CIA Annual MeetingAssemblée annuelle de l’ICA

June 29 & 30, 2006 Ÿ Les 29 et 30 juin 2006Ottawa, Ontario

GEN 3 – Thursday June 29

CIA Annual Meeting Ÿ Assemblée annuelle de l’ICA

GEN-3

How will the ASB work? – What about the PSC (PC)?

Geoff GuyJune 29, 2006

Today’s topics

• ASB and PC Responsibilities

• Actuarial Standards Board (ASB)– Membership– Standards Setting

• Due Process

• Working with the Practice Council (PC)

ASB and PC Responsibilities

ASB• Periodic Review of

Standards• Issue new or revised

standards

PC• Issue interpretations

of standards• Educational Notes• Working relationships

with other standards setting bodies (e.g. CICA, IASB)

• Managing Practice Committees

ASB Membership

• 8-12 members• Attributes of

members:– Considerable actuarial

experience

– Ability to lead change

• Different practice areas

• Geographical representation

Setting Standards

• Pro-active– Periodic review of all

standards– Inputs from inside and

outside practice area

• Productive– Set a timetable for

reviews– Move things forward– Appropriate

consultation

This won’t happen!!

Ignore lessons learned from PSCIgnore Practice CommitteesIgnore membership

But things will change!

• The ASB will form task forces to get standards developed– These may look like practice committees in

some cases, but not always– In any event practice committees will have

representation on task forces

• The Practice Council will be consulted frequently

Due Process May Change

• ‘General Acceptance’ is inconsistent with expectations for a pro-active, productive process (and other professional bodies)

• Defined process of consultation with membership is likely to replace ‘general acceptance’.

• No change for 2006

• More details available in October 2006.

Working with the Practice Council

• The Practice Committees will continue to report to the Practice Council– Provide interpretations to members– Prepare educational notes

And the ASB• Will consult frequently with the Practice

Council• Will have at least one member also on PC

ASB Short-Term priorities

• By September:– Short term priorities

defined for CIA Board and approved for action

• By October– Propose changes in

due process

• Chicago – Presentations and

updates

It’s an exciting time

• CIA has an opportunity to build increased credibility within Canada and internationally

• We can work together to make this happen

• I’d like lots of ideas and input

(geoffiguy@aol.com)