Canadian Institute of Actuaries

Canadian Institute of Actuaries (CIA)/Institut canadien des actuaires (ICA)

Canadian Institute of Actuaries logo
Formation 1965
Type Professional body
Headquarters Ottawa, Ontario, Canada
Membership
 5,137 as of November 20, 2015
Official language
 English and French
President
 Robert Stapleford, FCIA, FSA
Website cia-ica.ca

The Canadian Institute of Actuaries (CIA) is the national organization of the actuarial profession in Canada. It was incorporated on 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 means to serve the public through the provision by the profession of actuarial services and advice of the highest quality by: representing the Canadian actuarial profession in the formulation of public policy; promoting the advancement of actuarial science and sponsoring programs for the education and qualification of CIA members and prospective 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

The beginning of the actuarial profession in Canada can be dated in 1847, when the Canada Life Insurance 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 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 on 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 the federal parliament on March 18, 1965.

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

Past Presidents

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

Governance

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

The Board manages the work of the Institute. In accordance with the Bylaws, three councils are responsible for the performance of 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 and a tribunal panel. It also sets membership fees and the operating budget for the Institute.

The Board causes councils and some 50 plus Board-appointed committees and task forces to initiate action on technical and professional issues. It also exercises due diligence on the activities of the councils.

Membership

A person may apply for enrolment in the Institute as an Associate (ACIA), a Fellow (FCIA), an Affiliate, or a Correspondent. Full details of the examinations and courses that must be completed, and other steps that must be taken, are available on the CIA’s website.

Since September 2012, the CIA has operated a University Accreditation Program that provides students with the option of, upon achieving the required minimum exemption grades, applying to the CIA for exemptions from some of the early actuarial exams.

Legislation and Actuaries

In recent years, government legislation and regulations have made increasing reference to the work and responsibilities of the actuary. In most of these documents, the term "actuary" is defined as a Fellow of the Canadian Institute of Actuaries.

In 1991, the new Insurance Companies Act enshrined the role of the "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, has 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.

Standards of Practice

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 (ASB) according to its due process and are published by the Canadian Institute of Actuaries.

The ASB is overseen by the Actuarial Standards Oversight Council (ASOC), which was established in 2007 by the CIA as an independent body to serve the public interest. The ASOC is composed of seasoned professionals and business people with experience in the financial sector. Its key responsibilities include: being satisfied that the standard-setting processes of the ASB are appropriate and responsive to the public interest; informing the ASB of its views, or those of other individuals or groups with an interest in actuarial standards; and appointing the members of the ASB.

Actuarial Foundation of Canada

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

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

See also

External links

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