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

Canadian Institute of Actuaries/Institut canadien des actuaires

January 2015
Elliott Bauer
D.W. Simpson & Company
Eckler Ltd.
Your Institute

 

To view the video, click on the image above, or click here. Below is a transcript: 

Hello everyone, and welcome to my first video outreach of 2015. My name is Jacques Tremblay and I am President of the Canadian Institute of Actuaries.

2015 is a very important year for the CIA . . . It’s our golden anniversary! Yes, on March 18, 1965, Royal Assent was granted to federal Senate Bill S-45, a bill sponsored by Senator Wallace McCutcheon, ASA, a lawyer and actuary. He was also one of the founders of Argus Corporation, a large investment firm which controlled companies like Canadian Breweries, Dominion Stores, Standard Broadcasting, and Massey Ferguson. And thus, the CIA was formed.

Regarding our anniversary, a look into the CIA member database reveals a number of interesting things. Sadly, no member was born on March 18, 1965. One was born the day before and two the day after (the most recent birth year of a member is 1993). Furthermore:

  • 1,799 members were born before March 18, 1965, and 3,040 were born after the creation of the Institute.
  • The percentage of women in the profession changed a lot after 1965. Eighty-three percent of members born before March 18, 1965, were male and 17% female. For members born after that date, that ratio changed to 60% male and 40% female.
  • In the pool of 1,782 Fellow and Associate members born before 1965, there are 1,522 Fellows (85%) and 260 Associates (15%). In the "after 1965" group, there are 2,142 Fellows (70%) and 892 (30%) Associates.
  • Our database shows one member born in 1915, one in 1916, and two in 1917.

For more information you can find a brief history of the Institute on the CIA website and, providing a different twist on our roots, check out my article in the April/May issue of The Actuary magazine.

I would like to highlight some of the important 50th Anniversary initiatives being planned throughout the year.

We started 2015 with our annual participation at the convention of the Actuarial Students National Association, otherwise known as ASNA. CIA President-elect Rob Stapleford was the keynote speaker at their gala dinner and the Institute was presented with a giant cake commemorating our 50th anniversary that everyone shared.

While there are many activities which will help us celebrate our 50th anniversary, the majority of them are linked to two main events:

  • The first will be a free professionalism webcast, Celebrating 50 Years of Actuarial Excellence – Highlights of the CIA’s History and Its Vision for the Future. The webcast will be held on our Anniversary Day, March 18. We will take a brief look at the evolution of the Institute and then shift focus to what’s ahead for the profession in Canada, with specific emphasis on discipline, standards, and the CIA education system. Our presenter line-up will be announced shortly, so please mark your calendar: March 18—FREE CPD WEBCAST!
  • The second is the 2015 Annual Meeting and 50th Anniversary Gala Celebration in Ottawa, June 17–18. You are not going to want to miss this!

To open the meeting we have Rex Murphy, who is always a CIA favourite, and the closing keynote speakers are Jeff Rubin and David Suzuki, who will be sharing highlights of their collaborative work.

The meeting program also features a panel of highly-regarded journalists including Dan Gardner, Chantal Hébert, and Jeffrey Simpson, who will look at healthcare, pensions, demographics, and privacy. These are topics of currency and importance to our profession!

In addition to sessions of interest to every practice area, there will be a very special presentation, The Evolution of Actuarial Science and the Profession Over the Last 50 Years, as well as CEO and CRO panels.

There will be a Gala Dinner on June 17 at the Shaw Centre in Ottawa. It will include a reception, dinner, and a visual commemoration of the Institute’s first 50 years. You will be able to enjoy a tremendous meal, fun activities, and live entertainment.

One of our strategic goals is to build the brand of the Institute. We have an outreach plan to promote actuarial science as a career choice to students, and one of the ways we are doing this is through our Back2School project. We are thrilled to have more than 40 members who have volunteered to go into high school math classes and talk about what actuaries do and the pathway to the profession. Some visits have already taken place, with most scheduled in March and April. If you are interested in inspiring some of today's students to become an actuary, e-mail back2school@cia.ica.ca.

Later in the year the CIA will participate in the Academic Research Conference being hosted by the University of Toronto, and we will have the distinct honor of hosting the International Actuarial Association’s Official Dinner, October 16 in Vancouver.

Don’t forget the CIA’s fall seminars on actuarial evidence, pension, and investment, and the Seminar for the Appointed Actuary, where we will continue to revel besides enjoying fascinating and insightful presentations.

So that’s a rundown on some of the activities for the coming year. There are a few more surprises in store but I have been sworn to secrecy about them. I guarantee that they have the WOW factor!

Until next month!

Jacques Tremblay, FCIA, is President of the Canadian Institute of Actuaries.
 
Spotlight

By Jim Christie, FCIA

New ASB Priorities

The Actuarial Standards Board (ASB) conducted an environmental scan to help identify any areas where either new standards are needed or existing standards need updating. We determined that the following topics should be set as our next priority areas:

  1. Updating pension standards to specifically address target benefit plans;
  2. Creation of standards respecting investment returns;
  3. Evolving practice in the Own Risk Solvency Assessment/enterprise risk management field; and
  4. Consistency of standards between practice areas.

Over our next few meetings, we will be assessing how to best proceed in these areas.

Integration of ISAPs into Canadian Standards

The International Actuarial Association (IAA) continues to ramp up its development of International Actuarial Standards of Practice (ISAPs). Both the CIA and ASB subscribe to the IAA’s goal of having national actuarial standards converge, with the ISAPs serving as guideposts on that journey.

The approach taken by the ASB to address ISAP 1 (General Actuarial Practice) was to review it and determine what changes, if any, had to be made to our existing General Standards in the consolidated Standards of Practice (CSOP) to bring them in line with ISAP 1. We refer to this approach as "internationalizing CSOP".

For ISAP 2 (Social Security), there was no equivalent Canadian standard so our approach is to take ISAP 2 and determine what changes are necessary to fit it into our existing CSOP. In this case we plan on adding a new part 7000 to cover social security. The process should be relatively straightforward as with a new part we only have to ensure defined terms are consistent with the CSOP, determine the scope of practice to which part 7000 should apply, and ensure its advice does not conflict with the rest of the CSOP. We refer to this approach as "Canadianizing ISAPs".

The designated group (DG) looking at ISAP 4 (International Financial Reporting Standards 4, or IFRS 4 – phase II) has asked the ASB to consider adopting a structure for the standards that would be closer to that of the ISAPs (i.e., a different approach to integrating the ISAPs into the Canadian standards). This would allow quicker adoption of ISAPs in Canada and make our standards consistent with ISAPs rather than just converging toward them. For ISAP 4, the ASB felt the DG’s proposed approach of starting with the final version of ISAP 4 and making only minimal changes to narrow the range of practice to address any specific Canadian issues was an acceptable strategy.

Updates of current activities

A DG chaired by Bob Howard continues to work on an exposure draft (ED) on the use of models. The DG would prefer to have a draft educational note released with the ED to minimize any misunderstanding and confusion amongst practitioners about the standard. The Practice Council has been asked to develop an educational note on what is or is not a model. The ASB expects to approve issuing the ED shortly after the April ASB meeting with or without the draft educational note.

The ASB approved release of the final standard revising the general and practice-specific standards to enhance Consistency of Reporting and Conformance with International Standard of Actuarial Practice 1, effective March 31, 2015. The earlier proposed addition of clauses regarding consideration of peer review were not included in final standard since the ISAP 1 wording does not give the actuarial professional any practical advice on which work should or not be peer reviewed. Consideration may be given to a standalone project to develop the peer review aspect of ISAP1 at a later date.

A DG chaired by Ed Gibson continues to review ISAP 2 (Social Security). There is currently no part of our standards addressing social security. The deadline for comments on the NOI to incorporate the principles of ISAP2 – Financial Analysis of Social Security Programs into the Canadian standards was November 30, 2014. A summary of comments received was due to be presented at this month’s ASB meeting, and the DG will target production of an ED for the April ASB meeting.

The International Accounting Standards Board released an ED on IFRS 4 (Insurance Contracts) in 2013. A final version is not expected until end of 2015, to be effective in 2019. In anticipation of the final version of IFRS 4, the IAA has begun working on a related ISAP 4. The IAA plans to issue the final version of ISAP 4 in 2017. A DG chaired by Simon Curtis is proactively monitoring the IAA’s progress on this ISAP. Ultimately this DG will recommend to the ASB what revisions to our standards are necessary to address ISAP 4. The ASB is on hold at this point, pending development of an international actuarial standard (ISAP 4) by the IAA. Our preference is to implement a standard that is consistent with global actuarial practice.

The ASB approved release of an initial communication of a Promulgation of the Mortality Table referenced in the standards for Pension Plans (subsection 3530) with a comment deadline of February 15, 2015. The anticipated date for the release of the final communication is May 1, 2015, and the proposed effective date of the promulgated table is August1, 2015. The DG, chaired by Conrad Ferguson, expects significant comments on the recommendations.

With regard to marriage breakdown, the projection scale is an area of concern for actuarial evidence practitioners. A draft of the DG’s proposal was released to the Committee on Actuarial Evidence for consultation. It was anticipated that the initial promulgation would be ready for approval at this month’s ASB meeting. It will likely be more or less consistent with the pension promulgation.

With the planned review of promulgated mortality tables and mortality improvement scales, the ASB discussed the need to review the other assumptions underlying pension commuted values and marriage breakdown capitalized costs. The ASB developed a two-phase approach designed to minimize controversy during this review. The first DG, chaired by Gavin Benjamin and focused on the pension standards, anticipates minimal changes to section 3500 though work is still required to determine if the 90 bps and related formula remains reasonable. The second DG, focused on the marriage breakdown, is expected to start work later this year.

The ASB noted that existing actuarial standards do not address the volatility associated with stochastic modelling of investment returns for all pension funding (not just shared risk plans). Based on what has been done for life insurance standards it was not felt that mandating a particular stochastic model was the appropriate approach, but rather (as with life insurance) it would be better to prescribe calibration criteria for the outputs of any stochastic model used. A DG chaired by Tony Williams has begun to address the calibration criteria of pension asset returns.

A DG chaired by Paul Della Penna continues work on the quinquennial review of the General section (part 1000) of our standards. The DG is opting to prepare a draft ED before presenting the notice of intent (NOI) to the ASB. It was noted that there are likely to be significant changes to subsection 1530 – Data. The DG is behind schedule and does not expect to have an NOI ready for ASB discussion until April.

The ASB has appointed a DG chaired by Josephine Marks to undertake a quinquennial review of the Insurance section (part 2000) of our standards. The DG is reviewing all of the material that has been submitted regarding issues that were raised over the past few years. It is also consulting several CIA practice committees, regulators, and other stakeholders prior to developing an NOI. 

Jim Christie, FCIA, is Chair of the Actuarial Standards Board.

 
MOVERS AND SHAKERS

Simon Campagnoli has moved from Morneau Shepell to become the new director and Montréal market leader, retirement services, at Xerox HR Consulting.

Greg Dunn has been named president and CEO of the Mass Group of Insurance Brokerages. His career has included senior roles at Aviva Canada, most recently executive vice-president, national claims.

Nadeem Rajabali has become Desjardins Insurance's regional vice-president, business development, group and business insurance, for western Canada.

Economical Insurance has appointed Chris Van Kooten as senior vice-president and chief underwriting officer. Mr. Van Kooten has been a member of the company's executive team since 2008 and has held various executive roles.


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, 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 actuarial 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

By Joseph Gabriel, FCIA

Through my first year as staff actuary, education, with the CIA, the bulk of my time and the learning curve related to my position pertained to the University Accreditation Program (UAP): how it works, its administration, and how it has been implemented in the 11 accredited universities. I was very impressed with the breadth of the documentation and processes that surround the program. I was most curious to find out how the program could guarantee the sacrosanct thoroughness and rigor of actuarial examinations.

The purpose of this article is to highlight the CIA’s process for ongoing monitoring of the quality of the program in accredited universities through the annual external examiner (EE) process. If you would like more background information on the program and requirements for exemptions, please click on the above link or e-mail accreditation@cia-ica.ca and we’ll be happy to answer any questions you might have.

EEs are an independent group that reviews each university’s program, and the most notable comment we received from them was: "The university programs are well constructed, often bringing an education dimension that is fundamentally absent in the traditional preliminary exams . . ."

EE visits are performed annually during May and early June and consist of an on-site audit over one to two days of each accredited university. The CIA starts by recruiting FCIAs who preferably have experience in education. Each EE is assigned one or two universities, and is accompanied by one of the CIA’s staff actuaries, either Chris Fievoli or myself, to ensure consistency from one university to the next.

In preparation for the visits, the accreditation actuary (AcA) from each university works with course instructors to collect a significant amount of documentation:

  • For each course offered during the academic year, samples of student papers at the exemption grade, as well as what the instructor considers an excellent paper and a poor paper;
  • The instructor acknowledgment form for each course, which contains vital information regarding the class size, average grade, number of students at the exemption grade, and the method of calculation used for determining final grades, including any adjustments;
  • The official course outlines; and
  • The final grade distribution and the grading scale.

During the visit all of this information is examined to gauge exam difficulty, the breadth of material coverage, and compliance with CIA requirements. The marking of papers is checked to assess consistency in how marks are acquired or subtracted between different levels of students. Any issues are then discussed with the AcA, instructors, and relevant university representatives. The goals of such open dialogue are to ensure that the university is fully aware of the CIA’s best practices and requirements, and allow the CIA to learn more about the university’s internal quality control processes.

Following each visit, the EEs’ extensive reports are submitted to the CIA Accreditation Committee (AC) for review. They encompass numerous areas: results of the previous year’s report, methods used by the university to promote the program, the AcA’s influence and visibility, adherence by instructors to the syllabus and course outlines, observations on testing and examination procedures of individual course instructors, changes—if any—at the university, links with the profession, and job placement statistics for students, where available.

Findings of The External Examiners (EE) process

Overall, the CIA is very satisfied with the EE review process. It involves a collaborative approach between the AC, EEs, university representatives, and CIA staff. Some findings to note include: 

  • University programs and examinations are very well constructed, adding an extra educational dimension: class presentations and essay-type questions allow for a deeper exploration and testing of candidates’ comprehension. This is one of the advantages of the UAP over traditional exams, and can also be seen in the recent revision to the Society of Actuaries Exam MLC, which now incorporates a written component.
  • Overall, thorough processes are in place for marking and grading of papers, with papers often marked by more than one individual, under the supervision of the instructor responsible. Points were attributed fairly, as evidenced in the differences between the excellent, exemption-grade level and poor papers.
  • Universities are willing to address areas of concern that the CIA may have, one example being the importance of representation of the profession through the faculty requirement of the policy. Universities are actively responding to the requirement by encouraging pursuit of the ACIA designation, hiring full-time professors with a Fellow designation, and even having staff take Fellowship exams.

Universities are showing great commitment to the program and the CIA is working hard at continually building and maintaining a healthy, collaborative partnership which is helping to develop the actuaries of the future. To date the process has required a large time commitment from the universities, CIA staff, and volunteers. Now the UAP is up and running well, we believe that commitment can be reduced without any deterioration of standards.

To this end, the CIA is undergoing a first-principles review of the program, which includes an in-depth look at all aspects of the UAP, from administrative procedures to guidelines, and from program awareness to its operation. We are looking for ways to make a good program better.

To conclude, the EE process is a pivotal element of the success of the UAP. The early years of the program revealed that though minor adjustments were in order, it is bound by the profession’s rigor and thoroughness.

In the near future we’ll be looking for member input on the program as part of the review. Please watch for these opportunities to provide your thoughts. I encourage you to participate!

Joseph Gabriel, FCIA, is staff actuary, education, at the CIA. 
 

By Trevor Howes, FCIA

Actuarial models are not what they used to be. They are larger, more complex, more demanding of IT horsepower, and more important in the changing landscape of insurance reporting and risk management, and they are attracting way more attention from regulators, auditors, and C-suite executives.

Actuarial professionals who have worked with and depended on models for years are starting to ask new questions, looking for help in making models run faster, or improving their practices in maintaining, validating, and governing their use of models.

This heightened interest explains why a group joined me last year to petition the Society of Actuaries to form a new section to support the needs of those around the world who work with models. The formation of the new Modeling Section was approved in June 2014, and within weeks of its start-up, it easily reached the 200-member threshold required to begin formal activities.

We see the Modeling Section supporting the common interests of the professions in Canada, the U.S., and around the world, and crossing all national and practice areas. We already have over 100 members from Canada and two of us serving on the interim section council are Canadians.

One of the topics that interested me even before the section’s formation is model efficiency. With regulatory and accounting frameworks in Canada and globally moving increasingly to stochastic modelling techniques, greatly-increased modelling capacity is being demanded that can only be realistically satisfied by improved efficiency in the modelling techniques themselves. The Modeling Section will have a subgroup of members interested in model efficiency helping to deliver services, opportunities, and benefits related to this topic.

Another modelling topic of interest is the governance of models used by a company. While models are essential, they also bring with them inherent model risk from the potential impact of erroneous or inappropriate model results. Companies are establishing formal model governance policies to establish ownership and accountability for all models and to assure proper care in the design, control, review, validation, and documentation of all important models. Actuarial professionals love working with models, creating computer systems that implement the modelling theory and deliver powerful analytics on demand. However, they have not always been disciplined enough to document their work thoroughly and clearly, or to assure independent review and validation of every component of their models. There are clear signs that we must improve our skills and our discipline in these areas.

A third area of heightened interest globally has been the theoretical approach to modelling trends in mortality experience, and especially the risk that increasing human longevity poses to our insurance and pension systems. While there has been more attention paid to this area of modelling in Europe in the past, North American actuarial professionals are also starting to worry more about this risk and the Modeling Section is expecting to help inform its members about ongoing research and help to drive more research in this area that may have practical benefits to those in industry or in academia.

Sections of the SOA exist to bring volunteer resources together to help direct and deliver needed activities in research, professional meeting programs, webinars, and newsletters, all within the specific areas of interest of each section, and that is what the Modeling Section will do for the specific interest areas noted above and for others to be identified. We already have our first issue of The Modeling Platform newsletter in the planning stages and we are looking for research ideas of interest that we can help translate into productive activity. We depend on volunteers, and we welcome CIA members to contact us about their specific areas of interest in modelling and to consider how they can help the Modeling Section achieve its mission.

Actuarial models are not what they used to be, and there will almost certainly be even more significant changes yet to come. If the potential growth and power of models excites you too, then join the Modeling Section and help us make this happen.

Trevor Howes, FCIA, is Chair of the SOA Modeling Section.

 

 

Traditional actuarial work helped Pierre-Paul Renaud (pictured) prepare for the world of enterprise risk management (ERM), but this increasingly important area has brought him a wealth of new challenges.

M. Renaud, FCIA, FSA, is now assistant vice-president of risk and quantitative analytics at Aviva Canada, reviewing and challenging models and helping to develop an operational risk model and risk management framework. His team also supports the Own Risk and Solvency Assessment and work related to Solvency II.

He began his career with the standard day-to-day tasks faced by most actuaries, and said: "I was responsible for developing and using financial models, and moving into ERM was a natural evolution: now financial models are reviewed in a more consistent manner and linked to the risk profile of the company, which involves many actuarial proficiencies.

"The challenge in ERM is helping the organization understand the risk it is taking and why it is taking such a risk, and linking quantitative and qualitative analyses. Working with other professionals in the team, and specialist risk managers, we can bring together different perspectives.

"We make sure that everybody has a good understanding of risk, and sometimes I must adjust my language to the way they perceive their risks. On the whole it is a straightforward process, and I am fortunate that groundwork on building an ERM program was already done, but there are still some areas where it can be difficult for people to understand what we are doing and how we are adding value. A few leaders [in the company] have been protective of their practice areas, and with good reason, and we have shown that we can help them by providing independent review. We can identify areas where there may be synergies or risks that they may not be fully aware of."

On a daily basis, that can involve working on many different projects. M. Renaud explained: "We’re looking at the risk environment and facilitating meetings with experts to identify risks. A fair amount of time is spent on risk reviews of models. We are also producing reports, essentially to help the chief risk officer confirm to the Board that the organization’s models and risk management processes and controls are fit for purpose."

Working in ERM requires a number of abilities that makes actuarial professionals well suited to such roles, he added. "You need to gain a broad understanding of the organization and the ability to drill down on specific issues, and not everybody is comfortable in such a role. You need to communicate very well with technical and non-technical people in a way that is respectful. You also need good problem-solving skills. Our team include people with interest in qualitative and quantitative risk management, from a variety of backgrounds. Actuaries have a risk and quantitative background to help assess risk and governance issues, and a general understanding of the business.

"ERM is important but we are still a relatively small team. Over time we have decided to hire more actuaries and improve our model governance. Company-wide, risk culture is critical and all employees have some responsibility for the management of risk."

The range of challenges makes ERM an interesting area for actuaries, he said. "There was push-back initially as people did not really appreciate how a more formal understanding of risk could help them. But now there are good prospects for actuaries if they are prepared to work on communicating with non-actuaries."

 

An unusual feat of actuarial science, featured in the (e)Bulletin in 2012, has made fresh headlines.

The Globe and Mail recently visited the former furniture factory in Laurierville, QC, that contains the Global Strategic Maple Syrup Reserve: a $100m stockpile that may be the largest in the world.

As we reported, the reserve came into being thanks to the expertise of actuarial professionals hired by the Federation of Québec Syrup Producers. They were tasked with calculating the ideal size of the reserve, which is designed to ensure that quality-certified syrup is always available, relieving pressure on producers concerned about shortages or gluts caused by volatile weather.

The consultants recommended that the federation’s premises should house a reserve of 40–50 million pounds. A barrel contains about 620 pounds and according to the Globe and Mail, at a benchmark price of $2.92 a pound it is worth about $1,800. The stockpile currently totals 62,800 barrels.

Québec’s maple syrup companies are now launching a new push to promote the product as a healthy dietary staple, rather than a luxury item.
 

1. Why did you become an actuarial professional?

In high school I was good at math and a friend suggested it as a possible career as I was applying to universities. I’m glad he did as it’s been a great career so far; I’ve worked with amazing people over the years, had chances to travel to faraway countries for work, and have enjoyed a career that has been challenging and progressed regularly.

2. When you tell people you’re in the profession, what do they think you do?

They think I’m the reason their home/auto insurance premiums have increased. I then try to explain how insurance works, how I work in life and have no impact on their auto insurance premiums, and how if they own stocks or mutual funds they likely have a vested interest in a profitable insurance industry . . . They eventually get bored and walk away.

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

I would have to include Sharad Mehra, vice-president of individual reinsurance operations and Bernard Naumann, senior vice-president of individual reinsurance at Munich Re. Bernard gave me my first actuarial opportunity when I was a co-op student at Waterloo back in 1998 based on only my high school marks and experience—that role led to great actuarial co-op positions and eventually a full-time offer with Munich Re. Sharad had been my direct manager until the end of 2013, being a real force behind my personal development as an actuarial professional and eventually a people manager. Both have provided great examples of what it means to work hard and what it takes to be successful in the competitive Canadian reinsurance market. The best lesson they’ve given me, though, is how important it is to work with highly motivated people who can also make you laugh everyday; you see your work colleagues more than your family so it’s best that you enjoy that time.

4. What do you enjoy most about your job?

Client interactions (especially with other actuarial professionals). I’ve found most don’t fit the stereotype. Working together to solve industry problems has always been fun and challenging.

5. What career would you follow if you weren’t a CIA member?

If I still have my mortgage, I would get into the asset side of the finance industry. If money wasn’t an issue I would want to write travel books, teach math at the high-school level, be a volleyball coach or a stay-at-home dad.

6. What are your hobbies?

Dog training (herding in particular), music (including playing the guitar, electric bass, and drums), travelling the world, and beach volleyball.

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

Music: classic rock, soul, and funk.
Book: The Lord of The Rings.
Film: anything with superheroes.

8. Where is your dream vacation destination?

Any place you find historic ruins—I love to walk around ancient cities.

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

Knowing a little bit about everything (the emphasis should be on the word "little"; in fact, I’m regularly made fun of for being an "inch deep and a mile wide" when it comes to my command of topics). Also the ability to relate to most anyone young or old.

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

I’m happy with being myself, but I would love to see what the future holds—so, Dracula? He’s both alive and dead, sports a wicked cape (depending on the incarnation), and can fly (who wouldn’t want to do that?).

Mark Lombardo is assistant vice-president, inforce management, North America (life), at Munich Re.

If you would like to be featured in Introduce Yourself, please answer the 10 questions above by completing our online form here.
 
THIS MONTH'S PUBLICATIONS
PECS2015 Practice Education Course: Schedule at a Glance

MSCA112 Member Services Council Agenda - Meeting nº 112

MSCM111 Member Services Council Minutes - Meeting nº 111

215002 Revised Educational Note: Transfer Values – Ontario Reporting Requirements

215001 Educational Note Supplement: Guidance for Assumptions for Hypothetical Wind-Up and Solvency Valuations Update – Effective December 31, 2014, and Applicable to Valuations with Effective Dates Between December 31, 2014, and December 30, 2015

ECF2014 Expense Claim Form 2014

EECA118 Eligibility and Education Council Agenda - Meeting nº 118 (January 13, 2015)

EECM117 Eligibility and Education Council Minutes - Meeting nº 117 (November 10, 2014)

AEOBJ2015 Priorities and Objectives of the Committee on Actuarial Evidence (AEC) for 2014-2015

214140 Policy on Conducting the General Business of the Institute Which Requires Member Confirmation

214140A Appendix A: Operational Procedure to Follow Leading up to Member Confirmation of a Motion at a General Meeting

214140B Appendix B: Sample Procedure to Amend the Bylaws and Rules of Professional Conduct (Councils) – Member Ratification at the June 2014 Annual Meeting

214139 Policy on Advertising

214138 Policy on the Use of the CIA Logo

NHSTAB2011 2011 National Household Survey Tables

CVIVA2014 2014 Volunteer Awards

RESM048 RES: Minutes - Special Meeting – December 8, 2014

214137 CIA Policy Regarding the Process Related to the Application of Bylaw 16.02

ERMA066 ERMA: Minutes – Meeting – November 14, 2014

EB1214PDF (e)Bulletin December 2014 (PDF Version)

EB1214 (e)Bulletin December 2014

RESM047 RES: Minutes - Meeting – October 23, 2014

December's tweets from @CIA_Actuaries:

OSFI is issuing the final version of the Advisory on the Early Adoption of IFRS 9. http://www.osfi-bsif.gc.ca/eng/fi-if/rg-ro/gdn-ort/adv-prv/Pages/freifrs9_let.aspx...

The Global Risk Report is out! http://paper.li/ThreeEsEmail/1308863708...

Q&A with @OSFICanada Superintendent Jeremy Rudin @KPMG_Canada #Insurance conference http://bit.ly/1B6ZxOm

#Baby-boomer tidal wave is not yet upon us says #Actuary Rob Brown http://shar.es/1bcS31 via @timescolonist

A group of U.S. actuaries found the fix to the U.S. retirement system. It was in New Brunswick. http://bv.ms/1AWVpTy @BV @Actuary_Dot_Org

Prudential Financial Head of Strategic Solutions Kevin Myers to retire; #Actuary Sylvia Pozezanac named as successor http://bit.ly/14vAEjN

The weakening of pension plans http://bit.ly/17pZWll

François Bourdon, CIA #actuary, is pleased with the fast growth of the US economy http://bit.ly/1Dq7nGj

#Actuaries calculated Canada’s ideal #MapleSyrup reserve size is between 40 and 50 million pounds http://bit.ly/1zQRsKx via @globeandmail

"#Actuaries are key players in the financial world" http://bit.ly/1Dqbb7D via @NationBarbados

The CIA is honored to be hosting the Gala Dinner tonight @ANEA_ASNA #ASNA2015.

Discussing success as an #actuary at #ASNA2015.

Great variety of seminars for #ActuarialStudents @ANEA_ASNA #ASNA2015.

Lots of energy tonight @ANEA_ASNA #ASNA2015 #Montreal.

Take a break @ the CIA student lounge #ASNA2015.

Good luck to all #ActuarialStudents at tonight's career fair #ASNA2015.

Proud to support Canada's future #actuaries as a diamond sponsor of @ANEA_ASNA #ASNA2015 #Montréal

Wishing you all #HappyHolidays #MerryChristmas #FelizNavidad #JoyeusesFêtes #HappyHannukah

OSFI has revised the Life Income Fund Maximum Payment Amount Table to include the factors applicable during 2015. http://www.osfi-bsif.gc.ca/eng/pp-rr/faq/Pages/lif-frv.aspx...

CIA member Malcolm Hamilton on #saving: better to start early, but life gets in the way of logic http://bit.ly/ciaica701 via @TorontoStar

OSFI is issuing a Commonly Asked Questions document (version 2) for QIS #6. http://www.osfi-bsif.gc.ca/Eng/fi-if/rg-ro/gdn-ort/pp-do/Pages/qis6_qa.aspx...


 
Calendar of Events
Board and Council Updates

Eligibility and Education Council

The following people have been named to the (sub)committees named below:

  • Eligibility: François Carrier and Jean-François Poitras, retroactive to November 11, 2014;
  • Corporate Life and Health Subcommittee of the Committee on Continuing Education (CEC): Brian Fortune and Alison Rose, retroactive to November 11, 2014;
  • Subcommittees of the 2015 Practice Education Course (PEC) Organizing Committee:
    • Individual Life and Annuities plus Finance and Investment: Sophie Provencher, effective January 1, 2015; and
    • Retirement Benefits: Nelsha Nanji, effective January 1, 2015.

Steven Armstrong has been appointed as the Casualty Actuarial Society liaison to the Eligibility Committee, replacing Virginia Prevosto, retroactive to November 1, 2014.

The following people have resigned from the (sub)committees named below, and leave with thanks:

  • Corporate Life and Health: Bradley Wallis;
  • Academic Relations: Angela Yao, retroactive to November 6, 2014; and
  • CEC: Eric Fontaine; he also resigned as chair of the Investments Subcommittee of the CEC.

The Professionalism Task Force has been disbanded, with thanks.

International Relations Council

The following people have been appointed to the committees named below, effective December 11, 2014:

  • Committee on IAA Participation: Jason Malone (Vice-chair);
  • International Insurance Accounting: Les Rehbeli (Vice-chair); and
  • International Insurance Regulation: Ralph Ovsec (Vice-chair).

Marc Tardif has been appointed as the liaison between the Committee on IAA Participation and the Member Services Council Research Committee, effective December 11, 2014.

Jacqueline Friedland has resigned from the Committee on International Insurance Regulation, effective December 11, 2014.

Practice Council

Rebecca Rycroft has been appointed as Chair and Stéphanie Fadous as Vice-chair of the Committee on Life Insurance Financial Reporting (CLIFR), effective January 1, 2015. Jacques Boudreau will serve as the Practice Council liaison to CLIFR.

Alexis Gerbeau has completed his term as Chair of CLIFR, effective December 31, 2014.