1. CIA Annual Meeting Assemblée annuelle de l’ICA
June 29 & 30, 2006 Ÿ Les 29 et 30 juin 2006
Ottawa, Ontario
GEN 3 – Thursday June 29

2. CIA Annual Meeting Ÿ Assemblée annuelle de l’ICA
How will the ASB work? – What about the PSC (PC)?
Geoff Guy
June 29, 2006
GEN-3

3. Today’s topics ASB and PC Responsibilities
Actuarial Standards Board (ASB)
Membership
Standards Setting
Due Process
Working with the Practice Council (PC)

4. ASB and PC Responsibilities
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

5. ASB Membership 8-12 members Attributes of members:
Considerable actuarial experience
Ability to lead change
Different practice areas
Geographical representation

6. Setting Standards Pro-active Productive
Periodic review of all standards
Inputs from inside and outside practice area
Productive
Set a timetable for reviews
Move things forward
Appropriate consultation

7. This won’t happen!! Ignore lessons learned from PSC
Ignore Practice Committees
Ignore membership

8. 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

9. 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.

10. 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

11. 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

12. 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