1. 1 About the Canadian Institute of Actuaries (CIA) Charles McLeod November 14, 2005

2. 2 Topics Some differences between Canada and USA CIA – size, structure Main functions of the CIA “Interesting things we are doing”

3. 3 Some differences between Canada and USA Single actuarial body in Canada Most insurance regulation in Canada is at the federal level Generally good relations between the CIA and the regulators

4. 4 Differences Canada/USA (continued) Role of the Chief (Appointed) Actuary in an insurance company is broader in Canada “Principles” based valuation system Single set of accounts for shareholders/analysts and regulators Canadian GAAP v U.S. GAAP

5. 5 About the CIA Formed in 1965 2750 Fellows, 900 Associates, 30 Correspondents Annual fees for a Fellow are about Canadian $1,000 per year Office in Ottawa (18 staff, none are actuaries – yet) Bilingual – English and French Only actuarial body in Canada

6. 6 About the CIA (continued) Elected Board of Directors (16 members) 3 Councils About 30 committees About 10 task forces Most actuarial work for the CIA is done on a volunteer basis.

7. 7 Main functions of the CIA Education (before and after Fellowship) – shared with CAS and SOA Rules of Professional Conduct Standards of Practice Educational Notes Continuing Professional Development (CPD) Discipline of members

8. 8 Main functions (continued) Meetings (general and specialty) Training sessions (e.g. communications) Experience studies Submissions (usually to government bodies)

9. 9 Ongoing priorities Public interest Helping to ensure that actuarial work is of a high quality (e.g. “narrowing the range”) Growing the profession Speaking out on public issues where we have special expertise (e.g. pensions) Making good use of volunteers

10. 10 Specific priorities at present Corporate Governance Pensions Risk management/ broadening the range of work of actuaries Research International developments Health/Medicare

11. 11 Corporate governance Moving towards an independent standard setting process Reviewing CPD requirements Non-actuaries on our discipline committee

12. 12 Pensions Standards of practice/educational notes External reviews Surplus ownership and other external issues

13. 13 Enterprise Risk Management How to expand role of actuaries Special accreditation?

14. 14 Research How do we maintain our intellectual capital? Financial economics

15. 15 International International Financial Reporting Standards – especially for insurance IAA standards

16. 16 Health/Medicare Role for private insurance in Canada is very small Cost of public insurance keeps rising How can actuaries help?

17. 17 Questions?