CIA-sponsored Webcast: Credit Risk Modeling Practices in the Insurance Industry

June 27, 2013
Noon to 1:30 p.m. EDT

Robert Jarrow, managing director, research, Kamakura Corporation
Jens Hilscher, senior research fellow, Kamakura
Donald Van Deventer, chair and CEO, Kamakura

Members of the Joint Risk Management Section, a group venture of the CIA, Society of Actuaries (SOA), and Casualty Actuarial Society, and other actuaries are invited to join this webcast to hear three experts evaluate actuarial practices for modelling credit risk in the life insurance industry. The trio will summarize the development of credit models and describe their application in risk management systems and calculations. They will also discuss contrasts between best practice techniques and regulatory calculations, and summarize the findings of a study undertaken by Kamakura under the auspices of the SOA to determine the state of credit modelling in the insurance industry compared with the broader state of the art.

To learn more and register for the webcast, visit the link below.

Link: Click here

Contact with Questions: SOA customer service center at 888-697-3900 or

Reminder: Request for Proposals – Analysis of Canadian Group Annuitant Mortality Experience Research Project

The CIA is developing a study covering the mortality experience of the group annuitant population in Canada. A researcher will be engaged to complete an initial five-year study for this business—covering calendar years 2007–2011—and two subsequent studies covering calendar years 2012 and 2013.

The deadline for submitting a proposal is June 30, 2013, and to read the request for proposals, please access the link below.

Link: Click here

Contact with Questions: Mario Robitaille, Chair, Research Project Management Team, at

Revised Policy on Due Process for the Approval of Guidance Material Other than Standards of Practice

This document, which was recently revised by the Practice Council and approved on April 29, 2013, describes the Institute’s process for the approval of guidance material other than Standards of Practice (i.e., educational notes, educational note supplements, research papers, committee and task force reports), and outlines the roles and responsibilities of the Practice Council and Actuarial Standards Board, as well as the committees and task forces that develop the guidance material.

Click here

Contact with Questions: Bruce Langstroth, Chair, Practice Council, at

Changes to the Bylaws

On March 21, 2013, the Board approved changes to the Bylaws that reduce formal Board representation on councils to not more than two Directors, and delegate the determination of Institute executives’ compensation to a Board-appointed committee. These changes will be put before the members for confirmation at the Annual Meeting, which will be held in Montréal on June 20–21, 2013.

See links #1 to #3 below to read about the changes, the rationale behind them, and the subsequent process.
  1. Memorandum to Members: Proposed Bylaw Amendments — Board Participation on Councils and Creation of Human Resources, Finance, and Audit Committee
  2. Amending Bylaw No. 2013-1: Board Participation on Councils and Creation of Human Resources, Finance, and Audit Committee. Also, see Appendix A.
  3. Report of the Task Force on Governance (member confirmation not required—for information only)
Contact with Questions: Michel Simard, CIA Executive Director, at

Reminder – Webcast: Municipal Pension Plans—Responding to the Pension Crisis

Wednesday, May 29
Noon to 1:30 p.m. EDT


Alan Milligan, managing actuary, CalPERS
Bill Moore, staff actuary, Alberta Finance

This webcast will compare and contrast the operation of defined benefit pension plans sponsored by municipalities in Canada and California. The presenters will outline the structure of municipal pension plans in their respective jurisdictions and the form of regulatory oversight. The funded status of municipal pension plans in both jurisdictions and the typical assumptions and valuation techniques will be discussed. Finally, the webcast will outline the response of various parties to the funding challenges created by capital market corrections, mortality improvements, and maturing plan liabilities.

Link: Click here

Contact with Questions: Roxanne Vézina, assistant, membership and education, at

Don’t Forget to Register for the May 30 Webcast – Canadian Individual Critical Illness Morbidity Experience Study

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


Ben Miclette, vice-president, living benefits, RGA Canada

Critical illness insurance has been part of the Canadian insurance landscape for over 15 years with more than 20 insurance companies actively selling this product today. The CIA’s Individual Living Benefits Experience Subcommittee recently published the first experience study of Canadian claims data, and in this session we will take a look at what story is emerging from the early claims experience and what trends will be monitored in future.

Link: Click here

Contact with Questions: Roxanne Vézina, assistant, membership and education, at

Report on Canadian Economic Statistics 1924–2012: Final Release

The final version of the Report on Canadian Economic Statistics 1924–2012 is available on the CIA website. This document is only available to CIA members.

It can be found on this page:

(Note: Members must be logged into the Members Section to download the report and tables.)

Contact with Questions: Ross Dunlop, Chair, Committee on Investment Practice, at:

Webcast – The Real Retirement

Thursday, May 9, 2013

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

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: Click here

Contact with Questions: Roxanne Vézina, assistant, membership and education, at

Reminder: Webcast – Pension Mortality

Wednesday, May 15
Noon to 1:30 p.m. EDT

Moderator: Dani Goraichy, Committee on Pension Plan Financial Reporting (PPFRC)
Speakers: Kim Young, Chair, Pension Experience Subcommittee, and Gavin Benjamin, Chair, PPFRC

The past few years have seen increased focus on the mortality assumption selected by pension actuaries. This is especially the case with the establishment and ongoing work of the Pension Experience Subcommittee. During this webcast, considerations when setting the mortality assumption for pension valuations will be discussed. A status update on the subcommittee’s work will also be provided.

Link: Click here

Contact with Questions: Roxanne Vézina, assistant, membership and education, at

OSFI Announces CPP Independent Peer Review

As part of its policy of ensuring it is providing sound and relevant actuarial advice to Members of Parliament and the Canadian population, the Office of the Chief Actuary (OCA) is commissioning an external peer review of its 26th Actuarial Report on the Canada Pension Plan, as at December 31, 2012.

FCIAs wishing to join the review panel can obtain an application form, and read the terms of reference, at OSFI’s website. Applications must be submitted by July 15, 2013.

Link: Click here

Contact with Questions: Michel Montambeault, director, Office of the Chief Actuary, at