In recent years, government legislation and regulations have made increasing reference to the work and responsibilities of the actuary. In most of these documents, the term "actuary" is defined as a Fellow of the Canadian Institute of Actuaries.
Documents containing such references are:
- The Criminal Code of Canada;
- The Income Tax Act;
- The Act respecting the Québec Pension Plan;
- The Pension Benefits Standards Regulations pursuant to the Canadian Pension Benefits Standards Act;
- The Pension Benefits Regulations pursuant to the Pension Benefits Acts of the Provinces of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Nova Scotia, New Brunswick, Newfoundland;
- The British Columbia International Financial Business Act;
- The Ontario Teachers Superannuation Act and insurance legislation;
- The Québec worker's compensation legislation and insurance legislation;
- The Québec Supplemental Pension Plans Act; and
- The Insurance Companies Act.
In 1991, the new Insurance Companies Act enshrined the role of the "Appointed Actuary" in federal legislation. This role includes a formal designation from the boards of directors of all insurance companies and includes access to management information, a report in writing of any transactions or conditions which, in the actuary's opinion, has a significant adverse effect on the financial condition of the company, an annual report to boards of directors, and a report by the Appointed Actuary accompanying the published financial statements of companies.