressed.

To register for this and other CIA webcasts, please click on the link below.

Link: http://www.actuaries.ca/webcasts/index_e.cfm (members must first log in to the members site to receive member pricing.)

Contact with Questions: Leona Campbell at leona.campbell@actuaries.ca; telephone: 613-236-8196 ext. 124; fax: 613-233-4552

Private Sector Task Force Calls on G-20 to Promote Regulatory Convergence

The Private Sector Task Force of Regulated Professions and Industries (PSTF) has released its final report to G-20 deputies. The PSTF was established in May 2011 at the request of the Presidency of the G-20 to provide an analysis of gaps in regulatory convergence and to make recommendations on how to close such gaps across a number of professions and industries that operate within the financial sector.

The International Actuarial Association (IAA) is a member of the task force, along with: the International Federation of Accountants; CFA Institute; Institute of International Finance; International Accounting Standards Board; International Corporate Governance Network; International Insurance Society; International Valuation Standards Council and Insol International.

The PSTF recommends that the G-20 encourages and supports the development, adoption, implementation and consistent interpretation of globally-accepted high-quality international standards, to the greatest extent possible, for financial reporting, auditing, valuation, and actuarial services.

Links: IAA press release - click here. The final report - click here

Contact with Questions
: Nicole Séguin, IAA Executive Director, 613-236-0886 ext 123, executive.director@actuaries.org

Submission to the Ontario Workplace Safety and Insurance Board

The Canadian Institute of Actuaries presented its comments on the Ontario Workplace Safety and Insurance Board Funding Review.

Link: http://www.actuaries.ca/members/publications/2011/211099e.pdf

Contact with Questions: Les Dandridge, director, communications and public affairs, at les.dandridge@actuaries.ca

Motions Related to Rule 13 Approved at Board Meeting

On September 21, 2011 the CIA Board of Directors approved the following two motions related to Rule 13 of the Rules of Professional Conduct:

1. That members who, in their capacity as occupants of the following positions, become aware of an apparent material noncompliance with the Standards of Practice by another member be prohibited from reporting such apparent noncompliance to the Committee on Professional Conduct (CPC), pursuant to Rule of Professional Conduct #13:

The chair, vice-chair and members of the CIA Pension Review Task Force.

2. That members who, in their capacity as occupants of the following positions, become aware of an apparent material noncompliance with the Standards of Practice by another member be prohibited from reporting such apparent noncompliance to the Committee on Professional Conduct (CPC), pursuant to Rule of Professional Conduct #13:

The employees of OSFI, Assuris, AMF and PACCIC. These members are nevertheless required to promptly inform their employer of any apparent material noncompliance with the Standards of Practice of which they become aware in the course of their work.

To view the Rules of Professional Conduct, please go to the link below.

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

Pension Plan Actuarial Report Review 3 Project

Please see the memo from CIA President Jim Christie linked below for information regarding the third Pension Plan Actuarial Report Review Project, which was initiated by the Board in September 2009 and which is being implemented by the Pension Review Task Force.

Contact with Questions: Jim Christie, CIA President, at president@actuaries.ca
 

360 Albert Street, Suite 1740, Ottawa, ON K1R 7X7
Tel.: 613.236.8196 Fax: 613.233.4552
www.cia-ica.ca