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Oversight of the Actuarial Profession

Understanding the need for continuous improvement in transparency, accountability and independent scrutiny, the profession is taking action to address this in areas such as its standard-setting process, discipline and peer review.

• The CIA introduced an independent standard-setting process. Actuarial standards are now developed, established and monitored by the Actuarial Standards Board (ASB).

The CIA has added non-actuaries to its discipline committee (Committee on Professional Conduct). In addition, when this committee considers that charges are merited, any resulting tribunal is chaired by a retired judge.

We work in close cooperation with the Canadian Institute of Chartered Accountants (CICA) on the relationship between our professions and disclosure and review of actuarial matters. The CIA has worked with the CICA in its review of auditor reliance on the work of actuaries and other professions.

We recognize the crucial role that peer review plays in addressing the demand for accountability and transparency. We have taken action in adopting a Standard of Practice outlining what an independent, effective peer review should entail when requested by those using the work of an actuary. The work of the appointed actuary of an insurance company is subject to external review, and is also reviewed by the regulator.