Second Revised Exposure Draft to Incorporate changes required by the adoption in Canada of IFRS 17 Insurance Contracts, including Principles of International Standard of Actuarial Practice 4 – Actuarial Practice in Relation to IFRS 17 Insurance Contracts, into the Canadian Standards of Practice (clean)

This second revised exposure draft (ED) proposes changes to the general standards (Part
1000) and the practice-specific standards for insurance (Part 2000).

The proposed changes align the SOP with the requirements of IFRS 17, and incorporate
the guidance of ISAP 4.

While IFRS 17 itself does not require an actuary to value the insurance contract liabilities
or provide an opinion on the valuation, an actuary will usually be employed as a
professional expert on insurance contract valuation. Furthermore, under relevant
legislation in Canada, the actuary may be required to value the insurance contract
liabilities in accordance with IFRS 17 and provide an opinion on the valuation. The SOP
will apply whenever an actuary performs work related to an IFRS 17 valuation.