Canadian Institute of Actuaries

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[https://www.cia-ica.ca/docs/default-source/1965/6502e.pdf An Act to Incorporate the Canadian Institute of Actuaries] cia-ica.ca on March 18, 1965.

Following competitions, the Institute adopted the motto Nobis Cura Futuri, meaning We care about the future. A formal bilingualism policy{{Cite web |title=Publication Details |url=https://www.cia-ica.ca/publications/publication-details/222039 |access-date=2022-05-12 |website=www.cia-ica.ca}} was adopted by the Institute in 1977.

The Institute is governed by a Board{{Cite web |title=Board |url=https://www.cia-ica.ca/about-us/the-institute/governance/board |access-date=2022-05-12 |website=www.cia-ica.ca}} 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.

A person may apply for membership in the Institute as an Associate (ACIA), a Fellow (FCIA), a Student, or a Candidate. Full details of the examinations, courses, and other steps that are required are available on the CIA's website.{{Cite web |title=Becoming a member |url=https://www.cia-ica.ca/becoming-a-member/ |access-date=2022-05-12 |website=www.cia-ica.ca}}

Since September 2012, the CIA has operated a University Accreditation Program{{Cite web |title=University Accreditation Program Home |url=https://www.cia-ica.ca/membership/university-accreditation-program-home |access-date=2022-05-12 |website=www.cia-ica.ca}} 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.

The Actuarial Profession Oversight Board{{Cite web |title=APOB Landing Page |url=https://www.cia-ica.ca/apob-cspa/index |access-date=2022-05-12 |website=www.cia-ica.ca}} (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.

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{{Cite web |last=Branch |first=Legislative Services |date=2021-06-30 |title=Consolidated federal laws of canada, Insurance Companies Act |url=https://laws-lois.justice.gc.ca/eng/acts/I-11.8/ |access-date=2022-05-12 |website=laws-lois.justice.gc.ca}} 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{{Cite web |date=2014-07-24 |title=Law Document English View |url=https://www.ontario.ca/laws/view |access-date=2022-05-12 |website=Ontario.ca |language=en}} and Quebec.{{Cite web |title=- Supplemental Pension Plans Act |url=https://www.legisquebec.gouv.qc.ca/en/document/cs/R-15.1 |access-date=2022-05-12 |website=www.legisquebec.gouv.qc.ca}}

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.

The CIA produces different types of public statements{{Cite web |title=Public Statements |url=https://www.cia-ica.ca/publications/public-statements |access-date=2022-05-12 |website=www.cia-ica.ca}} 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,{{Cite web |title=Retirement Age |url=https://www.cia-ica.ca/publications/public-statements/retirement-age |access-date=2022-05-12 |website=www.cia-ica.ca}} climate change,{{Cite web |title=Time to Act- Facing the Risks of a Changing Climate |url=https://www.cia-ica.ca/publications/public-statements/time-to-act-facing-the-risks-of-a-changing-climate |access-date=2022-05-12 |website=www.cia-ica.ca}} pharmacare,{{Cite web |title=Pharmacare- Is There a Pill for That |url=https://www.cia-ica.ca/pharmacare |access-date=2022-05-12 |website=www.cia-ica.ca}} and big data and risk classification.{{Cite web |title=Publication Details |url=https://www.cia-ica.ca/publications/publication-details/222103 |access-date=2022-07-08 |website=www.cia-ica.ca}}

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.{{Cite web |title=Seeing Beyond Risk – News from the Canadian Institute of Actuaries |url=https://www.seeingbeyondrisk.ca/ |access-date=2022-05-12 |website=www.seeingbeyondrisk.ca}}

In November 2001, the CIA Board authorized the development of the Actuarial Foundation of Canada (AFC),{{Cite web |title=Actuarial Foundation of Canada – Supporting youth financial literacy |url=https://afc-fac.ca/ |access-date=2022-05-12 |language=en-US}} 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.

• American Academy of Actuaries (United States)
• Casualty Actuarial Society (United States)
• Institute and Faculty of Actuaries (United Kingdom)
• International Actuarial Association
• Society of Actuaries (United States)
• Society of Actuaries in Ireland

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Category:1965 establishments in Ontario

Category:Actuarial associations

Category:Professional associations based in Canada