About the ASOC | Actuarial Standards Oversight Council

History and Purpose

Since its creation by an Act of Parliament in 1965, the Canadian Institute of Actuaries (CIA) , the professional organization for the actuarial profession in Canada, was responsible for developing and enforcing actuarial Standards of Practice for the profession. In response to an increasing demand for all professions to demonstrate their regard for public interest, the CIA set up a Task Force on Corporate Governance in 2005 to look into creating an independent actuarial standard-setting process that would serve the public interest. Over the following two years, a new governance structure was approved and established by the CIA and as of January 1, 2007, Standards of Practice for Canadian actuaries were being developed by the independent Actuarial Standards Board (ASB).

As an independent body, the ASB could not formally report to the Board of the CIA. The Actuarial Standards Oversight Council (ASOC) was therefore, also established by the CIA on January 1, 2007, in order to oversee and provide input into the activities of the ASB.

The ASOC has a broad, public-oriented perspective of the complex issues facing the ASB, due to the composition of its membership, which is made up of savvy, experienced individuals from inside and outside the actuarial profession.

While actuarial Standards of Practice are developed independently, the CIA also has a Practice Council that works closely with the ASB, to develop further educational materials and other guidance for actuaries with regard to the Standards.

The ASOC’s Terms of Reference have been approved by both the CIA Board and the ASOC itself.