Legislation and Actuaries

In recent years, government legislation and regulations have made increasing reference to the work and responsibilities of the actuary. In most of these documents, the term "actuary" is defined as a Fellow of the Canadian Institute of Actuaries.

Documents containing such references are:

• The Criminal Code of Canada;
• The Income Tax Act;
• The Act respecting the Québec Pension Plan;
• The Pension Benefits Standards Regulations pursuant to the Canadian Pension Benefits Standards Act;
• The Pension Benefits Regulations pursuant to the Pension Benefits Acts of the Provinces of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Nova Scotia, New Brunswick, Newfoundland;
• The British Columbia International Financial Business Act;
• The Ontario Teachers Superannuation Act and insurance legislation;
• The Québec worker's compensation legislation and insurance legislation;
• The Québec Supplemental Pension Plans Act; and
• The Insurance Companies Act.

In 1991, the new Insurance Companies Act enshrined the role of the "Appointed Actuary" in federal legislation. This role includes a formal designation from the boards of directors of all insurance companies and includes access to management information, a report in writing of any transactions or conditions which, in the actuary's opinion, has a significant adverse effect on the financial condition of the company, an annual report to boards of directors, and a report by the Appointed Actuary accompanying the published financial statements of companies.