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

Canadian Institute of Actuaries/Institut canadien des actuaires

March 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. I am Jacques Tremblay and I am President of the Canadian Institute of Actuaries.

This is my first report of the Institute’s second 50 years and while the hoopla around our anniversary on March 18 has calmed a bit, the excitement will be ramping up again for the Annual Meeting and Gala Celebration in June! I hope to see you in Ottawa on June 17 and 18!

We were proud to stream a live video webcast from the CIA Head Office on our anniversary day—Celebrating 50 Years of Actuarial Excellence – Highlights of the CIA’s History and Its Vision for the Future. I’m thrilled to report a record participation rate more than 1,500 attendees for the English and French events—historic numbers for a historic day!

The focus of this month’s report is the Board Meeting held on March 26.

First up is the Report from the Governance Committee, or GC, chaired by President-elect Rob Stapleford. The first item covered was the recommendation that a new council be formed to look after research, a strategic activity for the profession. Actuarial research is a key element of the CIA’s contribution to the protection of the public and advancement of the profession. The budget for research is significant, as are the volunteer resources to oversee the work, and the project list for the Research Committee has increased annually.

The Board decided that more work needs to be done on this initiative, considering some other alternatives that might be equally or more helpful to the Research Committee.

The GC investigated and reported on volunteer management and development. The CIA has about 11% of its members volunteer. By comparison, the Casualty Actuarial Society, or CAS, has about 33% of its members volunteering for some aspect of its work. The Society of Actuaries, or SoA, has about the same as the CIA.

The GC recommended that the Member Services Committee, or MSC, create and oversee a new volunteer management and development committee, or VMDC, to replace the current Committee on Volunteer initiatives. The VMDC would promote and coordinate all volunteer initiatives; work with committees to identify, measure, encourage, and recruit volunteers, including younger members, to meet the CIA’s strategic and operational needs; develop ways to identify outstanding volunteers and encourage leadership development; and work closely with the Elections Committee to identify appropriate candidates for elected positions.

The Board approved all of the GC’s recommendations and while it is aware of the additional workload for the MSC and the new committee, the long-term results of these changes will be more than worthwhile.

The CIA’s law firm, Fasken Martineau DuMoulin, compared us with a number of other professional bodies and recommended that we consider two new requirements of membership—the timely disclosure of a criminal conviction and the requirement to undergo a medical examination. More research will be required before this topic is formally put before the Board and the membership, but I thought members should hear about them now.

The Risk Committee chaired by Sharon Giffen has conducted a final review of all risks faced by the Institute and dug into the top risk on the list: human capital. It determined that appropriate actions were being taken to manage this risk. Next steps include developing appropriate metrics to allow consistency in reports to the Board.

The Human Resources, Finance, and Audit Committee recommended that the Board approve the Statement of Investment Policy and the appointment of Fiera Capital as the Institute’s investment firm for the next fiscal year.

The Board approved both of these items.

The Practice Council chair, Bruce Langstroth, provided a report that reviewed the work of the last quarter, which included publishing a research paper on occupational disease; publishing an educational note on events occurring after the calculation date of an actuarial opinion for a pension plan; a revised note on reflecting increasing maximum pensions under the Income Tax Act in solvency, hypothetical wind-up, and wind-up valuations;a revised educational note on transfer values – Ontario reporting requirements,and an educational note supplement on 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.

The Research Committee, or ResCo, reported that it will come in slightly under budget for the year. ResCo has several projects being planned for the coming year and has held a brainstorming session to seek out potential topics, plus a session to evaluate and rank all its future projects. In keeping with the Board’s decision to increase ResCo’s budget, the list of projects has increased, with a reserve to accommodate solid, high-priority strategic projects that will emerge over the course of the coming year. As well, ResCo will continue to deepen its relationship with the SoA in the research area. They have expressed interest in doing more projects with the CIA.

The North American Actuarial Council Collaborative Research Group is about to publish a research study on the supply and demand for actuarial talent in North America.

Marc Tardif, Chair of the MSC, reported on its last quarter results. Proceedings from the 2014 Annual Meeting were published in November and those of the Seminar for the Appointed Actuary are almost complete. The Mortality Improvement Task Force has finished recruiting and will start work on determining mortality improvement assumptions and reconciling views of different practices. The Public Positions Committee has had a busy time putting a number of documents through the new approval process and is starting work to develop a list of topics for positions. The Climate Change and Sustainability Committee has prepared a public position, which was approved, and organized a forum on climate change and sustainability to be held on April 9. Glen Murray, the Ontario Minister of the Environment and Climate Change, will be the keynote speaker. The Committee on Volunteer Initiatives has revamped the Volunteer Applicant Registry and the work it is doing on the difficult issue of succession planning and finding volunteers to take on committee leadership roles will be continued by the new VMDC.

The International Relations Council, or IRC, has been working hard and this report touches on the highlights. Its International Insurance Accounting Committee raised concerns with the International Accounting Standards Board on some aspects of its proposed International Financial Reporting Standard on insurance contracts; its International Insurance Regulations Committee developed comments on the International Association of Insurance Supervisors’ proposed insurance capital standard; it responded to the International Actuarial Association, or IAA, on the risks it faces; its International Pension and Employee Benefits Standards Committee commented to the IAA on the near-final draft of International Standard of Actuarial Practice 3 dealing with actuarial work related to International Accounting Standard 19. The IRC also voted for the IAA’s statement of intent on the proposed ISAP 7, which deals with the IAIS’ ICS. Furthermore, the IRC created a working group to look into hosting the 2026 International Congress of Actuaries.

The CIA met with the Canadian Association of Pension Supervisory Authorities to discuss our comments on pension plan finding and transfer values. We also met with the Financial Services Commission on Ontario, and the Ontario Minister of Finance at his Pre-Budget Consultation in Ottawa to discuss fiscally prudent approaches to planning and the Ontario Registered Pension Plan. April will be a busy month as we will be meeting with the Office of the Superintendent of Financial Institutions, Régie des rentes, American Academy of Actuaries, Australian Institute of Actuaries (or IAAust), Actuarial Society of South Africa, CAS, IAA, NAAC, SoA, and Institute and Faculty of Actuaries.

John Dark, the CIA’s Secretary-Treasurer, presented the third-quarter financial statements. The forecasted surplus for the end of the fiscal year is $493,800, which is largely attributable to the Microsoft Dynamics Customer Relationship management project being implemented in 2015–2016. He also presented the budget for 2015–2016, which proposes a deficit of $497,600, due to a number of one-time costs including the 50thAnniversary activities and gala, upgrades to our IT systems to accommodate our move to CRM, and building up a $750,000 internally restricted reserve over time for extraordinary discipline expenditures. The budget also includes a modest dues increase, which will be communicated to you by our Secretary-Treasurer.

The Board decided to accept the proposed budget following a very good discussion about these issues.

The Eligibility and Education Council, or EEC, reported on a number of activities, including its recommendation for the approval of a revised mutual recognition agreement, or MRA, between the CIA and the IAAust. The IAAust Council had already approved the document at its March 10 meeting, and the CIA Board approved the document, which will be signed at the upcoming IAA meeting in Zurich. The EEC is also looking at a potential MRA with South Africa, and is updating its MRA with Ireland.

The EEC has looked at developing a new definition of professionalism and devoting more resources to the area. It also reported on outreach to various target markets—students and non-member professionals, for example. These include our strategic partnership with the Actuarial Students National Association; the University Accreditation Program, or UAP, which includes visits to all 11 universities; career fair participation and involvement with events sponsored by the Professional Risk Managers’ International Association in Montréal. As well, the new Syllabus Committee is continuing the work of the Task Force on Canadian Eligibility and Education Requirements and will be working on an implementation plan for the recommendations that were approved by the Board in November. These activities include the first CIA syllabus of learning objectives for Associate and Fellow education, strengthened relationships with education partners, and increased emphasis on general business, communications, and professionalism education.

The first-principles review of the UAP is well underway, with a preliminary report anticipated in July and a final document due in September. The EEC reported on several other agreements in the works with education partners, to ensure recognition of ACIA and FCIA credentials.

One important initiative that has been launched is the Graduate Scholarship Program. Fourteen applications have been received and are being reviewed.

Two last items to mention. The program for the 2015 Annual Meeting was completed three months earlier than usual, thanks to considerable work done by the Committee on Continuing Education, Head Office staff, and speakers. Registration opened at the end of February. With an outstanding line-up of guest speakers, content-rich concurrent sessions, and the 50th Anniversary Gala Celebration, this is a meeting you do not want to miss.

If you have not registered for the Annual Meeting, please do so as soon as possible. It will be an unforgettable event!

So, that’s a brief review of the Board meeting. More comprehensive than usual, but there are a lot of balls in the air, and members need to be informed of these important issues.

See you again in May!

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

 By Angelita Graham, FCIA

"The present defines the future. The future builds on the foundation of the past" – Lailah Gifty Akita.

As we prepare to meet in Ottawa in June to celebrate 50 years of our profession and look ahead to the next 50, I would like to share with you some of the activities of the Education and Eligibility Council (EEC) over the past nine months that are helping to shape our development.

Creation of a Canadian Education Syllabus – Charting a New Course

One of the CIA’s Long-Term Strategic Goals established in 2012 was to have an education system that is clearly defined in Canadian terms with a structured approach to sourcing and evaluating the appropriate educational means to fulfil the Associate- and Fellowship-level requirements.

We are proud to announce that for the first time, the CIA has created its own education syllabus for the ACIA and FCIA designations. This milestone was made possible thanks to the hard work of the members of the Task Force on Canadian Education and Eligibility, along with staff of the CIA Head Office.

Our syllabus will allow us to take ownership of educating Canadian actuaries and provide us with a road map against which to evaluate our existing and future education partners. This move will also facilitate a stronger and more proactive relationship with the Society of Actuaries (SOA) and Casualty Actuarial Society (CAS), our existing education partners.

While it is important for us to develop our own syllabus, it is also important to maintain and continually evaluate it. As such, the CIA Education Syllabus Committee has been established, in accordance with the recommendations from the education task force’s report.

The committee, led by Mathieu Boudreault and Thomas Hinton, will be responsible for the maintenance and enhancement of the CIA syllabus for Associate and Fellowship qualifications and other general education requirements. It will also be working to implement the more transformational recommendations included in the task force report, such as:

  • The introduction of communications and general business acumen; and
  • Modelling at the Associate level.

While some question the need for change, we are happy to say that these proposals are not unique to us. The International Actuarial Association, in its draft syllabus posted in February 2015, also identified these concepts as core requirements for actuaries of the future.

As noted by former president Bill Clinton: "The future is not an inheritance, it is an opportunity and an obligation."The creation of the CIA syllabus is not a push to create our own examination system, but recognition of our responsibility to direct the future of our profession.

CIA Graduate Scholarship Program

The Academic Relations Committee, led by Mathieu Boudreault, pioneered the CIA’s Graduate (Master’s) Scholarship Program, which was launched at the end of last year. The program was established to "promote research and/or graduate-level coursework in actuarial science, and to accelerate the transfer of new technology and original knowledge to the industry". It will provide annual scholarships of up to $10,000 to full- or part-time master’s students studying in Canada.

Our first application process, which closed February 28, saw 14 students applying. One successful candidate will be awarded a scholarship later this year. We expect that as the momentum builds, the application level will increase.

Information on the program and how to apply can be found on the CIA’s website.

University Accreditation Program

The University Accreditation Program (UAP) is in its third year of operation and we continue to beam with pride at its success. As part of our commitment to ensuring it is of the highest quality, a first-principles review is currently underway. Peter Muirhead and his team will be looking at all aspects of the program to ensure it continues to meet our expectations, and remains robust.

Members will be consulted on the UAP via a survey in early April, and I urge you to provide feedback.

CPD Compliance Review Project

In 1994 the CIA introduced requirements for continuing professional development (CPD) to take effect January 1, 1997, and they have evolved over the years from an honour system to the detailed annual filing procedures we have today. The Eligibility Committee, under the oversight of the EEC, is conducting a review of the CPD compliance program which is expected to be completed by June 2016. Its aim is to determine the adequacy of the existing requirements, including the mix of structured and unstructured hours, the definition of relevant technical hours, and reporting requirements, and whether changes are required. Should there be any proposed amendments, members will have the opportunity to comment.

CPD Needs Analysis

The Committee on Continuing Education (CEC), led by Deborah McMillan, recently conducted a survey on members’ CPD needs. While the results are still being discussed, it came through loud and clear that you want more webcasts and we’ll be working hard to deliver in the coming year. It was surprising to learn how few members are aware of the free CPD resources on the CIA website through archived meeting material and audio recordings. I encourage you to take advantage of these resources as much as possible.

Kudos to the CEC and the Task Force on the 50th Anniversary Annual Meeting Celebration, led by Gary Walters, who have put together a stellar program.

We are proud of what we have been able to accomplish to date, but are even more excited about what the coming years hold for us as a profession, as we take greater charge over our future. These are exciting times for the CIA and I am pleased to be a part of our various initiatives. As Malcolm X said: "Education is the passport to the future, for tomorrow belongs to those who prepare for it today." I look forward to the CIA’s future!

I hope to see you in Ottawa in June!

Angelita Graham, FCIA, is Chair of the EEC.

 
MOVERS AND SHAKERS

In a Toronto Sun article regarding city employees on long-term disability, John Have said stress leave was becoming increasingly common, and two-thirds of claims on the federal government plan were "stress-related".

Malcolm Hamilton told MoneySense that a larger Tax-Free Savings Account was unnecessary as the existing account was "sufficiently large for most Canadians".  


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 Bruce Langstroth, FCIA

Insurance practitioners, and those of them active in valuation and financial reporting in particular, are probably well aware of the ongoing work of the International Accounting Standards Board (IASB) to update International Financial Reporting Standard 4 – Insurance Contracts (IFRS 4).

Many of you, however, may be less aware of how actuarial standards and guidance material supporting IFRS 4 will emerge. What is the role of Canada’s Actuarial Standards Board (ASB) and the CIA Practice Council (and supporting practice committees)? The purpose of this article is to provide a bit of illumination around those questions.

The first step in establishing Canadian actuarial practice will be the publishing of an International Standard of Actuarial Practice (ISAP) by the International Actuarial Association (IAA). This naturally follows on from the international application of IFRS 4 and the desire to support the IASB’s goal of promoting consistency of accounting on a global basis—an international accounting standard should be supported by an international actuarial standard. The IAA has already articulated a statement of intent in relation to the ISAP and work in earnest will begin as soon as the final IFRS 4 is available.

The ASB has generally taken the position that it will adopt ISAPs with such modifications as may be required to adapt them for the Canadian environment, and one can expect that it will take the same general approach to the IFRS 4 ISAP. The ASB has established a designated group for the development of standards related to IFRS 4 in anticipation of the final IFRS 4 standard and the work that the IAA will be pursuing in relation to the IFRS 4 ISAP.

As with "made-in-Canada" standards, the Practice Council will provide guidance in relation to the application of actuarial standards relating to IFRS 4. While the Committee on Life Insurance Financial Reporting and the Committee on Property & Casualty Financial Reporting are well aware of the coming change in standards, the final IFRS 4 standard and sufficient progress on the IFRS 4 ISAP will provide a line of sight on the standards for which guidance will be required.

The CIA’s International Relations Council (IRC) has a mandate to "oversee relations with actuarial organizations outside Canada", "be familiar with and make recommendations to the Board about specific projects which involve, or could involve the CIA", and "respond to requests for comments on international actuarial topics and make submissions as appropriate". While the IRC does not have a direct role in the development of actuarial standards and guidance in relation to IFRS 4, it has a broad oversight role that is intended to ensure that the CIA is aware of and is prepared to take appropriate actions in relation to non-Canadian activity.

Finally, the CIA has established the Task Force on International Financial Reporting Standards (IFRS) readiness with a mandate "to coordinate efforts among the Practice Council, the Actuarial Standards Board, and the Committee on International Relations [now the International Relations Council]". The task force has explicitly been tasked to ensure that Canadian stakeholders are appropriately informed and engaged as IFRS 4 work progresses.

In conclusion, the process of ultimately seeing IFRS 4-related standards and guidance will be a complicated and time-consuming process and many groups and volunteers are eagerly waiting the final IFRS 4 standard.

Bruce Langstroth, FCIA, is Chair of the Practice Council.

 

 
More than 1,500 actuarial professionals helped the CIA celebrate 50 years of actuarial excellence while earning 60 minutes of free Professionalism CPD during our 50th anniversary webcast.

The webcast, Highlights of the CIA’s History and Its Vision for the Future, proved to be one of the highest-attended events ever organized by the Institute. Actuarial professionals from across Canada and beyond registered to watch:

  • Moderator Michel Simard introduce the information-packed session and relay questions from the online audience;
  • President Jacques Tremblay discuss the CIA’s growth from its earliest days;
  • President-elect Rob Stapleford, a former chair of the Eligibility and Education Council, explain the development of the education and qualification process, covering the introduction of the University Accreditation Program and much more;
  • Dave Pelletier, Chair of the International Relations Council and a past chair of the Actuarial Standards Board, setting out the history of the CIA’s Standards of Practice and looking forward to the latest global initiatives; and
  • Liam McFarlane, Chair of the Committee on Professional Conduct, looking at the evolving discipline process and proposals that are currently being considered.

Lynn Blackburn, director of professional practice and volunteer development, whose department helped research the content for the webcast, said: "This was such an exciting day for the CIA and we’re very pleased that the members participated in such great numbers. When the idea for this webcast was born, we wanted to do something special on the CIA’s actual anniversary, not only to commemorate the day, but also to bring as many members as possible together in that moment. I was personally very happy to have been able to contribute to researching the content for the webcast (it brought back a lot of old memories!), and for the opportunity to work with the presenters. Each one brought their own history and experience to the table and we couldn’t have done it without the wealth of knowledge they were willing to share with us. I wasn’t around for the CIA’s 25th anniversary—I missed it by a couple of years—but with the retirement age on the rise, who knows? I may be here to help celebrate the 75th!"

Alicia Rollo, director of membership, education, and professional development, whose department organized the technology behind the webcast, said: "We were thrilled with the feedback received from members who enjoyed the live streaming video component. We are not able to do this for most webcasts due to the geographic proximity of the speakers and certain technology constraints, but it worked well for this special occasion since we had everyone in one location. We will be looking at more opportunities to use video streaming in the future."

For those who were unable to attend the webcast, or who would like to watch it again, the webcast has now been archived on the CIA website.

For details of upcoming webcasts and other CIA events, click here.
 
The CIA launched two high-profile advertising campaigns this month, on the websites of the Financial Post (FP) and Les affaires.

A number of animated ads on pages of the FP led visitors to the Leadership page. On this page, there were more animated ads, and links to interesting documents on the CIA website.

In addition, two articles featuring CIA members were written and posted to the pages. One on milestones of the CIA’s first 50 years featured Mo Chambers, Paul McCrossan, and Jacques Tremblay, and another on the actuarial toolkit featured Chris Fievoli, Lloyd Milani, and Justin Pursaga.

At Les affaires we sponsored several morning and evening bulletins. On March 18, the home page www.lesaffaires.com featured several of the CIA’s animated ads, and we sent an e-mail message to Les affaires readers that discussed the actuarial toolkit.

 

As the issues of climate change and sustainability, and their impact upon Canadians, continue to make headlines, a forthcoming CIA seminar is set to offer invaluable insights into the roles actuarial professionals can play in this field.

The Climate Change and Sustainability Forum, taking place on April 9 in Toronto, will feature a range of sessions designed to provide information from various perspectives and give practitioners advice on how to incorporate environmental issues into their work.

The event, which will be held at the conveniently-sited St. Andrew’s Club and Conference Centre, will cover such subjects as the physical impacts of climate change, effects upon Canadians’ health, the international marketplace, and evolving investment ideas.

Speakers and participants come from a broad variety of backgrounds and organizations, including leading financial companies, Engineers Canada, the Institute for Catastrophic Loss Reduction, and the Ivey Foundation.

For the agenda, click here, and for full details and information about registering, click here.
 

 

Geoffrey Hancock

1. Why did you become an actuary?

I believe it is a higher calling since we devote our skills to design products and systems to protect people over long periods of time. I am incredibly proud of that responsibility.

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

Usually, figure out when people die, but more seriously, calculate premiums.

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

I have a few, but in terms of a fellow actuary: Shane Chalke. He really influenced how I thought about the insurance business and how I interact with clients. John Manistre has also been inspirational in thinking through tough problems.

4. What do you enjoy most about your job?

Working with clients on business issues.

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

Well, a professional skier of course! More realistically: a professor. I love teaching.

6. What are your hobbies?

Alpine skiing, long-distance running, and working with dogs.

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

Metal (lots to choose from!), The Golden Spruce, and Terminator 2. Lots of explanation behind those! T2 because I think James Cameron is a brilliant director and it was just so much fun to watch.

8. Where is your dream vacation destination?

A cold, snowy place where I can ski or enjoy the wonder of cold. The interior of British Columbia.

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

Translate difficult concepts between different constituencies—actuaries, senior management, investment professionals, accountants, etc.

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

Stuart Adamson, as I think he was a musical genius, but I think being Gauss would have been interesting.

Geoffrey Hancock is president and CEO of Caliper Ridge.

If you would like to be featured in Introduce Yourself, please answer the 10 questions above by completing our online form here

 

 

Alastair Fernie, OBE, FCIA (1965), FFA (1963), ASA (1965)

Having graduated from the University of Edinburgh in 1956 with an MA (Honours), Alastair Fernie started his career with Standard Life, the company with which he would spend the rest of his working life. In 1965 the company brought him to Montréal, and his subsequent positions included president of Canadian operations. He retired in 1993. Besides serving as the actuary of the Order of Italo-Canadians for 45 years, he also held senior positions on various boards and was a member of several CIA volunteer groups, including the Joint Committee on Committees. His contributions to British/Canadian business relations were recognized with both the Order of the British Empire and the Queen Elizabeth II Diamond Jubilee Medal.

The CIA was recently informed of the death of the following members, who passed away in 2010, 2013, and 2009 respectively:

John Acheson, FCIA (1965), FSA (1955)

John Acheson, who graduated from the University of Manitoba as the Gold Medallist with a BComm, joined Dominion Life of Canada in 1951 and became its president 20 years later. A director of numerous corporations and not-for-profit organizations, he was also a member of the CIA Public Relations Committee.

Jack Roberts, FCIA (1965), FSA (1961)

A player in the 1952 Grey Cup-winning Toronto Argonauts, Jack Roberts rose through the ranks of Crown Life Insurance to become vice-president and director of group insurance. He later worked as president of Canadian General Life Insurance, and as a consultant. He was a member of the CIA’s former Council and several committees, including Morbidity, Education and Examinations, and Editorial.

Isaac (Ike) Rosenberg, FCIA (1965), FSA (1955), MAAA (1974)

Following service in the Royal Canadian Air Force and gold medal-winning studies at the University of Manitoba, Isaac Rosenberg worked as an actuary for Great-West Life, and later as a consultant. His service with the CIA included terms on both the Mortality and Morbidity committees.

 
THIS MONTH'S PUBLICATIONS

215018 Educational Note: Determination of Best Estimate Indexation Assumptions for PPICP Liability Calculations

AA2014-8 Session 8: Presenting to the Board – Secrets for Success (Volume 25, September 2014)

215017 Revised Educational Note: Premium Liabilities

215015 Initial Communication of a Promulgation of the Mortality Table Referenced in the Standards of Practice for Actuarial Evidence (Subsection 4530)

AA2014-5 Session 5: Longevity Perspectives (Volume 25, September 2014)

AA2014-6 Session 6: The PCFRC: Past, Present and Future (Volume 25, September 2014)

215016 Submission to the International Accounting Standards Board: IASB’s Recent Discussions on Insurance Contracts

EB0215PDF (e)Bulletin February 2015 (PDF Version)

EB0215 (e)Bulletin February 2015

RESM049 RES: Minutes - Meeting – December 19, 2014

MSCM112 Member Services Council Minutes - Meeting nº 112 (December 10, 2014)

MSCA113 Member Services Council Agenda - Meeting nº 113 (February 25, 2015)

UAPEXRULES Accredited University Programmes – Exemption agreement document

Tweets from @CIA_Actuaries:

Thank you for helping #Actuaries celebrate our 50th #birthday #bigday #CIA50ICA

#Actuary is one of the top #careers – as we celebrate our 50th #birthday, learn how you can join us http://bit.ly/cia50careers #CIA50ICA

We’ve been praised in #Parliament for reaching 50. What was your best birthday present? #bestbirthday #CIA50ICA

Guy Lapointe @mnwild is 67 today. On our 50th birthday, we salute another Canadian institution! #CIA50ICA #hockey #bigday

Help us celebrate our 50th birthday! Register now for the CIA Annual Meeting June 17-18 http://bit.ly/cia50meeting #CIA50ICA

Alexey Leonov walked in space 50 years ago today. The same day, the CIA began its own journey #CIA50ICA #anniversary

50 years ago today, @officialKeef was fined £5. Keith, #actuaries want to know: what’s the secret of your longevity? #CIA50ICA

It’s our 50th birthday today. What will you be doing when you’re 50? #CIA50ICA #anniversary

Happy birthday! @adamlevine is 36 today @nbcthevoice! It's a big day for us too - we're 50! #CIA50ICA

Today is the CIA’s 50th anniversary. What was your best birthday? #CIA50ICA #bestbirthday

Jeremy Rudin, Superintendent of OSFI, addresses the International Finance Club of Montréal http://www.osfi-bsif.gc.ca/eng/osfi-bsif/med/sp-ds/Pages/jr20150317.aspx...

Andrew Saxton on Canadian Institute of Actuaries http://openparliament.ca/debates/2015/3/12/andrew-saxton-1/... via @openparlca

Emerging #climate change, environment and sustainability concerns for #actuaries Apr 9 #Toronto. Register TODAY http://bit.ly/CIAClimateForum

Registration is open for the ERM Symposium, June 11-12 in Washington http://bit.ly/18idkIf @CASact @SOActuaries @CIA_Actuaries @PRMIA

Thanks @AndrewSaxton1 for helping us kick off #CIA50ICA celebrations #cdnpoli

Tune in now to hear @AndrewSaxton1 deliver an important statement in the HoC #CIA50ICA #cdnpoli http://www.cpac.ca

Congratulations #Sunlife150 for making life brighter!

Thanks @OliverWyman! We are proud of our past and excited for the next 50 years!

Motor #vehicle #litigation up over the past 5 years http://bit.ly/1BJx2IH

#TFSAs help wealthy people most, says #actuary and #retirement expert Malcolm Hamilton http://www.moneysense.ca/save/tfsa/leave-the-tfsa-alone-retirement-expert... via @MoneySenseMag

#Actuaries on installment loans and the criminal rate of interest http://cbc.ca/1.2971067 @cbcsaltzman http://www.cbc.ca/marketplace/

#Actuary John Have says stress leave "more and more common" http://bit.ly/1vT1DCH @SueAnnLevy @TheTorontoSun #LongTermDisability #TOpoli

The Consumer Price Index (CPI) rose 1.0% in the 12 months to January http://ow.ly/JG9xP
 
Calendar of Events
Board and Council Updates

Member Services Council

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

  • Enterprise Risk Management Applications: Danielle Harrison and Gaetano Geretto, January 9, 2015;
  • Research: Mathieu Boudreault, effective February 26, 2015;
  • Research Committee subcommittees:
    • Academic Research: Mathieu Boudreault (Chair), effective February 26, 2015;
    • Individual Life Experience: Vera Ljucovic, effective March 1, 2015.

The revised mandate for the Committee on Public Positions has been approved as presented, effective immediately:

The committee is charged with the review and approval of all public positions of the Institute, pursuant to the Policy on the Approval of Public Positions. Public positions do not include material covered under the Policy on the Approval Process for International Submissions, the Policy on Due Process for the Approval of Guidance Material other than Standards of Practice (e.g., educational notes), or committee or task force reports, or research reports. These documents could, however, serve as the basis for an Institute public position.

The committee is also charged with conducting an ongoing scan of the CIA’s environment to identify potential issues or topics on which the CIA could develop a public position.

The committee shall normally be composed of 10–15 experienced CIA volunteers, and include multiple members from each major practice area. The CIA President shall automatically be appointed as a member of the committee. Not all members of the committee will necessarily be involved in the approval of each public position. However, the President, or his or her delegate, shall normally review all public positions prior to their release.

The following change has been made in French: Sous-commission sur l’expérience des prestations versées du vivant de l’assuré (assurance-vie individuelle) will be changed to Sous-commission sur l’expérience des prestations versées du vivant de l’assuré (assurance individuelle).

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

  • Enterprise Risk Management Applications: Shawn Sampson and Elaine Lajeunesse, effective December 12 and 15, 2014, respectively; and
  • Segregated Fund Experience Subcommittee: Kevin Gooden, effective January 22, 2015.

Practice Council

The following people have been appointed to the committees/task force named below:

  • Investment Practice: Ashley Goorachurn (Chair), effective February 9, 2015;
  • Actuarial Evidence: Craig Allen (Chair), effective March 1, 2015; and
  • Modelling Task Force: Brenda Perras (replacing Mike Palmer).

The DCAT Subcommittee and Solvency Framework Subcommittee of the Committee on Risk Management and Capital Requirements have been disbanded, effective September 1, 2013, and December 31, 2012, respectively.

Patrick Chamberland has completed his mandate as Chair of the Committee on Investment Practice, and leaves with thanks.

Kelley McKeating (Chair) and David Wolgelerenter have completed their mandates on the Committee on Actuarial Evidence, effective February 28, 2015, and leave with thanks.

Mike Palmer has resigned from the Modelling Task Force.