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- Institut canadien des actuaires
2012-2013 Canadian Institute of Actuaries Board President President-elect Immediate Past President Secretary-Treasurer Directors Simon Curtis FCIA, FSA Jacques Lafrance FCIA, FSA James Christie FCIA, FCAS Martin Roy FCIA, FSA Stephen Bonnar FCIA, FSA Sylvie Charest FCIA, FSA William Chinery FCIA, FSA Claude Ferguson FCIA, FSA Jacqueline Friedland FCIA, FCAS, MAAA Sharon Giffen FCIA, FSA, MAAA Michel Giguère FCIA, FSA Joseph Nunes FCIA, FSA Jean-Yves Rioux FCIA, FSA, CERA Michel St-Germain FCIA, FSA Robert Stapleford FCIA, FSA Christopher Townsend FCIA, FCAS Council Chairs Eligibility & Education Council Jason Vary FCIA, FSA Member Services Council Marc-André Melançon FCIA, FSA Practice Council Bruce Langstroth FCIA, FSA 1 2013 CIA Annual Meeting Message from the President Welcome to the 2013 Annual Meeting. I am delighted you have joined us in Montréal for this year’s meeting. The organizers have put together a great program of sessions and activities. In addition to the opportunity to attend topical and interesting professional development sessions, the meeting provides a unique chance for you to interact with your colleagues and share ideas and experiences. It is through all these experiences that we become better professionals. I would encourage you to take full advantage of all these two days have to offer, and I look forward to seeing you. Simon Curtis CIA President Sponsors Patron Level Benefactor Level www.cia-ica.ca 2 2012-2013 Committee on Continuing Education Chair Lynn Grenier-Lew FCIA, FSA Vice-Chair Deborah McMillan FCIA, FSA Property & Casualty Insurance Group Life & Health Academic Investment General Business & Professionalism Enterprise Risk Management Nathalie Bégin FCIA, FCAS Jeremy Bell FCIA, FSA Claire Bilodeau ACIA, ASA Patrick Chamberland FCIA, FSA Chris Fievoli FCIA, FSA Ashley Goorachurn FCIA, FSA Individual Life & Health Dominic Hains FCIA, FSA Corporate Life & Health Ralph Ovsec FCIA, FSA Reinsurance Mayur Shah FCIA, FSA Pension June Smyth FCIA, FSA Pension Heather Wolfe FCIA, FSA Message from the 2013 Annual Meeting Chair When the CIA selects a city for our Annual Meeting, we do our research. Aside from world-class culture, Montréal has more than enough infrastructure to keep us transported, fed, and sheltered: • Most taxis per capita in Canada (major cities); • Most restaurants per capita in Canada (major cities); and • 15,200 hotel rooms. On June 20–21, Montréal will also have the most actuaries per capita in Canada (ignoring very small towns!). That is when the city will host the CIA’s Annual Meeting at the Hilton Montréal Bonaventure. I encourage you to join me there. You will learn important information and make valuable connections. Your attendance will also enhance the meeting for other participants; we would love to hear what you are working on. The Committee on Continuing Education and the CIA Head Office have done an excellent job organizing sessions of interest to actuaries in all practice areas. Covering both technical and non-technical topics, they will be relevant and useful in your work, and range from established areas of practice to areas on the horizon. I am excited about our keynote speaker, Eric Garland. His presentation, “Tales from the Unexpected Future”, will explore the limits of our predictive abilities. He is a veteran strategic analyst who has performed forecasting for some of the biggest corporations and governments, from Coca-Cola to the Principality of Monaco. An exciting two days await you. Attendance and engagement by actuaries at the Annual Meeting makes us better as professionals and a profession, so please consider taking part. I look forward to seeing you. Jeremy Bell Chair, 2013 CIA Annual Meeting 3 2013 CIA Annual Meeting General Information Session Description Updates As presenters are recruited, they may decide to change the wording of their sessions. For updates, please check the program on the CIA website at: http://www.cia-ica.ca/professional-development/meetings/2013-annual-meeting Exhibit Hall/Internet Café Be sure to visit the new Exhibit Hall and Internet café that will be set up in Fontaine B. The hall will be open from 9 a.m. to 5:30 p.m. on Thursday and 9 a.m. to 12:30 p.m. on Friday. Interpretation Devices Some sessions, or portions of sessions, may be in French only or English only. Please remember to pick up an interpretation device if you need one. A piece of ID is required as a deposit. Suggested Attire Respectable casual attire is suggested for the meeting. No jeans please. New Fellows are expected to wear business attire for their presentation. Presentation Material The CIA will not be providing hard copies of presentation materials for sessions. The deadline for the presenters to submit their presentations is June 14. All those received by then (including amended materials) will be available at: http://www.cia-ica.ca/professional-development/meetings/2013-annual-meeting Presentations received after June 14 will be uploaded after the meeting. Thank you to the 2013 Annual Meeting Speakers The CIA wishes to thank the speakers of the 2013 Annual Meeting for the generous contribution of their time and knowledge. This year, in lieu of providing gifts to presenters, the CIA has made a donation to the Actuarial Foundation of Canada in the equivalent amount on their behalf. Schedule at a Glance Thursday, June 20 TIME DETAILS ROOM 7:00 – 8:00 Hot Buffet Breakfast Montréal Ballroom 7:45 – 9:00 Session 1 – General Business Session Montréal Ballroom 9:15 – 10:30 Concurrent Sessions Session 2 – CIA Update on Key Activities Fontaine E Session 3 – PPFRC Update Fontaine A Session 4 – Climate Change Research Fontaine F Session 5 – Are Defined Benefit Medical/Dental Plans on the Road to Extinction Like their Pension Cousins? Fontaine G Session 6 – Hedging Long-Term Insurance Risks Salon Bonaventure Session 7 – Update on the Changes to Exempt Test Rules Fontaine CD 10:30 – 11:00 Networking Break and Trade Show Viewing Time Fontaine B 11:00 – 12:15 Concurrent Sessions Session 8 – CEO Panel: Sharing Ideas for Success Fontaine CD Session 9 – What is the Right “Retirement Age” for Canada? Salon Bonaventure Session 10 – Model Validation: Know Your Audience and Second Iteration Fontaine F Session 11 – Healthcare Funding For Developed and Developing Countries Fontaine G Session 12 – Advanced Business Analytics for Actuaries Fontaine A Session 13 – Hot Topics in Life Underwriting Fontaine E 12:30 – 14:30 Luncheon & New Fellow Awards Ceremony with Keynote Speaker Eric Garland 14:45 – 16:00 Session 14 – Ethical Decision Making for Actuaries Session 15 – ASB Notice of Intent: Update to Standards Relating to Economic Reinvestment Assumptions Montréal Ballroom Fontaine GH Fontaine CD Session 16 – Latest Developments in Risk Appetite Frameworks Fontaine E Session 17 – Group Life and Disability Trends Fontaine F Session 18 – In the CIO Office: Economic Roundtable Fontaine A Session 19 – Results from the T10 Lapse Study CANCELLED 16:00 – 16:15 Networking Break 16:15 – 17:30 Concurrent Sessions Session 20 – High-Impact Communication Fontaine GH Session 21 – Mock Trial - Pension T. Actuary Takes the Stand! Salon Bonaventure Session 29 – Best Practices for Effective Stress Testing Fontaine E Session 23 – Group Insurance Debates Session 24 – Risk Management Framework of Public Pension Plans Fontaine F Session 25 – Life and Living Benefits Products: The Perfect Union? Fontaine A 17:30 – 19:30 Networking Reception 5 Fontaine CD Montréal Ballroom 2013 CIA Annual Meeting Friday, June 21 TIME 7:00 – 7:45 7:45 – 9:00 9:15 – 10:30 Schedule at a Glance DETAILS Hot Buffet Breakfast Session 26 – Plenary Session: Creating Opportunities through Collaboration Between Academia and the Actuarial Profession Concurrent Sessions Session 27 – Does Social Media Work? Session 28 – Super-Size Me: Jumbo Pension Risk Transfer Deals from Around the Globe Session 22 – Risk Governance Roundtable Session 30 – Using Actuarial Modelling to Unravel the Causes of the Healthcare Costs Spiral Session 31 – CLIFR: News and Views Session 32 – What’s New in Mortality Research at the SOA 10:30 – 11:00 Networking Break and Trade Shows Viewing Time 11:00 – 12:15 Concurrent Sessions Session 33 – Professionalism and Ethics Session 34 – DC Plan Member Behavior - Key Information for Better Design and Consulting Session 35 – Individualized Risk Rating Session 36 – Interest Rate Calibration ROOM Montréal Ballroom Montréal Ballroom Fontaine E Salon Bonaventure Fontaine F Fontaine GH Fontaine A Fontaine CD Fontaine B Salon Bonaventure Fontaine A Fontaine F Fontaine E Session 37 – ORSA Implementation Challenges Fontaine GH Session 38 – Adjustable Products: Are We There Yet? Fontaine CD Luncheon including President’s Farewell Speech, Change of Office, 12:30 – 14:00 Volunteer Awards Ceremony, and Incoming President’s Address with Marc-André Morel, Master of Ceremonies Montréal Ballroom 14:15 – 15:30 Concurrent Sessions Session 39 – Practice Committee Update: CRMCR, AEC, CIP Session 40 – Shared Risk Plans—Case Studies Session 41 – The Next Generation of the Minimum Capital Test (MCT)— A Regulatory Capital Framework for the Canadian P&C Insurance Industry Session 42 – Fraud in Group Insurance Session 43 – Equities in Insurance Companies’ Portfolios Session 44 – Global Protection Product Sales Trends www.cia-ica.ca Fontaine E Salon Bonaventure Fontaine F Fontaine GH Fontaine A Fontaine CD 6 New Fellows The Canadian Institute of Actuaries is proud to recognize the following people who have become Fellows since the last meeting in June 2012: Lise Anne Power Arbez Edmond Assal Sébastien Auclair Jad Awada Ling Bai Mélanie Beauvais Nicole Natasha Beckles Andréanne Bergeron Sébastien Bernard Pascal Bernier Pierre-Luc Bérubé Sébastien Billette Adam Allan Blake Jonathan Bohm Jonathan Bolduc Michaël Bordeleau-Tassile Dominic Bourbonnais Jeff Edward Bradley Ghislain Brault-Joubert Gavin David Brown-Jowett Crispina O. Caballero Damon York Callas Qian Cao Stephanie Carrier Navaz Alaudin Cassam Ahwaz Aftab Chagani Flora Po-Lam Chan Jonathan Man-Chung Chan Monica Ying Kwok Chan Yan Lok Chan Justine Chartrand Irawati Chen Ying Chen Sarah Ashley Chevalier Alix Chisholm En-Ju Chou 7 Jesse Chrumka Eric Chuen Cheong Alex Chi Ming Chung Étienne Collard-Proulx Steven Couture Mylène Da Conceicao Sarah Dagenais Evan Dalgorf Gabrielle D'Aoust Lisa Dawn Denys Patrick Douville Jonathan Doyon Chen (Will) Du Philippe-Olivier Dumas Laura Ann Doris Ens Olivier Fafard Laura Fazzari Serena Filosa Jean-François Fontaine Isabelle Gagnon Wenwen Gao Xiaojun Gao Stephane Genereux Kristen Gervais-Andrade Daniel Giovannone Simon Girard Adam Michael Granville Hua Guan Isabelle Guérin Olivier Marc-André Guilbaud Shameer Sadrudin Gulamani Laura Hafeman Hai Na Han Aletta Elizabeth Havenga Iris Ho Nicholas Hsu Christopher Hurlburt Pierre-Alexandre Jalbert Mark G. Jarvis Nan Jiang Yun-Suk Kang Salim Shiraz Kassam Ryan Kastner Esther Keable-Préfontaine Kristopher Andrew Kerwin Jason Keyfitz Alena Kharkavets Andrea Nicole Kojlak Nick A. Komissarov Brendan Krohm Alvin Chi Chung Kwong Annick Lachance Jessica Lafleur Renaud Lafond Gingras Caroline Lafortune Jean-François Lalonde Alex Choy-Ying Lam Kathie Lantagne Philippe Laplante Alexandre Larose Chun King Lee Seung-Won (Sam) Lee York Hon John Lee Sébastien Lépine Benoît Lessard Jean-François Lessard Krystel Lessard Jennie Tsz Ip Leung Rachel Lévesque FeiXue Crystal Li Joyce Chenk Chi Li Ning Li 2013 CIA Annual Meeting New Fellows Sha Li Ying (Daisy) Li Suzanne Shuocao M. Liang Eunice Xingfang Lim Diane Kar Man Liu Hua Liu Adelina Lough Martha Lukowicz Xiangxiang Luo Sanjay Mohan Mahboobani Francois Mainguy Jason James Malone Catherine McElwain Brett Albert Meade Natasha Mehrani Véronique Ménard Nabil Merali Nadia Michaud Sarah Jean Miller Félix Mill-Plourde Mary Kai-Shan Mong Jonathan Morin Liza Marie Musni Christian Nadeau-Alary Jessica Catherine Newman Stephen Nighswander-Rempel Francesco Nudo Jojy Oommen Marie-Pier Otis Catherine Pageau-Dufresne Scott Christopher Palmer Joannie Paquette Audrey Anne Patry Nadia Pelletier Jonathan Petrin Jonathan Poirier-Arbour Louis-Philippe Pouliot Guillaume Proulx-Cabana Sophie Provencher www.cia-ica.ca Patrick Provost Justin Pursaga Hariram Pushparaj Jesse Paul Resnick Salman Attique Riyaz Sébastien Rodrigue Myriam Roux Émilie Roy Lydia Roy David William Rutledge Karan Sabharwal Olivier Saindon Charest Haris Farid Sardar Paul Michael Savage Eric Richard Schaefer Lucian Gerard Schulte Surender Sekhon Andrei Serykh David H. Sim Dany Simard Nisha Davi Singh Jonathan Skan Grzegorz Tomasz Skubisz Brent George Smith John Spencer Annie Marie St-Jacques Amanda Sydney Simon Tam Jennifer L. Tan Khurram Tehseen Shannon Michelle Tesluck Dominic Théberge Lijia Tian Agnes Wing Yee To Nancy Trépanier Queenie Wing Kan Tsang Nirmala Veerappen Karl Veilleux Maxime Veilleux Jennifer Diane Verkaik Pierre-Olivier Vincent Bradley Michael Wallis Huinian Wang Jin Kui Wang Rina Meng-Jie Wang Andrew James Whale Carol Wong Margaret Wu Si Xie Gang Richard Xu Jingjing Xu Ping Xu Sally Xu Yun Xu Joanne Yammine David Yang Min Yang Xia Yang Salina Long Hang Young Arthur Kin Shu Yuen Henry Yuen Alice Chan Zhang Jian Zhang Rui Zhang Jessie Risong Zheng Xiaotong Zhu Wendi Zou 8 Keynote Speaker ERIC GARLAND Keynote Speaker, Thursday, June 20 Eric Garland is a writer who deals with the megatrends that affect society, economics, and national security, with a special focus on what everyday people must do in a rapidly changing world. He writes based on his 15 years (and counting) of working in competitive intelligence, strategic analysis, and futurism for executives in corporations and governments. He is constantly considering how leaders of organizations think about the future, the information they need to plan their next move, the tools they use to inspire the imaginations of others, and the difficulties they encounter along the way. Mr. Garland’s point of view is informed by consulting with executives at corporations and government agencies on what to do about future trends. His clients were a variety of major organizations, ranging from Siemens, Energizer, Coca-Cola, and Cardinal Health to the governments of France, South Dakota, Charlotte (North Carolina), and the Principality of Monaco. He is the author of two books that deal with future trends and how leaders understand them to make the decisions that affect the whole world: • Future Inc: How Businesses Can Anticipate and Profit from What’s NEXT (Amacom, 2007) is the first book of its kind, telling the reader exactly how to execute a professional-level study of future trends, based on the techniques pioneered by the Rand Corporation, the U.S. Department of Defense, the Shell scenarios group, and others. • How to Predict the Future…and What To Do About It So You WIN!!! is a satirical look at why foresight is so difficult in modern business culture. In it, Mr. Garland skewers modern business publishing and its desire for easy answers, shallow father figures, and a slavish devotion to fads as a replacement for wisdom, insight, and decisive action about our collective futures. He uses sarcastic humor to critique the relationship between futurists and corporate executives. He is currently a freelance writer and speaker, contributing to a variety of online and print publications and providing commentary on world events to broadcasters such as Al Jazeera English, Russia Today, the History Channel, and the BBC. He is also working on a third book about what he calls “the Transition”, the strategic trends that are likely to make the twenty-first century much different from the twentieth—stay tuned! Mr. Garland, who speaks a variety of languages, is also a professional musician with over 20 years’ experience playing live and recording in genres ranging from salsa to celtic and jazz funk. For more than a decade, he has been speaking to audiences about the chaotic transformations going on in the world, and relishes the opportunity to keep people focused on positive outcomes. 9 2013 CIA Annual Meeting Master of Ceremonies MARC-ANDRÉ MOREL Master of Ceremonies, June 20-21 Marc-André Morel is a rising star among North America’s public speakers who has delivered over 1,000 inspirational, educational, and entertaining sessions to English and French corporate audiences across Canada, the U.S., and Europe. A past president of the Montréal chapter of the Canadian Association of Professional Speakers, he delivered his first motivational keynote speech at the age of 15 to 1,200 people. After earning a degree in commerce from Concordia University, he accumulated several coveted corporate sales and leadership awards, including the Multiple Sclerosis Society of Canada’s Leadership Award for his professional excellence and outstanding community contribution. Dedicated to make a difference for adults and young people, he is the founder of the Morel Leadership Centre for Youth. His own personal and inspiring story is featured in the acclaimed Chicken Soup for the Canadian Soul, and he is the bestselling author of French versions of The Fifth Season: Manifesting Your Destiny with Simplicity and Energy for Life: Finding and Keeping Motivation at the Gym. www.cia-ica.ca 10 Guest Speakers Maciej Augustyniak PhD student Université de Montréal Session 6 – Hedging Long-Term Insurance Risks Antoine Aylwin partner Fasken Martineau DuMoulin Session 21 – Mock Trial - Pension T. Actuary Takes the Stand! Claude Bergeron chief risk officer Caisse de dépôt et placement du Québec Session 24 – Risk Management Framework of Public Pension Plans Mike Boot managing director of sections and practice advancement SOA Session 12 – Advanced Business Analytics for Actuaries Jocelyn Grira senior manager advisory services and risk consulting KPMG Session 29 – Best Practices for Effective Stress Testing Tom Ground head of bulk purchase annuities and longevity insurance Legal & General, London, UK Session 28 – Super-Size Me: Jumbo Pension Risk Transfer Deals from Around the Globe Jo-Ann Jolliffe vice-president, underwriting Aurigen Reinsurance Session 13 – Hot Topics in Life Underwriting Scott Campion principal, Americas insurance practice Oliver Wyman, New York Session 28 – Super-Size Me: Jumbo Pension Risk Transfer Deals from Around the Globe André Lacroix professor, philosophy and applied ethics department Université de Sherbrooke Session 33 – Professionalism and Ethics Donald Chu director of financial institutions ratings Standard & Poor’s Session 22 – Risk Governance Roundtable The Honourable Louis-Philippe Landry retired Superior Court Judge (Québec) Session 21 – Mock Trial - Pension T. Actuary Takes the Stand! The Honourable Pierre J. Dalphond judge Appeal Court of Québec Session 33 – Professionalism and Ethics Marc Lévesque vice-president, economics and market strategy PSP Session 18 – In the CIO Office: Economic Roundtable Jean-Marc Fix vice-president of research and development Optimum Réassurance Session 32 – What’s New in Mortality Research at the SOA David Long senior vice-president and chief investment officer, asset liability management, derivatives and fixed income Healthcare of Ontario Pension Plan Session 24 – Risk Management Framework of Public Pension Plans Clément Gignac senior vice-president and chief economist Industrial Alliance Session 18 – In the CIO Office: Economic Roundtable 11 Saskia Goedhart partner Ernst & Young Session 16 – Latest Developments in Risk Appetite Frameworks Session 22 – Risk Governance Roundtable Deana Maric manager, investigative services Sun Life Session 42 – Fraud in Group Insurance 2013 CIA Annual Meeting Guest Speakers Angela Mazerolle Stephens superintendent of pensions New Brunswick Session 40 – Shared Risk Plans—Case Studies Susan Meltzer vice-president of enterprise risk management Aviva Canada Session 16 – Latest Developments in Risk Appetite Frameworks David Miller president Business Growth Strategies Session 20 – High-Impact Communication John Moore vice-president of business development Johnston Group Session 5 – Are Defined Benefit Medical/Dental Plans on the Road to Extinction Like their Pension Cousins? Érik Morissette partner Fasken Martineau DuMoulin Session 21 – Mock Trial - Pension T. Actuary Takes the Stand! Hakim Nouira senior manager Ernst & Young Session 37 – ORSA Implementation Challenges Joseph Peter vice-president of finance, Canadian operations Sun Life Session 42 – Fraud in Group Insurance Kevin Pledge chief executive officer and co-founder Insight Decision Solutions Session 12 – Advanced Business Analytics for Actuaries Session 27 – Does Social Media Work? Robert Profumo medical director Aurigen Reinsurance Session 13 – Hot Topics in Life Underwriting www.cia-ica.ca Judith Roberge director P&C insurance capital, Office of the Superintendent of Financial Institutions Session 41 – The Next Generation of the Minimum Capital Test (MCT)—A Regulatory Capital Framework for the Canadian P&C Insurance Industry Stéphane Rochon vice-president, sales and marketing Humania Assurance Session 38 – Adjustable Products: Are We There Yet? Robert Sanche assistant vice-president, research & development Travelers Session 10 – Model Validation: Know Your Audience and Second Iteration Ron Sanderson director, policyholder taxation and pensions Canadian Life and Health Insurance Association Session 25 – Life and Living Benefits Products: The Perfect Union? Sim Segal president SimErgy Consulting Session 37 – ORSA Implementation Challenges Rachel Stephan president Les sens créatifs Session 27 – Does Social Media Work? Christina Testa senior marketing underwriter RGA Life Reinsurance Session 17 – Group Life and Disability Trends Jack VanDerhei research director Employee Benefit Research Institute Session 34 – DC Plan Member Behavior—Key Information for Better Design and Consulting Ella Young director of the care continuum and actuarial analytics for Vancouver Coastal Health Session 30 – Using Actuarial Modelling to Unravel the Causes of the Healthcare Costs Spiral 12 Detailed Program Thursday, June 20 07:00 – 17:30 Registration and CIA Information Desk 07:00 – 07:45 Hot Buffet Breakfast Room: Montréal Ballroom 07:45 – 09:00 General Business Session Session 1 Practice Area: Relevant to: Speakers: Agenda: General Business Session Room: Montréal Ballroom General All Simon Curtis, President, Canadian Institute of Actuaries Martin Roy, CIA Secretary-Treasurer Jeremy Bell, Chair, 2013 Annual Meeting Jacques Tremblay, the incoming President-elect Micheline Dionne, Chair, Committee on International Relations (CIR) Bruce Langstroth, Chair, Practice Council (PC) Marc-André Melançon, Chair, Member Services Council (MSC) Larry Miller, Chair, Elections Committee David Pelletier, Chair, Actuarial Standards Board (ASB) Jason Vary, Chair, Eligibility and Education Council (EEC) Election Results Report Address by the President-Elect 2013–2014 Secretary-Treasurer’s Report and Appointment of CIA Auditor Update from the ASB Reports from Councils Discussion and Vote on Amending Bylaw 2013-1 Question Period Housekeeping Remarks from the Annual Meeting Chair Other Business 09:15 – 10:30 Concurrent Sessions Session 2 CIA Update on Key Activities Room: Fontaine E Council updates on strategy Practice Area: General Relevant to: All Moderator: Michel Simard, Executive Director Speakers: Simon Curtis, President Jacques Lafrance, President-elect Michel Simard Micheline Dionne, Chair, Executive Director on International Relations (CIR) Bruce Langstroth, Chair, Practice Council (PC) Marc-André Melançon, Chair, Member Services Council (MSC) Jason Vary, chair, Eligibility and Education Council (EEC) This session will provide an update on the CIA’s current and planned activities in key strategic areas, including international relations, education, member services, and Practice Council initiatives, as well as feedback received from employer visits conducted over the past year. Learn more about the future direction of your Institute, and participate in an interactive discussion on issues of importance. 13 *Not a member of the CIA. 2013 CIA Annual Meeting Thursday, June 20 Detailed Program Session 3 PPFRC Update Practice Area: Relevant to: Moderator: Speakers: Pension Pension Charlene Moriarty (FCIA), principal, Morneau Shepell Alexandra (Alex) Leslie (FCIA), partner, Mercer Canada Manuel Monteiro (FCIA), partner, Mercer Canada Room: Fontaine A In this session, the Committee on Pension Plan Financial Reporting (PPFRC) will provide an update on its activities over the past year, as well as upcoming initiatives. In particular, it will discuss a review of the approach for providing guidance regarding group annuity purchase pricing, and the assumption of alternative settlement methods for hypothetical wind-up and solvency valuations. Session 4 Climate Change Research Practice Area: Relevant to: Level: Moderator: P&C Life, Pension Intermediate (please look over the report as preparation for the session) Caterina Lindman (FCIA), member, Casualty Actuarial Society (CAS) Climate Change Committee, and Chair, CAS Actuarial Climate Volatility Index Subcommittee Caterina Lindman (FCIA) Speaker: Room: Fontaine F The North America actuarial oganizations are collaborating together to research climate change and develop an actuaries climate index. This session will review the highlights of recently-completed research, which was published in November 2012 as the report Determining the Impact of Climate Change on Insurance Risk and the Global Community. The session will also include information about the current phase of the project—to develop the Actuaries Climate Index and the Actuaries Climate Risk Index—and will touch on other issues of interest to actuaries regarding climate change. Report in English: http://www.cia-ica.ca/docs/default-source/2012/212091e.pdf Executive summary in English: http://www.cia-ica.ca/docs/default-source/2012/212092e.pdf Session 5 Are Defined Benefit Medical/Dental Plans on the Road to Extinction Like their Pension Cousins? Room: Fontaine G Group Life & Health Moderate Michel Allain (FCIA), vice-president, actuarial services and group insurance, Assumption Mutual Life Speakers: John Moore*, vice-president of business development, Johnston Group Gary Walters (FCIA), senior vice-president of pricing and group reinsurance, RGA Life Reinsurance Rapidly-increasing drug costs and ever-rising dental costs are colliding with employers’ increased scrutiny of the costs of benefits. In this session, two group insurance experts will debate whether medical and dental plans as we know them will survive the next decade and, if not, what employee benefits might look like in the future. Practice Area: Level: Moderator: www.cia-ica.ca This session will be taped. This session will be interpreted. 14 Detailed Program Session 6 Practice Area: Relevant to: Level: Moderator: Speakers: Thursday, June 20 Hedging Long-Term Insurance Risks Room: Salon Bonaventure Investment Insurance, ERM Moderate Mathieu Boudreault (ACIA), Chair, CIA Academic Relations Committee, and professor, actuarial science, department of mathematics, Université du Québec à Montréal (UQAM) Maciej Augustyniak*, PhD student, Université de Montréal Jonathan Hede (FCIA), vice-president, Nexus Risk Management This session will present investment strategies and techniques used by insurance companies to hedge long-term insurance liabilities. Session 7 Update on the Changes to Exempt Test Rules Room: Fontaine CD Practice Area: Relevant to: Level: Moderator: Individual Life & Health ERM, Investment, Reinsurance, Corporate Life & Health Moderate Peter Treichel (FCIA), actuary, individual insurance pricing, Canadian division, Manulife Financial Speaker: Stephen Krupicz (FCIA), assistant vice-president, special case markets, Manulife Financial This session will provide an update on the latest changes to exempt test rules from the Canadian Life and Health Insurance Association working group, and will discuss how these changes are expected to impact current products. 10:30 – 11:00 Networking Break and Trade Show Viewing Time Room: Fontaine B 11:00 – 12:15 Concurrent Sessions Session 8 Moderator: Speakers: CEO Panel: Sharing Ideas for Success Practice Area: General Business & Professionalism Room: Fontaine CD Chris Fievoli (FCIA), resident actuary, Canadian Institute of Actuaries Denis Berthiaume (FCIA), president and chief operating officer, Desjardins Insurance Sharon Giffen (FCIA), president and chief operating officer, Foresters Life Insurance Alan Ryder (FCIA), president and chief operating officer, Aurigen Reinsurance Actuaries that work as presidents or chief executive officers have a unique perspective on the businesses in which we practice. They may also have specific issues that are of concern to them. In this session, three actuaries who serve in senior roles will offer their thoughts on today’s environment, and what the actuarial profession should be paying attention to. They will also share their opinions on how actuaries can leverage their skills to find success in senior management. 15 *Not a member of the CIA. 2013 CIA Annual Meeting Thursday, June 20 Session 9 Practice Area: Relevant to: Moderator: Speakers: Detailed Program What is the Right “Retirement Age” for Canada? Room: Salon Bonaventure Pension Group Life & Health, Investment June Smyth (FCIA), senior consultant actuary, Baynes & White Malcolm Hamilton (FCIA) Robert L. Brown (FCIA) Are Canadians retiring later than they were 10 years ago? What about 20 or 30 years ago? We know that trends change over time. Part of this is influenced by demographics. Part is affected by immigration, the job market, and fertility rates. Should the Canadian retirement age be increased from 65? What does it mean to retire? Many seniors are now taking on part-time jobs in retirement. Other countries are considering changes or have already made them. In this session, Rob Brown—Chair of the CIA Task Force on Retirement Age—will be speaking with task force member Malcolm Hamilton about their findings in a recently-released paper. How do the changes in retirement patterns affect our social systems and what future changes would the CIA recommend to Canada’s leaders? Come hear what Rob and Malcolm have to say about the issue and their team’s report. Bring your questions, thoughts, and comments. Session 10 Practice Area: Moderator: Speaker: Model Validation: Know Your Audience and Second Iteration Room: Fontaine F P&C Stacey Ling Bai (FCIA), manager, actuarial, The Dominion Robert Sanche*, assistant vice-president, research & development, Travelers As predictive modelling takes off in the insurance community, companies are facing the growing realization that building and implementing the second iteration of a model can be just as challenging as the first. The first part of this talk, “Know Your Audience”, addresses model validation from two perspectives (the modeller and senior management) and focuses on the first iteration of a model and the basics. The second part, “Seconds Anyone?”, looks at the second model iteration and addresses the concerns of the same two constituencies. For modellers, the speakers will explore the added challenges in validating the model and what techniques can be used to compare it to the previous version. For senior management, they will discuss how one should view disruption in the context of incremental changes to the rating plan. Session 11 Healthcare Funding For Developed and Developing Countries Practice Area: Relevant to: Level: Moderator: Speakers: Group Life & Health All Moderate Jeremy Bell (FCIA), partner, George & Bell Consulting Denis Garand (FCIA), president, Denis Garand and Associates John Have (FCIA), president, Have Associates Room: Fontaine G In this session, John Have will present an analysis of the healthcare funding methods in use in 20 countries, incorporating healthcare resources, utilization, costs trends, and outcomes. He will also discuss the Have Associates Lifestyle Index, which examines the prevalence of obesity, smoking, and alcohol usage for each country. In addition, Denis Garand will identify what we can learn from the global experience in health insurance aimed at low-income populations, and how can that be applied in developed countries. www.cia-ica.ca This session will be taped. This session will be interpreted. 16 Detailed Program Session 12 Practice Area: Relevant to: Moderator: Speakers: Thursday, June 20 Advanced Business Analytics for Actuaries Room: Fontaine A General Business & Professionalism All Mike Boot*, managing director of sections and practice advancement, SOA Mike Boot* Kevin Pledge*, chief executive officer and co-founder, Insight Decision Solutions Barry Senensky (FCIA), president, Claim Analytics It is the era of “Big Data”— how can actuaries use advanced business analytics, such as data mining and predictive modelling techniques, to better manage risk? What opportunities are there for actuaries to be leaders in analytics? The panel of leaders in this rapidly expanding discipline will discuss real-life examples of how they use data analytics in the areas of life, health, and risk management. Session 13 Hot Topics in Life Underwriting Practice Area: Relevant to: Level: Moderator: Speakers: Reinsurance Individual Life & Health Moderate Bob Brown (FCIA), chief pricing officer, Aurigen Reinsurance Bob Brown (FCIA) Jo-Ann Jolliffe*, vice-president, underwriting, Aurigen Reinsurance Robert Profumo*, medical director, Aurigen Reinsurance Room: Fontaine E Aurigen Reinsurance recently developed an underwriting manual for the Canadian and U.S. markets. Part 1 of this session will detail the process involved in creating a manual based on the most current medical terminology and clinical data available. Part 2 will discuss the results of new research describing the relationship between cognitive testing and mortality outcomes when underwriting older age applicants. 12:30 – 14:30 Luncheon Room: Montréal Ballroom New Fellow Awards Ceremony Master of ceremonies: Marc-André Morel* Luncheon Speaker: Eric Garland*, futurist, megatrends expert, and author Tales from the Unexpected Future It's not that our forecasts are wrong—it's that the future keeps surprising us, teaching us shocking, amusing, and unexpected things about modern life. That's the conclusion of Eric Garland, a veteran strategic analyst who has forecasted for some of the world's biggest corporations and governments, from Coca-Cola to the Principality of Monaco, for more than 15 years. To help us see the limits of our predictive abilities, he will bring funny observations and instructive stories about how we get predictions wrong. From our perennial expectation that information technology will create world peace to the ever-expanding complexities of science and scandalous cross-cultural product names, the history of the future shows us where we get it wrong, and why. In a world where the failure of risk analysis can have serious implications, this presentation will show the lighter side of our intellectual journey, and ways in which we can improve our thinking about the future. 17 *Not a member of the CIA. 2013 CIA Annual Meeting Thursday, June 20 Detailed Program 14:45 – 16:00 Concurrent Sessions Session 14 Ethical Decision-Making for Actuaries Practice Area: Relevant to: Moderator: Speakers: General Business & Professionalism All Michel Simard, Executive Director, Canadian Institute of Actuaries Chris Fievoli (FCIA), resident actuary, Canadian Institute of Actuaries Michel Simard Room: Fontaine GH Had enough of mortality studies and standards of practice? Attend this interactive session discussing situations where actuaries face decisions that have no “right” answer and where ethics influence individual viewpoints. Session 15 Practice Area: Joint with: Relevant to: Level: Moderator: Speakers: ASB Notice of Intent: Update to Standards Relating to Economic Reinvestment Assumptions Room: Fontaine CD General Business & Professionalism Corporate Life & Health ERM, Group Life & Health, Individual Life & Health, Investment Moderate Ty Faulds (FCIA), vice-president and corporate actuary, London Life David Campbell (FCIA), vice-president, CALM process improvement, group finance actuarial, Manulife Ty Faulds (FCIA) Alexis Gerbeau (FCIA), associate vice-president, actuarial finance and modelling, corporate actuarial, Standard Life The Actuarial Standards Board’s Designated Group on Economic Reinvestment Assumptions for Life Insurer Valuation, and the supporting CIA Committee on Life Insurance Financial Reporting working groups, will provide an update on their progress and plans. It will include highlights of the exposure draft and more in-depth coverage of the proposed changes to the calibration criteria for stochastic applications and constraints on recognition of investment strategies. Members wanting more details and background on the proposed changes to the deterministic scenarios are encouraged to attend session 31. Session 16 Practice Area: Relevant to: Joint with: Moderator: Speakers: Latest Developments in Risk Appetite Frameworks Room: Fontaine E ERM All P&C Ashley Goorachurn (FCIA), assistant vice-president, financial risk management, Sun Life Financial Saskia Goedhart*, partner, Ernst & Young Susan Meltzer*, vice-president of enterprise risk management, Aviva Canada At this session, participants will learn about the latest developments in risk appetite frameworks for insurance companies. Topics covered will include learnings from the financial crisis, such as developments in risk appetite frameworks in non-insurance financials that could be considered for insurers. The speakers will also offer their thoughts on how regulatory and governance changes are impacting risk appetite frameworks. www.cia-ica.ca This session will be taped. This session will be interpreted. 18 Detailed Program Thursday, June 20 Session 17 Group Life and Disability Trends Practice Area: Level: Moderator: Speakers: Group Life & Health Advanced Greg Durant (FCIA), chief actuary, Aon Hewitt Jeffrey Schuh (ASA), vice-president and actuary, RGA Life Reinsurance Christina Testa*, senior marketing underwriter, RGA Life Reinsurance Room: Fontaine F This session will focus on underwriting trends in the group life and disability market, including a summary of recent surveys on rate guarantees, non-evidence limits, and overall maximums. Participants will also learn of the emerging experience in the U.S. market for these same products, and what lessons can be learned. Session 18 In the CIO Office: Economic Roundtable Practice Area: Relevant to: Level: Moderator: Investment All Moderate Patrick Chamberland (FICA), director, advisory services, risk management monitoring and policies, Caisse de dépôt et placement du Québec Clément Gignac*, senior vice-president and chief economist, Industrial Alliance Marc Lévesque*, vice-president, economics and market strategy, PSP Speakers: Room: Fontaine A This session will provide an overview of key current macroeconomic indicators and an outlook for capital markets. Portions of this session may be presented in French. Session 19 Results from the T10 Lapse Study CANCELLED 16:00 – 16:15 Networking Break 16:15 – 17:30 Concurrent Sessions Session 20 High-Impact Communication Practice Area: Relevant to: Moderator: Speaker: General Business & Professionalism All Chris Fievoli (FCIA), resident actuary, Canadian Institute of Actuaries David Miller*, president, Business Growth Strategies Room: Fontaine GH In this fast-paced, interactive session, participants will discover how to communicate technical information to non-technical audiences (groups and one-on-one) in more impactful, engaging, and meaningful ways. Specifically, they will discover: • • • • 19 How to bring more presence to presentations; How to make a greater impact on their audience; How to make sure they “hit the mark” every time; and Three key communication techniques. *Not a member of the CIA. 2013 CIA Annual Meeting Thursday, June 20 Session 21 Practice Area: Relevant to: Cast: Detailed Program Mock Trial - Pension T. Actuary Takes the Stand! Room: Salon Bonaventure General Business & Professionalism All Antoine Aylwin*, partner, Fasken Martineau DuMoulin The Honourable Louis-Philippe Landry*, retired Superior Court Judge (Québec) Maryse Larouche (FCIA), co-founder, GML Actuarial Services Jean-Rémi Mayrand (FCIA), account director, Towers Watson Érik Morissette*, partner, Fasken Martineau DuMoulin The goal of this session is to illustrate court practices and the different roles (fact vs. opinion) that an actuary may take as a witness in a proceeding. The title character is the actuary for a large pension plan. His client, the plan sponsor, is embroiled in a wrongful dismissal lawsuit with a former employee and has asked for P. T.’s expertise to address the allegations of significant lost pension. P. T. is summoned to testify in court while another actuary has been retained on behalf of the plaintiff, the former employee. How do P. T. and the other actuary, plus the lawyers, prepare? What is the typical procedure in court? What are the pitfalls to avoid? A group of actuaries and lawyers will first set the stage with a mock trial. The judge and other willing actors will then lead the discussion. Portions of this session may be presented in French. Session 29 Best Practices for Effective Stress Testing Room: Fontaine E Practice Area: Relevant to: Joint with: Moderator: Speakers: ERM All P&C Jay Zhong (FCIA), director, global capital management, Sun Life Financial Jocelyn Grira*, senior manager, advisory services and risk consulting, KPMG Jacqueline Friedland (FCIA), partner and P&C actuarial practice leader, KPMG Nazir Valani (FCIA), partner, KPMG This session features the latest developments and industry best practices in constructing and conducting effective stress tests. Session 23 Practice Area: Level: Moderator: Speakers: Group Insurance Debates Room: Fontaine CD Group Life & Health Moderate Edward Kuo (FCIA), consulting actuary, Towers Watson Jeremy Bell (FCIA), partner, George & Bell Consulting Erin Crump (FCIA), director, group research & development, Munich Reinsurance Greg Durant (FCIA), chief actuary, health and benefits, Aon Hewitt Denis Garand (FCIA), president, Denis Garand and Associates Linda Maillet (FCIA), Blue Cross Life Insurance Gary Walters (FCIA), vice-president, group reinsurance, RGA Life Reinsurance Group practitioners will debate three topics: 1. High-frequency and low-severity benefits (e.g., vision, dental) are coverages that no longer require insurance protection in a group setting; 2. Group benefit contracts with legacy language are exposed to ever-increasing downloading and de-listing of services by government social programs; and 3. Beyond the federally-regulated private sector employers, all employer-provided long-term disability coverage should not be allowed on an Administrative Services Only basis. www.cia-ica.ca This session will be taped. This session will be interpreted. 20 Detailed Program Session 24 Practice Area: Relevant to: Level: Moderator: Speakers: Thursday, June 20 Risk Management Framework of Public Pension Plans Room: Fontaine F Investment Pension, Investment, ERM Moderate Martin Leroux (ACIA), vice-president, policy portfolio and asset liability management, PSP Investments Claude Bergeron*, chief risk officer, Caisse de dépôt et placement du Québec David Long*, senior vice-president and chief investment officer, asset liability management, derivatives and fixed income, Healthcare of Ontario Pension Plan This session will provide an overview of the risk management framework used at a large Canadian public pension plan and implementation of liability-driven investing strategies. Session 25 Practice Area: Relevant to: Level: Moderator: Speakers: Life and Living Benefits Products: The Perfect Union? Room: Fontaine A Individual Life & Health ERM, Reinsurance, Corporate Life & Health Moderate Marc-André Melançon (FCIA), vice-president, development, RGA Life Frédéric Jacques (FCIA), assistant vice-president, living benefits, Munich Reinsurance Michael Kirkwood (FCIA), assistant vice-president and actuary, risk management Canada, Manulife Financial Ron Sanderson*, director, policyholder taxation and pensions, Canadian Life and Health Insurance Association Combination products are quite common outside Canada, whether combining multiple risks under one policy or accelerating the life insurance component. However, their entry into Canada has been limited. This session will discuss their status here and in other markets, plus what we know about their tax position in Canada and how this may influence your product development activities. 17:30 – 19:30 Networking Reception Room: Montréal Ballroom Before heading out to enjoy Montréal’s nightlife, drop by the Networking Reception for light refreshments with old friends and the chance to make new acquaintances. Sponsored by the Society of Actuaries. 21 *Not a member of the CIA. 2013 CIA Annual Meeting Friday, June 21 Detailed Program 7:00 – 7:45 Hot Buffet Breakfast 7:45 – 9:00 Plenary Session Session 26 Creating Opportunities through Collaboration Between Academia and the Actuarial Profession Practice Area: Relevant to: Moderator: Speakers: Room: Montréal Ballroom Room: Montréal Ballroom General Business & Professionalism All Mathieu Boudreault (ACIA), Chair, CIA Academic Relations Committee, and professor, actuarial science, department of mathematics, Université du Québec à Montréal (UQAM) Mathieu Boudreault (ACIA) Robert L. Brown (FCIA) René Delsanne (FCIA), professor, actuarial science, department of mathematics, Université du Québec à Montréal (UQAM) David Landriault (FCIA), associate professor, department of statistics and actuarial science, University of Waterloo, and Canada Research Chair in Risk Theory John Dark (FCIA), actuarial & product, Co-operators Life Insurance Company This session, organized and moderated by the CIA Academic Relations Committee, will explore opportunities to enhance synergies between academics and practitioners in the actuarial community in Canada. By leveraging the potential of this combined community, the profession will be better positioned to anticipate and respond to the changing business environment. 9:15 – 10:30 Concurrent Sessions Session 27 Does Social Media Work? Room: Fontaine E General Business & Professionalism All Chris Fievoli (FCIA), resident actuary, Canadian Institute of Actuaries Kevin Pledge*, chief executive officer and co-founder, Insight Decision Solutions Rachel Stephan*, president, Les sens créatifs Practice Area: Relevant to: Moderator: Speakers: We all hear about social media, but does it work for actuaries? Can CIA members leverage this new technology to stay connected to their clients and colleagues, and use it to grow their businesses? In this session, we will try to answer these questions, and expose you to some of the ways that social media can be incorporated into your practice. Our presenters will bring perspectives from both actuarial and non-actuarial backgrounds. www.cia-ica.ca This session will be taped. This session will be interpreted. 22 Detailed Program Session 28 Practice Area: Relevant to: Moderator: Speakers: Friday, June 21 Super-Size Me: Jumbo Pension Risk Transfer Deals from Around the Globe Room: Salon Bonaventure Pension Investment Patrick De Roy (FCIA), institutional portfolio manager, fixed income, Canada, Pyramis Global Advisors Scott Campion*, principal, Americas insurance practice, Oliver Wyman, New York Tom Ground*, head of bulk purchase annuities and longevity insurance, Legal & General, London, UK Markets are volatile, people are living longer, and pension risk is receiving lots of attention. What’s a defined benefit pension plan sponsor to do? A pension risk transfer deal, of course! In this session, Oliver Wyman—who advised GM and Verizon—will talk about their jumbo annuity purchases, the largest ever made. Legal & General will talk about its longevity swap with BAE Systems, the single largest pension insurance deal in the UK. Join us for the inside scoop on these ground-breaking deals. Learn what drove these plan sponsors to take action, how these deals actually get done, and what this could signal for Canadian defined benefits pension plans. Session 22 Risk Governance Roundtable Practice Area: Joint with: Relevant to: Moderator: Speakers: ERM P&C All Altaf Rahim (FCIA), chief risk officer, Aurigen Reinsurance Donald Chu*, director of financial institutions ratings, Standard & Poor’s Saskia Goedhart*, partner, Ernst & Young Room: Fontaine F This panel discussion will focus on current issues and trends in risk governance. Topics will include the increasing importance of the board and how the enterprise risk management function can meet increasing demands for information. Session 30 Practice Area: Relevant to: Level: Moderator: Speakers: Using Actuarial Modelling to Unravel the Causes of the Healthcare Costs Spiral Room: Fontaine GH Group Life & Health All Moderate Jeremy Bell (FCIA), partner, George & Bell Consulting John Have (FCIA), president, Have Associates Ella Young*, director of the care continuum and actuarial analytics for Vancouver Coastal Health John Have will discuss a recent CIA project he completed for New Brunswick. It details the development of the components of an actuarial model including trends for ageing population, utilization, and price inflation by service type (hospital, physician, etc.). Ella Young will discuss how predictive modelling can address the cost crisis, featuring two case studies from British Columbia. 23 *Not a member of the CIA. 2013 CIA Annual Meeting Friday, June 21 Session 31 Practice Area: Relevant to: Level: Moderator: Speaker: Detailed Program CLIFR: News and Views Room: Fontaine A Corporate Life & Health Group Life & Health, Individual Life & Health, Investment Moderate Rebecca Rycroft (FCIA), principal, Oliver Wyman Alexis Gerbeau (FCIA), associate vice-president, actuarial finance and modelling, corporate actuarial, Standard Life This session will provide an update on current Committee on Life Insurance Financial Reporting initiatives, including new prescribed scenarios from the Actuarial Standards Board’s designated group, morbidity and mortality improvement, segregated fund bond fund calibration, and planned contents of the 2013 Fall Letter. Session 32 What’s New in Mortality Research at the SOA Practice Area: Relevant to: Level: Moderator: Speaker: Reinsurance Individual Life & Health, Reassurance, Group Life & Health Moderate Patrick Charbonneau (FCIA), project director, development, Optimum Réassurance Jean-Marc Fix*, vice-president of research and development, Optimum Réassurance Room: Fontaine CD This session will discuss timely mortality research topics including mortality evaluation for preferred life insurance valuation (ongoing), new mortality tables work for guaranteed and simplified issue life insurance (ongoing), mortality for high face amounts (recently completed), Living to 100 symposia (ongoing), and select period mortality (starting). 10:30 – 11:00 Networking Break and Trade Show Viewing Time Room: Fontaine B 11:00 – 12:15 Concurrent Sessions Session 33 Professionalism and Ethics Practice Area: Relevant to: Moderator: Speakers: General Business & Professionalism All Michel Simard, Executive Director, Canadian Institute of Actuaries The Honourable Pierre J. Dalphond*, judge, Appeal Court of Québec André Lacroix*, professor, philosophy and applied ethics department, Université de Sherbrooke Room: Salon Bonaventure Today’s actuaries face situations calling for ethical competencies as well as knowledge extending beyond the technical skills specific to their field of expertise. On the one hand, “professionalization” is undergoing a transformation that requires us to reflect on the meaning of professional activity and professionalism. On the other, while actuarial practice is not regulated by a code of ethics, it is in the public interest that actuaries have a sense of their ethical responsibilities. This session will invite participants to ponder their professional practice from an ethical standpoint, as well as the conditions underlying this practice. This session will be presented primarily in French. www.cia-ica.ca This session will be taped. This session will be interpreted. 24 Detailed Program Session 34 Practice Area: Joint with: Level: Moderator: Speaker: Friday, June 21 DC Plan Member Behavior — Key Information for Better Design and Consulting Room: Fontaine A Pension Investment Moderate Ross Dunlop (FCIA), vice-president, investments and portfolio manager, Cardinal Capital Management Dr. Jack VanDerhei*, research director, Employee Benefit Research Institute The Employee Benefit Research Institute (EBRI) has completed significant research on the investment behavior of those in participant-directed defined contribution (DC) plans. The EBRI has the largest and most comprehensive database (annual observations of over 23 million 401(k) participants from more than 60,000 plans) and statistics available on DC plan member behavior in asset allocations, contribution levels, and participation as well as the response to participant behavior by plan sponsors and service. In this session, EBRI research director Dr. Jack VanDerhei will present the key statistics and findings from this research, which would greatly enhance a pension actuary’s ability to provide better DC plan designs and consulting. Session 35 Individualized Risk Rating Practice Area: Moderator: Speakers: P&C Nathalie Bégin (FCIA), senior actuarial consultant, Towers Watson Robert L. Brown (FCIA) Pierre Laurin (FCIA), director, Towers Watson Room: Fontaine F Predictive modelling continues to change the way we analyze, measure, and rate risks. In the P&C industry, generalized linear models have become the standard for industry leaders in rate segmentation. To gain a competitive advantage companies strive to enhance the sophistication of their models, to find better ways to use big data, or to discover the next best predictor of client behaviour. At what point does our creativity and innovation erode the principles of collective risk that have created the basic need for insurance? This panel will discuss the philosophical transition that has taken place over time and provide various perspectives on the pros and cons of individual risk rating within our industry. Session 36 Interest Rate Calibration Practice Area: Relevant to: Level: Moderator: Corporate Life & Health ERM, Individual Life & Health, Investment Advanced David Campbell (FCIA), vice-president, CALM process improvement, group finance actuarial, Manulife David Campbell (FCIA) Claudia Gagné (FCIA), assistant professor in workshop actuarial education, University of Montréal Speakers: Room: Fontaine E The CIA and its committees and subcommittees have been spending considerable time on calibration of interest rate models. The subcommittees will discuss the technical aspects of their work, including how calibration criteria are set, model selection and parameterization, and model fit, plus challenges they faced and the lessons they learned. 25 *Not a member of the CIA. 2013 CIA Annual Meeting Friday, June 21 Detailed Program Session 37 ORSA Implementation Challenges Practice Area: Joint with: Relevant to: Moderator: Speakers: ERM P&C All Sim Segal*, president, SimErgy Consulting Christopher Crombie (FCIA), associate vice-president, insurance and financial risk, Standard Life Hakim Nouira*, senior manager, Ernst & Young Sim Segal* Room: Fontaine GH In this session, we will consider the Own Risk and Solvency Assessment (ORSA) guideline issued by the Office of the Superintendent of Financial Institutions. We will discuss some practical considerations behind the implementation of ORSA from both a life and P&C insurer perspective, and address such questions as: are companies prepared for ORSA, how can a company assess whether it is prepared, which ORSA requirements will be most challenging to implement, and what practical techniques may be helpful in implementing ORSA? At Aurigen, you will find a team of seasoned professionals who listen actively and respond quickly, delivering strong facultative support and creative solutions backed by rigorous analytical methodology. Aurigen — a fresh perspective for your life reinsurance needs For more information contact: Yana.Gagne@AurigenRe.com the source for your reinsurance solutions www.cia-ica.ca This session will be taped. www.AurigenRe.com This session will be interpreted. 26 Detailed Program Session 38 Practice Area: Relevant to: Level: Moderator: Speakers: Friday, June 21 Adjustable Products: Are We There Yet? Room: Fontaine CD Individual Life & Health ERM, Reinsurance, Corporate Life & Health Basic Dominic Hains (FCIA), vice-president of pricing, RGA Life Reinsurance Stéphane Rochon*, vice-president, sales and marketing, Humania Assurance Jean Roy (FCIA), David Forest Financial Services With the current low-interest-rate environment and potential changes to the reserving and capital regime, adjustable products have become a growing topic of interest. What are the opportunities and obstacles with adjustable products? Our panel will look at the question from various angles: broker, sales, and product development. 12:30 – 14:00 Luncheon Room: Montréal Ballroom President’s Farewell Speech, Change of Office, Incoming President’s Address, Volunteer Awards Ceremony Master of Ceremonies: Marc-André Morel* 14:15 – 15:30 Concurrent Sessions Session 39 Practice Area: Relevant to: Moderator: Speakers: Practice Committee Update: CRMCR, AEC, CIP Room: Fontaine E General Business & Professionalism All Chris Fievoli (FCIA), resident actuary, Canadian Institute of Actuaries Committee on Risk Management and Capital Requirements: Robert Berendsen (FCIA), principal, Oliver Wyman Michel Dionne (FCIA), vice-president and actuary, Intact Financial Corporation Committee on Actuarial Evidence: Maryse Larouche (FCIA), founder, GML Actuarial Services Committee on Investment Practice: Ross Dunlop (FCIA), vice-president, investments and portfolio manager, Cardinal Capital Management In this session, representatives of the three practice committees named above will present an update on recent activities. Session 40 Shared Risk Plans—Case Studies Room: Salon Bonaventure Pension Investment Jean-François Poitras (FCIA), actuarial senior advisor, Desjardins Sécurité financière Conrad Ferguson (FCIA), partner, Morneau Shepell Angela Mazerolle Stephens*, superintendent of pensions, New Brunswick Jérôme Savard (FCIA), senior director, Desjardins Financial Security This session will present the details of the new Shared Risk Plan (SRP) recently implemented in New Brunswick, and discuss the key characteristics and the different requirements (regulatory, funding, accounting). It will also highlight a shared cost plan, the Desjardins Group Pension Plan, and the challenges facing the plan, the risk management, and the accounting requirements. Practice Area: Relevant to: Moderator: Speakers: Portions of this session may be presented in French. 27 *Not a member of the CIA. 2013 CIA Annual Meeting Friday, June 21 Session 41 Detailed Program The Next Generation of the Minimum Capital Test (MCT) — A Regulatory Capital Framework for the Canadian P&C Insurance Industry Room: Fontaine F Practice Area: Moderator: Speakers: P&C Fiona So (ACIA), Office of the Superintendent of Financial Institutions (OSFI) Judith Roberge*, director, P&C insurance capital, OSFI Christopher Townsend (FCIA), managing director, OSFI OSFI began a process of reviewing the Minimum Capital Test (MCT) in 2010 with a data request, followed by another in 2012, with the intent of making the MCT more risk-based while ensuring that it explicitly covers all material risks faced by P&C insurers. As part of this review, OSFI is aiming to ensure that the new capital framework produces the right level of capital requirements at the right level of confidence. The proposed changes include a review of insurance, credit, and market risk measures while introducing an explicit operational risk charge and a credit for diversification. The presenters will provide an overview of OSFI’s capital initiatives, a description of the planned consultation process, and timelines. Session 42 Fraud in Group Insurance Practice Area: Level: Moderator: Speakers: Group Life & Health Moderate Louise Lessard (FCIA), consultant, group insurance plans, Towers Watson Deana Maric*, manager, investigative services, Sun Life Financial Joseph Peter*, vice-president of finance, Canadian operations, Sun Life Financial Room: Fontaine GH Fraud protection has long been a preoccupation for insurers and plan sponsors. In recent years, however, fraudulent activity associated with group benefit claims has grown in sophistication and has expanded to new areas; it is costing plan sponsors and insurers millions. In which areas do we now see fraud emerging? How much does it really cost and is fighting it worth the investment? How can insurers and sponsors best arm themselves against it? Session 43 Equities in Insurance Companies’ Portfolios Practice Area: Relevant to: Level: Moderator: Investment Insurance, ERM Moderate Patrick Chamberland (FCIA), director advisory services, risk management monitoring and policies, Caisse de dépôt et placement du Québec Josephine Marks (FCIA), principal, Eckler Martin Roy (FCIA), Fiera Capital Speakers: Room: Fontaine A This session will explore to what extent insurance companies are allocating capital to risky assets such as equities, and the implications from a risk management, pricing, and valuation perspective. Session 44 Global Protection Product Sales Trends Practice Area: Joint with: Moderator: Speaker: Reinsurance Individual Life & Health Mayur Shah (FCIA), pricing actuary, Aurigen Reinsurance Naveed Irshad (FCIA), senior vice-president, global accounts, RGA International Room: Fontaine CD This session will provide a whirlwind tour of sales and product trends for protection-oriented insurance business around the world. Products selling well and those in decline will be discussed (using business case studies), along with common global factors driving new product development. www.cia-ica.ca This session will be taped. This session will be interpreted. 28 Maîtrise en mathématiques Concentration en mathématiques actuarielles et financières › Modèles stochastiques › Catastrophes naturelles › Ruine › Risques extrêmes › › Fonds distincts › Solvabilité › Produits dérivés › Tarification IARD › Réserves › (CAE) of Actuaries (SOA), ◊ L'UQAM L'UQAM est reconnue comme un Centre actuariel iel d’excellence (C CAE) AE) par la Society S (SOA), (ICA). en plus d’être accréditée par l’Institut canadien des actuaires (I CA). L’UQAM facultaire Quantact. ◊L ’UQAM abrite le groupe de recherche recherche facult aire en mathématiques actuarielles et financières Quant act. recherche. ◊ Deux profils offerts : avec mémoire ou avec rapport de rec herche. Information : 514 987-7748 987-7748 | actfin@uqam.ca math.uqam.ca/actuariat Illustration : iStoc iStockphoto kphoto S’adress S’adressant ant principalement aux bac bacheliers heliers en actuariat ou en mathématiques, cette concentration vise à former des professionnels de l'actuariat ou de la finance mathématique œuvrant au sein d'équipes de gestion et de ttarification arification des risques ainsi que de développement de produits complexes d’assurance et de finance. Attendance Record DURATION Session 1 – General Business Session 75 Session 2 – CIA Update on Key Activities 75 Session 3 – PPFRC Update 75 Session 4 – Climate Change Research 75 Session 5 – Are Defined Benefit Medical/Dental Plans on the Road to Extinction Like their Pension Cousins? 75 Session 6 – Hedging Long-Term Insurance Risks 75 Session 7 – Update on the Changes to Exempt Test Rules 75 Session 8 – CEO Panel: Sharing Ideas for Success 75 Session 9 – What is the Right “Retirement Age” for Canada? 75 Session 10 – Model Validation: Know Your Audience and Second Iteration 75 Session 11 – Healthcare Funding For Developed and Developing Countries 75 Session 12 – Advanced Business Analytics for Actuaries 75 Session 13 – Hot Topics in Underwriting 75 Session 14 – Ethical Decision-Making for Actuaries 75 Session 15 – ASB Notice of Intent: Update to Standards Relating to Economic Reinvestment Assumptions 75 Session 16 – Latest Developments in Risk Appetite Frameworks 75 Session 17 – Group Life and Disability Trends 75 Session 18 – In the CIO Office: Economic Roundtable 75 Session 19 – Results from the T10 Lapse Study CANCELLED Session 20 – High-Impact Communication 75 Session 21 – Mock Trial - Pension T. Actuary Takes the Stand! 75 Session 22 – Risk Governance Roundtable 75 Session 23 – Group Insurance Debates 75 Session 24 – Risk Management Framework of Public Pension Plans 75 Session 25 – Life and Living Benefits Products: The Perfect Union? Session 26 – Plenary Session: Creating Opportunities through Collaboration Between Academia and the Actuarial Profession Session 27 – Does Social Media Work? 75 Session 28 – Super-Size Me: Jumbo Pension Risk Transfer Deals from Around the Globe 75 Session 29 – Best Practices for Effective Stress Testing 75 Session 30 – Using Actuarial Modelling to Unravel the Causes of the Healthcare Costs Spiral 75 Session 31 – CLIFR: News and Views 75 Session 32 – What’s New in Mortality Research at the SOA 75 Session 33 – Professionalism and Ethics 75 Session 34 – DC Plan Member Behavior—Key Information for Better Design and Consulting 75 Session 35 – Individualized Risk Rating 75 Session 36 – Interest Rate Calibration 75 Session 37 – ORSA Implementation Challenges 75 Session 38 – Adjustable Products: Are We There Yet? 75 Session 39 – Practice Committee Update: CRMCR, AEC, CIP 75 Session 40 – Shared Risk Plans – Case Studies 75 Session 41 – The Next Generation of the Minimum Capital Test (MCT) – A Regulatory Capital Framework for the Canadian P&C Insurance Industry 75 Session 42 – Fraud in Group Insurance 75 Session 43 – Equities in Insurance Companies’ Portfolios 75 Session 44 – Global Protection Product Sales Trends 75 www.cia-ica.ca ATTENDED 75 75 30 Consulting Actuaries IMPACT THROUGH INSIGHT oviding innovative solutions to the ever Oliver Wyman’s providing ever-changing Wyman’s consultants are are leaders in pr -changing yman for services that include valuation, pr insurance Wyman product insurance environment. environment. Clients turn to Oliver W oduct egulatory support, M&A, securitizations, and expert testimony development, ERM, peer reviews, testimony.. In reviews, rregulatory yman has as A AXIS XIS specialists who have extensive addition to these traditional Wyman traditional actuarial services, Oliver W experience taking advantage of GGY AXIS’ XIS’ power and d have h kkept ept pt pace with i hA AXIS’ XIS’ continui continuing i i evolution. GGY A Our team is ready ready to help you with your actuarial needs: Les Les Rehbeli, FSA, FCIA, MAAA Robert Berendsen, Berendsen, FSA, FCIA, CERA, MAAA Simone Brathwaite, Brathwaite, FSA, FCIA, CERA en, FSA, CFA, CFFA, A, MAAA Steven Chen, Paula Paula Elliot, FCAS, FCAS, FCIA Geoffrey G ffr Geof f ey Hancock, FSA, FCIA, CERA Rebecca Rycroft, Rycrofft, FSA, FCIA, MAAA Claude Theberge, Theberge, ASA, ACIA, MAAA Jacques Tremblay, Tremblayy, FSA, FCIA, MAAA Oliver Wyman Wyman 161 Bay Street, Street, P.O. P..O. Box 501 P Toronto, Toronto, Ontario M5J M5J 2S5 2S5 416 868 2200 actuaries@oliverwyman.com www.oliverwyman.com/actuaries www.oliverwyman.com/actuaries
