general business session of the general meeting of members november 18, 2004

General Business Sessionof the

General Meeting of Members

November 18, 2004

Leaders from Other Leaders from Other AssociationsAssociations

Members for 35 Years and Milestone Birthdays

M. David BrownM. David Brown

Thomas GolbergThomas Golberg

George WatsonGeorge Watson

Deceased Members

Laurence E. CowardLaurence E. Coward

Judy C. EngelsJudy C. Engels

Richard HumphreysRichard Humphreys

Geoffrey B. WhiteGeoffrey B. White

General Business Session

Agenda

1.1. WelcomeWelcome 2.2. Approval of the AgendaApproval of the Agenda3.3. President’s Report President’s Report 4.4. Council ReportsCouncil Reports5.5. Executive Director’s ReportExecutive Director’s Report6.6. Secretary-Treasurer’s ReportSecretary-Treasurer’s Report7.7. Confirmation of CPD requirementsConfirmation of CPD requirements8.8. Program Committee Report Program Committee Report 9.9. Other Business and ConclusionOther Business and Conclusion

CIA Strategic PlanCIA Strategic Plan

The actuarial profession will beThe actuarial profession will be

recognized for its integrity, highrecognized for its integrity, high

standards of practice, and qualitystandards of practice, and quality

of work.of work.

The Institute will have more The Institute will have more publicpublic

influence and will be recognized influence and will be recognized as aas a

key player in matters of publickey player in matters of public

policy.policy.

The Institute will be a strongerThe Institute will be a stronger

organization, evidenced in part organization, evidenced in part by anby an

increase in membership.increase in membership.

The Institute will act in an The Institute will act in an efficientefficient

and responsive manner.and responsive manner.

Report of the Member Services Council

Daniel PellerinChairperson, Member Services Council

Member Services CouncilMandate

ExternalExternal Promote good public relationsPromote good public relations Advance communications between the Advance communications between the

CIA and government, organizations and CIA and government, organizations and members of the publicmembers of the public

InternalInternal Advance communications between the Advance communications between the

CIA and its membersCIA and its members Plan and supervise services to membersPlan and supervise services to members

Develop a brand for the profession

We already project a public image…We already project a public image… … … but it needs to be renewed!but it needs to be renewed! Our target: known for our integrity, high Our target: known for our integrity, high

standards of practice and quality of workstandards of practice and quality of work Must be translated into a « brand »Must be translated into a « brand » Can only be established with persistent Can only be established with persistent

efforts… efforts… ……and the involvement of both the and the involvement of both the

members and the CIA leadershipmembers and the CIA leadership

Develop and implement a communications strategy

Recently adopted a Communications and Public Recently adopted a Communications and Public Affairs ProgramAffairs Program

Long term objectives:Long term objectives: Contribute to public policyContribute to public policy Increase profile and influence of professionIncrease profile and influence of profession Enhance demand for actuariesEnhance demand for actuaries

Current focus on health care and pensionsCurrent focus on health care and pensions Program initiativesProgram initiatives

Articles, speaking engagements, responses to Articles, speaking engagements, responses to current topics, government and media current topics, government and media relations, research, advertising, etc.relations, research, advertising, etc.

Develop CIA positions

Create a « briefing book » of CIA Create a « briefing book » of CIA positions on identified issuespositions on identified issues

Network of spokespeople with Network of spokespeople with media trainingmedia training

Improve process for developing Improve process for developing position statements position statements (Balance (Balance between consensus and between consensus and responsiveness)responsiveness)

Better support volunteers

Improve organizational effectivenessImprove organizational effectiveness

Better support volunteersBetter support volunteers

Currently contemplating increasing Currently contemplating increasing Secretariat staffSecretariat staff

Report of Eligibility and Education Council

Michael N. SmithChairperson, Eligibility and Education Council

EEC for 2004 - 2005

Richard BissonRichard Bisson Amy PunAmy Pun John Dark (Vice)John Dark (Vice) Leonard PresseyLeonard Pressey Guy PoliquinGuy Poliquin

Chris FievoliChris Fievoli Michel GiguMichel Giguèèrere Don PalmerDon Palmer Jim ChristieJim Christie Hélène PouliotHélène Pouliot Mike Smith - Mike Smith -

ChairpersonChairperson

EEC meets monthly via conference call, and attempts two face to face meetings during the year.

Committees under EEC

Academic Academic RelationsRelations

CARSCARS Continuing Continuing

EducationEducation Education and Education and

ExaminationExamination EligibilityEligibility

PapersPapers Program and Program and

SeminarsSeminars Rules of Rules of

Professional Professional ConductConduct

SOA/CAS Co-SOA/CAS Co-SponsorshipSponsorship

Various liaisonsVarious liaisons

Strategic Plan – EEC involvement

Re-claim lost terrain (Board-driven Re-claim lost terrain (Board-driven initiative)initiative)

Establish new terrain (Board-driven Establish new terrain (Board-driven initiative)initiative)

Be the Best of the BestBe the Best of the Best

Top Gun

Attract the brightestAttract the brightest New Education ModelNew Education Model

travel timetravel timeuniversitiesuniversitieseducation contenteducation content

Continuous Skills UpgradeContinuous Skills Upgrade Stronger Continuing Professional Stronger Continuing Professional

DevelopmentDevelopmentregular refreshersregular refresherse-learninge-learning

Task Force on Future Education Model (FEM)

Members Members Rob Stapleford, Michel Giguère, Guy Rob Stapleford, Michel Giguère, Guy

Poliquin, Amy Pun, Claude Pichet, Mike Poliquin, Amy Pun, Claude Pichet, Mike Smith, Leonard Pressey, Peter Smith, Leonard Pressey, Peter Muirhead, Alex BrownMuirhead, Alex Brown

MandateMandate contentcontent education methodeducation method examination methodexamination method

Report of the Practice Standards Council

Mark W. CampbellMark W. Campbell

Chairperson, Practice Standards CouncilChairperson, Practice Standards Council

“Through the Looking Glass” by Lewis Carroll

““Now, here, you see, it takes all the Now, here, you see, it takes all the running you can do to keep in the running you can do to keep in the same place. If you want to get same place. If you want to get somewhere else, you’ve got to run somewhere else, you’ve got to run at least twice as fast as that!”at least twice as fast as that!”

New or improved standards

General and practice-specific standards in placeGeneral and practice-specific standards in place Just evolution and maintenance from now on?Just evolution and maintenance from now on?

Definitely not! Definitely not! Foresee activism by PSC, practice committees Foresee activism by PSC, practice committees

and membership at large in identifying areas and membership at large in identifying areas where standards need to be added, where standards need to be added, strengthened or simplifiedstrengthened or simplified

Possibilities include:Possibilities include: New: P&C ratemaking, risk management, New: P&C ratemaking, risk management,

asset/liability modelling, stock-based asset/liability modelling, stock-based compensation, disclosure of actuarial resultscompensation, disclosure of actuarial results

Improved: integration of financial economics, Improved: integration of financial economics, rationalization of differences between rationalization of differences between practice areaspractice areas

New or improved standards Continue important initiatives already in progressContinue important initiatives already in progress

Monitor, influence and respond to international Monitor, influence and respond to international developments, both accounting and actuarialdevelopments, both accounting and actuarial

Update pension funding standardsUpdate pension funding standards Rationalize pension commuted value and Rationalize pension commuted value and

marriage breakdown standardsmarriage breakdown standards Promulgate standards for actuarial valuation of Promulgate standards for actuarial valuation of

post-employment benefit planspost-employment benefit plans Educational Note (EN) development on expenses, Educational Note (EN) development on expenses,

source of earnings, P&C discounting and DCAT. . .source of earnings, P&C discounting and DCAT. . . Consider greater use of research papers and ENsConsider greater use of research papers and ENs

Particularly for emerging or controversial issuesParticularly for emerging or controversial issues

“Alice’s Adventures in Wonderland” by Lewis Carroll

““Begin at the beginning,” said the Begin at the beginning,” said the King, gravely, “and go on until you King, gravely, “and go on until you come to the end: then stop.”come to the end: then stop.”

Improved due process

Reminder of changes recently madeReminder of changes recently made Initial focus on high-level principlesInitial focus on high-level principles Removal of discussion draft stageRemoval of discussion draft stage

Analyzing pension commuted value Analyzing pension commuted value development, but from broad perspectivedevelopment, but from broad perspective

Reconsidering issues of public interest and Reconsidering issues of public interest and inputinput

Reconsider “general acceptance” criterion?Reconsider “general acceptance” criterion?


““When I use a word,” Humpty When I use a word,” Humpty Dumpty said, in a rather scornful Dumpty said, in a rather scornful tone, “it means just what I choose tone, “it means just what I choose it to mean – neither more nor it to mean – neither more nor less.”less.”

Consideration of public interest and input

GP1: “In carrying out its activities and GP1: “In carrying out its activities and programs, the Institute holds the duty of programs, the Institute holds the duty of the profession to the public above the the profession to the public above the needs of the profession and its members.”needs of the profession and its members.”

RPC1: “A member shall . . . fulfil the RPC1: “A member shall . . . fulfil the profession’s responsibility to the profession’s responsibility to the public . . .”public . . .”

Need to ensure these commitments are Need to ensure these commitments are well understood and fulfilledwell understood and fulfilled

Consideration of public interest and input

Strengthen due process requirements Strengthen due process requirements to:to: Consider public interest issues?Consider public interest issues? Consult broadly with the public?Consult broadly with the public?

Add non-members to practice Add non-members to practice committees and/or PSC? voting or non-committees and/or PSC? voting or non-voting? paid or volunteer?voting? paid or volunteer?

Form non-member advisory panel(s)?Form non-member advisory panel(s)? Renew sensitivity to public interest Renew sensitivity to public interest

issues through articles, meetings, case issues through articles, meetings, case studies, CPD, etc.?studies, CPD, etc.?


““And what is the use of a book,” And what is the use of a book,” thought Alice, “without pictures or thought Alice, “without pictures or conversations?”conversations?”

Improved standards-related CPD

New Continuing Professional New Continuing Professional Development (CPD) Requirements Development (CPD) Requirements can provide vehicle tocan provide vehicle to Identify needed standards-Identify needed standards-

related curriculum?related curriculum? Could go further and mandate Could go further and mandate

standards-related CPD?standards-related CPD?


““Would you tell me, please, which Would you tell me, please, which way I ought to go from here?”way I ought to go from here?”

““That depends a good deal on where That depends a good deal on where you want to get to,” said the Cat.you want to get to,” said the Cat.

““I don’t care much where –” said I don’t care much where –” said Alice.Alice.

““Then it doesn’t matter which way Then it doesn’t matter which way you go,” said the Cat.you go,” said the Cat.

Executive Director’s Report

Daniel Lapointe, Executive DirectorDaniel Lapointe, Executive Director

Secretary-Treasurer’s Report

Geoff Guy, Secretary-TreasurerGeoff Guy, Secretary-Treasurer

Today’s Topics

(Brief) report on (Brief) report on November 16 November 16 Board meeting Board meeting

Update on Update on financials for financials for current fiscal yearcurrent fiscal year

Board Meeting

Strategic prioritiesStrategic priorities Disclosure of Disclosure of

actuarial actuarial informationinformation

Application of Application of actuarial skills to actuarial skills to risk managementrisk management

PensionsPensions Public statementsPublic statements …………and moreand more

CIA Finances– the basics

0

500

1000

1500

2000

2500

3000

3500

4000

Revenues

MeetingsInv incomeFees

$000’s

CIA Finances – the basics

0

500

1000

1500

2000

2500

3000

3500

4000

Revenues Expenses

StrategicDisciplineOfficeMeetingsInv incomeFees

$000’s

CIA Financials (2003/04)

Good management Good management of operational of operational expensesexpenses

Low level of Low level of discipline activitydiscipline activity

Low spend on Low spend on strategic initiativesstrategic initiatives

Large loss on Large loss on Orlando meetingOrlando meeting

-100

-50

0

50

100

150

200

Current Fiscal Year

Expecting better Expecting better result from result from meetingsmeetings

Strategic initiatives:Strategic initiatives: CommunicationCommunication Paid support for Paid support for

Councils and Councils and committeescommittees

Pension reviewPension review

Discipline?Discipline?

-60-40-20

020406080

100120

Meetin

gs

Offi

ce

Discip

line

Strateg

ic

2005/06 Budget

Budget to be Budget to be formulated in first formulated in first quarter of 2005.quarter of 2005.

Lots of ideas for Lots of ideas for strategic strategic initiatives.initiatives.

Do you have any?Do you have any?

Confirmation of the Revised Confirmation of the Revised Continuing Professional Continuing Professional

Development RequirementsDevelopment Requirements

Motion:Motion:

That the Board’s decision of That the Board’s decision of SeptemberSeptember

22, 2004 to adopt the revised 22, 2004 to adopt the revised ContinuingContinuing

Professional DevelopmentProfessional Development

Requirements be confirmed,Requirements be confirmed,

effective January 1, 2005.effective January 1, 2005.

Program Committee Report

Leonard PresseyLeonard Pressey

Chairperson, Program CommitteeChairperson, Program Committee

What is The Actuarial Foundation of What is The Actuarial Foundation of Canada (AFC)? Canada (AFC)?

What is the relation between the What is the relation between the AFC and the CIA?AFC and the CIA?

For more information contact:For more information contact:

Mo Chambers, AFC PresidentMo Chambers, AFC President

Bob Sharkey, AFC Secretary-Bob Sharkey, AFC Secretary-TreasurerTreasurer

Contributions should be sent to the Contributions should be sent to the

attention of attention of Rosemary Leu at the Rosemary Leu at the CIACIA

Secretariat in Ottawa.Secretariat in Ottawa.

Conclusion of the General Business Session

Special Guest SpeakerSpecial Guest Speaker

Nicholas Le PanNicholas Le Pan

general business session of the general meeting of members november 18, 2004

Documents