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2019

Report to
Members

1
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

2
President’s
Strategic Objectives
Report Our five strategic objectives are:
Janet Sharp
FSA, MAA, CERA
1) Developing Caribbean Actuaries of
the future (actuarial education)
INTRODUCTION 2) Upholding high ethical and
professional standards
It has been an interesting and challenging (professionalism)
two-year term of office and it is my pleasure 3) Developing sustainable Caribbean
to report on the Caribbean Actuarial solutions in the public interest (public
Association’s activities for 2018 and 2019. At service)
the outset of my term, I hoped to engage and
excite members to become more active in 4) Collaborating with governments,
contributing to and building our Caribbean regulators, actuarial associations and
Actuarial communities because the CAA’s other professional bodies to advance
relevance to our professional development is the well-being of society (cooperation)
directly correlated to our involvement. Any 5) Positioning the CAA as the primary
personal investment of time and interest will reference for risk solutions in the
certainly result in a more connected Caribbean
experience and those who follow the lead of
our founders and our exemplary stewards will
answer the call to volunteer or lead an
initiative.
A strategic plan should be a living and
OUR STRATEGIC OBJECTIVES breathing guide and your Executive Council is
committed to reviewing, improving and re-
Your Executive Council embarked on engineering it as we progress.
updating the CAA Strategic Plan attendant
with a new Vision and Mission. A wonderful
example of member involvement was the POSITIONING OF THE CAA
active participation in the crafting of the new
CAA Vision and Mission. Reaching our members and the publics that
we serve is essential if we want to continue to
Vision Statement grow and remain relevant. To engage the
Vibrant actuarial thought leadership for the bright young minds, support their ambitions,
Caribbean. encourage their volunteerism and prepare
Mission Statement them for leadership we have to keep in touch.
Supporting actuaries in the development of Our senior members have worked to increase
sustainable risk management solutions for our public face so that we are invited to the
Caribbean social and economic systems. table to provide expert advice on financial
security issues relevant to the public interest.
In tandem with our new vision and mission we We want our junior members to embrace that
created a “new look”, upgraded, mobile ethic and a great deal of what we do as an
friendly website to go hand in hand with our organisation is in support of this. The newly
new energy! Please visit caa.com.bb and let established News Communication Committee
us have your feedback. is chaired by Shubhash Gosine and is charged
with keeping us all in touch. This committee
The Strategic Objectives and Action Plans
is tasked with managing the information flow
have been developed and will cover a three-
to the membership via notifications, bulletins,
year planning horizon: 2020 to 2022. It is
newsletters, member surveys, media links,
expected that these plans will inform a better
blogs, presentations, webcasts, video
financial budgeting exercise.
conferences and the like.

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


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)

Caribbean Actuarial Association (CAA) Page -2- 2019 Report to Members


“IFRS17 Call to Action” for the essential collaboration of our
stakeholders regionally and nationally to achieve IFRS17 readiness by
December 2021
CO-OPERATION AND COLLABORATION The objectives of the focus groups are:
1. Education: Conduct Education sessions
Regional IFRS17 Call to Action and workshops for –
a) Executives and Board of Directors
At the June 2018 St. Kitts Advisory Council b) Technical teams – finance, actuarial,
Meeting I made an “IFRS 17 Call to Action” for technology
the essential collaboration of our
stakeholders regionally and nationally to c) Shareholders, investors, tax
achieve IFRS17 readiness by December 2021. authorities
The approach was to bring together all the 2. Engage with and discuss with the
stakeholders who have a vested interest in a Regulators
successful outcome of the Standard. We
a) Quantitative Impact Study (QIS)
proposed the establishment of Focus groups
to address objectives either at the regional or b) Aim to keep the number of valuation
country level. methodologies used by insurers for
solvency and for financial reporting
The focus groups would be comprised of the same as is currently used or
representatives from the following fewer
stakeholders: c) Harmonisation of Accounting and
Regulatory Standards (eg. risk
▪ Actuarial Community – Caribbean capital requirements)
Actuarial Association (CAA) Actuaries d) Legislative changes
who provide actuarial services to Life
and P&C Insurance Companies 3. Provide a Discussion Forum: Regular
interaction with stakeholders to
▪ Institute of Chartered Accountants resolve troublesome issues
of the Caribbean (ICAC) - Accounting
a) Introduce guidance tailored for local
Standards Committee Chair and Audit
specifics to local companies
Practice Committee Chair
b) Promote impracticable issues
▪ Insurance Association of the
related to small emerging
Caribbean (IAC) members – Life
markets/Caribbean countries to
Insurance Finance Committee Chair,
International Accounting Standards
General Insurance Finance Committee
Board
Chair, IFRS 17 committee Chair
4. Indirectly support Insurance Company
▪ Regulator – Caribbean Association
activity:
Insurance Regulator (CAIR) member
a) Encourage establishment of Multi-
We proposed that the ICAC member skilled Project Teams
Presidents work with senior CAA members in b) Encourage Gap analysis – human
their relevant countries to galvanise the local resources, system interfaces,
insurance companies to establish IFRS 17 actuarial and financial reporting
implementation teams. The Regulator would software, data storage and analysis,
be an essential participant as their historical policy information
involvement would help to guide decision- c) Encourage Estimation of Cost of
making especially as it relates to solvency and implementation
risk capital requirements and legislative
d) Encourage sharing of information
changes. The accountants and actuaries
would need to drive the activities of the focus and experience to reduce
groups. duplication costs to the industry

Caribbean Actuarial Association (CAA) Page -3- 2019 Report to Members


To date, progress has been slow but I am Lander Award which she won from a very
pleased to report that focus groups have been competitive field.
formed in at least two countries, namely
▪ CAA President wrote to the IAA president
Jamaica, and Trinidad and Tobago, where the
on its restructuring project expressing
regulators have been very responsive and
support for the suggestions made by the
have circulated IFRS 17 advisories and
Canadian Institute of Actuaries (CIA) on
questionnaires to the Life and General
IAA Governance.
Insurance industry to encourage
implementation and to require semi-annual ▪ IAA Mexico Council and Committee
progress reporting. In early 2019, The meetings were attended by Cathy Lyn.
Financial Services Commission in Jamaica
▪ IAA Professionalism Committee Survey on
established an Advisory Council of Actuaries,
International Standards of Practice – the
Accountants, Life and General Insurance
CAA response was submitted in January
Companies, Regulators, and Consultants to
2019.
embark on a Quantitative Impact Study of
capital adequacy taking into account as far as ▪ IAA Renewal – In February 2019, the CAA
possible IFRS 9, 16, 17. In summer 2019, the submitted its preference of the options
Central Bank of Trinidad and Tobago (CBTT) proposed for the IAA Strategic Objectives.
set up an IFRS 17 Working Group with
▪ CAA member Britta Hay participated as a
participants from the Actuarial community
Trainer in the IAA/IAIS (International
(CAA), the Accountants (ICATT) and the
Association of Insurance Supervisors)
Insurance Association (ATTIC). The Curaçao
Capacity Building for Insurance
regulator has also had IFRS 17 meetings with
Supervisors training in Trinidad & Tobago
companies.
in March 2019.
International – IAA Involvement ▪ Kyle Rudden attended and presented at
the IAA Colloquium in Cape Town South
The CAA continues to participate actively in Africa. Cathy Lyn organised the IACA
International Actuarial Association (IAA) sessions at the Colloquium focusing on
matters ably represented by our CAA Diversity and Inclusion.
Delegate and Alternate, Lisa Wade and Cathy
Lyn (also Advice and Assistance Committee)
respectively, with regular meeting attendance PROFESSIONALISM
by Executive Council members Mike Smith
(IAA General Insurance Committee) and One of our major projects over the last two
President-Elect Kyle Rudden (Africa Sub- years has been the work of the Common
committee). Standards Committee to review all the CAA
Actuarial Practice Standards (APS) and the
▪ Mike Smith represented the CAA on the Glossary for consistency. The Committee
IAA Task Force considering IAA reviewed APS0 (General Actuarial Practice)
Membership Fees early in 2018. and the Glossary to be consistent with
International Standard of Actuarial Practice 1
▪ Kyle Rudden attended the IAA Africa (ISAP 1) and was able to review and update all
Congress in March 2018. the APSs including the recently exposed APS5
▪ International Congress of Actuaries using a common format and employing the
Meeting Berlin June 2019 - CAA Members technique whereby a reasonably qualified
actuary, not an expert in the field, would be
Lisa Wade, Cathy Lyn (International
able to understand and follow each APS. The
Association of Consulting Actuaries
(IACA) Immediate Past President), Kyle work was exposed to the membership in early
Rudden, Mike Smith, Astor Duggan, Britta October 2019 and I would like to thank the
Hay, Shubhash Gosine and Nikhil Asnani committee chair Nicola Barrett and committee
attended. members Neil Dingwall, Constance Hall and
Derek Osborne for their excellent work on
▪ The Executive Council nominated Hon.
this project. This work is expected to be
Daisy McFarlane-Coke for the IACA Max
voted on by members at the 2019 AGM.

Caribbean Actuarial Association (CAA) Page -4- 2019 Report to Members


In October 2019, our newest practice commentary from the CAA on their
Standard APS5: General Insurance Premium insurance regulations and guidelines.
Related Liabilities was exposed to the ▪ In April 2019, Trinidadian member
membership and to the International Actuarial actuaries responded to a request for
Association (IAA) General Insurance consultation from the CBTT on pension
Committee for review and comment. I thank governance.
the CAA Property and Casualty Committee
chair Shera Mungroo and committee ▪ In August 2019 the Social Security
members Mike Smith, Kyle Rudden, Bertha Committee, chaired by Derek Osborne,
Pilgrim, Steven Glicksman, Mylene Labelle, provided a consultation response to the
Ravi Rambarran and Raymond Wilson for their Jamaican Ministry of Health and Wellness
time and attention to preparing the Standard. regarding the Green Paper on a National
Health Insurance Plan for Jamaica.
▪ In September 2019, consultation was
PUBLIC INTEREST AND CONSULTATION again provided by the CAA Pensions
Committee, to the ECCB on the pensions
Our technical Committees and members aspect of the ECCU Insurance and
responded to requests for consultation in Pensions Bill 2019.
numerous areas, regionally and
internationally. ▪ In October 2019 actuaries from the
International Labour Organisation (ILO)
▪ In December 2017, the Life Committee made a presentation to CAA member
chaired by Horace Johnson, responded to actuaries in Trinidad & Tobago on the
a request for consultation from the 10th Actuarial Review of the National
Cayman Islands Monetary Authority Insurance Scheme.
(CIMA) on the proposed Statement of
Guidance on Actuarial Reports.
UWI St. Augustine/NIBTT Mortality Study
▪ In March 2018, the Social Security
Committee, chaired by Derek Osborne, In 2019, the UWI St. Augustine signed a
reviewed the IAA Paper on "Measuring and Memorandum of Understanding with the
Reporting Actuarial Obligations of Social National Insurance Board of Trinidad &
Security Systems – IAA Recommendations" Tobago (NIBTT) to conduct a mortality study
and were comfortable with the draft using pensioner mortality data. The CAA
paper. Pensions Committee, chaired by Simon
Sutcliffe will provide a peer review of the
▪ In May 2018 the President and senior study and results are expected to be
Jamaican CAA members met with the presented at our Curaçao conference by
International Monetary Fund (IMF) Stokely Smart, senior lecturer and director of
representative prior to the Financial the UWI St. Augustine Actuarial Science
Sector Assessment Programme (FSAP) Programme.
regarding Jamaica’s compliance with the
International Core Principles (ICPs) issued CAA Pensioner Mortality Study
by the International Association of
Insurance Supervisors (IAIS) to discuss the In 2018 the CAA entered into a Data License
actuarial profession and the regulatory Agreement with The Society of Actuaries to
perform the Pensioner Mortality Study. Data
framework of the insurance sector.
has been submitted by St. Kitts and Nevis, St.
▪ In July 2018, the CAA Pensions Vincent, and the Turks and Caicos Islands.
Committee, chaired by Simon Sutcliffe,
responded to a consultation request from Caribbean Actuaries Climate Index
the Eastern Caribbean Central Bank on
In 2019, the CAA approved a collaboration
proposed changes to the pensions
with the UWI Mona through a Memorandum of
aspects of the uniform insurance bill for
Understanding to research the feasibility of
ECCU member states.
implementing and maintaining a Caribbean
▪ In January 2019, the Central Bank of Actuaries Climate Index similar to the one
Trinidad & Tobago (CBTT) requested produced by the North American Actuarial

Caribbean Actuarial Association (CAA) Page -5- 2019 Report to Members


organisations. In addition, the CAA to formulate an examination refund
contracted with a consultant who has worked programme which would apply to all actuarial
with other actuarial bodies, to perform a science university students regardless of their
scoping study exploring the availability of chosen institution. CAA Student
data in respect of suitable climate indicators representative Stuart South crafted the “CAA
including windstorm destructive potential and University SOA-IFOA Exam Reimbursement
sea level. The study was received in early Program” which was approved and became
November. effective in October 2019.

DEVELOPING ACTUARIES INTERNAL POLICIES AND GOVERNANCE

UWI Mona Math Olympiad CAA By-Law Project


After a two-year hiatus, the UWI Mona Math A major project for the CAA, has been the
Olympiad resumed and the CAA was pleased review of the Constitution and the By-Laws to
to participate as a sponsor. create a single governing document. The
Governance Committee has worked
UWI Mona Math Advisory Board assiduously on the revisions over the last two
The CAA was invited to sit on the UWI Mona years and after a formal legal review, the
Department of Mathematics Industry Advisory revisions have been submitted to and
Board which has the purpose of combining approved by Executive Council. The revised
the experience from industry and academia By-Law no. 2 and the attendant resolution has
with the aim of producing graduates better been exposed to the membership for review.
suited for the workplace. Another aim is to The resolution to repeal the Constitution and
satisfy the goal of meeting the Society of to replace By-Law No.1 with By-Law no. 2 will
Actuaries’ requirements for establishing a be voted on at AGM 2019.
Center for Actuarial Excellence. Council
member Cathy Allen volunteered to be the Directors and Officers Liability Insurance
permanent CAA representative and CAA In 2018, Executive Council acquired
member Christopher King volunteered to be Directors’ and Officers’ Liability Insurance as
our alternate representative. a tool for proper risk management for the
CAA Executive Council in its operations.
UWI St Augustine Intl. Math Olympiad Thanks to Assistant Secretary and Council
The CAA was happy to sponsor the UWI St Member Mike Smith and past Assistant
Augustine team to the International Math Treasurer Shera Mungroo for spearheading
Olympiad. this initiative.

Stephen Alleyne Memorial Scholarship Disciplinary Matters


The CAA established this scholarship in Executive Council may on its own decide to
memory of Stephen Alleyne who was a initiate disciplinary action by referring their
founding Member of the Association. This complaint to an Investigative Committee
scholarship is awarded annually to a final year (Section 1.2 CAA Disciplinary Process). The
student of the BSc degree programme in Executive Council has decided to establish an
Actuarial Science at the University of the West Investigative Committee in recognition of a
Indies. Due to the rising university costs, the Canadian Institute of Actuaries (CIA)
scholarship award was increased in 2019 disciplinary case made public in summer
from US$2,000 to US$2,500. The 2018 and 2019 involving a CIA member who is also a
2019 Scholarship recipients were Lindsay Pink CAA member. The CAA Vice President Judy
and Tarique Anderson, respectively. Veira and two additional CAA Members will
constitute the initial Committee.
Actuarial Examination Refunds for
University Students Meetings
Actuarial Science programmes are now Attendance at meetings remained high.
offered by tertiary institutions other than the During 2018 and 2019 the Executive Council
UWI, therefore the Executive Council decided met fourteen times and the Steering

Caribbean Actuarial Association (CAA) Page -6- 2019 Report to Members


Committee met six times. The Advisory ▪ Policy on Refund of Conference Fees
Council met in St. Kitts and Nevis in June ▪ Policy for the Approval of Financial
2018, in Kingston Jamaica December 2018, in Statements
Guyana June 2019 and is scheduled to meet
▪ Investment Policy and Statement of
in Curaçao December 2019. CAA Vice
Investment Principles
President, Judy Veira, attended the Casualty
Actuarial Society 2018 Annual Meeting. CAA ▪ Donation and Sponsorship Policy
President, Janet Sharp, attended the Canadian ▪ Travel Allowance Policy
Institute of Actuaries 2018 Annual Meeting
and the 2019 Society of Actuaries Annual E-Commerce
Meeting.
Electronic and on-line processing of
Development of new Internal Policies membership dues and conference fees has
been working well since implementation in
Council believes that it is important to act in 2018 and has added operational efficiency to
a consistent manner that an informed the Secretariat.
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:

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

Caribbean Actuarial Association (CAA) Page -7- 2019 Report to Members


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

Caribbean Actuarial Association (CAA) Page -8- 2019 Report to Members


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.

Executive
Council

Governance Steering Advisory


Committee Committee Council

Property and Common Social


Life Pensions
Casualty Standards Security
Committee Committee
Committee Committee Committee

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.

Caribbean Actuarial Association (CAA) Page -9- 2019 Report to Members


THE EXECUTIVE COUNCIL

President-Elect Immediate Past President


Kyle Rudden Marcus Bosland

President
Janet Sharp

Vice President Treasurer


Judy Veira Sapna Chatlani

Secretary
Cathy Allen

Council Member Council Member


Mike Smith Jennifer Straughn

Student Representative
Stuart South

Caribbean Actuarial Association (CAA) Page -10- 2019 Report to Members


PRESIDENT – JANET SHARP (JAMAICA) A Fellow of the Institute and Faculty of
Actuaries, a Fellow of the Society of Actuaries
Janet is the Appointed Actuary for Sagicor Life and an Associate of the Casualty Actuarial
Jamaica Limited (SLJ) an appointment she has Society, he is an active participant in local,
held since 2003. Prior to September 2009 she regional and international accounting and
held the position of Executive Vice President actuarial bodies.
and Resident Actuary for SLJ with direct
responsibility for Corporate Actuarial IMMEDIATE PAST PRESIDENT– MARCUS
functions, administration of the Corporate BOSLAND (BAHAMAS)
Actuarial department, and risk reporting.
Prior to the merger of Life of Jamaica and Marcus is the Resident Actuary of Colina
Island Life in 2003, Janet was the Vice Insurance Limited, the largest life and health
President and Resident Actuary for Island Life insurer in The Bahamas. Prior to joining
Insurance Company Limited where she Colina, he was the Assistant Vice President -
started her working career. Actuarial and Appointed Actuary of Guardian
Janet is a graduate of the Wharton School of Life of the Caribbean, a life insurer
Business, University of Pennsylvania with a headquartered in Trinidad and Tobago.
BSc. Econ. in Actuarial Science and Decision A Fellow of the Society of Actuaries since
Sciences. She obtained her Masters in 2001, Marcus graduated with distinction from
Actuarial Science from Georgia State the University of Waterloo (Ontario) with a
University in 1988. Janet is a Fellow of the joint honours degree in Actuarial
Society of Actuaries, a Member of the Science/Economics. Marcus also holds a
American Academy of Actuaries, and a Masters of Business Administration from
Chartered Enterprise Risk Analyst (CERA). Edinburgh Business School.
She is married to Richard and they have two
children. VICE PRESIDENT - JUDY VEIRA (ST. VINCENT &
THE GRENADINES)
PRESIDENT ELECT – KYLE RUDDEN (TRINIDAD
& TOBAGO) Judy Veira is a Consulting Actuary with Trinity
Consulting Ltd., based in St. Vincent & the
Kyle is a consulting actuary and chartered Grenadines, providing employee benefit
accountant with 30 years’ experience in related services primarily for private,
financial services consulting, primarily in the statutory and government pension plans, and
Caribbean and Central America. At KR national health insurance programs, in the
Services Limited, he heads a team of actuaries Caribbean.
and related professionals providing actuarial Her actuarial work experience began in North
consulting services in the life, non-life and America, with Manufacturers Life, Toronto
pensions practice areas. Kyle has acted as and Towers Perrin, New York and Pittsburgh.
Appointed Actuary / independent consulting She is a Fellow of the Society of Actuaries,
actuary to many life and non-life insurers and graduated from the University of Western
benefit programs operating in the region, Ontario with an Honours degree in Actuarial
including clients reporting under IFRS, US, UK, Science and has completed Levels 1 and 2
Canadian and Dutch standards. He is a of the Chartered Financial Analyst
frequent speaker on actuarial and accounting programme.
issues, particularly the application of IFRS,
regulatory and actuarial standards in As a member of the CAA, she sits on the Social
developing markets. Security Committee and has served on the
Pensions Committee. Judy currently serves as
Kyle is committed to sustainable and ethical a Director of the Bank of St. Vincent & the
human development initiatives, ranging from Grenadines, Chair of the BoSVG Audit
internships for underprivileged students to Committee and a Director of IM Holdings Inc.
supporting actuarial and accounting
educational programs internationally.

Caribbean Actuarial Association (CAA) Page -11- 2019 Report to Members


SECRETARY – CATHY ALLEN (JAMAICA) Greater Antilles. Since May 2019 he has been
Chair of the Board of the Actuaries without
Cathy worked at Guardian Life for 11 years as Borders Section of the International Actuarial
Vice President and Appointed Actuary. Prior to Association.
joining Guardian Life, she worked with the
Financial Services Commission for 3 years as COUNCIL MEMBER – JENNIFER STRAUGHN
Chief Actuary and as Actuarial Assistant with (BARBADOS)
Life of Jamaica for 11 years.
Cathy is a Fellow of the Society of Actuaries Jennifer Straughn is the Vice President in the
and a member of the American Academy of Corporate Actuarial department of Sagicor
Actuaries. Life Inc and is based in its Barbados office.
Prior to re-joining Sagicor in 2011, Jennifer
TREASURER – SAPNA CHATLANI (THE worked at Legal & General Assurance Society
BAHAMAS) in the United Kingdom. Prior to pursuing an
actuarial career Jennifer worked as an
Sapna Chatlani joined Colina Insurance Economist at the Central Bank of Barbados.
Limited in The Bahamas in 2008. During that
time she led the Health Unit of the Actuarial A Fellow of the Institute and Faculty of
Department for six years and currently leads Actuaries since 2012, Jennifer graduated with
the Life Unit. Prior to arriving in the Bahamas, First Class Honours from the University of the
Sapna spent approximately two years in Ernst West Indies (Cave Hill) with a double major in
and Young, London working in their Actuarial Economics and Mathematics. She also holds a
Unit. Sapna started her actuarial career at MSc. Economics for Development from the
Guardian Life of the Caribbean, Trinidad & University of Oxford and a MSc. Actuarial
Tobago where she spent approximately five Science from Heriot-Watt University (with
years. distinction).

Sapna is a Fellow of the Institute and Faculty STUDENT REPRESENTATIVE – STUART SOUTH
of Actuaries. (JAMAICA)
COUNCIL MEMBER – MIKE SMITH (FLORIDA, Stuart is an Actuarial Analyst at Sagicor Group
USA) Jamaica (SGJ), one of the largest full-service
financial institutions in Jamaica. Prior to
Mike is a semi-retired consulting actuary and joining SGJ in November 2015, Stuart spent
an active actuarial volunteer. Based in two years at the sister company, Sagicor Life
Northeast Florida, Mike has been a consultant Inc. Barbados, working in a similar capacity.
in, and business visitor to, the Caribbean and
Latin America region since 1987 and serves In his time at Sagicor, Stuart has primarily
on the International Actuarial Association’s been focused on post-retirement benefits and
Latin America Subcommittee. He also has done actuarial work for pension plans
volunteers for several actuarial organizations spanning several jurisdictions in the
in the areas of actuarial standards, education, Caribbean.
and governance.
Stuart is an Associate Actuary of the Society
Mike earned a bachelor’s degree from Georgia of Actuaries (ASA) and holds a BSc (First Class
State College in mathematics and physics and Honours) in Actuarial Science from the
a master's degree from the University of University of the West Indies Mona Campus,
Chicago in physics. He is a Fellow of both the where he served as President of the UWI
Society of Actuaries and the Casualty Actuarial Society (2012-2013).
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

Caribbean Actuarial Association (CAA) Page -12- 2019 Report to Members


CAA COMMITTEES

ADVISORY COUNCIL

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.

TECHNICAL AND WORKING COMMITTEES

LIFE SOCIAL SECURITY

Chair: Horace Johnson Chair: Derek Osborne


Sapna Chatlani Judith Veira
Simone Balkissoon Stewart Haynes
STEERING Simone Brathwaite
Ex officio: Kyle Rudden

Chair: Janet Sharp P&C


Derek Osborne PENSIONS
Horace Johnson
Kyle Rudden Chair: Shera Mungroo
Marcus Bosland Chair: Simon Sutcliffe Bertha Pilgrim
Nicola Barrett Astor Duggan Mike Smith
Shera Mungroo Willard Brown Mylène La Belle
Simon Sutcliffe Constance Hall Nirvan Singh
Tricia Chamely Ravi Rambarran
Shelley Worrell Raymond Wilson
Ex officio: Lisa Wade Steve Glicksman
Ex officio: Kyle Rudden

Pensioner Mortality Study


Chair: Lisa Wade
Climate Index Working Group
Chair: Bertha Pilgrim

GOVERNANCE COMMON STANDARDS NEWS & COMMUNICATION

Chair: Leah Major Chair: Nicola Barrett Chair: Shubhash Gosine


Marcus Bosland Constance Hall
Michelle Chong Tai-Bell Derek Osborne
Neil Dingwall Neil Dingwall

Caribbean Actuarial Association (CAA) Page -13- 2019 Report to Members


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

Caribbean Actuarial Association (CAA) Page -14- 2019 Report to Members


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

Caribbean Actuarial Association (CAA) Page -15- 2019 Report to Members


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.

Caribbean Actuarial Association (CAA) Page -16- 2019 Report to Members


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.

Caribbean Actuarial Association (CAA) Page -17- 2019 Report to Members


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

Caribbean Actuarial Association (CAA) Page -18- 2019 Report to Members


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!

Caribbean Actuarial Association (CAA) Page -19- 2019 Report to Members


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

Caribbean Actuarial Association (CAA) Page -20- 2019 Report to Members


IAA CONFERENCES, MEETINGS AND TASK FORCES

CAA Members and Delegates


CAA Council member Mike
attended the International Congress
Smith participated in the
of Actuaries and IAA Council &
IAA’s Task Force reviewing
Committee Meetings respectively.
membership fees.

CAA Delegates attended IAA


Council & Committee Meetings
Jun 2018
2018
Berlin,
Germany

Mar 2018 Nov-Dec 2018


Casablanca, Mexico City,
Morocco Mexico
President Elect Kyle Rudden
attended the Africa Congress
Mar 2019
Port of Spain,
CAA Delegates attended IAA Trinidad & Tobago
Council & Committee
Meetings CAA member Britta Hay
Apr 2019 participated as a Trainer in the
Cape Town, IAA/IAIS Capacity Building for
South Africa Insurance Supervisors training
May 2019 Past CAA President and Past
Washington, IACA Chair Cathy Lyn
D.C, USA organised a sterling IACA track

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

Caribbean Actuarial Association (CAA) Page -21- 2019 Report to Members


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.

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.

Caribbean Actuarial Association (CAA) Page -22- 2019 Report to Members


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

Caribbean Actuarial Association (CAA) Page -23- 2019 Report to Members


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).

Caribbean Actuarial Association (CAA) Page -24- 2019 Report to Members


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.

Caribbean Actuarial Association (CAA) Page -25- 2019 Report to Members


SOA PRESIDENTIAL AWARD – CATHY LYN AND NAZIR VALANI

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.”

In October 2018, two CAA members, Cathy Lyn and Nazir Valani were awarded with the
SOA’s presidential award for their outstanding volunteerism.

Nazir Valani pictured with his 2018 Cathy Lyn receives her 2018
Presidential Award Presidential Award from SOA
President Mike Lombardi

IAA AWARD FOR VOLUNTEERISM – CATHY LYN

Cathy Lyn poses with IAA President


Masaaki Yoshimura and her
November 2018 IAA award for her
exceptional volunteer service.

Caribbean Actuarial Association (CAA) Page -26- 2019 Report to Members


2 from Canada

4
NEW
FELLOWS
Benny Chan, FCIA, FCAS

Stefan Subnaik, FSA, FCIA

1from USA 1from Trinidad


Jonathan Wu, Nirvan Singh,
FCIA FSA

21 NEW
ASSOCIATES
6 from Jamaica
9 from Trinidad Anika Peart
Bari-Ann Bryant
Horpaul Stewart
Jo-Ann McFarlane
Anysha Thomas
Justine Powell
Cy-Anne Tamer
Monique Colquhoun
Joel Mark
Kamilah Millington
2 from Bahamas
Kaylaah Khan
Kezia Dalrymple
Luanna Rahman
Sarika Chin Fong
3 from Barbados Amanda Darville
Akilah Sue Keric Rolle
Toni-Marie Bobart
Sarah-Jane Pilgrim
Sonya Babb

1 from Canada
Kimone Todd Henry

Caribbean Actuarial Association (CAA) Page -27- 2019 Report to Members


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

120

100

80

60

40

20

0
Classification

Affiliate Associate Honorary Ordinary Student

Total
Member Class
Count %

Affiliate 25 9
Associate 64 22
Honorary 3 1
Ordinary 93 33
Student 98 35
Grand Total 283 100

Caribbean Actuarial Association (CAA) Page -28- 2019 Report to Members


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.

CAA MEMBERSHIP BY COUNTRY


Bahamas Barbados Canada Curacao
Jamaica Suriname Trinidad USA
Other Caribbean Rest of World

3% 2% 4%
8%
15%

11%
27%

3%

3%
24%

Caribbean Actuarial Association (CAA) Page -29- 2019 Report to Members


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

Caribbean Actuarial Association (CAA) Page -30- 2019 Report to Members