Assuris is the not for profit organization that protects Canadian policyholders if their life insurance company fails.
Assuris is an independent not for profit, industry-funded compensation organization founded in 1990. Our mission is to protect policyholders if their life insurance company fails.
Every life insurance company in Canada is required by the federal, provincial and territorial regulators, to become a member of Assuris. Click here for a complete list of member companies.
Assuris is designated by the federal Minister of Finance under the Insurance Companies Act of Canada. Assuris is recognized by the Autorité des marchés financiers (AMF) as the compensation body whose members are Quebec-chartered life insurers.
Assuris provides protection to Canadian policyholders for benefits under products issued by life insurance companies in Canada.
Assuris provides separate protection for individual, group, registered and non-registered benefits. Assuris also provides separate protection for individual Tax-Free Savings Accounts and group Tax-Free Savings Accounts invested in accumulation annuities.
If a member life insurance company fails, Assuris will seek to transfer the policies to a solvent company. Assuris guarantees that policyholders will retain at least 85% of the insurance benefits they were promised. Insurance benefits include Death Benefit, Health Expense, Monthly Income and Cash Values. Assuris provides 100% protection when benefits are below certain dollar values.
whichever is higher
Assuris will seek to transfer investment products to a solvent company. For these products, Assuris guarantees that policyholders will retain 100% of their Accumulated Value up to a maximum of $100 000. Investment products include accumulation annuities, universal life overflow accounts and dividend deposit accounts.
Up to $100,000
Canadian financial services consumers can feel secure in knowing that Canada has a strong well-regulated financial services sector, and that in the unlikely event that a Canadian financial institution fails, consumers are protected by a variety of compensation plans. The collective strength of the protections offered to Canadian financial services consumers provides all Canadians with added confidence and peace of mind when planning a future for themselves and their loved ones.