Who Is Assuris
Who is Assuris?
Years protecting Canadian policyholders
Member companies
Life and health insurance company failures managed
Million policyholders protected during past failures
Million policyholders protected by 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 governments, to become a member of Assuris1 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 is designated by the federal Minister of Finance under the Insurance Companies Act (Canada)1 and recognized by the Autorité des marchés financiers (AMF) as a compensation body under the Insurers Act (Quebec).2
What is a policyholder protection organization?
A policyholder protection organization, also known as a policyholder protection plan (PPP) or an insurance guarantee scheme (IGS), is a safety net that protects policyholders if their insurance company fails. It provides financial compensation or ensures policy continuity, maintaining confidence in the insurance market and protecting consumers from insurer insolvency.
Assuris is the policyholder protection organization for life and health insurance policyholders in Canada. We are the experts in protecting Canadian life and health insurance policyholders and the lead authority in resolving failed life and health insurance companies in Canada. Assuris protects policyholders by minimizing the loss of benefits and ensuring the quick transfer of their policies to a solvent company.
Assuris is a member of the Canadian Financial Services Consumer Protection, made up of compensation organizations that safeguard the financial well-being of Canadians.
Assuris is also a member of the International Forum of Insurance Guarantee Schemes (IFIGS), which shares experience and knowledge across members and other stakeholder organizations to support the development of insurance guarantee schemes globally.
What is our role?
Assuris’ role is to be ready for the resolution of any member company. Resolution is the process by which financial institutions that are failing or likely to fail are restructured or closed. Our role in resolution is established through our independent powers to protect policyholders and fund a resolution with our Canada-wide industry funding model.
We ensure that Canadian policyholders’ insurance benefits continue to be honoured up to Assuris’ guaranteed protection levels.
We ensure that Assuris has access to national industry funding to meet our needs in resolution for any member company.
We partner with prudential supervisors on necessary intervention options to minimize long-term costs and preserve consumer perceptions of industry strength.
We work with the court-appointed liquidator to manage the resolution of a failed member company to ensure the best resolution outcome.
Resolution Objectives
Assuris acts independently in the public interest and can balance the interests of the industry and government/regulators with our resolution objectives:
Protect policyholders and support the transfer of benefits
Minimize the cost of failure to the industry
Contribute to public confidence in the insurance sector and Canadian financial stability
Experience with past failures and current work with restructuring professionals ensures that Assuris maintains the resolution expertise to develop tailored solutions to life and health insurance industry-specific issues.
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.
