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

Canadian Institute of Actuaries/Institut canadien des actuaires

March 2014
Elliott Bauer
D.W. Simpson & Company
Eckler Ltd.
Your Institute

By Jacques Lafrance, FCIA
CIA President

The Institute does not keep statistics on the number of hours spent by its volunteers on its various activities. That being said, this number is currently very high—possibly the highest in the Institute’s history, thanks to all the projects being carried out by our councils, committees, and task forces. The same can be said about the amount of work being done by Head Office staff. We should consider ourselves very fortunate to be able to rely on our volunteers and the valuable contributions they make. I would like to congratulate them and thank them most kindly for these contributions.

I am not expecting this level of effort to abate. On the contrary, I feel the opposite is most likely, given the myriad projects underway or in the pipeline. For example, providing our members with guidance material on projects involving the new accounting rules for insurance companies will see many of our volunteers put in a lot of extra hours. What’s more, our Board has adopted a series of long-term strategic objectives that can be characterized as ambitious, and meeting these objectives will require a concerted effort on the part of several groups of volunteers. So, much remains to be done, and you’re always welcome to lend a hand.

There are all sorts of good reasons to donate your time to Institute activities. To learn more, please have a look at the Volunteer Centre section of the Institute’s website. There are many advantages to volunteering for the Institute, both for the volunteer’s career and for their employer. Moreover, taking part in group discussions is often an excellent opportunity to accumulate eligible hours toward meeting your Continuing Professional Development requirements.

The Institute offers a wide range of volunteer opportunities. A number of committees have a technical vocation, geared to helping our members deliver high-quality services. Others carry out activities relating to project management, public relations, or communications at the Institute. Last but not least are the groups focusing on issues of professional conduct, training, eligibility, and development of new areas of practice. There truly is something for everybody and every ability.

Many members hesitate to volunteer on account of the number of hours it takes. True, certain groups are demanding from an effort standpoint. But these same groups would likely be thrilled to accept additional help, and the more members they have, the lighter the load on each. On the flip side, a number of groups require only a relatively modest effort on the part of their members. So in this sense too there’s something for everyone.

Many volunteers got their start contributing to a project or group with a fairly light workload. With their appetite thus whetted, they then sought out other opportunities to volunteer for the Institute.

If you haven’t already done so, I invite you to get your feet wet by joining one of our many volunteer groups. For further information on volunteer opportunities, feel free to contact the Institute’s volunteer services personnel.

Jacques Lafrance, FCIA, is President of the Canadian Institute of Actuaries.

 
Spotlight

By Marc Tardif, FCIA

I’d like to take this opportunity to bring you up to speed on the work done in the Member Services Council (MSC) as well as its committees and task forces over the past six months. We have worked very hard, in cooperation with the Head Office, to make the profession more visible to the general public and to take part in the conversation about the issues facing our society.

Creation of Two Committees and Three Task Forces

The Health Committee, formed in October 2013, will help enhance our profession’s visibility in matters relating to health. Its objectives are to support the CIA’s involvement in discussions at the national and provincial level, raise the profile of actuaries in policy debates and research, and support actuaries working in the health systems field.

The Committee on Climate Change and Sustainability was created with the aims of taking part in discussions, and educating. The Society of Actuaries (SOA) and the Casualty Actuarial Society (CAS) had previously formed their own task force on the subject. Since climate change can affect our work as actuaries, this committee will provide members with support in this area.

Recently, the Task Force on Genetic Testing was created. It will soon prepare a revised public position for the profession, after which a committee will be struck to address the response generated by the task force’s work.

Two task forces in the field of pension plan practice have been set up and have already begun work on:

  • Pension funding and transfer values, with the aim of preparing a position paper setting out the pros and cons; and
  • Target benefit plans, with the aim of commenting on whether it is appropriate to promote this option and, if so, how.

Research Committee Publications

Seeing Beyond Risk

The first edition of this quarterly electronic publication debuted in January. It will present the latest actuarial thinking from experts on some of the key issues facing Canada and Canadians. It is also designed to encourage people outside the profession to consider the benefit actuaries can bring to their organizations. Target audiences include private- and public-sector leaders and elected representatives. We encourage you to distribute the articles among your friends and colleagues!

Appointments/Volunteering

Since October 2013, the MSC has appointed nearly 50 volunteers in its committees and task forces as replacements or to fill new positions. Although this figure might seem impressive, we must continue recruiting volunteers in order to obtain the necessary support to carry out the projects assigned by the Board of Directors. Positions are available within the MSC as well as its committees and task forces.

In addition, most of the volunteer groups in the CIA’s overall structure are looking for new members. The fields are varied, as are the workloads. We invite you to browse the website under the Organization section to learn about our volunteer groups. Maybe you’ll discover a few you didn’t know existed! You can sign up through the Volunteer Applicant Registry or simply contact the chair of the volunteer group. New members in particular are encouraged to get involved and provide our organization with fresh ideas.

Social Networks

The number of people who follow the CIA on Twitter has gone from a few hundred to over 1,000 after two years of activity. If you don’t already follow us, what are you waiting for?

The MSC is facing numerous challenges in the coming months, so why not consider lending a hand in order to help us develop and promote our activities and publications in the public interest.

Marc Tardif, FCIA, is Chair of the Member Services Council.
 
MOVERS AND SHAKERS

In Benefits Canada, Nigel Branker and Idan Shlesinger, both of Morneau Shepell, discussed the challenges faced by defined contribution pension plans, and the potential benefits of hybrid plans.

Renée Couture has joined Buck Consultants as national practice leader, retirement consulting.

Jacqueline Friedland has become the chief actuary at RSA Canada.

Jean-Louis Gauvin discussed asset-backed commercial paper in Le Devoir (in French only).

Susan Kudzman has been appointed to the board of Air Transat.

In the Globe and Mail, Ian Markham of Towers Watson and Brent Simmons of Sun Life discussed annuity deals in the wake of a $500m purchase via Towers Watson.

Most pension stories in the media were off the mark, said Cameron McNeill of Segal Consulting in a news release.

Syed Ali Murtaza, an independent actuarial consultant at Financial Actuarial Solutions, has written an introductory e-book on sources of earnings analysis for life insurance companies.

The successful rowing adventure by Jean-Guy Sauriol of seclonLogic was featured in the National Post.


Networking is a key part of any successful professional's career, and the CIA is offering you a fresh opportunity to inform your peers about your achievements and progress.
 
Our (e)Bulletin section, Actuaries on the Move, is a chance for you to publicize your new job, title, credentials or other information. This is an opportunity to tell thousands of fellow actuaries and financial professionals—whether they are ex-colleagues, former college friends, potential employers, future clients, etc.—about, for example:
  • Your new job;
  • A change of title or area of responsibility;
  • Your new qualifications;
  • A change of contact details;
  • Awards or other recognition; or
  • Publication of academic papers or articles.
Simply send an e-mail—one line of information can be enough, but feel free to add more if you so wish—to the CIA's English Editor at andrew.melvin@cia-ica.ca and we will aim to include it in the next issue of the (e)Bulletin.

For more news of CIA members and their activities, follow the CIA on Twitter.

 
Institute News

Overcoming complex challenges, attending multinational meetings, and helping to shape the future of the profession are all on the agenda for former CIA President Rob Brown, the President of the International Actuarial Association (IAA) for 2014.

Mr. Brown, pictured above, retired from his academic career in 2010, but said: "I am now a little busier than I had expected. There seems to be a lot of material that needs to be seen by the President, and it is a busy time as we have IAA committee meetings in Washington that are back to back with the International Congress of Actuaries.

"I am looking forward to attending the Congress, as I enjoy seeing friends and colleagues every six months [at IAA meetings], and it fits in with my academic background; I will be presenting four papers there, besides introducing speakers and so on."

The former professor at the University of Waterloo said that so far he had received great support from the staff and officers at the IAA, and he would tackle a range of issues during his year in office by deepening the IAA’s engagement with its member associations.

"We decided a year ago to have a governance review, and as we are 15 years old we were probably due for one. There is natural tension between some of our Full Member Associations regarding their rights and influence as members, and some are feeling the pressure of paying the IAA membership fee because they do not have the resources. We are trying to find ways of engaging with all our Full Member Associations. It is a difficult job, and you need to have diplomacy—coupled with determination. You cannot put together structures that are 100 per cent satisfactory for everybody.

"We must also look at how much of our work seems to be in the hands of English speakers, who also tend to belong to the larger associations. I hope we can bring about a broader base of participation."

The IAA was working on a number of important initiatives, Mr. Brown added. "We made some promises to the International Association of Insurance Supervisors, which is forging ahead drafting standards and regulations. That work really needs to have the global actuarial profession closely involved, and now we are working actively with their committees. They need to spread the work on more shoulders, and I think the IAA is going to find its human resources pulled to the greatest extent that is possible. We may consider partnering with very large Full Member Associations and their staff for some support activities, while ultimately retaining a global viewpoint."

Pointing to the IAA’s recent "huge" success in cooperating with Russian actuariessee the separate story in this month’s (e)Bulletin—Mr. Brown said: "As President of the CIA in 1989–1990, my concerns ended at the Canadian border, and Toronto, Montréal, and Ottawa represented 85 per cent of the actuarial activity in Canada. Now I’m working with 65 associations representing 60,000 actuaries in over 100 countries, with a wide variety of interests. My primary focus is work with supranational organizations with which we have established relationships. Then I want to help developing actuarial associations to get established locally."

He explained that his overall agenda could be summed up in three words: transparency, diversity, and flexibility.

"As an association of volunteers, we cannot allow ourselves to be opaque, so we have become more transparent by opening up our website and improving the way we communicate our activities.

"Regarding diversity, we have often been seen as white, male, and English-speaking. We have to do a far better job of reflecting the demographic profile of the global profession.

"Flexibility is also important: we can set up enough committees to choke many horses and enough bureaucracy to make sure we get nothing done. In the end the organisation needs to remain responsive and agile, and that means staying flexible."

However, he added: "At the end of the day I want to make sure we also have some fun!"

 

 

By Dave Dickson, FCIA

On February 18 in Toronto, the CIA offered a unique opportunity to its members to discuss professionalism issues with their peers. This event was a pilot initiative to develop programming for senior members who wish to connect, share issues of concern, and enhance their professionalism continuing professional development (CPD).

The session featured a presentation by guest speaker Sally Gunz, professor of business law and professional ethics, from the University of Waterloo, who has spent significant time researching issues around professionalism and ethics in a number of professions. She talked about situations from other countries where actuaries have landed in trouble. One very relevant example was from the UK, where, following the failure of Equitable Life, the UK actuarial organizations saw the regulators become much more involved (the Morris Review) in how their organizations were governed. We discussed the environment in Canada and the changes that the CIA made, in part as a result of the UK situation, including introducing an independent body for setting standards—the Actuarial Standards Board, plus the Actuarial Standards Oversight Council—and tightening the CPD requirements, tracking, reporting, and enforcement.

The workshop continued with a brief review and discussion of the CIA Rules of Professional Conduct and our discipline processes. Our pilot three-hour workshop concluded with an hour-long discussion about what it means to be a professional. A dictionary search does not provide much insight. During my own search, the best definition I found was, "A job that requires special education, training or skill". Actuaries and other professionals are certainly highly skilled, but these special talents are only part of what makes us professionals. Our higher calling allows us to apply our unique talent with sound judgement. This is how we ultimately provide value to the business, earn the trust of our stakeholders, and protect the public interest, a high priority for the CIA.

As actuaries, we have professional independence, which allows us to deliver the right answer, even though it may not be the answer that our clients want to hear. Being objective is the result of being independent.

We also discussed how a profession can be defined through its qualifications for admission, rules of professional conduct, standards of practice, continuing education requirements, and a disciplinary process; all distinct aspects of the CIA that distinguish it as the professional actuarial organization in Canada.

One attendee summarized it very well: professionalism is the combination of competence, conduct, and character. We can judge ourselves by how we are described by others: if my work was peer reviewed, what would that person say about me or my work?

It was generally agreed that the changing business environment will continue to force actuaries to face pressures from many sources, and that as a profession we must remain aware of these pressures and influences and our corresponding actions as a result.

The attendees found this pilot project to be highly valuable and encouraged the CIA to offer more of these types of discussion opportunities.

Dave Dickson, FCIA, is the education liaison member of the Committee on Professional Conduct.

 

With Russia becoming an increasingly important player in the actuarial profession, the CIA was recently pleased to join the International Actuarial Association (IAA) in hosting a meeting with one of its key politicians.

Boris Kashin, a deputy in the State Duma of the Russian Federation and a member of the Standing Committee of Parliamentarians of the Arctic Region, was in Ottawa to meet representatives of the CIA and the IAA.

The Russian Guild of Actuaries has been a Full Member of the IAA since 2008, and has been an active contributor to the development of the global actuarial profession. It will also host the IAA Council and committee meetings in May 2016. Representing over 150 qualified actuaries, the guild represents the actuarial profession in the Russian Federation. It exists to establish and promote common education and professional standards, organize seminars and conferences, and represent the interests of the actuarial profession in Russia with educational institutions and private and governmental bodies, and at the international level through the IAA.

Mr. Kashin’s visit came in the wake of a major decision by the Duma: it recently passed a general law governing actuarial services in the Russian financial market. This legislation, which can serve as a model for other countries, is based on the IAA’s established principles of professionalism for the actuarial profession, which include:

  • Defining "actuary" as a member of a professional organization (self-regulated organization, or SRO);
  • Establishing requirements for a code of conduct, a system of qualification, and a discipline process for SROs;
  • Setting equal minimum qualification requirements for the admission of actuaries in SROs;
  • Requiring a mandatory continuing professional development system in SROs; and
  • Referencing global actuarial standards (since 2009 the IAA has been developing such standards in response to a G20 initiative and requests from international regulators).
The actuarial profession is unique in that it is the first profession known to have organized itself on a truly global basis, with a common code of conduct, internationally agreed qualification standards, an international voice, and the ability to develop international standards of practice in a framework form.
 

From left, CIA President Jacques Lafrance, Boris Kashin, IAA executive director Nicole Seguin, and Dave Pelletier, Chair of the IAA Actuarial Standards Committee.

 

As part of the CIA’s continuing efforts to promote the actuarial profession among the latest generation of students, Institute representatives attended a highly successful career fair organized by the Professional Risk Managers’ International Association (PRMIA).

CIA staff actuary, education, Joseph Gabriel, and Institute member Pierre Parenteau were among those who joined around 200 registrants at the University of Sherbrooke for a day spent discussing the options open to students considering their career plans.

M. Gabriel said: "I met around 30 actuarial science students, mostly at the master’s level. They came from a lot of different backgrounds and wanted to know, for example, how far the profession went into enterprise risk management. I was also able to promote the Chartered Enterprise Risk Analyst designation."

The CIA’s booth was one of around 15 belonging to organizations from the financial sector, and PRMIA declared the day a resounding success.

M. Gabriel added: "We will be doing a lot of things like this during the year. It is important that we increase our visibility among students, and highlight the University Accreditation Program and the employment perspectives for future actuaries."

CIA actuaries Pierre Parenteau, fourth left, and Joseph Gabriel, right, promote the actuarial profession to students.

 

 

By Catherine Robertson, FCIA

In October 2013, the International Actuarial Association (IAA) issued an exposure draft of proposed International Standard of Actuarial Practice 3 (ISAP 3) – Actuarial Practice under International Accounting Standard (IAS) 19 Employee Benefits.

As the name suggests, this is the third ISAP issued by the IAA. ISAP 1 deals with general actuarial practice, and was adopted by the IAA in November 2012. ISAP 2 applies to actuarial services performed in the context of social security programs, and was adopted by the IAA in October 2013. A fourth ISAP, dealing with actuarial practice in relation to insurance contracts, is currently being developed by the IAA.

This article reviews the content of ISAP 3 and summarizes the comments submitted by the CIA to the exposure draft in March 2014. The comments were prepared by the Subcommittee on International Pension and Employee Benefits Standards following the due process of the Committee on International Relations.

The IAA has defined the purposes of ISAP 3 as:

  • Provide guidance for actuaries providing actuarial services under IAS 19 to facilitate convergence in actuarial practice within and across jurisdictions;
  • Increase public confidence in actuaries’ services under IAS 19;
  • Increase reporting entities’ and their auditors’ confidence in actuaries’ contributions to International Financial Reporting Standards (IFRS) reporting of employee benefits; and
  • Demonstrate the IAA’s commitment to support the work of the International Accounting Standards Board (IASB) in achieving comparable financial reporting internationally.

The focus of ISAP 3 is on services provided for a reporting entity’s preparation of IFRS financial statements, for any type of benefit the reporting entity determines to be covered by IAS 19. It addresses aspects of actuarial services in accordance with IAS 19, to the extent not covered in ISAP1, such as:

  • The role of the actuary in providing actuarial services for IAS 19 purposes;
  • Knowledge of and compliance with IAS 19, those aspects of other IFRS relevant to the engagement, and the reporting entity’s accounting policies;
  • Knowledge and consideration of the reporting entity’s specifications regarding materiality for the engagement;
  • Scope and categorization (for example, as defined benefit or defined contribution) of the contractual and constructive employee benefit obligations as defined in IAS 19;
  • General process to be followed and factors to be considered by the actuary when advising a reporting entity on the selection of actuarial assumptions to be used for IAS 19 purposes;
  • Identifying "significant" assumptions and their "reasonably possible" variations for the reporting entity’s financial statement disclosures; and
  • Items to be included in the actuary’s communication of results.

The IAA should be commended for the work involved in developing ISAP 3. For the most part it complements the actuarial standards of practice that currently exist in Canada on this issue. However, some particular issues identified in the CIA’s response to the exposure draft include:

  • At times the guidance in the draft goes beyond the provision of actuarial services, and veers towards interpreting accounting standards.
  • There is significant detail included around selecting the discount rate. Whilst the content is valuable, in the CIA response submission we noted that we felt it went beyond the scope of IAS 19. We felt the details would be better suited to an educational note.
  • We noted that there are areas of overlap between ISAP 1 and ISAP 3, and suggested that the IAA remove the redundant duplication.

It is easy to see that the ISAP will be of significant value in jurisdictions that have either have no standard or limited standards in place for actuarial services for IAS 19. However, similar to ISAP 1, it is more difficult to identify the value in Canada, where we already have extensive standards in place. That said, we look forward to a revised draft.

The draft IASP 3 can be found here and the CIA response will be available here soon.

Catherine Robertson, FCIA, is Chair of the Subcommittee on International Pension and Employee Benefits Standards of the Committee on International Relations.
 

For many actuaries, swapping one of the more common practice areas for something non-traditional can be a challenge. However, Kathryn Hyland, pictured above, never faced that problem, as she has always followed a path outside the norm.

Now senior vice-president at Swiss Re, she began her career with the typical set of early actuarial tasks, moving from practice area to practice area. But she explained: "I quickly fell out of the rotation program and I worked in IT for nine years. I then did a lot of different things, and I’ve only been working full-time in enterprise risk management (ERM) for six years."

The rapidly expanding field of ERM offers a lot of challenges and opportunities for the right kind of actuary, she said: "One of the unique things about it is that you have a holistic view of the entire enterprise. Usually an actuary’s focus is narrow but quite deep, but I am much more of a ‘woods’ than ‘trees’ kind of person.

"It is intellectually interesting, as you can deal with things that have not happened before. We are trained to think about new and emerging risks, or, as I was taught, ‘think the unthinkable’. We are constantly wondering, ‘What if?’ For instance, we are in a highly active sunspot cycle, and so there could be strong solar flare activity that could damage the power grid. What would that mean? What about nanoparticles: what is the endgame with those, and will they have an impact on human health? Those sorts of questions don’t come up in more traditional practice areas, so this is the perfect job for an intellectually curious person. That is the number one attribute I look for when I am seeking somebody to join my team."

ERM offers scope for a great deal of variety from day to day, she added. "A major ingredient of it is risk identification: trying to spot risks and working within the business to find somebody to own that risk. We also assist the business owner to find a mitigation plan. Another example is that we review and approve transactions. Before we will take on a new risk we need a certain amount of discipline and signatures from people in different functions. That process is getting smoother, although the risk manager may still have to ask difficult questions of the deal team. We must make sure that all the risks inherent in a transaction are priced fairly and make sense. Options must be priced correctly, for example, and it can be irritating for people under the gun, but our working relationship is very good.

"Swiss Re may be more mature in its ERM practice than some other companies, and it has a good risk culture. In the early days it was the job of the people in ERM to establish that culture—but that aspect of the job is becoming easier."

The change in attitudes in the industry and by regulators to be more concerned about effective ERM was partly due to the 2008–2009 financial crisis, Ms. Hyland added.

"That was a wake-up call. A lot of models failed and liquidity classes dried up—for example, some municipal bonds in the U.S. became completely illiquid. Companies were saying, ‘We should have been thinking about this.’ With the benefit of hindsight, you can see all the interconnectedness. There has been a big impact among regulators, who are pushing businesses to step up their game. They are creating high expectations of what will be done.

"So ERM is a growing field, and actuaries have the ability to play a major part in it. It is incumbent on the profession to make inroads and make actuaries the first choice [when it comes to risk management]. A lot of work in this area can be done by non-actuaries, but we really deserve a seat at the table. We have the intellectual horsepower and the ability, and our course of study is becoming much richer.

"We are quite well equipped compared to other professions, and in certain areas we are much better equipped."

 

 

 

Mo Chambers

1. Why did you become an actuary?

My father was an actuary and I seemed to have inherited his affinity for mathematics, so it seemed a natural thing to do.

2. When you tell people you’re an actuary, what do they think you do?

Too often, if the response is not "What’s that?", they assume that I am sort of an accountant.

3. Who has inspired you the most during your career? Did you have a mentor in your early career?

I'd have to say my father being an actuary inspired me, since that gave me idea of what an actuary did, and that may have led, as well, to both sons to becoming actuaries.

4. What do you enjoy most about your job?

Since I am now retired, I am enjoying travel, time with our grandchildren and the ability to sleep in (though I never take advantage of it).

5. What career would you follow if you weren’t an actuary?

I never really considered an alternative, though at age four I wanted to be a prince.

6. What are your hobbies?

I probably have too many hobbies. Skiing would be first on the list, though with age it is becoming more "iffy". I also collect books and stamps. Mary and I do a fair bit of travelling and photography.

7. What is your favourite music, book, and film?

I have a broad range of music preferences, from classical, through ragtime and traditional New Orleans jazz to big band (Miller, Goodman, Ellington, Basie, Herman, Kenton), and piano jazz (Oscar Peterson, Ahmad Jamal, Dave Brubeck). I am addicted to collecting books, but would be hard pressed to pick a favourite.

8. Where is your dream vacation destination?

I have travelled a lot lately, and would like soon to visit Myanmar and Antarctica.

9. What do you do better than anyone you know?

I hope I am a good listener. I am definitely an expert at wasting time!

10. If you could be anybody else, alive or dead, who would it be, and why?

I have no aspirations to be anyone else, but I would very much like to be a younger version thereof.

Morris Chambers held many positions during his career, including serving as president of the CIA and International Actuarial Association.
 
THIS MONTH'S PUBLICATIONS

March's published documents:

214030 Communiqué: CERA: the Globally-Recognized Risk Management Credential Reaches 2,000!
214029
Revised Educational Note: Selection of Mortality Assumptions for Pension Plan Actuarial Valuations
PECREG2014
Practice Education Course – Registration Form
BA079
Agenda: Board Meeting No 79 (March 20, 2014)
AA2013-3 PD-3: Using Predictive Modelling Techniques in Reserving
AM2013-18 Session 18: In the CIO Office: Economic Roundtable
AM2013-33 Session 33: Professionalism and Ethics
AM2013-38 Session 38: Adjustable Products: Are We There Yet?
214024 International Actuarial Association (IAA) Mortality Working Group Update – 2013 second meeting
AEOBJ2014

Priorities and Objectives of the Committee on Actuarial Evidence (AEC) for 2013-2014

AE005
Comments on the Notice of Intent: ISAP1 and Reporting of Assumptions, Margins, Methods, and Related Rationales
AM2013-40
Session 40: Shared Risk Plans – Case Studies
AM2013-12
Session 12: Advanced Business Analytics for Actuaries
AM2013-28
Session 28: Super-Size Me: Jumbo Pension Risk Transfer Deals from Around the Globe
AM2013-31
Session 31: CLIFR: News and Views
AM2013-34
Session 34: DC Plan Member Behavior – Key Information for Better Design and Consulting
214023
Retirement Research Actuary – Canada
PROFWREG
Registration form - Professionalism Workshop
PECREG2014
Practice Education Course – Registration Form

March's tweets from @CIA Actuaries:

#Actuaries in #Montréal showcase your profession to interested students on April 10. Learn more http://bit.ly/1luLP2d

"The future of employer-sponsored pension plans" http://tinyurl.com/lnjqpgq

CIA analysis of #water damage's effect on #insurance premiums is featured in @CdnUnderwriter article http://bit.ly/ciaica370

@OSFIBSIF deputy superintendent Andrew Kriegler on evolving #financial institutions supervision in Canada http://bit.ly/cicaica369

CIA #actuary Malcolm Hamilton on public service #pensions: real problem involves #compensation costs http://bit.ly/ciaica368

CIA #Actuaries Kevin Sorhaitz, Paul Lai Fatt highlight #pension plan challenges at @ISCEBS #Toronto chapter http://bit.ly/ciaica367

#Actuaries new job postings for #FCIA’s http://bit.ly/1bSD27s

@LIMRA Secure Retirement Institute survey: 2013 sales of #pension risk buyout products topped $3.8 bn in #USA http://bit.ly/ciaica366

#Actuaries featured in @la_lesaffaires CIA advertising special on #enterprise #risk #management http://bit.ly/ciaica365

@OSFIBSIF issues updated instruction #guide for preparation of #actuarial reports for DB #pension plans http://bit.ly/ciaica362

@StatCan_eng #report: market value of employer-sponsored #pension funds grew 3.1% in Q3 to $1.3 trillion http://bit.ly/1fVtmd6

11 students want to visit #actuaries on April 10. #Quebec – 3, #Montréal – 6, #TroisRivières -2. Interested? http://bit.ly/1luLP2d

CIA advertising feature @la_lesaffaires: #Governance, a tool to reduce risks http://bit.ly/1qp9v90

CIA advertising feature @la_lesaffaires: 5 steps to develop an #EnterpriseRiskManagement framework http://bit.ly/1loGjLE

#Risk management issues featured in new #book of interest to #actuaries http://bit.ly/ciaica360

CIA advertising feature @la_lesaffaires: protecting ourselves during the era of #globalization http://bit.ly/1gkIR9k

#FCIA’s shape the future of the actuarial profession and play an essential role in CIA governance. Will YOU be a candidate?

#CondoLiving and finished #Basements impacting #WaterDamage claims http://bitly.com/1fr2bkd

Upcoming #FCIA’s, register now for the Practice Education course http://bit.ly/1d9WRlj

Lots of interest in the CIA #WaterDamage report http://bitly.com/1fr2bkd. Thanks for the RT’s @RedRiverMutual @Ont_ECO_CO2NRG


 
Calendar of Events
Board and Council Updates

Member Services Council

The following people have been appointed to the groups named below:

  • Task Force on Pension Funding and Transfer Values: Michael Banks, Serge Charbonneau, Ian Edelist, Conrad Ferguson, Martin Gélinas, Ghislain Nadeau, Tony Williams, Barend van Helden, and H. Clare Pitcher;
  • Task Force on Target Benefit Plans: Benoit Brière, Stephen Butterfield, Derek Gerard, Karen Hall, Yves Plourde, Phil Rivard, Barbara Sanders (Chair), and Todd Saulnier;
  • Editorial Committee: Patrick Duplessis, Brendan George, Kamran Quavi, Graham Rogers, Valerio Valenti, Jeremy Wing, and Scott McGaire, effective December 13, 2013;
  • Research Committee: Étienne Plante-Dubé, effective February 11, 2014;
  • Research Committee subcommittees (effective February 11, 2014, unless stated):
    • Annuitant Experience: Taylor Wasko, effective January 13, 2014;
    • Group Annuitant Mortality Experience: Andrew Kugler, effective January 6, 2014;
    • P&C Research: Étienne Plante-Dubé (Chair), Marc-Olivier Faulkner (Vice-chair); and
    • Individual Life Experience: Johnny Lam (Vice-chair).

The Task Force on Retirement Age has been disbanded with thanks.

The Committee on Climate Change and Sustainability has been created with the following mandate:

The purpose of the Committee on Climate Change and Sustainability is to raise awareness of climate change and environmental sustainability, and support the Canadian actuarial profession in playing a meaningful role in addressing these global challenges both in providing advice to clients and providing input on public policy. Relevant areas of interest include (but are not limited to) climate change, natural resource depletion, water and air pollution, land management, agriculture and energy.

The committee’s primary focus is on communication, dialogue, and education (as opposed to original research). Key objectives of the committee are to:

  • Keep CIA members informed of relevant developments on climate change and sustainability;
  • Promote collaborative dialogue between the CIA and other organizations on key issues;
  • Identify, evaluate, and disseminate the related implications for pricing, risk management, and other areas of actuarial practice;
  • Encourage discussion of related public policy issues and, when appropriate, draft CIA submissions;
  • Support the inclusion of climate change and sustainability in professional development programs for actuaries; and
  • Raise the profile of the profession and promote its skill-set with respect to these issues.

The revised mandate of the Committee on Group Insurance has been approved as follows:

  • Monitor and report periodically on market and public policy issues related to group insurance;
  • Act as sounding board/advisor to the CIA leadership on group insurance issues;
  • Provide a resource on group insurance to existing CIA committees and task forces:
    • As a source of volunteers on group insurance-specific topics;
    • A source of advice on the special circumstances of group insurance;
    • Provide suggestions/recommendations for action plans arising from emerging issues; and
    • Look for research opportunities; and
  • Promote involvement of group actuaries with the CIA.

For information only:

The following people have left the groups named below, with thanks from the Institute:

  • Communications Committee: Bruno Valdevit—completed his mandate effective December 13, 2013;
  • Research Committee subcommittees:
    • Annuitant Experience: Julie Chambers and Johnny Lam—stepping down;
    • P&C Research: Marc-Olivier Faulkner—completed his mandate as chair and remains as vice-chair;
    • Group Annuitant Mortality Experience: Van Bui—stepping down;
  • Op-Ed Team: Barry Gros, Kirsty Grosart, Benoît Miclette, Philippe Trahan, Gary Walters, and Fei Xie—completed their mandates;
  • Committee on Volunteer Initiatives and the New Members Committee: Marcia Gallos—completed her mandate.