Definitions of Actuary

david

Is the term "actuary" in this paper actually referring to "appointed actuary"?

If so, does it mean that in Canada, it is the appointed actuary (AA) that is responsible for solvency issues, and not the internal actuarial roles within an insurer?

Thanks in advance

Staff-TS

The paper uses "actuary" in a general sense as professional role with respect to solvency monitoring and valuation. "Actuary" in this paper does include appointed actuaries, which is why I think there is some overlap and it is easy to get confused. Note that Part 5 of the paper gives the definition of "actuary" within the different Canadian jurisdictions.

Much of the discussion does focus on the appointed actuary though, since the AA is the primary individual tasked with responsibilities for solvency-related issues:

• Valuation of actuarial liabilities
• Financial condition testing
• Other reporting described in the OSFI.AA paper

While there are other internal actuarial roles within an insurer, the Appointed Actuary's role is specifically mandated and regulated to ensure compliance with solvency standards. They are the ones giving the stamp of approval to the reports and tasks listed above.