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

Canadian Institute of Actuaries/Institut canadien des actuaires

June 2016
Elliott Bauer
D.W. Simpson & Company
Eckler Ltd.
President's Update

 

By Rob Stapleford, FCIA
CIA Immediate Past President

The 2015–16 CIA year is fast approaching its conclusion. It has been my honour to serve the profession, members, and our public as President over the past year. Thank you for that opportunity.

The Annual Report summarizes my comments on major accomplishments over the past year. In this article, I will concentrate on the review of our strategic plan with emphasis on public statements.

Our strategic plan identified four key priorities as follows:

  • The Board, members, and external stakeholders identified influencing public policy in areas of actuarial expertise as a key priority. As I will discuss below, we have been active in this area in 2015–16 and are actively considering enhancements to our process.
  • Greater support for emerging areas of practice will be an initiative for the Institute for several years. The CIA needs to be active in positioning the profession for a different work environment in the years ahead.
  • Educating actuaries of the future remains a focus. The CIA needs to work proactively with our education partners to prepare future actuaries.
  • We have initiated a review of operations and governance to ensure that the CIA functions effectively and makes good use of volunteer resources.

Public Policy 

Pensions have been the major focus of activity in the public policy objective in 2015–16. Many thanks go to the Pension Advisory Committee (PAC), chaired by Michel St-Germain, for its dedication in preparing several positions. In addition to work on new funding approaches, the PAC developed three public positions.

The most recent position on the Expansion of Public Pension Plans was released prior to the June finance ministers’ meeting to discuss Canada Pension Plan (CPP) expansion. Various CIA teams met with regulators and government officials from Québec, Ontario, and Ottawa, and with the C.D. Howe Institute. Our comments were well-received. Ultimately, the finance ministers agreed upon an expanded CPP (and potentially Québec Pension Plan (QPP)). I believe the CIA contributed to that process and met our objective of being an active participant in an area of public policy that could benefit from actuarial input.

Blue Ribbon Task Force

Notwithstanding this result, many members are unhappy with the process to develop public positions. The major concern was the lack of member involvement in a process that produces a CIA position. The Board decided to move quickly to address this concern. A Blue Ribbon Task Force on Public Policy (BRTF), chaired by Jacques Tremblay, was created with a mandate to bring forward recommendations to the Board in June. This BRTF operated with a tight deadline that required a disciplined approach. It has produced a comprehensive report for discussion and will be a model for future special projects.

The BRTF report contains a number of recommendations to enhance the CIA’s approach to making public statements. The Board will consider the following enhancements:

  • Create a more systematic process to identify areas of public policy where the CIA wants to be involved on a proactive basis. Board approval will be required for these positions at the outset and Board ratification of the Public Positions Committee’s approval when a final position is produced.
  • The CIA will continue to actively respond to consultation opportunities that are more technical in nature.
  • Public statements requiring Board approval will have a mandated member input process that includes a notice of intent, formal input, opportunity for discussion through events like webcasts and town halls, and open communication.
  • Greater involvement of research to support development of public statements where appropriate.
  • Proposed changes to the Policy on the Approval of Public Positions and to the Bylaws.

The Board approved the BRTF documents at its June 27 meeting and referred them to the Governance Committee for final refinement. Thanks to the BRTF for its thoughtful and complete work.

Thanks to Volunteers, Board, and Staff 

There have been many other accomplishments that have required the dedicated effort of many volunteers. Thanks to the Board and to the many volunteers for your continued commitment to our profession. Staff at CIA Head Office provide continuity and a longer-term perspective on many activities. Thank you for your support and commitment.

Congratulations to Sharon Giffen, our new President-elect and the newly elected Board members. I have every confidence that the 2016–17 Board under the direction of our new President, Dave Dickson, will lead the profession effectively over the next year.

Thanks for the opportunity to serve our profession as President for the past year. It has been a rewarding experience for me, and I hope that our work continues to position the actuarial profession in Canada for an exciting future.

Rob Stapleford, FCIA, is Immediate Past President of the Canadian Institute of Actuaries.

 
In Focus


By Dave Pelletier, FCIA

Our last (e)Bulletin update on the IRC was back in September 2015, and a lot has gone on since then. However, articles by Chris Fievoli in the December issue on the October meetings of the International Actuarial Association (IAA) in Vancouver and by Robert Berendsen in the February issue on emerging international capital standards for internationally active insurance groups and associated IAA standards activity have helped keep readers abreast of international activity. Plus in this issue, Chris Fievoli provides an update on two key subjects discussed at the recent IAA meetings in St. Petersburg, Russia, while Les Rehbeli describes the current status of the proposed International Financial Reporting Standards (IFRS) on insurance contracts and the role our International Insurance Accounting Committee (IIAC) is playing in both providing input to the International Accounting Standards Board (IASB) and the IAA and in helping ready Canadian actuaries for the outcome.

So this article of mine will not repeat what the reader will find there, and instead deal with other aspects of our international involvement. What else have we been doing?

Influencing Policy Setting

One objective of the CIA is to influence policy setting where we have expertise that bears on the subject matter involved. For the IRC, that translates into making input into, and participating in where feasible, the various international bodies (IAA, IASB, International Association of Insurance Supervisors (IAIS), International Organization of Pension Supervisors (IOPS), International Public Sector Accounting Standards Board (IPSASB), International Social Security Association (ISSA), and occasionally other "I’s") developing model standards, guidelines, regulations, or other material ultimately relevant for our work as actuaries in Canada and elsewhere.

Three of our committees (the IIAC, the International Insurance Regulation Committee, and the International Pension and Employee Benefits Standards Committee) play key roles in monitoring international developments and reacting accordingly. Over the last year, collectively we’ve made six submissions in response to international consultations. We also supported the Education and Eligibility Council’s submission to the IAA on a proposed international education syllabus. We stay very active as well within the IAA, with at least 15 CIA members participating on IAA committees and working groups, several in leadership positions; more on that below.

The 2026 International Congress of Actuaries (ICA)

 

While the International Olympic Committee will be determining the site of the 2026 Winter Olympics only in 2019, the IAA is well ahead of that schedule, intending to announce the site of the 2026 ICA later this year! Late last year, the CIA Board approved the IRC’s recommendation to make a bid for that congress, with Vancouver as host city. Bob McKay has very energetically chaired our effort, which involved an extensive feasibility study, a very impressive and colourful bid document, and a presentation to the IAA Executive Committee (EC) in St. Petersburg by our proposed Organizing Committee Chair Jason Vary and proposed Scientific Committee Chair Alexis Gerbeau, along with President Rob Stapleford and Executive Director Michel Simard. However, we’re facing tough competition.

Our Mandate

Given our start-up nature, it was not surprising that we saw the need during the year to modify the mandate of the IRC and some of our committees. Les Rehbeli’s article in this month’s (e)Bulletin describes the expanded role the IIAC will now be playing. In addition, the originally proposed mandate of the IRC did not really reflect what we were doing and what the Board wanted us to be doing; the Board approved at its March meeting a revised mandate for us.

Perhaps the most significant change was the addition of this task: "To actively develop and maintain an international strategy for the CIA, to be proposed for Board approval". To begin to fulfil this part of our mandate, the IRC has created a task force, chaired by Jacques Tremblay, to draft an international strategy for the CIA. It has begun its work, identifying initially what the CIA’s objectives should be in the international arena, and why.

We’re also taking steps to enhance our communication within the CIA about international developments. The expanded role for the IIAC is one aspect of that, but we’re also establishing formal liaison roles between the IRC and the Practice Council (PC) and between some of our committees and the PC’s.

Opportunities

Another part of the IRC’s role is to ensure that the CIA participates effectively within the IAA. This consists of both appointing strong CIA delegates to the various IAA committees where all associations have the right to appoint a delegate, and nominating CIA members to leadership positions within the IAA as well as positions on important "limited membership" committees. Our policy requires that we not only publicize such positions as they come open but also ensure timely rotation of incumbents so we have a continuous flow of new blood participating for the CIA.

This past year, we publicized 13 possible openings on IAA committees or working groups, including, in particular, the new working groups on banking and on big data and the new committee on general insurance. CIA members who have participated in the past have found the interaction with their international colleagues highly interesting and rewarding. Later this year we’ll be in a position to publicize some more, and we look forward to a healthy response.

Dave Pelletier, FCIA, is Chair of the International Relations Council.

 
Actuaries on the Move

Career Changes

Hélène Baril has been promoted to the role of associate partner at EY.

Dean Connor, president and CEO, Sun Life Financial, has been elected chair of the board of directors of the Canadian Life and Health Insurance Association (CLHIA).

Ed Lee has rejoined Morneau Shepell as a partner in its retirement solutions practice. He will also serve as the firm’s national retirement solutions growth leader.

Associate Twiggy Lemercier has been appointed vice-president, data analytics and chief risk officer, of Allstate Insurance Company of Canada and subsidiary companies.

Bruno Valdevit recently joined Rio Tinto as senior advisor, pension and benefits.

Actuaries in the Media

Scott Clausen, partner at Mercer Canada, appeared on CBC News on June 20 to discuss the finance ministers’ meeting on the expansion of the Canada Pension Plan.

Associate Derek Dobson, chief executive officer and plan manager of the Colleges of Applied Arts and Technology (CAAT) pension plan, wrote an article titled Sounding Board: DB plans key to stability, economic activity which was published in Benefits Canada on June 20.

Ian Edelist, principal of the Toronto pension practice at Eckler, was quoted in a June 22 article published in Benefits Canada regarding the finance ministers’ agreement to expand the CPP.

The seminar given by Joe Nunes, president of Actuarial Solutions, to the Fasken Martineau pensions and benefits group called The Employers' Guide to the Ontario Retirement Pension Plan has been covered in an article in Benefits and Pensions Monitor Online.

An editorial written by Fred Vettese on why CPP should be expanded was published in the National Post on June 6.


Networking is a key part of any successful professional's career, and the CIA is offering you a fresh opportunity to inform your peers about your achievements and progress.

Our (e)Bulletin section, Actuaries on the Move, is a chance for you to publicize your new job, title, credentials, or other information. This is an opportunity to tell thousands of fellow 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 bonnie.robinson@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.

 
Public Affairs Corner

 

By Les Dandridge

Early this year, the Pension Advisory Committee (PAC), led by Michel St-Germain, started work on a new CIA public position. The overall goal was to put together a document that would help federal, provincial, and territorial governments focus their thinking on critical issues around developing a national, targeted, and modest increase in Canada/Québec Pension Plan (C/QPP) benefits. The reason was simple: the finance ministers of these governments had been challenged by federal Finance Minister Bill Morneau to make a modest CPP benefit increase happen.

His challenge included a very speedy timeline. He wanted the ministers to do their homework and be ready to review substantive options at their June 2016 meeting, with a goal of reaching agreement on a path forward at their December 2016 meeting. What happened at their June 20 meeting is past surprising. Eight provinces came to an agreement, with Manitoba needing a bit more time to review the options, due to that province’s recent election. The door is open to Manitoba joining the agreement. Québec was aligned on many aspects for the QPP, but a couple of issues require consultation and more review.

Unique Opportunity

The PAC felt that the CIA had a unique opportunity to reach out to the ministers with the best independent and objective thinking by seasoned pension actuaries applied directly to their task. In other words, create a public position dedicated to the topic and based on the CIA’s public position from November 2015, A Call to Timely Action: Meeting the Needs of Canada’s Future Retirees. Their thinking included having the document ready for distribution a month before the next meeting of the ministers scheduled for mid-June.

As well, the PAC was interested in meeting with ministers and their staff members to dig into some of the complex and interrelated aspects of what seems to be a simple objective—a modest increase in C/QPP benefits. Of course, the entire environment where this change was going to happen was complicated by the steady progress of the Ontario government’s Ontario Retirement Pension Plan (ORPP).

 

Meetings with Government Officials

On May 19, the final, approved public position was distributed to the finance ministers, deputy ministers, other associations, and CIA members. The CIA offered to meet with ministers and officials to brief them on the finer points of the position. Officials of the Québec, Ontario, and federal governments took the CIA up on this offer and CIA teams met with them early in June.

The teams included CIA President Rob Stapleford, PAC Chair Michel St-Germain, PAC members Serge Charbonneau, Ian Edelist, and Jason Vary, and CIA associate director, public affairs, Pascale Belleau.

The calibre of the exchanges was very high. And they were very positive. It was obvious that a lot of work was going on behind the scenes and governments were very advanced and thoroughly prepared on the effort. Also positive was their opinion of the quality and helpfulness of the CIA position.

Webcasts and Press Release

On June 8, the CIA also offered two free webcasts on the position. Rob Stapleford and Michel St-Germain hosted the English webcast and Michel St-Germain and Serge Charbonneau presented the French version (note you must log in to view the archived webcasts). Over 500 members attended the webcasts, indicating a very high level of interest in the position and what the profession was putting before governments. Time ran out with the English webcast and a number of questions were not answered. These questions have since been addressed and are now available to members on the CIA website.

A lot of time and effort went into crafting the position and making sure that it landed in the hands of the right people. But the work didn’t end there. On June 20, the day the ministers met, the team was watching the wrap-up press conference and searching for background information on the surprising agreement the ministers hammered out, and the next day, the team put together a press release to voice the Institute’s opinion on the successful result. The team will keep an eye on what happens up to and including July 15 (the date by which the agreement needs to be ratified) and will remain available to contribute further insight to government officials over the summer.

Les Dandridge is director of communications and public affairs at the CIA.

Government Relations/Public Relations Activities at a Glance

Date

Activity

Response

May 19, 2016

CIA public position sent to federal, provincial, and territorial finance ministers and deputy ministers.

Some calls/e-mails received on details and meeting requests.

June 6, 2016

Meeting with Québec officials by Michel St-Germain, Serge Charbonneau, and Pascale Belleau

Solid meeting, positive comments on CIA document

June 7, 2016

Meeting with the Office of the Superintendent of Financial Institutions (OSFI) chief actuary and staff by Rob Stapleford, Michel St-Germain, Jason Vary, and Pascale Belleau

Solid meeting, positive about the document and the fact that CIA was engaged on the topic

June 8, 2016

English and French webcasts

Over 500 attendees. Dozens of questions answered. Overall feedback on the session was that it met expectations, the content was informative, and it was time well spent.

June 9, 2016

Meeting with Ontario officials from the Premier’s office, Finance Minister’s office, and Ontario Ministry of Finance by Rob Stapleford, Michel St-Germain, Ian Edelist, and Pascale Belleau.

Productive meeting. Again, very positive about the position.

June 9, 2016

Distributed Expansion of Public Pension Plans public position to the media.

Several stories appeared in the media, especially the pension trade press (*see below).

June 21, 2016

Launch of a press release to Canadian media

*See below.

June 22, 2016

Meeting with the C.D. Howe Institute, Pension Policy Council, to discuss the recent C/QPP public position by Rob Stapleford and Michel St-Germain.

Malcolm Hamilton, Fred Vettese, Allan Shapira, Barry Gros, and Scott Clausen. Other members included David Dodge, Keith Ambachtsheer, Jennifer Rook (Ontario Ministry of Finance), and Bob Baldwin.

*Media Metrics

The CIA public position was mentioned in a number of media stories. These included the Investment ExecutiveThe Canadian Business Journal, Toronto Star, and many others. Here are a few interesting numbers (as of June 24):

  • Traditional media: 49 online mentions and a 9,500,000+ potential readership;
  • Social media: 11 tweets and a 141,000+ potential readership;
  • Online views of the press releases: 1,990 views for the June 9 release and 753 views for the June 21 press release;
  • The June 9 press release found its way onto 2071 newsfeeds while the June 21 press release was posted to 456 ; and
  • More than 50 North American websites picked up the June 21 release and posted it to their website.
 
Insight Decision Solutions
D.W. Simpson & Company
RGA Canada
Committee Profile

 

By Crispina Caballero, FCIA

The mandate of the Workers’ Compensation Committee (CWC) is twofold: to interpret standards of practice with respect to workers’ compensation systems and other personal public injury compensation plans (PPICP), and then to bring to the compensation boards, through the Association of Workers’ Compensation Boards of Canada (AWCBC) (the chief financial officer (CFO) group), any actuarial issues relating to workers’ compensation.

Workers’ compensation systems are prescribed by legislation with exclusive jurisdiction. The boards operate on a going concern basis (now over 100 years of operations in Ontario). The benefits and administration are subject to statutory reviews and adapt to the changing needs of the stakeholders. There is a benefit entitlement whether assessment rates are paid or not. All systems have funding policies aimed at ensuring proper funding and also guide the valuation of liabilities and rate setting. The stakeholders (employers, labour, injured workers, and the government) keep the system in balance. There is also an inherently strong public interest in workers’ compensation systems.

There is no regulatory oversight such as the Office of the Superintendent of Financial Institutions (OSFI) or provincial equivalent. Only the province of Québec legally requires that actuarial work for the compensation board be performed by an FCIA. Seven of twelve jurisdictions (provinces and territories) have actuarial staff including at least one FCIA.

All volunteers on the committee are recommended by the boards and are required to have workers’ compensation or PPICP experience.

Where We Have Been Prior to 2016

In addition to a research paper on occupational disease published in February 2015, the committee has published the following educational notes (EN):

Educational notes currently in development cover the following topics:

  • Sensitivity testing;
  • Data validation;
  • Margins for adverse deviations; and
  • Pricing.

 Looking Ahead in 2016 and the Next Few Years

There are quite a few challenges that we are looking at:

  • Applicable standards and guidelines for International Financial Reporting Standard X (IFRS X) for PPICPs and strong coordination with the professional accounting community;
  • Streamlined requirements for models to not overwhelm the systems;
  • Nuances of presumptive entitlement;
  • Appropriate stress and post-traumatic stress disorder coverage;
  • EN on occupational diseases;
  • EN on reporting, including gain/loss; and
  • Standards for outlier estimation of cost impact for new benefits where there is limited or no data at all.

Liaising with External Organizations and Committees

We have a designated liaison to the Actuarial Standards Board (ASB) and a designated liaison to the Practice Council. We keep our eyes open for developments in other committees, especially those that could impact PPICPs.

The nature of workers’ compensation systems requires and encourages formal and informal conversations among the actuarial community. We have casualty actuaries, life actuaries, pension actuaries, investment actuaries, and group life and health actuaries. We are a mixed bunch of talented people always facing new challenges.

As you can see, the CWC is a very active and busy committee. If you are interested in learning more or becoming involved, don’t hesitate to contact me at crispina.caballero@ws-ts.nb.ca.

Crispina Caballero, FCIA, is Chair of the Workers’ Compensation Committee.

 
Institute News

 

By Lynn Blackburn

Voting members of the CIA approved Amending Bylaw 2016–1 regarding the disclosure of criminal convictions. The motion to approve the bylaw was carried as follows:

  • For: 561 (57 percent);
  • Against: 371 (38 percent); and
  • Abstention: 53 (5 percent).

On May 16, 2016 the Board approved changes to the Bylaws, Rules of Professional Conduct, and policies related to the implementation of a new requirement for existing members, as well as applicants to the Institute, to disclose any criminal convictions.

The amendments were the culmination of a review and consultation process that began in 2014 when the CIA’s law firm, Fasken Martineau DuMoulin, made several recommendations regarding potential enhancements to the CIA’s ability to better protect the public interest.

The firm asked the Board to consider implementing a requirement to disclose criminal convictions, in order to assess and determine if such information impairs the actuary’s ability to perform professional services, thus enhancing the CIA’s ability to protect the public interest and better support Guiding Principle #1, which states that "In carrying out its activities and programs, the Institute holds the duty of the profession to the public above the needs of the profession and its members."

Pursuant to the Bylaws, CIA voting members were asked to confirm the proposed amendments at the General Business Session (GBS) held at the CIA Annual Meeting in St. John’s, NL on June 28, 2016. Proxy voting was also permitted for those who could not attend the GBS, and 836 members exercised that privilege in advance of the meeting. Another 149 members cast their vote in person at the GBS for a total of 985 votes cast.

Impact of the Amendments
 
As of September 1, 2016, all new applicants to the Institute will be required to disclose all past convictions, for which they have not received a record suspension (formerly a pardon), upon application for enrolment.

Also as of September 1, 2016, existing members who are not fully retired will be required to disclose a criminal conviction that occurs on or after this date, within 30 days of the date of the conviction.

As a transitional measure, existing members who are not fully retired will be required to disclose all past criminal convictions (occurring before September 1, 2016) for which they have not received a record suspension, to the Institute no later than July 1, 2017. This will allow members who have a criminal conviction on their record some extra time to apply for a record suspension, if they are eligible, which would be taken into consideration as the CIA assesses the conviction.

Later this summer, the Institute will release more information on the process and procedures to follow to disclose a criminal conviction.

If you have any questions regarding the new requirements, please contact me at lynn.blackburn@cia-ica.ca.

Lynn Blackburn is the director of professional practice and volunteer services at the CIA.

 

Congratulations to the CIA members who have been elected to the Board in the 2016 Elections: 

                                 President-elect                                
 
 Sharon Giffen 
(elected by acclamation)
 
New Directors 
 
                                                  
Barbara J. Addie         Patrick Chamberland                Pierre-Yves Julien             Jason Vary
 
The President-elect will serve a one-year term in that position, followed by a year as President and a further year as Past President. Directors are elected for a three-year term.

These elected members commenced their terms following the close of the Annual Meeting on June 29, 2016.

The elections are a chance for each individual member to play a part in setting the future direction of the Institute, and this year more than 1,300 of you seized that opportunity, pushing the voter turnout to 30.6%, an increase over last year. Thank you for taking the time to vote, and please remember to do so again next year.

If you want to have an even greater role in the development of the actuarial profession in Canada, why not consider running for a position on the Board in 2017?

Thank you to all who stood for election.

 

 

By Les Dandridge

Turn on your TV, open a newspaper or insurance trade magazine, follow federal, provincial, and territorial legislatures, and you will find that there is a lot of attention focused on climate change. Canada is a signatory to the Paris Agreement, one of 195 countries to make such a commitment. And actuaries are involved in the issue, from an investment, enterprise risk management (ERM), pension, and property and casualty, life, and health insurance perspective.

The Actuaries Climate Index (ACI), a groundbreaking web-based resource to which actuaries can refer in their work, will launch online this summer. A joint venture of the American Academy of Actuaries, the Casualty Actuarial Society (CAS), the Society of Actuaries (SOA), and the CIA, the ACI is not only of interest to actuaries, but to the broad public as well—politicians, teachers, students, the media, researchers, and business decision-makers will find important information on the site.

The ACI concentrates on six key climate indicators, measuring the frequency and intensity of their extremes, based on long-term observational data from weather stations in Canada and the United States. The six components are

  1. Frequency of temperatures above the 90th percentile;
  2. Frequency of temperatures below the 10th percentile;
  3. Maximum rainfall per month in five consecutive days;
  4. Annual maximum consecutive dry days;
  5. Frequency of wind speed above the 90th percentile; and
  6. Sea level changes.

The ACI looks at Canada and the United States as a whole, and is broken down into 12 subregions. ACI site visitors will be able to look at monthly observations based on measurements from an extensive network of meteorological stations and coastal tide stations, with data going back to December 1960, and see how the individual index components have measured since then. They will even be able to download the data to run their own analysis. This is a great educational feature for students, teachers, and actuaries.

 

The ACI will combine these components into a single index, based on quarterly/seasonal downloads of data, and the Climate Index Working Group, chaired by CIA member Caterina Lindman, will provide clear, concise, plain language explanations of what has been measured in the last quarter and what differences have been noted from the previous quarter.

The website will be deep and comprehensive with exhaustive details about the measurements, analysis, science and math, and the techniques that have gone into building the charts and graphs, for those interested in diving deeper. For the CIA, the Climate Change and Sustainability Committee (CCSC) has worked closely with the partners and the website designer on final implementation. CCSC Chair Karen Lockridge has worked with the partners on the project management aspect of the effort and helped to keep it moving forward.

ACI Origins 

The ACI had its start in 2008, with a suggestion to the SOA’s Image of the Actuary Group. From there, a group of interested actuaries from Canada and the U.S. started work on a thought-provoking experiment: Can actuaries and their unique toolkit and climate scientists, with their skill set, work together to come up with valuable research and tools? The work of Canadian actuary John Neal and climate scientist Dr. Katharine Hayhoe said, "Yes, absolutely," and their analysis laid a directional foundation that the associations used in developing the ACI.

Around the same time, the CAS launched a Climate Change Committee, currently chaired by U.S. actuary Douglas Collins, which gave the work a formal structure and a home for the Climate Index Working Group. The Climate Change Committee has a mandate to recommend, support, and perform research on climate change and assess the potential risk management implications for the insurance industry.

The four organizations commissioned Solterra Solutions, a Victoria-based climate change consulting firm, to first create a literature survey of climate science focused on the potential components of an index, which led to a report, Determining the Impact of Climate Change on Insurance Risk and the Global Community—Phase 1: Key Climate Indicators. This document focused on extreme weather, climate science, global climate change indicators, regional and seasonal climate change, the construction of climate indices, and future climate projections. The soon-to-be-released ACI has its roots firmly in this document.

The ACI will launch jointly by the four actuarial associations with press releases and news stories, and we expect that members will be proud of the results. CIA Fellows Caterina Lindman and Yves Guérard will be leading the team of spokespeople who will be responding to Canadian media enquiries. Stay tuned . . . we will keep you apprised of the launch day!

Les Dandridge is director of communications and public affairs at the CIA.

 

By Bonnie Robinson

Every three years, the Office of the Chief Actuary (OCA) is required by law to produce an actuarial report on the Canada Pension Plan (CPP). To ensure that the report meets high professional standards, is based on reasonable assumptions, and provides sound actuarial advice, the OCA commissions an independent peer review of it, conducted by individuals who are enrolled with the CIA.

"First recommended by the federal and provincial finance ministers some twenty years ago, external peer reviews have contributed significantly to the quality, transparency, and credibility of our actuarial reports," says Michel Montambeault, director, OCA. "We carefully analyze each recommendation and many have been implemented over the years. We look forward to the next independent review to further improve the content of our actuarial report and to reinforce the independence of our office."

Panel Member Selection

The OCA begins work on the report a year before it is due. By May of the year in which the report will be released, the OCA starts the process to select the three independent reviewers who will form the independent peer review panel. Interested applicants can read a summary of the process and terms of reference and fill out an application form. This year, the application deadline is July 15.


Michel Montambeault

Applicants are vetted by the UK Government Actuary’s Department (GAD) which classifies, and ranks the applicants through an open process, and selects the panel members by mid-September. The GAD is recognized for the international work it does. "Having a third party involved further increases the credibility of the review process," says Mr. Montambeault.

In addition to being a member enrolled with the CIA, experience in social security and investments and status with the CIA, such as volunteering, publications, and committee experience, are just some of the criteria used to classify the candidates for the panel.

Review Process

The independent peer review panel does not see the Actuarial Report on the CPP until it is tabled in the House of Commons in December. According to Mr. Montambeault, in the months between their appointment and access to the report, panel members receive binders of information and materials that describe the data, methods, and assumptions that the OCA used to do its work. This information includes the documentation of all demographic, economic, and investment assumptions, as well as the presentations that were made at the triennial CPP seminar organized by the OCA in September 2015, and those made to anyone the chief actuary met with to prepare the CPP report.

Once it receives the CPP report, the panel has three months to produce its own report. The panel sends questions to the OCA, and the OCA meets personally with the panel over two days to provide them with answers. "It’s quite intense," says Mr. Montambeault. The panel asks additional questions during the meeting and also takes a day and a half to meet with organizations that the chief actuary met with, including the Bank of Canada, Statistics Canada, Finance Canada, and the Canada Pension Plan Investment Board (CPPIB).

Deeper and More Technical Actuarial Work

CIA Fellow Mark Campbell has served on the CPP independent review panel three times. "On any panel, one person is selected as chair, and we divide the work up as we see fit," he says. "I’ve done more work on compliance with professional standards and statistical analysis issues," he adds, so those are the areas of the CPP report he has looked at. "Others may have focused on economic or demographic issues, so are better suited to examine those areas." Mr. Campbell has been chair once and an ordinary member the other two times he has served on the panel. The chair is also usually the drafter of the report, ensuring that everything is consistent and well-presented.


Mark Campbell

Mr. Campbell appreciates the challenge of the work that the panel does. "It’s very different from usual actuarial work unless you are a social security actuary," he says. "This is deeper work involving population data, great volume and complexity of data, and a longer time frame. It’s more technical and the statistical aspects are complex. The CPP is a large and important program so the work that goes into it is more complex and elaborate."

He also finds the work more interesting than day-to-day actuarial activities. "You get to dig deeper than you ever have before. You learn things, test your own expertise," he says. "Most actuaries work with pre-release drafts so they can influence the final report, but the CPP actuarial report is already final when the reviewers receive it. You are rating it. The question is not did they do it the way you would have, but have they done a good job? Is it in the range of accepted actuarial practice, even if you wouldn’t have done it that way?"

Protecting the Public Interest

Mr. Campbell adds that the independent review started at a time when there was concern that there was political influence on the chief actuary. It was implemented to assure the public that the work of the chief actuary was done properly and without political influence.

The panel’s job is to "help assure the public that the CPP is being well-managed," he says. "Virtually every Canadian is affected by the CPP program so it is important to review it."

The chief actuary receives a draft of the panel’s report before it’s finalized. The UK GAD reviews the panel’s final report and provides an opinion that it, in turn, was prepared in an appropriate manner. The review panel report and GAD review are then released to the public.

Improving the Actuarial Report on the CPP

"It is definitely a process that is a win-win situation for us," says Mr. Montambeault. "A win as it provides us with more feedback on the report and provides credibility to Canadians that we are doing things properly and helps promote Canadians’ confidence in the valuation of this important program."

The panel usually makes between 8–12 recommendations, from suggesting more research into equity risk premiums to stochastic considerations. "We try to put them into place," Mr. Montambeault adds. "We get to improve and reassure the public that we are doing work according to standards and using reasonable methods for the work we do. It’s a positive for us in making sure our reports are better each time we do them."

Adds Mr. Campbell, "actuarial science is about applied math—the review is highly mathematical, and it also matters to the public. We are all affected by the CPP in one way or another. If you want to make a difference in people’s lives this review is an excellent way to do it."

Bonnie Robinson is the English editor at the CIA’s Head Office.

 

Dave Dickson at the Pacific Rim Actuaries
Club of Toronto.

By Dave Dickson, FCIA
CIA President

Traditionally the President-elect visits some actuarial clubs in Canada, usually in May. The visits have two purposes. One is to update members on what is happening within the CIA and the other is to receive input to help the President-elect prioritize efforts during his or her year as President.

The CIA Head Office has 26 staff, and the CIA has about 500 volunteers. It is important to focus them on what is important. They are busy people, so we don’t want to take on too much as little might be accomplished. On the other side, every President wants to make the CIA a better organization during his or her term of office and is anxious to get things done. So prioritizing is very important and the actuarial club visits provide important feedback.

Member Feedback

I started with visiting three western clubs. I spoke in Calgary, then in Vancouver and Winnipeg. After returning home to Ontario, I spoke at the Waterloo club, the Pacific Rim Actuaries Club of Toronto, and the Independent Actuaries Network in Milton. In total, I talked to about 300 members. Usually my presentation took about an hour; informal discussions afterwards often lasted another hour or two. Most of the clubs had an interesting mix of younger and more seasoned members.

My presentation focused on the CIA’s revised strategic plan and hot topics. Some of the hot topics discussed were the future of our General List, where we are going with education of Canadian actuaries, and the importance to us of predictive modelling. I also shared information from the impression audit done last summer and the new member survey conducted last winter. Usually there was a lot of discussion and I didn’t cover the entire presentation. After the presentation there were always very valuable informal discussions.


Dickson at the Pacific Rim Actuaries Club of Toronto.

Better Connections and Communications

There were a lot of questions and some members put forward some very good ideas and comments, many extremely insightful. Some of the questions involved what we are doing with research, how members could volunteer with the CIA, and concerns about how our continuing professional development (CPD) works. As a result, I have prepared a lengthy to-do list that CIA leadership is looking into. There were some important themes which surfaced and I’ll mention two.

A common theme is that we need to work on strengthening our connection with many of our members, especially newer ones. Many feel more connected to the actuarial organizations where they wrote their exams, rather than with the CIA. This topic concerns me and I will make it a priority next year to improve things. I think it will take some effort and time but there is a lot of opportunity to better connect with our members.

We already do things to better connect with students such as sponsoring the Actuarial Students National Association (ASNA) in an effort to familiarize them with the CIA. We also work closely with academics at Canadian universities. This helps us to better connect with students on their way to becoming members of the CIA.

We found that quite a few new members are interested in being more involved with the CIA and finding volunteer roles. We have already started to work on this through our new Volunteer Management and Development Committee.

The other important theme is that our communication with members can be improved. This came up at many of my visits. I believe that we need to have strong communication with our members, not just in communications that we distribute but also in any dealings we have with them. Also, technology is changing at the CIA and there are many opportunities to do things differently. These two themes are linked. With better communications, we will be able to better connect with our members.

I am Proud to be an Actuary and a Member of the CIA

I really enjoyed my visits. I met a lot of members and reconnected with some old friends. I was always very well-received and enjoyed some terrific events. It certainly helped me to decide on priorities for my year as President and will help me leave the CIA a better organization than I found it. Thanks to all who came out to my visits and for your valuable feedback.

After my visits, I received a number of e-mails on different topics. Many said positive things about the profession and the CIA. From one member, "at the risk of sounding corny, I am proud to be an actuary and a member of the CIA". Quotes like that make the trip even more worthwhile.

Dave Dickson, FCIA, is President of the Canadian Institute of Actuaries.

 

 

By Les Rehbeli, FCIA

The International Insurance Accounting Committee (IIAC) reports to the International Relations Council (IRC) of the CIA, and focuses on international developments as they pertain to the accounting and valuation of insurance contracts. Recently, the IIAC has begun a coordination effort with various CIA committees to help Canadian actuaries prepare for changes that will result from the soon-to-be-released accounting standards for the valuation of insurance contract liabilities (IFRS X).

The International Accounting Standards Board (IASB) is in the final stages of developing its proposed accounting standard for valuation of insurance contract liabilities under international financial reporting standards (IFRS X), with the intent of releasing the final standard by the end of 2016 or early 2017. While the final standard will be similar in many respects to the exposure draft that was issued in 2013, the IASB has made several tentative decisions on certain topics that will change the 2013 exposure draft. The IASB has largely concluded its deliberations, although it continues to consider a few issues. Some examples include the level of aggregation, the release pattern of the contractual services margins for contracts without direct participation features, and presentation and disclosure of revenue and expense.

The new standard is expected to become effective in 2020 or 2021, and might require the calculation of one or two prior years for comparative purposes. Although the core principles of the new standard bear some resemblance to our current Canadian Standards of Practice, there are many differences that will require changes in valuation approach, changes in valuation systems, and changes in financial reporting processes. Significant implementation effort is expected for most insurers, and actuaries will play a key role in this transition.

With the implementation of IFRS X, revisions will be needed to the current Standards of Practice and to supporting guidance material. The Actuarial Standards Board (ASB) is responsible for reviewing the CIA Standards of Practice and modifying them as needed, and has established a designated group to do so. The CIA is responsible for providing supplementary guidance.

 

New IIAC Coordinating Role 

The CIA has several committees that are actively monitoring these developments, including the Practice Council, the life insurance and property and casualty (P&C) financial reporting committees (CLIFR and PCFRC), and the Appointed/Valuation Actuary Committee, each with a specific focus. For example, CLIFR is broadly responsible for developing educational material that supplements the standards of practice related to valuation of life insurance liabilities, while the PCFRC plays a corresponding role related to P&C liabilities.

With so many groups involved, there is the possibility of both overlap (duplicative and possibly conflicting efforts) and omission (topics being ignored as they don’t fall under anybody’s specific purview). To help address this risk, the IIAC will play a newly created coordinating role among the various CIA committees to ensure that appropriate guidance is developed, and to help Canadian actuaries understand the differences in valuation requirements compared to our existing standards and guidance.

Canada-Specific Issues 

We anticipate that the International Actuarial Association (IAA) will publish much of the guidance that will be needed, and in fact it is in the process of drafting a model International Standard of Actuarial Practice (ISAP) and several supporting International Actuarial Notes (IANs) to supplement IFRS X. The ASB and the CIA will review these international standards and guidance to adopt or adapt them to the best extent possible, but will introduce additional guidance if necessary to address Canada-specific issues. We also plan to review the existing CIA educational notes and research papers as they pertain to valuation topics and assess whether they are still needed under the new framework, and if so, whether they need to be modified. Finally, we will consider issuing material that highlights important differences between the current Canadian approach and the new IFRS X approach. Once a need is identified, we will work with the appropriate committee(s) to develop or modify the guidance, and assist in the development and review process.

IIAC Mandate 

Our specific mandate has recently been revised to reflect this new work. With regard to new international accounting and actuarial standards for the valuation of insurance and related products, our revised mandate is to

  • Monitor developments and ensure that news of relevant and material developments is dispersed appropriately within the CIA;
  • Recommend where specific additional Canadian guidance may be helpful, and if so, assist in its development; and
  • Where relevant and appropriate, provide input from a CIA perspective to the international governing bodies.

To ensure effective linkage to the various CIA committees, we have expanded our membership to include members of PCFRC, the ASB designated group, and the Appointed/Valuation Actuary Committee, and will shortly include representation from CLIFR.

Look for more updates on this developing topic in the months and years ahead.

Les Rehbeli, FCIA, is Chair of the International Insurance Accounting Committee.

 

 

By Bonnie Robinson

In an effort to better serve new members and promote the role of the CIA within this group, the New Members Committee (NMC) conducted a survey in December 2015. The 268 respondents were members who had earned their FCIA (58 percent) or ACIA (42 percent) within the last five years. The intent of the survey was to gain insight from new members around volunteerism, professional development, and communication. The NMC will be releasing a report on the survey results in the near future.

"We are trying to assist with the engagement of new members in the CIA," said Joseph Kazibwe, Chair of the NMC. "We wanted to measure their engagement based on different categories: volunteering, communications from the CIA, etc. We also asked more philosophical questions to get a sense of what new members think about the profession and what they get back from the CIA."

During the two-week survey period, respondents provided feedback on a number of issues including the following:

  • Quality of CIA volunteer experience and how to improve it;
  • Website use and accessibility of information;
  • Amount of communication material received;
  • Value CIA provides within respondent’s practice area;
  • Participation in continuing professional development (CPD) opportunities; and
  • Best delivery method for CPD.

Soft Skills Development

According to Mr. Kazibwe, developing soft skills was something that came up numerous times in the survey responses. "The ultimate goal for all actuaries is to move away from being just technical, but also to be leaders," he said. "We are viewed as introverts and very technical, so there’s a bit of a gap—that’s not a surprise—it would be good to try to get the CIA to focus more on training and networking skills."

The survey also found that new members are more inclined to digital rather than face-to-face interactions. "Webcasts might be a more effective method of delivering CPD, rather than meetings," said Mr. Kazibwe, "since they are brought to each individual rather than the individual having to travel to attend a meeting."

The survey also indicated that property and casualty (P&C) actuaries also feel somewhat excluded. "P&C actuaries feel underrepresented," Mr. Kazibwe said. "They indicated that there are not enough topics geared towards P&C actuaries; that they need to go elsewhere for that CPD, but they would prefer to have it come from Canada."

Volunteering 

Mr. Kazibwe said that a large number of respondents expressed an interest in volunteering, but have never been contacted by the CIA. While the Volunteer Applicant Registry provides a database of members interested in volunteering, the NMC would like to find a way to make use of this list more efficiently. Mr. Kazibwe points out that much of volunteering does rely on that first volunteer opportunity, where you make connections with more experienced volunteers who get to know your skills and interests. The committee believes that providing volunteer opportunities that are shorter for those whose time is limited could help increase volunteer engagement, particularly among new members.

"New areas like predictive analytics, or other emerging practices that are being talked about in the CIA, also attract members to volunteer because of the new ideas," added Mr. Kazibwe.

Communications

Communication is another area where respondents had strong and varying opinions. "Communications are difficult," said Mr. Kazibwe. While 68 percent of respondents said they receive just the right amount of communication material, many find the frequency of communications too high. "We would like to see targeted communications, so that people don’t just gloss over information," said Mr. Kazibwe. The CIA's planned customer relationship management (CRM) system should address some of these concerns.

More than Just Standards Setting

The NMC was interested in determining how new members see the actuarial profession and the role of the CIA. Based on a majority of responses, new members see the profession as technical and transactional rather than inspirational and purposeful, and they see the purpose of the CIA as setting standards.

Mr. Kazibwe would like to see that attitude change. "It is important that actuarial science is seen as a means to an end," he said. "It exists to help society, the financial sector, or insurance. As actuaries we need to look at ourselves as people solving problems and helping society and using actuarial science to do this. Promoting this perspective will help the profession and change the inaccurate perception of the CIA as being a standards-setting organization towards one that helps society."

Going Forward

Mr. Kazibwe is proud of the work the committee has done. "The team has really pulled together as a whole and we have been able to accomplish so much over the past year. It’s been a rewarding group effort. We’ve all worked hard to see the survey through to the end."

He adds that now that the NMC has presented its recommendations, it would like to turn some of those suggestions into part of its mandate. "We want to be part of the solution and help make those changes," Mr. Kazibwe said.

Bonnie Robinson is the English editor at the CIA’s Head Office.

 

 

By Chris Fievoli, FCIA

The International Actuarial Association (IAA) held its latest council and committee meetings in St. Petersburg, Russia, from May 25 to 29. In our last IAA meeting update, published in December’s (e)Bulletin, we promised to provide an update on future meetings, focusing on key topics of interest to Canadian actuaries. (Note you must log in to the members’ site to view the linked article.) This time, we will look at education issues, as well as the latest on international insurance accounting standards.

Revised International Syllabus

The IAA Education Committee has been very focused on the development of a revised international syllabus. The Syllabus Review Task Force was established in September 2014 with a mandate to recommend new education requirements and a resulting syllabus for a member to be recognized as a fully qualified actuary in a full member association of the IAA. The task force completed this mandate, and released a revised IAA minimum syllabus. The proposed syllabus expands on the 2013 version in a number of areas:

  • The introduction of new topics, such as data analytics and systems;
  • Greater detail and depth of required coverage within existing topics; and
  • More emphasis on what a fully qualified actuary needs to be able to do with the knowledge learned.

In general, the CIA has supported the adoption of the revised IAA syllabus. The IAA Education Committee has now approved the new syllabus, which it feels provides appropriate flexibility in interpretation, to aid with adaptation to local full member association circumstances.

Work will now be turned over to a new task force that will focus on governance and implementation issues. It is envisioned that, in addition to a minimum level of syllabus coverage, there will also be an aspirational level against which member associations will be able to assess themselves. The CIA will monitor these developments carefully to ensure that the CIA Education Syllabus and timeline for implementation by the CIA’s education partners, including universities, is appropriately aligned.

 

IFRS X and ISAP 4

Turning to accounting standards, International Financial Reporting Standard (IFRS X)—the proposed accounting standard that deals with insurance contracts—continues to be a key focus of attention for the Insurance Accounting Committee (IAC). This topic is getting increased focus again, given that the IAA’s International Accounting Standards Board (IASB) is now expected to release its long-awaited final standard around the end of 2016. The area attracting the most attention currently by the IAC pertains to unit of account definitions in the current draft. Indications are that these will be very granular, as opposed to taking a broad portfolio view, which has implications on assumptions, the contractual service margin (CSM), and other aspects. The IASB does not plan to revisit this topic, so this issue will need to be addressed going forward in implementation guidance.

The IAC also discussed ISAP 4, the international standard of actuarial practice governing insurance contract valuation, which is closely related to IFRS X. There is a chance that the ultimate actuarial standard will be focused on how the actuary should perform the work related to IFRS X, as opposed to providing a technical application of the accounting standard. Consequently, international actuarial notes (IANs) would need to pick up the missing technical content. 

International Actuarial Notes and Canadian Standards

As far as Canada is concerned, this may create an interesting challenge as we determine how to replace the current Actuarial Standards Board (ASB) IFRS valuation standards and supporting CIA education notes with standards and notes to support IFRS X. The current approach in Canadian standards is to include key technical guidance in the standards themselves, whereas there is a good chance that the eventual ISAP 4 will be more high level with very limited or no technical content. The ASB will need to assess how the split between the ISAP and IANs will impact their incorporation into Canadian actuarial standards (i.e., does it follow the approach of the ISAP or does it follow the past practice in Canada). It will be important for the ASB and the relevant CIA groups to stay closely engaged on this.

As an aside, the IAC Subcommittee on Education and Practice is charged with developing the aforementioned IANs. There are 11 IANs currently in the works, and the goal is to have preliminary draft documents ready for the next IAA set of meetings in Cape Town in November, with final draft versions available in June 2017 for IAA approval.

We will provide further updates on these November meetings in the (e)Bulletin later this year, focusing on a couple of other areas of interest. Once again, CIA members are encouraged to stay apprised of international developments and to consider volunteering for IRC committees and/or IAA delegate and leadership roles as opportunities arise.

Chris Fievoli, FCIA, is resident actuary with the CIA Head Office.

 

 

Boris Kashin, Member of the State Duma and the Russian Academy of Sciences, and a representative of the Actuarial Council of the Central Bank of Russia, addressed International Actuarial Association (IAA) delegates on how actuarial matters are dealt with in Russian legislation. The IAA council and committee meetings were held in St. Petersburg, Russia, May 25–29, at the invitation of the Russian Guild of Actuaries, one of the IAA’s 68 full member associations.

Mr. Kashin’s presentation described how the role of the actuarial profession is defined in the Russian legislation. He went on to pose several questions about how best to define in law the key concepts of actuarial practice, while allowing for varying requirements in terms of both the precision and effectiveness of the definitions, and the technicalities of the law-making process.

In 2014, Mr. Kashin was influential in the adoption of a general law for actuarial services in the Russian financial market. Also in 2014, he visited Ottawa and met with then CIA President Jacques Lafrance and Dave Pelletier, who was Chair of the IAA Actuarial Standards Committee at that time.

 

    

The 2015–2016 CIA Annual Report is now available. The contents of the redesigned report include the Secretary-Treasurer’s report and financial statements, reports from all of the councils, the President and Executive Director’s reports, volunteer award winners, a report on professional conduct, and a 50th anniversary report.

 

Once again the CIA Head Office is following the practice of summer hours, meaning that the offices are closed on Friday afternoons during July and August. We are also closed on Canada Day.

Please note that the (e)Bulletin is not published during the summer; the next issue will be release in September 2016.

The Head Office wishes all CIA members a great summer.

 
Events News

 

This year, the CIA Annual Meeting was held on June 28–29 in beautiful St. John’s, NL. As a great way to enrich actuarial knowledge, stay abreast of hot topics, make valuable connections, take advantage of continuing professional development (CPD) opportunities, and explore the eastern edge of Canada, this year’s meeting was very well attended, with over 390 members taking part, 26 guest speakers, and two keynote speakers, Michael Woodford and Diane Girard.

The meeting was also held in conjunction with the International Actuarial Association (IAA) Joint Colloquium. The International Pension & Employee Benefits Lawyers Association (IPEBLA), the International Association of Consulting Actuaries (IACA), the International Actuarial Association’s Pensions, Benefits and Social Security Section (PBSS), and the International Actuarial Association Health Section (IAAHS) joined CIA Annual Meeting delegates for some shared sessions and networking.

The highlights of this year’s meeting include the following:

Proposed Bylaw Changes Passed

Voting members of the CIA approved Amending Bylaw 2016–1 regarding the disclosure of criminal convictions. The motion to approve the bylaw was carried as follows:

 

  • For: 561 (57 percent);
  • Against: 371 (38 percent); and
  • Abstention: 53 (5 percent).

For more detailed information, see the article earlier in this (e)Bulletin.

Interesting Sessions

This year’s meeting featured a wide-range of sessions of interest to practitioners in the property and casualty, enterprise risk management, individual, group, and corporate life and health, pensions, and reinsurance practice areas.

 

Professionalism Content

Special keynote addresses by Michael Woodford (Whistle-Blowing and Lessons on Governance and Crisis Management) and Diane Girard (Ethical Challenges for Actuarial Professionals) provided excellent opportunities to earn credit towards the four hours of professionalism CPD required over a two-year period. These two sessions were very well attended and the audience was all ears during each keynote address.

Networking

The Annual Meeting, held in conjunction with the IAA Joint Colloquium, provided excellent opportunities for networking, in addition to combined plenary sessions and social events such as the Rally in the Alley pub crawl. This event allowed delegates to experience the famous nightlife of downtown St. John’s, including a traditional fish and chips dinner, local step dancing, and a chance to be welcomed into the Royal Order of Screechers. The event was a great success: "George St. provided a great opportunity to experience Newfoundland culture and catch up with colleagues," said Chris Fievoli, CIA resident actuary.

Exploring Newfoundland

Newfoundland abounds in natural beauty and vibrant culture. Boasting remote coastlines, dramatic mountains, wild rivers, sophisticated urban settings, and diverse wildlife, the province of Newfoundland and Labrador is recognized as one of the world’s most impressive travel destinations.Many members—and even CIA staff—decided to extend their stay to explore this beautiful province for a truly enjoyable vacation.

Thank you to all those who attended this year’s CIA Annual Meeting. We look forward to seeing you next year in Québec City on June 21–22, 2017.

 
Volunteers on the Move

Member Services Council

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

  • Research Committee: Damien Lapointe Nguyen, effective July 1, 2016;
  • Subcommittees of the Research Committee:
    • Segregated Fund Experience Subcommittee: Chris Moorley (Chair), effective March 30, 2016;
    • Group Life and Health Experience Subcommittee: Lina Forner, effective, April 7, 2016;
    • Individual Life Experience Subcommittee: Colin Sproat, Damien Lapointe Nguyen (Chair), effective July 1, 2016;
  • Volunteer Management and Development Committee: Stephen Cheng, Elaine Lajeunesse, and Denise Lang, effective May 9, 2016, Claire Bilodeau, effective October 30, 2015, and Raymond Liu, effective June 9, 2016;
  • New Members Committee: Joseph Kazibwe (Chair), effective May 16, 2016;
  • Communications Committee: Krista Sacrey, effective May 1, 2016; and
  • Enterprise Risk Management Applications Committee: Danielle Harrison (Chair) and Kathy Thompson (Vice-chair), effective July 1, 2016.

The following people have completed their term with, or resigned from, the (sub)committees named below, and have left with thanks:

  • Research Committee: Johnny Lam, effective July 1, 2016;
  • Subcommittees of the Research Committee:
    • Segregated Fund Experience Subcommittee: Peter Snyder (Chair), effective March 30, 2016 and Alan Bates, effective October 1, 2015;
    • Group Life and Health Experience Subcommittee: Chris Fung, effective April 7, 2016;
    • Individual Life Experience Subcommittee: Johnny Lam, effective July 1, 2016;
  • Volunteer Management and Development Committee: Andrew Gooden, effective May 26, 2016 and Sharon Giffen (Chair), effective July 1, 2016;
  • Communications Committee: Christina-Lee Rotstein, effective May 30, 2016; and
  • Enterprise Risk Management Applications Committee: Hélène Baril (Chair), effective July 1, 2016.

Edward Gibson has completed his mandate as Actuarial Standards Board (ASB) liaison to the Research Committee.

Practice Council

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

  • Committee on Post-Employment Benefit Plans: Heike Reck, effective June 30, 2016; and
  • Committee on Property and Casualty Insurance Financial Reporting: Raul Martin (Chair), Houston Cheng (Vice-chair), and Sarah Chevalier, effective July 1, 2016.

The following people have completed their term with the committees named below, and have left with thanks:

  • Committee on Post-Employment Benefit Plans: Karen Dixon (Chair); and
  • Committee on Property and Casualty Insurance Financial Reporting: Julie-Linda Laforce.

The P&C Subcommittee of the Committee on Risk Management and Capital Requirements has been disbanded with thanks.