Professional Development

Metro Toronto Convention Centre, North building, 255 Front Street W.

Monday, September 17, 2018

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

07:00 – 07:50 – Hot Buffet Breakfast 

07:50 – 08:00  Opening Remarks

Houston Cheng (FCIA), Organizing Committee, P&C track 
Wendy Sun (FCIA), Organizing Committee, Life track

08:00 – 09:00  Session 1 (Plenary Session) • Professionalism

Michel Simard, Executive Director, Canadian Institute of Actuaries
Jacqueline Friedland (FCIA)
Micheline Dionne (FCIA), board member, Assuris

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

09:15 – 10:15  Concurrent Sessions

Session 12 • (Life) IFRS 9 for Actuaries 

Heather Ingram (ACIA),  capital solutions actuary, Swiss Re 
*Michael McCausland, senior manager, financial risk management advisory, KPMG
Matthew Garnier (FCIA), senior advisor, actuarial, rewards and analytics assurance, Deloitte

IFRS 17 – Insurance Contracts is a hot topic for Canadian actuaries working in insurance. For most Canadian life insurers, implementation of IFRS 9 – Financial Instruments will be coincident with the implementation of IFRS 17. This session gives actuaries a guide to the main requirements of IFRS 9 and how these interrelate with the IFRS 17 requirements. There will also be some insights provided from the experience of banks in implementing IFRS 9.

Session 3 • (P&C) P&C Reinsurance Roundtable

Jason Machtinger (FCIA), senior vice-president, Aon Benfield
François Dagneau (FCIA), chief executive officer, Arch Re
Apundeep Lamba (FCIA), vice-president, corporate actuarial and reinsurance services, The Co-operators
Jing Gong*, senior market underwriter, vice-president Americas, Swiss Re
Peter Walker*, chief technical underwriter, national commercial insurance, Aviva

A panel discussion of current and emerging issues in reinsurance, involving participants from the buy-and-sell side of the reinsurance transaction. Discussion topics will cover a wide spectrum, such as technical and business issues, and how actuaries are particularly well-positioned to bring value to the reinsurance purchase. As well, the session provides an update on the current global and local reinsurance market conditions heading into the January 1, 2019 renewal season.

Session 4 •  (Joint Life and P&C) ERM and the Role of Chief Actuary/Actuarial Function 

Michael Promislow (FCIA), senior manager, advisory services, KPMG
Kathryn Hyland (FCIA), senior vice-president, chief risk officer for Canada, Swiss Re
Elaine Lajeunesse (FCIA), senior vice-president and chief risk officer, TD Insurance 

This is a Q&A session where guest speakers from both the life and P&C perspective discuss the enterprise risk management (ERM) framework and the involvement of an actuarial function. The moderator will start with questions on topics such as the primary objective of actuarial function in an ERM framework, benefits of having a risk culture mindset, and challenges in implementation. The moderator will then open to the floor to questions directly from the audience.

10:15 – 10:45  Refreshment Break

10:45 – 12:00 – Concurrent Sessions

Session 5 • (Life) LICAT Projections and DCAT 

Brian Fortune (FCIA), principal, Eckler
Wallace Bridel (FCIA), corporate actuarial vice-president, Munich Re
Glenalan Cameron (FCIA), principal, Eckler
Trevor Howes (FCIA), vice-president and actuary, Moody’s Analytics

Speakers will address topics relating to the integration of the new LICAT regime into DCAT and other projections as well as DCAT scenarios more generally. The complexity of LICAT creates challenges when forecasting/projecting capital on a LICAT basis. Results from a recent Canadian Life and Health Insurance Association (CLHIA) survey will be presented, with alternatives that can be considered when projecting components of LICAT. DCAT scenario development can be an insightful and creative process particularly in changing regulatory and accounting environments. Current scenario themes, approaches to modelling these scenarios, and challenges associated with the interpretation of results and communication to stakeholders will be discussed.

Session 6 • (P&C) PCFRC Updates and IFRS 17 Discussion 

Houston Cheng (FCIA), consulting actuary, senior manager, P&C actuarial, KPMG
Houston Cheng
Cynthia Potts (FCIA), principal, property and casualty, Eckler

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

12:15 – 13:00 – Luncheon 

13:15 – 14:30  Concurrent Sessions

Session 8 • (P&C) IFRS 17: Reinsurance and Risk Adjustment Discussion

Jacqueline Friedland (FCIA)
Jacqueline Friedland
Claudette Cantin (FCIA), senior vice-president, chief actuary, and CRO, Munich Re

Learn about the issues and challenges that arise from considerations for reinsurance contracts under IFRS 17. 

The Committee on Property and Casualty Insurance Financial Reporting's reinsurance working group and risk adjustment working group also share their preliminary insights on the topic. 

Session 9 • (Life) IFRS 17 and Participating Insurance Contracts 

Kelvin Lam (FCIA), senior manager, Deloitte
Steve Bocking (FCIA), vice-president, individual customer financial management, Great-West Life

This session covers the classification, measurement, and presentation of Canadian participating life insurance contracts under IFRS 17. The focus will be on what is changing (and not changing) to help actuaries transition from current practice to the new requirements. 

Session 10 • (Joint AA & AE) The Financial Cycle of an Automobile Accident

Vivek Gupta (FCIA), principal actuary, TCL Economic Valuation Experts
Jim Cameron*, president, Cameron & Associates Insurance Consultants
Laura Hillyer*, personal injury lawyer, Martin and Hillyer and vice-president, Ontario Trial Lawyers’ Association (OTLA)
Maryse Larouche (FCIA), co-founder, GML Actuarial Services

This session provides a brief description of the financial cycle of an automobile accident. The three speakers share their knowledge on the following topics: how property and casualty (P&C) actuaries set reserves, with limited information, when they first receive notice of an accident; how an actuary calculates loss of income two to three years after the accident; and how lawyers negotiate the settlement amount for a loss of income case.

14:45 – 15:45 – Concurrent Sessions

Session 11 • (Joint AA & AE, P&C) Triangles Reimagined

Craig Allen (FCIA), Chair, Actuarial Evidence Committee
Jim Cameron*, president, Cameron & Associates Insurance Consultants
Chris Gross*, president, Gross Consulting

The loss development triangle, a staple of the actuarial profession for more than 100 years, has been reimagined. 

Chris Gross presents his revised framework for the triangle based on alternative case reserves set by actuaries. Such an approach automatically and smoothly eliminates the need to adjust for changes in the mix of business, closing rates, and case reserve adequacy. This paradigm promises more accurate and responsive reserving, and could open the door to more value-added actuarial contribution to the claims resolution process. Further, the setting of case reserves by actuaries may call upon the skills of both the P&C and actuarial evidence practice areas.

Jim Cameron will describe the features of case reserves set by claims adjusters, for comparison to Mr. Gross’ alternative case reserves.

Mr. Gross’ approach was published in the July-August 2018 issue of Actuarial Review.

Session 2 • (Life) Research Council Update

Keith Walter (FCIA), senior vice-president and general manager, RGA
Marianne Purushotham*, corporate vice-president, member benefits, LIMRA

Results and highlights from the Canadian Segregated Funds Product Experience Study—the first industry study that examines both mortality and policyholder behaviour experience for Canadian segregated funds products. 

Session 7 • Climate-Related Financial Disclosures

Zahir Bhanji (FCIA), chief financial officer, US Insurance, John Hancock 

The spectre of recent climate catastrophes (wildfires, droughts, and floods) brings forward a new set of previously unquantifiable contingent events that impact the work of the corporate actuary. This session brings you up to speed on the work of the CIA's Climate Change and Sustainability Committee as well as exposing you to the principles and progress of the Financial Stability Board's Task Force on Climate-related Financial Disclosures.

14:30 – 14:45 – Refreshment Break

16:00 – 17:00 – Concurrent Sessions

Session 13 • (P&C) OSFI Discussion Paper on Reinsurance

Tara-Lea Herkert*, manager, legislation and policy development, OSFI
Wayne Proctor*, managing director, property and casualty group, OSFI
Chris Townsend (FCIA), senior director, actuarial division, OSF

On June 8, 2018, the Office of the Superintendent of Financial Institutions (OSFI) released a discussion paper on reinsurance. This paper discusses areas where changes are being considered in OSFI's current reinsurance framework. Key proposals aim to address risks associated with large exposures and concentration, particularly in the property and casualty (P&C) insurance sector. Adjustments to the capital framework for P&C insurers are also being considered. 
Through this consultation, the industry is invited to share views that will help guide OSFI's assessment of both near-term and longer-term proposals to strengthen the reinsurance framework. This panel of OSFI experts provides a walk-through of the key discussion items and a forum for answering your questions.

Session 14 • (Life) CLIFR and ASB Update

Stéphanie Fadous (FCIA), senior vice-president, group finance, actuarial policy, Manulife
Marie-Andrée Boucher (FCIA), principal, life insurance, Eckler
Stéphanie Fadous
Josephine Marks (FCIA), principal, Eckler

In this session, the Actuarial Standards Board (ASB) and the Committee on Life Insurance Financial Reporting (CLIFR) provide updates on initiatives related to the insurance practice. These include standard setting and educational guidance for IFRS 17, updates on LICAT and on the relationship between ORSA and DCAT, and topics covered in the fall letter.

Session 15 • (Joint AA & AE) Legal and Ethical Problems Concerning Autonomous Vehicles

Daniel Gardner*, professor, faculty of law, Laval University

According to industry experts, all new cars by 2030 will be autonomous. Professor Gardner shares his knowledge on the legal and ethical problems concerning autonomous vehicles. He examines how autonomous vehicles might impact the work of insurance companies, lawyers, and actuaries.

17:00 – 18:30 – Delegates’ Networking Reception

Tuesday, September 18, 2018

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

07:30 – 08:30 – Hot Buffet Breakfast 

08:30 – 10:00 – Concurrent Sessions

Session 16 • (Life) IFRS 17: Practical Transition

Kelvin Lam (FCIA), senior manager, Deloitte
Lesley Thomson (FCIA), vice-president, actuary, Sun Life Financial 
Raj Matharu*, senior manager, Deloitte

This session provides an overview of the IFRS 17 transition requirements and a more detailed look at how the fair value approach could be applied in Canada.

Session 17 • (P&C) IFRS 17: Discounting

Bill Weiland (FCIA), principal, Eckler
Sarah Chevalier (FCIA), consulting actuary, Axxima
Dane Grand-Maison (ACIA), associate, Eckler
Bill Weiland

IFRS 17 permits an entity to use either of two methods (bottom up and top down) to determine the discount rates to be used for the valuation of insurance contract liabilities. This session presents a method for the development of a reference portfolio that can be used in a top-down approach, but which also can be used to develop an illiquidity premium (or an illiquidity premium curve) to facilitate the use of a bottom-up approach. This session also includes a high-level discussion on the unwinding of discount, as well as a discussion of model governance where external software is used for this calculation.

10:00 – 10:15 – Networking Break

10:15 – 11:45 – Concurrent Sessions

Session 18 • (Life)  IFRS 17 and an Exercise in Judgment

Alison Rose, senior manager, life and pensions actuarial practice, KPMG
Dana Chaput*, senior manager, KPMG 
Bruce Langstroth (FCIA), associate partner and Canadian life actuarial leader, EY
John Koppeser*, vice-president, senior controller, IFRS and projects, Swiss Re Canada

This IFRS 17 session explores the key areas of the new valuation standard where an exercise in judgment is involved. It is expected that both the Appointed Actuary and CFO will regularly engage with auditors and other professionals responsible for preparing financial statements when making decisions related to the implementation of IFRS 17. This is an interactive session, so come prepared with questions and ideas. A pre-reading of paragraphs 14 (aggregation), 36 (discount rates), 37 (risk adjustment), 53 (premium allocation approach), and 65 (reinsurance contracts) of the IFRS 17 standard is highly recommended.   

Note: please bring your own copy of the standard and basis for conclusions. 

Session 19 • (P&C) IFRS 17: Implementation (including transition) Considerations

Mariane Takahashi (FCIA), vice-president, corporate actuarial services, Northbridge
Hudson Lopez, partner, KPMG
Adam Peleshok (ACIA), manager, KPMG

The implementation timeline to IFRS 17 is well underway for many insurers. Learn from practitioners on some of the implementation considerations as various insurance functions deal with the new standard.

12:00 – 12:45 – Luncheon 

13:00 – 14:00 Session 20 (Plenary Session) • DCAT/ORSA

Marco Fillion (FCIA), partner, national actuarial services leader, PwC
Marco Fillion
Satnam MacLean (FCIA), independent consultant, Saturn Insurance & Actuarial Consulting 
Johan Janse van Vuuren*, vice-president, IFRS global business implications, Sun Life Financial

Update from the Actuarial Standards Board designated group on the progress to changes in the Standards of Practice for the harmonization of Dynamic Capital Adequacy Testing (DCAT) and own risk and solvency assessment (ORSA).

14:05 – 15:05 Session 21 (Plenary Session) • Keynote Speaker: Mike Lipkin, Dancing With Disruption

No matter who you are, part of your job is to be a disruptor. We all face a future that’s nothing like our past. IFRS 17 and other regulatory changes will bring major disruption to the financial reporting industry. Over the past 25 years, international coach and motivator Mike Lipkin, has worked with thousands of disruptors around the world. In Dancing With Disruption, Mr. Lipkin will guide you on how actuaries can lead their stakeholders with confidence and become part of their organizations’ shared vision.  

*Not a member of the CIA.



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