The P&C Actuary's Role in Solvency Monitoring - Property and ...

PACICC – The P&C Actuary’s Role in Solvency Monitoring Page 28
Force on the Future of the Canadian Institute of Actuaries in the North American Context
(December 1989) is referred to as The Crawford Report.
There were three recommendations that are particularly relevant to PACICC’s question about the
evolution of the actuarial role and its effect on the solvency of P&C insurers: 52
― Recommendation 1: That the CIA adopt a new statement of purpose which
gives precedence to service in the public interest over self-interest of the
member.
― Recommendation 9: That the CIA increase its support of research and
development for property and casualty insurance, develop standards of
practice for this area, and increase its contribution to basic and continuing
education for its students and members on these topics.
― Recommendation 12: That the CIA resolve to improve and expand its
contribution to the development and direction of public policy issues in
Canada through:
1. A more effective monitoring of emerging issues
2. A more vigorous participation in public policy debates on a timely basis
3. Continued and strengthened contact with government regulators and
policy makers.
The CIA Leading to the 1980s
Initially, the CIA was an association of actuaries primarily focused on the exchange of
professional information and practical techniques. “The vision of the creation of the CIA in 1965
moved the profession toward the acceptance of responsibility for the qualification and practice of
actuaries in order to ensure that the public receives quality work performed by well-trained and
skilled professionals.” 53
The Crawford Report addressed the issue of the development of and compliance with
professional standards. In the late 1980s, a great deal of attention and effort was devoted to the
“amplification of the code of conduct through the preparation and endorsement of new standards
of practice.” 54 The report identifies three sources of pressure for these changes: 55
― Members with certificate signing responsibilities sought a clearer foundation of
literature on acceptable practice.
― The CICA reviewed the CIA body of standards for the purpose of producing a
better basis for the auditor’s reliance on the actuary where their work overlapped.
52 The Crawford Report, December 1989.
53 The Crawford Report, December 1989, Section 2A.
54 The Crawford Report, December 1989, Section 2C.
55 The Crawford Report, December 1989, Section 2C.