October 2012 Past Issues | Advertise | www.cia-ica.ca
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Highlights from the September 19, 2012, Board Meeting

The highlights from the most recent Board meeting, held on September 19, 2012, 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 – International Actuarial Experiences

Wednesday, October 10, 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.

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

Member Listening Group Launched

Ninety-nine members stepped forward during the summer to join the new CIA Member Listening Group (MLG), which allows 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.

The first survey, which focused on the replacement of Beyond Risk, was distributed at 11:30 a.m. on September 21. By 11:33, we had received the first completed survey. Of the 99 MLG members, 85 have checked in on the survey, and 77 have answered some or all of the questions.

There is still space available for those keen to have their say and play their part in the profession’s future.

An omnibus survey will be distributed shortly and we could greatly benefit from your input. Only a small time commitment is required. We encourage you to click on the link and sign up today.

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

CIA Pension Seminar – November 5, 2012
Registration is Open!

Registration is open for the CIA Pension Seminar being held on November 5 at the Hilton Montreal Bonaventure Hotel. You can register by fax, by mail, or online with our secure transaction registration form.

Please visit the website for the program and other pertinent information.

Contact with Questions: Nancy Jenkinson, meeting services, at nancy.jenkinson@actuaries.ca. Tel: 613-236-8196 ext. 104; fax: 613-233-4552

StatsCan to Revise Data for Economic Indicators

Statistics Canada has announced that it will soon publish revised data for several important economic indicators. Consequently, many familiar terms will no longer be used in its texts and tables, although the revisions will add important variables and concepts, plus institutional sector detail. The revised data (and the dates of their release) include:
  • October 1: Quarterly gross domestic product and more;
  • October 12: Labour productivity for the business sector; and
  • October 15: National balance sheet accounts.
Regular users of StatsCan data can familiarize themselves with the new terms and concepts at the link below.

Contact with Questions: StatsCan at csna-info-scnc@statcan.gc.ca

Exposure Draft for Revisions to the Practice-Specific Standards for Pension Plans (Part 3000)

The attached exposure draft was approved by the Actuarial Standards Board (ASB) on September 19, 2012, and includes amendments to the current Pension Standards. The revisions address such issues as the meaning of incremental cost, requirements for disclosure of the actuarial methods and actuarial assumptions used in determining the incremental cost, and funding valuations that are not strictly going concern, hypothetical wind-up, or solvency valuations.

Parties wishing to comment on this exposure draft should direct those comments to Stephen Butterfield at stephen.butterfield@towerswatson.com by November 15, 2012. A copy should also be sent to CIA resident actuary Chris Fievoli at chris.fievoli@actuaries.ca.

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

Submission to the International Association of Insurance Supervisors

The Canadian Institute of Actuaries presented its comments to the International Association of Insurance Supervisors (IAIS) on the Working Draft of the Common Framework for the Supervision of Internationally Active Insurance Groups.

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

Educational Note – Subsequent Events

The attached educational note was approved by the Practice Council on September 7, 2012. Through a discussion of materiality, the event decision tree from the Standards of Practice, and concrete examples, this educational note provides guidance to property and casualty actuaries in identifying whether events are subsequent events and in understanding appropriate courses of action for such events.

Contact with Questions: Isabelle Périgny, Chair, Committee on Property and Casualty Insurance Financial Reporting, at isabelle.perigny@lacapitale.com

Submission to the Office of the Superintendent of Financial Institutions

The Canadian Institute of Actuaries has presented its comments on the Office of the Superintendent of Financial Institutions’ Draft Guideline on Corporate Governance of Federally-Regulated Financial Institutions.

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

CAS Recognizes CIA University Accreditation Program

The CIA’s University Accreditation Program has received an important vote of confidence this week: it has achieved recognition from the Casualty Actuarial Society (CAS).

Announcing the decision, the CAS said it had completed a comprehensive review of the program, and its backing of the UAP was the culmination of a multi-year process that involved working with and monitoring the CIA’s development of policies, procedures, academic standards, and evaluation of universities and individual courses. It had concluded that the standard for exam waivers would be at least as rigorous as an actuarial exam, and therefore the waivers granted by the Institute would be valid for CAS preliminary examinations.

For more details about the CAS decision and the program itself, see the links below.

CAS announcement

Contact with Questions: accreditation@actuaries.ca

Submission to the House of Commons Standing Committee on Finance

The Canadian Institute of Actuaries provided input to the 2012 pre-Budget consultations being undertaken by the House of Commons Standing Committee on Finance.

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

Exposure Draft for Revised Standards of Practice – Part 4000 Practice-Specific Standards for Actuarial Evidence and Relevant Paragraphs of Part 1000 General Standards

The attached exposure draft was approved by the Actuarial Standards Board (ASB) on August 30, 2012. The proposed revision is intended to update the Standards of Practice to reflect evolving practices and new developments within the profession and within the legal system in Canada, and to improve the appropriateness of the Standards of Practice for the broader scope of actuarial evidence work.

Parties wishing to comment on this exposure draft should direct those comments to Nancy Yake at nancy.yake@sympatico.ca by November 30, 2012. A copy should also be sent to CIA resident actuary Chris Fievoli at chris.fievoli@actuaries.ca.

Contact with Questions: Nancy Yake, chair, Designated Group, at nancy.yake@sympatico.ca

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