The Canadian Institute of Actuaries (CIA) announced the appointment of Steve Prince, fellow of the CIA (FCIA), as president for the 2023-2024 term.
Prince was inducted during CIA’s 2023 annual conference. His term will commence on July 1.
Over the course of his career, Prince has made significant contributions to the actuarial field. He has authored numerous publications for the CIA and other organizations on topics such as modelling, valuation, allocation processes, and fairness.
His commitment to the profession was recognized in June 2021, when he received the CIA’s Award of Excellence in honour of his extensive volunteer contributions.
The conference’s ceremonies also featured the presentation of the President’s Award by the outgoing CIA president Hélène Pouliot, FCIA. The President’s Award acknowledges CIA members who have made remarkable contributions to the actuarial profession in Canada.
This year’s award was given to FCIAs Steve Bocking, Marie-Andrée Boucher, Sarah Chevalier, Simon Guénette, Satnam MacLean, Cynthia Potts, and Les Rehbeli in recognition of their role in the implementation of the International Financial Reporting Standard (IFRS) 17.
IFRS 17 is a recently implemented accounting standard that sets out principles for the recognition, measurement, presentation, and disclosure of insurance contracts within its scope. It came into effect in January 2023, requiring meticulous management and coordination between actuaries, accountants, and finance experts.
In a press release, the CIA acknowledged the efforts of the IFRS 17 Steering Committee, the Committee on Life Insurance Financial Reporting and the Property and Casualty Insurance Financial Reporting Committee in implementing the new standard, as well as ensuring effective coordination and providing timely guidance to CIA members.
“The CIA thanks and celebrates these awardees, as well as all the volunteers who contributed to IFRS 17 projects and initiatives, for their exceptional dedication to the Institute and the actuarial profession in Canada,” the CIA said in its release.
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