CIA (e)Bulletin/(e)Bulletin de l'ICA
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June 2015
 
 

Board and Council Updates

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Member Services Council

The following people have been appointed to the (sub)committees and other groups named below:

  • Research: Lisa Miolo, effective April 9, 2015, and Denis Latulippe, effective May 20, 2015;
  • Research subcommittees:
  • Individual Life Experience: Renaud Guilbert, effective April 30, 2015;
  • Pension and Group Annuity Experience: Scott McManus (Chair), effective April 22, 2015;
  • Group Insurance: Isabelle Bouchard and Stéphane Levert, effective May 8, 2015;
  • Public Positions: Kelley McKeating (Vice-chair), effective May 14, 2015;
  • Pension Advisory: H. Clare Pitcher and Kari Holdsworth, effective May 25, 2015; and
  • Editorial Panel: Nirmala Veerappen (Chair) and Jean-François Poitras (Vice-chair), effective July 1, 2015.

The Pension Experience Subcommittee and the Group Annuitant Mortality Experience Subcommittee have been merged into a new subcommittee named the Pension and Group Annuity Experience Subcommittee, effective April 22, 2015.

That the following mandates for the Research Committee and its subcommittees have been approved as presented, effective immediately:

  • Research:

The Research Committee (ResCo) has the following subcommittees in order to carry out its mandate of conducting research in areas that are likely to be helpful in developing Institute recommendations in matters of public policy.

In general, each subcommittee has a common mandate of managing the execution of projects. This includes, but is not limited to:

  • Using the particular subcommittee’s area of expertise to identify future research ideas and bring them forward;
  • Discuss project ideas brought to the subcommittee for consideration;
  • Gauge stakeholder interest about performing a certain research project;
  • Approve research projects which are then brought to ResCo for approval;
  • Draft a request for proposal to perform the research, which is approved by ResCo before being issued;
  • From the responses, recommend the researcher(s) and bring this recommendation to ResCo for approval;
  • Once ResCo approval is obtained, the researcher(s) signs a contract with the CIA’s finance director;
  • Track and report on the progress of the research project to ResCo, and ensure that the allotted budget is respected;
  • Review the work of the researcher(s);
  • Work with the CIA editorial staff to ensure that all research papers are reviewed and published in accordance with the CIA Guidelines for Submitting Papers;
  • Offer guidance in the interpretation of results of research projects;
  • Where applicable, work with the CIA head office staff to promote the research to gain publicity for the CIA and raise public awareness; and
  • When asked, present the findings at forums such as CIA meetings and seminars.
  • Enterprise Risk Management Research:
    • Develop enterprise risk management (ERM) research projects involving the planning, organizing, leading, and controlling of activities of an organization in order to minimize risk; and
    • Build on working partnerships, which include the CIA Enterprise Risk Management Applications Committee, the Society of Actuaries’ Committee on Advancing ERM, and the Casualty Actuarial Society/CIA/SOA Joint Risk Management Section.

  • Individual Life Experience:
    • Develop Canadian industry mortality experience studies for individual life insurance products; and
    • Develop Canadian industry lapse experience studies for individual life products.

  • Individual Living Benefits Experience:
    • Develop Canadian industry morbidity claims experience studies for living benefits insurance products;
    • Provide historical perspective on product evolution; and
    • Maintain a forum for discussion and research of issues affecting living benefits products in Canada.

  • Segregated Fund Experience:
    • Work with the Society of Actuaries and LIMRA to obtain and report on industry data;
    • Provide information and insight that will create a better understanding of what drives segregated fund products’ financial results, and how to better predict those drivers; and
    • Periodically direct the Canadian segregated fund policyholder behavior study (covering lapses, partial withdrawals, resets, deaths, and length of deferral before taking a regular income stream).

  • P&C Research:
    • Develop Canadian P&C research on automobile, home, commercial, marine, and professional liability insurance; and
    • Consider emerging topics, including:
      • Flood and other water-related damages;
      • Impacts of climate change on P&C insurance;
      • Evolution of accident benefits and other auto product features;
      • Impacts of insurance regulation; and
      • Telematics and automated vehicles.

  • Academic Research:
    • Propose, develop, and maintain initiatives that encourage knowledge discovery and transfer from academia to the CIA and the industry; and
    • Establish research partnerships between universities, CIA, and the industry under the research grant program for Canadian professors.

  • Annuitant Experience:
    • Develop Canadian industry annuitant mortality experience studies for individual annuity products; and
    • Create CIA individual annuitant mortality tables.

  • Pension and Group Annuity Experience:
    • Develop Canadian industry annuitant mortality experience studies for registered pension plan participants; and
    • Develop Canadian industry annuitant mortality experience studies for group annuity products.

  • Group Life and Health Experience:
    • Develop Canadian industry mortality and claims experience studies for group insurance products.

The following people have resigned from the groups named below, and leave with thanks:

  • Individual Life Experience: Simon Bélanger, effective April 30, 2015;
  • Group Insurance: Mark Edwards and Harindra Sebastion, effective May 8, 2015;
  • Pension Advisory: Tony Williams, effective May 25, 2015; and
  • Editorial: Shriram Mulgund, effective May 26, 2015.

Geoffrey Melbourne has completed his term as chair of the Editorial Panel, effective July 1, 2015, and leaves with thanks.

Edward Gibson is now the Actuarial Standards Board liaison to the Research Committee, effective May 22, 2015.

The Op-Ed Team has been disbanded with thanks, effective immediately.

The Member Services Council’s mandate has been expanded as follows:

a) To develop and monitor public and government initiatives to ensure that the Institute becomes widely recognized by the Canadian public as the leading contributor to dialogue, analysis, and solutions in all areas related to the understanding and quantification of future financial contingences and risks;

b) To develop and monitor programs that promote the actuarial profession through consistent branding, marketing, and communication projects;

c) To create, deliver, and maintain appropriate services for members, students, and the public;

d) To develop and monitor processes for initiation, development, approval, translation, and distribution of CIA research and joint research projects; and

e) To develop, monitor, and maintain an appropriate volunteer management system.

A Task Force on Predictive Modelling has been created with the following membership: Jean-Yves Rioux (Chair), Frédérick Guillot, Marc-André Belzil, and Claire Bilodeau. Its mandate is to:

  • Promote and communicate research, technical documents, and new developments in the area of predictive modelling;
  • Influence the education curriculum and CPD offering to include predictive modelling; and
  • Stay abreast of what is happening in other organizations and collaborate with other organizations on the topic of predictive modelling.
 

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