CIA (e)Bulletin/(e)Bulletin de l'ICA
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October 2017
 
 

September Board Meeting Highlights

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By Sharon Giffen, FCIA
CIA President

Traditionally, the September Board meeting is prefaced with an orientation session. This is valuable for the new members of the Board to understand the overarching structure of the CIA and the current challenges facing each of the Head Office departments. Personal introductions among the staff and Board members followed—a bit of fun and frivolity before we got down to a packed agenda. 

The meeting was chock full of discussion on some matters that may affect all Canadian actuaries. We will conduct consultations with members shortly, extending through the winter. I urge each of you to speak up and make your views known during this time. 

Upcoming Consultations

  1. Continuing professional development (CPD) review
    First up for consultation is a proposal on CPD. The Board continues to believe that the public will be best served if it can be certain that a person using the FCIA designation is either CPD compliant or has received a waiver for CPD.
  2. CIA structure
    A change to CIA structure will involve a phased consultation. Ultimately, all members will be asked for input; however, we will start with current and recent volunteers, as they will likely be affected most. This is not yet at the proposal stage, rather it is a trial balloon—we are very open to input and alternative suggestions. I would like to hear from any member who has interest in this topic, especially anyone with experience in organizational design.
  3. Other governance matters
    In the interest of modernizing our governance procedures, a variety of proposals will be made. For the most part, these require changes to bylaws, and thus will require a member vote at the next Annual Meeting.

IFRS 17

Those of you in the insurance business have certainly heard of the upcoming implementation of IFRS 17. Our International Relations Council has been busy on this topic for several years now. This implementation will significantly impact virtually every aspect of actuarial work in insurance. (A quick hint—a premium will not necessarily be revenue in the new world!)

To ensure a broad understanding of the implications of the new rules across not only valuation and financial reporting but also pricing and product design, risk management, asset liability management (ALM), and other work relevant to insurance, we have created an IFRS 17 Steering Committee, ably co-led by Les Rehbeli and Cynthia Potts. Their mandate will be to ensure that all Canadian practices are well informed about IFRS 17, and we are prepared to help insurance leaders deal with the implications to the business.

Regulation of the Use of “Actuary”

It has long been a challenge to us that non-members of the CIA can hold themselves out to be an “actuary”; because the CIA has jurisdiction only over members of the CIA, there is little recourse for us. We will investigate the pros and cons of seeking provincial regulation of the term, acknowledging that the possible lack of consistency and possible provincial government regulation would be less desirable than our current uniform regulatory state. Stay tuned for more.

Partnering with Provincial Pension Regulators

We have agreed to provide input to provincial regulators as they undertake a review of pension regulations. Québec has been first into their review with Ontario following closely. Charles Lemieux and Mathieu Provost will provide input, overseen by Bernard Morency. 

University Accreditation Program (UAP)

The Board received a report and recommendations regarding possible future changes to the UAP. At this time, there is no clear change needed. Consultation will continue, to ensure we have connected with all relevant stakeholders.

Practice Corner

Continuing with an initiative to provide the Board with an overview of the current issues in our major practice areas, we had a lively discussion around the many issues facing pension practitioners today. These valuable updates keep the Board informed regarding all practice areas. 

Regular CIA Business

The Board also received reports in the normal course of business:

  1. Annual report from the Actuarial Standards Oversight Council (ASOC) and the Actuarial Standards Board (ASB);
  2. Appointments to councils;
  3. Financial statements;
  4. Progress on Practice Education Course (PEC) 2.0 (updated PEC to be offered from June 2018 onwards);
  5. MSC updates; and
  6. Head Office activities.

Volunteering

Needless to say, there is a lot going on across our many volunteer groups. To each volunteer, I say “thank you”. And to those who have not yet found their niche to get engaged, I invite you to keep looking—there is something of interest to almost everyone!

If you have a question, please do not hesitate to contact me either at my e-mail address in the online member directory or through the Head Office e-mail address. Happy October!

Sharon Giffen, FCIA, is President of the Canadian Institute of Actuaries.

 

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