1. WELCOME AND INTRODUCTIONS

Head Table:

President Rob Brown

President-Elect Fred Rowley

Immediate Past President Kurt Wolfsdorf

Special Guest Speaker Peter Braumüller, IAIS

Executive Director Nicole Séguin

2. VOTING ARRANGEMENTS AND PROCEDURES

TOTAL VOTING RIGHTS: 77.8% (123/158)

a. Delegates present: 74.1% (117/158)

b. 2 Ballots: Serbia, Singapore 1.3% (2/158)

c. 2 Proxies: Cyprus, Switzerland 2.5% (4/158)

87 time slots at these meetings (93 in Washington) 51 separate groups (45 in Washington)

*Status of voting rights at September 12, 2014

Total Meeting Attendance:

• Full Members (48/65) • Associate Members (3/30) • 6 Sections

• Institutional Members (3/5) • Number of Delegates: 320 from 36 countries • Number of Accompanying persons: 57

IAA Council Meeting – London September 13, 2014

3. APPROVAL OF AGENDA

Items that are included on the Consent Agenda are items that have either been discussed or exposed previously or for which no controversy is expected; these items are not discussed during the Council meeting, but approved as part of one motion. Items included on the Business Agenda are items that will be open to discussion.

AGENDA APPROVED AS PRESENTED

SPECIAL GUESTS AND SPEAKERS REGISTERED FOR THESE MEETINGS International Association of Insurance Supervisors Peter Braumüller, David Finnis, Jules Gribble, John Maroney International Accounting Standards Board Ian MacKintosh International Social Security Association Simon Brimblecombe Actuarial Association of Europe Malcolm Campbell, Ad Kok Financial Reporting Council Melanie McLaren, John Instance, Paul Kennedy Financial Stability Institute Jeffery Yong International Valuation Standards Council Chris Thorne Insurance Europe Olav Jones The Biogerontology Research Foundation UK Alex Zhavoronkov Government Actuary's Department Martin Clarke, Dermot Grenham, Trevor Llanwarne

Bank of England Monetary Policy Committee Paolo Cadoni UK Pension Board Gareth Connolly Insurance Board of Nepal Dhundi Raj Pokharel Southampton University Richard Werner Imperial College Business School Tony Hewitt IFoA Continuous Mortality Investigation Committee Tim Gordon IFoA Mortality Research Steering Committee Peter Banthorpe CASS Business School David Blake

4. APPROVAL OF PREVIOUS COUNCIL MINUTES Motion: (simple majority vote required)

That the minutes of the Council meeting held on March 13, 2014, in Washington be adopted as presented.

CARRIED UNANIMOUSLY

5. REPORT OF THE PRESIDENT ON IAA KEY ACTIVITIES

Update on governance review

When I launched my presidential video on the IAA website in January, I promised a mid-year report on the governance review. A lot of work has taken place between Washington and these meetings

1.1: Recommendations to improve communication and engagement

• Communication Plan: Proposed FMA Engagement Plan discussed during webinars in August, further discussion at Presidents Forum and Council meetings in London

• Committee Communication :

template for committee workplans introduced;

Strategic Planning Subcommittee reviewed completed committee workplans in July/August 2014;

report to EC for meeting in London September 2014;

will expand this action item to Sections and Working Groups;

full report to Council in Zurich April 2015

• Pre-Council Session: 2 webinars held in March in advance of Washington Council meeting and 2 in August in advance of London Council meeting; IAA blogs introduced in January 2014

– The webinars were scheduled to provide advance opportunity to discuss the FMA Engagement Plan and Value Proposition

– Webinars held in advance of Washington on governance review recommendations

– Good participation; great tool for advance discussion

1.2: Presidents Forum Recommendation:

discussion of FMA Engagement Plan, Value Proposition and governance of international actuarial work on PF agenda this morning;

have identified other topics for Zurich

1.3: Value Proposition Recommendation:

draft Value Proposition discussed by Governance Task Force in 2013, Strategic Planning Subcommittee and Executive Committee in 2014;

was topic for Council webinars in August 2014;

was on agenda for Presidents Forum this morning and for Council later in the agenda

1.4: Strategic planning and monitoring, transparency and accountability Recommendation:

have introduced a template for use by all committees to align their activities to their terms of reference and strategic plan, and to identify key success indicators, timeframes, resources and actual performance;

will be expanded to working groups and Sections;

report to be presented to Council in Zurich in April 2015

1.4: Transparency and Accountability: see reports in 1.1, 1.3 and 1.4 above

1.5: Funding model recommendation:

Task Force created in 2013;

submitted report to EC in 2014;

proposal to restructure other categories of membership in the IAA later on agenda;

roll out plan ready to be implemented

5. REPORT OF THE PRESIDENT ON IAA KEY ACTIVITIES (CONT’D)

2.1: Decision Making Recommendation:

Actions in place:

Greater consultation with member associations prior to Council meetings on areas that require decisions to be taken

Pre Council debate and discussion on topical agenda items

these could take place using electronic formats

2.1: Decision Making Recommendation:

In progress:

• More transparent reporting of debate and discussion at a committee level influencing the Council decision making

• Enhancing the forum for discussion at the Council meetings

• Formalising an annual Council workplan to make all member associations aware of decisions to be taken during the period

2.1: Decision Making Recommendation:

To be introduced when needed:

Encouraging special meetings when urgent decisions need to be taken; this could take place using electronic formats

2.2: Declaration Recommendation:

Annual independence declaration for the Executive Committee members or clarification of their role in governing documents:

• Will be on Nominations Committee agenda for 2015

5. REPORT OF THE PRESIDENT ON IAA KEY ACTIVITIES (CONT’D)

3.1: Representation Recommendation (current geographical area classification)

3.2: Voting Rights Recommendation

• first step was preliminary discussion with IAA Past Presidents in Washington

• will create a task force to given greater consideration

3.3: IAA Guide Recommendation (how-to pocket guide for delegates): Secretariat to develop in 2015

Communications

News Releases since Washington:

• August 12 – IAA Hosts Role of the Actuary Seminar in Myanmar

• July 10 – IAA Representatives Participate in IAIS Global Seminar and Committee Meetings

• June 4 – IAA Hosts Seminar: Extension of actuarial methods to better manage financial risks and regulatory requirements

• May 22 – IAA Releases Paper on Addressing the Gap in Actuarial Services in Inclusive Insurance Markets

• April 11 – Meeting with International Monetary Fund

Newsletters since Washington:

• September newsletter and London Special Newsletter to be issued after these meetings

• June 2014

• Washington Special Newsletter — May 2014

• March 2014

5. REPORT OF THE PRESIDENT ON IAA KEY ACTIVITIES (CONT’D)

We have introduced an organization wide representation chart as a tool for:

• Managing and communicating our various external relationships (both at Officer and committee level)

• Ensuring organization wide collaboration

• It is available on the home page of our website

Officer and other IAA representation since Washington

• IFoA Council meeting in London in May

• IAA Seminar in Basel, Switzerland in May combined with a series of private meetings with key individuals from FSI, the FSB, BIS, and the Basel Committee for Banking Supervision

• Meeting of the IFRS Advisory Council

• IAIS Global Seminar and committee meetings in June in Quebec City, Canada and presentation by President to IAIS Executive Committee

• First International Congress on Actuarial Science and Quantitative Finance in Bogota, Colombia in June

• Microinsurance Network member meeting in Germany in June

• Introduction to IAA Seminar in Republic of Myanmar in July

• 10th Brazilian and Iberian-American Congress of Actuaries in Rio de Janeiro in August

• Meeting between IAA and IAASB representatives - International Auditing and Assurance Standards Board in New York in August

• IAASB Consultative Advisory Group in New York in September

• 10th Asia Conference on Pensions and Retirement Planning in Kuala Lumpur in September

• Meetings with IASB in London earlier this week

• Private meeting with Sir Win Bischoff and Melanie McLaren of Financial Reporting Council earlier this week

5. REPORT OF THE PRESIDENT ON IAA KEY ACTIVITIES (CONT’D)

Public pronouncements since Washington

• FTP2014-3 August 2014

Comments on the IAIS second consultation on Basic Capital Requirements (BCR)

• FTP2014-2 April 2014

Comments on the IAASB's Proposed Strategy for 2015-2019 and proposed work program for 2015-2016

The work of the IAA is not restricted to our twice a year face-to-face meetings

As of August 15, there had been 127 conference calls since the meetings in Washington

The IAA Representation Chart: https://www.actuaries.org/repchart/

5. REPORT OF THE PRESIDENT ON IAA KEY ACTIVITIES (CONT’D)

• EC met 4 times by conference call since Washington

• Met on September 11; will meet tomorrow

• Full written reports will follow

• Many EC activities already covered elsewhere in agenda

Future meetings

• 2015: April in Zurich and October in Vancouver

• 2016: May in St. Petersburg

Can cancel up to six months before meetings without penalty

If need to relocate, holding provisional space with five hotels in Canada

• Will reassess situation in one year’s time re travel safety and accessibility

• Future meetings: Cape Town, South Africa in 4Q of 2016 on invitation of ASSA: will come to Council for approval by electronic ballot

• 2017 2Q and 4Q: investigating European and US venues; US meeting to be hosted by Society of Actuaries

• Have insurance coverage for all events

• Zurich meeting program will include seminars targeting:

supranational and external organization audience

new and developing actuarial associations

• Policy for meetings going forward will be reviewed taking into consideration setting a limit for cost of guests at dinner

Scientific Committee – Created to oversee working groups. Held their first meeting in London.

Value Proposition – reviewed and approved for Council discussion; on agenda later

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6. REPORT OF THE EXECUTIVE COMMITTEE (EC)

• SOI ISAP [4] Insurance Contracts (IFRS X) & SOI on ISAP [5] and ISAP [6] Enterprise Risk Management – Reviewed and approved. On Council agenda later.

• Approved the appointments and re-appointments to committee and working group leadership, as well as of IAA Delegates to Sections and external organizations, as recommended by the Nominations Committee.

• Revenue Enhancement Task Force & Restructure Proposal – reviewed and approved final report for Council approval later on agenda.

• FMA Engagement Plan – reviewed and approved for Council discussion later on agenda.

• Reviewed 1Q and 2Q Statements

• Communications Subcommittee asked to review question of issuing press releases and report to EC

• Regulated Professions Task Force of the EC, chaired by Sam Gutterman, disbanded with thanks

Decisions taken

• Approved revised TORs for Publications Subcommittee of the EC

• Approved Strategic Planning Subcommittee membership for 2016. New members:

Cathy Lyn – Caribbean (reappointment)

Jacques Tremblay – Canada

Rainer Fürhaupter – Germany

• Supranational Relations Committee

have been discussing with committee chairs

agreement to raise activity in relation to SO1 suitable to the maturity level achieved

will disband SRC at end of year

will introduce structured relationship management

Have developed a representation chart for the management and coordination of relationships

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6. REPORT OF THE EXECUTIVE COMMITTEE (EC) (CONTD)

• Exploring the best way forward in the area of microinsurance

• Communications Subcommittee – looking at report on revised guidelines for public pronouncements and considering introducing a peer review process to ensure consistency in our external representations

• Survey Results (EC Questionnaire / SPS Survey Effectiveness of Committees/Subcommittees Questionnaire) – considered report from Strategic Planning Subcommittee on results

• EC Work Plan & Strategic Goals – Setting strategic goals for 2015. Incorporated workplan into dashboard model.

7. PRESENTATION BY PETER BRAUMÜLLER

• Chairman of the Executive Committee of the International Association of Insurance Supervisors (IAIS), an IAA Institutional Member since 2000

• Later on the agenda, you will be asked to vote on his appointment as a member of our Actuarial Standards Committee effective January 1, 2015

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6. REPORT OF THE EXECUTIVE COMMITTEE (EC)

8. NOMINATIONS COMMITTEE (NC) REPORT

Kurt Wolfsdorf, Chair

• NC had 2 conference calls since Washington to finalize recommendations that are on agenda today

• Met earlier this week: main topic was consideration of President-Elect candidates for 2016

• 2015 Call for Nominations:

Will be sent next month

Responses requested by early February

Need more names, in particular with gender and cultural diversity

Lacking input from smaller associations

PLEASE RESPOND

Approval of the revised Nominations Committee Protocol (Cover note)

Motion: (simple majority vote required)

That, on the recommendation of the Nominations Committee, Council approve the revised Nominations Committee Protocol, as presented.

• NC has developed a flowchart to help understand the nominations process – available on website

• Is developing flowchart to help individuals understand how to achieve leadership positions

• Will develop 2015 workplan in dashboard model

• 2015 agenda will include consideration of annual independence declaration for the Executive Committee members or

clarification of their role in governing documents

a. Report of Audit and Finance Committee

Mike McLaughlin, Chair

• Meetings held in Ottawa with Secretariat and external auditors, June 2014;

• Considered a report from finance consultant regarding IAA investments;

• Accounting system change and improvements

• Risk Oversight Task Force: new Chair appointed – Jules Gribble

FINANCES & ADMINISTRATION, INVESTMENTS PORTFOLIO OVERVIEW, Mike McLaughlin

Asset Allocations

at

June 30, 2014

Description TOTAL PORTFOLIO Expected

Maturity Interest Rate

$ %

Canadian Equities iShares S&P TSX 60 Index 538k 13.9% n/a n/a - dividends

only

Canadian Fixed Income Gov’t of Cda T-Bill 1,029k 26.6% < 1 year ±0.97% p.a.

Canadian Fixed Income Provincial/Municipal Bond 194k 5.0% 2019 - 2023 1.95% - 2.85%

p.a.

Canadian Fixed Income Gov’t Cda Real Return Bond 857k 22.2% 2021 4.25% p.a.

Cash Cash in bank + cash in

investment accounts 1,247k 32.3% n/a n/a

Total IAA Portfolio 3,865k 100.0%

9. FINANCES & ADMINISTRATION

FINANCES & ADMINISTRATION INVESTMENTS POLICY REVIEW

Asset Class

Actuals at

June 30, 2014

Allocation

Policy

%

TOTAL PORTFOLIO

$ %

Canadian Equities 0 - 50% 538k 13.9%

Canadian Fixed IncomeX 20-100% 2,080k 53.8%

Cash 0 - 50% 1,247k 32.3%

Total IAA Portfolio 3,865k 100.0%

XFixed Income Sector Allocation

Actuals at

June 30, 2014

Allocation

Policy

%

TOTAL PORTFOLIO

$ %

Government of Canada 25 – 90% 1,886k 90.7%

Provincial or Municipal 10 – 60% 194k 9.3%

Corporate 0 – 40% - -

Total Fixed Income 2,080k 100.0%

9. FINANCES & ADMINISTRATION (CONT’D)

Mike McLaughlin, Chair

b. Auditors for 2015

Motion: (simple majority vote required) That, on the recommendation of the Audit and Finance Committee, Council appoint the firm of BDO Dunwoody as the IAA auditors for 2015 for the audit of the financial statements at December 31, 2014 CARRIED UNANIMOUSLY

Kurt Wolfsdorf, Chair, Task Force on Revenue Enhancement

c. Final Report of the Revenue Enhancement Task Force and cover note

– Report considered by EC at its meeting of June 3 and subsequently approved on July 8

– One of the recommendations is to increase revenue through other categories of membership

Motion: (four-fifths majority vote required)

That, on the recommendation of the Executive Committee, Council approve the restructure of other categories of membership (excludes Full and Associate Members), including proposed fees and benefits, as outlined in the attached proposal.

CARRIED UNANIMOUSLY

Next step: implement roll out plan to populate these categories

.

9. FINANCES & ADMINISTRATION (CONT’D)

FINANCES & ADMINISTRATION d. Q2 2014 Financial Statements – Mike McLaughlin

(Canadian Dollars) Summary of Net Assets

As At June 30 2014 2013

IAA

(Excluding

Sections)

IAA

Sections

IAA

Total

IAA

Total

Assets $ 1,815,776 $ 2,199,916 $ 4,015,692 $ 3,227,417

Liabilities 1,078,347 178,698 1,257,045 557,439

Net Assets 737,429 2,021,218 2,758,647 2,669,978

Revenue $ 1,007,640 $ 149,050 $ 1,156,690 $ 941,959

Expenses (979,368) (88,651) (1,068,019) (950,452)

Excess 28,272 60,399 88,671 (8,493)

Excerpted from Q2 2014 financial statements, available from www.actuaries.org.

FINANCES & ADMINISTRATION d. Q2 2014 Financial Statements

(Canadian Dollars) Summary of Financial Information

For the six months ended June 30 2014 2013

Cash $ 1,246,598 $ 531,753

Investments , short and long-term 2,618,300 2,551,348

Other assets 150,794 144,316

Total Assets 4,015,692 3,227,417

Deferred revenue 877,193 86,642

Other liabilities 379,852 470,797

Net assets – unrestricted 2,758,647 2,669,978

Total Liabilities & Net Assets 4,015,692 3,227,417

Revenues 1,156,690 941,959

Expenses (1,068,019) (950,452)

Excess (deficiency) of revenues over expenses $ 88,671 $ (8,493)

Excerpted from Q2 2014 financial statements, available from www.actuaries.org.

9. FINANCES & ADMINISTRATION e. 2015 BUDGET (Cover Note)

Kurt Wolfsdorf, Treasurer

– Pro forma budget presented in Washington with proposal for dues increase

– $0.50 dues increase approved by electronic ballot June 13

– Final budget agreed by EC in August

– Will be sent to Council for approval by electronic ballot after this meeting

– Will receive good news later in the meeting, but no impact on 2015 budget

CONSENT AGENDA – for noting

Motion: (simple majority vote required)

That the Council accepts all Consent Agenda items below, including the approval of any motions contained therein

CARRIED UNANIMOUSLY

C10. RATIFICATION OF EXECUTIVE COMMITTEE DECISIONS

That Council ratify the following decisions taken by the Executive Committee

• Appointments and re-appointments to Committees and Working Groups and of IAA Delegates to Sections and outside organizations, as indicated in the attached deployment charts.

• Revised terms of Reference of the Actuarial Standards Committee

9. FINANCES & ADMINISTRATION (CONT’D)

C11. RESULTS OF ELECTRONIC BALLOTS SINCE MARCH 29, 2014 COUNCIL MEETING

The following items have been approved by electronic ballot issued on April 14, 2014 and closed on June 13, 2014.

• Report of the Task Force on Governance Review

• Dues Recommendation for 2015

• Additions to the Strategic Action Plan for the development ISAPs

• Revised Due Process for International Standards of Actuarial Practice

BUSINESS AGENDA B12. ACTUARIAL STANDARDS COMMITTEE

Dave Pelletier, Chair

a. Standards update, including progress on the Exposure Draft of ISAP 3 and comments received on draft Statement of Intent (SOI) on ISAP [7]

b. Approval of the final SOI on ISAP [4]—Insurance Contracts (IFRS X) Report re consultation draft and proposed final SOI

(Mark-up of the proposed final SOI vs the original draft SOI)

Motion: (simple majority vote required)

That Council ratify the decision of the Executive Committee to approve the Statement of Intent for ISAP [4]—

Insurance Contracts (IFRS X).

CARRIED WITH 1 VOTING RIGHT ABSTAINING

B12. ACTUARIAL STANDARDS COMMITTEE (CONT’D)

c. Approval of the final SOIs on ISAPs [5] and [6] — Enterprise Risk Management and report on the consultation on the SOIs (Mark-up of the proposed final SOI [5] and [6] vs the original draft SOI)

Motion: (simple majority vote required)

That Council ratify the decision of the Executive Committee to approve the Statement of Intent for ISAPs [5] and [6]—Enterprise Risk Management

CARRIED WITH 6 VOTING RIGHTS ABSTAINING

B13. MEMBERSHIP Erik Alm, Chair

a. Motion (two-thirds majority vote required)

That Council admit the Association of Consulting Actuaries (UK), as a Full Member, subject to the recommendation of the Accreditation Committee.

CARRIED WITH 7 VOTING RIGHTS ABSTAINING

b. Motion (two-thirds majority vote required)

That Council admit the Asociatia Romana de Actuariat (Romania) as a Full Member, subject to the recommendation of the Accreditation Committee.

WITHDRAWN – WILL BE ISSUED FOR ELECTRONIC VOTE

BUSINESS AGENDA (CONT’D)

B14. GOVERNANCE ISSUES

a. Full Member Association (FMA) Engagement Plan

Peter Doyle, Chair, Communications Subcommittee

The IAA’s sustainable resource engine depends upon:

FMA support

FMA membership fees

FMA volunteers

What are the long-term objectives of a FMA Engagement Plan?

FMAs derive clear benefits from membership

The IAA enjoys the ongoing support of the FMAs including volunteer and financial support

FMA volunteers themselves benefit professionally from their involvement

Professional actuaries globally are better enabled to deliver a quality actuarial work product; and to expand their influence and their markets.

What is the proposed outline for the process?

AGREE on objectives

MAP the territory

IDENTIFY FMA stakeholders

DESIGN and CO-DEVELOP engagement plan

ENGAGE FMAs

EVALUATE outcomes

LEARN from the engagement

BUSINESS AGENDA (CONT’D)

B14. GOVERNANCE ISSUES

a. Full Member Association (FMA) Engagement Plan (CONT’D)

Quick-Wins (completed)

Topic for pre-Council Webinars

Draft a Value Proposition

Develop committee workplans

EC member engagement

President’s Forum discussion

Following comments made:

• Set measurable targets for engagement

• Understand the real needs of FMAs

• Find ways to engage one on one or in smaller groups

• Would be useful to have a general framework for IAA

BUSINESS AGENDA (CONT’D)

B14. GOVERNANCE ISSUES (CONT’D)

b. Value Proposition

Fred Rowley, Chair, Strategic Planning Subcommittee Six strategic objectives: SO1 – Relationships with key supranational audiences

SO2 – Expansion of scientific knowledge to wider fields to enhance scope, quality, and availability of actuarial services

SO3 – Establish, maintain and promote common standards of actuarial education and principles of professional conduct for actuarial practice; promote development and issuance of actuarial standards in jurisdictions of FMAs, and the global convergence of actuarial standards

SO4 – Support development, organization, and promotion of the actuarial profession

SO5 – Provide a forum for discussion (e.g., International Congress)

SO6 – Improve recognition of actuarial profession (branding)

Through the strength of all its member organizations, the IAA will:

1. globalize the actuarial profession; SO6

2. establish a global brand; and SO6

3. promote to relevant key international organizations the important role the actuarial profession can play on the global financial front and demonstrate the relevance of the work of the actuary. SO1 & SO6

A solid reputation for the actuarial profession at the global level will benefit all member associations by providing:

1. Emerging and new associations with the credibility required at local level to help gain support of local governments and regulators;

2. More established associations with a voice at the global level; and

3. Assurance that public interest is a priority for the profession.

BUSINESS AGENDA (CONT’D)

B14. GOVERNANCE ISSUES

b. Value Proposition (CONT’D)

A global perspective for the actuarial profession is needed to meet the challenges of a globalized financial services industry environment. This will benefit all member associations, and their members, by:

1. Facilitating international collaboration SO1

2. Establishing a common level of quality for education, standards and professionalism SO3

3. Supporting the development of the profession SO4

4. Facilitating relevant research SO2

5. Disseminating relevant information SO5

Following comments made:

• Not convinced about the value proposition: where will it be positioned in the IAA: in the statutes?

• Show include how we can focus on public interest

• Find ways to engage one on one or in smaller groups

• Would be useful to have a general framework for IAA

c. Governance of International Actuarial Work

David Martin, Chair of Professionalism Committee Task Force

B15. CONGRESSES

a. ICA 2014 – WASHINGTON – FINAL REPORT

Bob Conger, Chair, Organizing Committee

BUSINESS AGENDA (CONT’D)

w w w . I C A 2 0 1 4 . o r g

30 March to 4 April 2014

Washington, DC

RECAP – September 2014

w w w . I C A 2 0 1 4 . o r g

• 1309 participants, representing 103 countries

• 1024 participants during the first half of the week

• 1060 participants during the second half of the week

• Many (61%) of the delegates participated for the full week

• 112 bursary delegates, representing 61 countries

• 137 registered accompanying persons

Our Global Profession

Came to Washington, DC

w w w . I C A 2 0 1 4 . o r g

To LEARN . . .

27 Hours of Solid Professional Content • 4 Plenary sessions

• 85 parallel sessions with 220 presentations from 300

authors and speakers

• Poster sessions for small group discussions of selected

papers

• Limited attendance workshops

• Limited attendance field trips

• Many sessions were recorded for use by Sections

w w w . I C A 2 0 1 4 . o r g

To LEARN . . .

w w w . I C A 2 0 1 4 . o r g

To LEARN . . .

w w w . I C A 2 0 1 4 . o r g

To LEARN . . .

w w w . I C A 2 0 1 4 . o r g

To INTERACT . . .

Networking and Social Opportunities • Networking in the Town Square

Breakfast, Between sessions, End of day

• Welcome reception – Sunday evening

Smithsonian Museum of American History

• Gala Dinner – Thursday evening

– Reception at the Hotel

– Dinner in the Grand Ballroom

– Dessert, Drinks, Music & Dancing in the Thurgood Marshall

Ballroom

w w w . I C A 2 0 1 4 . o r g

To INTERACT . . .

w w w . I C A 2 0 1 4 . o r g

To INTERACT . . .

w w w . I C A 2 0 1 4 . o r g

To GROW . . .

w w w . I C A 2 0 1 4 . o r g

• Net financial surplus: $ 520,306

• These funds will be reinvested in the actuarial profession, and in

the publics we serve:

• 75% to the IAA

• for initiatives in actuarially-developing countries, and

• to defray the operating expenses of the Sections

• 25% to The Actuarial Foundation in the US for use in its

programmatic activities

ICA 2014 produced

a strong financial result

w w w . I C A 2 0 1 4 . o r g

• 5 US-based actuarial organizations

• IAA and its Sections

• Actuarial organizations around the world

• Authors and speakers

• Delegates

• Sponsors

Our heart-felt thanks to all who participated in ICA 2014!

ICA 2014 was

a collaborative effort

Volunteers

and

Staff }

w w w . I C A 2 0 1 4 . o r g

. . . for the opportunity to host ICA 2014 !

Thank you . . .

w w w . I C A 2 0 1 4 . o r g

30 March to 4 April 2014

Washington, DC

B15. CONGRESSES

b. ICA 2018 – BERLIN – UPDATE: Rainer Fuerhaupter

B16. CHANGE OF OFFICERS

IN CAMERA SESSION - ONLY THOSE HOLDING A VOTING RIGHT CAN REMAIN IN THE ROOM

a. Motion: (simple majority vote required)

That Council elect:

Fred Rowley as President for the year 2015

Malcolm Campbell as President-Elect for the year 2015

CARRIED WITH 1 VOTING RIGHT ABSTAINING

b. Ex-officio Appointments

Motion: (simple majority vote required)

That Malcolm Campbell become Chairperson of the Strategic Planning

Subcommittee as President-Elect, to replace Fred Rowley.

That Fred Rowley become an ex officio member of the Strategic Planning

Subcommittee as President, to replace Rob Brown.

That Rob Brown become an ex officio member of the Strategic Planning

Subcommittee as Immediate Past President, to replace Kurt Wolfsdorf.

That these appointments become effective at the beginning of the fiscal year, January 1, 2015.

The terms are for a one-year period.

CARRIED WITH 1 VOTING RIGHT ABSTAINING

(All other ex-officio appointments as a result of the change in Officers are included in the deployment chart at item c).

BUSINESS AGENDA (CONT’D)

B16. CHANGE OF OFFICERS (CONT’D)

c. Motion: (simple majority vote required)

That, on the recommendation of the Nominations Committee, Council, approve the committee appointments and re-appointments to statutory and limited membership committees, as indicated in the attached deployment chart.

CARRIED WITH 1 VOTING RIGHT ABSTAINING

B17. NEXT MEETINGS: ZÜRICH, SWITZERLAND AT THE RENAISSANCE ZURICH TOWER HOTEL – APRIL 8-12, 2015

Edward Levay

B18. OTHER BUSINESS

None

B19. ADJOURNMENT

Adjourned at 6:00 pm

Thank you to our hosts The Institute and Faculty of Actuaries!

BUSINESS AGENDA (CONT’D)