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Varied Discussions at Board Meeting

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Highlights of CIA Board Meeting No. 73 held on Wednesday, November 28, 2012

Strategic Thinking Discussion

At the September Board meeting it was agreed that there was a need to review the vision and mission statements of the CIA to ensure these statements are aligned with the four Long-term Strategic Goals approved by the Board in June. A group was mandated to suggest a few options to the Board. After discussion, the following new vision and mission statements were approved:
Vision
Members of the CIA are recognized as trusted leaders in the quantification and management of risks and contingent events.

Mission
As the national organization of the actuarial profession, the CIA serves both the public interest and the profession by:
  • Promoting the advancement of actuarial science;
  • Providing for the education and qualification of current and prospective members;
  • Providing professional guidance to its members and ensuring that actuarial services they provide meet the highest standards; and
  • Advocating for the profession and providing timely and relevant contributions to the development of public policy.
Governance Task Force

As part of the Board’s ongoing evaluation and examination of good governance, it was agreed to appoint a Governance Task Force with the following mandate:
  • To review current policies and practices on Board member participation on Councils;
  • To review current policies and practices on Board member participation on specific Board committees (e.g., Committee on Finance, Risk Management Committee) and recommend any required changes;
  • To determine if there is a need for a standing Governance Committee and if affirmed, to propose its mandate and structure; and
  • To bring recommendations on the above issues to the Board at its March 2013 meeting.
Reserved Roles for Actuaries

The CIA wants to create an inventory of the reserved roles for actuaries; this has not been done in the past as the provinces and territories each have their own laws pertaining to insurance and financial institutions. The Board agreed that it is very important that the CIA knows where these reserved roles are and who is filling them.

A list of these roles will be posted to the CIA website and updated as necessary. The discussion of any further action will continue at the March 2013 Board meeting.

CIA Legal Services Provider

The Evaluation Task Force on Legal Services Provider reported that seven proposals were received and four finalists were invited to interviews held on November 9, 2012. Accepting the task force’s recommendation, the Board subsequently approved the appointment of Fasken Martineau Dumoulin as the CIA legal services provider.

Secretary-Treasurer's Report

A review of the financial statements for the second quarter as of September 30, 2012, was conducted and approved.

Board members were asked to suggest items for research and it was suggested we aim for the fields that will expand the horizon for actuaries.

Task Force on Retirement Age

The Task Force on Retirement Age asked the Board to discuss the preliminary outcomes of its study and advise it on the next steps once the report is ready for release by the Member Services Council. The author of the study was invited to participate in the discussion and answer questions from Board members. It was agreed that the CIA will prepare a public position statement on the paper to be released.

Casualty Actuarial Society/Society of Actuaries Levy

On behalf of the CIA, the Casualty Actuarial Society recently offered to apply a levy to its Canada-based members who do not belong to the CIA, in order to support our standards-making and discipline costs.

While it is too late to consider for this year, the CIA will further investigate this issue for next year. Areas for focus include discussions with other actuarial bodies (such as the Society of Actuaries), better understanding the demographic profile of these members, and the broader potential implications should such a fee be introduced.

Elections Committee

The Board approved the appointment of the 2013 Elections Committee members. They will start work on soliciting candidates as soon as possible.

Report on the Head Office Review of the Not-for-Profit Legal Act Opinion

A review of the legal opinion of the new Not-for-Profit Act was carried out by CIA staff. The opinion states that no changes are required by law. If we elect to follow the new act, a number of our bylaws will need changing, and there are some repercussions associated with doing so. This item will be passed to the newly formed Governance Task Force.

Practice Council Annual Report

Phil Rivard has offered his resignation as Chair of the Practice Council as of December 31, 2012, for a combination of professional and personal reasons. The current Vice-chair, Bruce Langstroth, was appointed as his successor and provided the Practice Council’s annual report on activities to the Board.

New Brunswick Health Care Report

In an effort to demonstrate that the actuarial profession could make a valuable contribution to the public health care funding debate, the CIA—in partnership with the New Brunswick Health Council, which provided the data—funded the development of a model for the Province of New Brunswick which successfully projected health care costs by year to 2020. The paper will be the object of a joint release in January 2013 and will likely be presented to health care stakeholders and the public in New Brunswick. A key follow-up activity will be how to leverage this work and report with other health care stakeholders in Canada to showcase what the profession can contribute.
 

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