CIA Annual Meeting Assemblée annuelle de l’ICA June 29 & 30, 2006 Ÿ Les 29 et 30 juin 2006 Ottawa, Ontario GEN 3 – Thursday June 29

CIA Annual Meeting Ÿ Assemblée annuelle de l’ICA How will the ASB work? – What about the PSC (PC)? Geoff Guy June 29, 2006 GEN-3

Today’s topics ASB and PC Responsibilities Actuarial Standards Board (ASB) Membership Standards Setting Due Process Working with the Practice Council (PC)

ASB and PC Responsibilities Periodic Review of Standards Issue new or revised standards PC Issue interpretations of standards Educational Notes Working relationships with other standards setting bodies (e.g. CICA, IASB) Managing Practice Committees

ASB Membership 8-12 members Attributes of members: Considerable actuarial experience Ability to lead change Different practice areas Geographical representation

Setting Standards Pro-active Productive Periodic review of all standards Inputs from inside and outside practice area Productive Set a timetable for reviews Move things forward Appropriate consultation

This won’t happen!! Ignore lessons learned from PSC Ignore Practice Committees Ignore membership

But things will change! The ASB will form task forces to get standards developed These may look like practice committees in some cases, but not always In any event practice committees will have representation on task forces The Practice Council will be consulted frequently

Due Process May Change ‘General Acceptance’ is inconsistent with expectations for a pro-active, productive process (and other professional bodies) Defined process of consultation with membership is likely to replace ‘general acceptance’. No change for 2006 More details available in October 2006.

Working with the Practice Council The Practice Committees will continue to report to the Practice Council Provide interpretations to members Prepare educational notes And the ASB Will consult frequently with the Practice Council Will have at least one member also on PC

ASB Short-Term priorities By September: Short term priorities defined for CIA Board and approved for action By October Propose changes in due process Chicago Presentations and updates

It’s an exciting time CIA has an opportunity to build increased credibility within Canada and internationally We can work together to make this happen I’d like lots of ideas and input (geoffiguy@aol.com)