Life insurance companies and fraternal benefit societies
We regulate and supervise some life insurance companies and fraternal benefit societies in Canada. There are 3 large, international companies in Canada, and many smaller life insurance companies. Many Canadian life insurers are part of foreign financial institutions.
Life insurance companies offer many products, including:
- Individual and group life insurance
- Individual and group annuities
- Supplementary health insurance
Fraternal benefit societies:
- are operated for fraternal, benevolent or religious purposes
- are not-for-profit organizations
- offer insurance against accidents, illness, disability and death to their members, their partners and children
The federal and provincial/territorial governments share jurisdiction over insurers. We supervise life insurance companies and fraternal benefit societies to ensure they remain financially sound. The provinces and territories regulate licences for insurers and track how they market their products.
Protection for policyholders
Assuris, an industry-funded compensation organization, protects policyholders if their life insurance company fails. Assuris minimizes the loss of benefits and ensures a quick transfer of policies to a new company that will honour their benefits.