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For insurance practitioners and workers’ compensation actuaries

Notice of intent to review the standards of practice to consider the impact of IFRS 17 on the role of the Appointed/Valuation Actuary

IFRS 17 is a significant change from the current financial reporting standard for insurance contracts (IFRS 4) both technically and conceptually, constraining the selection of methods and assumptions within the valuation but also expanding the number of components of the new financial statements that are affected by the actuary’s work. Accordingly, significant changes to Canadian actuarial standards of practice (SOP) are expected.

The ASB is soliciting feedback on this notice of intent from CIA members and other stakeholders by March 31, 2020.

Please send your comments and questions to Lesley Thomson, with a copy to Chris Fievoli.

Announcement Number2019-12(07663) December 12, 2019