Publications
 
 

Standards of Practice

This page contains links to the Standards of Practice of the Canadian Institute of Actuaries. Click on each blue section title below to view that section of the Standards. Current standards, as well as archived standards, are accessible.

Standards - Complete (Part 1000 to Part 7000).
Details Effective Date
Standards of Practice (Effective December 15, 2019) 15/12/2019
312 pages. Effective December 15, 2019. Early implementation is permitted.
Standards of Practice (Effective July 1, 2019) 01/07/2019
307 pages. For calculation dates on or after July 1, 2019. Early implementation is permitted.
Standards of Practice (Effective May 1, 2019) 01/05/2019
302 pages. Effective for calculation dates on or after May 1, 2019. Early implementation is permitted.
General Standards (Part 1000)
Details Effective Date
Standards of Practice – General Standards (Effective July 1, 2019) 01/07/2019
68 pages. Effective for calculation dates on or after July 1, 2019. Early implementation is permitted.
Standards of Practice – General Standards (Effective May 1, 2019) 01/05/2019
67 pages. Effective for calculation dates on or after May 1, 2019. Early implementation is permitted.

Most Recent Related Memorandum (Part 1000)


Details Effective Date
Memorandum: Final Standards – Revisions to Sections 1400 and 1500 of General Standards of Practice (Part 1000) 01/07/2019
2 pages.
Memorandum: Final Standards – Revisions to Sections 3400 and 6400 of the Standards of Practice for Consistency with ISAP 3 01/05/2019
2 pages.
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20/03/2019 219035 Memorandum: Minor Revisions – Part 1000 General Standards Download
01/02/2018 217126 Memorandum: Final Standard – Revisions to General Standards (Part 1000) Download
01/01/2018 217006 Memorandum: Final Standards – Revisions to General Standards to Reflect the Use of Models Download
15/10/2017 217021 Memorandum: Final Standards of Practice – Establishment of Social Security Practice-Specific Standards (Part 7000) Download
29/06/2015 215051 Memorandum: Minor Revisions to the Standards of Practice to Comply with the Access for Ontarians with Disabilities Act (AODA) Download
09/12/2014 214128 Memorandum: Final Standards – Revisions to the General and Practice-Specific Standards – Consistency of Reporting and Conformance with International Standard of Actuarial Practice 1 Download
15/05/2014 214048 Memorandum: Final Standards – Revisions to Economic Reinvestment Assumptions within the Practice-Specific Standards on Insurance Contract Valuation: Life and Health (Accident and Sickness) Insurance (Section 2300 and Subsection 1110) Download
09/01/2014 214007 Memo: Final Standards – Revocation of the Current Standards of Practice Entitled Recommendations – Dividend Determination and Illustration and Explanatory Notes in Amplification of Certain Dividend Recommendations, and Introduction of a New Subsection Relating to Participating Policy Dividend Determination in Part 2000 – Practice-Specific Standards for Insurance Download
31/12/2013 213051 Memorandum: Final Standards – Part 4000 Practice-Specific Standards for Actuarial Evidence and Relevant Paragraphs of Part 1000 General Standards Download
31/12/2013 213068 Memorandum: Correction of Minor Errors in the Final Standards – Part 4000 Actuarial Evidence Download
Insurance (Part 2000)
Details Effective Date
Standards of Practice – Insurance (Effective February 22, 2018) 22/02/2018
90 pages. Effective February 22, 2018. Early implementation is permitted.

Most Recent Related Memorandum (Part 2000)


Details Effective Date
Memorandum: Revisions within the Practice-Specific Standards for Insurance (Sections 2400 and 2500) 22/02/2018
2 pages.
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01/02/2018 217126 Memorandum: Final Standard – Revisions to General Standards (Part 1000) Download
01/01/2018 217006 Memorandum: Final Standards – Revisions to General Standards to Reflect the Use of Models Download
03/02/2017 217015 Memorandum: Revisions to the Practice-Specific Standards for Insurance (Part 2000) Download
29/06/2015 215051 Memorandum: Minor Revisions to the Standards of Practice to Comply with the Access for Ontarians with Disabilities Act (AODA) Download
15/05/2014 214048 Memorandum: Final Standards – Revisions to Economic Reinvestment Assumptions within the Practice-Specific Standards on Insurance Contract Valuation: Life and Health (Accident and Sickness) Insurance (Section 2300 and Subsection 1110) Download
09/01/2014 214007 Memo: Final Standards – Revocation of the Current Standards of Practice Entitled Recommendations – Dividend Determination and Illustration and Explanatory Notes in Amplification of Certain Dividend Recommendations, and Introduction of a New Subsection Relating to Participating Policy Dividend Determination in Part 2000 – Practice-Specific Standards for Insurance Download
30/06/2013 213046 Memo: Minor Revisions to the Standards: Linkages between General and Practice-Specific Standards Download
15/03/2013 MRC031513 Memorandum: Most Recent Changes (Includes the memoranda 213009 and 213014) Download
15/03/2013 213009 Memorandum: Final Standards for Practice-Specific Standards on Insurance Contract Valuation (Section 2300) to Narrow the Range of Practice on Certain Elements Download
07/02/2013 213005 Memorandum: Final Standards – Introduction of Standards Relating to Appointed Actuary Opinions with Respect to Use of Internal Models to Determine Required Capital for Segregated Fund Guarantees Download

Current Related Promulgations (Part 2000)


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18/04/2019 219047 Initial Communication of Updated Promulgations of the Ultimate Reinvestment Rates and Calibration Criteria for Stochastic Risk-Free Interest Rates in the Standards of Practice for the Valuation of Insurance Contract Liabilities: Life and Health (Accident and Sickness) Insurance (Subsection 2330) Download
30/07/2017 217079T Final Communication of a Promulgation of Prescribed Mortality Improvement Rates and Associated Margins for Adverse Deviations within the Practice-Specific Standards on Insurance Contract Valuation: Life and Health (Accident and Sickness) Insurance (Subsection 2350) and the Accompanying Promulgation – Excel Workbook Download
30/07/2017 217079 Final Communication of a Promulgation of Prescribed Mortality Improvement Rates and Associated Margins for Adverse Deviations within the Practice-Specific Standards on Insurance Contract Valuation: Life and Health (Accident and Sickness) Insurance (Subsection 2350) and the Accompanying Promulgation Download
28/07/2017 217081 Final Communication of Updated Promulgations of the Ultimate Reinvestment Rates and Calibration Criteria for Stochastic Risk-Free Interest Rates in the Standards of Practice for the Valuation of Insurance Contract Liabilities: Life and Health (Accident and Sickness) Insurance (Subsection 2330) Download
28/07/2017 217080 Final Communication of a Promulgation of Calibration Criteria for Equity Investment Returns Referenced in the Standards of Practice for the Valuation of Insurance Contract Liabilities: Life and Health (Accident and Sickness) Insurance (Subsection 2370) Download
11/05/2017 217052 Initial Communication of Updated Promulgations of the Ultimate Reinvestment Rates and Calibration Criteria for Stochastic Risk-Free Interest Rates in the Standards of Practice for the Valuation of Insurance Contract Liabilities: Life and Health (Accident and Sickness) Insurance (Subsection 2330) Download
02/05/2017 217048 Initial Communication of a Promulgation of Prescribed Mortality Improvement Rates and Associated Margins for Adverse Deviations within the Practice-Specific Standards on Insurance Contract Valuation: Life and Health (Accident and Sickness) Insurance (Subsection 2350) and the Accompanying Promulgation Download
02/05/2017 217048T Initial Communication of a Promulgation of Prescribed Mortality Improvement Rates and Associated Margins for Adverse Deviations within the Practice-Specific Standards on Insurance Contract Valuation: Life and Health (Accident and Sickness) Insurance (Subsection 2350) and the Accompanying Promulgation – Excel Workbook Download
02/05/2017 217049 Initial Communication of a Promulgation of Calibration Criteria for Equity Investment Returns Referenced in the Standards of Practice for the Valuation of Insurance Contract Liabilities: Life and Health (Accident and Sickness) Insurance (Subsection 2370) Download
21/08/2014 214096 Final Communication of a Promulgation of Calibration Criteria for Investment Returns Referenced in the Standards of Practice for the Valuation of Insurance Contract Liabilities: Life and Health (Accident and Sickness) Insurance (Subsection 2360) (Fixed Income Returns) Download
Pension Plans (Part 3000)
Details Effective Date
Standards of Practice – Pensions (Effective July 1, 2019) 01/07/2019
53 pages. For calculation dates on or after July 1, 2019. Early implementation is permitted.
Standards of Practice – Pensions (Effective May 1, 2019) 01/05/2019
49 pages. Effective for calculation dates on or after May 1, 2019. Early implementation is permitted.

Most Recent Related Memorandum (Part 3000)


Details Effective Date
Memorandum: Final Standards: Addition of New Subsection 3270 to the Practice-Specific Standards for Pension Plans – Disclosure for Stochastic Models Used to Comply with Specific Regulatory Pension Plan Funding Requirements 01/07/2019
2 pages.
Memorandum: Final Standards – Revisions to Sections 3400 and 6400 of the Standards of Practice for Consistency with ISAP 3 01/05/2019
2 pages.
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Publication DateAccession Number TitleDownload
01/03/2019 218028 Memorandum: Final Standards – Revisions to Subsection 3260 of the Practice-Specific Standards for Pension Plans – Reporting: External User Report; Advice on the Funded Status or Funding of a Pension Plan Download
01/02/2018 217126 Memorandum: Final Standard – Revisions to General Standards (Part 1000) Download
01/01/2018 217006 Memorandum: Final Standards – Revisions to General Standards to Reflect the Use of Models Download
29/06/2015 215051 Memorandum: Minor Revisions to the Standards of Practice to Comply with the Access for Ontarians with Disabilities Act (AODA) Download
09/12/2014 214128 Memorandum: Final Standards – Revisions to the General and Practice-Specific Standards – Consistency of Reporting and Conformance with International Standard of Actuarial Practice 1 Download
23/10/2013 213089 Memorandum: Final Standards – Revision to the Practice-Specific Standards for Pension Plans – Mortality Assumption for Pension Commuted Values and Promulgation of Mortality Table Download
19/09/2013 213084 Memorandum: Final Standards: Revisions to the Practice-Specific Standards for Pension Plans – Assumptions for Hypothetical Wind-up and Solvency Valuations Download
30/06/2013 213046 Memo: Minor Revisions to the Standards: Linkages between General and Practice-Specific Standards Download
15/03/2013 213014 Memorandum: Correction of Minor Error in the Standards of Practice for Pension Plans and in the Standards of Practices for Insurers – French Version Download
30/12/2012 212111 Memorandum: Final Standards – Revisions to the Practice-Specific Standards for Pension Plans (Part 3000) Download

Current Related Promulgations (Part 3000)


Actuarial Evidence (Part 4000)
Details Effective Date
Standards of Practice – Actuarial Evidence (Effective February 1, 2018) 01/02/2018
28 pages. Effective on February 1, 2018. Early implementation is permitted.

Most Recent Related Memorandum (Part 4000)


Details Effective Date
Memorandum: Final Standard – Revisions to General Standards (Part 1000) 01/02/2018
6 pages.

Current Related Promulgations (Part 4000)


Public Personal Injury Compensation Plans (Part 5000)
Details Effective Date
Standards of Practice – Public Personal Injury Compensation Plans (Effective December 15, 2019) 15/12/2019
28 pages. Effective December 15, 2019. Early implementation is permitted.
Standards of Practice – Public Personal Injury Compensation Plans (Effective February 1, 2018) 01/02/2018
18 pages. Effective on February 1, 2018. Early implementation is permitted.

Most Recent Related Memorandum (Part 5000)


Details Effective Date
Memorandum: Final Standards: Revisions to the Practice-Specific Standards for Public Personal Injury Compensation Plans (Part 5000) 15/12/2019
2 pages.
Memorandum: Final Standard – Revisions to General Standards (Part 1000) 01/02/2018
6 pages.
Post-employment Benefit Plans (Part 6000)
Details Effective Date
Standards of Practice – Post-Employment Benefit Plans (Effective May 1, 2019) 01/05/2019
33 pages. Effective for calculation dates on or after May 1, 2019. Early implementation is permitted.

Most Recent Related Memorandum (Part 6000)


Details Effective Date
Memorandum: Final Standards – Revisions to Sections 3400 and 6400 of the Standards of Practice for Consistency with ISAP 3 01/05/2019
2 pages.
Social Security Programs (Part 7000)
Details Effective Date
Standards of Practice – Social Security Programs (Effective February 1, 2018) 01/02/2018
16 pages. Effective on February 1, 2018. Early implementation is permitted.

Most Recent Related Memorandum (Part 7000)


Details Effective Date
Memorandum: Final Standard – Revisions to General Standards (Part 1000) 01/02/2018
6 pages.