Assuris

Assuris is a not for profit organization. This organization protects Canadian policyholders in the event that their life insurance company should become insolvent.

Their role is to protect policyholders by minimizing the loss of benefits. Assuris will assist in a transfer of the policy(ies) to a solvent company where the benefits will continue to be honored. There is a guarantee that you will receive at least 85% of the death, health expense, monthly income and cash benefits the original company offered you. Deposit products such as accumulation annuities, premium deposit accounts and dividend deposit accounts have a guarantee of 100% up to $100,000.

Assuris is actually funded by the life insurance industry and endorsed by government. If you are a Canadian citizen or resident, and you purchased a product from a member life insurance company in Canada, you are protected by Assuris.

If you are a life insurance company who is authorized to sell in Canada then it is required, by the federal, provincial and territorial regulators, to be a member of Assuris. A membership cannot be terminated as long as the member is licensed to do life insurance business in Canada or have any in-force business in Canada.

guarantee.jpg