1. CANADIAN INSITITUE OF ACTUARIES 2007 Annual Meeting Vancouver CANADIAN INSITITUE OF ACTUARIES 2007 Annual Meeting Vancouver Peter E. Manderville, Partner Gowling Lafleur Henderson LLP Peter E. Manderville, Partner Gowling Lafleur Henderson LLP June 29, 2007

2. Legal Issues for Actuaries vis-à-vis Insurers Pro Act Professional Liability Insurance Program Insurers’ duty to defend/right to associate in the defence Defence costs Insurers’ indemnity obligation

3.  Policy Exclusions  What is a “claim”?  Disclosure issues  Insurance coverage issues/coverage actions  Policy Exclusions  What is a “claim”?  Disclosure issues  Insurance coverage issues/coverage actions Legal Issues for Actuaries vis-à-vis Insurers (continued)

4. Legal Issues/Risk Issues for Actuaries vis-à-vis Clients  Do actuaries have fiduciary obligations to pension beneficiaries?  Derosa v. Savasta and Company  Ruddell v. B.C. Rail  Retainer agreements with clients

5. Legal Issues/Risk Issues for Actuaries vis-a-vis Clients (continued)  Full disclosure of assumptions  Solvency valuations versus going concern/experience

6. Risk issues for clients and actuaries  Long-term assumptions versus current investment volatility  Fluctuating interest rates  Corporate restructuring/insolvencies  Mergers/acquisitions

7. Discipline Issues for Actuaries  Impact on civil liability Criminal Charges Against Actuaries  In what circumstances could they possibly be justified?  R. v. Norton  Impact of criminal charges upon civil liability

8. Thank you. Peter E. Manderville, Partner Gowling Lafleur Henderson LLP T (416) 369-4580 Peter.Manderville@gowlings.co Thank you. Peter E. Manderville, Partner Gowling Lafleur Henderson LLP T (416) 369-4580 Peter.Manderville@gowlings.co