CONSUMER PROTECTION
How Do I Choose an Insurance Company?
If you belong to a group plan that provides health coverage, the group sponsor
(typically an employer, union or association) chooses your insurer.
If you decide to buy individual health coverage, there are many sources of
information about companies that offer it. Rating agency reports, articles from the
business press and annual reports from the companies themselves – available at
public libraries or on the Internet – can all provide useful insights. Your agent or
broker also can be an excellent source of information about a company. References
from family members, friends and trusted advisors are probably the best basis for
making a decision, though.
What is Assuris and How Does It Protect the Consumer?
Assuris protects Canadian policyholders in the event that their life insurance
company should fail. It provides coverage for supplementary health insurance
policies. Assuris guarantees that policyholders will retain up to $60,000 or 85%
of the promised benefits, whichever is higher. For more information contact the
Assuris Information Centre at 1-866-878-1225 toll free, or see the Assuris website
at www.assuris.ca
What is Assuris and How Does It Protect the Consumer?
Most life and health insurance companies that operate in Canada are regulated
for solvency by the federal government through the Office of the Superintendent
of Financial Institutions. The Autorité des marchés financiers performs the same
functions for companies incorporated in Quebec. These regulators inspect
companies to assess their safety and soundness. In addition, the companies
must submit annual financial statements to the regulators.
Provincial government agencies regulate the licencing and conduct of agents,
contractual matters and issues relating to consumer service or complaints.
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