IFRS 17 and The Appointed Actuary in Canada
Feb 06, 2020
The Canadian Institute of Actuaries has published a new research paper by Trevor Howes, Director - Actuary at Moody's Analytics on the implications of IFRS 17 on Appointed Actuaries in Canada. Trevor is Vice-Chair of a designated group formed to review Canadian Actuarial standards of practice and recommend needed changes as discussed in the paper. The article is a background paper that explains the issues facing the Appointed Actuary in Canada in performing valuation for financial reporting and in meeting the regulatory expectations, once IFRS 17 becomes the standard defining our valuation work. It also describes how the Designated Group to Review the Impact of IFRS 17 on the Role of the Appointed/Valuation Actuary has decided to proceed in the reviewing and changing our Canadian SOPs. This paper is a key piece to communicating the strategy and inviting feedback from Valuation and Appointed Actuaries, and all actuaries concerned about the role of the actuary in insurance companies in Canada.