About the Canadian Institute of Actuaries (CIA)

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About the Canadian Institute of Actuaries (CIA)

• Charles McLeod
• November 14, 2005

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Topics

• Some differences between Canada and USA
• CIA size, structure
• Main functions of the CIA
• Interesting things we are doing

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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

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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

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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

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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.

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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

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Main functions (continued)

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

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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

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Specific priorities at present

• Corporate Governance
• Pensions
• Risk management/ broadening the range of work of
  actuaries
• Research
• International developments
• Health/Medicare

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Corporate governance

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

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Pensions

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

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Enterprise Risk Management

• How to expand role of actuaries
• Special accreditation?

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Research

• How do we maintain our intellectual capital?
• Financial economics

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International

• International Financial Reporting Standards
  especially for insurance
• IAA standards

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Health/Medicare

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

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Questions?