About the ASOC | Actuarial Standards Oversight Council

Relationships

Actuarial Standards Board (ASB)

The ASB was established by the Canadian Institute of Actuaries (CIA) with the authority and responsibility to develop, establish and maintain Standards of Practice governing actuarial practice in Canada.

Key responsibilities:
  • To review and adopt, alter or eliminate Standards of Practice in all areas of actuarial practice; and
  • To ensure the adequate communication of Standards of Practice to Members, Associates and Affiliates of the CIA, public regulatory and judicial bodies, governments, other professions and other members of the public.

 

Canadian Institute of Actuaries (CIA)

The Canadian Institute of Actuaries (CIA) is the national organization of the actuarial profession. The CIA, in carrying on its activities and programs, holds the duty of the profession to the public above the needs of the profession and its members. It is an advocate for the profession with governments and the public in the development of public policy. It is self-regulating and enforces a Code of Conduct.

Key responsibilities:
  • To accredit actuaries in Canada;
  • To promote the advancement of actuarial science through research;
  • To promote Continuing Professional Development activities and to ensure that actuarial services provided by its members meet extremely high professional standards;
  • To enforce a Code of Conduct and take disciplinary action against members, when warranted; and
  • To contribute to the actuarial profession on a global basis.

 

Practice Council (PC)

The PC is a body established within the CIA that is responsible for directing and managing the development of all practice-related material other than Standards of Practice (e.g., educational notes, research papers, etc.), in all areas of actuarial practice in Canada. The PC coordinates the development of its material with the ASB which oversees the development of actuarial Standards of Practice.

 

Committee on Professional Conduct (CPC)

The CPC is a committee established within the CIA that handles all disciplinary matters concerning the CIA’s Members, Associates and Affiliates and to provide them with counselling and education concerning disciplinary matters. Any inquiries regarding the conduct of an actuary shall ultimately be referred to the CPC through the Executive Director of the CIA.

 

Pension and Insurance Regulators (Federal and Provincial)

While the profession is self-regulating, a number of federal and provincial Acts require certain documents to be approved by Fellows of the Canadian Institute of Actuaries (FCIAs). When legislation changes, often the profession’s Standards of Practice need to be changed as well. The regulators often depend on the actuarial profession to adapt its standards, in that the regulations themselves are not specific on actuarial matters. Canada’s actuaries are also involved in advocating legislative change to governments in response to demographic or business necessities.