ACTUARIAL EVIDENCE QUALIFICATIONS AND SERVICES

 

 

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O U R A C T U A R I A L E V I D E N C E S E R V I C E S

We offer consulting and litigation support to the legal community, financial advisors and individuals. Our reports are prepared in accordance with accepted actuarial practice in Canada and we provide expert opinions and advice in the areas below.

Matrimonial Pension Division: Performing valuations of pensions upon a marriage or common-law relationship breakdown. In the event of a division of pension benefits as family property, we are here to support our business partners and clientele.

Personal Injury: Determining the present value of past and future income loss, future cost of care, income tax and management fee gross ups related to tort cases. Cases may include injuries sustained in work related accidents, motor vehicle accidents, medical negligence, etc.

Criminal Rate of Interest: Expert opinion on the effective annual rate of interest embedded in a series of cash flows or lending contract.

Fatal Accident: Determining the present value of past and future loss of financial support, loss of household services, income tax and investment management fee gross ups related to tort cases. Cases may include fatality resulting from motor vehicle accidents, medical negligence, etc.

Life Interest in Estate: Present value determination of the rights of an individual to live in and enjoy a property for as long as the individual lives.

Fair Market Value of Life Insurance Policy: Valuations for purposes such as the transfer of ownership, charitable donation or matrimonial division.

Charitable Remainder Trust: Determining the present value of future residual assets donated to a charity.

Wrongful Dismissal: Performing valuations to determine the loss of income and pension as a result of a wrongful dismissal.

Other Expert Reports and Services: As subject matter experts, our experienced actuaries are well equipped to assist with general consultation and actuarial valuation.

S T E P H E N W . I . C H E N G S U M M A R Y O F Q U A L I F I C A T I O N S A N D E X P E R I E N C E

Qualifications

Fellow, Canadian Institute of Actuaries (FCIA - 1994)

Fellow, Society of Actuaries (FSA - 1994)

MBA (Finance / Management Science) (UBC – 1982)

B.Sc. (Mathematics / Statistics) (UBC – 1980)

Qualified as an expert in the Supreme Court of British Columbia (oral testimony and written evidence)

Experience

1994 - Present: Westcoast Actuaries Inc.(1)

1989 – 1994: Leong & Associates Actuaries And Consultants Inc.(2)

1984 – 1989: Aon Consulting Inc.

(1) with a predecessor firm from 1994 to 2002 (2) acquired by Morneau Sobeco (now Morneau Shepell) in 2008

Member, Actuarial Standards Board (appointed by the Actuarial Standards Oversight Council May 1, 2015)

Member, Estate Planning Council of Vancouver – since 2004. Executive Member (Secretary) for 2008-9.

Member, Canadian Pension & Benefits Institute – since 2005.

Society of Actuaries Committee Member: o P363 (Pension Funding Vehicles) Examination Committee – 1996. o P564 (Actuary as Expert Witness) Examination Committee – 1997 to 1999.

Canadian Institute of Actuaries Task Force or Committee Member: o Task Force on Skills and Knowledge Inventories – 2006 to 2008.

o Task Force on Canadian Eligibility and Education Requirements – July 2012 to December 2015.

o Task Force on Mentorship – 2013.

o Actuarial Evidence Committee – 2000 to 2003.

o Communications Committee – 2007 to present. Vice-Chairperson for 2010-2011. Chairperson for 2011-2013.

o Continuing Education Committee (Pension Sub-committee) – since 2010.

o Practice Education Course (Retirement Benefits Section) Examination Committee – since 2002. Chairperson 2011-2015.

o Member Services Council – since September 2015.

Awards

1980 UBC Faculty of Science Dean’s Honour Roll

1981 winner of the Lorraine Schwartz Prize (awarded for distinctions in the fields of statistics and probability upon the recommendation of the Departments of Mathematics and Statistics a UBC)

Canadian Institute of Actuaries Volunteer Services Awards (Bronze in 2011 and Silver in 2015)

Areas of Expertise

Pension plan design, actuarial valuation, conversion, wind-up, funding, surplus and deficit

Valuation of post-employment and post-retirement benefits

Valuation of loss of income, pension and benefits resulting from injury/accident or wrongful dismissal

Valuation of cost of future care resulting from injury/accident

Valuation of pension and other benefits/entitilements upon marriage/relationship breakdown

Valuation of life interest for estate and variation of trust purposes

Criminal interest actuarial certification

N E I L C H I C O I N E S U M M A R Y O F Q U A L I F I C A T I O N S A N D E X P E R I E N C E

Qualifications

Fellow, Canadian Institute of Actuaries (FCIA – 2015)

Fellow, Society of Actuaries (FSA – 2015)

B.Sc. (Mathematics) (Simon Fraser University – 2004)

Qualified as an Expert Witness in the Supreme Court of British Columbia (oral testimony and written evidence)

Experience

2016 – Present: Westcoast Actuaries Inc.

2013 – 2015: Mercer

2007 – 2013: Aon Hewitt

Over 10 years of experience in actuarial consulting

Joined Westcoast Actuaries Inc. in 2016 to provide actuarial consulting services for litigation support and employee group benefits

Volunteer on the Society of Actuaries’ Exam and Education Committee (2016 – Present)

Member of the Canadian Institute of Actuaries’ Actuarial Evidence Committee (2017 – Present)

Areas of Expertise

Valuation of loss of income, pension and benefits resulting from injury/accident or wrongful dismissal

Valuation of cost of future care resulting from injury/accident

Valuation of pension and other benefits/entitlements upon marriage/relationship breakdown

Valuation of life interest for estate and variation of trust purposes

Valuation of charitable remainder trust to determine present value of residual assets donated to a charity

Criminal interest actuarial certification

Employee group benefits plan design, underwriting arrangements, and pricing

Employee group benefits plan governance and fiduciary requirements

Multi-employer health and welfare trust governance, funding strategies, and fiduciary requirements

Predictive modeling of multi-employer health and welfare trust’s future financial positions

Valuation of post-employment and post-retirement benefits

Valuation of self-insured long-term disability benefits

J A M I E J O C S A K S U M M A R Y O F Q U A L I F I C A T I O N S A N D E X P E R I E N C E

Qualifications

Fellow, Canadian Institute of Actuaries (FCIA - 2006)

Fellow, Society of Actuaries (FSA - 2006)

B.Sc.H (Mathematics) (Queen’s University – 2003)

Qualified as an expert in the Ontario Superior Court of Justice and the Saskatchewan Court of Queen’s Bench (oral testimony and written evidence)

Have provided hundreds of actuarial evidence experts reports to lawyers across Canada.

Certified as a Collaborative Practice Financial Professional

Experience

2014 - Present: Westcoast Actuaries Inc.

2007 - Present: BCH Actuarial Services Inc.

2003 - 2007: Mercer

Member, Collaborative Practice Toronto - 2008 to present

Member, International Academy of Collaborative Professionals - 2015 to present

Canadian Institute of Actuaries Committee Member/Presenter: o Actuarial Evidence Committee - May 2011 to September 2014

o Designated group reviewing pension commuted value standard – September 2014 to present.

o Practice Education Course Presenter - 2013 to present

o Actuarial Evidence Seminar Presenter - 2009 to present

o Pension Seminar Presenter - 2011

Areas of Expertise

Valuation of loss of income and benefits resulting from injury/accident

Valuation of cost of future care resulting from injury/accident

Valuation of pension entitlements upon marriage/relationship breakdown

Valuation of life interest for estate and variation of trust purposes

Valuation of income and pension loss due to wrongful dismissal

Criminal interest actuarial certification