About Us
Who is Assuris?
Assuris is an independent, not for profit, industry-funded compensation organization founded in 1990. Our mission is to protect Canadian policyholders if their life and health insurance company fails.
Every life and health insurance company authorized to sell insurance in Canada is required, by the federal, provincial, and territorial regulators, to become a member of Assuris under the Insurance Companies Act of Canada. Fraternal benefit societies and prepaid medical services companies can opt to become a member of Assuris. Member companies cannot terminate their membership as long as they have active business in Canada. 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.
Our Role and Expertise
We are the experts in protecting Canadian life and health insurance policyholders and the authority in resolving failed life and health insurance companies in Canada.
- We protect Canadian citizens or residents who purchased a policy from a member company.
- We ensure that policyholders’ insurance benefits continue to be honoured up to Assuris’ guaranteed protection levels.
- We work in partnership with the regulators to determine solvency risks.
- We work with the court-appointed liquidator to ensure the best resolution outcome.
- We manage the resolution of a failed member company with the objective of maximizing the return to policyholders and minimizing industry disruption.
Watch the video below to learn more.
