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Submission to the International Actuarial Association

The Canadian Institute of Actuaries presented its comments to the International Actuarial Association on a Proposed International Standard of Actuarial Practice (ISAP) on IAS 19.


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

JRMS Research Paper in New Section of CIA Website

The Joint Risk Management Section (JRMS), an initiative involving the CIA, Society of Actuaries (SOA), and Casualty Actuarial Society, has released a research paper entitled Development of a Network Model for Identification and Regulation of Systemic Risk in the Financial System.

In the paper, which was created by Risklighthouse, a network approach is taken to characterize the systemic risk in a financial system which may have a high degree of interconnectedness and whose failures may result in further distress or breakdowns in the system.

It is now available in English in a new section of the CIA Members Site: Collaborative Research (remember to log in to the Members Site first). Translation into French is underway, and the French version will be posted to the website as soon as it is available. To access the paper directly, click on the link below.


Contact with Questions: Steve Siegel, SOA research actuary, at ssiegel@soa.org

Webcast: CAPSA Guideline 6—The Regulator’s Perspective on Prudent Investment Practices

November 7, 2012
Noon to 1:30 p.m. (EST)

Presenters: John Grace, specialist on pension policy in the private pension plans division, Office of the Superintendent of Financial Institutions
Lynda Ellis, senior manager of pension policy, Financial Services Commission of Ontario

The speakers will discuss:
  • Canadian Association of Pension Supervisory Authorities (CAPSA)—Its Role and Its Guidelines;
  • Dual Role of the Employer When Acting as Sponsor and Administrator;
  • Prudent Person Rule;
  • Prudent Investment Practices; and
  • Use of the Self-Assessment Questionnaire.

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 – Assumptions for Hypothetical Wind-Up and Solvency Valuations

The attached notice of intent was approved by the Actuarial Standards Board (ASB) on October 11, 2012. It proposes to revise the Practice-Specific Standards for Pension Plans with respect to the selection of assumptions for hypothetical wind-up and solvency valuations to better accommodate alternative settlement methods, notably where the purchase of annuities may not be possible or where alternative settlement methods are permitted pursuant to law or any relevant regulatory policy or guideline.


Parties wishing to comment on this notice of intent should direct those comments to Michael Banks at michael.banks@mercer.com by December 15, 2012. A copy should also be sent to CIA resident actuary Chris Fievoli at chris.fievoli@actuaries.ca.


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

Webcast: The Committee on Professional Conduct. Everything you've always wanted to know.

Thursday, October 25, 2012

English (noon to 12:45 p.m. EDT): Doug Brooks, Dave Dickson, Tina Hobday
French (1:00–1:45 p.m. EDT): François Boulanger, Tina Hobday

This webcast will discuss the CIA discipline processes plus the Rules of Professional Conduct and common violations seen by the Committee on Professional Conduct (CPC):
  • Processes used by the CPC in resolving complaints;
  • A summary of the results of complaint handling; and
  • The Rules of Professional Conduct and common violations and resolutions.

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

OSFI Issues Policy Advisory on Buy-in Annuity Products

The Office of the Superintendent of Financial Institutions (OSFI) has issued a policy advisory to inform pension plan administrators of OSFI’s expectations in areas relevant to a buy-in annuity investment for a federally-regulated plan.

The policy, which replaces a draft policy advisory issued in January, says that OSFI has concluded that, provided this investment would be permissible under the plan terms, it would have no objections in principle to a federally-regulated pension plan investing in a buy-in annuity issued by a life insurance company for pensions in pay.


Contact with Questions: OSFI at information@osfi-bsif.gc.ca or call 1-800-385-8647

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

CPD Compliance Monitoring – Changes for 2013

As the end of the 2011–2012 continuing professional development (CPD) compliance year approaches, all members are reminded to complete and record their 100 hours of continuing professional development by December 31, 2012.

CPD filing opens January 1 and runs until February 28, 2013.

Members who do not file a CPD compliance statement will be reminded by e-mail and contacted once by registered mail.

Please ensure that your information is up to date with the CIA, and note that updating the SOA-hosted actuarial directory does not update your CIA record.

New for 2013—Every year, the CIA incurs significant expense from having to follow up with members who do not file CPD statements, by calling and sending registered letters.

Help reduce these costs by filing on time. Our goal is to significantly reduce/eliminate this expense. Members who file after February 28, 2013, may be subject to late filing fees, to be invoiced at the time of membership renewal.

New for 2013—Members will be identified in the CIA Membership Directory as follows:
  • Green dot—the member has filed a statement indicating that they have met the requirements of section 2 of the CPD Qualification Standard.
  • Blue dot (new!)—the member has filed a statement claiming an exemption from the requirements of section 2 of the CPD Qualification Standard, pursuant to Section 3.1 or 3.2 of the Standard.
  • Red dot—the member has not submitted the statement that they are required to file to enable the Institute to monitor their compliance with the CPD Qualification Standard.
Members are advised to review the updated Policy on Monitoring Compliance with the CPD Qualification Standard.


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

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