Council Details

• Ensure actuarial standards of practice
  • are kept current and respond in an appropriate manner to new developments in actuarial science and the regulatory environment;
  • restrict actuarial practice to an appropriate range while not unduly limiting actuarial developments or use of professional judgment where needed; and
  • are such that users of actuarial information can place a high degree of reliance on the work of the actuary that is relevant, transparent, complete and comprehensible.
• Ensure adequate standards apply to all areas of actuarial practice through
  • general standards of practice which allow for a considerable range of practice; and
  • practice-specific standards where it is in the public interest to have a narrower range of practice in a specific area of actuarial practice.
• Develop and maintain a policy on due process that describes the ASB criteria and process for the adoption of Canadian actuarial standards of practice. The policy will outline the roles and responsibilities of the ASB, as well as the groups that develop standards, and describe the process of consultation with members of the CIA and other interested parties. Such a process will be structured to allow sufficient discussion around new, or changes to, standards of practice from all interested parties and meet the rigour expected from a professional organization.

• Formally adopt changes to existing standards or new standards and communicate these to members of the CIA, and any other interested party such as public regulatory and judicial bodies, governments, other professions and other members of the public.
• Ensure all relevant parties are aware of existing standards and proposed changes and have easy access to such information.
• Appropriately balance the need for standards with the administrative burden and cost of compliance.
• Demonstrate to the Actuarial Profession Oversight Board (APOB) that the ASB has fulfilled its mandate, as described in these terms of reference, effectively and efficiently.
• In collaboration with the CIA Actuarial Guidance Council (AGC) with regard to the human resources required, appoint or designate appropriately qualified designated groups, working groups or other groups, as it may deem necessary or convenient, to assist in the development of standards of practice, or to perform other duties as the ASB may prescribe. All actions taken by such groups will be subject to review and approval by the ASB.
• Remain current on all practice-related material developed through the CIA AGC.
• Participate in meetings with regulatory authorities or other interested parties to discuss matters in relation to standards of practice including current or future implications for actuarial practice.
• Advise APOB as to the human and financial resources needed to accomplish the ASB’s activities.
• Establish and maintain a current statement of operating procedures that applies to all ASB procedures related to carrying out its responsibilities, which is not in conflict with these terms of reference or the CIA Bylaws. The ASB applies those operating procedures, except in unusual circumstances. In such circumstances the ASB will report the deviation to APOB and recommend appropriate action to resolve the matter on a go forward basis.
• Create such committees of its members as it deems necessary in carrying out its responsibilities.

View complete ASB terms of reference