DEFINITION of 'Canadian Institute Of Actuaries - CIA'
The Canadian Institute of Actuaries, or CIA, is an organization of the actuarial profession in Canada. The CIA's vision is to for actuaries to be recognized as the leading professionals in the financial modeling and risk management fields. It is the Canadian version of the AmericanAcademy of Actuaries.
BREAKING DOWN 'Canadian Institute Of Actuaries - CIA'
The Canadian Institute of Actuaries was established in March, 1965, by an act of Canada's federal Parliament. The organization requires members to reside in Canada and to belong to an approved actuarial organization. The institute is also responsible for issuing the Fellow of the Canadian Institute of Actuaries (FCIA) designation to actuaries, which is a requirement under Canadian law for practicing actuaries.
In Canada, there are regulations that require non insured pension plans to be valued once every three years by an FCIA. In order for an actuary to be designated an FCIA, the actuary is required to pass an exam issued by the Society of Actuaries, another professional actuary organization in Canada, and Practice Education Course (PEC), which is administered by the CIA.