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Notice of Annual Dues for 2013–2014
 

It is time again to renew your CIA membership. Your dues invoice will be sent to you by e-mail in the next couple of weeks.

At its meeting on March 21, 2013, the Board of Directors approved the following fee structure for the coming 2013–2014 year.
  • FCIA: $1,190
  • ACIA ≥ 5 years: $1,010
  • ACIA < 5 years, Affiliates, Correspondents: $350
The fee increase for FCIAs is less than 1 percent and the fee for Associates with less than five years remains the same as in 2012–2013.

Your membership dues ensure you, the members, continue to receive a high level of service from the CIA in the following areas:
  • Promoting the advancement of actuarial science through research;
  • Providing programs for the education, qualification, and continuing professional development of Canadian actuaries;
  • Ensuring that actuarial services provided by its members meet extremely high professional standards;
  • Promoting self-regulation and enforcing rules of professional conduct;
  • Advocating for the profession with governments and the public in the development of public policy;
  • Adding two new positions (education actuary and marketing coordinator) at the CIA Head Office;
  • Planning for the CIA’s 50th anniversary in 2015; and
  • Modernizing the Institute’s outdated database systems to move towards a member relationship management platform.
Please make sure to visit your new website at www.cia-ica.ca, and we hope to see you all in June at the Annual Meeting in Montréal!

Sincerely,

Martin Roy
Secretary-Treasurer


Contact with Questions: Jacques Leduc, director, operations, finance, and administration, at jacques.leduc@cia-ica.ca

Webinar: The Indalex Supreme Court Decision and Implications for Actuaries

Tuesday, May 7, 2013
Noon to 1:30 p.m. (EDT)

Speakers:

Kenneth Burns, partner, Lawson Lundell
Hugh O'Reilly, head of the pension benefits and insolvency practice group, Cavalluzzo Hayes Shilton McIntyre & Cornish

What implications does the Indalex Supreme Court decision have on actuarial practice? In this CIA pension webcast, lawyers Kenneth Burns and Hugh O'Reilly—leading experts on pension benefits and insolvency—will share their valuable insights on the Indalex decision with respect to the following key issues:
  • Fiduciary duty;
  • Representative counsel and independent actuarial advice for pension beneficiaries;
  • Deemed trust and super-priority;
  • Considerations of pension impacts before Companies' Creditors Arrangement Act (CCAA) or Bankruptcy and Insolvency Act (BIA) filing; and
  • Best practice for pension actuaries dealing with insolvent clients.
This webcast is one that no pension actuaries can afford to miss.

To learn more about this webinar and the CIA’s other online events, click here.

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

Webcast – The Real Retirement

Thursday, May 9, 2013
Noon to 1:30 p.m. (EDT)

Speaker:

Fred Vettese, chief actuary, Morneau Shepell, and author of The Real Retirement: Why You Could Be Better Off Than You Think, and How to Make That Happen

There is a strong perception that Canada is undergoing a retirement crisis. While this is a natural conclusion due to low pension plan coverage, Fred Vettese believes it is largely erroneous since we have overestimated the retirement income target we think we need and underestimated the assets at our disposal. While increasing longevity, slower growth in housing wealth, and lower returns on investable assets may point to a bleaker future, other developments suggest we may yet avoid an outright crisis. In this webcast he describes the key conclusions in his book The Real Retirement, and the implications for public pension policy.

Link: c
lick here

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

Join the 100+ Volunteers in the Member Listening Group
 

Well over 100 members are playing a part in the development of the profession thanks to the CIA Member Listening Group (MLG). However, more recruits are needed to join the MLG and deliver their opinions on topics of importance to the CIA Board, Head Office, councils, and committees through the timely completion of short online surveys.

The group has already helped in the development of various projects, and now we are seeking extra volunteers to ensure that the views 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.

Link: http://app.fluidsurveys.com/s/mlg-signup/

Contact with Questions: Josée Racette, project manager, communications and public affairs, at josee.racette@cia-ica.ca

Submission to OSFI: Draft Guideline E-19 – Own Risk and Solvency Assessment
 

The Canadian Institute of Actuaries has offered comments on the Office of the Superintendent of Financial Institutions’ Draft Guideline E-19 – Own Risk and Solvency Assessment.

To read the submission, please access the link below.

Link: http://www.cia-ica.ca/docs/default-source/2013/213022e.pdf

Contact with Questions: Bruce Langstroth, Chair, Practice Council, at bruce.langstroth@rbc.com

New CIA Website Launch

We are proud to announce that as of today, April 19, the new CIA website is now live, complete with a new bilingual domain name and address:


The site has a completely new look and feel; unparalleled search capabilities; new sections; a news service on the public site; e-commerce facilities to allow easy payments for meetings, membership dues, and webcasts; and effective displays of the most popular areas: Standards of Practice and Guidance Material.

As well, the e-mail addresses for CIA Head Office staff will change. The new model is:

firstname.lastname@cia-ica.ca

Here is some information on what’s new, what’s not, and what to expect:

Publications Search Tool

All CIA publications are now stored in a content management system (database), which is fully searchable (including the content of the documents). Check out Search Publications to find any document posted, or check out the other pages in the Publications section, where different publication types are already displayed without you having to search (e.g., the Bylaws, reports, and policies).

All CIA documents from 2004 onwards are in the database and more are being uploaded every day, working our way back in time. In addition to the digital versions of CIA documents in the database, the Institute has scanned older documents from earlier decades and these will be added to the database in due course.

Standards of Practice

Standards are now displayed in a new format, which also links to past versions of each part of the Standards of Practice (archives). Check out Standards of Practice.

Guidance Material

Guidance Material is now displayed in a much more user-friendly format, grouping all guidance by area of practice. Check out Guidance Material.

Research

A new Research section has been added, which will provide members with information regarding current and past CIA research projects, requests for proposals that are underway, and a place to share ideas on potential research topics.

Members Only

A fully integrated Members Site has been developed that restricts access to certain content. The members’ menu only appears once you’ve logged in to the site—to log in, simply use your existing CIA membership account username and password. Most of the tools that were available to members under Toolkit on the old site are now found under My Profile on the members’ menu.

You will undoubtedly recognize the layout of some of these member tools. The CPD Tracking Tool and the Member Directory Search Tool, for example, remain in their old format. They are currently being reviewed and redeveloped for the new site and will be integrated as part of a Phase 2 redevelopment in 2013–2014.

Other New Information
  • We have created a page that shows the Most Viewed Publications on the site, and another showing the Most Recent Publications posted. Both are accessible in the Publications section, and also in Quick Links. It will obviously take a little while before they become useful tools, particularly the Most Viewed. But over time, they will be interesting.
  • When you click on the title of a document, you will view the document’s properties and details, which include its related documents and also previous versions. The previous version details are particularly helpful as an archive tool for documents such as the Bylaws and Rules of Professional Conduct.
  • Professional Development (formerly Events) is the one section, other than the Publications Search Tool, that has undergone the largest facelift in terms of functionality. It will be fully integrated with the built-in e-commerce module, which will provide a much more seamless registration process.
  • A new Volunteer Centre has been developed that provides all CIA volunteers, and those members looking to volunteer, with helpful orientation and training material that will hopefully improve their volunteer experience.
  • Under What we do, where we practice, new pages have been added to provide the public with more detail about the various practice areas in which actuaries work (e.g., life insurance, pension, ERM, actuarial evidence).
Please explore the site and send any questions or feedback that you may have to webmaster@cia-ica.ca

Link:
www.cia-ica.ca

Contact with Questions: Lynn Blackburn, director, professional practice and volunteer services, at lynn.blackburn@cia-ica.ca

Notice to the CIA Membership: Situation Involving a Former Member of the Canadian Institute of Actuaries – Mr. Clifford Oliver

The CIA Board is hereby informing the membership of a situation involving a former member of the Institute, Mr. Clifford Oliver. Following a review of this situation, it was decided that the best way to proceed was to enter into an agreement with Mr. Oliver.

For more information, please access the link below.

Link: http://www.cia-ica.ca/docs/default-source/2013/213021e.pdf

Contact with Questions: Michel Simard, CIA Executive Director, at executive.director@cia-ica.ca

Webinar: International Comparison of Social Security Scheme Economic and Demographic Assumptions

Tuesday, April 23, 2013
Noon to 1:30 p.m. (EDT)
Speaker: Yves Guérard, actuary and international consultant

In a context of demographic aging and increasing pressure on public budgets, social security schemes face difficult challenges and entail high risks in many countries. These schemes can boost the well-being of society as a whole only if there is proper governance, clarity about the objectives, and transparency in their financing. This webinar aims to enhance actuaries’ capacity to conduct a critical review of the quality and adequacy of the public information made available in various countries, especially concerning actuarial assumptions, the validity of the underlying data, and the schemes’ impact on socio-economic development.

Although only a limited number of actuaries will sign a social security actuarial report, all are uniquely qualified to promote the public interest by helping people play an active role in defining optimal national policy options.

To learn more about this webinar and the CIA’s other online events, click on the link below.

Link: http://cia-ica.ca/professional-development/webcasts

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

Discipline Notice – Notice of Decision

A Discipline Notice has been prepared by the Committee on Professional Conduct to inform CIA members of the decision in the matter of charges laid against Mr. Ashley B. Crozier.
 

Link: http://www.cia-ica.ca/docs/default-source/2013/213020e.pdf

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

30th International Congress of Actuaries: Registration Open

Registration is now open for the 30th International Congress of Actuaries, which will take place in Washington, DC, from March 30–April 4, 2014. Work is well underway on organizing the event—hosted by the five actuarial organizations in the U.S.—and hundreds of actuaries will be attending to enjoy presentations, seminars, and other activities based on a theme of "Learn, Interact, Grow".

For more details of the sessions, tours, and dinners already included in the program, and to register, click on the link below.

Link: http://www.ica2014.org/

Contact with Questions: e-mail info@ica2014.org

2013 CIA Meeting and Seminar Sponsorship Program

The new Sponsorship Program for the CIA’s 2013 Annual Meeting and specialty seminars is now available at the Institute’s website. As always, the CIA’s events feature a wide range of opportunities for companies and organizations to demonstrate their support for the actuarial profession and its members while boosting their own image and reputation.

Luncheons, internet kiosks, folios, key tags, and much more can be sponsored. Prices start at just $500.

To view the program and discover all the benefits that sponsorship can offer, click on the link below.

Link: http://www.cia-ica.ca/docs/default-source/2013/sb2013e.pdf

Contact with Questions: Jacques Leduc, director of operations, finance, and administration, at 613-236-8196 ext. 103 or jacques.leduc@cia-ica.ca

Memorandum: Mortality Research Results and Distribution of Standards and Guidance Material

This memo provides information about the anticipated timeline for the completion and communication of research results relating to Canadian pensioner mortality and mortality improvement, and subsequent distribution of standards and guidance material based on that research.


The first of the two research projects, the Canadian Pensioners Mortality Table, saw its final phase (the third) published on March 6. The second, the Registered Pension Plan Mortality Study, is expected to be approved for publication in exposure draft form in June.

The Committee on Pension Plan Financial Reporting will consider this research in determining the need for additional guidance material. It is anticipated that the Actuarial Standards Board will begin consideration of promulgating new assumptions for the commuted value standard once the mortality study results are released in exposure draft form.

If you have any questions regarding the research, contact Marc-André Belzil (Chair of the Research Committee) at mbelzil@rgare.ca or Kim Young (Chair of the Pension Experience Subcommittee of the Research Committee) at kim-young@shaw.ca.


Exposure Draft: Revisions to the Practice-Specific Standards for Pension Plans – Assumptions for Hypothetical Wind-Up and Solvency Valuations

The attached exposure draft was approved by the Actuarial Standards Board (ASB) on March 27, 2013. It proposes revising subsections 3240 and 3260 of 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.


Parties wishing to comment on this exposure draft should direct those comments to Michael Banks at michael.banks@mercer.com by June 3, 2013. A copy should also be sent to CIA resident actuary Chris Fievoli at chris.fievoli@cia-ica.ca.

Link: http://www.cia-ica.ca/docs/default-source/2013/213018e.pdf

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

Highlights from the March 21, 2013, Board Meeting

The highlights from the most recent Board meeting, held on March 21, 2013, are now available. To view the document, please access the link below.

Link: http://www.cia-ica.ca/docs/default-source/2013/213017e.pdf

Contact with Questions: Michel Simard, CIA Executive Director, at executive.director@cia-ica.ca

Thank You, Volunteers!


From April 21-27, Canadian volunteers step into the spotlight as organizations across the country celebrate National Volunteer Week.

Please join the Canadian Institute of Actuaries and its Committee on Volunteer Initiatives in celebrating the efforts of our most valuable resource—our volunteers—by extending a heartfelt thank you to friends or colleagues who volunteer for their commitment to the profession.

If you would like more information about volunteering at the CIA please contact Carmelina Santamaria, coordinator of volunteer services, at 613-236-8196 ext. 126 or carmelina.santamaria@cia-ica.ca.

Together we can accomplish great things!

Links:
National Volunteer Week
Committee on Volunteer Initiatives

Canadian Standard Ordinary Individual Life Mortality Experience Between the 2004 and 2010 Anniversaries Using 86–92 and 97–04 Tables: Databases from Seriatim Data

The CIA Individual Life Experience Subcommittee of the Research Committee publishes industry mortality experience reports on an annual basis. Early in 2011, the subcommittee decided to proceed with the Mortality Database Project in order to create detailed data files that represent the data underlying the recent annual mortality experience studies.


To read the project, please access these links:


Contact with Questions: Nikolai Serykh, Chair, Individual Life Experience Subcommittee, at nserykh@munichre.ca
 

360 Albert Street, Suite 1740, Ottawa, ON K1R 7X7
Tel.: 613.236.8196 Fax: 613.233.4552
www.cia-ica.ca