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Fifty Years Young, with a Rich Future Ahead Article from: The Actuary Magazine April / May 2015 – Volume 12, Issue 2 The Canadian Institute of Actuaries FIFTY YEARS YOUNG, WITH A RICH FUTURE AHEAD BY JACQUES TREMBLAY 1965 WAS A very interesting year. The Beatles’ “Eight Days a Week” topped Billboard’s Hot 100 in March. The most popular movie was “The Sound of Music.” Sean Connery was still James Bond. Actuaries used slide rules (and slide rule Actuarial thought and practice have a While Senator McCutcheon’s bill was being holsters!) as the microchip revolution long history in Canada. The beginning debated, there were approximately 300 was years away. Lester B. Pearson was of the actuarial profession in Canada fellows and 150 associates in Canada. The Canada’s prime minister and introduced can be dated in 1847, when the vast majority of these professionals were the country’s controversial new flag. The Canada Life Insurance Company was trained through the educational facilities of Source by James Michener was the best- founded in Hamilton, Ontario, by American actuarial organizations. Today more selling book that year. Hugh Baker, who became a Fellow than 4,800 members are proud to hold the of the Institute of Actuaries in 1852. FCIA and ACIA designations. In terms of the Not exciting enough? On March 18, 1965, The federal Department of Insurance Society of Actuaries (SOA), 4,377 FCIA and federal Senate Bill S-45 was given Royal was established in 1875 and shortly ACIA holders also carry SOA designations: Assent, thus creating the Canadian Institute thereafter recruited actuaries to its ACIA and ASA, 939; ACIA and FSA, 140; FCIA of Actuaries (CIA). The bill was sponsored staff. The first actuarial organization and ASA, 77; and FCIA and FSA, 3,221. by lawyer and actuary Senator Wallace in North America was the Actuarial McCutcheon, ASA. He was one of the Society of America, which was Over the past 50 years, the Institute has founders of Argus Corporation, a large founded in 1889 in New York and grown to become the voice of the actuarial investment firm that controlled companies included four Canadians among its 38 profession in Canada. We are proud to be like Canadian Breweries, Dominion Charter Members.1 a bilingual organization and to serve both Stores, Standard Broadcasting and Massey the public interest and the profession in Ferguson. Once the bill became law, the In 1907, the Actuaries Club was founded English and French. All of our publications CIA started its next phase. in Toronto, with 24 charter members. are issued in both official languages Other clubs were formed in Winnipeg simultaneously, and this extends to virtually While we proudly celebrate our 50th and Montreal, and their members formed all joint research projects with the SOA, anniversary this year, the profession’s roots the core of the Canadian Association of Casualty Actuarial Society, and North run far more deeply into the past. For an Actuaries, launched in 1946. Today there American Actuarial Council. organization driving hard into the future, are more than 10 actuarial clubs operating this is the perfect moment to recognize in Canada, and a vibrant Actuarial Students Members of the CIA enjoy the benefits of a highlights from our past: National Association (ASNA). comprehensive education syllabus, robust 48 | THE ACTUARY | APRIL/MAY 2015 continuing professional development (CPD), adverse effect on the financial condition of Oct. 16. A gathering thought-provoking and leading-edge research, the company; an annual report to boards of international and world-class principle-based standards of of directors; and a report by the Appointed professionals gives practice and guidance materials. Actuary accompanying the published us the opportunity financial statements of companies. to share experiences The Institute is a self-regulating about what other Jacques Tremblay professional body with its own rules of As 2015 gets underway, the CIA is excited actuarial associations are working on, and professional conduct and a comprehensive to begin celebrating 50 years of actuarial helps foster relationships with our global discipline process. The CIA and its excellence in Canada. The largest gathering partners. members play an advocacy role with of actuarial professionals in the country provincial, territorial, and federal will take place on June 17-18 in Ottawa, Canadian actuaries are proud of their governments on issues affecting Canadian Ontario, during our 50th Anniversary profession and the progress that has society and its financial future. Annual Meeting and Gala celebration. A been made in the last five years, much comprehensive program will offer valuable less 50! As part of a vibrant, volunteer- While the Institute used to be responsible information spanning all practice areas, and driven organization, they are directing for the development and maintenance of will give attendees the chance to network the CIA to being, doing and offering more actuarial standards of practice, in 2007 with Canada’s premier actuarial community in the next phase of our history. Our this work was handed over to an arm’s- and gain CPD hours. committees, councils and board are ready length body, the Actuarial Standards for this type and level of engagement. A Board (ASB). In addition, the independent Iconic Canadians will be the keynote Actuarial Standards Oversight Council was speakers at this year’s annual meeting. END NOTE established to serve the public interest by The trusted face and voice of social 1 From “Our History,” CIA website www.cia-ica.ca. providing oversight of and input to the work commentator and editorialist Rex Murphy of the ASB. While these two bodies are are sure to inspire great actuarial debate. Jacques Tremblay, FCIA, FSA, MAAA, is president of independent, the CIA Head Office provides More thought-provoking ideas will be the Canadian Institute of Actuaries. He is also a partner with the actuarial consulting practice of Oliver Wyman in administrative support to both. presented by Jeff Rubin and David Suzuki Toronto, an operating company of Marsh and McLennan as they join forces to discuss sustainability Companies. Tremblay can be reached at jacques. The work and responsibilities of actuaries and economic growth. [email protected]. have been part of government legislation and regulations for many years. The No celebration would be complete Criminal Code of Canada, the Income without a gala event. Celebrating the 50th Tax Act, the Insurance Companies Act, anniversary theme, Actuaries: Professionals and pension benefits regulations in of the Future, the gala on June 17 will take many provinces all reference the work attendees on a journey through our past of actuaries, and most define the term before looking to the horizon to see what is “actuary” as a fellow of the CIA. in store. In 1991, the new federal Insurance We hope you can join in. Companies Act enshrined the role of the Appointed Actuary. This role includes a Expanding on the anniversary theme, formal designation from boards of directors the CIA is proud to be deeply involved of all insurers, and involves: access to in the work of the International Actuarial management information; a report in writing Association (IAA) and we look forward to of any transactions or conditions which, welcoming IAA members to Vancouver and in the actuary’s opinion, have a significant hosting the association’s Official Dinner on APRIL/MAY 2015 | THE ACTUARY | 49.
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