2019 Report to Members - WordPress.com...CAA Vision and Mission. Vision Statement Vibrant actuarial...

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Report to

Members

2019

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TABLE OF CONTENTS

Page No. 1 President’s Report Janet Sharp, FSA, MAA, CERA, CAA President 2018-19

Introduction, Strategic Objectives, Positioning of the CAA, Co-operation and Collaboration, Professionalism, Public Interest and Consultation, Developing Actuaries, Internal Policies and Governance, Conclusion

8 Notice of Annual General Meeting 9 Organisational Structure Governance and Administration

10 The Executive Council

13 CAA Committees Advisory Council, Technical and Working Committees and

Committee Updates

16 Outreach Activities

19 Media & Communication

20 International & Regional Representation

23 In Memoriam

24 Recognising Achievements

28 Membership

30 Corporate Data

31 Financial Statements as at 30 June 2019

Caribbean Actuarial Association (CAA) Page -1- 2019 Report to Members

President’s Report Janet Sharp FSA, MAA, CERA

INTRODUCTION

It has been an interesting and challenging two-year term of office and it is my pleasure to report on the Caribbean Actuarial Association’s activities for 2018 and 2019. At the outset of my term, I hoped to engage and excite members to become more active in contributing to and building our Caribbean Actuarial communities because the CAA’s relevance to our professional development is directly correlated to our involvement. Any personal investment of time and interest will certainly result in a more connected experience and those who follow the lead of our founders and our exemplary stewards will answer the call to volunteer or lead an initiative.

OUR STRATEGIC OBJECTIVES Your Executive Council embarked on updating the CAA Strategic Plan attendant with a new Vision and Mission. A wonderful example of member involvement was the active participation in the crafting of the new CAA Vision and Mission. Vision Statement Vibrant actuarial thought leadership for the Caribbean.

Mission Statement Supporting actuaries in the development of sustainable risk management solutions for Caribbean social and economic systems. In tandem with our new vision and mission we created a “new look”, upgraded, mobile friendly website to go hand in hand with our new energy! Please visit caa.com.bb and let us have your feedback.

The Strategic Objectives and Action Plans have been developed and will cover a three-year planning horizon: 2020 to 2022. It is expected that these plans will inform a better financial budgeting exercise.

A strategic plan should be a living and breathing guide and your Executive Council is committed to reviewing, improving and re-engineering it as we progress.

POSITIONING OF THE CAA Reaching our members and the publics that we serve is essential if we want to continue to grow and remain relevant. To engage the bright young minds, support their ambitions, encourage their volunteerism and prepare them for leadership we have to keep in touch. Our senior members have worked to increase our public face so that we are invited to the table to provide expert advice on financial security issues relevant to the public interest. We want our junior members to embrace that ethic and a great deal of what we do as an organisation is in support of this. The newly established News Communication Committee is chaired by Shubhash Gosine and is charged with keeping us all in touch. This committee is tasked with managing the information flow to the membership via notifications, bulletins, newsletters, member surveys, media links, blogs, presentations, webcasts, video conferences and the like.

Strategic Objectives

Our five strategic objectives are:

1) Developing Caribbean Actuaries of

the future (actuarial education)

2) Upholding high ethical and professional standards (professionalism)

3) Developing sustainable Caribbean solutions in the public interest (public service)

4) Collaborating with governments, regulators, actuarial associations and other professional bodies to advance the well-being of society (cooperation)

5) Positioning the CAA as the primary reference for risk solutions in the Caribbean


VIBRANT ACTUARIAL

THOUGHT LEADERSHIP

FOR THE CARIBBEAN

“Supporting actuaries in the development of

sustainable risk management solutions for

Caribbean social and economic systems”

THE CARIBBEAN ACTUARIAL ASSOCIATION (CAA)


CO-OPERATION AND COLLABORATION Regional IFRS17 Call to Action At the June 2018 St. Kitts Advisory Council Meeting I made an “IFRS 17 Call to Action” for the essential collaboration of our stakeholders regionally and nationally to achieve IFRS17 readiness by December 2021. The approach was to bring together all the stakeholders who have a vested interest in a successful outcome of the Standard. We proposed the establishment of Focus groups to address objectives either at the regional or country level. The focus groups would be comprised of representatives from the following stakeholders:

▪ Actuarial Community – Caribbean Actuarial Association (CAA) Actuaries who provide actuarial services to Life and P&C Insurance Companies

▪ Institute of Chartered Accountants of the Caribbean (ICAC) - Accounting Standards Committee Chair and Audit Practice Committee Chair

▪ Insurance Association of the Caribbean (IAC) members – Life Insurance Finance Committee Chair, General Insurance Finance Committee Chair, IFRS 17 committee Chair

▪ Regulator – Caribbean Association Insurance Regulator (CAIR) member

We proposed that the ICAC member Presidents work with senior CAA members in their relevant countries to galvanise the local insurance companies to establish IFRS 17 implementation teams. The Regulator would be an essential participant as their involvement would help to guide decision-making especially as it relates to solvency and risk capital requirements and legislative changes. The accountants and actuaries would need to drive the activities of the focus groups.

The objectives of the focus groups are: 1. Education: Conduct Education sessions

and workshops for –

a) Executives and Board of Directors

b) Technical teams – finance, actuarial, technology

c) Shareholders, investors, tax authorities

2. Engage with and discuss with the Regulators

a) Quantitative Impact Study (QIS)

b) Aim to keep the number of valuation methodologies used by insurers for solvency and for financial reporting the same as is currently used or fewer

c) Harmonisation of Accounting and Regulatory Standards (eg. risk capital requirements)

d) Legislative changes

3. Provide a Discussion Forum: Regular interaction with stakeholders to resolve troublesome issues

a) Introduce guidance tailored for local specifics to local companies

b) Promote impracticable issues related to small emerging markets/Caribbean countries to International Accounting Standards Board

4. Indirectly support Insurance Company activity:

a) Encourage establishment of Multi-skilled Project Teams

b) Encourage Gap analysis – human resources, system interfaces, actuarial and financial reporting software, data storage and analysis, historical policy information

c) Encourage Estimation of Cost of implementation

d) Encourage sharing of information and experience to reduce duplication costs to the industry

“IFRS17 Call to Action” for the essential collaboration of our stakeholders regionally and nationally to achieve IFRS17 readiness by

December 2021


To date, progress has been slow but I am pleased to report that focus groups have been formed in at least two countries, namely Jamaica, and Trinidad and Tobago, where the regulators have been very responsive and have circulated IFRS 17 advisories and questionnaires to the Life and General Insurance industry to encourage implementation and to require semi-annual progress reporting. In early 2019, The Financial Services Commission in Jamaica established an Advisory Council of Actuaries, Accountants, Life and General Insurance Companies, Regulators, and Consultants to embark on a Quantitative Impact Study of capital adequacy taking into account as far as possible IFRS 9, 16, 17. In summer 2019, the Central Bank of Trinidad and Tobago (CBTT) set up an IFRS 17 Working Group with participants from the Actuarial community (CAA), the Accountants (ICATT) and the Insurance Association (ATTIC). The Curaçao regulator has also had IFRS 17 meetings with companies. International – IAA Involvement The CAA continues to participate actively in International Actuarial Association (IAA) matters ably represented by our CAA Delegate and Alternate, Lisa Wade and Cathy Lyn (also Advice and Assistance Committee) respectively, with regular meeting attendance by Executive Council members Mike Smith (IAA General Insurance Committee) and President-Elect Kyle Rudden (Africa Sub-committee). ▪ Mike Smith represented the CAA on the

IAA Task Force considering IAA Membership Fees early in 2018.

▪ Kyle Rudden attended the IAA Africa Congress in March 2018.

▪ International Congress of Actuaries Meeting Berlin June 2019 - CAA Members Lisa Wade, Cathy Lyn (International Association of Consulting Actuaries (IACA) Immediate Past President), Kyle Rudden, Mike Smith, Astor Duggan, Britta Hay, Shubhash Gosine and Nikhil Asnani attended.

▪ The Executive Council nominated Hon. Daisy McFarlane-Coke for the IACA Max

Lander Award which she won from a very competitive field.

▪ CAA President wrote to the IAA president on its restructuring project expressing support for the suggestions made by the Canadian Institute of Actuaries (CIA) on IAA Governance.

▪ IAA Mexico Council and Committee meetings were attended by Cathy Lyn.

▪ IAA Professionalism Committee Survey on International Standards of Practice – the CAA response was submitted in January 2019.

▪ IAA Renewal – In February 2019, the CAA submitted its preference of the options proposed for the IAA Strategic Objectives.

▪ CAA member Britta Hay participated as a Trainer in the IAA/IAIS (International Association of Insurance Supervisors) Capacity Building for Insurance Supervisors training in Trinidad & Tobago in March 2019.

▪ Kyle Rudden attended and presented at the IAA Colloquium in Cape Town South Africa. Cathy Lyn organised the IACA sessions at the Colloquium focusing on Diversity and Inclusion.

PROFESSIONALISM One of our major projects over the last two years has been the work of the Common Standards Committee to review all the CAA Actuarial Practice Standards (APS) and the Glossary for consistency. The Committee reviewed APS0 (General Actuarial Practice) and the Glossary to be consistent with International Standard of Actuarial Practice 1 (ISAP 1) and was able to review and update all the APSs including the recently exposed APS5 using a common format and employing the technique whereby a reasonably qualified actuary, not an expert in the field, would be able to understand and follow each APS. The work was exposed to the membership in early

October 2019 and I would like to thank the committee chair Nicola Barrett and committee members Neil Dingwall, Constance Hall and Derek Osborne for their excellent work on this project. This work is expected to be voted on by members at the 2019 AGM.


In October 2019, our newest practice Standard APS5: General Insurance Premium Related Liabilities was exposed to the membership and to the International Actuarial Association (IAA) General Insurance Committee for review and comment. I thank the CAA Property and Casualty Committee chair Shera Mungroo and committee members Mike Smith, Kyle Rudden, Bertha Pilgrim, Steven Glicksman, Mylene Labelle, Ravi Rambarran and Raymond Wilson for their time and attention to preparing the Standard.

PUBLIC INTEREST AND CONSULTATION Our technical Committees and members responded to requests for consultation in numerous areas, regionally and internationally.

▪ In December 2017, the Life Committee chaired by Horace Johnson, responded to a request for consultation from the Cayman Islands Monetary Authority (CIMA) on the proposed Statement of Guidance on Actuarial Reports.

▪ In March 2018, the Social Security Committee, chaired by Derek Osborne, reviewed the IAA Paper on "Measuring and Reporting Actuarial Obligations of Social Security Systems – IAA Recommendations" and were comfortable with the draft paper.

▪ In May 2018 the President and senior Jamaican CAA members met with the International Monetary Fund (IMF) representative prior to the Financial Sector Assessment Programme (FSAP) regarding Jamaica’s compliance with the International Core Principles (ICPs) issued by the International Association of Insurance Supervisors (IAIS) to discuss the actuarial profession and the regulatory framework of the insurance sector.

▪ In July 2018, the CAA Pensions Committee, chaired by Simon Sutcliffe, responded to a consultation request from the Eastern Caribbean Central Bank on proposed changes to the pensions aspects of the uniform insurance bill for ECCU member states.

▪ In January 2019, the Central Bank of Trinidad & Tobago (CBTT) requested

commentary from the CAA on their insurance regulations and guidelines.

▪ In April 2019, Trinidadian member actuaries responded to a request for consultation from the CBTT on pension governance.

▪ In August 2019 the Social Security Committee, chaired by Derek Osborne, provided a consultation response to the Jamaican Ministry of Health and Wellness regarding the Green Paper on a National Health Insurance Plan for Jamaica.

▪ In September 2019, consultation was again provided by the CAA Pensions Committee, to the ECCB on the pensions aspect of the ECCU Insurance and Pensions Bill 2019.

▪ In October 2019 actuaries from the International Labour Organisation (ILO) made a presentation to CAA member actuaries in Trinidad & Tobago on the 10th Actuarial Review of the National Insurance Scheme.

UWI St. Augustine/NIBTT Mortality Study

In 2019, the UWI St. Augustine signed a Memorandum of Understanding with the National Insurance Board of Trinidad & Tobago (NIBTT) to conduct a mortality study using pensioner mortality data. The CAA Pensions Committee, chaired by Simon Sutcliffe will provide a peer review of the study and results are expected to be presented at our Curaçao conference by Stokely Smart, senior lecturer and director of the UWI St. Augustine Actuarial Science Programme. CAA Pensioner Mortality Study

In 2018 the CAA entered into a Data License Agreement with The Society of Actuaries to perform the Pensioner Mortality Study. Data has been submitted by St. Kitts and Nevis, St. Vincent, and the Turks and Caicos Islands. Caribbean Actuaries Climate Index

In 2019, the CAA approved a collaboration with the UWI Mona through a Memorandum of Understanding to research the feasibility of implementing and maintaining a Caribbean Actuaries Climate Index similar to the one produced by the North American Actuarial


organisations. In addition, the CAA contracted with a consultant who has worked with other actuarial bodies, to perform a scoping study exploring the availability of data in respect of suitable climate indicators including windstorm destructive potential and sea level. The study was received in early November.

DEVELOPING ACTUARIES UWI Mona Math Olympiad After a two-year hiatus, the UWI Mona Math Olympiad resumed and the CAA was pleased to participate as a sponsor. UWI Mona Math Advisory Board The CAA was invited to sit on the UWI Mona Department of Mathematics Industry Advisory Board which has the purpose of combining the experience from industry and academia with the aim of producing graduates better suited for the workplace. Another aim is to satisfy the goal of meeting the Society of Actuaries’ requirements for establishing a Center for Actuarial Excellence. Council member Cathy Allen volunteered to be the permanent CAA representative and CAA member Christopher King volunteered to be our alternate representative. UWI St Augustine Intl. Math Olympiad The CAA was happy to sponsor the UWI St Augustine team to the International Math Olympiad. Stephen Alleyne Memorial Scholarship The CAA established this scholarship in memory of Stephen Alleyne who was a founding Member of the Association. This scholarship is awarded annually to a final year student of the BSc degree programme in Actuarial Science at the University of the West Indies. Due to the rising university costs, the scholarship award was increased in 2019 from US$2,000 to US$2,500. The 2018 and 2019 Scholarship recipients were Lindsay Pink and Tarique Anderson, respectively. Actuarial Examination Refunds for University Students Actuarial Science programmes are now offered by tertiary institutions other than the UWI, therefore the Executive Council decided

to formulate an examination refund programme which would apply to all actuarial science university students regardless of their chosen institution. CAA Student representative Stuart South crafted the “CAA University SOA-IFOA Exam Reimbursement Program” which was approved and became effective in October 2019.

INTERNAL POLICIES AND GOVERNANCE CAA By-Law Project A major project for the CAA, has been the review of the Constitution and the By-Laws to create a single governing document. The Governance Committee has worked assiduously on the revisions over the last two years and after a formal legal review, the revisions have been submitted to and approved by Executive Council. The revised By-Law no. 2 and the attendant resolution has been exposed to the membership for review. The resolution to repeal the Constitution and to replace By-Law No.1 with By-Law no. 2 will be voted on at AGM 2019. Directors and Officers Liability Insurance In 2018, Executive Council acquired Directors’ and Officers’ Liability Insurance as a tool for proper risk management for the CAA Executive Council in its operations. Thanks to Assistant Secretary and Council Member Mike Smith and past Assistant Treasurer Shera Mungroo for spearheading this initiative. Disciplinary Matters Executive Council may on its own decide to initiate disciplinary action by referring their complaint to an Investigative Committee (Section 1.2 CAA Disciplinary Process). The Executive Council has decided to establish an Investigative Committee in recognition of a Canadian Institute of Actuaries (CIA) disciplinary case made public in summer 2019 involving a CIA member who is also a CAA member. The CAA Vice President Judy Veira and two additional CAA Members will constitute the initial Committee. Meetings Attendance at meetings remained high. During 2018 and 2019 the Executive Council met fourteen times and the Steering


Committee met six times. The Advisory Council met in St. Kitts and Nevis in June 2018, in Kingston Jamaica December 2018, in Guyana June 2019 and is scheduled to meet in Curaçao December 2019. CAA Vice President, Judy Veira, attended the Casualty Actuarial Society 2018 Annual Meeting. CAA President, Janet Sharp, attended the Canadian Institute of Actuaries 2018 Annual Meeting and the 2019 Society of Actuaries Annual Meeting. Development of new Internal Policies Council believes that it is important to act in a consistent manner that an informed member would consider fair. In furtherance of our belief, during 2018 and 2019, Council approved the policies on the following subjects to guide its decision making:

▪ Policy on Refund of Conference Fees

▪ Policy for the Approval of Financial Statements

▪ Investment Policy and Statement of Investment Principles

▪ Donation and Sponsorship Policy

▪ Travel Allowance Policy E-Commerce Electronic and on-line processing of membership dues and conference fees has been working well since implementation in 2018 and has added operational efficiency to the Secretariat.

CONCLUSION Our leadership has always looked forward and tried to be proactive, we have kept pace with local and international standards and we continue to hone our interaction and involvement with a host of international actuarial bodies including the International Actuarial Association. We have a robust governance structure and we are very collaborative. We pay attention to our infrastructure and keep strengthening our outreach. It has been my pleasure to serve as President of the Caribbean Actuarial Association in 2018 and 2019 and to work with the members of Executive Council, our Technical Committees and our Secretariat. I thank all our volunteers for their time and talent and I encourage all members to get involved and serve to achieve our vision and mission. I am happy to hand over leadership of our Association to our President-Elect Kyle Rudden, and the new team for 2019 and 2020.

Janet Sharp President 2018-2019


NOTICE OF ANNUAL GENERAL MEETING NOTICE IS HEREBY GIVEN OF THE CARIBBEAN ACTUARIAL ASSOCIATION’S ANNUAL GENERAL

MEETING (AGM) TO BE HELD ON FRIDAY, DECEMBER 6, 2019 AT 4:15PM AT THE SANTA BARBARA

BEACH & GOLF RESORT, WILLEMSTAD, CURAÇAO. The business of the meeting will include consideration of the following key motions:

1) To repeal existing By-Laws and The Constitution and approve By-Law No 2.

2) To approve the proposed changes to all Standards and the Glossary, which were distributed to members on November 14, 2019.

3) To accept Executive Council’s recommendation to grant Honorary Membership to S. Michael McLaughlin.

4) To accept the 2018-2019 audited financials, the 2019-2020 budget and related activities

5) To participate in elections to appoint members to Executive Council for all positions except President and Immediate Past President, both of whom will be appointed by succession.

Cathy Allen Secretary November 14, 2019


ORGANISATIONAL STRUCTURE

GOVERNANCE STRUCTURE

The CAA is governed by its Executive Council. The Council sets the Association’s policies and is responsible for their implementation.

The Council consists of the following officers: President, Immediate Past President, President-

Elect, Vice President, Secretary, Treasurer, two Council Members and a Student Representative.

Each member of the Executive Council is elected to serve for a term of two years, with the

exception of the President and the Immediate Past President who are by succession.

During the period, Council embarked on a process to change the CAA’s governance structure, seeking to replace Executive Council with a Board of Directors, with greater powers and similar

responsibilities. This change is expected to improve decision making within the organisation.

There is also a Steering Committee that reports to the President and monitors activities of CAA

subject matter Committees.

ADMINISTRATION

The CAA has a Secretariat that is based in Jamaica. The Secretariat is staffed by Mrs. Betty

Sullivan Black who is tasked with assisting Council with the implementation of its policies,

goals and objectives.

The Secretariat is also responsible for the dissemination of information to the Association’s membership.

Executive

Council

Governance

Committee

Steering

Committee

Life

Committee

Property and

Casualty

Committee

Common

Standards

Committee

Pensions

Committee

Social

Security

Committee

Advisory

Council


President Janet Sharp

President-Elect Kyle Rudden

Immediate Past President Marcus Bosland

Vice President Judy Veira

Treasurer Sapna Chatlani

Secretary Cathy Allen

Student Representative Stuart South

THE EXECUTIVE COUNCIL

Council Member Mike Smith

Council Member Jennifer Straughn


PRESIDENT – JANET SHARP (JAMAICA) Janet is the Appointed Actuary for Sagicor Life Jamaica Limited (SLJ) an appointment she has held since 2003. Prior to September 2009 she held the position of Executive Vice President and Resident Actuary for SLJ with direct responsibility for Corporate Actuarial functions, administration of the Corporate Actuarial department, and risk reporting. Prior to the merger of Life of Jamaica and Island Life in 2003, Janet was the Vice President and Resident Actuary for Island Life Insurance Company Limited where she started her working career.

Janet is a graduate of the Wharton School of Business, University of Pennsylvania with a BSc. Econ. in Actuarial Science and Decision Sciences. She obtained her Masters in Actuarial Science from Georgia State University in 1988. Janet is a Fellow of the Society of Actuaries, a Member of the American Academy of Actuaries, and a Chartered Enterprise Risk Analyst (CERA).

She is married to Richard and they have two children.

PRESIDENT ELECT – KYLE RUDDEN (TRINIDAD

& TOBAGO) Kyle is a consulting actuary and chartered accountant with 30 years’ experience in financial services consulting, primarily in the Caribbean and Central America. At KR Services Limited, he heads a team of actuaries and related professionals providing actuarial consulting services in the life, non-life and pensions practice areas. Kyle has acted as Appointed Actuary / independent consulting actuary to many life and non-life insurers and benefit programs operating in the region, including clients reporting under IFRS, US, UK, Canadian and Dutch standards. He is a frequent speaker on actuarial and accounting issues, particularly the application of IFRS, regulatory and actuarial standards in developing markets.

Kyle is committed to sustainable and ethical human development initiatives, ranging from internships for underprivileged students to supporting actuarial and accounting educational programs internationally.

A Fellow of the Institute and Faculty of Actuaries, a Fellow of the Society of Actuaries and an Associate of the Casualty Actuarial Society, he is an active participant in local, regional and international accounting and actuarial bodies.

IMMEDIATE PAST PRESIDENT– MARCUS

BOSLAND (BAHAMAS) Marcus is the Resident Actuary of Colina Insurance Limited, the largest life and health insurer in The Bahamas. Prior to joining Colina, he was the Assistant Vice President - Actuarial and Appointed Actuary of Guardian Life of the Caribbean, a life insurer headquartered in Trinidad and Tobago.

A Fellow of the Society of Actuaries since 2001, Marcus graduated with distinction from the University of Waterloo (Ontario) with a joint honours degree in Actuarial Science/Economics. Marcus also holds a Masters of Business Administration from Edinburgh Business School.

VICE PRESIDENT - JUDY VEIRA (ST. VINCENT &

THE GRENADINES) Judy Veira is a Consulting Actuary with Trinity Consulting Ltd., based in St. Vincent & the Grenadines, providing employee benefit related services primarily for private, statutory and government pension plans, and national health insurance programs, in the Caribbean.

Her actuarial work experience began in North America, with Manufacturers Life, Toronto and Towers Perrin, New York and Pittsburgh. She is a Fellow of the Society of Actuaries, graduated from the University of Western Ontario with an Honours degree in Actuarial Science and has completed Levels 1 and 2 of the Chartered Financial Analyst programme.

As a member of the CAA, she sits on the Social Security Committee and has served on the Pensions Committee. Judy currently serves as a Director of the Bank of St. Vincent & the Grenadines, Chair of the BoSVG Audit Committee and a Director of IM Holdings Inc.


SECRETARY – CATHY ALLEN (JAMAICA) Cathy worked at Guardian Life for 11 years as Vice President and Appointed Actuary. Prior to joining Guardian Life, she worked with the Financial Services Commission for 3 years as Chief Actuary and as Actuarial Assistant with Life of Jamaica for 11 years. Cathy is a Fellow of the Society of Actuaries and a member of the American Academy of Actuaries.

TREASURER – SAPNA CHATLANI (THE

BAHAMAS) Sapna Chatlani joined Colina Insurance Limited in The Bahamas in 2008. During that time she led the Health Unit of the Actuarial Department for six years and currently leads the Life Unit. Prior to arriving in the Bahamas, Sapna spent approximately two years in Ernst and Young, London working in their Actuarial Unit. Sapna started her actuarial career at Guardian Life of the Caribbean, Trinidad & Tobago where she spent approximately five years. Sapna is a Fellow of the Institute and Faculty of Actuaries.

COUNCIL MEMBER – MIKE SMITH (FLORIDA, USA) Mike is a semi-retired consulting actuary and an active actuarial volunteer. Based in Northeast Florida, Mike has been a consultant in, and business visitor to, the Caribbean and Latin America region since 1987 and serves on the International Actuarial Association’s Latin America Subcommittee. He also volunteers for several actuarial organizations in the areas of actuarial standards, education, and governance. Mike earned a bachelor’s degree from Georgia State College in mathematics and physics and a master's degree from the University of Chicago in physics. He is a Fellow of both the Society of Actuaries and the Casualty Actuarial Society as well as a Member of the American Academy of Actuaries. A personal goal of Mike’s is to foment growth in the actuarial profession throughout the

Greater Antilles. Since May 2019 he has been Chair of the Board of the Actuaries without Borders Section of the International Actuarial Association.

COUNCIL MEMBER – JENNIFER STRAUGHN

(BARBADOS) Jennifer Straughn is the Vice President in the Corporate Actuarial department of Sagicor Life Inc and is based in its Barbados office. Prior to re-joining Sagicor in 2011, Jennifer worked at Legal & General Assurance Society in the United Kingdom. Prior to pursuing an actuarial career Jennifer worked as an Economist at the Central Bank of Barbados. A Fellow of the Institute and Faculty of Actuaries since 2012, Jennifer graduated with First Class Honours from the University of the West Indies (Cave Hill) with a double major in Economics and Mathematics. She also holds a MSc. Economics for Development from the University of Oxford and a MSc. Actuarial Science from Heriot-Watt University (with distinction).

STUDENT REPRESENTATIVE – STUART SOUTH

(JAMAICA) Stuart is an Actuarial Analyst at Sagicor Group Jamaica (SGJ), one of the largest full-service financial institutions in Jamaica. Prior to joining SGJ in November 2015, Stuart spent two years at the sister company, Sagicor Life Inc. Barbados, working in a similar capacity. In his time at Sagicor, Stuart has primarily been focused on post-retirement benefits and has done actuarial work for pension plans spanning several jurisdictions in the Caribbean. Stuart is an Associate Actuary of the Society of Actuaries (ASA) and holds a BSc (First Class Honours) in Actuarial Science from the University of the West Indies Mona Campus, where he served as President of the UWI Actuarial Society (2012-2013).


CAA COMMITTEES The CAA, represented by members of the Steering Committee, meets twice yearly with the Insurance Association of the Caribbean (IAC), the Institute of Chartered Accountants of the Caribbean (ICAC), and the region’s regulators: the Caribbean Regional Technical Assistance Centre (CARTAC), the Caribbean Association of Pension Supervisors (CAPS) and the Caribbean Association of Insurance Regulators (CAIR) to provide an update on the Association’s initiatives, including the development of Actuarial Practice Standards. Each meeting is held in a different Caribbean nation and local stakeholders are also invited. The Advisory Council seeks to engage the region’s regulators on issues such as the recognition of CAA Actuarial Practice Standards and key areas in which regulators and regional associations can work together for the betterment of the region.

ADVISORY COUNCIL

TECHNICAL AND WORKING COMMITTEES

STEERING

Chair: Janet Sharp Derek Osborne Horace Johnson Kyle Rudden Marcus Bosland Nicola Barrett Shera Mungroo Simon Sutcliffe

PENSIONS

Chair: Simon Sutcliffe Astor Duggan Willard Brown Constance Hall Tricia Chamely Shelley Worrell Ex officio: Lisa Wade

LIFE

Chair: Horace Johnson Sapna Chatlani Simone Balkissoon Simone Brathwaite Ex officio: Kyle Rudden

P&C

Chair: Shera Mungroo Bertha Pilgrim Mike Smith Mylène La Belle Nirvan Singh Ravi Rambarran Raymond Wilson Steve Glicksman Ex officio: Kyle Rudden

SOCIAL SECURITY

Chair: Derek Osborne Judith Veira Stewart Haynes

Pensioner Mortality Study Chair: Lisa Wade

Climate Index Working Group Chair: Bertha Pilgrim

GOVERNANCE

Chair: Leah Major Marcus Bosland Michelle Chong Tai-Bell Neil Dingwall

COMMON STANDARDS

Chair: Nicola Barrett Constance Hall Derek Osborne Neil Dingwall

NEWS & COMMUNICATION

Chair: Shubhash Gosine


COMMITTEE UPDATES Governance The CAA is a legal non-profit entity incorporated under Barbados law with attendant By-laws and is governed, in practice, by its Constitution as updated from time to time at general meetings. However, there are some inconsistencies between the Constitution and the By-laws. During the years under review, the Governance Committee embarked on an extended project to consolidate the Constitution and the By-laws into one governing document. The Project has been worked on for more than two years and is now substantially complete, after being reviewed by a qualified attorney for conformity with Barbados law. The new governance document will be presented to members for ratification at the 2019 Annual General Meeting. Common Standards The Caribbean Actuarial Association sets professional standards and guidelines for its members practicing in the Caribbean. At present the CAA has five Actuarial Standards of Practice (APS) that cover general actuarial practice, life and general insurance, pensions and social security programmes. The CAA is committed to serving the public interest and to maintaining a high quality of actuarial work within the region. At the 2017 AGM in the Bahamas, the CAA Common Standards Committee was tasked with reviewing all the Actuarial Practice Standards to:

1) Make APS0 and the Glossary consistent with ISAP1 which was revised as of June 2018, and

2) Standardize all APSs for content and format This Project has been completed and was exposed to members on October 5, 2019. It will be presented to members for ratification at the 2019 Annual General Meeting. Life IFRS 17 is the current focus of the Life Committee. Four topics of major importance and relevance to the region have been short-listed for initial attention:

1. Discount Rates

2. Risk Adjustment

3. Reinsurance

4. Policy Loans


Property & Casualty The P&C Committee is currently undertaking two projects:

1. APS5 – General Insurance Premium Related Liabilities APS5 will apply to all members when performing actuarial services relating to developing premium related liabilities estimates for general insurance coverages of entities in operation in the Caribbean. The exposure period for APS5 is October 10, 2019 to January 10, 2020.

2. Caribbean Actuaries Climate Index (ACI) Scoping Study

The ACI Working Party is collaborating with a consultant who has previously worked with other actuarial bodies to develop climate indices for Canada and the United States. A Scoping Study, which assessed the linkages between the North American climate indices and the proposed Caribbean index, has been completed and results show that a Caribbean ACI could be developed using regional data and minor adjustments to the North American ACI formulation. Work on the development of the Caribbean ACI is on-going. Pensions The Pensions Committee commented on ECCU Uniform Insurance and Pension Bill - Revisions to Part 19, Schedule 4 Part 4 - June 2018 and September 2019. Pensioner Mortality Study Lisa Wade heads this project which is being carried out in collaboration with the Society of Actuaries. The CAA has collected data from three social security schemes – in St. Vincent and the Grenadines, St. Kitts and Nevis and the Bahamas - and the SOA is currently reviewing the data provided. Additional data from other countries is expected in 2020. Social Security The Social Security Committee reviewed the IAA Paper Measuring and Reporting Actuarial Obligations of Social Security Systems – IAA Recommendations – March 2018 They also responded to the Ministry of Health & Wellness, Jamaica Green Paper on proposed National Health Insurance Plan – August 2019


OUTREACH ACTIVITIES

President of the CAA, Janet Sharp, presents Xuxa Gordon, the 2017 Stephen Alleyne Scholarship winner with his award.

CAA Member and Past-President of the SOA, Michael McLaughlin addressing UWI Mona students at their annual banquet dinner in 2018.

President Elect Kyle Rudden with UWI St. Augustine students in March 2018

CAA President Janet Sharp and Student Rep. Stuart South with the executives of the UWI Mona Actuarial Society following an address to the club in November 2018.


MENTORING The CAA’s members continue to mentor fellow members and university students within the different Caribbean countries through interaction in internship opportunities, visits to university club meetings and special gatherings, such as the UWI Actuarial Society’s annual dinner, which the CAA sponsored in 2019. DOMINICA HURRICANE RELIEF At the 2017 AGM, membership approved a donation of US$10,000 to assist Dominica’s recovery from Hurricane Maria which had struck the country earlier that year. The CAA made contact with a charity, Hands Across the Sea, which was assisting with re-supplying schools in the Eastern Caribbean. We discussed needs with them and identified several schools we wished to assist. The funds were disbursed in August 2019 and primarily used to buy remedial reading kits for high school students and as donations to schools affected starting with the Kalinago territory. Hands Across the Sea has since thanked the CAA for its contribution and sent a report on the selected schools. Our thanks to Bertha Pilgrim, past CAA Treasurer and Dominican native, for her attention to this project.


VISIT OUR NEW WEBSITE CAA.COM.BB

PAY FEES ONLINE USING VISA AND MASTERCARD

FOLLOW US ON FACEBOOK & LINKEDIN

STAY TUNED FOR OUR NEW NEWSLETTER


MEDIA AND COMMUNICATION WEBSITE AND SOCIAL MEDIA We undertook a major overhaul of our website earlier this year. The technology was updated to allow for easier viewing on mobile devices. In conjunction with this we created a fresh new look and added more information. We invite you to get to know our new website (pictured below) at caa.com.bb.

Our Facebook and LinkedIn pages are also a go-to source of information on the CAA for both our members and the wider community, boasting a proportionately high number of followers. ECOMMERCE In past years we worked towards implementing a facility for making online payment of dues and conference registration. Through Scotiabank Jamaica, and their secure portal provider, First Atlantic Commerce, online payments by Visa and MasterCard were integrated into our website in mid-2018 and our members started to use this facility in August 2018. NEWSLETTER With the formation of our News Communication Committee, we will resume the publication of regular electronic newsletters which will also be available on our website. Please stay tuned for more updates!


INTERNATIONAL & REGIONAL REPRESENTATION CAA REPRESENTATIVES WITH THE INTERNATIONAL ACTUARIAL ASSOCIATION (IAA) The CAA is a full member organization of the IAA and is represented by a strong team at the IAA:

o IAA Executive Committee: Cathy Lyn

o Council Delegate: Lisa Wade

o Alternate Delegate: Cathy Lyn

o Actuaries Without Borders Section Chair: Mike Smith

o IACA Section Past Chair: Cathy Lyn

o Actuarial Standards: Lisa Wade

o Advice and Assistance: Cathy Lyn

o Insurance Accounting: Kyle Rudden

o General Insurance: Mike Smith (also liaison to OECD Subcommittee)

* Resigned in 2019

o Pensions and Employee Benefits: Robyn Day

* Resigned in 2019

o Africa Sub-committee: Kyle Rudden

o Latin America Sub-committee: Cathy Lyn, Mike Smith

o Section Committee: Mike Smith

o Strategic Planning Sub-committee: Cathy Lyn

o Business Ethics Task Force: Cathy Lyn

o Development of Sections Task Force: Cathy Lyn

o Big Data Working Group: Raymond Wilson

o Microinsurance Working Group: Bertha Pilgrim

o IAA Leaders Forum: Mike Smith


IAA CONFERENCES, MEETINGS AND TASK FORCES

OTHER INVOLVEMENT

o In May 2018 Vice President Judy Veira represented the President at the Casualty Actuarial Society’s meeting.

o In June 2018 Lisa Wade had met with heads of several Caribbean social security schemes.

o In June 2018 President Janet Sharp represented the CAA at the CIA Annual Meeting.

o In June 2019 Student Representative Stuart South presented at the Caribbean Association of Pension Supervisors annual conference.

o In October 2019 President Janet Sharp represented the CAA at the Society of Actuaries Annual Meeting

CAA Council member Mike

Smith participated in the

IAA’s Task Force reviewing membership fees.

President Elect Kyle Rudden

attended the Africa Congress

CAA Delegates attended IAA

Council & Committee

Meetings CAA member Britta Hay

participated as a Trainer in the

IAA/IAIS Capacity Building for

Insurance Supervisors training

CAA Delegates attended IAA

Council & Committee Meetings

CAA Members and Delegates

attended the International Congress

of Actuaries and IAA Council &

Committee Meetings respectively.

2018

Nov-Dec 2018 Mexico City,

Mexico

Mar 2018 Casablanca,

Morocco

Mar 2019 Port of Spain,

Trinidad & Tobago

Apr 2019 Cape Town, South Africa

May 2019 Washington,

D.C, USA

Jun 2018 Berlin,

Germany

Past CAA President and Past

IACA Chair Cathy Lyn

organised a sterling IACA track


President Elect Kyle Rudden participating in the

session Setting Up and Operating a New

Consultancy at the April 2019 IAA Cape Town

Colloquium in South Africa.

From left to right: Kyle Rudden, Britta Hay, John

Robinson and Nikhil Asnani at the International

Congress of Actuaries (ICA) 2018 in Berlin,

Germany.

Britta Hay with fellow trainers at the IAA/IAIS

March 2019 supervisor training in Trinidad &

Tobago.

CAA Members at the ICA 2018 in Berlin, Germany.


IN MEMORIAM SAMUEL EWART PHILLIPS In July 2018 we mourned the passing of Samuel Ewart Phillips, Sam, one of our original members. Sam started his actuarial training in London at the Prudential Life which recruited him from Cambridge University. He worked there for several years before returning to Jamaica where he joined Coke and Associates then Life of Jamaica. He subsequently joined FIRM Insurance Brokers Ltd. as a major shareholder and worked there until he took ill a few years before his death. He also lectured in the Mathematics Department at the University of the West Indies, where he was regarded as an exceptional lecturer. Sam was described by all those who knew him as having a sharp mind and as a very witty person. He was knowledgeable not only in mathematics and actuarial science but in history, geography, philosophy and religion.

CAA members with Sam’s family at his Memorial at Andrews Memorial Church in Portland, Jamaica


RECOGNISING ACHIEVEMENTS THE MAX LANDER AWARD – HON. DAISY MCFARLANE-COKE, O.J., C.D. The prestigious Max Lander Award, granted once every two years by the International Association of Consulting Actuaries (IACA), is a Consulting Actuary Lifetime Achievement Award given to a member of the actuarial profession who has contributed to the public awareness of the work of the actuarial profession and the promotion of the business of consulting actuaries. This award is named in honour of the late Max Lander who was a founding member of IACA. Early in 2018 we proposed our Founding President, Hon. Daisy McFarlane-Coke for this Award. We were overjoyed in June when we were informed that she had been selected from among a field of six outstanding candidates. Recognition of this outstanding honour was picked up by media across the globe.

Daisy was unable to travel to the International Congress of Actuaries in Berlin to receive her award. Therefore, it was presented to her at the CAA Annual Conference in Kingston, Jamaica in November 2018 (pictured above).


HONORARY MEMBER

STEPHEN SMIT

For being a founding

member, for distinguished

service in the actuarial

profession and the business

community, and on the

recommendation of

Executive Council, Stephen

Smit was granted honorary

membership in the CAA at

the 2017 AGM in Bahamas.


SOA PRESIDENTIAL AWARD – CATHY LYN AND NAZIR VALANI

In October 2018, two CAA members, Cathy Lyn and Nazir Valani were awarded with the SOA’s presidential award for their outstanding volunteerism. IAA AWARD FOR VOLUNTEERISM – CATHY LYN

Each year “the current SOA President recognizes outstanding individuals

during that president's term. This award was the vision of SOA Past President

Sam Gutterman, FSA, CERA, MAAA, FCAS, FCA, HonFIA, who wanted to honor

outstanding individuals during a particular president's term. In 1996, as

president, his vision became a reality.”

Nazir Valani pictured with his 2018

Presidential Award

Cathy Lyn receives her 2018

Presidential Award from SOA

President Mike Lombardi

Cathy Lyn poses with IAA President

Masaaki Yoshimura and her

November 2018 IAA award for her

exceptional volunteer service.


4 NEW FELLOWS

21 NEW ASSOCIATES

Anysha Thomas Cy-Anne Tamer Joel Mark Kamilah Millington Kaylaah Khan Kezia Dalrymple Luanna Rahman Sarika Chin Fong Toni-Marie Bobart

Anika Peart Bari-Ann Bryant Horpaul Stewart Jo-Ann McFarlane Justine Powell Monique Colquhoun

Akilah Sue Sarah-Jane Pilgrim Sonya Babb

Amanda Darville Keric Rolle

Kimone Todd Henry

9 from Trinidad

6 from Jamaica

3 from Barbados 2 from Bahamas

1 from Canada

Benny Chan, FCIA, FCAS

Stefan Subnaik, FSA, FCIA

Nirvan Singh,

FSA Jonathan Wu,

FCIA

2 from Canada

1 from USA 1 from Trinidad


MEMBERSHIP OVERVIEW In the last two years 9 Fellows, 4 Associate and 29 Student members have joined our membership. The CAA’s total membership now stands at 283 as at October 31, 2019. A breakdown of the membership is shown in the diagrams below. MEMBERSHIP BY CLASSIFICATION

Member Class Total

Count %

Affiliate 25 9

Associate 64 22

Honorary 3 1

Ordinary 93 33

Student 98 35

Grand Total 283 100

0

20

40

60

80

100

120

Classification

Affiliate Associate Honorary Ordinary Student


MEMBERSHIP BY COUNTRY AND PRACTICE AREA The majority (two-thirds) of the CAA’s membership practice in three countries: Trinidad and Tobago, Jamaica and Barbados. The remaining CAA members practice in other Caribbean countries, North America, Europe and the rest of the world.

4%

15%

11%

3%

24%3%

27%

8%

3% 2%

CAA MEMBERSHIP BY COUNTRY

Bahamas Barbados Canada Curacao

Jamaica Suriname Trinidad USA

Other Caribbean Rest of World


CORPORATE DATA AUDITOR Andrew Fowles, 29 Munroe Road, Kingston 6, Jamaica. ATTORNEYS

▪ Carrington & Sealy, PO Box 36. Belmont House, Belmont Road, St. Michael, Barbados

▪ Lex Caribbean, 5-7 Sweet Briar Road, St. Clair, Port of Spain, Trinidad and Tobago

▪ Lex Caribbean, JAMPRO Building, 18 Trafalgar Road, Kingston 10, Jamaica BANKERS

▪ National Commercial Bank Jamaica Ltd, 1-7 Knutsford Boulevard, Kingston 5, Jamaica

▪ Scotiabank Trinidad and Tobago Limited, Ellerslie Plaza, Boissiere Village, Maraval, Trinidad and Tobago

▪ Scotiabank – Barbados Branches, Warrens, St. Michael, Barbados

▪ Scotiabank Jamaica Limited, Duke and Port Royal Streets, Kingston CSO, Jamaica

▪ Trinidad and Tobago Unit Trust, UTC Financial Centre, 82 Independence Square, Port of Spain, Trinidad and Tobago

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