Final Program - CIA 2013 Annual Meeting · 1 2013 CIA Annual Meeting ... Mylène Da Conceicao Sarah...

2012-2013

1 2013 CIA Annual Meeting

Canadian Instituteof Actuaries Board

President Simon Curtis FCIA, FSA

President-elect Jacques Lafrance FCIA, FSA

Immediate Past President James Christie FCIA, FCAS

Secretary-Treasurer Martin Roy FCIA, FSA

Directors 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

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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 professionaldevelopment sessions, the meeting provides a unique chance for you tointeract with your colleagues and share ideas and experiences. It is throughall these experiences that we become better professionals.

I would encourage you to take full advantage of all these two days haveto offer, and I look forward to seeing you.

Simon CurtisCIA President

Patron Level

Benefactor Level

Sponsors

Chair Lynn Grenier-Lew FCIA, FSA

Vice-Chair Deborah McMillan FCIA, FSA

Property & Casualty Insurance Nathalie Bégin FCIA, FCAS

Group Life & Health Jeremy Bell FCIA, FSA

Academic Claire Bilodeau ACIA, ASA

Investment Patrick Chamberland FCIA, FSA

General Business & Professionalism Chris Fievoli FCIA, FSA

Enterprise Risk Management 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 2013Annual Meeting ChairWhen the CIA selects a city for our Annual Meeting, we do our research. Asidefrom world-class culture, Montréal has more than enough infrastructure tokeep 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 inCanada (ignoring very small towns!). That is when the city will host the CIA’s Annual Meeting at the HiltonMontréal Bonaventure. I encourage you to join me there. You will learn important information and makevaluable connections. Your attendance will also enhance the meeting for other participants; we would loveto hear what you are working on.

The Committee on Continuing Education and the CIA Head Office have done an excellent job organizingsessions 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 thehorizon.

I am excited about our keynote speaker, Eric Garland. His presentation, “Tales from the UnexpectedFuture”, will explore the limits of our predictive abilities. He is a veteran strategic analyst who hasperformed forecasting for some of the biggest corporations and governments, from Coca-Cola to thePrincipality of Monaco.

An exciting two days await you. Attendance and engagement by actuaries at the Annual Meeting makes usbetter as professionals and a profession, so please consider taking part. I look forward to seeing you.

Jeremy BellChair, 2013 CIA Annual Meeting

Committee on Continuing Education2012-2013


General InformationSession Description UpdatesAs 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 CaféBe 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 DevicesSome 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 AttireRespectable casual attire is suggested for the meeting. No jeans please.New Fellows are expected to wear business attire for their presentation.

Presentation MaterialThe CIA will not be providing hard copies of presentation materials for sessions. The deadline for thepresenters to submit their presentations is June 14. All those received by then (including amendedmaterials) will be available at: http://www.cia-ica.ca/professional-development/meetings/2013-annual-meetingPresentations received after June 14 will be uploaded after the meeting.

Thank you to the 2013 Annual Meeting SpeakersThe CIA wishes to thank the speakers of the 2013 Annual Meeting for the generous contribution oftheir time and knowledge.

This year, in lieu of providing gifts to presenters, the CIA has made a donation to the ActuarialFoundation 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 SessionsSession 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 SessionsSession 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 Montréal Ballroom

14:45 – 16:00 Session 14 – Ethical Decision Making for Actuaries Fontaine GH

Session 15 – ASB Notice of Intent: Update to Standards Relating toEconomic Reinvestment Assumptions

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 SessionsSession 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 Fontaine CD

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 Montréal Ballroom

Friday, June 21 Schedule at a Glance

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TIME DETAILS ROOM7:00 – 7:45 Hot Buffet Breakfast Montréal Ballroom

7:45 – 9:00Session 26 – Plenary Session: Creating Opportunities through

Collaboration Between Academia and the Actuarial Profession

Montréal Ballroom

9:15 – 10:30 Concurrent SessionsSession 27 – Does Social Media Work? Fontaine E

Session 28 – Super-Size Me: Jumbo Pension Risk Transfer Dealsfrom Around the Globe

Salon Bonaventure

Session 22 – Risk Governance Roundtable Fontaine F

Session 30 – Using Actuarial Modelling to Unravel the Causes ofthe Healthcare Costs Spiral

Fontaine GH

Session 31 – CLIFR: News and Views Fontaine A

Session 32 – What’s New in Mortality Research at the SOA Fontaine CD

10:30 – 11:00 Networking Break and Trade Shows Viewing Time Fontaine B

11:00 – 12:15 Concurrent SessionsSession 33 – Professionalism and Ethics Salon Bonaventure

Session 34 – DC Plan Member Behavior - Key Information forBetter Design and Consulting

Fontaine A

Session 35 – Individualized Risk Rating Fontaine F

Session 36 – Interest Rate Calibration Fontaine E

Session 37 – ORSA Implementation Challenges Fontaine GH

Session 38 – Adjustable Products: Are We There Yet? Fontaine CD

12:30 – 14:00Luncheon including President’s Farewell Speech, Change of Office,Volunteer Awards Ceremony, and Incoming President’s Address withMarc-André Morel, Master of Ceremonies

Montréal Ballroom

14:15 – 15:30 Concurrent SessionsSession 39 – Practice Committee Update: CRMCR, AEC, CIP Fontaine E

Session 40 – Shared Risk Plans—Case Studies Salon Bonaventure

Session 41 – The Next Generation of the Minimum Capital Test (MCT)—A Regulatory Capital Framework for the CanadianP&C Insurance Industry

Fontaine F

Session 42 – Fraud in Group Insurance Fontaine GH

Session 43 – Equities in Insurance Companies’ Portfolios Fontaine A

Session 44 – Global Protection Product Sales Trends Fontaine CD

New Fellows

Lise Anne Power ArbezEdmond AssalSébastien AuclairJad AwadaLing BaiMélanie BeauvaisNicole Natasha BecklesAndréanne BergeronSébastien BernardPascal BernierPierre-Luc BérubéSébastien BilletteAdam Allan BlakeJonathan BohmJonathan BolducMichaël Bordeleau-TassileDominic BourbonnaisJeff Edward BradleyGhislain Brault-JoubertGavin David Brown-JowettCrispina O. CaballeroDamon York CallasQian CaoStephanie CarrierNavaz Alaudin CassamAhwaz Aftab ChaganiFlora Po-Lam ChanJonathan Man-Chung ChanMonica Ying Kwok ChanYan Lok ChanJustine ChartrandIrawati ChenYing ChenSarah Ashley ChevalierAlix ChisholmEn-Ju Chou

Jesse ChrumkaEric Chuen CheongAlex Chi Ming ChungÉtienne Collard-ProulxSteven CoutureMylène Da ConceicaoSarah DagenaisEvan DalgorfGabrielle D'AoustLisa Dawn DenysPatrick DouvilleJonathan DoyonChen (Will) DuPhilippe-Olivier DumasLaura Ann Doris EnsOlivier FafardLaura FazzariSerena FilosaJean-François FontaineIsabelle GagnonWenwen GaoXiaojun GaoStephane GenereuxKristen Gervais-AndradeDaniel GiovannoneSimon GirardAdam Michael GranvilleHua GuanIsabelle GuérinOlivier Marc-André GuilbaudShameer Sadrudin GulamaniLaura HafemanHai Na HanAletta Elizabeth HavengaIris HoNicholas Hsu

Christopher HurlburtPierre-Alexandre JalbertMark G. JarvisNan JiangYun-Suk KangSalim Shiraz KassamRyan KastnerEsther Keable-PréfontaineKristopher Andrew KerwinJason KeyfitzAlena KharkavetsAndrea Nicole KojlakNick A. KomissarovBrendan KrohmAlvin Chi Chung KwongAnnick LachanceJessica LafleurRenaud Lafond GingrasCaroline LafortuneJean-François LalondeAlex Choy-Ying LamKathie LantagnePhilippe LaplanteAlexandre LaroseChun King LeeSeung-Won (Sam) LeeYork Hon John LeeSébastien LépineBenoît LessardJean-François LessardKrystel LessardJennie Tsz Ip LeungRachel LévesqueFeiXue Crystal LiJoyce Chenk Chi LiNing Li


The Canadian Institute of Actuaries is proud to recognize the following people who have become Fellowssince the last meeting in June 2012:

Sha LiYing (Daisy) LiSuzanne Shuocao M. LiangEunice Xingfang LimDiane Kar Man LiuHua LiuAdelina LoughMartha LukowiczXiangxiang LuoSanjay Mohan MahboobaniFrancois MainguyJason James MaloneCatherine McElwainBrett Albert MeadeNatasha MehraniVéronique MénardNabil MeraliNadia MichaudSarah Jean MillerFélix Mill-PlourdeMary Kai-Shan MongJonathan MorinLiza Marie MusniChristian Nadeau-AlaryJessica Catherine NewmanStephen Nighswander-RempelFrancesco NudoJojy OommenMarie-Pier OtisCatherine Pageau-DufresneScott Christopher PalmerJoannie PaquetteAudrey Anne PatryNadia PelletierJonathan PetrinJonathan Poirier-ArbourLouis-Philippe PouliotGuillaume Proulx-CabanaSophie Provencher

Patrick ProvostJustin PursagaHariram PushparajJesse Paul ResnickSalman Attique RiyazSébastien RodrigueMyriam RouxÉmilie RoyLydia RoyDavid William RutledgeKaran SabharwalOlivier Saindon CharestHaris Farid SardarPaul Michael SavageEric Richard SchaeferLucian Gerard SchulteSurender SekhonAndrei SerykhDavid H. SimDany SimardNisha Davi SinghJonathan SkanGrzegorz Tomasz SkubiszBrent George SmithJohn SpencerAnnie Marie St-JacquesAmanda SydneySimon TamJennifer L. TanKhurram TehseenShannon Michelle TesluckDominic ThébergeLijia TianAgnes Wing Yee ToNancy TrépanierQueenie Wing Kan TsangNirmala VeerappenKarl VeilleuxMaxime Veilleux

Jennifer Diane VerkaikPierre-Olivier VincentBradley Michael WallisHuinian WangJin Kui WangRina Meng-Jie WangAndrew James WhaleCarol WongMargaret WuSi XieGang Richard XuJingjing XuPing XuSally XuYun XuJoanne YammineDavid YangMin YangXia YangSalina Long Hang YoungArthur Kin Shu YuenHenry YuenAlice Chan ZhangJian ZhangRui ZhangJessie Risong ZhengXiaotong ZhuWendi Zou

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New Fellows


Keynote Speaker

ERIC GARLANDKeynote 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 peoplemust do in a rapidly changing world.

He writes based on his 15 years (and counting) of working in competitiveintelligence, strategic analysis, and futurism for executives in corporations andgovernments. He is constantly considering how leaders of organizations think about the future, theinformation they need to plan their next move, the tools they use to inspire the imaginations of others, andthe difficulties they encounter along the way.

Mr. Garland’s point of view is informed by consulting with executives at corporations and governmentagencies on what to do about future trends. His clients were a variety of major organizations, rangingfrom 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 thedecisions that affect the whole world:

• Future Inc: How Businesses Can Anticipate and Profit from What’s NEXT (Amacom, 2007) is the firstbook 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, theShell 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 isso difficult in modern business culture. In it, Mr. Garland skewers modern business publishing and itsdesire 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 usessarcastic 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 publicationsand providing commentary on world events to broadcasters such as Al Jazeera English, Russia Today, theHistory Channel, and the BBC.

He is also working on a third book about what he calls “the Transition”, the strategic trends that are likelyto 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 inthe world, and relishes the opportunity to keep people focused on positive outcomes.

Marc-André Morel is a rising star among North America’s public speakerswho has delivered over 1,000 inspirational, educational, and entertainingsessions to English and French corporate audiences across Canada, the U.S., and Europe.

A past president of the Montréal chapter of the Canadian Association ofProfessional 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, heaccumulated several coveted corporate sales and leadership awards, including the Multiple SclerosisSociety of Canada’s Leadership Award for his professional excellence and outstanding communitycontribution.

Dedicated to make a difference for adults and young people, he is the founder of the Morel LeadershipCentre for Youth. His own personal and inspiring story is featured in the acclaimed Chicken Soup for theCanadian Soul, and he is the bestselling author of French versions of The Fifth Season: Manifesting YourDestiny with Simplicity and Energy for Life: Finding and Keeping Motivation at the Gym.

Master of Ceremonies

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MARC-ANDRÉ MORELMaster of Ceremonies, June 20-21

Maciej AugustyniakPhD studentUniversité de MontréalSession 6 – Hedging Long-Term Insurance Risks

Antoine AylwinpartnerFasken Martineau DuMoulinSession 21 – Mock Trial - Pension T. Actuary Takes theStand!

Claude Bergeronchief risk officerCaisse de dépôt et placement du QuébecSession 24 – Risk Management Frameworkof Public Pension Plans

Mike Bootmanaging director of sections and practice advancementSOASession 12 – Advanced Business Analytics for Actuaries

Scott Campionprincipal, Americas insurance practiceOliver Wyman, New YorkSession 28 – Super-Size Me: Jumbo Pension RiskTransfer Deals from Around the Globe

Donald Chudirector of financial institutions ratingsStandard & Poor’sSession 22 – Risk Governance Roundtable

The Honourable Pierre J. DalphondjudgeAppeal Court of Québec Session 33 – Professionalism and Ethics

Jean-Marc Fixvice-president of research and developmentOptimum RéassuranceSession 32 – What’s New in Mortality Researchat the SOA

Clément Gignacsenior vice-president and chief economistIndustrial AllianceSession 18 – In the CIO Office: Economic Roundtable

Saskia GoedhartpartnerErnst & YoungSession 16 – Latest Developments in Risk AppetiteFrameworksSession 22 – Risk Governance Roundtable

Jocelyn Grirasenior manager advisory services and risk consultingKPMGSession 29 – Best Practices for Effective Stress Testing

Tom Groundhead of bulk purchase annuities and longevity insuranceLegal & General, London, UKSession 28 – Super-Size Me: Jumbo Pension RiskTransfer Deals from Around the Globe

Jo-Ann Jolliffevice-president, underwritingAurigen ReinsuranceSession 13 – Hot Topics in Life Underwriting

André Lacroixprofessor, philosophy and applied ethics departmentUniversité de SherbrookeSession 33 – Professionalism and Ethics

The Honourable Louis-Philippe Landryretired Superior Court Judge (Québec) Session 21 – Mock Trial - Pension T. ActuaryTakes the Stand!

Marc Lévesquevice-president, economics and market strategyPSPSession 18 – In the CIO Office: Economic Roundtable

David Longsenior vice-president and chief investment officer,asset liability management, derivatives and fixed incomeHealthcare of Ontario Pension PlanSession 24 – Risk Management Frameworkof Public Pension Plans

Deana Maricmanager, investigative servicesSun LifeSession 42 – Fraud in Group Insurance


Guest Speakers

Angela Mazerolle Stephenssuperintendent of pensionsNew BrunswickSession 40 – Shared Risk Plans—Case Studies

Susan Meltzervice-president of enterprise risk managementAviva CanadaSession 16 – Latest Developments in RiskAppetite Frameworks

David MillerpresidentBusiness Growth StrategiesSession 20 – High-Impact Communication

John Moorevice-president of business developmentJohnston GroupSession 5 – Are Defined Benefit Medical/Dental Planson the Road to Extinction Like their Pension Cousins?

Érik MorissettepartnerFasken Martineau DuMoulinSession 21 – Mock Trial - Pension T. ActuaryTakes the Stand!

Hakim Nouirasenior managerErnst & Young Session 37 – ORSA Implementation Challenges

Joseph Petervice-president of finance, Canadian operationsSun LifeSession 42 – Fraud in Group Insurance

Kevin Pledgechief executive officer and co-founderInsight Decision SolutionsSession 12 – Advanced Business Analytics for ActuariesSession 27 – Does Social Media Work?

Robert Profumomedical directorAurigen ReinsuranceSession 13 – Hot Topics in Life Underwriting

Judith RobergedirectorP&C insurance capital, Office of the Superintendentof Financial InstitutionsSession 41 – The Next Generation of the MinimumCapital Test (MCT)—A Regulatory Capital Frameworkfor the Canadian P&C Insurance Industry

Stéphane Rochonvice-president, sales and marketingHumania AssuranceSession 38 – Adjustable Products: Are We There Yet?

Robert Sancheassistant vice-president, research & developmentTravelersSession 10 – Model Validation: Know Your Audienceand Second Iteration

Ron Sandersondirector, policyholder taxation and pensionsCanadian Life and Health Insurance AssociationSession 25 – Life and Living Benefits Products: The Perfect Union?

Sim SegalpresidentSimErgy ConsultingSession 37 – ORSA Implementation Challenges

Rachel StephanpresidentLes sens créatifsSession 27 – Does Social Media Work?

Christina Testasenior marketing underwriterRGA Life ReinsuranceSession 17 – Group Life and Disability Trends

Jack VanDerheiresearch directorEmployee Benefit Research InstituteSession 34 – DC Plan Member Behavior—KeyInformation for Better Design and Consulting

Ella Youngdirector of the care continuum and actuarial analyticsfor Vancouver Coastal HealthSession 30 – Using Actuarial Modelling to Unravel theCauses of the Healthcare Costs Spiral

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Guest Speakers

13 *Not a member of the CIA. 2013 CIA Annual Meeting

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 General Business Session Room: Montréal BallroomPractice Area: GeneralRelevant to: AllSpeakers: Simon Curtis, President, Canadian Institute of Actuaries

Martin Roy, CIA Secretary-TreasurerJeremy Bell, Chair, 2013 Annual MeetingJacques Tremblay, the incoming President-electMicheline 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 CommitteeDavid Pelletier, Chair, Actuarial Standards Board (ASB)Jason Vary, Chair, Eligibility and Education Council (EEC)

Agenda: Election Results ReportAddress by the President-Elect 2013–2014Secretary-Treasurer’s Report and Appointment of CIA AuditorUpdate from the ASBReports from CouncilsDiscussion and Vote on Amending Bylaw 2013-1 Question PeriodHousekeeping Remarks from the Annual Meeting ChairOther Business

09:15 – 10:30 Concurrent Sessions

Session 2 CIA Update on Key Activities Room: Fontaine ECouncil updates on strategyPractice Area: GeneralRelevant to: AllModerator: Michel Simard, Executive DirectorSpeakers: Simon Curtis, President

Jacques Lafrance, President-electMichel SimardMicheline 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 futuredirection of your Institute, and participate in an interactive discussion on issues of importance.

Thursday, June 20 Detailed Program

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Session 3 PPFRC Update Room: Fontaine APractice Area: PensionRelevant to: Pension Moderator: Charlene Moriarty (FCIA), principal, Morneau ShepellSpeakers: Alexandra (Alex) Leslie (FCIA), partner, Mercer Canada

Manuel Monteiro (FCIA), partner, Mercer Canada

In this session, the Committee on Pension Plan Financial Reporting (PPFRC) will provide an update on itsactivities over the past year, as well as upcoming initiatives. In particular, it will discuss a review of theapproach for providing guidance regarding group annuity purchase pricing, and the assumption ofalternative settlement methods for hypothetical wind-up and solvency valuations.

Session 4 Climate Change Research Room: Fontaine FPractice Area: P&CRelevant to: Life, Pension Level: Intermediate (please look over the report as preparation for the session)Moderator: Caterina Lindman (FCIA), member, Casualty Actuarial Society (CAS) Climate Change

Committee, and Chair, CAS Actuarial Climate Volatility Index SubcommitteeSpeaker: Caterina Lindman (FCIA)

The North America actuarial oganizations are collaborating together to research climate change anddevelop 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 onInsurance Risk and the Global Community. The session will also include information about the currentphase of the project—to develop the Actuaries Climate Index and the Actuaries Climate Risk Index—andwill touch on other issues of interest to actuaries regarding climate change.Report in English: http://www.cia-ica.ca/docs/default-source/2012/212091e.pdfExecutive 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

Practice Area: Group Life & HealthLevel: ModerateModerator: Michel Allain (FCIA), vice-president, actuarial services and

group insurance, Assumption Mutual LifeSpeakers: 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’ increasedscrutiny of the costs of benefits. In this session, two group insurance experts will debate whether medicaland dental plans as we know them will survive the next decade and, if not, what employee benefits mightlook like in the future.

This session will be taped. This session will be interpreted.



Session 6 Hedging Long-Term Insurance Risks Room: Salon BonaventurePractice Area: InvestmentRelevant to: Insurance, ERMLevel: ModerateModerator: Mathieu Boudreault (ACIA), Chair, CIA Academic Relations Committee, and professor,

actuarial science, department of mathematics, Université du Québec à Montréal(UQAM)

Speakers: Maciej Augustyniak*, PhD student, Université de MontréalJonathan Hede (FCIA), vice-president, Nexus Risk Management

This session will present investment strategies and techniques used by insurance companies to hedgelong-term insurance liabilities.

Session 7 Update on the Changes to Exempt Test Rules Room: Fontaine CDPractice Area: Individual Life & HealthRelevant to: ERM, Investment, Reinsurance, Corporate Life & HealthLevel: ModerateModerator: Peter Treichel (FCIA), actuary, individual insurance pricing,

Canadian division, Manulife FinancialSpeaker: Stephen Krupicz (FCIA), assistant vice-president, special case markets,

Manulife FinancialThis session will provide an update on the latest changes to exempt test rules from the Canadian Life andHealth Insurance Association working group, and will discuss how these changes are expected to impactcurrent products.

10:30 – 11:00 Networking Break and Trade Show Viewing Time Room: Fontaine B


Session 8 CEO Panel: Sharing Ideas for Success Practice Area: General Business & Professionalism Room: Fontaine CD

Moderator: Chris Fievoli (FCIA), resident actuary, Canadian Institute of ActuariesSpeakers: Denis Berthiaume (FCIA), president and chief operating officer, Desjardins Insurance

Sharon Giffen (FCIA), president and chief operating officer, Foresters Life InsuranceAlan Ryder (FCIA), president and chief operating officer, Aurigen Reinsurance

Actuaries that work as presidents or chief executive officers have a unique perspective on the businessesin 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 theactuarial profession should be paying attention to. They will also share their opinions on how actuariescan leverage their skills to find success in senior management.


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Session 9 What is the Right “Retirement Age” for Canada? Room: Salon Bonaventure

Practice Area: PensionRelevant to: Group Life & Health, InvestmentModerator: June Smyth (FCIA), senior consultant actuary, Baynes & WhiteSpeakers: 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 thattrends change over time. Part of this is influenced by demographics. Part is affected by immigration, thejob market, and fertility rates. Should the Canadian retirement age be increased from 65? What does itmean to retire? Many seniors are now taking on part-time jobs in retirement. Other countries areconsidering changes or have already made them. In this session, Rob Brown—Chair of the CIA Task Forceon Retirement Age—will be speaking with task force member Malcolm Hamilton about their findings in arecently-released paper. How do the changes in retirement patterns affect our social systems and whatfuture changes would the CIA recommend to Canada’s leaders? Come hear what Rob and Malcolm have tosay about the issue and their team’s report. Bring your questions, thoughts, and comments.

Session 10 Model Validation: Know Your Audienceand Second Iteration Room: Fontaine F

Practice Area: P&CModerator: Stacey Ling Bai (FCIA), manager, actuarial, The DominionSpeaker: Robert Sanche*, assistant vice-president, research & development, Travelers

As predictive modelling takes off in the insurance community, companies are facing the growingrealization that building and implementing the second iteration of a model can be just as challenging asthe first. The first part of this talk, “Know Your Audience”, addresses model validation from twoperspectives (the modeller and senior management) and focuses on the first iteration of a model and thebasics. The second part, “Seconds Anyone?”, looks at the second model iteration and addresses theconcerns of the same two constituencies. For modellers, the speakers will explore the added challengesin validating the model and what techniques can be used to compare it to the previous version. For seniormanagement, they will discuss how one should view disruption in the context of incremental changes tothe rating plan.

Session 11 Healthcare Funding For Developedand Developing Countries Room: Fontaine G

Practice Area: Group Life & HealthRelevant to: AllLevel: ModerateModerator: Jeremy Bell (FCIA), partner, George & Bell ConsultingSpeakers: Denis Garand (FCIA), president, Denis Garand and Associates

John Have (FCIA), president, Have Associates

In this session, John Have will present an analysis of the healthcare funding methods in use in 20countries, incorporating healthcare resources, utilization, costs trends, and outcomes. He will alsodiscuss the Have Associates Lifestyle Index, which examines the prevalence of obesity, smoking, andalcohol usage for each country. In addition, Denis Garand will identify what we can learn from the globalexperience in health insurance aimed at low-income populations, and how can that be applied indeveloped countries.




Session 12 Advanced Business Analytics for Actuaries Room: Fontaine APractice Area: General Business & ProfessionalismRelevant to: AllModerator: Mike Boot*, managing director of sections and practice advancement, SOASpeakers: Mike Boot*

Kevin Pledge*, chief executive officer and co-founder, Insight Decision SolutionsBarry Senensky (FCIA), president, Claim Analytics

It is the era of “Big Data”— how can actuaries use advanced business analytics, such as data mining andpredictive modelling techniques, to better manage risk? What opportunities are there for actuaries to beleaders in analytics? The panel of leaders in this rapidly expanding discipline will discuss real-lifeexamples of how they use data analytics in the areas of life, health, and risk management.

Session 13 Hot Topics in Life Underwriting Room: Fontaine EPractice Area: ReinsuranceRelevant to: Individual Life & HealthLevel: ModerateModerator: Bob Brown (FCIA), chief pricing officer, Aurigen ReinsuranceSpeakers: Bob Brown (FCIA)

Jo-Ann Jolliffe*, vice-president, underwriting, Aurigen ReinsuranceRobert Profumo*, medical director, Aurigen Reinsurance

Aurigen Reinsurance recently developed an underwriting manual for the Canadian and U.S. markets. Part1 of this session will detail the process involved in creating a manual based on the most current medicalterminology and clinical data available. Part 2 will discuss the results of new research describing therelationship 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 FutureIt'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 veteranstrategic 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 storiesabout how we get predictions wrong. From our perennial expectation that information technology willcreate world peace to the ever-expanding complexities of science and scandalous cross-cultural productnames, the history of the future shows us where we get it wrong, and why. In a world where the failure ofrisk analysis can have serious implications, this presentation will show the lighter side of our intellectualjourney, and ways in which we can improve our thinking about the future.


www.cia-ica.ca 18


Session 14 Ethical Decision-Making for Actuaries Room: Fontaine GHPractice Area: General Business & ProfessionalismRelevant to: AllModerator: Michel Simard, Executive Director, Canadian Institute of ActuariesSpeakers: Chris Fievoli (FCIA), resident actuary, Canadian Institute of Actuaries

Michel Simard

Had enough of mortality studies and standards of practice? Attend this interactive session discussingsituations where actuaries face decisions that have no “right” answer and where ethics influenceindividual viewpoints.

Session 15 ASB Notice of Intent: Update to Standards Relating to Economic Reinvestment Assumptions Room: Fontaine CD

Practice Area: General Business & Professionalism Joint with: Corporate Life & HealthRelevant to: ERM, Group Life & Health, Individual Life & Health, InvestmentLevel: ModerateModerator: Ty Faulds (FCIA), vice-president and corporate actuary, London Life Speakers: David Campbell (FCIA), vice-president, CALM process improvement,

group finance actuarial, ManulifeTy 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 LifeInsurer Valuation, and the supporting CIA Committee on Life Insurance Financial Reporting workinggroups, will provide an update on their progress and plans. It will include highlights of the exposure draftand more in-depth coverage of the proposed changes to the calibration criteria for stochastic applicationsand constraints on recognition of investment strategies. Members wanting more details and backgroundon the proposed changes to the deterministic scenarios are encouraged to attend session 31.

Session 16 Latest Developments in Risk Appetite Frameworks Room: Fontaine EPractice Area: ERMRelevant to: AllJoint with: P&CModerator: Ashley Goorachurn (FCIA), assistant vice-president, financial risk management,

Sun Life FinancialSpeakers: 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 forinsurance companies. Topics covered will include learnings from the financial crisis, such asdevelopments in risk appetite frameworks in non-insurance financials that could be considered forinsurers. The speakers will also offer their thoughts on how regulatory and governance changes areimpacting risk appetite frameworks.




Session 17 Group Life and Disability Trends Room: Fontaine FPractice Area: Group Life & HealthLevel: AdvancedModerator: Greg Durant (FCIA), chief actuary, Aon HewittSpeakers: Jeffrey Schuh (ASA), vice-president and actuary, RGA Life Reinsurance

Christina Testa*, senior marketing underwriter, RGA Life Reinsurance

This session will focus on underwriting trends in the group life and disability market, including a summaryof recent surveys on rate guarantees, non-evidence limits, and overall maximums. Participants will alsolearn of the emerging experience in the U.S. market for these same products, and what lessons can belearned.

Session 18 In the CIO Office: Economic Roundtable Room: Fontaine APractice Area: InvestmentRelevant to: AllLevel: ModerateModerator: Patrick Chamberland (FICA), director, advisory services, risk management monitoring

and policies, Caisse de dépôt et placement du QuébecSpeakers: Clément Gignac*, senior vice-president and chief economist, Industrial Alliance

Marc Lévesque*, vice-president, economics and market strategy, PSP

This session will provide an overview of key current macroeconomic indicators and an outlook for capitalmarkets.

Portions of this session may be presented in French.

Session 19 Results from the T10 Lapse Study CANCELLED

16:00 – 16:15 Networking Break


Session 20 High-Impact Communication Room: Fontaine GHPractice Area: General Business & ProfessionalismRelevant to: AllModerator: Chris Fievoli (FCIA), resident actuary, Canadian Institute of ActuariesSpeaker: David Miller*, president, Business Growth Strategies

In this fast-paced, interactive session, participants will discover how to communicate technicalinformation to non-technical audiences (groups and one-on-one) in more impactful, engaging, and meaningful ways. Specifically, they will discover:

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.•


www.cia-ica.ca 20

Session 21 Mock Trial - Pension T. ActuaryTakes the Stand! Room: Salon Bonaventure

Practice Area: General Business & ProfessionalismRelevant to: AllCast: Antoine Aylwin*, partner, Fasken Martineau DuMoulin

The Honourable Louis-Philippe Landry*, retired Superior Court Judge (Québec) Maryse Larouche (FCIA), co-founder, GML Actuarial ServicesJean-Rémi Mayrand (FCIA), account director, Towers WatsonÉrik Morissette*, partner, Fasken Martineau DuMoulin

The goal of this session is to illustrate court practices and the different roles (fact vs. opinion) that anactuary 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 hasasked for P. T.’s expertise to address the allegations of significant lost pension. P. T. is summoned to testifyin 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 thepitfalls to avoid? A group of actuaries and lawyers will first set the stage with a mock trial. The judge andother willing actors will then lead the discussion.


Session 29 Best Practices for Effective Stress Testing Room: Fontaine EPractice Area: ERMRelevant to: AllJoint with: P&CModerator: Jay Zhong (FCIA), director, global capital management, Sun Life FinancialSpeakers: 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 constructingand conducting effective stress tests.

Session 23 Group Insurance Debates Room: Fontaine CDPractice Area: Group Life & HealthLevel: ModerateModerator: Edward Kuo (FCIA), consulting actuary, Towers WatsonSpeakers: Jeremy Bell (FCIA), partner, George & Bell Consulting

Erin Crump (FCIA), director, group research & development, Munich ReinsuranceGreg Durant (FCIA), chief actuary, health and benefits, Aon HewittDenis Garand (FCIA), president, Denis Garand and Associates Linda Maillet (FCIA), Blue Cross Life InsuranceGary Walters (FCIA), vice-president, group reinsurance, RGA Life Reinsurance

Group practitioners will debate three topics:1. H

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Session 24 Risk Management Framework of Public Pension Plans Room: Fontaine F

Practice Area: InvestmentRelevant to: Pension, Investment, ERMLevel: ModerateModerator: Martin Leroux (ACIA), vice-president, policy portfolio and asset liability management,

PSP InvestmentsSpeakers: Claude Bergeron*, chief risk officer, Caisse de dépôt et placement du Québec

David Long*, senior vice-president and chief investment officer, asset liabilitymanagement, 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 publicpension plan and implementation of liability-driven investing strategies.

Session 25 Life and Living Benefits Products: The Perfect Union? Room: Fontaine A

Practice Area: Individual Life & HealthRelevant to: ERM, Reinsurance, Corporate Life & HealthLevel: ModerateModerator: Marc-André Melançon (FCIA), vice-president, development, RGA LifeSpeakers: Frédéric Jacques (FCIA), assistant vice-president, living benefits, Munich Reinsurance

Michael Kirkwood (FCIA), assistant vice-president and actuary, risk management Canada, Manulife FinancialRon Sanderson*, director, policyholder taxation and pensions, Canadian Life and HealthInsurance Association

Combination products are quite common outside Canada, whether combining multiple risks under onepolicy 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 taxposition 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 refreshmentswith old friends and the chance to make new acquaintances. Sponsored by the Society of Actuaries.

Friday, June 21 Detailed Program

www.cia-ica.ca 22

7:00 – 7:45 Hot Buffet Breakfast Room: Montréal Ballroom

7:45 – 9:00 Plenary Session

Session 26 Creating Opportunities throughCollaboration Between Academia andthe Actuarial Profession Room: Montréal Ballroom

Practice Area: General Business & ProfessionalismRelevant to: AllModerator: Mathieu Boudreault (ACIA), Chair, CIA Academic Relations Committee, and professor,

actuarial science, department of mathematics, Université du Québec à Montréal (UQAM)

Speakers: 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 TheoryJohn Dark (FCIA), actuarial & product, Co-operators Life Insurance Company

This session, organized and moderated by the CIA Academic Relations Committee, will exploreopportunities to enhance synergies between academics and practitioners in the actuarial community inCanada. By leveraging the potential of this combined community, the profession will be better positionedto anticipate and respond to the changing business environment.


Session 27 Does Social Media Work? Room: Fontaine EPractice Area: General Business & ProfessionalismRelevant to: AllModerator: Chris Fievoli (FCIA), resident actuary, Canadian Institute of ActuariesSpeakers: Kevin Pledge*, chief executive officer and co-founder, Insight Decision Solutions

Rachel Stephan*, president, Les sens créatifs

We all hear about social media, but does it work for actuaries? Can CIA members leverage this newtechnology to stay connected to their clients and colleagues, and use it to grow their businesses? In thissession, 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 andnon-actuarial backgrounds.



Detailed Program Friday, June 21

Session 28 Super-Size Me: Jumbo Pension Risk TransferDeals from Around the Globe Room: Salon Bonaventure

Practice Area: PensionRelevant to: InvestmentModerator: Patrick De Roy (FCIA), institutional portfolio manager, fixed income, Canada,

Pyramis Global AdvisorsSpeakers: 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 adefined benefit pension plan sponsor to do? A pension risk transfer deal, of course! In this session, OliverWyman—who advised GM and Verizon—will talk about their jumbo annuity purchases, the largest evermade. Legal & General will talk about its longevity swap with BAE Systems, the single largest pensioninsurance deal in the UK. Join us for the inside scoop on these ground-breaking deals. Learn what drovethese plan sponsors to take action, how these deals actually get done, and what this could signal forCanadian defined benefits pension plans.

Session 22 Risk Governance Roundtable Room: Fontaine FPractice Area: ERMJoint with: P&CRelevant to: AllModerator: Altaf Rahim (FCIA), chief risk officer, Aurigen Reinsurance Speakers: Donald Chu*, director of financial institutions ratings, Standard & Poor’s

Saskia Goedhart*, partner, Ernst & Young

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 meetincreasing demands for information.

Session 30 Using Actuarial Modelling to Unravel theCauses of the Healthcare Costs Spiral Room: Fontaine GH

Practice Area: Group Life & HealthRelevant to: AllLevel: ModerateModerator: Jeremy Bell (FCIA), partner, George & Bell ConsultingSpeakers: John Have (FCIA), president, Have Associates

Ella Young*, director of the care continuum and actuarial analytics forVancouver Coastal Health

John Have will discuss a recent CIA project he completed for New Brunswick. It details the development ofthe components of an actuarial model including trends for ageing population, utilization, and priceinflation by service type (hospital, physician, etc.). Ella Young will discuss how predictive modellingcan address the cost crisis, featuring two case studies from British Columbia.


www.cia-ica.ca 24

Session 31 CLIFR: News and Views Room: Fontaine APractice Area: Corporate Life & HealthRelevant to: Group Life & Health, Individual Life & Health, InvestmentLevel: ModerateModerator: Rebecca Rycroft (FCIA), principal, Oliver WymanSpeaker: 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 Reportinginitiatives, 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 the2013 Fall Letter.

Session 32 What’s New in Mortality Research at the SOA Room: Fontaine CDPractice Area: ReinsuranceRelevant to: Individual Life & Health, Reassurance, Group Life & HealthLevel: ModerateModerator: Patrick Charbonneau (FCIA), project director, development, Optimum RéassuranceSpeaker: Jean-Marc Fix*, vice-president of research and development, Optimum Réassurance

This session will discuss timely mortality research topics including mortality evaluation for preferred lifeinsurance valuation (ongoing), new mortality tables work for guaranteed and simplified issue lifeinsurance (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


Session 33 Professionalism and Ethics Room: Salon BonaventurePractice Area: General Business & ProfessionalismRelevant to: AllModerator: Michel Simard, Executive Director, Canadian Institute of ActuariesSpeakers: The Honourable Pierre J. Dalphond*, judge, Appeal Court of Québec

André Lacroix*, professor, philosophy and applied ethics department,Université de Sherbrooke

Today’s actuaries face situations calling for ethical competencies as well as knowledge extending beyondthe technical skills specific to their field of expertise. On the one hand, “professionalization” is undergoinga 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 thatactuaries have a sense of their ethical responsibilities.

This session will invite participants to ponder their professional practice from an ethical standpoint, aswell as the conditions underlying this practice.

This session will be presented primarily in French.




Session 34 DC Plan Member Behavior — Key Information for Better Design and Consulting Room: Fontaine A

Practice Area: PensionJoint with: InvestmentLevel: ModerateModerator: Ross Dunlop (FCIA), vice-president, investments and portfolio manager,

Cardinal Capital ManagementSpeaker: 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 mostcomprehensive database (annual observations of over 23 million 401(k) participants from more than 60,000plans) and statistics available on DC plan member behavior in asset allocations, contribution levels, andparticipation 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 Room: Fontaine FPractice Area: P&CModerator: Nathalie Bégin (FCIA), senior actuarial consultant, Towers WatsonSpeakers: Robert L. Brown (FCIA)

Pierre Laurin (FCIA), director, Towers Watson

Predictive modelling continues to change the way we analyze, measure, and rate risks. In the P&Cindustry, 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 findbetter ways to use big data, or to discover the next best predictor of client behaviour. At what point doesour creativity and innovation erode the principles of collective risk that have created the basic need forinsurance? This panel will discuss the philosophical transition that has taken place over time and providevarious perspectives on the pros and cons of individual risk rating within our industry.

Session 36 Interest Rate Calibration Room: Fontaine EPractice Area: Corporate Life & HealthRelevant to: ERM, Individual Life & Health, InvestmentLevel: AdvancedModerator: David Campbell (FCIA), vice-president, CALM process improvement, group finance

actuarial, ManulifeSpeakers: David Campbell (FCIA)

Claudia Gagné (FCIA), assistant professor in workshop actuarial education, University of Montréal

The CIA and its committees and subcommittees have been spending considerable time on calibration ofinterest rate models. The subcommittees will discuss the technical aspects of their work, including howcalibration criteria are set, model selection and parameterization, and model fit, plus challenges theyfaced and the lessons they learned.

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: [email protected]

www.AurigenRe.com

the source for your reinsurance solutions


www.cia-ica.ca 26

Session 37 ORSA Implementation Challenges Room: Fontaine GHPractice Area: ERMJoint with: P&CRelevant to: AllModerator: Sim Segal*, president, SimErgy ConsultingSpeakers: Christopher Crombie (FCIA), associate vice-president, insurance and financial risk,

Standard LifeHakim Nouira*, senior manager, Ernst & YoungSim Segal*

In this session, we will consider the Own Risk and Solvency Assessment (ORSA) guideline issued by theOffice of the Superintendent of Financial Institutions. We will discuss some practical considerationsbehind the implementation of ORSA from both a life and P&C insurer perspective, and address suchquestions as: are companies prepared for ORSA, how can a company assess whether it is prepared, whichORSA requirements will be most challenging to implement, and what practical techniques may be helpfulin implementing ORSA?




Session 38 Adjustable Products: Are We There Yet? Room: Fontaine CDPractice Area: Individual Life & HealthRelevant to: ERM, Reinsurance, Corporate Life & HealthLevel: BasicModerator: Dominic Hains (FCIA), vice-president of pricing, RGA Life ReinsuranceSpeakers: 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 obstacleswith 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*


Session 39 Practice Committee Update: CRMCR, AEC, CIP Room: Fontaine EPractice Area: General Business & ProfessionalismRelevant to: AllModerator: Chris Fievoli (FCIA), resident actuary, Canadian Institute of ActuariesSpeakers: Committee on Risk Management and Capital Requirements:

Robert Berendsen (FCIA), principal, Oliver WymanMichel Dionne (FCIA), vice-president and actuary, Intact Financial CorporationCommittee on Actuarial Evidence:Maryse Larouche (FCIA), founder, GML Actuarial ServicesCommittee 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 onrecent activities.

Session 40 Shared Risk Plans—Case Studies Room: Salon BonaventurePractice Area: PensionRelevant to: InvestmentModerator: Jean-François Poitras (FCIA), actuarial senior advisor, Desjardins Sécurité financièreSpeakers: 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 NewBrunswick, 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 thechallenges facing the plan, the risk management, and the accounting requirements.



www.cia-ica.ca 28

Session 41 The Next Generation of the Minimum Capital Test (MCT) — A Regulatory Capital Framework for the Canadian P&CInsurance Industry Room: Fontaine F

Practice Area: P&CModerator: Fiona So (ACIA), Office of the Superintendent of Financial Institutions (OSFI)Speakers: Judith Roberge*, director, P&C insurance capital, OSFI

Christopher Townsend (FCIA), managing director, OSFIOSFI began a process of reviewing the Minimum Capital Test (MCT) in 2010 with a data request, followedby another in 2012, with the intent of making the MCT more risk-based while ensuring that it explicitlycovers all material risks faced by P&C insurers. As part of this review, OSFI is aiming to ensure that thenew 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 introducingan explicit operational risk charge and a credit for diversification. The presenters will provide an overviewof OSFI’s capital initiatives, a description of the planned consultation process, and timelines.

Session 42 Fraud in Group Insurance Room: Fontaine GHPractice Area: Group Life & HealthLevel: ModerateModerator: Louise Lessard (FCIA), consultant, group insurance plans, Towers WatsonSpeakers: Deana Maric*, manager, investigative services, Sun Life Financial

Joseph Peter*, vice-president of finance, Canadian operations, Sun Life Financial

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 tonew areas; it is costing plan sponsors and insurers millions. In which areas do we now see fraudemerging? How much does it really cost and is fighting it worth the investment? How can insurers andsponsors best arm themselves against it?

Session 43 Equities in Insurance Companies’ Portfolios Room: Fontaine APractice Area: InvestmentRelevant to: Insurance, ERMLevel: ModerateModerator: Patrick Chamberland (FCIA), director advisory services, risk management monitoring

and policies, Caisse de dépôt et placement du QuébecSpeakers: Josephine Marks (FCIA), principal, Eckler

Martin Roy (FCIA), Fiera Capital

This session will explore to what extent insurance companies are allocating capital to risky assets such asequities, and the implications from a risk management, pricing, and valuation perspective.

Session 44 Global Protection Product Sales Trends Room: Fontaine CD Practice Area: ReinsuranceJoint with: Individual Life & HealthModerator: Mayur Shah (FCIA), pricing actuary, Aurigen ReinsuranceSpeaker: Naveed Irshad (FCIA), senior vice-president, global accounts, RGA International

This session will provide a whirlwind tour of sales and product trends for protection-oriented insurancebusiness around the world. Products selling well and those in decline will be discussed (using businesscase studies), along with common global factors driving new product development.


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DURATION ATTENDED

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? 75Session 26 – Plenary Session: Creating Opportunities through Collaboration Between Academia

and the Actuarial Profession 75

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 30

Attendance Record

Oliver Wyman

161 Bay Street, P.O. Box 501

Toronto, Ontario M5J 2S5

416 868 2200

[email protected]

www.oliverwyman.com/actuaries

Oliver Wyman’s consultants are leaders in providing innovative solutions to the ever-changing

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Our team is ready to help you with your actuarial needs:

Les Rehbeli, FSA, FCIA, MAAA

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Steven Chen, FSA, CFA, MAAA

Paula Elliot, FCAS, FCIA

Geoffrey Hancock, FSA, FCIA, CERA

Rebecca Rycroft, FSA, FCIA, MAAA

Claude Theberge, ASA, ACIA, MAAA

Jacques Tremblay, FSA, FCIA, MAAA

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