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CIA Annual Meeting Assemblée annuelle de l’ICA

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. 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.

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CIA Annual Meeting Assemblée annuelle de l’ICA

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

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

  4. 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 and PC Responsibilities

  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 • 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. 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 But things will change!

  9. ‘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. Due Process May Change

  10. 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 Working with the Practice Council

  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 (geoffiguy@aol.com)

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