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The CIA is on Twitter

Actuaries and the public can now follow the Institute on Twitter, at @CIA_Actuaries.

Tweets will highlight forthcoming events, publicize new documents, and pass on important information, and Twitter buttons have been added to the CIA's public website and Members Site to allow anybody to follow the CIA's English or French accounts.

We encourage all members to click on the appropriate button here or directly at our Twitter page. By following the CIA, and retweeting any posts you feel would be of interest, you help ensure that the work of the Institute and its members can reach the widest possible audience, constantly raising the profile of the Canadian actuarial profession.

Link: http://twitter.com/cia_actuaries

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

ERM Webcasts
The 10 Key ERM Criteria

Wednesday, March 28, 2012
12:15 p.m. to 1:15 p.m. (EDT)

Speaker: Sim Segal, president, SimErgy Consulting LLC

This webcast presents the 10 key criteria that define best practices for an ERM program, and which can be used to benchmark the robustness of any ERM program. We will discuss common industry practices and evaluate them against each of these 10 criteria, and discuss the advantages and disadvantages for each key criterion.

Five Keys to Successful Risk Identification

Wednesday, April 25, 2012
12:15 p.m. to 1:15 p.m. (EDT)

Speaker: Sim Segal, president, SimErgy Consulting LLC

Since risk identification is the first step in the ERM process cycle, most assume that by now standard practice must be best practice, but this is not the case. This webcast discusses the critical mistakes commonly made in risk identification that can derail an ERM process, and the five keys to successfully avoiding them.
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

Notice of Intent – Amendment to the Practice-Specific Standards for Pension Plans – Reporting of Incremental Cost and Sensitivity Information on a Hypothetical Wind-up or Solvency Basis

The Actuarial Standards Board (ASB) is proposing to amend paragraph 3260.06 of the Standards of Practice to exempt its application to the types of report described above and, possibly, other comparable types of report.

In view of the expected benefits and limited scope of this proposed change, the ASB plans to proceed with this proposal on an expedited basis with shorter than normal comment periods, with an objective of adopting the revised Standards of Practice by June 30, 2012.

The ASB is soliciting feedback on this notice of intent from members of the CIA and other stakeholders. Comments on the proposed changes are invited by April 16, 2012. Please send them to Michael Banks at michael.banks@mercer.com, with a copy to Chris Fievoli at chris.fievoli@actuaries.ca.

Link: http://www.actuaries.ca/members/publications/2012/212014e.pdf

Contact with Questions: Michael Banks, Chair, Designated Group, at michael.banks@mercer.com

Exposure Draft to Revise the Practice-Specific Standards for Post Employment Benefit Plans

The attached exposure draft was approved by the Actuarial Standards Board on January 31, 2012. It represents a complete rewrite of part 6000 – the Practice Specific Standards of Practice for Post-Employment Benefit Plans.

Comments on this exposure draft are invited by May 15, 2012. Please send them, preferably in an electronic format, to Ellen Whelan at ewhelan@eckler.ca, with a copy to Chris Fievoli at chris.fievoli@actuaries.ca.

It is anticipated that the effective date of the final standard of practice will be January 31, 2013.
Link: http://www.actuaries.ca/members/publications/2012/212013e.pdf

Contact with Questions: Ellen Whelan, Chair, Designated Group, at ewhelan@eckler.ca

A New Opportunity for Continuing Professional Development (CPD) in 2012

The CIA Investment Seminar has been added to the line-up of CPD opportunities for 2012. The seminar will be held on September 27 at the St. Andrews Club & Conference Centre on King Street West in Toronto, Ontario.

Add it to the following opportunities to network with your peers and accumulate structured CPD hours:
  • CIA Annual Meeting—June 21–22, 2012, at the Doubletree by Hilton Hotel Toronto Airport;
  • CIA Actuarial Evidence Seminar—September 14–15, 2012, at the Waterside Inn in Port Credit, Ontario;
  • CIA Seminar for the Appointed Actuary—September 20–21, 2012, at the Fairmont Royal York Hotel in Toronto, Ontario; and
  • CIA Pension Seminar—November 5, 2012, at the Hilton Montreal Bonaventure Hotel in Montréal, Québec.
Contact with Questions: Nancy Jenkinson at nancy.jenkinson@actuaries.ca; telephone: 613-236-8196 ext. 104; fax: 613-233-4552

CPD Compliance Statements are Past Due

All Fellows, Affiliates and Associates of the Institute must submit an annual compliance or exemption statement, in accordance with the Policy on Monitoring Compliance with the Continuing Professional Development (CPD) Qualification Standard, by February 28 each year.
The ONLY exception to the policy is for members whose dues are waived under Category 1A – Retirement of the CIA Waiver of Dues Policy. As a reminder, Category 1A is for members whose age plus number of years of enrolment in the CIA total 75 or more, and the person is no longer practising as an actuary for financial gain.

CPD compliance statements were due on February 29, 2012. If you have not filed, please do so immediately.

If you qualify for an exemption from CPD compliance, you must still file a compliance statement.

If you have not met the requirements of the CPD Qualification Standard and as a result are unable to file a statement, you must submit an Application to Remedy CPD Deficiency. This form is available from the Secretariat upon request.
Policy on monitoring compliance (please remember to log in to the Members Site first)

CPD filing (please remember to log in to the Members Site first):

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

Thousandth Chartered Enterprise Risk Actuary Named

Global risk management has achieved a milestone: 1,000 people have earned the prestigious Chartered Enterprise Risk Actuary (CERA) credential.

The latest recipient of a CERA credential, of which the CIA is an award signatory, is Karl Schriek, a Fellow of the Actuarial Society of South Africa who works as an actuary at General Reinsurance Africa. He said: "I am excited about what the CERA qualification has to offer. It is a truly robust risk management credential and CERAs are well positioned to play a leading role in the future of risk management."

The CERA was established in the U.S. by the Society of Actuaries (SOA) in 2007, and two years later 14 national associations—including the CIA—joined to create the global CERA credential, which addresses the growing need for highly qualified risk professionals, especially in the finance sector. There are four variants of the initials which are used by members of the CERA Global Association: Chartered Enterprise Risk Actuary, Chartered Enterprise Risk Analyst (the award given by the CIA and SOA), Certified Enterprise Risk Actuary and Certified Enterprise Risk Analyst.

Fred Rowley, chair of the association, said CERAs were held to professional standards of conduct that identified the responsibilities they had to the public, their clients and their employers, and to the actuarial profession. He added: "Organizations that rely on CERAs can make smarter, more confident decisions related to complex risk management challenges affecting business and society.

Link: click here.

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

Online Directory Has Been Enhanced

The Online Directory of Actuarial Memberships, which includes members of the CIA, American Academy of Actuaries, American Society of Pension Professionals & Actuaries, Casualty Actuarial Society, Conference of Consulting Actuaries, and Society of Actuaries, has been enhanced. Actuaries can now add a professional bio and photo to their directory listing, and link to a company or personal website, LinkedIn profile, Twitter feed and Facebook account.

If you choose not to share this information, no additional changes are needed. To explore these enhancements or update your listing, visit the link below.

Link: https://www.actuarialdirectory.org/

Contact with Questions
: CustomerService@actuarialdirectory.org

Educational Note – Valuation of Universal Life Insurance Contract Liabilities

The Committee on Life Insurance Financial Reporting has developed the attached Educational Note – Valuation of Universal Life Insurance Contract Liabilities. This educational note presents considerations and examples of the application of the Standards of Practice to the valuation of universal life insurance contract liabilities in Canadian financial statements prepared in accordance with Generally Accepted Accounting Principles (GAAP).

Link: http://www.actuaries.ca/members/publications/2012/212012e.pdf

Contact with Questions: Edward Gibson, Chair, Committee on Life Insurance Financial Reporting, at edward.gibson@empire.ca

Notice of Charges and Referral to a Disciplinary Tribunal

The Committee on Professional Conduct has filed charges against a member of the Canadian Institute of Actuaries (CIA). These charges have been referred to a disciplinary tribunal.

Pursuant to the new Bylaw 20.04(3.1) (in force since July 1, 2005), a notice of the filing of charges and their referral to a CIA disciplinary tribunal is hereby provided to inform Institute members and the public about a current disciplinary case involving a member.

In accordance with the bylaw, this notice includes the charges, the name and the principal practice address of the member in question, and the specialty area in which they practise, if any. The notice also includes a statement advising that the member has been charged, but that the disciplinary tribunal hearing has not yet been held and its decision not yet rendered.

To read the notice, please access the link below.

Link: http://www.actuaries.ca/members/publications/2012/212010.pdf

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

ALM 101 Webcast

Tuesday, March 6, 2012
Noon to 1:30 p.m. (EST)
Presenter: Charles Gilbert, president, Nexus Risk Management

Recent history has highlighted the importance of sound asset liability management (ALM); many of the large losses and failures suffered by insurance companies, as well as the entire pension crisis, could have been easily avoided. Pension plans, insurers and their stakeholders learned the lessons painfully as financial markets ruthlessly punished those with inadequate ALM discipline. More education for decision-makers is needed. Simplistic yet popular duration-matching strategies are not enough to protect pension plans and insurance companies from the multiple dimensions of the interest rate risk exposure they face.

The webcast will provide an overview of the evolution of ALM, present fundamental concepts and discuss the uses and limitations of common risk metrics. ALM 101 is aimed at ACIAs and new FCIAs and is designed to be at the basic/intermediate level. It will be followed by a question-and-answer period.

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

360 Albert Street, Suite 1740, Ottawa, ON K1R 7X7
Tel.: 613.236.8196 Fax: 613.233.4552