The Caribbean Actuarial Association (CAA) is governed by a Board of Directors (the Board) according to its By-Laws.

The Board meets at least twice per year and is composed of nine members, the President, President Elect, Immediate Past President, Secretary, Treasurer, Student Representative and three additional members.  The members of the Board are elected by members of the CAA at an Annual General Meeting and serve the Association for two years. Their mandate is to manage the work and advance the objectives of the CAA either directly or through established committees such as the Standards Steering Committee.

Policies and documents which are used in governing the operations of the CAA and its members are the By-Laws, Code of Conduct, Disciplinary Process, Communication Policy, Continuing Professional Development (CPD) Policy and the CAA Actuarial Practice Standards (APS).

In early 2018, the Governance Committee started a comprehensive project to consolidate the Constitution and By-Laws to produce one comprehensive document. This project was completed in late 2019 and By-Law No. 2 was approved at the Annual General Meeting of 6th December 2019.

Concurrent with this, the CAA Common Standards Committee undertook the review all CAA Actuarial Practice Standards (APS) and the Glossary for consistency. This project has also been completed and the revised Standards were approved at the Annual General Meeting of 6th December 2019.