New model aims to respond to increased expectations for accountability and transparency

The Canadian Institute of Actuaries (CIA) announced today that the Actuarial Standards Oversight Council (ASOC) came into existence on Jan 1, 2007.

Established by the CIA, the ASOC has been given the role of overseeing the activities of the Actuarial Standards Board (ASB), the body responsible for the adoption of actuarial standards of practice in Canada.

Both the ASB and the ASOC have been created by the CIA as independent bodies empowered with mandates for developing actuarial standards of practice and overseeing the standard-setting process.

This new model for the development and adoption of actuarial standards of practice was designed by the CIA as a proactive step to meet its stated objective of serving the public interest. The model also aims to respond to increased expectations for accountability and transparency in the new business environment.

According to ASOC Chairperson John Solursh, “The creation of the ASOC recognizes that the process for the development and review of actuarial standards should stand up favourably to public scrutiny and be independent of personal, commercial and employer/client conflicts and pressures.”

The diverse backgrounds of the members of the ASOC will enable it to provide a broad perspective from the point of view of users and the public regarding the complex issues facing standard-setters.

The ASOC’s new website (www.asoc-csna.ca) provides information on the Council, the ASB and the new Canadian actuarial standard-setting model.

The ASOC members are:

  • Dr. Gilles Bernier, Professor of Finance and Insurance, Laval University;
  • Mark Daniels, Past President, Canadian Life and Health Insurance Association;
  • Geoff Guy, Chairperson of the Actuarial Standards Board (Ex-Officio);
  • Emilian V. Groch, Chief Executive Officer, Alberta Teachers’ Retirement Fund Board;
  • Daniel Lapointe, Executive Director of the Canadian Institute of Actuaries (Ex-Officio);
  • Hugh Mackenzie, Research Associate, Canadian Centre for Policy Alternatives and the Centre for Urban Studies, University of Toronto;
  • Michael Mackenzie, Retired, Superintendent of Financial Institutions;
  • Josephine Marks, Former Senior Vice-President, Investment Management and Chief Investment Officer for the Hospitals of Ontario Pension Fund;
  • Robert T. Rutherford, Retired, Partner, KPMG (Canada); and
  • John M. Solursh, Partner, Blake, Cassels & Graydon LLP.