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

Canadian Institute of Actuaries/Institut canadien des actuaires

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

To watch the video, click on the image above or here.

Hello everyone. My name is Jacques Tremblay and I am President of the Canadian Institute of Actuaries. As I record this message, I am a week away from handing the job on to Rob Stapleford, a capable and passionate leader who will take on our large agenda and finish off the 50th anniversary celebrations.

The first thing I would like to talk about is the very successful election that was just completed. This year more than 1,400 members voted, pushing the voter turnout to 32.6%.

My personal thanks to all those who let their names stand for election. I appreciate their decision and the work they put into the process. It’s not easy!

My congratulations to Dave Dickson on becoming the President-elect and to the others taking on their roles as Board members. Dave’s enthusiasm and drive have a huge impact on the work and results of the Research Committee. My special thanks, and those of our members, to those Board members who completed their terms of office this month. Their contributions to the Institute are many.

Volunteers and staff worked very hard (as always) to put together an Annual Meeting of high quality and interest. They must have succeeded because the event was sold out! Sessions like a mock trial and a panel discussion with three of the country’s top journalists were organized, along with recognition of the volunteers who have helped move the profession ahead over the years and of the past Presidents who guided and fulfilled the potential of the actuarial profession. An oral history of the CIA’s first 50 years has been written and will be available for members later this year. It is a barn-burner!

Our Outreach Program was established to help us connect with employers such as Towers, other organizations, and actuarial clubs. This year saw dozens of meetings, most recently with CAPSA and the SAAQ on pension and automobile insurance issues; the AAA; SOA; ASSA; AIA; CAS; actuarial clubs in Winnipeg, Vancouver, Calgary, and Waterloo; and the Superintendent of Pensions of Nova Scotia to discuss pension funding and transfer values.

In addition, the Institute met with the Prime Minister’s Office and the main political parties to discuss the CIA’s two election positions. Shortly, we will be meeting with Deb Matthews, Ontario’s Deputy Premier and President of the Treasury Board, to discuss actuarial involvement in evidence-based decision making.

On the public position front, from April 31, 2014, to April 1 of this year, the CIA published 24 public positions and submissions. Since then the Committee on Public Positions has approved a document on JSPP solvency (Ontario), comments on a proposed new mandate for FSCO, and an IRC submission on the IAA education syllabus. As well, the PPC helped with an appearance by Kelley McKeating before the Senate Banking, Trade and Commerce Committee on changes to the criminal rate of interest.

On the upcoming Board meeting agenda as I speak is a very important item: what direction should the profession take on its involvement in public policy issues? I am looking forward to leading this initial discussion as I see it as one which will set the tone of our government relations work for years to come.

Also of note at the upcoming Board meeting is a deep discussion on professionalism. Kim Young’s Task Force on Professionalism has several recommendations on the issue, including adopting the IAA Principles on professionalism, forming a permanent professionalism committee, and reviewing Guiding Principle 1. The task force also recommended that a committee explore the ethical foundation of professionalism. In addition, we will be discussing a report on a special members’ meeting on the topic and work that is starting on an operational goal of defining "professionalism". What a wonderful discussion to wrap up the first 50 years of CIA history.

Next up will be a discussion about the feasibility of the CIA hosting the 2026 International Congress of Actuaries. Vancouver has been recommended as an attractive location with easy access from Asia, Europe, and North America. This is a huge commitment of time and resources for the CIA volunteers and staff, as this event is often tied to other events, like a meeting of the IAA. There are many things for us to consider, and we are truly at the start of a long process.

The Research Committee, or ResCo, submitted a terrific report with a plan. There are two experience studies, two practice area projects never previously attempted by the CIA, the development of health and flood insurance models, and two strategic projects: Impact of Aging and an IAA project on the state of the actuarial profession. There is an enterprise risk management project looking at the role of the country risk officer and annual projects such as the Report on Canadian Economic Statistics and the C-1 Survey and Report. There is also an interesting project for a web-based tool that the public could use to project longevity on a single and joint basis.

As members would know, the CIA has partnered with the AAA, CAS, and SOA to create the Actuaries Climate Index. A working group of the CAS Climate Change Committee, headed by Caterina Lindman, has been hard at work for several years with the climate scientists at Solterra Solutions, a BC-based environmental consulting firm. At the recent NAAC meeting, we had a terrific demonstration from one of the scientists and Doug Collins, Chair of the CAS committee.

Members have seen budgets to implement a customer relationship management system at the Head Office. This project has moved forward at a high speed in the last year and will roll out in the last part of the summer. The Board will participate in a demonstration and update of the project.

Volunteers are the lifeblood of the CIA. At a recent Board meeting, a number of recommendations around restructuring the MSC mandate and the creation of a new volunteer management committee were approved by the Board. In order to provide more assistance to chairs in recruiting, staffing, and planning for their committee, to encourage the involvement of younger members, and establish an assessment program to promote the identification of strong performers, the Board approved the recommendation that the MSC create the Volunteer Management and Development Committee, which the MSC recently approved. As well, the mandate of the MSC was changed to include this element: "To develop, monitor, and maintain an appropriate volunteer management system." These changes will have a very positive impact on the identification and development of the future leaders of the CIA.

Finally, I want to say a few words about the past year. There have been many, many accomplishments by the CIA and its 500-plus volunteers over the last year. You will be hearing more about these things, as some of the projects involve some delicate negotiations with many of our education partners. But from a personal perspective, I want to congratulate and thank my Board members, all the volunteers, and the Head Office Staff for their support and constant efforts to accomplish the goals and objectives of the strategic plan. It has been a very challenging but wonderfully rewarding year for me personally and for the profession.

It has been an honour and a privilege to serve you all!

Jacques Tremblay, FCIA, was President of the CIA for 2014-2015.


By Bruce Langstroth, FCIA

I had cause the other day to reflect upon the significance of educational notes and research papers—the principal output of the Practice Council and its committees. The cause was a discipline case—so, of course, I will not share specifics. But I will say that one issue that emerged was a perspective on educational notes that was different than mine and, I hope, the large majority of the profession. So, it seems appropriate to share.

Actuarial practice in Canada is governed by standards, educational notes, and research papers. But these do not carry equal weight or significance.

Most important are the standards. Standards of Practice articulate elements of practice that practitioners are expected to comply with. They are minimum requirements that must be satisfied. Practice that deviates from the standards is not permitted except in very limited circumstances.

Educational notes generally describe one or more practices that conform to the standards and serve to narrow the potential range of practice that may conform with the standards. The practice or practices described in an educational note represent accepted actuarial practice and an actuary whose practice conforms with an educational note can usually assume that they are complying with the standards. Educational notes, however, are not intended to be an exhaustive description of acceptable practices and a practitioner may deviate from an educational note provided they can justify the practice that they apply.

Research papers can cover a broad range of topics but generally fall into one of two categories: (1) description of a practice or practices that may be acceptable, and/or (2) documentation of work that was done to support either a standard or an educational note. In either case, practices described in a research paper may be applied by a practitioner provided they are satisfied that they conform to the standards.

One might think of standards, educational notes, and research papers in conjunction with the words "must", "should", and "may". Practice must conform to the standards and deviations are not permitted. Practice should conform with educational notes but it is permissible to deviate from them with an appropriate justification. Finally, practice may conform to research papers but it is not expected that practitioners will do so.

It is necessary, but not sufficient, to be familiar with the Standards of Practice that apply to one’s practice area. A practitioner will also be expected to be familiar with the educational notes that relate to his or her area of practice and to either apply them or to justify alternate practices. While familiarity with research papers is obviously good, it is not required for good practice.

In summary, then, a practitioner must be aware of applicable standards and educational notes in their practice area and ensure that their practice conforms to the standards and either conforms to the educational notes or can justify alternative practices as being compliant with the standards. Application of research papers is not necessary for good practice and a practitioner seeking to apply practices described in research papers should be certain that they comply with the standards.

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

Insight Decision Solutions
Jean-François Chalifoux has been appointed as the new CEO at SSQ Financial Group, and is due to take up his position in September. His previous areas of responsibility have included the strategic direction of Desjardins Life Insurance and its business activities across Canada.
In a profile in Le Journal de Montréal, Yvon Charest, who has spent 36 years at a single employer, Industrial Alliance, discussed Quebecor's management deal for the new Videotron Centre, Québec's status as an insurance centre, and other issues.

Mary Forrest of Munich Re has been named Chair of the Board of Directors at the Canadian Life and Health Insurance Association

A warning from Malcolm Hamilton that multi-employer pension plans could be easily misunderstood by those enrolled in them was featured in a Globe and Mail story.

Greg Heise has joined George & Bell Consulting as partner of the firm. He will be based in Vancouver, providing actuarial and investment services to pension and benefit clients in western Canada. Over the course of his 22-year career, Mr. Heise has become a proven industry leader, and the company said he would "undoubtedly enhance our pension and consulting offerings for our clients, in particular for clients within the area of multi-employer pension plans."

Sylvie Paquette, president and COO of Desjardins General Insurance Group, has been elected as Chair of the Board of Directors of the Insurance Bureau of Canada. She has served on the board since 2010, and has been with Desjardins since 1984.

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, Movers and Shakers, 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 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

Geoff Guy, who died last month at the age of 68 surrounded by his family, graduated from the University of London and pursued his actuarial studies while working at Prudential Assurance in London, England.

Once he qualified as an actuary in 1973, he transferred to the company’s Canadian operation and became assistant group actuary in Montréal. In 1983 he rose to the position of senior vice-president and actuary for Canada. Four years later, he moved to Manulife, where he went on to hold numerous senior roles, including chief actuary and chief financial officer for the Canadian division, before retiring from the company in 2006.

His volunteer service with the CIA was extensive, and was recognized with the Gold award. Besides volunteering as Secretary-Treasurer, he also held positions on committees and task forces involved in due process, corporate governance, insurance accounting, finance, dividend principles and practices, public policy, compliance, strategic investments, and the role of the Appointed/Valuation Actuary, among others.

Outside the Institute, Mr. Guy was a member of various boards, including the University of Waterloo, Junior Achievement of Toronto and York Region, and the Elora Festival.

He was also the first person to be appointed chair of the Actuarial Standards Board (ASB), a position currently filled by Jim Christie, who said: "I’ve followed in Geoff’s footsteps twice, first as Secretary-Treasurer and second as ASB chair. In both cases Geoff’s hard work and innovation made my job significantly easier. In particular, Geoff established a solid foundation of processes and procedures that allowed all three subsequent chairs to be able to build the ASB into its current form. Without Geoff’s efforts we would never have been able to make the ASB function."

Charles McLeod was President of the CIA when Mr. Guy served as Secretary-Treasurer. He said: "I succeeded Geoff as the second chair of the ASB. Geoff made my work much easier than it might have been, because I inherited from him an excellent group of members on the ASB, an equally great set of members on the Actuarial Standards Oversight Council, and a very well drafted set of procedures for due process.

"Geoff made a great contribution to the work of the CIA and the ASB. He will be missed."

The CIA has regularly emphasized the need for increased financial literacy among Canadians. Whether we have used a discussion paper or a submission, a study on retirement risk or a Seeing Beyond Risk article, we have endeavoured to highlight the public’s lack of awareness about key issues like savings and retirement.

Now pleas from the CIA and other expert organizations have found support at the government: this month witnessed the launch of the National Strategy for Financial Literacy – Count me in, Canada.

It was released by the Financial Consumer Agency of Canada, which described it as:

. . . a call to action for all Canadians to gain the knowledge, skills and confidence they need to make financial decisions and improve their financial well-being. It will focus the efforts of . . . public, private and non-profit organizations . . . across the country that deliver financial literacy programs and initiatives to Canadians to help them:

  • Manage money and debt wisely;
  • Plan and save for the future; and
  • Prevent and protect against fraud and financial abuse.

The strategy sets out goals and priorities to help Canadians better manage their finances and make appropriate decisions as their needs and circumstances change. It also calls on organizations to join efforts to help Canadians take action and make financial literacy a life-long journey.

It is backed by the Honourable Kevin Sorenson, Minister of State (Finance), and Canada’s financial literacy leader Jane Rooney said it was "meant to be accessible, inclusive and relevant for all, while also recognizing their diverse experiences and circumstances."

It specifies a number of common goals developed through research and consultation with organizations active in financial literacy, and prioritizes different ways of achieving its goals.

For more on the strategy and what it might mean, click here.


From left: Valerie Nelson, Li Li Lin, Aravinth Jebanesan, and Monique Lewis.

The Back 2 School program was initiated by the CIA during its 50th anniversary year to help spread knowledge and awareness of the actuarial profession among high school students. In response we had members volunteer from across Canada to present to more than 1,000 high school math students about what it is that actuaries do. We would like to thank all those who took the time to connect with local high schools and make the presentations.

The program was a great success and the feedback we received was very positive. Our volunteer actuaries enjoyed the opportunity to potentially inspire a new set of future financial professionals, and young people and teachers benefited from a chance to ask questions and learn about the career options available. Consequently Back 2 School is due to continue in the next academic year.

As part of the initiative, we developed the Million Dollar Problem contest for students, who could compete for the prize of an iPad Air. We received 24 entries from high schools and other institutions, and 20 people solved the problem. Aravinth Jebanesan, a grade 11 student from L’Amoreaux Collegiate Institute in Scarborough, ON, took home the prize. He was inspired to enter by a presentation from CIA Associate Li Li Lin, and joined her, teacher Monique Lewis, and principal Valerie Nelson at the presentation of his iPad.


By Andrew Melvin

There are well over 1,000 opportunities for actuaries keen to promote the profession in Canada, and thousands of journalists waiting to hear from CIA members.

The country has 118 daily papers, read by one in five adults—one of the highest readership ratios in the world. Canada also has 1,000-plus community papers, read by 73 percent of people in non-urban centres. Most of these outlets also operate online news services as well.

Each of them could represent a way for actuaries to raise the profile of the profession, via letters pages, op-ed pieces, and other writing. In an age of dwindling newsgathering resources, a letter from an actuary or an opinionated e-mail about an issue of the day might be ideal for newspaper staff looking for one more headline.

However, thanks to the pace and scale of today’s electronic communications, editors can be swamped with press releases, texts, tweets, and other messages. Here are some ways in which you can help make yours stand out:

  1. Consider your audience. When faced with a flood of contributions, the primary question for any journalist or news editor will be: "Which of these will appeal to the largest section of our readers?"

    Like any business, a newsdesk wants to target the widest consumer base, so it will seek stories that concern the majority of its readers. If you want to offer an opinion about, for example, changes to pension laws, consider what impact those changes might have on consumers (i.e., readers), not on pension providers and/or actuaries. A letter that begins, "These new pension laws will force everybody to pay higher premiums", will attract more interest than one concerned about the resultant effect on the profits or practices of a giant pension consulting firm.

    Before you start writing, try to imagine the response of the average person to your subject. Or, as one U.S. Government department puts it, "write for your reader". If a journalist thinks your message will concern, interest, or inform a reasonable number of them, it has a chance of being published.

  2. Start strongly. Under-pressure newsdesks do not have the time they once had to wade through lengthy pieces looking for potential headlines. If you do not grab their attention in the first paragraph, or even the first sentence, they may turn to the next submission.

    It is essential that the key message you wish to convey is prominent and rapidly understood. It is the hook that catches the reader. Everything else you write could be irrelevant if the recipients’ interest is not piqued immediately.

  3. Be clear and concise. Readers’ time is short—even on media websites, their attention span can be measured in seconds—so anything sent for publication should be easily digested. A few paragraphs should be enough. If the reader cannot understand the points you are making and, more importantly, what they might mean for them and their family, friends, or business, they will stop reading long before the end.

  4. Be topical. At a time when stories can be updated in seconds, actuaries must remain at the forefront of breaking news if they want to gain visibility. If you come across an issue today that you think might offer a chance to promote actuarial science while interesting a large number of readers from outside the profession, you should write about it today. With every hour that passes, unless you plan to send it to a weekly newspaper or a magazine—which can afford to take a longer view—it becomes less likely to be published.

  5. Sign off in style. The last sentence of your message may be all the reader remembers. Make a few brief points and finish with a sentence that has an impact, whether it reiterates your key point, calls for action from an organization, or encourages your audience to consider something. The showbusiness tactic "Always leave them wanting more" has become a cliché for a reason: it works.

    Most employers are not interested in having their name identified in these stories. Also, using a CIA title such as Chair of the CIA’s News Story Committee is not appropriate unless the story is meant to come from that body. Using your professional designation or saying that you are a Fellow or Associate of the Canadian Institute of Actuaries is fine, as is saying that you are an actuary.
Andrew Melvin is the English editor at the CIA, and a former newspaper journalist and editor.

By Mathieu Boudreault, ACIA, and Sheldon Lin, ACIA

As part of its long-term strategic plan to enhance its ties with the academic community, last year the CIA launched its Graduate Scholarship Program to promote research and/or graduate-level coursework in actuarial science and accelerate the transfer of new technology and original knowledge to the industry.

To be eligible, students must demonstrate a background in actuarial science and willingness to continue a career as an actuary and enter an eligible master’s program in Canada in the next academic year. The amount of each scholarship is $10,000 and the number available will gradually increase from one in the 2015–2016 academic year to three in 2017–2018 and thereafter.

For the first year of the program, applications from nine Canadian universities were received. A selection committee consisting of three actuarial professors (all CIA members) and one member from the Institute’s Board was appointed in February by the Academic Relations Committee. The committee and the Eligibility and Education Council have now decided to award the first scholarship to Guillaume Boglioni-Beaulieu of the University of Montréal.

M. Boglioni-Beaulieu earned a bachelor’s degree in mathematics in 2014, with an actuarial co-op major. During his undergraduate studies, he was a straight A+ student, received five merit scholarships, and completed three actuarial internships. He has also completed the five preliminary actuarial courses. In January he entered Montréal’s master’s program in statistics with a thesis option. His thesis focuses on dependence modelling with actuarial applications, such as insurance lines of business. He also works with actuarial professors on consulting mandates.

M. Boglioni-Beaulieu was invited to attend the New Fellows and Volunteer Awards luncheon at the Annual Meeting in Ottawa on June 18 to receive his cheque from CIA President Jacques Tremblay.

The CIA congratulates him and looks forward to the program’s development.

Mathieu Boudreault, ACIA, and Sheldon Lin, ACIA, are the current and former chair, respectively, of the Academic Relations Committee. Acknowledgements: thank you to Alicia Rollo and Claudia Gagné.


The Research Committee has launched the bilingual Research Forum to provide CIA members with the opportunity to share their thoughts and suggestions on potential research topics. This user-friendly forum is part of the Research section on the CIA’s website and is accessible to CIA members and the public; however, only those with a valid CIA member account may post a comment or open a new discussion thread.

Each thread represents a different research topic, which can focus on academic research, annuities, enterprise risk management, group life and health insurance, and many more. CIA members are welcome to share their thoughts on existing threads (research topics) or open a new thread on which other members may comment.

The forum is bilingual, which means that all postings will be saved and displayed in the language in which they are posted, regardless of whether they are submitted or displayed on the English or French version of the CIA website.

This forum is a great opportunity to become involved in research initiatives and play a part in where the research budget is allocated. Whether you have research ideas or are just curious about what other proposals are being discussed, please click here to explore this new CIA tool.

Please note that you must be logged in to the CIA website with your member account in order to open a new thread or post to an existing thread. If you are not logged in, you will be able to view the messages posted, but you will receive an error message if you try to post. You can access the log-in page here.
The first Climate Change and Sustainability Forum, which took place in Toronto in April, was organized by the Climate Change and Sustainability Committee (CCSC) to provide interested actuaries with a broad foundation of the challenges and progress related to climate change and sustainability, with a particular focus on linkages to Canadian actuaries’ key practice areas: life and health insurance, property and casualty insurance, investment, pension and enterprise risk management.

More than 50 attendees enjoyed a day packed with interesting sessions that began with a look at the physical impacts of climate change. The audience heard of rigorous evidence that the country would be warmer, wetter, and stormier, increasing the risk of urban flood damage due to sewers unable to handle excess water. Disruptions from disasters would inevitably have an impact on economic activity, but the nature of those effects would vary by region and depend on preventive actions undertaken.

Turning the meeting’s focus to health and the environment, CIA member Caterina Lindman and other speakers considered the effect of a warming climate on the elderly, the poor, those with asthma and other conditions, and those in the developing world. The session featured suggestions regarding action that could be taken, including calls for healthy choices that benefit the environment, and for a society that builds awareness about carbon footprints in offices, hospitals, and medical organizations.

Keynote speaker the Honourable Glen Murray, MPP and Minister of the Environment and Climate Change, offered his audience several points for consideration, including the forecast that $6 trillion dollars’ worth of economic growth would result from moving to a low-carbon economy, and the warning that not enough governments were taking the issue of climate change seriously. He suggested that taking a stance on the fight against climate change was an amazing transformation opportunity for the economy, and getting it right would yield extraordinary rewards.

Mr. Murray was followed by a discussion of the evolving investment landscape, and how climate change would affect future generations’ quality of life. The session covered such topics as carbon pricing, sustainability data, carbon investment initiatives, and the "four Rs" of responsible investing.

The meeting ended with presentations about the business perspective: the audience was told that a desire for greater sustainability could drive innovation and promote efficiency, and it was ranked as an increasingly important subject for some employees. Climate change also had a strong relevance to regulatory agencies, property and casualty insurers, and others. The session’s messages included a warning that decisive leadership was necessary from decision makers in insurance companies in order to move from a short-term focus and embrace a truly long-term perspective.

For full details about the forum and the sessions’ key points and suggestions for action, read the meeting notes on the CCSC resource page (in the Events section) in the members section of the CIA website.


The forum attracted more than 50 attendees for varied sessions.


 Caterina Lindman of the CCSC was among the presenters.


 The event featured a broad range of climate change-related data.

Keynote speaker Glen Murray. 


By Marie-Eve Bourgault

One year before the passage of the Official Languages Act in 1969 made Canada an officially bilingual country and proclaimed English and French the languages of the Canadian federation, a discussion paper on bilingualism was presented to the then Board of the CIA. Judging by the dates, one might well argue that the CIA was ahead of the curve when it came to bilingualism in Canada, offering its services in both languages even before these languages were proclaimed official. This speaks to how important bilingualism has been for the CIA right from the Institute’s founding, to the point where it has now become its trademark.

Yet it was not until 1973 that a Committee on Bilingualism was struck, chaired by George W. Poznanski. Its mandate was to:

Provide support to committees, the general membership and the Institute’s Secretariat in maintaining bilingual facilities in the Institute, and act in an advisory capacity both in the development of the Institute’s bilingual capability and in the application of its bilingualism policy.

The committee was also charged with making recommendations to the Board on the implementation of practical bilingualism in the Institute’s affairs. The first actuarial exam in English and French was offered in 1976.

The Committee on Bilingualism tabled a report with the Board in May 1977, the gist of which was a call to review the Institute’s existing bilingualism guidelines and make recommendations to the Board on any changes deemed appropriate. It was agreed that the CIA should accommodate English- and French-speaking actuaries as fully as possible in order to make them feel that they fully belonged to it and that they derived all the professional benefits that the organization could provide. The Board adopted these detailed recommendations, but the committee was dissolved in 2000.

The Bilingualism Policy was adopted in 2005, and is revised every five years. Its purpose is to preserve the Institute’s bilingual character and provide members and the public with meetings and documents in the official language of their choice, on a timely basis. This applies to all CIA-produced documents and those jointly published with other actuarial associations and external organizations. Here are three policy statements that you can observe in effect on a daily basis:

  1. Publications (e.g., administrative policies, public positions, and reports). According to Statement 1.a. of the policy: "All CIA publications shall be translated and published in both official languages simultaneously." All guidance material is presented, in both official languages, to the Practice Council for approval prior to publication. The CIA Head Office is responsible for quality control on all CIA publications and ensures that they are translated and peer reviewed by an appropriately qualified actuary.
  2. Distribution of publications. All English and French CIA documents are distributed to members at the same time and in the language of their choice. When members receive notice of new publications in the CIA Announcements, these publications are downloadable from the CIA website.
  3. Simultaneous interpretation. The Head Office endeavours to provide simultaneous interpretation and recording of CIA-organized meeting/conference proceedings. Simultaneous interpretation is provided during plenary sessions and select concurrent sessions at Annual Meetings and specialty seminars where anticipated meeting registration is 100 or more.

In short, the policy’s goal is to ensure that all Institute publications be published and distributed to members in both official languages and that simultaneous interpretation be offered at all general sessions.

In conclusion, we at the CIA are proud of our bilingualism. It is the Institute’s trademark, and it makes us unique among national actuarial associations. The Head Office is working hard to comply with this policy and to produce quality documents in both English and French. The effect of CIA bilingualism has been to improve member services, ensure compliance with the Official Languages Act, unify the country’s actuarial profession, and reduce the risk of a language-related split.

By Marie-Eve Bourgault, French editor, CIA Head Office



Fiona So


1. Why did you become an actuary?

My high school teacher and my father introduced me to the profession and after gaining experience in an actuarial department of an insurance company during high school co-op, I was hooked.

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

"Oh, like an accountant?"

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

Although I did not have a mentor, I am grateful my parents introduced me to the profession and encouraged me to pursue this career. I am also thankful for the continued support that my parents and husband have given me.

4. What do you enjoy most about your job?

I enjoy being a part of a profession with specialized skill sets. Specifically, I enjoy working in my current role at the Office of the Superintendent of Financial Institutions (OSFI), in which I have the opportunity to meet many different actuaries and gain exposure to a wide variety of actuarial issues. Outside of my job, I also enjoy giving back to the actuarial community through volunteering for the CIA Property and Casualty Insurance Subcommittee of the Committee on Continuing Education.

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

Music teacher!

6. What are your hobbies?

Taking family vacations, spending time with my son (21 months), enjoying the Toronto harbourfront where we live.

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

I have too many! During my childhood, every movie I watched became my "all-time new favourite movie". Actuarial study manuals did not make my favourite list, unfortunately.

8. Where is your dream vacation destination?

I went on a Disney cruise with another actuarial family in May. It was a great chance to celebrate post-exam!

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

I have perfect pitch and can play back music that I hear! Not particularly helpful in career advancement though!

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

I would love to be my son for a day. He is a happy little guy and always full of laughter. His life is simple and carefree. Everything and everyone makes him smile.

Fiona So is an actuarial consultant in OSFI’s actuarial division.

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

215049 Notice of Intent – Revisions to General Standards (Part 1000)

215050 Notice of Intent to Incorporate Principles of International Standard of Actuarial Practice 4 – Actuarial Practice in Relation to IFRS X Insurance Contracts into the Canadian Standards of Practice

AM2015-31 Session 31 - Stochastic Mortality in Life Insurance: Applications and Impacts

AM2015-30 Session 30 • CLIFR and Valuation Development

AM2015-34 Session 34 • Creating A Leadership Presence Through Effective Communication

AM2015-7 Session 7 • Climate Change and Sustainability Committee Session

AM2015-26-2 Session 26 • Predictive Modelling – How Can It Help?

AM2015-26-3 Session 26 • Predictive Modelling – How Can It Help?

AM2015-18 Session 18 • The Introduction of the C-ROSS

AM2015-22-1 Session 22 • Actulab: Case Study Session with Practitioners and Academia

AM2015-22 Session 22 • Actulab: Case Study Session with Practitioners and Academia

AM2015-8-2 Session 8 • ASB Update

215046 Final Communication of a Promulgation of the Mortality Table Referenced in the Standards of Practice for Pension Plans (Subsection 3530)

215047 Final Communication of a Promulgation of the Mortality Table Referenced in the Standards of Practice for Actuarial Evidence (Subsection 4530)

215048 Communiqué: Target benefit pension plans a "viable alternative", says Canadian Institute of Actuaries

215043 Report of the Task Force on Target Benefit Plans

AM2015-6 Session 6 • Paying Dividends: The Interest in Par Products. Is it Long Lived?

AM2015-9-1 Session 9 • Perspectives on Longevity Risk

AM2015-10-3 Session 10 • Middle Market Protection Gap

AM2015-10-2 Session 10 • Middle Market Protection Gap

AM2015-17 Session 17: Ethical Decision-Making for Actuaries

215044 Canadian Institute of Actuaries – Annual Report 2014-2015

215045 Notice of Intent to Revise the Practice-Specific Standards for Insurance (Part 2000)

AM2015-26-1 Session 26 • Predictive Modeling – How Can It Help?

215042 Solution – The Million-Dollar Problem

AM2015-13-2 Session 13 • Evolution of Actuarial Science and the Profession in the Past 50 Years

215041 CIA Discussion Listserver Terms of Use

AM2015-19 Session 19 • Financial Literacy Forum

AM2015-9 Session 9 • Perspectives on Longevity Risk

AM2015-5-2 Session 5 - IFRS and Capital Development Home and Abroad

AM2015-5-1 Session 5 - IFRS and Capital Development Home and Abroad

AM2015-15C Session 15 • Transformation in Corporate Actuarial Reporting

AMPROG2015 2015 Final Program – Annual Meeting

AM2015-11 Session 11 • ORSA Evolution

215038 Draft Minutes of the General Business Session of the June 2014 Annual Meeting to be Approved at the June 2015 Annual Meeting

AM2015-25 Session 25 • Non-Pension Retiree Plans A Thing of the Past or a Wave of the Future?

AM2015-28 Session 28 • CEO Panel – What the Future Holds

AM2015-32-2 Session 32 - How to Grow Your Business Through Use of Big Data

AM2015-32-1 Session 32 - Big Data Big Changes How the World is Changing

AM2015-15-2 Session 15 - Transformation in Corporate Actuarial – The Technology Perspective

AM2015-10-1 Session 10 - Middle Market Protection Gap Online Distribution

AM2015-12 Session 12 • Avoiding Personal Auto Fraud at the Point of Sale

AM2015-4-1 Session 4 • Pension De-risking with a Global Perspective (Canada)

AM2015-5 Session 5 • IFRS and Capital Development Home and Abroad

AM2015-13-1 Session 13 • Evolution of Actuarial Science and the Profession in the Past 50 Years

AM2015-4-2 Session 4 - Pension Buyouts in the U.S. Market

AM2015-16 Session 16 - Drug Trends and Provincial Programs

AM2015-24-3 Session 24 - The Next Step - Model Risk Management

AM2015-14-1 Session 14 - Québec’s new funding standards

AM2015-3 Session 3 • Mock Trial – Pension T. Actuary Takes the Stand!

AM2015-24-2 Session 24 - Model Validation of an Internal Model under Solvency II

AM2015-23 Session 23 - Lessons from NB’s Shared Risk Plans: Updates and a Consulting Perspective

AM2015-15-1 Session 15 - Transformation in Corporate Actuarial – The Need for Change

AM2015-8-1 Session 8 • ASB Update

AM2015-15-3 Session 15 - Implementing Transformation Processes - The Business Perspective

AM2015-14-2 Session 14 - New funding standards for Québec

AM2015-4-3 Session 4 - Pension scheme de-risking – the UK Market

AM2015-24-1 Session 24 - Implementing a Model Validation Framework

215037 Guidance for CIA Appointed Delegates on IAA Committees

215035 Regulatory Risk and North American Insurance Organizations

EB0515 (e)Bulletin May 2015

EB0515PDF (e)Bulletin May 2015 (PDF Version)

215040 Submission to the Ontario Ministry of Finance – Expert Advisory Panel – FSCO/FST/DICO Mandate Reviews: Review of the Mandate of the Financial Services Commission of Ontario (FSCO)

MSCM114 Member Services Council Minutes - Meeting nº 114 (April 7, 2015)

MSCA115 Member Services Council Agenda - Meeting nº 115 (June 2, 2015)

215036 Submission to the Ontario Ministry of Finance: Proposed Criteria for Exempting New Broader Public Sector (BPS) Multi-Employer JSPPs from Solvency Funding Requirements (proposal 15-MOF009)

Tweets from @CIA_Actuaries:

OSFI has posted the 2015 Guide to Completing the Actuarial Information Summary (AIS).

Two terrific days at our 50th anniversary #Annual Meeting – make sure you join us in @CityofStJohns, June 28-29, 2016 #CIA50ICA

Keynote speakers @JeffRubin @DavidSuzuki discussing #sustainability #climatechange #energy in #Ottawa #cia50ica

Thank you 2014-2015 President Jacques Tremblay @GodfatherAjax23 & welcome to his successor Rob Stapleford #CIA50ICA

Fascinating insights from journalists @dgardner @ChantalHbert Jeffrey Simpson @globeandmail #media #healthcare #pensions #CIA50ICA

Another day of #ActuarialExcellence in #Ottawa at day 2 of #AnnualMeeting #CIA50ICA

Financial #literacy under spotlight at breakfast session @claugagne @KMCents #AnnualMeeting #CIA50ICA

An early start after an awesome gala last night! Tweet us your pics. #CIA50ICA

Thanks to all those who helped us #celebrate our 50th #anniversary gala #AnnualMeeting #CIA50ICA

Music, entertainment, and more as #Actuaries celebrate 50 years of CIA #cia50ica

#Actuaries celebrate in style @Shaw_Centre for @CIA_Actuaries gala dinner #cia50ica What will make #actuaries famous in the future? #cia50ica

Deep concentration answering actuarial history trivia #cia50ica

Thank you Gala #Sponsor @RGA_RE for supporting Canada's #actuaries #cia50ica

"Let's rock this town", says CIA President Jacques Tremblay at the CIA gala @GodfatherAjax23 #cia50ica

#Actuaries of all ages swapping stories and networking at CIA gala #cia50ica

Gala reception and dinner starting now at @Shaw_Centre to celebrate our 50th #anniversary #greatday #AnnualMeeting #CIA50ICA @RGA_RE

First day of #AnnualMeeting ending with sessions on #ActuarialExcellence, #Quebec, #drugs #ethics #China #CIA50ICA

To our Benefactor sponsors GGYAxis @FaskenMartineau HannoverRe @KPMG_Canada LussierDaleParizeau – thank you! #CIA50ICA

Many thanks to @AurigenRe @DeloitteCanadaElliot Bauer @SCOR_SE @SOActuaries – Patron sponsors of #ActuarialExcellence

Thank you to our Grand Patron sponsor @RGA_RE for supporting our 50th anniversary Annual Meeting in #Ottawa #CIA50ICA

#cia50ica Rex is in da house

Interesting image from IFRS session @ #cia50ica compares IFRS with US GAAP for Manulife

As commanded by the president #cia50ica

Pension T. Actuary on the stand at CIA mock trial #cia50ica

Unmissable sessions in #Ottawa on #pension #risk, #IFRS, #dividends, #climatechange #sustainability #CIA50ICA

Thanks to our exhibitors @ANÉA_ASNA @CASact HannoverRe @KPMG @RGA_RE @OliverWyman #CIA50ICA

Plus More from Rex Murphy: "Real leaders don't have advisors for their thoughts" #CIA50ICA

Use the CIA #AnnualMeeting hashtag #CIA50ICA and share what you are learning

"You are the extroverted cousins of accountants" says Rex Murphy of #actuaries

Keynote speech from Rex Murphy at CIA Annual Meeting #CIA50ICA #Ottawa @CBCTheNational @checkupcbc

I am a #Canadian #Actuary by CIA President Jacques Tremblay #FCIA #CIA50ICA

Thank you @AndrewSaxton1 for your comments and best wishes this morning!

Canada’s #Actuarial community is gathering in #Ottawa for 2 days of #ActuarialExcellence #CIA50ICA

OSFI is posting an overview of its Pension Plans Survey Findings.

The aging of the Canadian population has increased substantially since the inception of the Canada Pension Plan.

Market value of Cdn employer-sponsored #pension funds in Q4 2014: $1.5 trillion

#Actuary Jean-François Chalifoux appointed CEO of SSQ Financial Group #FCIA

#Actuary Sylvie Paquette appointed chair of the board of the Insurance Bureau of Canada via @CdnUnderwriter

#Actuary ranked the best #job for women in 2015 #Career @KellieLeitch @KirstyDuncanMP @nikiashton via @careercast

OSFI has issued a Pension Assessment Remittance Form

Calendar of Events
Board and Council Updates

Member Services Council

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

  • Research: Lisa Miolo, effective April 9, 2015, and Denis Latulippe, effective May 20, 2015;
  • Research subcommittees:
  • Individual Life Experience: Renaud Guilbert, effective April 30, 2015;
  • Pension and Group Annuity Experience: Scott McManus (Chair), effective April 22, 2015;
  • Group Insurance: Isabelle Bouchard and Stéphane Levert, effective May 8, 2015;
  • Public Positions: Kelley McKeating (Vice-chair), effective May 14, 2015;
  • Pension Advisory: H. Clare Pitcher and Kari Holdsworth, effective May 25, 2015; and
  • Editorial Panel: Nirmala Veerappen (Chair) and Jean-François Poitras (Vice-chair), effective July 1, 2015.

The Pension Experience Subcommittee and the Group Annuitant Mortality Experience Subcommittee have been merged into a new subcommittee named the Pension and Group Annuity Experience Subcommittee, effective April 22, 2015.

That the following mandates for the Research Committee and its subcommittees have been approved as presented, effective immediately:

  • Research:

The Research Committee (ResCo) has the following subcommittees in order to carry out its mandate of conducting research in areas that are likely to be helpful in developing Institute recommendations in matters of public policy.

In general, each subcommittee has a common mandate of managing the execution of projects. This includes, but is not limited to:

  • Using the particular subcommittee’s area of expertise to identify future research ideas and bring them forward;
  • Discuss project ideas brought to the subcommittee for consideration;
  • Gauge stakeholder interest about performing a certain research project;
  • Approve research projects which are then brought to ResCo for approval;
  • Draft a request for proposal to perform the research, which is approved by ResCo before being issued;
  • From the responses, recommend the researcher(s) and bring this recommendation to ResCo for approval;
  • Once ResCo approval is obtained, the researcher(s) signs a contract with the CIA’s finance director;
  • Track and report on the progress of the research project to ResCo, and ensure that the allotted budget is respected;
  • Review the work of the researcher(s);
  • Work with the CIA editorial staff to ensure that all research papers are reviewed and published in accordance with the CIA Guidelines for Submitting Papers;
  • Offer guidance in the interpretation of results of research projects;
  • Where applicable, work with the CIA head office staff to promote the research to gain publicity for the CIA and raise public awareness; and
  • When asked, present the findings at forums such as CIA meetings and seminars.
  • Enterprise Risk Management Research:
    • Develop enterprise risk management (ERM) research projects involving the planning, organizing, leading, and controlling of activities of an organization in order to minimize risk; and
    • Build on working partnerships, which include the CIA Enterprise Risk Management Applications Committee, the Society of Actuaries’ Committee on Advancing ERM, and the Casualty Actuarial Society/CIA/SOA Joint Risk Management Section.

  • Individual Life Experience:
    • Develop Canadian industry mortality experience studies for individual life insurance products; and
    • Develop Canadian industry lapse experience studies for individual life products.

  • Individual Living Benefits Experience:
    • Develop Canadian industry morbidity claims experience studies for living benefits insurance products;
    • Provide historical perspective on product evolution; and
    • Maintain a forum for discussion and research of issues affecting living benefits products in Canada.

  • Segregated Fund Experience:
    • Work with the Society of Actuaries and LIMRA to obtain and report on industry data;
    • Provide information and insight that will create a better understanding of what drives segregated fund products’ financial results, and how to better predict those drivers; and
    • Periodically direct the Canadian segregated fund policyholder behavior study (covering lapses, partial withdrawals, resets, deaths, and length of deferral before taking a regular income stream).

  • P&C Research:
    • Develop Canadian P&C research on automobile, home, commercial, marine, and professional liability insurance; and
    • Consider emerging topics, including:
      • Flood and other water-related damages;
      • Impacts of climate change on P&C insurance;
      • Evolution of accident benefits and other auto product features;
      • Impacts of insurance regulation; and
      • Telematics and automated vehicles.

  • Academic Research:
    • Propose, develop, and maintain initiatives that encourage knowledge discovery and transfer from academia to the CIA and the industry; and
    • Establish research partnerships between universities, CIA, and the industry under the research grant program for Canadian professors.

  • Annuitant Experience:
    • Develop Canadian industry annuitant mortality experience studies for individual annuity products; and
    • Create CIA individual annuitant mortality tables.

  • Pension and Group Annuity Experience:
    • Develop Canadian industry annuitant mortality experience studies for registered pension plan participants; and
    • Develop Canadian industry annuitant mortality experience studies for group annuity products.

  • Group Life and Health Experience:
    • Develop Canadian industry mortality and claims experience studies for group insurance products.

The following people have resigned from the groups named below, and leave with thanks:

  • Individual Life Experience: Simon Bélanger, effective April 30, 2015;
  • Group Insurance: Mark Edwards and Harindra Sebastion, effective May 8, 2015;
  • Pension Advisory: Tony Williams, effective May 25, 2015; and
  • Editorial: Shriram Mulgund, effective May 26, 2015.

Geoffrey Melbourne has completed his term as chair of the Editorial Panel, effective July 1, 2015, and leaves with thanks.

Edward Gibson is now the Actuarial Standards Board liaison to the Research Committee, effective May 22, 2015.

The Op-Ed Team has been disbanded with thanks, effective immediately.

The Member Services Council’s mandate has been expanded as follows:

a) To develop and monitor public and government initiatives to ensure that the Institute becomes widely recognized by the Canadian public as the leading contributor to dialogue, analysis, and solutions in all areas related to the understanding and quantification of future financial contingences and risks;

b) To develop and monitor programs that promote the actuarial profession through consistent branding, marketing, and communication projects;

c) To create, deliver, and maintain appropriate services for members, students, and the public;

d) To develop and monitor processes for initiation, development, approval, translation, and distribution of CIA research and joint research projects; and

e) To develop, monitor, and maintain an appropriate volunteer management system.

A Task Force on Predictive Modelling has been created with the following membership: Jean-Yves Rioux (Chair), Frédérick Guillot, Marc-André Belzil, and Claire Bilodeau. Its mandate is to:

  • Promote and communicate research, technical documents, and new developments in the area of predictive modelling;
  • Influence the education curriculum and CPD offering to include predictive modelling; and
  • Stay abreast of what is happening in other organizations and collaborate with other organizations on the topic of predictive modelling.