Although Assuris is privately funded by the life and health insurance industry, it is important to note that Assuris itself is fully independent of the industry with expertise from the legal, accounting and actuarial professions with experience from the life insurance industry, government and insolvency management. The Assuris Board of Directors is subject to strict conflict of interest rules that require them to be unaffiliated with any member company or affiliate of a member company. Fundamental decisions are made by the Assuris Board of Directors entirely independently and without any need to consult with or receive approval from member companies, such as:
Assuris is empowered to obtain and regularly receives confidential information from member companies, including their regulatory filings such as the Appointed Actuary’s Report, Financial Condition Testing Reports, Own Risk and Solvency Assessments and Recovery Plans. We use this regulatory and other confidential information, as well as third party risk reports (such as ratings agencies reports) and publicly available information, to perform our independent failure risk analysis, resolvability assessments and advance resolution planning.
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.
