Professional Development
 
Seminar for the Appointed Actuary


Montréal: Hôtel Bonaventure Montréal, 900 Rue de la Gauchetière O.


Program at a Glance

Monday, September 25

07:00 – 17:30

Registration/Information Desk

07:00 – 07:50

Buffet Breakfast

07:50 – 08:00
Opening Remarks

08:00 – 09:00

Plenary Session

09:15 – 10:15

Concurrent Sessions

10:15 – 10:45

Networking Break

10:45 – 12:00

Concurrent Sessions

12:15 – 13:00

Luncheon

13:15 – 14:30

Concurrent Sessions

14:45 – 16:00

Concurrent Sessions

16:00 – 16:15

Networking Break

16:15 – 17:15

Plenary Session

17:15 – 19:00

Delegates’ Networking Reception

Tuesday, September 26

07:30 – 15:00

Registration/Information Desk

07:30 – 08:30

Buffet Breakfast

08:30 – 10:00

Concurrent Sessions

10:00 – 10:30

Networking Break

10:30 – 12:00

Concurrent Sessions

12:15 – 13:00

Luncheon

13:15 – 14:15

Plenary Session

14:15 – 15:15

Plenary Session

Program

Monday, September 25, 2017

07:00 – 17:30 Registration and CIA Information Desk

07:00 – 07:50 Hot Buffet Breakfast

07:50 – 08:00 Opening Remarks

Speakers:
Houston Cheng (FCIA), Organizing Committee, P&C Track
Alison Rose, Organizing Committee, Life Track

08:00 – 09:00   Session 1 (Plenary Session) • Climate Change – Potential Impacts for P&C and Life Insurers

Moderator: 
Wally Bridel (FCIA), vice-president, corporate actuarial, Munich Re
Speaker: 
Philipp Wassenberg*, president and chief executive officer, Munich Re

Taking a closer look at trends in climate change and impacts on loss events. 

09:15 – 10:15   Concurrent Sessions

Session 2 (Life) • CLIFR and ASB Updates
Moderator: 

Josephine Marks (FCIA), principal, life insurance, Eckler
Speakers: 
Marie-Andrée Boucher (FCIA), principal, life insurance, Eckler
Josephine Marks
Jean-Yves Rioux (FCIA), senior manager, actuarial & insurance solutions, enterprise risk management, Deloitte

In this session, the Actuarial Standards Board (ASB) and the Committee on Life Insurance Financial Reporting (CLIFR) will provide updates on initiatives related to the insurance practice. These include standard setting for IFRS 17 and ORSA/DCAT; recent promulgations such as the stochastic interest rate calibration for CALM and the ultimate reinvestment rate of return; the calibration of equity returns; mortality improvement and the review of the life insurance capital adequacy test (LICAT) educational note; and topics covered in the fall letter.

Session 3 • Cancelled

Session 4 (Life/P&C) • Sustainability Practices – Financial Reporting Implications
Moderator: 

Houston Cheng (FCIA), consulting actuary and senior manager, KPMG
Speakers: 
Catherine Jacques-Brissette (ACIA), corporate environmental responsibility specialist, Bell
Yulia Reuter*, director, sustainability accounting, Manulife
Arnaud van Dijk*, senior manager, global sustainability services, KPMG

The Task Force on Climate-related Financial Disclosures (TFCD) from the Financial Stability Board released its final report on June 29, 2017. The report notes that climate-related issues are material for many organizations. In this session, we introduce sustainability practices in the context of insurance, and review the TFCD’s recommendations.

10:15 – 10:45   Networking Break

10:45 – 12:00   Concurrent Sessions

Session 5 • Combined with Session 6

Session 6 (Life) • LICAT – A Technical Update
Moderator: 

Ralph Ovsec (FCIA), director, risk consulting and software, Willis Towers Watson
Speakers: 
Glenalan Cameron (FCIA), consultant, Eckler  
Helene Pouliot (FCIA), Canadian leader, risk consulting and software, Willis Towers Watson


After a long and arduous process, with numerous quantitative impact studies, two drafts of the new guidelines and two test runs to kick the tires, LICAT will be going live on January 1, 2018. The new LICAT is a very risk-centric model and has changed the way people think about capital and capital planning. This session will explore some of the technical challenges users are facing, how the new LICAT may impact companies’ thinking about ORSA and ORSA targets, and how the new capital may affect strategic decisions including pricing, product development, and ALM.

Session 7 (P&C) • PCFRC Update and IFRS 17 Technical Details #1  
PCFRC Update
Moderator: Raul Martin (FCIA), consulting actuary, J.S. Cheng & Partners
Speakers:
Michel Dionne (FCIA), member PCFRC
Philip Traicus (FCIA), member PCFRC

The Property and Casualty Financial Reporting Committee (PCFRC) will provide an update on its activities and lead a discussion on IFRS 17.

IFRS 17 Technical Details #1  
Moderator: 
Sarah Bhanji (FCIA), vice-president, actuarial, corporate actuarial, Aviva Canada
Speakers: 
Jacqueline Friedland (FCIA), chief actuary, RSA Canada
Hudson Lopez*, partner, audit, KPMG 
Cynthia Potts (FCIA), principal, property and casualty, Eckler

The IFRS 17 discussion will explore the key changes (including philosophical differences) of the new valuation standard. It is expected that the Appointed Actuary will be actively involved in the implementation of IFRS 17 and would regularly engage with auditors and professionals responsible for the preparation of the financial statements. This will be an interactive session, so come prepared with questions, comments, and ideas. A pre-reading of paragraphs 14 (aggregation), 36 (discount rates), 37 (risk adjustment), and 53 (premium allocation approach) of the IFRS 17 Standard is highly recommended. Note: please bring your own copy of the standard and Basis for Conclusions.

12:15 – 13:00   Luncheon 

13:15 – 14:30   Concurrent Sessions

Session 8 (Life) • Modernizing Actuarial Assumption Setting
Moderator: 

Gaurav Upadhya (FCIA), managing director, actuarial services, PwC
Speakers: 
Jeremy Adamson*, director, experience and predictive analytics, Manulife
Nicolas Genois (FCIA), AVP, experience analytics, Manulife
Gaurav Upadhya

This session will cover learnings and examples in the use of advanced analytics approaches in setting actuarial assumptions. It will also cover trends in the life insurance industry to modernize data infrastructure to support visualization, automation and advanced analytics.

Session 9 (Life/P&C) • Integration of DCAT and ORSA Scenarios
Moderator: 

Wally Bridel (FCIA), vice-president, corporate actuarial, Munich Re
Speakers: 
Claudette Cantin (FCIA), senior vice-president, chief actuary, and chief risk officer, Munich Re

Wally Bridel

While most would agree that it is important to improve the integration of DCAT and ORSA, achieving better integration has an important impact on current CIA guidelines (Standards of Practice, the Appointed Actuary financial condition opinion), companies’ internal processes, and messaging to the board and our regulators. This session will discuss efforts by individual companies and the CIA to integrate DCAT and ORSA. It will also update members on the activities of the Designated Group on the Integration of DCAT/ORSA.

Session 10 (P&C) • Rate Hearing: a Live Mock-Up
Moderator: 

Anh Tu Le (ACIA), senior manager, P&C actuarial services, KPMG
Speakers: 
Marie-Claude Doucet*, chair and CEO, New Brunswick Insurance Board
Rachel Dutil (FCIA), senior manager, insurance practice, KPMG

Ever wonder what is involved in a rate hearing? Or what is expected from the actuary of a company at rate hearings? Join this live mock-up of a rate hearing and learn interactively about the hearing process and the required preparation.

14:45 – 16:00   Concurrent Sessions

Session 11 (Life) • ALM – Impact of IFRS 17 and LICAT
Moderator: 

Antoni Forgues (ACIA), vice-president and portfolio manager, liability driven investments, Fiera Capital
Speakers: 
Jonathan Hede (FCIA), vice-president, risk management, Empire Life

Upcoming changes in reserving standards and required capital arising from the introduction of IFRS 17 and LICAT will potentially impact insurers’ asset liability management (ALM) strategies. Practitioners will discuss potential implications for insurer ALM strategies and comment on how insurers have been positioning their investment portfolios in light of these considerations.

Session 12 (Life) • Research Executive Committee Update 
Benoit Miclette (FCIA), Head of Global Products and Market Intelligence, RGA International Corporation
Speakers: 
Anna Doudina (FCIA), AVP, financial reporting, Sun Life Financial
Bob Howard (FCIA)

This session will provide an update on the work of the Research Executive Committee, including presentation of the results of the recently published Group Annuity and (recently completed) Individual Annuity mortality studies. Also to be discussed will be global collaboration by the UK and North American actuarial professions on longevity and morbidity research.

Session 13 (P&C) • Reinsurance and the Rise of Bespoke Solutions 
Moderator: 

Marie-Eve Nadeau (FCIA), vice-president, JLT Re
Speakers: 
Claudette Cantin (FCIA), senior vice-president, chief actuary, and chief risk officer, Munich Re
Marie-Eve Nadeau
Richard Rosengarten*, senior vice-president, JLT Re 

The prolonged soft reinsurance market has eroded the revenue base of reinsurers and encouraged them to reinvent themselves with alternative products. The increased cost of catastrophes in recent years combined with competitive reinsurance pricing has resulted in growing interest for non-traditional solutions in Canada with no shortage of supply. This session will discuss retrospective covers, aggregate/stop-loss protections, and other innovative options to enhance a company’s reinsurance program. Additionally, we will provide an update on the current global and local reinsurance market conditions heading into the 1/1 renewal season.

16:00 – 16:15   Networking Break

16:15 – 17:15 Session 14 (Plenary Session) • Professionalism for Corporate and Appointed Actuaries

Moderator: 
Michel Simard, executive director, Canadian Institute of Actuaries
Speakers: 
Micheline Dionne (FCIA), Past President, Canadian Institute of Actuaries
Marilyn Dunnill (FCIA), senior manager, risk consulting, KPMG
Jacqueline Friedland, (FCIA), chief actuary, RSA Canada
Joseph Gabriel (FCIA), staff actuary, education, Canadian Institute of Actuaries
Jacques Tremblay (FCIA), Past President, Canadian Institute of Actuaries


This interactive session will feature two professionalism case study videos and commentary by a panel of seasoned actuaries. Audience members will participate in live polling using the CIA meeting app. Be sure to watch for the instructions on how to download and use the app so that you can participate fully!

17:15 – 19:00   Delegates’ Networking Reception

Tuesday, September 26, 2017

07:30 – 15:00   Registration and CIA Information Desk

07:30 – 08:30   Hot Buffet Breakfast 

08:30 – 10:00   Concurrent Sessions

Session 15 (Life) • IFRS 17 – The Road to 2021
Moderator: 

Les Rehbeli (FCIA), partner, Oliver Wyman
Speakers: 
Simon Couture (FCIA), senior manager, PwC Canada
Matthew Garnier (FCIA), senior advisor, Deloitte Canada
Les Rehbeli
Lesley Thomson (FCIA), vice-president, actuary, Sun Life Financial

This workshop provides an overview of the final standard and will provide a baseline understanding for the workshop that follows (session 17). Topics covered include a review of the measurement models, key policy decisions that need to be made, transition considerations, and actuarial guidance and education sources.

Session 16 (P&C) • IFRS 17 – Technical Details #2
Moderator:

Sarah Bhanji (FCIA), vice-president, actuarial, corporate actuarial, Aviva Canada
Speakers:
Jacqueline Friedland (FCIA), chief actuary, RSA Canada
Hudson Lopez*, partner, audit, KPMG
Cynthia Potts (FCIA), principal, property and casualty, Eckler

A continuation of session 7, PCFRC Update and IFRS 17 Technical Details #1, this session looks at the most significant changes for the Appointed Actuary. Illustrative case studies may be presented. A pre-reading of paragraphs 53 (premium allocation approach), 78 (financial statement presentation), and 119 (confidence level disclosures) of the IFRS 17 Standard is highly recommended. Note: please bring your own copy of the standard and Basis for Conclusions to this session.

10:00 – 10:30   Networking Break

10:30 – 12:00   Concurrent Sessions

Session 17 (Life) • IFRS 17 – Case Study Workshop
Moderator:

Matthew Garnier (FCIA), senior advisor, Deloitte Canada
Speakers:
Matthew Garnier
David Littleton (FCIA), AVP, IFRS actuarial policy, Sun Life Financial

This workshop takes participants through detailed case studies and worked examples. Designed to be highly interactive, the case studies will illustrate the following: the application of the general model, including contractual service margin (CSM) roll forward; presentation of results under different accounting policy choices; and the impact of experience variations and basis change versus current accounting.

Session 18 (P&C) • Fair Benefits Fairly Delivered – A Review of the Auto Insurance System in Ontario
Moderator:

Bill Premdas (FCIA), senior manager and consulting actuary, KPMG
Speakers:
Chris Cooney (FCIA), vice-president, pricing, TD Insurance
David Marshall*, advisor to the Ontario government on pensions and auto insurance

David Marshall will discuss his report, released in April 2017 to the Ontario government. The report provides many recommendations designed to improve the Ontario automobile insurance system. We will also hear feedback on the topic from a pricing actuary.

12:15 – 13:00   Luncheon 

13:15 – 14:15   Session 19 (Plenary Session) • Use of Models and the Actuarial Function of the Future

Moderator: 
Simon Girard (FCIA), manager, advisory services, E&Y
Speakers: 
Donald Mango*, adjunct lecturer, actuarial science, Columbia University School of Professional Studies
Nazir Valani (FCIA), partner and national leader, actuarial practice, KPMG

Is there a future for actuaries? Will there be a need for modelling actuaries once we have cleaned the data, automated the models, and implemented IFRS 17? The build and use of models has changed over time and continues to evolve; what can we expect in the future? How is the actuarial function going to change over time? What about model governance and what is the proper infrastructure that will work for both small and large companies?

14:15 – 15:15   Session 20 • (Plenary Session) Keynote Speaker:  Ryan Avent

The Wealth of Humans: How Powerful New Technologies Are Playing Havoc with the Economy

If digital technology is so great, then why don’t we all feel richer and happier? The answer, as Ryan Avent will explain, is that our fundamental social institutions—from the structure of the welfare state to the way our cities are built—aren’t equipped to manage the change. The disruption created by the digital revolution is therefore placing growing strains on society: in the form of rising inequality, stagnant living standards, and an erosion in the quality of jobs available to the typical worker. The talk will describe how the historical response to such stresses is a crisis or crises, which leads to political change, which leads to social reform and a world better suited to the new technologies.

*Not a member of the CIA.

Sponsors

Patron


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Benefactor

Oliver Wyman