I think FCT is following the CIA SoP. I looked it up in the source material but didn't find something similar. Is there a reason why battlecards put it this way?
OSFI.AA battlecards saying that "FCT is performed directed by OSFI".
OSFI.ORSA battlecards saying that "FCT is following CIA SoP", and has made this a difference compared to ORSA which is following OSFI guidelines.
So I'm wondering whether FCT is directed by OSFI or CIA SoP.
I also found various materials to be unclear - they either say FCT must be performed annually or when directed by the superintendent... When/how often does it have to be done?
I do my FCTs once a year. This is how often it is done in the industry. Okay so OSFI is the regulator. They will direct insurers to do certain things to meet compliance (FCT, AAR). CIA is an educational board/ regulatory body for actuaries. In other words, the CIA provides guidance to actuaries on best practices (SoP) but don't actually have any power
what is the difference between a regulator and a regulatory body? I'm confused you mentioned CIA is a regulatory body but don't actually have any power
Regulator and regulatory body can be used interchangeably. The CIA regulates actuaries, and OSFI regulates insurers. The CIA has no power to regulate insurers
Comments
Not sure I follow - What specifically is wrong with the Battle Card?
@Staff-T1
Sorry that I didn't make it clear.
OSFI.AA battlecards saying that "FCT is performed directed by OSFI".
OSFI.ORSA battlecards saying that "FCT is following CIA SoP", and has made this a difference compared to ORSA which is following OSFI guidelines.
So I'm wondering whether FCT is directed by OSFI or CIA SoP.
I also found various materials to be unclear - they either say FCT must be performed annually or when directed by the superintendent... When/how often does it have to be done?
I do my FCTs once a year. This is how often it is done in the industry. Okay so OSFI is the regulator. They will direct insurers to do certain things to meet compliance (FCT, AAR). CIA is an educational board/ regulatory body for actuaries. In other words, the CIA provides guidance to actuaries on best practices (SoP) but don't actually have any power
thank you!
what is the difference between a regulator and a regulatory body? I'm confused you mentioned CIA is a regulatory body but don't actually have any power
Regulator and regulatory body can be used interchangeably. The CIA regulates actuaries, and OSFI regulates insurers. The CIA has no power to regulate insurers