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RESPONSIBILITIES
OF LIFE INSURERS
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Life insurers develop information about the product so that you have accurate
information both at time of purchase and on a continuous basis. They require that
the licensed agents who sell segregated fund contracts be trained and supervised.
They manage the investment and administration of the assets of the segregated
funds. And they set aside financial reserves to meet the contractual guarantees of
your contract, as required by regulation.
CONSUMER
PROTECTION
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Life insurance companies, including those that issue segregated funds, are
licensed to do business and are regulated in terms of their business and
consumer practices by the governments of the provinces and territories in which
they operate. The federal government is generally responsible for prudential
oversight of life insurance companies and inspects them regularly to ensure they
are financially sound.
Assuris protects Canadian policyholders in the event that their life insurance
company should fail. It provides coverage for segregated fund policies that contain
death and maturity guarantees. Assuris guarantees that policyholders will retain up
to $60,000 or 85% of the promised guaranteed amounts, 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.
