The Canadian Life Assurance Market

Abstract

The authors have endeavoured to highlight those aspects which, because of the way they contrast with British practices, are likely to be of particular interest to actuaries in the U.K. Subjects reviewed include economic and demographic trends; a description of the life companies, both Canadian and foreign, operating in Canada; the regulatory environment including the recent legislative changes designed to bring financial statements closer to ‘GAAP’; the new actuarial valuation procedures and the wider responsibilities of the signing actuary; asset values and the new treatment of investment gains and losses; taxation; marketing systems; and the major types of policies and benefits sold, including the implications of guaranteed cash values. Also included is a review of the actuarial profession and the education of the actuary in Canada.