|CANADA’S ACTUARIES PUT INDEPENDENT STANDARD-SETTING PROCESS IN PLACE|
Ottawa (February 21, 2007) – Normand Gendron, President of the Canadian Institute of
Actuaries (CIA), and John Solursh, the Chairperson of the Actuarial Standards Oversight
Council (ASOC) are pleased to announce that the ASOC came into existence on
January 1, 2007. Established by the CIA, the ASOC has been given the role of overseeing
the activities of the Actuarial Standards Board (ASB), the body responsible for the
adoption of actuarial standards of practice in Canada. Both the ASB and the ASOC have
been created by the CIA as independent bodies empowered with mandates for developing
actuarial standards of practice and overseeing the standard-setting process.
According to ASOC Chairperson John Solursh, “The creation of the ASOC recognizes that the process for the development and review of actuarial standards should stand up favourably to public scrutiny and be independent of personal, commercial and employer/ client conflicts and pressures.”
The diverse backgrounds of the members of the ASOC will enable it to provide a broad perspective from the point of view of users and the public regarding the complex issues facing standard-setters.
The ASOC’s new website (www.asoc-csna.ca) provides information on the Council, the ASB and the new Canadian actuarial standard-setting model.
Dr. Gilles Bernier, Professor of Finance and Insurance, Laval University
To arrange interviews, please contact Josée Racette, at 613 236 8196 ext. 107.
John Solursh, Chairperson of the Actuarial Standards Oversight Council