Announcements

IAA Approves ISAP 1

The International Actuarial Association (IAA) has approved its first International Standard of Actuarial Practice, ISAP 1, on general actuarial practice. The ISAP, a model for actuarial standard-setting bodies to consider, would apply to all actuarial services performed by an actuary except for elements of guidance that are explicitly superseded by another standard or by law.

It is available on the IAA website (www.actuaries.org) under Publications and can also be accessed by clicking on the link provided under Hot Topics on the IAA’s home page.

Contact with Questions: Contact the Director of Technical Activities at the IAA Secretariat

Request for Proposals: Analysis of Mortality Experience

The CIA Research Committee has issued a request for proposals from parties interested in conducting the Analysis of Canadian Individual Annuitant Mortality Experience Research Project.

The committee is seeking a researcher to conduct an annual 10-year study of the mortality experience of the individual annuitant population in Canada for three years, covering policy anniversaries from 2002–2012, 2003–2013, and 2004–2014. It envisages that the project will result in, among other things, key measures to analyze recent mortality experience and a finely-detailed database of grouped experience.

Anybody interested in submitting a proposal should read all of the documents below, and express an interest before February 1, 2013.

Request for proposals
CIA Participation Protocol
External data policy
Non-disclosure agreement

Contact with Questions: Julie Chambers, Chair of the Research Project Management Team, at julie.chambers@londonlife.com or 519-435-4929

Educational Note: Guidance for the 2012 Valuation of Insurance Contract Liabilities and Dynamic Capital Adequacy Testing for Property and Casualty Insurers

The attached educational note was approved by the Practice Council on November 22, 2012, and provides guidance to actuaries in several areas affecting the valuation of insurance contract liabilities and dynamic capital adequacy testing reporting for P&C insurers. It reviews relevant standards of practice and educational notes and discusses current issues affecting the work of the Appointed Actuary.

Link: http://www.actuaries.ca/members/publications/2012/212101e.pdf

Contact with Questions
: Isabelle Périgny, Chair, Committee on Property and Casualty Insurance Financial Reporting, at isabelle.perigny@lacapitale.com

Discipline Bulletin – Volume 19, No. 1

This Discipline Report has been prepared by the Committee on Professional Conduct to educate and inform all members of the CIA about the disciplinary process and current disciplinary activities.

Link: http://www.actuaries.ca/members/publications/2012/212100e.pdf

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

Report on the CIA Survey of C-1 Provisions of Life and Health Insurance Organizations in Canada – 2011 Fiscal Year-End

This report documents the results of the Canadian Institute of Actuaries survey of C-1 provisions for life and health insurance organizations in Canada, as at fiscal year-end 2011.

The report is available in the members section of the CIA website. To access this report, please log into the Members Site and click on Organization on the top menu bar. Select Practice Council and under Committees and Task Forces select the Committee on Investment Practice. The link to the report will be under Reports and Documents near the bottom of the page.

Contact with Questions
: Tony Williams, Chair, Committee on Investment Practice, at tony.williams@pbiactuarial.ca

Submission to the Department of Finance Canada: Regulations Amending the Pooled Registered Pension Plans Regulations

The Canadian Institute of Actuaries presented its comments to the Department of Finance Canada on the Regulations Amending the Pooled Registered Pension Plans Regulations.

To read the submission, please access the link below.

Link: http://www.actuaries.ca/members/publications/2012/212097e.pdf

Contact with Questions
: Marc-André Melançon, Chair, Member Services Council, at mamelancon@rgare.ca

International Mortality Research Update


CIA members are being invited to comment on and contribute to the work of the International Actuarial Association’s Mortality Working Group.

The group, whose members represent 23 countries, is developing an online Information Base which contains information on mortality studies, papers, and websites of particular interest, and group member Brian Ridsdale has produced a one-page update on its activities which can be read by clicking here.

Contact with Questions: The working group at iaamwg@actuaries.org

Join Us on Twitter!


The CIA’s Twitter accounts are proving a great success, with close to 500 people now receiving our updates of Institute events and activities, links to articles of value, and news of people in the actuarial profession and beyond. Many of your peers and industry leaders have already signed up, and we encourage anybody not already following us on Twitter to do so in order to stay as up to date as possible.


You can click on the appropriate button on the CIA’s website, or directly at our Twitter page: English or French. By following the CIA, and retweeting any posts you feel would be of interest, you help ensure that the work of the Institute and its members can reach the widest possible audience, constantly raising the profile of the Canadian actuarial profession.

Link: http://twitter.com/cia_actuaries

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

Exposure Draft to Introduce Standards Relating to Appointed Actuary Opinions with Respect to Use of Internal Models to Determine Regulatory Capital for Segregated Fund Guarantees

The attached exposure draft was approved by the Actuarial Standards Board (ASB) on November 15, 2012. The proposed changes provide model wording for the Appointed Actuary’s opinion relating to models used to determine required capital for segregated fund guarantee risks, clarifying that the actuary would be opining on the compliance with the requirements of the regulator. The deadline for comments was December 20.

Link: http://www.actuaries.ca/members/publications/2012/212098e.pdf

Contact with Questions
: Stephen Haist, Chair, Designated Group, at shaist@eckler.ca

The Member Listening Group Needs You!

Around 100 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, Secretariat, 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.

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

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

Discipline Notice – Notice of Disciplinary Tribunal Hearing

A discipline notice has been prepared by the Committee on Professional Conduct to inform all CIA members about an upcoming Disciplinary Tribunal hearing.

In accordance with the Bylaws, a notice of a hearing before a CIA Disciplinary Tribunal is hereby provided to inform members of the Institute and the public about a current case. This notice includes the date, time, and place of the hearing of the Disciplinary Tribunal and a summary of the charge.

Link: http://www.actuaries.ca/members/publications/2012/212099b.pdf

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

Webcast – Bill 133 for Pension Actuaries: A Primer on Issues and Best Practices

November 28, 2012

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


Featuring:
Dani Goraichy, director, actuarial services and plan policy, Ontario Public Service Employees Union Pension Trust
Ken Harrison, director, actuarial services and tax, Ontario Teachers' Pension Plan
Kelley McKeating, consulting actuary, Dilkes, Jeffery & Associates

This webcast is intended for actuaries who advise pension plan sponsors and those directly involved with plan administration. It features an overview of elements of the Ontario Family Law Act relevant to pension plan sponsors, their advisers, and the administrator, plus case studies that will highlight pitfalls, issues, and opportunities inherent in Ontario's new pension valuation and division regime.

Link: http://www.actuaries.ca/webcasts/index_e.cfm

Contact with Questions
: Leona Campbell at leona.campbell@actuaries.ca; telephone: 613-236-8196 ext. 124

Webcast: Longevity Risk and Solutions for It

November 27, 2012
Noon to 1:30 p.m. (EST)


Speakers:

Daniel Ryan, head of life and health research and development, Swiss Re
Kai Hoffmann, pensions longevity originator, Swiss Re

This webcast will outline the nature and extent of longevity risk and provide insights into solutions available to pension plans and insurers for managing this risk. It will focus on longevity (re)insurance (sometimes referred to as "longevity swaps") which transfers the plan/portfolio-specific longevity risk to (re)insurers.

Link:
http://www.actuaries.ca/webcasts/index_e.cfm

Contact with Questions
: Leona Campbell at leona.campbell@actuaries.ca; telephone: 613-236-8196 ext. 124

CPD Deadline Grows Near


This is a friendly reminder that just a few weeks are left for CIA members to meet their Continuing Professional Development (CPD) requirement for 2012. Compliance with the Institute’s Qualification Standard with respect to CPD is a prerequisite for members to provide actuarial services, and the minimum requirement is 100 hours over a two-year calendar period, with at least the following:

• Technical: 12 structured hours;
• Professionalism: four hours (structured and/or unstructured); and
• Structured: 24 hours.

For more information, visit My CPD at http://www.actuaries.ca/members/professional/my_cpd_e.cfm (please ensure you are logged into the Members Site).

Links:
Tracking tool: http://www.actuaries.ca/members/toolkit/update_cpd_info_e.cfm
My CPD: http://www.actuaries.ca/members/professional/my_cpd_e.cfm

Contact with Questions
: Leona Campbell, coordinator, eligibility and education, at leona.campbell@actuaries.ca. Tel: 613-236-8196 ext. 124; fax: 613-233-4552

Submission to OSFI: Draft Guideline B9 – Earthquake Exposure Sound Practices


The Canadian Institute of Actuaries offered comments on the Office of the Superintendent of Financial Institutions’ Draft Guideline B9 – Earthquake Exposure Sound Practices.


To read the submission, please access the link below.

Link: http://www.actuaries.ca/members/publications/2012/212095e.pdf

Contact with Questions
: Phil Rivard, Chair, Practice Council, at privard@segalco.com

Research Paper – Considerations on the Quantification of Variability in P&C Insurance Policy Liabilities

The attached research paper was approved by the Practice Council on September 7, 2012. It addresses the calculation of economic capital and aims to provide education for the actuary working in property and casualty insurance when evaluating the variability surrounding estimates of claim and premium liabilities.

Link: http://www.actuaries.ca/members/publications/2012/212094e.pdf

Contact with Questions
: Michel Dionne, Vice-chair, CRMCR, at michel.dionne@intact.net

Erratum: Report – 2009 Pension Review Project

The publication of the 2009 Pension Review Project, which was prepared by the 2009 Pension Review Task Force, was announced yesterday. The announcement contained an error: the task force was disbanded in September 2012, not September 2009.

To read the report, please access the link below.

Link: http://www.actuaries.ca/members/publications/2012/212093e.pdf

Contact with Questions
: Rod Sproule, former Chair, 2009 Pension Review Task Force, at rodsproule@gmail.com

August 2012 Risk Management Newsletter Now Available in Both Official Languages

The CIA has just produced a French version of the Risk Management Newsletter and it is now available in both official languages on the Society of Actuaries (SOA) website. The Joint Risk Management Section is sponsored by the CIA, the Casualty Actuarial Society, and the SOA to promote education and research in the area of enterprise risk management and to establish leading risk management techniques.

Link: click here


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

Exposure Draft for Practice-Specific Standards on Insurance Contract Valuation (Sections 2100–2300) to Narrow the Range of Practice on Certain Elements

The attached exposure draft was approved by the Actuarial Standards Board on October 11, 2012. It addresses assumptions for non-fixed income asset classes where reliable historical data are not available, considerations where regulatory approval is required on adjustable products; and policyholder behaviour assumptions in the context of life and health insurance contract valuation. The closing date for comments was December 15.

Link: http://www.actuaries.ca/members/publications/2012/212090e.pdf

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

Video – The CIA Discipline Process

After a seven-year absence, the CIA’s Not-Ready-For-Any-Time Players returned to the stage at the 2012 CIA Annual Meeting for a repeat performance of their acclaimed portrayal of the Institute’s disciplinary process. A stirring depiction that shows how the process works for a fictional case, how it is initiated, and how it can change as new information comes to light. The heretofore undiscovered theatrical skills of several CIA members had the audience on the edges of their seats in this entertaining and informative presentation.

If you missed the special live performance—or enjoyed it so much you want to see it again—a video recording is now available for viewing in the Discipline section of the CIA website and in the Proceedings (along with all of the audio-recorded sessions from the meeting).

Links:
http://www.actuaries.ca/about/discipline/process_e.cfm
http://www.actuaries.ca/members/publications/proceedings_ag_vol43no1_e.cfm

Contact with Questions
: Leona Campbell at leona.campbell@actuaries.ca; telephone: 613-236-8196 ext. 124

Determining the Impact of Climate Change – Phase I Report Launched

The Canadian Institute of Actuaries, Casualty Actuarial Society, Society of Actuaries, and the American Academy of Actuaries’ Property/Casualty Extreme Events Committee have responded to the impact of emerging risks due to climate change on insurance by collaboratively tasking committees to recommend, support, and perform research on climate change and assess the potential risk management implications for the insurance industry.

As well, this group has launched a multi-phase research project and commissioned Solterra Solutions to research and prepare a report, "Determining the Impact of Climate Change on Insurance Risk and the Global Community".

This Phase 1 report is a synthesis of a vast and rapidly growing body of scientific knowledge on climate change with a focus on potential impacts to society and the insurance industry.

Links:

Executive summary
Complete report

Contact with Questions
: Caterina Lindman, Chair, CAS Climate Index Working Group, at caterina.lindman@gmail.com

Report: 2009 Pension Review Project


The 2009 Pension Review Project prepared by the 2009 Pension Review Task Force has been posted to the CIA website. The ultimate purpose of this review is to enhance the support and advice provided by the CIA to practitioners preparing total plan wind-up reports filed with the regulatory bodies, to provide input to any practice committee(s) responsible for the documentation of standards generally, and to promote the highest quality of work. The task force was disbanded in September 2009, following the approval of the report by the Board.

To read the report, please access the link below.

Link: http://www.actuaries.ca/members/publications/2012/212093e.pdf

Contact with Questions
: Rod Sproule, former Chair, 2009 Pension Review Task Force, at rodsproule@gmail.com

Webcast: CAPSA Guideline 6—The Regulator’s Perspective on Prudent Investment Practices

November 7, 2012

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


Presenters: Chris Eccles, senior pension analyst, private pension plans division, Office of the Superintendent of Financial Institutions
Lynda Ellis, senior manager of pension policy, Financial Services Commission of Ontario

The speakers will discuss:
Link: http://www.actuaries.ca/webcasts/index_e.cfm

Contact with Questions
: Leona Campbell at leona.campbell@actuaries.ca; telephone: 613-236-8196 ext. 124