Formation 1965 Official language English and French | Type Professional body | |
Headquarters Ottawa, Ontario, Canada Membership 5,137 as of November 20, 2015 President Robert Stapleford, FCIA, FSA | ||
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.
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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.
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.