COMMUNIQUÉ

 

 

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.

This new model for the development and adoption of actuarial standards of practice was designed by the CIA as a proactive step to meet its stated objective of serving the public interest. The model also aims to respond to increased expectations for accountability and transparency in the new business environment.

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.

ASOC Members:

Dr. Gilles Bernier, Professor of Finance and Insurance, Laval University
Mark Daniels, Past President, Canadian Life and Health Insurance Association
Geoff Guy, Chairperson of the Actuarial Standards Board (Ex-Officio)
Emilian V. Groch, Chief Executive Officer, Alberta Teachers’ Retirement Fund Board
Daniel Lapointe, Executive Director of the Canadian Institute of Actuaries (Ex-Officio)
Hugh Mackenzie, Research Associate, Canadian Centre for Policy Alternatives and the Centre for Urban Studies, University of Toronto
Michael Mackenzie, Retired, Superintendent of Financial Institutions
Josephine Marks, Former Senior Vice-President, Investment Management and Chief Investment Officer for the Hospitals of Ontario Pension Fund
Robert T. Rutherford, Retired, Partner, KPMG (Canada)
John M. Solursh, Partner, Blake, Cassels & Graydon LLP


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To arrange interviews, please contact Josée Racette, at 613 236 8196 ext. 107.

Sources:

 

John Solursh, Chairperson of the Actuarial Standards Oversight Council
Gilles Bernier, member of the Actuarial Standards Oversight Council
Normand Gendron, President of the Canadian Institute of Actuaries
Daniel Lapointe, Executive Director of the Canadian Institute of Actuaries
Actuarial Standards Oversight Council
150 Metcalfe Street, Suite 800
Ottawa, Ontario, K2P 1P1

asoc-csna.ca