Highlights of the CIA Board's Latest Meeting

Appointments
 
Marc Tardif was appointed Chair of the Member Services Council (MSC). He replaces Marc-André Melançon, who leaves with thanks at the end of his term.

Actuarial Standards Oversight Council Revised Terms of Reference
 
The Terms of Reference (ToRs) of the Actuarial Standards Oversight Council (ASOC) are reviewed every three years. The revision undertaken in 2013 resulted in only one material suggested change, which was to add a section on confidentiality similar to that of the Board’s ToRs. The final revised ToRs were approved by ASOC in September and submitted to the Board for final approval, which was granted.

Strategic Thinking Discussion

Promotion/Marketing of FCIA/ACIA Designations

There was strong support from the Board to invest in a program to promote the FCIA and ACIA designations. The CIA Head Office will prepare a marketing plan defining the value of the designations, and roll it out with employers consulted through the Outreach Program. While the focus will primarily be on the Canadian audience, opportunities to increase public recognition of both designations on an international level will not be overlooked.

CIA Action Plan on Banking

The Eligibility and Education Council will explore banking modules in consultation with other countries which offer this program. The marketing plan to highlight the FCIA and ACIA designations will be extended to the banking sector, promoting increased communication while examining what actuaries can bring to the banking table.

CIA Strategic and Operational Plan - Update

The Head Office had further refined the plan, adding linkages between the different strategic areas, and a Strategy Map was presented to Board members. This tool is a graphic representation of the strategic objectives, and the linkages between them and the operational aspect of the plan. A sample weighting exercise, to establish priorities in the short, medium and long terms, was conducted and included in the plan as a demonstration. The Board agreed to form a group that includes Council chairs to work with the Head Office to conduct a more thorough weighting exercise.

SOA/CAS Levy on Non-FCIAs Working in Canada

The Casualty Actuarial Society (CAS) had offered to apply a levy to its Canada-based members who do not belong to the CIA, in order to support our standards-making and discipline costs. The Society of Actuaries (SOA) was willing to do the same.

The CIA wanted to have a better understanding of the demographic profile of these non-members, and the broader potential implications should such a fee be introduced.

After reviewing the facts and discussing the implications, the Board decided that they would decline the offer at this time.

Potential Changes to Elections Committee and Related Items

The Board’s Governance Committee has given a high priority to considering potential changes that would respond to the concerns raised by the Elections Committee in June 2013 around the difficulty of recruiting candidates. Two alternatives were proposed to the Board:
The Board supported the second alternative, and Jim Christie and Stephen Bonnar were appointed to the Elections Committee. Their experience and influence will be a valuable addition to its work.

Member Services Council Mandate

As the word "research" is not mentioned in the current Member Services Council (MSC) mandate, and is a vital element of the MSC’s mission, the MSC prepared and adopted a proposed revised mandate which was presented to the Board for approval. The Board agreed in principle to the changes, and subsequently agreed that a bylaw amendment package, streamlining the current bylaw structure with regard to all council references—in particular, removing the detailed council mandates from the Bylaws—be presented to the Board for approval at its March 2014 meeting.

Actuarial Foundation of Canada Annual Report on Activities, Plans, and Finances

The Actuarial Foundation of Canada (AFC) presented its annual report, in accordance with AFC policy, to the CIA Board. An annual reporting date of November is preferable to the prior practice of reporting in June, as it coincides with the Head Office budget-setting exercise.
 
After presenting the ongoing activities and programs, the AFC asked the Board to consider the following:
The Board approved the elimination of the CIA-related provisions in the AFC’s Bylaws and the proposed continuation of the AFC under the NFP Act, and agreed to consider continued financial support when preparing the budget.

Executive Director Report

A new section on media requests and coverage was included in the Executive Director’s report to the Board. It generated much interest, and it was decided that more frequent reporting on media coverage, ideally on a monthly basis, be circulated to Board members.

Practice Council Annual Report on Activities

The Practice Council’s Chair, Bruce Langstroth, presented an overview of the activities and top-of-mind issues, among which are:
Secretary-Treasurer's Report

The Secretary-Treasurer, John Dark, presented his report and the Board approved the second-quarter financial statements. The discussion focused on setting priorities for the coming year’s budget, and the Board agreed to increase the research budget and keep any increase of membership fees to a minimum.

Canadian Institute of Actuaries/Institut canadien des actuaires
http://www.cia-ica.ca/