Regulatory Alerts2023-08-31
Appointed Actuary Legal Requirements, Qualifications and Peer Review Guideline
The Office of the Superintendent of Financial Institutions (OSFI) issued this guideline to define the legal requirements, qualifications, and peer review obligations for Appointed Actuaries in federally regulated life and property-casualty insurers. The document mandates that appointed actuaries must hold Canadian Institute of Actuaries fellowship, possess targeted practical experience, and undergo structured peer reviews covering actuarial valuations, future financial condition reports, and regulatory capital tests. These reviews must be completed at least once every three years with annual updates for material changes, and the resulting reports are submitted to company audit committees and OSFI to verify ongoing safety, soundness, and regulatory compliance.