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Recent Member Services Council Activities

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B
y Marc-André Melançon, FCIA


With 2012 coming to an end, I am pleased to have the opportunity to share with you the current developments at the Member Services Council (MSC) and its various committees.

Member Listening Group

As we announced last June, the CIA has created the Member Listening Group (MLG), a volunteer group that will play a uniquely important role: providing timely and direct feedback from our members on various issues. As of this writing, the group is built of 100 members who have accepted the responsibility to respond to quickly to all surveys—usually short and pinpointed—submitted to them. The first survey was submitted to the MLG a few weeks ago and was meant to obtain members’ opinion and insights on the future direction of the publication meant to replace Beyond Risk; it was a very fruitful exercise and some of the results will be shared with the MLG.

Research Projects


As always, research is an important endeavour and responsibility of the CIA. The Chair of the Research Committee, Marc-André Belzil, provided the following updates:
  • Canadian Pensioners Mortality Table: this study based on CPP/QPP data is getting into the approval process involving the Research Committee and, shortly thereafter, the MSC. The project is divided into three phases; the reports for the first two were being reviewed for approval this month, while the third, just submitted by the researcher, will be examined in early 2013.
  • Private Pension Mortality Study: this project is facing some delays due to data validation issues and extended reporting time from the contracted research institution. Its publication date has been delayed, probably until mid-year 2013.
  • Critical Illness Experience Study Report—2002–2007: the final draft version of the report, including the associated tables, has been submitted to the Research Committee for approval. Publication is expected in early 2013.
  • Critical Illness Research-Based Morbidity Study: this project has been approved and finalized recently and its results were presented at the CIA Appointed Actuary Seminar in September.
  • Annuitant mortality experience studies: The 2000–2009 individual annuity mortality study was released. The committee is engaging a researcher to complete an annual 10-year study for this business. The contract would be effective for three years covering policy anniversaries from 2002–2012, 2003–2013, and 2004–2014. The scheduled completion date for each annual 10-year study is December 31 of the subsequent year.
  • Individual life mortality study 2009–2010: this study was published in August.
  • Individual life term lapse study: this project is on track and we should have a first draft report in January 2013, with final publication in the second quarter. Ten insurance companies have already provided experience data for the study.
  • Segregated funds: work is progressing on the segregated funds lapse study, as the committee is validating the data received from four companies.
Public Positions and Submissions

Over the past year, the CIA responded to numerous requests for comments through the MSC. We believe in the importance of making our voice heard on public policy issues where actuarial expertise can make a tangible contribution to the debate. Here are the issues we covered:
  • Guideline on Earthquake Exposure (Office of the Superintendent of Financial Institutions—OSFI);
  • Employee future benefits (Canadian Institute of Chartered Accountants);
  • Objectives for Preliminary Education Content and Process (Casualty Actuarial Society);
  • Determination of the Solvency Liability Adjustment (Financial Services Commission of Ontario);
  • Comments on Bill 38-2012 concerning the British Columbia Pension and Benefits Supervisory Act;
  • The International Actuarial Association’s (IAA) Common Framework for the Supervision of Internationally Active Insurance Groups;
  • Federal Pre-Budget Consultation;
  • Corporate Risk Governance (OSFI);
  • Own Risk Solvency Assessment (OSFI);
  • International Standard of Actuarial Practice on IAS 19 (IAA);
  • Guideline B-9 (OSFI); and
  • Aggregation and Diversification (OSFI).
New Member Committee – Looking for a Chair!

One of the Institute’s objectives is to see young members of the CIA becoming more involved and influential in matters concerning our profession. In this regard, the New Member Committee has been created by the MSC in recent months and it is eager to start its activities . . . but first we need to find its inaugural chair!

If you are interested in joining the current group of committee members or becoming chair, please do not hesitate to contact me, or the MSC Vice-chair, Cathy Shum-Adams, either by phone or e-mail via the Online Directory.

Pension Advisory Committee

  •  The Task Force on Retirement Age, chaired by Rob Brown, is finalizing a document in the next few weeks that will identify the issues associated with delaying normal retirement age. A draft version of this document was discussed at the Board’s November meeting to guide the CIA position and actions in regard to this important topic.
  • The Task Force on the Determination of PfADs in Going Concern Valuations is expected to release its report shortly.
  • The pooled registered pension plans framework was adopted by the federal government. To date, only Québec has shown an interest in moving forward.
Social Media

We launched the CIA Twitter account on March 29 and we now have more than 500 followers. The CIA has sent almost 200 tweets in both official languages.

Season’s greetings!


Marc-André Melançon, FCIA, is Chair of the Member Services Council.


 

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