Office of the Superintendent of Financial Institutions
The federal and provincial governments share jurisdiction over life and health insurers. Federal supervision encompasses insurers incorporated or continued under the Insurance Companies Act as well as foreign insurers who have been granted an order to insure in Canada risks. In general, OSFI conducts prudential reviews of the federally regulated insurers to determine their financial soundness, while the provinces regulate the licensing of insurers operating within their jurisdictions as well as the marketing of insurance products. The industry-funded compensation organization known as Assuris is the organization that protects Canadian policyholders in the event that their life insurance company should fail 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 honoured. (1) This Institution is limited to the servicing of some or all of its existing policies.
Notes. for additional historical information regarding insurers governed by the Insurance Companies Act such as amalgamations, liquidations, dissolutions, withdrawals from Canada, name changes, continuation under other federal or provincial laws. (PDF format; Adobe Acrobat Reader is required for PDF documents)
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