Actuarial Issues at OSFI

Ontario Conference of Casualty Actuaries

David Oakden

December 6, 2006

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Actuarial Issues at OSFI

• Organization• Current Issues• International Developments

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OSFI Org Chart

Acting Superintendent

Julie Dickson

Assistant SuperintendentRegulation

Bob Hanna

Assistant SuperintendentSupervision

Ted Price

Assistant SuperintendentCorporate Services

Donna Pasteris

Chief Actuary

Jean-Claude Menard

ActuarialCapital andAccounting

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Supervision Sector

Supervision Sector

FinancialConglomerates

Group

Financial Institutions

Group

All OtherP & C Insurance

CompaniesBank P & C Subs

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Regulation Sector

ActingAssistant Superintendent

Regulation

Bob Hanna

Senior DirectorActuarial Division

August Chow

Senior DirectorCapital, Accounting

and Research DivisionOthers

Allan BrenderBernard DupontMichael Bean

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Actuarial Division

Senior DirectorActuarial Division

August Chow

Managing DirectorActuarial Division

P & CDavid Oakden

DirectorActuarial Division

LifeHelmut Engels

Actuarial Specialist

Sheldon Selby

Patricia HladunDavid Lim

Co-op

Ivy LeeStephen ManlyDelphina Chue

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Actuarial Responsibilities

• 50% Supervision• 50% Regulation

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Current Issues

• Fair Value Option• AuG – 43 / External Review• In Canada Business• Earthquake• AAR Memorandum• AA Interviews• DCAT Memorandum?• Target MCT Ratios• Use of Financial Models

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International Issues

• Financial Reporting Standards– Canadian Accountants will use IASB Standards

• Actuarial Standards– How to define Market Value Margins– Market Rates vs Portfolio Rates

• Who sets actuarial standards– CIA– IAA– Something New