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2006 Seminar for the Appointed Actuary Colloque pour l’actuaire désigné 2006

Canadian Institute of Actuaries. L’Institut canadien des actuaires. 2006 Seminar for the Appointed Actuary Colloque pour l’actuaire désigné 2006. UPDATE FROM AMF. Seminar for the appointed actuary September 22, 2006 Isabelle Larouche, FSA FCIA. UPDATE FROM AMF.

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2006 Seminar for the Appointed Actuary Colloque pour l’actuaire désigné 2006

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  1. Canadian Institute of Actuaries L’Institut canadien des actuaires 2006 Seminar for the Appointed Actuary Colloque pour l’actuaire désigné 2006

  2. UPDATE FROM AMF Seminar for the appointed actuary September 22, 2006 Isabelle Larouche, FSA FCIA

  3. UPDATE FROM AMF • Notice from the AMF – AuG-43 • Notice from the AMF – FVO (S. 3855) • Pandemia of influenza • Practice certificate • Capital adequacy requirements • Participations on committees

  4. Notice from the AMF – AuG-43 • Background of AuG-43 • « Actuarial specialist » definition • Notice from the AMF – FCIA • Same qualification as the appointed actuary • Early implementation of the requirement is expected

  5. Notice from the AMF - Fair value option (S. 3855) • Background of Section 3855 • The FVO is the option that allows insurers to design a financial instrument as « held for trading » • Notice from the AMF – This option need more guidance • Similar to OSFI’s D-10

  6. Pandemia of influenza • This risk must be a part of the risk management of the financial institution • AMF produced a Guide of preparation for a pandemia of influenza. • Available on AMF website at www.lautorite.qc.ca • Communication and coordination center created between implicated parties

  7. Practice certificate • New draft from ICA about qualifications of the appointed actuary • The AMF will require appointed actuary to have the certificate • This will also be required to all actuarial specialists in the auditor team (AuG-43)

  8. Capital adequacy requirements • Changes as of January 1st 2007 • Same as for MCCSR • Future changes – 2 types • Implemented as soon as possible: • Clarifications • Corrections of errors • Closings of loophole in existing requirements • Changes due to the emergence of new accounting or actuarial standards • Made only every three years: • New requirements for risks not covered • Substantial modifications for risks currently covered • Any other changes

  9. Participation to committees/task forces/working groups • CLIFR • 3855 • P&C financial reporting • 3855 • Appointed actuary • Bill C-57 • Practice certificate • Risk management and capital requirements • DCAT • Solvency framework &WG • Investment • ALM • Reinsurance TF • MAC

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