September 2012 Past Issues | Advertise | www.cia-ica.ca
Return to main page

Council's Volunteers are Hard at Work

Print Print this Article | Send to Colleague



By Phil Rivard, FCIA

Many practitioners may not be aware of the role of the Practice Council (PC) within the CIA or how it operates. Certainly most actuaries are more familiar with the work of the various committees of the PC. They include the:
  • Committee on Actuarial Evidence;
  • Committee on Investment Practice;
  • Committee on Life Insurance Financial Reporting;
  • Committee on P&C Insurance Pricing;
  • Committee on Pension Plan Financial Reporting;
  • Committee on Post-Employment Benefit Plans;
  • Committee on Property and Casualty Insurance Financial Reporting;
  • Committee on Risk Management and Capital Requirements;
  • Committee on the Appointed/Valuation Actuary; and
  • Committee on Workers' Compensation.
These all work under the PC to address the needs of practitioners working in the various practice areas. The guidance material developed by these committees is only released to practitioners once it has been reviewed and approved by the PC.

The PC members are selected in a fashion that ensures adequate representation across all practice areas, as opposed to the committees which are staffed with practitioners having practice-specific expertise. One of the roles of the PC is to make sure that the guidance produced by any committee follows the due process, guidelines, and quality thresholds set by the Institute. The actual mandate of the PC is:
(a) To direct and manage the development of all practice-related material other than Standards of Practice, in all areas of actuarial practice;

(b) To adopt all practice-related material other than Standards of Practice, in all areas of actuarial practice;

(c) To provide interpretative opinions on all Standards of Practice and other practice-related material, in all areas of practice; and

(d) To monitor the work of other professional standard-setting bodies and provide comments on draft professional standards issued by these bodies, where appropriate.
For obvious reasons, much of the mandate is delegated to the practice committees with ultimate responsibility and oversight remaining with the PC.

Over the past year, the PC and its committees have developed and adopted the following guidance:
 
212075
Committee on Property and Casualty Insurance Financial Reporting
Educational Note: Subsequent Events
September 2012
212066
Committee on Pension Plan Financial Reporting
Educational Note Supplement: Guidance for Assumptions for Hypothetical Wind-Up and Solvency Valuations Update – Effective June 30, 2012
August 2012
212056
Committee on Pension Plan Financial Reporting
Educational Note Supplement: Guidance for Assumptions for Hypothetical Wind-Up and Solvency Valuations Update – Effective March 31, 2012
June 2012
212032
Committee on Pension Plan Financial Reporting
Educational Note: Assumptions for Hypothetical Wind-up and Solvency Valuations with Effective Dates between December 31, 2011 and December 30, 2012
May 2012
212031
Committee on Post-Employment Benefit Plans
Educational Note: Health Care Trend Rate
May 2012
212027
Committee on Life Insurance Financial Reporting
Educational Note: Reflection of Hedging in Segregated Fund Valuation
May 2012
212012
Committee on Life Insurance Financial Reporting
Educational Note: Valuation of Universal Life Insurance Contract Liabilities
February 2012
212007
Committee on Pension Plan Financial Reporting
Educational Note Supplement: Assumptions for Hypothetical Wind-Up and Solvency Valuations with Effective Dates from December 31, 2011, to December 30, 2012
February 2012
212004
Committee on Life Insurance Financial Reporting
Research Paper: Calibration of Equity Returns for Segregated Fund Liabilities
February 2012 

While all of the committees tend to be very busy, they are always open to new ideas or suggestions of where guidance may be useful. I would encourage you to forward any such ideas or suggestions to myself at privard@segalco.com or to the committee chairs themselves. A description of each of the committees, their mandate, and the current chair can be found on the CIA website. At the bottom of each committee page, there is also an option to express your interest in joining the committee.

At any point in time, the CIA has hundreds of volunteers participating on various committees or task forces. These volunteers are aware of the invaluable role they play in maintaining our profession’s vital work in protecting the public’s interest. They are also aware that volunteering brings opportunities for personal growth and interaction with many of the Institute’s best and brightest minds. Volunteers need not be seasoned veterans or experts in their field. In fact, recently qualified actuaries and ACIAs can be integral to the development of guidance material and I would strongly encourage such practitioners to consider volunteering for a practice committee.

Participation certainly has its rewards.

Phil Rivard, FCIA, is Chair of the CIA Practice Council.

 

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