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An actuary is a professional with advanced mathematical skills who deals with the measurement and management of risk and uncertainty. These risks can affect both sides of the balance sheet and require asset management, liability management, and valuation skills. Actuaries provide assessments of financial security systems, with a focus on their complexity, their mathematics, and their mechanisms. The name of the corresponding academic discipline is actuarial science.
Actuarial science is the discipline that applies mathematical and statistical methods to assess risk in insurance, pension, finance, investment and other industries and professions.
The International Actuarial Association (IAA) is a worldwide association of local professional actuarial associations.
The Canada Pension Plan is a contributory, earnings-related social insurance program. It is one of the two major components of Canada's public retirement income system, the other being Old Age Security (OAS). Other parts of Canada's retirement system are private pensions, either employer-sponsored or from tax-deferred individual savings. As of June 30, 2024, CPP Investments (CPPI) manages over C$646 billion in investment assets for the Canada Pension Plan on behalf of 22 million Canadians. CPPI is one of the world's biggest pension funds.
The Society of Actuaries (SOA) is a global professional organization for actuaries. It was founded in 1949 as the merger of two major actuarial organizations in the United States: the Actuarial Society of America and the American Institute of Actuaries. It is a full member organization of the International Actuarial Association.
Christopher David Daykin CB is a British actuary and civil servant. He was the head of the United Kingdom Government Actuary’s Department (GAD) from 1989 to 2007 where he worked on social security, pension fund consultancy, national pension policy, population projections, risk management and pension reform. He is the second-longest holder of the post.
The Actuarial Association of Europe (AAE) was established in 1978 as Groupe Consultatif des Associations d'Actuaires des Pays des Communautés Européennes (GC), renamed to Groupe Consultatif Actuariel Européen in 2002, and given its present name on January 1, 2014.
The Canadian Institute of Actuaries (CIA) is the national organization of the actuarial profession in Canada. It was incorporated March 18, 1965. The FCIA designation stands for Fellow of the Canadian Institute of Actuaries. As the national organization of the Canadian actuarial profession, the CIA serves the public through the provision by the profession of actuarial services and advice by: representing the Canadian actuarial profession in the formulation of public policy; promoting the advancement of actuarial science; educating and qualifying CIA members; ensuring that actuarial services provided by its members meet accepted professional standards; and assisting actuaries in Canada in the discharge of their professional responsibilities.
William Paul Joseph McCrossan is a Canadian actuary and former Member of Parliament.
The Faculty of Actuaries in Scotland was the professional body representing actuaries in Scotland. The Faculty of Actuaries was one of two actuarial bodies in the UK, the other was the Institute of Actuaries, which was a separate body in England, Wales and Northern Ireland. While the Faculty of Actuaries and the Institute of Actuaries were separate institutions, they worked very closely together, and the professional qualifications and professional standards for actuaries were identical in each of them. On 25 May 2010, voting members of the Faculty who took part in a ballot voted to merge the Faculty with the Institute of Actuaries, thus creating the Institute and Faculty of Actuaries which came into being on 1 August 2010, superseding the Faculty of Actuaries which ceased to exist on that date.
The American Academy of Actuaries, also known as the Academy, is the body that represents and unites United States actuaries in all practice areas. Established in 1965, the Academy serves as the profession's voice on public policy and professionalism issues.
Founded in 1888, the Actuarial Society, is the professional association of actuaries in the Netherlands. Nearly all Dutch actuaries are members.
The Institute of Actuaries of India is the sole national apex body for actuaries in India. It was formed in September 1944 by the conversion of the Actuarial Society of India into a body corporate by virtue of the Actuaries Act, 2006. It is under the ownership of Ministry of Finance, Government of India.
The Danish Society of Actuaries (DSA), or the Danske Aktuarforening, is the association for actuaries in Denmark. The Society held its first constituents meeting on 23 April 1901 and the first meeting of members on 31 May 1901.
The Brazilian Institute of Actuaries is the national association for actuaries in Brazil.
The Spanish Institute of Actuaries is the public law corporation for actuaries in Spain. It was officially founded on 8 January 1959. The Institute is a full member of the International Actuarial Association, the Actuarial Association of Europe, the CERA Global Association, and Unión Profesional. It has 1,700 fully qualified members. The Spanish Institute of Actuaries is under the supervision of the Spanish insurance and pension plans authority.
An enrolled actuary is an actuary enrolled by the Joint Board for the Enrollment of Actuaries under the Employee Retirement Income Security Act of 1974 (ERISA). Enrolled actuaries, under regulations of the Department of the Treasury and the Department of Labor, perform a variety of tasks with respect to pension plans in the United States under ERISA. As of August, 2024, there were approximately 3,400 enrolled actuaries.
The Conference of Consulting Actuaries (CCA) is a professional society of actuaries engaged in consulting in the United States and Canada, as opposed to those employed by insurance companies. CCA members assist their clients with respect to pension, health, and other employee benefit plans; life insurance; and property and casualty insurance.
The Institute and Faculty of Actuaries is the professional body which represents and regulates actuaries in the United Kingdom.
The actuarial credentialing and exam process usually requires passing a rigorous series of professional examinations, most often taking several years in total, before one can become recognized as a credentialed actuary. In some countries, such as Denmark, most study takes place in a university setting. In others, such as the U.S., most study takes place during employment through a series of examinations. In the UK, and countries based on its process, there is a hybrid university-exam structure.
References
- ↑ "Member Associations". Actuarial Association of Europe. Retrieved 2024-03-18.
- ↑ "Accreditation as pension actuary". www.oak-bv.admin.ch. Retrieved 2024-03-18.
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