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Report: The Canadian Pensioners Mortality Table

This report on Canada/Québec Pension Plan mortality experience is the first of a series commissioned by the CIA to be published this year on Canadian pensioners’ mortality. The objective of this work was to review the experience of pensioners under the Canada Pension Plan and Québec Pension Plan. This report contains phases I and II; phase III will be published in the next few months.

Currently, the report is only available in English. Until the French version can be made available, which will be in a few weeks, the English version has been posted under Organization > Committees and Task Forces > Research Committee > Documents (remember to log in to the members site first).\

Contact with Questions: Marc-André Belzil, Chair, Research Committee, at mbelzil@rgare.ca

Wanted: Student Sponsors!

The CIA is once again trying to help Jeunes Explorateurs d’un jour link up with Institute members who would like to invite a student to spend a day with them in their office. Twenty Québec high school or CEGEP students have expressed an interest in visiting actuaries for the day on April 18.

The Institute is trying to find a placement for four students in the following places:
  • Montréal or Laval (1)
  • Montérégie (Longueil) (2)
  • Laurentides (Saint-Donat, Ste-Agathe or around these municipalities) (1)
If you are interested in sponsoring one or more of these students, please visit www.jeunes-explorateurs.org or contact Jean-David Tremblay at 418-643-3673, or at jean-david.tremblay@jeunes-explorateurs.org. We ask that you also let the CIA Head Office know that you have volunteered by contacting Josée Gonthier at 613-236-8196 ext. 106.

Contact with Questions: Josée Gonthier, French editor, at 613-236-8196 ext. 106 or josee.gonthier@actuaries.ca

ERM Symposium Attracts Big Names—Save the Date!

Headlining the 2013 ERM Symposium will be Sheila C. Bair, Chair of the Federal Deposit Insurance Corporation for the five years until July 2011—a challenging period, most agree.

This landmark occasion for enterprise risk management (ERM) practitioners and others will also include a general session that should attract great attention: "Critical Reflections of the Crisis; International Regulatory Experiences and the Way Forward to a More Robust Financial System." Bob Mark of Black Diamond Risk will moderate panellists Alan Malz of the Federal Reserve Bank of New York, Dale Gray of the International Monetary Fund, and Colin Lawrence of the Financial Services Authority in the UK.

Places are sure to go quickly, so make sure you save the date: April 22–24, 2013, at the Swissôtel Chicago, IL.

Contact with Questions: Ryan Smith, professional development manager, Society of Actuaries, at 847-706-3008 or rsmith@soa.org

Research Paper: Provisions for Adverse Deviations in Going Concern Actuarial Valuations of Defined Benefit Pension Plans

The attached research paper was approved by the Practice Council on January 17, 2013. It provides background for pension actuaries when developing provisions for adverse deviations (PfAD) in going concern pension plan valuations. Its main objective is to assist them in answering the following type of question: "With a PfAD of x% in a fully funded plan, what is the probability that the plan will still be fully funded at some future date?"

Contact with Questions: Stephen Bonnar, Chair, Task Force on the Determination of Provisions for Adverse Deviations in Going Concern Valuations, at spbonnar@gmail.com

Discipline Notice – Notice of Suspension

A discipline notice has been prepared by the Committee on Professional Conduct to inform CIA members of the suspension of Mr. Robert D. J. Scheiring.

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

The Member Listening Group Needs You!

Around 110 members have already stepped forward 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, CIA Head Office, councils, and committees through the timely completion of short online surveys.

But many more are needed to make the group as effective as possible and ensure that the opinions of the broadest spectrum of members are represented.

Only a small time commitment is required, and 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

Continuing Professional Development (CPD) Annual Filing Deadline – February 28, 2013

The CPD filing period is now open. Please be reminded that the deadline for filing your annual CPD compliance/exemption statement is February 28, 2013.

All Fellows, Affiliates, and Associates of the Institute must submit a compliance or exemption statement (except members on a Category 1(a) waiver of dues). You may file your annual statement online on the My CPD webpage of the Members Site. After logging in, just click on the File My 2011–2012 Annual CPD Compliance Statement button and choose the appropriate category.

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

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.

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—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: Leona Campbell, coordinator, professional practice, at leona.campbell@actuaries.ca

Join Us on Twitter!

The CIA’s Twitter accounts are proving a great success, with more than 550 people now receiving our updates. Recent tweets have covered such subjects as new appointments, noteworthy articles involving CIA members, and crucial reports.

To follow the CIA, click on the appropriate button on the CIA’s website, or directly at our Twitter page: English or French.

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

CIA Professionalism Workshop – 2013 Dates

Registration for the CIA 2013 Professionalism Workshops is now open on a first-come, first-served basis.

Please share this information within your company with candidates who are planning to become Associates/Fellows of the CIA, Society of Actuaries (SOA), or Casualty Actuarial Society (CAS) in the coming year.

This workshop is a requirement to become an Associate of the CIA (ACIA), and for property/casualty candidates applying for Fellowship in the CIA unless they have attended the CAS Professionalism Course offered in Canada.

The SOA recognizes the CIA workshop as equivalent to its Associateship Professionalism Course (APC) for Canadian students. Therefore, Canadian candidates who are pursuing the Associateship in the SOA (ASA) designation can obtain credit for the APC by attending the CIA workshop.

The following dates have been scheduled for the workshop. Please note it is now a ¾-day program.

Toronto Montréal (French)
February 15, 2013 February 26, 2013
April 9, 2013 June 19, 2013
TBD September 25, 2013

Register now to avoid disappointment.

Registrants will be assigned to the next available workshop in the chosen location.

For more information on the workshop please see the link below.

Contact with Questions: CIA Head Office at secretariat@actuaries.ca

Practice Education Course

In order to obtain the Fellow of the Canadian Institute of Actuaries (FCIA) designation, all students who complete the Society of Actuaries (SOA) examinations must attend and pass the Practice Education Course (PEC).

The PEC can be taken if the candidate satisfies either of the following conditions:
  • He or she has credit for Courses P, FM, M, and C (with full VEE), all FAP requirements (all eight FAP modules and both the interim and final assessments), and both FSA exams (N.B., FSA modules are NOT required) under the SOA examination system; OR
  • He or she has obtained his/her Fellowship designation from a recognized actuarial organization.
No exceptions will be made to the above requirements.

Registration is open for the PEC to be held from Sunday to Wednesday, June 2–5, 2013, in Ottawa, ON.

Candidates who have satisfied the eligibility requirements should complete a registration form and return it to the CIA Head Office along with payment of the registration fee by April 1. Registration forms and other information can be obtained via the CIA website at the link below.

Registration is on a first-come, first-served basis depending on the date of receipt of the registration form and payment of the registration fee. Candidates will generally be accepted, space permitting. However, due to size considerations, space may be limited for some practice area specialties.

Contact with Questions: Caroline Thebault, senior administrative assistant, education and professional development, at caroline.thebault@actuaries.ca

CAS Trust Scholarship Program

The Casualty Actuarial Society (CAS) Trust Scholarship Committee is accepting applications for scholarships of $2,000 each for the 2013–2014 school year. The scholarships are designed to further students’ interest in the property/casualty actuarial profession and to encourage the pursuit of the CAS designation. The program is open to U.S. or Canadian citizens or permanent residents who are full-time students in North America and have sat, or will sit, at least one actuarial exam by March 2013.

Up to three scholarships will be awarded, based on merit, and applications are due by March 4. For more information, see the link below.

Link: click here

Contact with Questions: Bob Searson, CAS Trust Scholarship co-ordinator, at bsearson@casact.org

Notice of Intent to Revise Economic Reinvestment Assumptions within the Practice-Specific Standards on Insurance Contract Valuation: Life and Health (Accident and Sickness) Insurance (Section 2300)

The attached notice of intent was approved by the Actuarial Standards Board (ASB) on December 20, 2012. It proposes to revise section 2300 with respect to the economic reinvestment assumptions and investment strategies utilized for long-tail liability cash flows under the Canadian asset liability method.

Parties wishing to comment on this notice of intent should direct those comments to Ty Faulds at ty.faulds@londonlife.com by March 15, 2013. A copy should also be sent to CIA resident actuary Chris Fievoli at chris.fievoli@actuaries.ca.

Contact with Questions: Ty Faulds, chair, Designated Group, at ty.faulds@londonlife.com

Final Standards – Revisions to the Practice-Specific Standards for Pension Plans (Part 3000)

A revised part 3000 of the Standards of Practice was approved by the Actuarial Standards Board on December 19, 2012.

The effective date of the final standard is December 30, 2012.

Memorandum: click here
Standards of Practice: clean version; redlined version

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

360 Albert Street, Suite 1740, Ottawa, ON K1R 7X7
Tel.: 613.236.8196 Fax: 613.233.4552