Appointed Actuary: Legal Requirements, Qualifications and Peer Review

Question 1

What are 4 requirements of the superintendent with regards to the qualifications of the AA?

Answer 1

1. Appropriate Canadian practical experience
2. Experience with CIA standards of practice
3. Up to date with CIA professional requirements
4. Not the subject of adverse finding from the CIA Disciplinary Tribunal

Question 2

What are responsibilities of the Apointed Actuary?

Answer 2

1. Value the actuarial and other policy liabilities as at the end of a financial year (report in financial statement)
2. Meet with and report to the directors or the chief agent on the company’s financial position annually
3. The Superintendent expects that a report on the company’s expected future financial condition (FCT) annually
4. To report to the directors on the fairness to participating policyholders of a proposed dividend
   5.