1. Actuarial Issues at OSFI Ontario Conference of Casualty Actuaries David Oakden December 6, 2006

2. 2 Actuarial Issues at OSFI Organization Current Issues International Developments

3. 3 OSFI Org Chart Acting Superintendent Julie Dickson Assistant Superintendent Regulation Bob Hanna Actuarial Capital and Accounting Assistant Superintendent Supervision Ted Price Assistant Superintendent Corporate Services Donna Pasteris Chief Actuary Jean-Claude Menard

4. 4 Supervision Sector Financial Conglomerates Group Bank P & C Subs Financial Institutions Group All Other P & C Insurance Companies

5. 5 Regulation Sector Acting Assistant Superintendent Regulation Bob Hanna Senior Director Actuarial Division August Chow Senior Director Capital, Accounting and Research Division Allan Brender Bernard Dupont Michael Bean Others

6. 6 Actuarial Division Senior Director Actuarial Division August Chow Managing Director Actuarial Division P & C David Oakden Patricia Hladun David Lim Co-op Director Actuarial Division Life Helmut Engels Ivy Lee Stephen Manly Delphina Chue Actuarial Specialist Sheldon Selby

7. 7 Actuarial Responsibilities 50% Supervision 50% Regulation

8. 8 Current Issues Fair Value Option AuG – 43 / External Review In Canada Business Earthquake AAR Memorandum AA Interviews DCAT Memorandum? Target MCT Ratios Use of Financial Models

9. 9 International Issues Financial Reporting Standards –Canadian Accountants will use IASB Standards Actuarial Standards –How to define Market Value Margins –Market Rates vs Portfolio Rates Who sets actuarial standards –CIA –IAA –Something New