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Morris Review Final Report

The Morris Review was an examination of the U.K. actuarial profession in response to the financial difficulties of a large U.K. life insurance company. As a result, many of the findings of the review's final report do not apply to Canada. The CIA did make a submission to the Review and is doing everything it can to address issues that may apply to the Canadian actuarial profession.

The financial position of insurance companies in Canada has been relatively strong in recent years. We believe the regulatory and governance structures already in place in Canada greatly reduce the risk of financial difficulties within our insurance sector. With the safeguards built into the Canadian structure, the report's findings have limited application in Canada.

The Morris Review praised the actuarial profession in Canada for the strong, over-riding public interest duty that is placed upon its members. We know of no other country in which this principle has been so clearly enunciated.