Assuris
From Planipedia
Assuris is a not for profit organization that provides protection for Canadian Life Insurance Policyholders against loss of benefits resulting from financial failure of a member company.
Assuris' role is to protect policyholders by minimizing the loss of benefits and ensuring a quick transfer of their policies to a solvent company, where the protected benefits will continue to be honoured. Assuris guarantees that policyholders will retain at least 85% of the insurance benefits they were promised. Insurance benefits include Death Benefit, Health Expense, Monthly Income and Cash Value. Deposit type products will also be transferred to a solvent company. Assuris guarantees that policyholders will retain 100% of the Accumulated Value up to $100,000 for these products. Deposit type products include accumulation annuities, universal life overflow accounts and dividend deposit accounts.
If a policyholder has more than one policy with the failed company, all similar benefits are added together before Assuris’ protection is applied. Assuris provides separate protection for individual, group, registered and non-registered benefits, individual Tax Free Savings Accounts and group Tax Free Savings Accounts.
Every 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 Hereto view a complete list of Assuris members.
Assuris was founded in 1990. Assuris is designated by the federal Minister of Finance under the Insurance Companies Act of Canada, and specified in the Quebec Règlement d'application de la Loi sur les assurances.
Contact Assuris to order a free brochure outlining Assuris' protection. Send your request to info@assuris.ca or contact the Assuris Information Centre at 1-866-878-1225 . Please include your complete mailing address and the quantity of brochures you would like to order. Download a PDF copy of the Assuris brochure
For more information on Assuris’ protection and how it applies to various product benefits please visit www.assuris.ca.
