As a consumer, you have a great deal of protection to ensure that your purchased coverage remains active in a number of unforeseen scenarios, including but not limited to, the failure of the life insurance company that you have coverage with.
This protection is funded by the life insurance industry, and endorsed by the government.
It is provided by a not-for-profit organization named Assuris. Founded in 1990, Assuris protects Canadian policyholders in the event that their life insurance company should fail. Their role is to protect policyholders by minimizing the loss of benefits and ensuring a quick transfer of their policies to a solvent company, where their benefits will continue to be honoured. A life insurance company authorized to sell insurance policies in Canada is required, by the federal, provincial and territorial regulators, to become a member of Assuris.
Click here for a complete list of Assuris Member Companies
Assuris is funded by the life insurance industry and endorsed by the government. There is no cost to policyholders for Assuris’ protection.
Consumer Publications
The Canadian Life and Health Insurance Association (CLHIA) produces consumer publications on life and health insurance designed to assist Canadian consumers in making informed choices for themselves and their families.
Government Oversight
The OSFI (Office of the Superintendent of Financial Institutions Canada) is an independent agency of the Government of Canada. It reports to the Minister of Finance.
The OSFI was established in 1987 by an Act of Parliament: the Office of the Superintendent of Financial Institutions Act. OSFI supervises and regulates all banks in Canada and all federally incorporated or registered trust and loan companies, insurance companies, cooperative credit associations, fraternal benefit societies and private pension plans.
For a list of Acts and Regulations that govern the life insurance industry in Canada, click here.
Contributor Assuris
Contributor Canadian Life and Health Insurance Association
Contributor OFSI