Assuris Governance Structure
What is Assuris’ governance structure?
Assuris is governed by the rules set out in its By-law and Memorandum of Operation.
Every life and health insurance company authorized to sell insurance in Canada is a member of Assuris. Members have the rights and obligations described in the By-law. These include:
- Election of the Directors of Assuris
- Election of Industry Advisory Committee
- Attendance at meetings of Members
- Approval of appointment of the Independent Auditor
- Approval of fundamental changes to the By-law or Memorandum of Operation, such as a change in the level of protection provided to policyholders or the level of funding obligation of Members
- Provide Assuris with information
- Provide Assuris with funds when assessed
Assuris Board of Directors
The Board of Directors of Assuris is independently responsible for managing Assuris and fulfilling its duties and mandate, including dealing with the insolvency of a Member.
Key decisions at Assuris, including decisions to (a) declare a Member as troubled or insolvent, (b) activate Assuris’ assessment power, (c) determine what level of financial commitments to make, and (d) what transactions to enter into or how to deploy funds in support of a resolution, are made independently by our Board of Directors without any obligation to consult with or obtain approval from Members.
Assuris has strict conflict of interest requirements codified in our By-law that requires that all Directors and staff of Assuris must be completely independent of Members or any governmental authority. Our By-law also codifies strict confidentiality obligations on all Assuris Directors and staff.
Assuris Industry Advisory Committee
The Assuris Industry Advisory Committee is composed of seven representatives elected by the Members. Assuris consults with the Industry Advisory Committee on a range of issues related to Assuris’ mandate. However, the Industry Advisory Committee is not a decision-making body nor does it have any approval authority.
Participating Jurisdictions
In addition, Assuris is governed by the rights and obligations it has to its Participating Jurisdictions. Assuris has entered into Participating Jurisdiction agreements with the Government of Canada and the governments of every Canadian Province and Territory. These agreements provide that:
- Every life and health insurance company authorized to sell insurance in the Participating Jurisdiction is required to become a member of Assuris and to provide funding to Assuris as a condition of its license to operate in the jurisdiction
- The Regulator in the Participating Jurisdiction must exercise its powers to assist Assuris in requiring Members to fulfill their obligations as a Member of Assuris
- Allow the Regulator in the Participating Jurisdiction to share information about Members with Assuris
- Regulators receive notice of meetings of Members and meetings of the Board of Directors of Assuris, and have the right to attend or examine the minutes of these meetings (other than with respect to certain restricted information)
- Participating Jurisdictions must be notified and have the right to object to fundamental changes to the By-law or Memorandum of Operation, such as a change in the level of protection provided to policyholders or the level of funding obligation of Members
Explore the Safety Net
Gain a deeper understanding of Assuris’ framework for protecting policyholders if a life and health insurer fails. From strong governance and funding tools to resolution readiness, see how Assuris supports a stable and resilient life and health insurance system in Canada.
