FAQ

How does a member of the public enquire about the qualifications or the conduct of an actuary?

Although the Actuarial Standards Oversight Council (ASOC) oversees the actuarial standard-setting process in Canada, the Canadian Institute of Actuaries (CIA) is the body that oversees the qualification and professional conduct of actuaries in Canada. All actuaries qualified to sign actuarial reports in Canada must be Fellows of the CIA, and therefore, are bound by the CIA’s Bylaws and Rules of Professional Conduct. Should a member of the public wish to enquire about the qualification or conduct of an actuary, they should contact the Executive Director of the CIA at executive.director@cia-ica.ca.

 

How are ASOC members selected?

ASOC members are recruited by the ASOC’s Nominating Committee and appointed by the ASOC. Members are selected to reflect a broad cross-section of many backgrounds and points of view. The majority of ASOC members are non-actuaries. All ASOC members are volunteers.

 

How are Actuarial Standards Board (ASB) members selected?

The members of the ASB are appointed by the ASOC. At its inception, all members of the ASB were actuaries. It is expected that the membership of the ASB will always be composed by a majority of actuaries. Members are selected to ensure that the ASB has an appropriate balance of competencies and experiences in various areas of actuarial practice. All ASB members are volunteers.

 

Does ASOC adopt actuarial Standards of Practice?

No. It is not within the ASOC’s mandate to adopt actuarial Standards of Practice as this requires technical expertise and thus is under the authority of the ASB. The ASOC oversees the process leading to the adoption of actuarial Standards of Practice and makes sure that it is responsive to the public interest. The ASOC provides input to the ASB, primarily in terms of strategic direction and priority-setting. The ASOC has control over the ASB because it has authority over the appointment of its members and the establishment of its terms of reference. The ASOC, however, does not have the authority to adopt actuarial Standards of Practice.

 

Are ASOC meetings open to the public?

The ASOC plans to hold two or three meetings every year, at least one of which will be open to the public. A report following every meeting is made public and is available on the ASOC website. The next public meeting will be held on December 12, 2014 in Toronto. For more information please contact Leona Campbell at leona.campbell@cia-ica.ca.

 

Questions regarding actuarial issues in Canada can be addressed to one of the following e-mail addresses:

Actuarial Standards Oversight Council (ASOC) – secretariat@asoc-csna.ca

Actuarial Standards Board (ASB) – secretariat@asb-cna.ca

Canadian Institute of Actuaries (CIA) – head.office@cia-ica.ca