Canadian Institute of Actuaries : The Canadian Institute of Actuaries (CIA) is the national organization of the actuarial profession. Actuaries are professional business people who are skilled in the application of mathematics to financial problems in relation to insurance companies (both life and property/casualty), pension plans, government regulators, social programs and individuals.
The first Canadian actuaries began their careers in the second half of the nineteenth century in response to the need of Canadian life insurance companies, which needed actuarial skills to ensure their continued solvency. In order to provide a meeting ground for this professional community, in November 1906, Mr. P.C.H. Papps, then the actuary of the Manufacturers Life, sent a letter to various actuaries in Toronto suggesting the formation of an Actuaries Club. The replies were favourable and an inaugural meeting was held on February 12, 1907. At this meeting the first Constitution was adopted: the Club was to be called "The Actuaries Club" and the object stated to be "to promote in a social way actuarial knowledge of assurance among its members". The rules limited membership to fellows or Associates of the British Institute, the Faculty of Actuaries of Scotland and the Society of Actuaries. In 1925, the Constitution was amended so that Fellows and Associates of the American Institute of Actuaries were eligible for membership. The first president of the Club was Mr. Thomas Bradshaw, then managing Director of Imperial Life, and the charter members of the Club as listed were 24. They were composed of actuaries all living and working in Toronto, hence the club was also known as the Actuaries Club of Toronto. The original Constitution remained in force without significant change for a period of 40 years.
On October 8, 1946, the Club became the Canadian Association of Actuaries (CAA), following a suggestion by a majority of members that the name of the organization be changed "in the interest of the prestige of the Actuarial profession in Canada". The CAA included all members of the Actuaries Clubs of Toronto and Winnipeg as well as a group of Montreal actuaries. It was established that the function of the association "should attempt to stimulate interest among the entire membership in subjects of national concern such a Social Security, Inflation, Health insurance, so that [it] would come to be considered as representing authoritative opinion and would give leadership on such matters". The membership of the CCA attained 500 in 1962.
On March 18, 1965, the organization was incorporated by an act of the federal Parliament under the name of the Canadian Institute of Actuaries (in French, Institut Canadien des Actuaires). It was established by this act that the purposes and objects of the Institute shall be: "to advance and develop actuarial science; to promote the application of actuarial science to human affairs; and to establish, promote and maintain high standards of competence and conduct within the actuarial profession". The CIA has since grown steadily to its present size of about 3,900 member Fellows. In 2015, the Institute celebrated its 50th anniversary. The head office is located in Ottawa.
