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Submission to CAPSA: 2012–2015 Strategic Plan

The Canadian Institute of Actuaries provided input to Canadian Association of Pension Supervisory Authorities’ 2012–2015 Strategic Plan.

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

Highlights from the November 29, 2011 Board Meeting

The highlights from the most recent Board meeting, held on November 29, 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

Response from the Accreditation Committee to Discussion Regarding Accredited Universities

Since the announcement to members regarding the accreditation of eight universities in Canada, the Accreditation committee (AC) has been monitoring questions and comments sent to accreditation@actuaries.ca as well as those posted to the general list.

A sub-group of the AC, with representation from the EEC and the Board, is compiling a list of the questions received and will be responding early in January to all comments received up until December 31.

For more information on the subject, please refer to our most recent memorandum.

In the interim, please feel free to continue to send your comments to accreditation@actuaries.ca.

Rob Stapleford, FCIA
Chair, CIA Accreditation Committee

Contact with Questions
: accreditation@actuaries.ca

Membership Survey: Final Report Available

The final report on the 2011 CIA Comprehensive Membership Survey is now available, revealing the opinions of more than 1,100 members of the Institute.

The survey comes six years after the last such analysis, and was drawn up to create an up-to-date picture of member attitudes. It includes 17 recommendations suggesting ways in which the CIA can improve to further support members and enhance the profession.

Contact with Questions
: Les Dandridge, director, communications and public affairs, at les.dandridge@actuaries.ca or at 613-236-8196 ext. 114

Reminder, Qualification Requirements for Associates are Changing June 1, 2012

The qualification requirements for Associates are changing as of June 1, 2012, to come into line with the qualification requirements for Associates in the Society of Actuaries (SOA) and Casualty Actuarial Society (CAS).

As of June 1, 2012, to become an Associate of the CIA, individuals will need to have completed the requirements for ASA, ACAS, or CERA, or have obtained exam exemptions from the CIA through the university accreditation program which starts in September 2012.

Associates who meet the new requirements will be able to append their names with the letters ACIA, meaning Associate of the Canadian Institute of Actuaries. In addition, Associates who have been enrolled for five or more years as of June 1, 2012, will be able to vote on CIA business issues at general meetings and will be able to vote in Board elections beginning in 2013.

Associates who do not meet the new requirements as of June 1, 2012 will no longer be enrolled as Associates of the Institute, but will be invited to subscribe to an actuarial networking group which will provide many of the current benefits that Associates enjoy, such as communications from the CIA, access to the website, and reduced meeting fees. Associates who may not meet the new requirements have been notified by the Secretariat.

Current Associates of the CIA are encouraged to update their membership information if they have recently obtained the ASA, ACAS, or CERA designations and have not notified the CIA. This information can be updated in the members section of the website, under Toolkit > Update Your Membership Directory Information > Other Actuarial Designations.

Dues for Associates are also changing for the membership year beginning June 1, 2012. Associates will pay 30 percent of Fellow dues for the first five years, and 85 percent of Fellow dues after five years of enrolment.

A list of frequently asked questions (FAQ) has been developed and is now available in the members section of the website.

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

Submission to the Interim Actuarial Standards Subcommittee (IASSC) of the IAA

The Canadian Institute of Actuaries provided input to the Interim Actuarial Standards Subcommittee (IASSC) of the International Actuarial Association (IAA) on the exposure draft of International Standard of Actuarial Practice (IASP) 1 (General Actuarial Practice).

Contact with Questions: Micheline Dionne, Chair, Committee on International Relations, at mdionne@rgare.ca

International Actuarial Association Section Membership Dues

Below is a link to the 2012 IAA section dues subscription form. Please note that the CIA is collecting membership dues on behalf of all IAA sections: AFIR/ERM, ASTIN, AWB, IAAHS, IACA, Life and PBSS.

Anyone wishing to join any of the IAA sections must complete the attached form and submit the appropriate amount in dues. If you have already paid your section dues for this year through another association, please do not submit them again. You may contact Lidia Frassine (see below) to ensure that your payment has been recorded.

Link: Dues package 

Contact with Questions: Lidia Frassine at (613) 236-8196, ext. 102 or by e-mail at lidia.frassine@actuaries.ca

CPD Compliance Review (Audit) Results

The Eligibility and Education Council (EEC) is pleased to report that the first Continuing Professional Development (CPD) Compliance Review is complete and, overall, the quality of CPD records that were reviewed was quite high. The attached memo provides important information on the findings plus tips and suggestions on how members can improve their CPD record-keeping.

Members are reminded that each year, following the CPD compliance statement filing deadline, a review will be conducted of a representative sample of all filing categories. Please ensure your CPD activities are completed by December 31 and your records are up to date.

Click here to read the memo.

Contact with Questions: Leona Campbell, coordinator, eligibility and education, at leona.campbell@actuaries.ca. Tel: 613-236-8196 ext. 124; fax: 613-233-4552

Notice of Intent Regarding Life Insurance, Health Insurance and Annuity Product Costing

There are currently no practice-specific standards for life insurance, health insurance and annuity product costing in Canada. The absence of specific professional guidance means there is a risk that inappropriate methods and assumptions may be selected by actuaries.

It is proposed that a new practice-specific Standard of Practice be created that would be applicable for the costing of life insurance, health insurance and annuity products in Canada performed by all actuaries.

Contact with Questions: Jacques Tremblay, Chair, Designated Group, at jacques.tremblay@oliverwyman.com

Educational Note: Guidance on Fairness Opinions Required Under the Insurance Companies Act Pursuant to Bill C-57 (2005)

With the changes made to the Insurance Companies Act as a result of Bill C-57 (2005) there are new governance requirements for boards of directors with respect to dividend policies, management of participating accounts and changes to adjustable policies at the sole discretion of the company. The same legislation imposed on appointed actuaries the requirement to opine on the fairness of those policies and management practices. The purpose of this educational note is to assist the actuary in forming these fairness opinions.

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

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

Final Standards of Practice – Ratemaking: Property and Casualty Insurance – Section 2600

Section 2600 of the Standards of Practice was approved by the Actuarial Standards Board on November 30, 2011.

The effective date of the final Standard of Practice is January 1, 2012. Since the final Standards of Practice do not introduce any conflicts with existing Standards of Practice, early implementation is permitted.

Final standards

Memorandum (with appendix)

Contact with Questions: Shams Munir, Chair, Designated Group, at shams.munir@ca.ey.com

2011 ERM Symposium – Monograph Available

Award-winning papers on such topics as sustainability of earnings and property-casualty underwriting are among those included in a new monograph from the 2011 Enterprise Risk Management Symposium.

The monograph contains all the papers presented at the event, which took place in Chicago in March and was supported by the Canadian Institute of Actuaries, among other organizations. It also includes additional research papers that were submitted and accepted for the 2011 ERM Symposium Call for Papers but not presented.

It can be downloaded from the Society of Actuaries’ website at the link below.

Link: click here.

Contact with Questions: Society of Actuaries customer service center at 888-697-3900; e-mail customerservice@soa.org

Natcan Accounting Discount Rate Curve

Actuaries seeking additional guidance in the development of the accounting discount rate curve in accordance with the Educational Note on Accounting Discount Rate Assumption for Pension and Post-employment Benefit Plans will be able to access the underlying securities on the provider’s website, commencing with a curve to be developed as of December 16, 2011. The curve is expected to be published no later than December 21, 2011.

Provider: www.natcan.com
Educational Note: click here

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

Major Step Forward as CIA Reveals Accredited Universities

The CIA’s Eligibility and Education Council (EEC) and Accreditation Committee (AC) are delighted to announce the inaugural list of eight Canadian universities accredited for courses beginning September 2012.

This is an exciting moment for the actuarial profession in Canada; a partnership between the CIA and Canadian universities will provide a richer and more rewarding experience for students and produce actuaries who are connected to their professional body at an early stage in their careers.

Link: Memo to members

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


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