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Actuarial Standards Oversight Council

The Actuarial Standards Oversight Council (ASOC) was established in 2007 by the Canadian Institute of Actuaries (CIA) as an independent body to serve the public interest by overseeing and providing input to the activities of the Actuarial Standards Board (ASB) which establishes actuarial Standards of Practice. The ASOC is composed of seasoned professionals and business people with experience in the financial sector.

Key Responsibilities:

 

Canadian Institute of Actuaries

The Canadian Institute of Actuaries (CIA) is the national organization of the actuarial profession. The CIA, in carrying on its activities and programs, holds the duty of the profession to the public above the needs of the profession and its members. It is an advocate for the profession with governments and the public in the development of public policy. It is self-regulating and enforces a Code of Conduct.

Key Responsibilities:

 

Practice Council (PC)

The PC is a body established within the CIA that is responsible for directing and managing the development of all practice-related material other than Standards of Practice (e.g., educational notes, research papers, etc.), in all areas of actuarial practice in Canada. The PC coordinates the development of its material with the ASB which oversees the development of actuarial Standards of Practice.

 

Committee on Professional Conduct (CPC)

The CPC is a committee established within the CIA that handles all disciplinary matters concerning the CIA’s Members, Associates and Affiliates and to provide them with counselling and education concerning disciplinary matters. Any inquiries regarding the conduct of an actuary shall ultimately be referred to the CPC through the Executive Director of the CIA.

 

Pension and Insurance Regulators (Federal and Provincial)

While the profession is self-regulating, a number of provincial and federal Acts require certain documents to be approved by FCIAs. When legislation changes, often the profession’s Standards of Practice need to change as well. The regulators often depend on the actuarial profession to adapt its standards, in that the regulations themselves are not specific on actuarial matters. Canada’s actuaries are also involved in advocating legislative change to governments in response to demographic or business necessities.