Canadian Institute of Actuaries

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Canadian Institute of Actuaries (CIA)/Institut canadien des actuaires (ICA)
Formation1965
TypeProfessional body
HeadquartersOttawa, Ontario, Canada
Membership
6,000+
Official language
English and French
President
Steve Prince, FCIA
Websitecia-ica.ca

The Canadian Institute of Actuaries (CIA) is the national organization of the actuarial profession in Canada. It was incorporated March 18, 1965. The FCIA designation stands for Fellow of the Canadian Institute of Actuaries. As the national organization of the Canadian actuarial profession, the CIA serves the public through the provision by the profession of actuarial services and advice by: representing the Canadian actuarial profession in the formulation of public policy; promoting the advancement of actuarial science; educating and qualifying CIA members; ensuring that actuarial services provided by its members meet accepted professional standards; and assisting actuaries in Canada in the discharge of their professional responsibilities.

History[edit]

The beginning of the actuarial profession in Canada can be dated to 1847, when the Canada Life Assurance Company was founded in Hamilton, Ontario, by Hugh Baker, who became a Fellow of the Institute of Actuaries in 1852. The federal Department of Insurance was established in 1875 and shortly thereafter recruited actuaries to its staff. The first actuarial organization in North America was the Actuarial Society of America, founded in 1889 in New York City and included four Canadians among its 38 charter members.

The original organization of actuaries in Canada, the Actuaries Club, was founded in 1907 with 24 charter members, all actuaries living and working in Toronto. The Canadian Association of Actuaries was established October 8, 1946, and included all members of the Actuaries Clubs of Toronto and Winnipeg as well as a group of Montreal actuaries. This was the organization that formed the membership basis of the CIA when it was established by an Act of Parliament[1] on March 18, 1965.

Following competitions, the Institute adopted the motto Nobis Cura Futuri, meaning We care about the future. A formal bilingualism policy[2] was adopted by the Institute in 1977.

Past presidents[edit]

1965 C.A. Naylor 1965–1966 R. Humphrys 1966–1967 E.S. Jackson
1967–1968 A.R. McCracken 1968–1969 C.E. Jack 1969–1970 L.E. Coward
1970–1971 J.C. Davidson 1971–1972 L.J. Mondoux 1972–1973 J.C. Maynard
1973–1974 R.C. Dowsett 1974–1975 C.G. White 1975–1976 R.B. Leckie
1976–1977 M.D.R. Brown 1977–1978 W.J.D. Lewis 1978–1979 T.R. Suttie
1979–1980 J.T. Birkenshaw 1980–1981 C.T.P. Galloway 1981–1982 L.B. Fewster
1982–1983 Y.G. Guérard 1983–1984 C.D. Chapman 1984–1985 C.S. Moore
1985–1986 M. Rosenfelder 1986–1987 K.T. Clark 1987–1988 J.D. Crawford
1988–1989 J. Cloutier 1989–1990 P.C. Hirst 1990–1991 R.L. Brown
1991–1992 W.P. McCrossan 1992–1993 M.W. Chambers 1993–1994 J.A. Brierley
1994–1995 K.K. von Schilling 1995–1996 M. Fernet 1996–1997 N.S. Henderson
1997–1998 H.H. Panjer 1998–1999 P.F. Morse 1999–2000 S.F. Wason
2000–2001 D.J. Oakden 2001–2002 J.-L. Massé 2002–2003 A.D. Pelletier
2003–2004 M. Lombardi 2004–2005 B.A.P. FitzGerald 2005–2006 C.C. McLeod
2006–2007 N. Gendron 2007–2008 J.H. Murta 2008–2009 M.A. Hale
2009–2010 R.C.W. Howard 2010–2011 Micheline Dionne 2011–2012 Jim Christie
2012-2013 Simon Curtis 2013–2014 Jacques Lafrance 2014–2015 Jacques Tremblay
2015-2016 Robert Stapleford 2016-2017 Dave Dickson 2017–2018 Sharon Giffen
2018-2019 John Dark 2019-2020 Marc Tardif 2020-2021 Michel St-Germain
2021-2022 Jacque Friedland 2022-2023 Hélène Pouliot

Governance[edit]

The Institute is governed by a Board[3] elected from the membership. The Board is composed of the following members:

  • President, President-Elect, Immediate Past President – one-year term
  • Twelve Directors – three-year term
  • Executive Director (ex officio)

The Board manages the work of the Institute. In accordance with the Institute’s Bylaws, six councils perform specific duties and report to the Board annually. Councils inform the Board of important initiatives. The Board’s focus is on strategic management, not operational issues. It approves council membership and appointment of certain committees. It also sets membership fees and the operating budget for the Institute.

The Board supports councils, committees, and task forces to act on technical and professional issues. It also exercises due diligence on the activities of the councils.

Membership[edit]

A person may apply for membership in the Institute as an Associate (ACIA), a Fellow (FCIA), an Affiliate, or a Correspondent. Full details of the examinations, courses, and other steps that are required are available on the CIA's website.[4]

Since September 2012, the CIA has operated a University Accreditation Program[5] that provides students with the option of completing some ACIA requirements through their actuarial science degree.

The CIA recognizes actuarial credentials earned from several other actuarial organizations around the world that enable associates and fellows of those organizations to qualify for CIA membership upon meeting a few additional requirements.

In 2022, the CIA launched a new education program that does not rely on the education or examinations of any other actuarial body.

Profession oversight[edit]

The Actuarial Profession Oversight Board[6] (APOB) was established by the CIA to provide independent and objective public oversight of the actuarial profession in Canada. APOB binds the CIA to its promise to hold the duty of the profession to the public above the needs of the profession and its members.

APOB has a broad, public-oriented perspective of the complex issues facing today’s actuaries. The board’s diverse membership draws from backgrounds in industry, business, regulatory bodies, organized labour, and other professions. The group also includes three members appointed by the CIA Board from within the CIA’s membership, ensuring that APOB has subject expertise on actuarial matters, while also providing the CIA Board with a level of insight into APOB operations.

APOB is entirely independent in its operations and directly oversees the key regulatory functions of the Institute; namely, actuarial standard-setting, continuing professional development, and professional conduct. APOB also provides the CIA Board with its public-oriented perspective on other CIA activities managed by the CIA councils which report to the CIA Board.

Legislation and actuaries[edit]

Several regulations and pieces of legislation, both federal and provincial, specify roles that can only be fulfilled by individuals holding the designation of Fellow of the Canadian Institute of Actuaries (FCIA).

In 1991, the federal Insurance Companies Act[7] enshrined the role of Appointed Actuary in federal legislation. This role includes a formal designation from the boards of directors of all insurance companies and includes access to management information; a report in writing of any transactions or conditions which, in the actuary's opinion, have a significant adverse effect on the financial condition of the company; an annual report to boards of directors; and a report by the Appointed Actuary accompanying the published financial statements of companies.

Other roles reserved for FCIAs include the certification of defined-benefit pension plan valuations, filing responsibility for auto insurance rates, and the determination of interest rates in cases where the rate charged possibly exceeds the maximum stipulated in the Criminal Code of Canada.

The Canadian Institute of Actuaries Standards of Practice are defined and referenced in provincial pension benefits acts and regulations, such as in Ontario[8] and Quebec.[9]

Standards of practice[edit]

The Standards of Practice are precise and detailed descriptions of how actuaries, in all practice areas (e.g., actuarial evidence, pensions, life or property/casualty insurance), are to go about their work. They range from detailed instructions on how to make certain calculations to more general requirements as to what should be disclosed in actuarial reports. They are developed and adopted by the Actuarial Standards Board according to its due process and are published by the Canadian Institute of Actuaries.

Public policy activities[edit]

The CIA produces different types of public statements[10] to address issues of public policy in Canada and to respond to public consultations by governments and regulatory bodies. As a non-partisan entity, the CIA’s policy activities focus on offering input and advice to the benefit of the public good and all Canadians. Recent policy statements by the CIA have addressed topics such as retirement age,[11] climate change,[12] pharmacare,[13] and big data and risk classification.[14]

Seeing Beyond Risk[edit]

The CIA publishes Seeing Beyond Risk, a platform for articles and podcasts in both English and French about actuaries and the actuarial profession in Canada.[15]

Actuarial Foundation of Canada[edit]

In November 2001, the CIA Board authorized the development of the Actuarial Foundation of Canada (AFC),[16] which was founded in December 2003 to support youth education, consumer education, and research initiatives that use actuarial science and skills in the public interest.

The AFC pursues a variety of goals through giving and receiving grants and focusing on education, research, and consumer-education initiatives for the public and young Canadians especially.

See also[edit]

References[edit]

  1. ^ An Act to Incorporate the Canadian Institute of Actuaries cia-ica.ca
  2. ^ "Publication Details". www.cia-ica.ca. Retrieved 2022-05-12.
  3. ^ "Board". www.cia-ica.ca. Retrieved 2022-05-12.
  4. ^ "New Qualification Pathways". www.cia-ica.ca. Retrieved 2022-05-12.
  5. ^ "University Accreditation Program Home". www.cia-ica.ca. Retrieved 2022-05-12.
  6. ^ "APOB Landing Page". www.cia-ica.ca. Retrieved 2022-05-12.
  7. ^ Branch, Legislative Services (2021-06-30). "Consolidated federal laws of canada, Insurance Companies Act". laws-lois.justice.gc.ca. Retrieved 2022-05-12.
  8. ^ "Law Document English View". Ontario.ca. 2014-07-24. Retrieved 2022-05-12.
  9. ^ "- Supplemental Pension Plans Act". www.legisquebec.gouv.qc.ca. Retrieved 2022-05-12.
  10. ^ "Public Statements". www.cia-ica.ca. Retrieved 2022-05-12.
  11. ^ "Retirement Age". www.cia-ica.ca. Retrieved 2022-05-12.
  12. ^ "Time to Act- Facing the Risks of a Changing Climate". www.cia-ica.ca. Retrieved 2022-05-12.
  13. ^ "Pharmacare- Is There a Pill for That". www.cia-ica.ca. Retrieved 2022-05-12.
  14. ^ "Publication Details". www.cia-ica.ca. Retrieved 2022-07-08.
  15. ^ "Seeing Beyond Risk – News from the Canadian Institute of Actuaries". www.seeingbeyondrisk.ca. Retrieved 2022-05-12.
  16. ^ "Actuarial Foundation of Canada – Supporting youth financial literacy". Retrieved 2022-05-12.
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