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Who Protects Canadian Policyholders in the event of Life Insurance Company failures

     

Assuris is the not for profit organization that protects Canadian policyholders if their life insurance company should fail.

It’s 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 protected benefits will continue to be honoured.

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.

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.

Website : www.assuris.ca

 

 

How Does Assuris Protect You?

     

If your life insurance company fails, your policies will be transferred to a solvent company. Assuris guarantees that you will retain at least 85% of the insurance benefits you were promised. Insurance benefits include Death, Health Expense, Monthly Income and Cash Value.

Your deposit type products will also be transferred to a solvent company. For these products, Assuris guarantees that you will retain 100% of your Accumulated Value up to $100,000. Deposit type products include accumulation annuities, universal life overflow accounts and dividend deposit accounts.

For a Tax Free Savings Account (TFSA) invested in an Accumulation Annuity, Assuris provides separate protection from other deposit type products. For TFSAs, Assuris guarantees that policyholders will retain 100% of the Accumulated Value up to $100,000.

The key to Assuris protection is that it is applied to all benefits of a similar type. If you have more than one policy with the failed company, you will need to add together all similar benefits before applying the Assuris protection. For a detailed table on adding benefit types together

Table here: http://www.assuris.ca/Client/Assuris/Assuris_LP4W_LND_WebStation.nsf/resources/assuris+brochure/$file/Assuris+Brochure+2011.pdf

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. Review the list of member companies below

 

A
ACE INA Life Insurance
Aetna Life Insurance Company
Allianz Life Insurance Company of North America
Allstate Life Insurance Company of Canada
American Bankers Life Assurance Company of Florida
American Health and Life Insurance Company
American Income Life Insurance Company
Assumption Mutual Life Insurance Company
Assurant Life of Canada
AXA Equitable Life Insurance Company
AXA Insurance Inc.
AXA Life Insurance Inc.


B
Blue Cross Life Insurance Company of Canada
BMO Life Assurance Company
BMO Life Insurance Company
British Columbia Life & Casualty Company


C
The Canada Life Assurance Company
The Canada Life Insurance Company of Canada
Canadian Premier Life Insurance Company
Canassurance Hospital Service Association
Canassurance Insurance Company
La Capitale Civil Service Insurer Inc.
La Capitale Insurance and Financial Services Inc.
CIBC Life Insurance Company Limited
CIGNA Life Insurance Company of Canada
Combined Insurance Company of America
CompCorp Life Insurance Company
Connecticut General Life Insurance Company
Co-operators Life Insurance Company
Crown Life Insurance Company
CT Financial Assurance Company
CUMIS Life Insurance Company
CUNA Mutual Insurance Society


D
Desjardins Financial Security Life Assurance Company


E
The Empire Life Insurance Company
The Equitable Life Insurance Company of Canada
L'Excellence, Compagnie d'assurance-vie


F
First Canadian Insurance Corporation

G
GAN Assurances Vie Compagnie Française d'assurances
vie mixte
Gerber Life Insurance Company
The Great-West Life Assurance Company
Green Shield Canada


H
Hartford Life Insurance Company
Household Life Insurance Company

I
Industrial Alliance Insurance and Financial Services Inc.
Industrial Alliance Pacific Insurance and Financial Services Inc.

L

Liberty Life Assurance Company of Boston
Life Insurance Company of North America
London Life Insurance Company
LS-Travel, Insurance Company
LS Mutual Life Insurance Company

M
The Manufacturers Life Insurance Company
Manulife Canada Ltd.
Massachusetts Mutual Life Insurance Company
MD Life Insurance Company
Medavie Inc.
Metropolitan Life Insurance Company

N
National Bank Life Insurance Company
The National Life Assurance Company of Canada
New York Life Insurance Company
P
Penncorp Life Insurance Company
Phoenix Life Insurance Company
Primerica Life Insurance Company of Canada
Principal Life Insurance Company
Promutuel Vie Inc.

Q
RBC Life Insurance Company
Reassure America Life Insurance Company
Reliable Life Insurance Company

S
Scotia Life Insurance Company
Sherbrooke Life Insurance Company
SSQ Life Insurance Company Inc.
The Standard Life Assurance Company 2006
The Standard Life Assurance Company of Canada
Standard Life Assurance Limited
State Farm International Life Insurance Company Ltd.
Sun Life Assurance Company of Canada
Sun Life Insurance (Canada) Limited

T
TD Life Insurance Company
Trans Global Life Insurance Company
Transamerica Life Canada
 

U
The Union Life, Mutual Assurance Company
Union of Canada Life Insurance
United American Insurance Company
Unity Life of Canada
 

V
VSP Canada Vision Care Insurance
 

W
The Wawanesa Life Insurance Company
Western Life Assurance Company

For more information on how Assuris protects visit their website : www.assuris.ca

 
 
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Who Protects Canadian Policyholders in the event of Life Insurance Company failures