There have been four failures in the life insurance industry in Canada. With the experience of these failures, Assuris developed its knowledge, expertise and operational capacity to deal with the failure of any life insurance company. We use an innovative approach in the resolution of a failed life insurance company to provide the best protection for Canadian policyholders.
Assuris has protected almost three million people representing over 8% of Canadians.
Union of Canada Life Insurance had 22,000 policyholders. Assuris fully protected 99% of the policyholders. The remaining 1% of policyholders retained at least 95% of their benefits. Assuris worked closely with the liquidator to ensure policyholders were transferred to another life insurance company, where their benefits continue to be honoured.
Confederation Life had 260,000 individual Canadian policyholders and 1.5 million policyholders under group insurance plans. Confederation Life was an internationally complex liquidation with operations in Canada, the United States and the United Kingdom.
Assuris provided immediate protection to Canadian policyholders under our protection rules. As the liquidation progressed, Assuris partnered with the regulator and the liquidator, and leveraged lessons learned in previous insolvencies. The result was full recovery for Canadian policyholders.
Sovereign Life had 249,000 policyholders. Assuris fully protected 96% of the policyholders. The remaining 4% of policyholders retained at least 90% of their benefits. Assuris successfully transferred all policies to a solvent life insurance company.
Les Coopérants had 222,000 individual policyholder insurance contracts and 600,000 policyholders under group insurance plans. All policyholders were fully protected by Assuris.
This was the first life insurance company failure in Canada and Assuris successfully established the precedent that policyholders should receive priority in the liquidation of a life insurance company.