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Submission to the International Actuarial Association

The Canadian Institute of Actuaries offered its comments on the International Actuarial Association’s exposure draft of a model international standard for social security programs.

Link 

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

Correction of Minor Error in the Standards of Practice for Pension Plans and in the Standards of Practices for Insurers – French Version

A minor error was found in the French version of the revised part 3000 published on December 21, 2012. The third bullet of paragraph 3260.06.1 is missing "l’" before the word "importance." This part of this sentence should read as follows: "revêt de l’importance." A minor error was also found in the French version of part 2000. In paragraph 2520.10, "des actifs de l’assureur" should read "de l’actif de l’assureur."

The effective date of the revised standards is March 15, 2013.


Contact with Questions: Dave Pelletier, Chair, Actuarial Standards Board, at dave@davep.ca

CIA Co-sponsored Webcast—Preventative Medicine: Changes to Seniors’ Drug Plans in Canada

Date: April 10, 2013
Time: noon to 1:30 p.m. EDT


The Canadian Institute of Actuaries (CIA) is pleased to co-sponsor this webcast with the Society of Actuaries (SOA) that reviews the current landscape for seniors’ drug plans in Canada.

In every Canadian province, seniors’ drug costs are a significant and rapidly increasing contributor to overall government expenditure. Given Canada’s aging population, coupled with a continued rise in healthcare costs generally, the problem is worsening. As baby boomers retire, the ratio of working Canadians to retirees is declining fast—but someone has to pay for the increases in seniors’ drugs.

Provincial governments have started to recognize the problem and some are making changes, like those seen recently in Ontario and Alberta. Other alternatives to help control future costs and make the plans sustainable have also been proposed, including implementing a national plan. Many of these developments can have significant impact on employer-sponsored drug plans.

Recent and proposed changes to provincial plans, other possible ways to control costs, and their implications for employer plans will also be discussed.

Please note registration for this webcast is through the SOA registration system. Fees start at $149 (includes access to a subsequent webcast recording).

The webcast will be presented in English only.

Link: click here

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

Career Opportunity with the CIA – Staff Actuary, Education

Do you, or someone you know, want to take an active role in shaping the future of actuarial education and professional development in Canada?

The CIA is pleased to announce an exciting new career opportunity at the Head Office in Ottawa. The staff actuary, education, will be the Institute’s in-house professional actuarial resource, dedicated to the development of education and professional development programs.

The successful incumbent will be responsible for enhancing the CIA’s education and professional development programs, including the University Accreditation Program, Professionalism Workshop, Practice Education Course, specialty seminars, Annual Meeting, webcasts, and e-learning programs, through the proactive identification and recommendation of program content, topics, and speakers across all practice areas. Therefore, a thorough working knowledge of the CIA’s structure, professional guidance, and standards of practice is required. A keen interest in domestic and international regulatory changes that may affect the work of actuaries in Canada will be highly valued.

The staff actuary, education, will participate in career fairs, university visits, and other activities to promote the Institute’s programs and services—plus the ACIA and FCIA designations—and will be required to attend CIA meetings and seminars on a regular basis. Therefore some travel will be required.

The incumbent will also respond to general queries from members and potential members about the actuarial profession, the roles that actuaries play in Canada, the process for entering the actuarial profession, and the application of actuarial work as it affects individuals.

Fellowship in the CIA is essential, along with a university degree in actuarial science or a related program, and experience as a practising actuary or as an academic teaching actuarial science courses in Canada. Experience working or volunteering with other actuarial associations on education matters would be considered an asset. Proficiency in both official languages is preferred.

The salary range for this position is $118,759–160,673.

The closing date for this position was April 12, 2013.

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

Webcast – Own Risk and Solvency Assessment (ORSA)

Tuesday, March 26, 2013

Noon to 1:30 p.m. (EDT)

Speaker:

Henri Boudreau, director, life insurance capital, Office of the Superintendent of Financial Institutions (OSFI)

Henri Boudreau will discuss OSFI’s recently-published draft guidelines A-4 Regulatory and Internal Target Capital Ratios and E-19 Own Risks and Solvency Assessment (ORSA). He will address selected topics such as considerations for implementation to both small/simple and large/complex insurers, the requirement that life insurers have two internal targets, the meaning of "independent review" of the ORSA, and how the results of the Dynamic Capital Adequacy Test and E-18 stress test can be integrated with or used in the ORSA.


Contact with Questions
: Roxanne Vézina, assistant, membership and education, at roxanne.vezina@cia-ica.ca

University of Montréal Granted Accreditation

The Eligibility and Education Council and Committee on Accreditation are pleased to announce that the University of Montréal has been granted accreditation for courses beginning in the fall 2013 semester as part of the CIA University Accreditation Program (UAP).

The UAP provides students with the option of applying to the CIA to gain exemptions from writing exams FM/2, MFE/3F, MLC/3L, and C/4. No exemptions are available for the Probability Exam; therefore, students will be required to complete the examination of the SOA/CAS for P/1 as well as all other qualification requirements for ACIA and FCIA. CIA exam exemptions are currently recognized by the Casualty Actuarial Society and the Institute and Faculty of Actuaries of the UK towards their respective designations, FCAS and FIA.

To be granted an exemption from the CIA, students will submit official university grade transcripts showing that they have achieved the minimum exemption grade, as approved by the CIA, along with their application and 80 percent of the corresponding SOA/CAS exam fee. There will be no grandfathering of exemptions for courses taken in any accredited university before prior to their accreditation date as outlined below, as retroactive assessment of appropriate syllabus coverage is not possible.

The following universities are currently accredited:
  • Concordia—fall 2012
  • Simon Fraser—fall 2012
  • Québec à Montréal—fall 2012
  • Laval—fall 2012
  • Calgary—fall 2012
  • Manitoba—fall 2012
  • Montréal—fall 2013
  • Regina—fall 2012
  • Toronto—fall 2012
  • Waterloo (undergraduate and graduate program courses)—fall 2012
  • Western Ontario—fall 2012
Contact with Questions: e-mail accreditation@cia-ica.ca

Volunteers Needed for Possible CIA Genetic Testing Statement

Twelve years ago, the CIA published a statement on genetic testing and insurance. Now, considering the ongoing development of genetic science, the implementation of privacy regulations in various jurisdictions, and the fact that the federal Office of the Privacy Commissioner is looking into whether Canada needs laws governing the privacy of individuals’ genetic information, the Institute would like to create a new task force to consider the need to update its statement.

If you are interested in joining this new group to work on a statement concerning genetic testing, please contact Chris Fievoli at chris.fievoli@cia-ica.ca.

Link:
http://tinyurl.com/cc6n4zs

Contact with Questions: Chris Fievoli, CIA resident actuary, at chris.fievoli@cia-ica.ca

Webcast – Proposed Changes in the Economic Reinvestment Assumptions for Life Insurer Valuation

Wednesday, March 20, 2013

Noon to 1:30 p.m. (EDT)

Speakers:

Ty Faulds, vice-president and corporate actuary, London Life
Edward Gibson, senior vice-president and chief actuary, Empire Life
Alexis Gerbeau, assistant vice-president, actuarial finance and modelling, corporate actuarial, Standard Life

Representatives from the Actuarial Standards Board’s (ASB) Designated Group on Economic Reinvestment Assumptions Within the Practice-Specific Standards on Insurance Contract Valuation: Life and Health (Accident and Sickness) will discuss a relevant notice of intent. They will also provide an update on their activities, target dates, and thoughts on what they might propose to the ASB for the upcoming exposure draft. The group is interested in your feedback on its conceptual framework of the proposed changes. Copies of the slide presentation will be posted to the CIA website by March 15.


Contact with Questions: Roxanne Vézina, assistant, membership and education, at roxanne.vezina@cia-ica.ca

Report: Application of Actuarial Science to Systemic Risks

The Joint Risk Management Section, which is sponsored by the CIA, Society of Actuaries (SOA), and Casualty Actuarial Society, has released a report examining the circumstances that lead to systemic risk and identifying the need for innovative methods to measure and manage it.

Written by Dr. Shaun Wang, a professor of actuarial science and chair of Risk Lighthouse, Application of Actuarial Science to Systemic Risks covers such topics as valuation methods, actuarial analysis, and the impact of such risks on a housing market and the insurance industry. It also suggests risks that are on the horizon and considers the effect of government policies.

It is now available on the SOA website at the link below.

Link: click here

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

Notice of Intent – Amendment to the Practice-Specific Standards for Pension Plans – Mortality Assumption for Pension Commuted Values

The attached notice of intent was approved by the Actuarial Standards Board (ASB) on March 5, 2013. It proposes to revise the Practice-Specific Standards for Pension Plans to introduce a promulgation clause for the mortality assumption prescribed for the calculation of pension commuted values. The promulgation clause will better accommodate a timely response to changing mortality experience over time and will make this standard consistent with other standards where the ASB prescribes the mortality basis.

Comments on this notice of intent should be sent to Conrad Ferguson at cferguson@morneaushepell.com by March 26, 2013, with a copy to CIA resident actuary Chris Fievoli at chris.fievoli@cia-ica.ca.


Contact with Questions: Conrad Ferguson, Chair, Designated Group, at cferguson@morneaushepell.com
 

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