It is not necessary for you or your client to apply for Assuris protection or to file a claim. If the member life and health insurance company holding your client’s policy fails, they will be informed on how their respective benefits are protected by Assuris.
It is not necessary for you or your client to apply for Assuris protection or to file a claim. If the member life and health insurance company holding your client’s policy fails, they will be informed on how their respective benefits are protected by Assuris.
Assuris’ mission is to protect Canadian policyholders if their life and health insurance company fails. In the unlikely event of a failure, Assuris is present throughout the court process representing the interests of Canadian policyholders. We work with the Court-appointed liquidator to ensure that policyholders’ life and health insurance benefits continue to be honoured up to Assuris’ guaranteed protection levels.
Established in 1990, Assuris is an independent, industry-funded not for profit compensation association, designated by the federal Minister of Finance under the Insurance Companies Act of Canada and recognized by the Autorité des marchés financiers (AMF) as the compensation body whose members are Quebec-chartered life insurers.
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.
Assuris has the strength and the financial backing of the Canadian life and health insurance industry, so we have the capacity to deal with the failure of any life and health insurance company in Canada.
If you are a Canadian citizen or resident and you purchased a policy from a member life and health insurance company, you are automatically protected by Assuris.
It is not necessary for policyholders to apply for Assuris protection or to file a claim. If the member life and health insurance company holding the policy fails, policyholders will be informed on how their respective benefits are protected by Assuris.
The guaranteed levels of protection by product benefit are as follows:
Benefit
Death Benefit
Health Expense
Monthly Income
Investments / Savings:
Assuris Protection
$1,000,000
$250,000
$5,000/month
$100,000
or
90%,
whichever is higher
Benefit
Assuris Protection
Death Benefit
$1,000,000
Health Expense
$250,000
Monthly Income
$5,000/month
Investments / Savings:
$100,000
or
90%,
whichever is higher
For more information, watch this video: protected by Assuris
In the unlikely event that a Canadian life and health insurance company fails, the Court will declare the company insolvent and will appoint a liquidator. Typically, the Court-appointed liquidator will take over the operations of the failed life and health insurance company and will seek to transfer the policies to a stable insurance company.
Policyholders do not need to worry because they are automatically protected by Assuris. Assuris is present throughout the Court process representing the interests of Canadian policyholders and will work closely with the liquidator to protect you and your loved ones.
As a policyholder your rights are highly protected by the Court. Typically, the Court-appointed liquidator will transfer the policies to a stable insurance company. Assuris ensures that the company selected will continue to honour your policyholder benefits.
If you have a policy with the member life and health insurance company, you are automatically protected by Assuris if that company were to fail.
Assuris steps in to make sure you get the benefits you have been paying for, up to Assuris’ guaranteed protection level.
Assuris’ protection applies to the joint life policyholders as a single covered person.
Assuris’ protection applies to the joint and survivor annuitants as a single covered person.
A structured settlement pays a monthly or yearly benefit in a series of payments to the insured for the lifetime of the insured or for a prearranged duration.
Periodic payments under structured settlements are protected under Assuris’ monthly income protection. Assuris guarantees that the policyholder will retain up to $5,000/month or 90% of their monthly income benefit, whichever is higher.
Lump sum payments under structured settlements are protected under Assuris’ cash value protection. In each policy year, Assuris guarantees that the policyholder will retain at least $100,000 or 90% of their lump sum payment, whichever is higher.
Buy-in annuities consist of a single premium paid to the member life and health insurance company by a pension plan in exchange for a monthly payment to the pension plan in a sum equal to the amounts paid to the pensioners. The benefits to the pensioners remain the responsibility of the pension plan. The single monthly payments are covered under Assuris’ monthly income protection. Assuris guarantees that the policyholder will retain up to $5,000/month or 90% of their monthly income benefit, whichever is higher.
Buy-out annuities consist of a single premium paid by a pension plan to the member life and health insurance company in exchange for monthly pensions paid directly to the pensioners. The benefits under buy-out annuities are the responsibility of the member life and health insurance company. Each pensioner is covered under Assuris’ monthly income protection.
Assuris guarantees that the policyholder will retain up to $5,000/month or 90% of their monthly income benefit, whichever is higher.
Benefits will be continued in the currency of the policy except where impractical because of currency exchange restrictions or other difficulties unique to the currency. The currency of the policy will be the equivalent of the Canadian dollar at the exchange rate in effect when the company fails.
