Assuris
Encyclopedia
Assuris is a non-profit organization under Canadian Federal regulation to protect policyholders in the event that a life insurer should become insolvent. It is designed to allow a block of policies to be transferred to a solvent company, where the polices will continue to be honoured (similar to the Federal Deposit Insurance Corporation
in the USA). Per the Office of the Superintendent of Financial Institutions
: "Assuris' mission is to mitigate the impact on Canadian policyholders of the financial failure of a life insurance company."
Every life insurer that is authorized to sell policies in Canada is required by the various provincial, territorial and federal regulators to become a member of Assuris. Assuris was founded in 1990 as CompCorp, changing their name to Assuris in 2005.
Policies are protected as follows:
Monthly income polices up to $2000, health expenses polices up to $60 000, death benefits on policies up to $200 000 and cash values up to $60 000
The last insurer to have its policies guaranteed by Assuris was Confederation Life
.
Federal Deposit Insurance Corporation
The Federal Deposit Insurance Corporation is a United States government corporation created by the Glass–Steagall Act of 1933. It provides deposit insurance, which guarantees the safety of deposits in member banks, currently up to $250,000 per depositor per bank. , the FDIC insures deposits at...
in the USA). Per the Office of the Superintendent of Financial Institutions
Office of the Superintendent of Financial Institutions
The Office of the Superintendent of Financial Institutions is an independent agency of the Government of Canada reporting to the Minister of Finance created "to contribute to public confidence in the Canadian financial system"...
: "Assuris' mission is to mitigate the impact on Canadian policyholders of the financial failure of a life insurance company."
Every life insurer that is authorized to sell policies in Canada is required by the various provincial, territorial and federal regulators to become a member of Assuris. Assuris was founded in 1990 as CompCorp, changing their name to Assuris in 2005.
Policies are protected as follows:
- monthly income, health expense, death benefits and cash values policyholders receive at least 85% of their promised benefits.
- 100% protection is provided by Assuris for amounts below the following cash values:
Monthly income polices up to $2000, health expenses polices up to $60 000, death benefits on policies up to $200 000 and cash values up to $60 000
The last insurer to have its policies guaranteed by Assuris was Confederation Life
Confederation Life
Confederation Life Insurance Company, also known as Confederation Life, was a major Canadian insurance company and financial services provider. Its global head office was located in Toronto in what is now the Rogers Building...
.