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Assuris

Assuris is non profit organization that protects Canadian policyholders in the event that their insurance company should fail. The role of Assuris 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 honored. A life insurance company authorized to sell insurance policies in Canada is required by the federal, provincial and territorial regulators, to become a members of Assuris.

At least 85% of the benefits anticipated by the policies will be honored. These benefits include the death benefit, the reimbursement of medical expenses, the monthly income, the redemption value. Deposit type products will also be transferred to a solvent company. For these products, Assuris guarantees that investors will retain 100% of their acumulated value up to 100 000$. Deposit type products include acumulation annuities, universal life overflow acounts, and dividend deposit accounts.

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