Annual Report to Members - CAA

1

Report to

Members

2019

2

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

Documents

Annual Report to Members - CAA