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Mortality Study: Canadian Standard Ordinary Life Experience 2009–2010 Using 97–04 Tables

This is the 61st annual report submitted by the Individual Life Experience Subcommittee of the Research Committee detailing the intercompany mortality experience for Canadian standard ordinary life insurance policies. This is the 17th year that we have collected data in a seriatim format. We calculated exposure using the "actuarial exposure" method, in which a full year of exposure is credited in the year of death.

Study: www.actuaries.ca/members/publications/2012/212070e.pdf

Tables 97-04:
Tables 2005-2010
Tables 2010
Tables by size 2010

Contact with Questions: Nikolai Serykh, Chair, Individual Life Experience Subcommittee, at nserykh@munichre.ca

Mortality Study: Canadian Standard Ordinary Life Experience 2009–2010 Using 86–92 Tables

This is the 61st annual report submitted by the Individual Life Experience Subcommittee of the Research Committee detailing the intercompany mortality experience for Canadian standard ordinary life insurance policies. This is the 17th year that we have collected data in a seriatim format. We calculated exposure using the "actuarial exposure" method, in which a full year of exposure is credited in the year of death.

Study: www.actuaries.ca/members/publications/2012/212069e.pdf

Tables 86-92:
Tables 2005-2010
Tables 2010
Tables by size 2010

Contact with Questions: Nikolai Serykh, Chair, Individual Life Experience Subcommittee, at nserykh@munichre.ca

Request for Proposals: Water Damage Risk and Canadian Property Pricing

Traditional pricing methods rely on historical claims data to project future expected losses. When past claims experience is not fully predictive of future loss potential, actuaries must investigate other methods to appropriately incorporate this risk in their pricing framework. The objective of this request for proposals (RFP) is to provide a qualitative summary of the issue as it relates to the peril of water, to point to external sources of information and to discuss potential alternatives to incorporating that information into ratemaking.

This RFP is distinguished from the Canadian Water Damage RFP released in December 2011 in the following ways:
  • This research product will be academic in nature and is not designed to result in specific analyses of company and/or industry metrics. Current practices will be surveyed but not with the objective of quantifying them.
  • Individual companies will benefit from the research insights and be able to use the information to support company-specific practices. This RFP will not generate additional costs for insurance companies.
Proposal submissions or inquiries on the research project should be sent to sc.research.pc@actuaries.ca or  marc-olivier_faulkner@avivacanada.com. The deadline for submission of an expression of interest in submitting a proposal is October 5, 2012.

Link: Request for proposal

Contact with Questions: Marc-Olivier Faulkner, Chair, P&C Research Subcommittee, at marc-olivier_faulkner@avivacanada.com

Webcast – International Actuarial Experiences

Wednesday, October 3, 2012
Noon to 1:30 p.m. (EDT)

Presenters: Alan Cooke and Kelly Rendek

This webcast will provide an insight into the experiences of actuaries working in overseas settings. Topics covered will include:
  • Unique considerations when contemplating a move to or an assignment in a different country;
  • How actuarial work in Canada differs from, and is similar to, work in other developed nations;
  • Actuarial practice and work challenges in developing countries;
  • How the profession is reaching out to other countries, e.g., through organizations such as Actuaries Without Borders; and
  • Microinsurance and why it is important in developing countries, as well as unique challenges and opportunities it may offer to actuaries.
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

Final Standards of Practice – Reporting of Incremental Cost and Sensitivity Information on a Hypothetical Wind-up or Solvency Basis – Section 2600

A revised section 2600 of the Standards of Practice was approved by the Actuarial Standards Board on August 15, 2012.

The effective date of the final standard is August 23, 2012.

Links:
Memorandum
Standards of Practice

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

Educational Note Supplement: Guidance for Assumptions for Hypothetical Wind-Up and Solvency Valuations Update – Effective June 30, 2012

The most recent guidance from the Committee on Pension Plan Financial Reporting (PPFRC) regarding assumptions for hypothetical wind-up and solvency valuations was provided in an educational note supplement dated June 30, 2012, which was based on a review of data collected in the first quarter of 2012. The review concluded that there was not sufficient evidence to warrant changing the guidance provided in a May 24, 2012, educational note. This guidance concluded that for valuations with effective dates on and after December 31, 2011, an appropriate discount rate for estimating the cost of purchasing a non-indexed group annuity would be determined as the unadjusted average yield on Government of Canada (GoC) marketable bonds with maturities over 10 years (CANSIM series V39062) increased arithmetically by 90 bps, in conjunction with the UP94 generational mortality tables. This guidance applies to both immediate and deferred pensions and also applies regardless of the overall size of a group annuity purchase.

Methodology

The guidance published on June 30, 2012, as to estimated purchase costs for non-indexed group annuities was partially based on quotes provided by eight insurance companies on illustrative group annuities using pricing conditions as at March 31, 2012, and supplemented by data from certain actuarial consulting firms on actual group annuity purchases during the first and early second quarters of 2012.

Analysis

In an effort to continue to monitor group annuity pricing, the PPFRC obtained illustrative quotes on a similar basis to those obtained at March 31, 2012, but based on pricing conditions as at June 30, 2012 (however, it is noted that one of the eight insurers did not provide illustrative quotes at June 30, 2012). The illustrative non-indexed quotations at March 31 and June 30, 2012, may be summarized as follows:

AVERAGE OF THE THREE MOST COMPETITIVE QUOTES
(USING UP94 GENERATIONAL MORTALITY TABLES)

  Large Purchase
Small Purchase
31/03/2012
30/06/2012
31/03/2012
30/06/2012
Retirees
   
Discount rate  3.43% 2.98%
3.52%
3.05%
Spread over CANSIM V39062
+ 0.88% + 0.73%
+ 0.97%
 + 0.80%
Deferred vesteds
   
Discount rate 
3.69%
3.25% 3.70%
3.31%
Spread over CANSIM V39062
+ 1.14%
+ 1.00%
+ 1.15% 
+ 1.06%

If considered in isolation, over the three-month period, the illustrative quotes show a decrease of approximately 10 to 15 bps in the spread of the discount rates over the unadjusted average yield on GoC marketable bonds with maturities over 10 years (CANSIM V39062), in conjunction with the UP94 generational mortality tables.

The pricing information for the actual group annuity purchases for non-indexed pensions in the second quarter of 2012 that was available to the PPFRC produced an average spread which was in the range of 75 to 85 bps above the prevailing unadjusted average yield on GoC marketable bonds with maturities over 10 years (CANSIM V39062).

As a result, the PPFRC concluded that, effective June 30, 2012, a revision to the guidance contained in the educational note supplement published on June 30, 2012, is appropriate.

Guidance for Non-indexed Pensions

Based on the analysis described above, the PPFRC has concluded that, for valuations with effective dates on and after June 30, 2012, an appropriate discount rate for estimating the cost of purchasing a non-indexed group annuity would be determined as the unadjusted average yield on GoC marketable bonds with maturities over 10 years (CANSIM series V39062) increased arithmetically by 80 bps, in conjunction with the UP94 generational mortality tables. This guidance applies to both immediate and deferred pensions and also applies regardless of the overall size of a group annuity purchase.

The revised guidance on spreads applies to valuations with effective dates on and after June 30, 2012 up to December 30, 2012, pending any further guidance or other evidence of change in annuity pricing.

Example

As at June 30, 2012, the unadjusted CANSIM V39062 rate was 2.25%. This rate would form the basis for developing an appropriate underlying discount rate for valuations of non-indexed group annuities with effective dates of June 30, 2012. Prior to rounding, an applicable underlying discount rate would then be determined as 2.25% + 0.80% = 3.05%.

Guidance for Indexed Pensions

The data regarding the pricing of annuities indexed to the Consumer Price Index (CPI) continue to be extremely limited. Only one actual annuity purchase during the first and second quarters of 2012 pertained to indexed annuities. In most cases, the contributing insurers did provide illustrative quote data for the sample blocks on a CPI-indexed basis. It may be noted that the premiums quoted for the illustrative quotes on this and prior occasions are substantially higher than the guidance provided by prior educational notes. The PPFRC is in the process of conducting further research regarding the pricing of indexed annuities. This research may result in the revision of future guidance for estimating the cost of purchasing indexed annuities.

Until any revised guidance is issued, the guidance for estimating the cost of purchasing indexed annuities contained in the May 24, 2012, educational note continues to apply.

Validity of May 2012 Educational Note

With the exception of the revisions to the guidance contained in this educational note supplement, actuaries would continue to reference the May 24, 2012, educational note for guidance with respect to the selection of assumptions for hypothetical wind-up and solvency valuations with effective dates between June 30, 2012, and December 30, 2012.

Actual Annuity Pricing

The purpose of this educational note supplement is to provide actuaries with guidance related to the establishment of assumptions for hypothetical wind-up and solvency valuations. It is worth noting that the pricing for an actual group annuity purchase depends on many factors, with the result that the actual price may differ from the guidance provided herein. Some of the factors that may affect pricing of a particular purchase include, but are not limited to:
  • The duration of the pensions being purchased;
  • The proportion of deferred vested members included in the group being purchased;
  • The average pension amount for the pensions being purchased;
  • The mortality experience anticipated by the insurance companies bidding on the purchase; and
  • Competitive pressures in the group annuity market at the time of the purchase.
Link: http://www.actuaries.ca/members/publications/2012/212066e.pdf

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

Webcast – Enterprise Risk Management: When Black Swans Aren’t

Wednesday, August 29
Noon to 1:30 p.m. (EDT)

Speaker: Dr. Guntram Werther, Professor of Strategic Management, Fox School of Business, Temple University

In this webcast, Dr. Werther will look at ways of improving the forecasting of emerging global and country-level change, along with analyzing what is and is not a black swan event, and revealing the best ways to think about future events. Widely renowned as an expert of strategic management, whose dissertation was nominated as the best comparative politics dissertation in the U.S., Dr. Werther will also discuss analysis dissonance and why many models fail.

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

Congratulations and Thanks for 20 Years’ Service


The CIA would like to express its congratulations and thanks to Lynn Blackburn, who has now been with the Secretariat for 20 years.


The Institute’s longest-serving staff member, Lynn is director of member services and professional practice (formerly member services and standards development). She and her team of three are responsible for such areas as membership and eligibility issues, helping to develop the Standards of Practice, drafting changes to key documents, supporting the CIA’s volunteers, database management, and much more.

I am sure I speak on behalf of all members when I say: "Thank you, Lynn, for two decades of dedication to the profession and its members, and I wish you many more years of success at the Institute."

Michel Simard, Executive Director

Contact with Questions: Michel Simard at executive.director@actuaries.ca

Canadian Individual Annuitant Mortality Experience – Policy Years 2000 to 2009

This document contains summary results for the Canadian Individual Annuitant Mortality Experience for Policy Years 2000 to 2009. To read the study, please access the links below.

Study: http://www.actuaries.ca/members/publications/2012/212063e.pdf
Table 2007
Table 2008
Table 2009
Table 2000–2009
Zip file

Contact with Questions: Julie Chambers, Chair, Annuitant Experience Subcommittee, at julie.chambers@londonlife.com

CIA Member to be Honoured with Finlaison Medal

The UK Institute and Faculty of Actuaries’ Council has unanimously approved a recommendation to award a Finlaison Medal to CIA member Professor Mary Hardy in recognition of her service to the profession in education, research, transition of research into practice, and governance in furthering these aims.

Prof. Hardy, an Associate of the CIA who also holds FSA, CERA, and FIA designations, is the CIBC Professor of Financial Risk Management at the University of Waterloo, where she also serves as the accreditation actuary for the Institute’s University Accreditation Program. She was a member of a CIA task force charged with developing a methodology for capital requirements for segregated fund guarantees, and currently edits the North American Actuarial Journal. Two of her books have been adopted as textbooks, and she was elected Vice-President of the Society of Actuaries for 2007–2009.

The Finlaison Medal is awarded from time to time in recognition of service to the actuarial profession in furtherance of one or more of the objects set out in Institute and Faculty of Actuaries’ Royal Charter.

Link: http://tinyurl.com/8shfwhk

Contact with Questions: University of Waterloo at 519-888-4567 x33550

Member Listening Group: A Chance to Help Your Profession

Many members have already stepped forward to join the new CIA Member Listening Group (MLG), which will allow them to deliver their opinions and thinking on topics of importance to the CIA Board, Secretariat, councils, and committees through the timely completion (within 24 hours of survey distribution) of short online surveys. However, there is still space available for those keen to have their say and play their part in the profession’s future.

Only a small time commitment is required and joining is easy: simply click on the link below and answer a few questions.

Over the course of the summer, the Communications Committee will be analyzing the MLG’s composition and recruiting in specific groups to ensure that any major gaps are filled. As soon as these issues are ironed out, the first survey will be distributed.

We encourage you to take the plunge, click on the link, and sign up today.

Link: http://app.fluidsurveys.com/s/mlg-signup/

Contact with Questions: Josée Racette, project manager, communications and public affairs, at josee.racette@actuaries.ca

Highlights from the June 20, 2012 Board Meeting

The highlights from the most recent Board meeting, held on June 20, are now available. To view the document, please access the link below.

Link: http://www.actuaries.ca/members/publications/2012/212065e.pdf

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

Submission to the British Columbia Ministry of Finance

The Canadian Institute of Actuaries presented its comments to the Ministry of Finance on British Columbia Bill 38–2012.

To read the submission, please click on the link below.

Link: http://www.actuaries.ca/members/publications/2012/212062e.pdf

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

Exposure Draft to Revoke Some Current Standards of Practice and Introduce a New Subsection Relating to Participating Policy Dividend Determination in Part 2000

The attached exposure draft was approved by the Actuarial Standards Board (ASB) on August 2, 2012. The objective of the ASB is to incorporate appropriate standards of practice relating to dividend determination within part 2000 – Practice-Specific Standards for Insurance. The proposed changes would be incorporated into the new section 2700 of the Practice-Specific Standards for Insurance.

Parties wishing to comment on this exposure draft should direct those comments to Stephen Haist at shaist@eckler.ca by September 30, 2012. A copy should also be sent to CIA resident actuary Chris Fievoli at chris.fievoli@actuaries.ca.

Link: http://www.actuaries.ca/members/publications/2012/212061e.pdf

Contact with Questions: Stephen Haist, Chair, Designated Group, at shaist@eckler.ca

100 Years of Actuarial Mathematics at University of Manitoba

CIA President Simon Curtis has helped the University of Manitoba celebrate 100 years of actuarial mathematics by presenting a plaque in recognition of this great achievement.

The presentation, accompanied by a speech from Mr. Curtis, took place during a major actuarial conference at the university, which was co-sponsored by the CIA and received coverage in the national media.

Contact with Questions: Alicia Rollo, director of education and professional development, at alicia.rollo@actuaries.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 Bylaws, 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 Bylaws, this notice includes the charge, the name and the principal practice address of the member in question, and the specialty area in which they practise, if any.

To read the notice, please access the link below.

Link: http://www.actuaries.ca/members/publications/2012/212060.pdf

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

Research Paper—Critically Canadian: Canadian Critical Illness Standalone Base Incidence Tables

This research paper derives incidence rates from general population sources for each of the most common or significant claim triggers (impairments/conditions/procedures) found in the typical Canadian individual standalone critical illness insurance contracts.

A spreadsheet containing the final incidence rates for each claim trigger by attained age and gender is included. The spreadsheet shows the sequential development from the preliminary base incidence rates (interpolated and smoothed) to the final incidence rates.

Links:
Research Paper
Excel tables

Contact with Questions: Emile Elefteriadis, Chair, Individual Living Benefits Experience Subcommittee, at Emile_Elefteriadis@swissre.com

CIA Comments on the Régie des rentes du Québec’s Newsletter Express

The Institute held discussions with the Régie des rentes du Québec to share some concerns and obtain clarifications regarding certain positions stated in the Newsletter Express published on May 23, 2012, by the Régie des rentes. This newsletter informed the administrators of defined benefit registered pension plans in Québec of their responsibilities with regard to using and choosing margins for adverse deviations for the actuarial valuations of plans on a going concern basis.

Actuaries producing an actuarial valuation for the funding of registered pension plans in Québec should take notice of the summary of these discussions.

Links:
Newsletter Express
CIA comments

Contact with Questions: Jacques Lafrance, President-elect, at jacques.lafrance@towerswatson.com

Annual Meeting e-Report Now Available



Immediately following the CIA Annual Meeting, we were convinced that it was a success from almost every angle, and we wanted to share some of the experience with members.

The link below will take you to the 2012 Annual Meeting e-Report where you will read and see some of the highlights. Of special note, we have recorded the General Business Session and for those who would like to watch the video, a link is included inside the e-Report.

Links:
Electronic report
General Business Session video

Contact with Questions
: Josée Racette, project manager, communications and public affairs, at josee.racette@actuaries.ca

Correction of Minor Error in the Standards of Practice for General Standards – Recognizing Events in Work (Subsection 1515) – French Version

A minor error was found in the French version of the event decision tree (subsection 1515). Precisely, to be consistent with the English version and the intent, the question « Le travail rend-il l’entité différente? » should be « L’événement rend-il l’entité différente? ».

Occasionally after final standards have been published, the Actuarial Standards Board (ASB) discovers that a minor error (typographical or similar) has been made. In such a situation, due process calls for the chair of the ASB, or another ASB member appointed by the chair, to work with the Secretariat to correct the error and communicate the correction to CIA members and other interested parties.

To read the memorandum, please access the link below.

Link: http://www.actuaries.ca/members/publications/2012/212057e.pdf

Contact with Questions: Josée Gonthier, French editor, CIA Secretariat, at josee.gonthier@actuaries.ca

Webcast – The International Actuarial Association and International Standards-Setting Initiatives

Tuesday, July 24, 2012
Noon to 1:30 p.m. (EDT)


Speakers:


Rob Brown, member of International Actuarial Association (IAA) Executive Committee, former President of the CIA

Dave Pelletier, Chair, Interim Actuarial Standards Subcommittee of the IAA

In order to offer this webcast to a broader audience, it is now being offered free of charge. If you have already paid for registration, we will be contacting you to arrange a refund.

This webcast will cover two major areas:

Rob Brown will present an overview of the IAA, how it operates, and the major committees and the structures supporting their operations. The IAA’s five strategic objectives will also be covered.

Dave Pelletier will present an update on the standards-setting initiatives being pursued at the international level. His presentation will cover the background and the work of the IAA’s Interim Actuarial Standards Subcommittee (IASSC), the IAA’s Task Force on a Permanent Structure for Actuarial Standards, and of the Standards-Setters Round Table (SSRT). He will also provide an overview of upcoming areas of focus for standards.

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

Your Next Job Could Be Here

Employers from across Canada turn to the CIA’s Online Classified Ads page to publicize current vacancies, and we are encouraging our members to make use of this increasingly valuable resource. In the last few weeks alone, the page has hosted advertisements for actuarial analysts, consultants, and associates at organizations like the Workplace Safety and Insurance Board, Scor Global Life, CIBC, Via Rail, and Scotiabank.

Actuarial employers rely on pages like this to attract the best candidates for coveted positions, and we have moved the advertisements to our Members Site in order to ensure that only suitably-qualified people are able to apply. Don’t miss the opportunities that frequently arise at some of Canada’s leading companies: bookmark the page today.

If your organization wishes to advertise a position, please contact Jacques Leduc, director of operations, finance, and administration, at jacques.leduc@actuaries.ca.

Link:
http://www.actuaries.ca/members/classifieds/index_e.cfm

Contact with Questions: Jacques Leduc at jacques.leduc@actuaries.ca

Casualty Actuarial Society Committee on the Theory of Risk (COTOR) Issues Request for Proposals

The Casualty Actuarial Society Committee on the Theory of Risk (COTOR) has issued a request for proposals (RFP) on Allocating The Costs of Holding Capital.

Proposals were due by August 1, 2012, and results will be available in 2013.

Link
: click here.

Contact with Questions: Richard A. Derrig, COTOR Chair, at richard@derrig.com

Final Communication of a Promulgation of Calibration Criteria for Investment Returns Referenced in the Standards of Practice for the Valuation of Insurance Contract Liabilities: Life and Health (Accident and Sickness) Insurance (Subsection 2360)

The Actuarial Standards Board is promulgating the use of new calibration criteria for equity returns, effective October 15, 2012. Early implementation is permitted.


To read the final communication, please access the link below.

Link:
http://www.actuaries.ca/members/publications/2012/212054e.pdf

Contact with Questions: Edward Gibson, Chair, Designated Group, at edward.gibson@empire.ca

Notice of Intent to Introduce Standards Relating to Appointed Actuary Opinions with Respect to Use of Internal Models to Determine Regulatory Capital for Segregated Fund Guarantees

After receiving approval from the regulator, life insurers may use internal models to determine regulatory capital for segregated fund guarantees subject to certain ongoing requirements. One of these requirements is for the Appointed Actuary to sign an opinion that the models are compliant in all material respects with regulatory requirements. This opinion may be required for a new model application, a model modification, and annual compliance.

The objective of the Actuarial Standards Board is to incorporate appropriate standards of practice relating to this internal model opinion within section 2400 (The Appointed Actuary).

Link: http://www.actuaries.ca/members/publications/2012/212055e.pdf

Contact with Questions
: Stephen Haist, Chair, Designated Group, at shaist@eckler.ca

Appointment Notice for CIA President

The appointment notice for new CIA President Simon Curtis appears today in the business section of the Globe & Mail and La Presse.

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

Discipline Bulletin – Volume 18, No. 2

This Discipline Report has been prepared by the Committee on Professional Conduct to educate and inform all members of the CIA about the disciplinary process and current disciplinary activities.

Link: http://www.actuaries.ca/members/publications/2012/212050e.pdf

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

Submission to the Accounting Standards Board

The Canadian Institute of Actuaries presented its comments to the Accounting Standards Board on the exposure draft Employee Future Benefits.

Link:
http://www.actuaries.ca/members/publications/2012/212049e.pdf

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

IAA Colloquia in Mexico City: Registration Underway

Registration is now underway for the forthcoming colloquia in Mexico City organised by three sections of the International Actuarial Association (IAA): Actuarial Studies in Non-life Insurance (ASTIN), Actuarial Approach for Financial Risks/Enterprise Risk Management (AFIR/ERM), and Life (IAALS).

The event will run from October 1–4, 2012, and its objective is to promote the publication of papers that contribute to the betterment and enhancement of the actuarial profession.

For more details, visit the colloquia website.

Contact with Questions: Emma Izquierdo at eiviajes@prodigy.net.mx

Response to Membership: Notice of Intent Regarding Life Insurance, Health Insurance, and Annuity Product Costing

On December 12, 2011, the Actuarial Standards Board issued a notice of intent to develop practice-specific standards for the costing of life insurance, health insurance, and annuity products. The consensus response was that specific standards should not be created, and, consequently, no standard reporting language was needed for costing opinions. The comments received indicated that members felt there was no pressing need for such standards, especially considering that there are no regulations governing the costing process, and that no reserved roles exist for actuaries responsible for costing the aforementioned products.

Link: http://www.actuaries.ca/members/publications/2012/212046e.pdf

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

Notice of Intent – Reporting of Assumptions, Margins, Methods, and Related Rationales

Following a review of consistency between the various practice-specific standards, the Actuarial Standards Board (ASB) believes it would be in the interest of the public and the profession to revise the Standards of Practice to provide substantially uniform requirements for the reporting of assumptions, margins, methods, and related rationales for all areas of practice.

Link: http://www.actuaries.ca/members/publications/2012/212045e.pdf

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

Notice of Intent to Revise the Practice-Specific Standards for Pension Plans (Part 3000)

The Actuarial Standards Board (ASB) established a designated group (DG) in 2011 to review the new Practice-Specific Standards for Pension Plans and to ascertain whether any amendments should be made to them. The DG consulted with the Committee on Pension Plan Financial Reporting and identified a number of issues with respect to the Pension Standards. This notice of intent provides details on the issues identified and the ASB’s proposed approach in dealing with them.

Link: http://www.actuaries.ca/members/publications/2012/212044e.pdf

Contact with Questions
: Stephen Butterfield, Chair, Designated Group, at stephen.butterfield@towerswatson.com

Two Additional Universities Accredited

The Eligibility and Education Council (EEC) and Committee on Accreditation are pleased to announce that two additional Canadian universities, The University of Calgary and Concordia University, have been granted accreditation for courses beginning in or after September 2012.

Please read the accompanying memorandum provided in the link below for more information.

Link: http://www.actuaries.ca/members/publications/2012/212039e.pdf

Contact with Questions: Alicia Rollo, CHRP, director, education and professional development, at 613-236-8196 ext. 136, or alicia.rollo@actuaries.ca
 

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