This section focuses on the professional responsibilities of the appointed actuary related to the reporting of financial results by property and casualty insurers in Canada. The candidate will be required to understand the various statutory requirements of the appointed actuary under the Insurance Companies Act and the provincial insurance acts related to financial reporting and general corporate governance.
The material in this section encompasses sections of federal and provincial insurance laws and regulations, regulatory guidelines, and professional standards of practice and educational notes issued by the Canadian Institute of Actuaries that are related to the financial reporting of general insurers.
What does an Actuary do:
- Statutory Actuarial Opinion (standard actuarial statement)
- Contents of Statutory Reports of the Actuary (must be included…)
- Standards of Practice (technical requirements)
- Educational Notes (technical requirements)
- Insurance Companies Act (who can be Actuary?)
- Actuary and auditor relationship (who can be an Auditor?, how do Actuary work with them)
- Regulatory requirements (reporting, regulators)
Explain the responsibilities of an actuary as defined by standards of practice, regulators, and insurance laws for financial reporting.