CIA (e)Bulletin/(e)Bulletin de l'ICA
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May 2018
 
 

April Updates

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Board

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

  • Eligibility and Education Council: Daniel Settle Dine and Zander Smith, effective February 23, 2018.

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

  • IFRS 17 Steering Committee: Crispina Caballero, Stéphanie Fadous, Raul Martin, and Lesley Thomson (members) and Simon Curtis, Micheline Dionne, Luc Naud, Chris Townsend, and Jacques Tremblay (observers);
  • Climate Change and Sustainability Committee: Gaetano Geretto (vice-chair), effective March 9, 2018;
    • Single Topic Task Force on Climate Change Risk: Gaetano Geretto (co-champion), effective March 9, 2018; and
  • Task Force on the Implementation of the Proposed Changes to the CPD Requirements: Robert Boeckner, Dominic Bourbonnais, Peter Gorham, and W. Steven Prince, effective August 15, 2017.

The following person has completed her term with the task force named below, and leaves with thanks:

  • Single Topic Task Force on Climate Change Risk: Karen Lockridge, effective March 8, 2018.

The Board has approved the IFRS 17 Steering Committee mandate as presented:

  • To ensure that members are provided with the education and guidance they will need (and on a timely basis) to be ready for the implementation of IFRS 17.
  • The mandate is not limited to financial reporting, but should also encompass pricing, capital, enterprise risk management (ERM), asset liability management (ALM) and any other matters that can reasonably be expected to be affected by the implementation of IFRS 17.
  • Guidance will be promulgated by various CIA committees (including the Committee on International Insurance Accounting (IIAC), the Committee on Life Insurance Financial Reporting (CLIFR), the Committee on Property and Casualty Insurance Financial Reporting (PCFRC), and the Committee on Workers’ Compensation (WC)):
    • Steering committee to help identify areas requiring guidance, and to develop a work plan, including deliverables;
    • Steering committee to identify sections of the standards of practice where changes may be needed, and to recommend that the Actuarial Standards Board (ASB) develop such changes as they consider appropriate; and
    • Steering committee to monitor progress and coverage and to take action as needed if any committees are not working to plan (e.g., recommend creation of new task force).
  • To work with other interested parties to understand areas of potential overlap, to recommend alternatives to streamline and reduce duplication, and to identify any gaps.
  • To liaise periodically with our counterparts in other jurisdictions (or as directed by the Board).
  • To provide (brief) written reports to the Board at every Board meeting, and in person from time to time, as requested by the Board.
 

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