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About the Canadian Institute of Actuaries (CIA)

About the Canadian Institute of Actuaries (CIA). Charles McLeod November 14, 2005. Topics. Some differences between Canada and USA CIA – size, structure Main functions of the CIA “Interesting things we are doing”. Some differences between Canada and USA. Single actuarial body in Canada

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About the Canadian Institute of Actuaries (CIA)

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  1. About the Canadian Institute of Actuaries (CIA) Charles McLeod November 14, 2005

  2. Topics • Some differences between Canada and USA • CIA – size, structure • Main functions of the CIA • “Interesting things we are doing”

  3. Some differences between Canada and USA • Single actuarial body in Canada • Most insurance regulation in Canada is at the federal level • Generally good relations between the CIA and the regulators

  4. Differences Canada/USA (continued) • Role of the Chief (Appointed) Actuary in an insurance company is broader in Canada • “Principles” based valuation system • Single set of accounts for shareholders/analysts and regulators • Canadian GAAP v U.S. GAAP

  5. About the CIA • Formed in 1965 • 2750 Fellows, 900 Associates, 30 Correspondents • Annual fees for a Fellow are about Canadian $1,000 per year • Office in Ottawa (18 staff, none are actuaries – yet) • Bilingual – English and French • Only actuarial body in Canada

  6. About the CIA (continued) • Elected Board of Directors (16 members) • 3 Councils • About 30 committees • About 10 task forces • Most actuarial work for the CIA is done on a volunteer basis.

  7. Main functions of the CIA • Education (before and after Fellowship) – shared with CAS and SOA • Rules of Professional Conduct • Standards of Practice • Educational Notes • Continuing Professional Development (CPD) • Discipline of members

  8. Main functions (continued) • Meetings (general and specialty) • Training sessions (e.g. communications) • Experience studies • Submissions (usually to government bodies)

  9. Ongoing priorities • Public interest • Helping to ensure that actuarial work is of a high quality (e.g. “narrowing the range”) • Growing the profession • Speaking out on public issues where we have special expertise (e.g. pensions) • Making good use of volunteers

  10. Specific priorities at present • Corporate Governance • Pensions • Risk management/ broadening the range of work of actuaries • Research • International developments • Health/Medicare

  11. Corporate governance • Moving towards an independent standard setting process • Reviewing CPD requirements • Non-actuaries on our discipline committee

  12. Pensions • Standards of practice/educational notes • External reviews • Surplus ownership and other external issues

  13. Enterprise Risk Management • How to expand role of actuaries • Special accreditation?

  14. Research • How do we maintain our intellectual capital? • Financial economics

  15. International • International Financial Reporting Standards – especially for insurance • IAA standards

  16. Health/Medicare • Role for private insurance in Canada is very small • Cost of public insurance keeps rising • How can actuaries help?

  17. Questions?

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