OTTAWA, March 18, 2015 /CNW/ - The Canadian Institute of Actuaries (CIA), the national voice of the actuarial profession in Canada, is celebrating 50 years of putting the public interest ahead of its own and providing actuarial services and advice of the highest quality.
Reflecting on the milestone, CIA President Jacques Tremblay said, "The Institute's success at helping shape 50 years of Canadian public policy comes down to the commitment and excellence of its members. Without them, there would be no CIA."
It was 50 years ago today that federal Senate Bill S-45 was given Royal Assent, thus creating the CIA, which now has more than 5,000 members.
Since 1852, when the first actuary in Canada was qualified, the profession has helped secure the financial future of Canadians and Canada. Every pension plan, social program, and insurance policy, the CPP and QPP, workers' compensation programs, and Medicare have actuarial fingerprints on them.
M. Tremblay said, "While many Canadians know little about them, actuaries have been a quiet, powerful force in Canada for more than 150 years, touching the financial well-being of every Canadian. And there's no better illustration of the profession's impact than the role they played in shaping Canadian financial institutions into what is widely recognized as the soundest such system in the world."
Canadian actuaries led the way by conducting tests to ensure insurance companies were in good health. Today, these "stress tests" are standard for the U.S. Federal Reserve, the Bank of England, and the European Central Bank. Companies and governments have managed the global recovery thanks to this dynamic "made in Canada" solution.
"But actuaries aren't ones to rest on their laurels," M. Tremblay added. "New risks emerge every day, and actuaries have a responsibility to bring the full weight of their actuarial toolkit to bear against those risks, particularly as they relate to matters of public policy like pension reform, health care, insurance regulation, and the well-being of our financial bodies.
"So while we have much to celebrate in this our golden anniversary, the CIA and its members are energized by the many challenges that lie ahead."
SOURCE Canadian Institute of Actuaries
Image with caption: "Canadian Institute of Actuaries (CNW Group/Canadian Institute of Actuaries)". Image available at: http://photos.newswire.ca/images/download/20150318_C3362_PHOTO_EN_13335.jpg
For further information: or to set up an interview with an actuary, contact Elliot Hughes, government relations and communications manager, at 613-769-9973, or e-mail firstname.lastname@example.org. Follow us on Twitter @CIA_Actuaries or visit cia-ica.ca.