A compensation body is a body whose members are insurers and whose purpose is to protect the holders of insurance contracts underwritten by one of those insurers from excessive financial loss in the event of that insurer’s insolvency.
An authorized insurer must be a member, for the classes for which it is authorized to carry on an activity, of a compensation body recognized by the AMF for that class.
Mutual companies that are members of a federation for which the federation stands surety and reinsurers are not required to be members of a compensation body.
For certain insurance classes, the AMF does not recognize any compensation body. Please consult the websites of the recognized compensation bodies to find out the classes they cover.
| Name of compensation body | Address | Telephone | Website |
|---|---|---|---|
| Property and Casualty Insurance Compensation Corporation / Société d’indemnisation en matière d’assurances IARD | 20, Richmond Street East, Suite 210 | 1 416 364-8677 | http://www.pacicc.ca/fr/ This link will open in a new window |
| Assuris | 250, Yonge Street, Suite 3110, P.O. Box 23 | 1 866 878-1225 (sans frais) | http://www.assuris.ca This link will open in a new window |
References
Intervention Guidelines for Quebec Life Insurers and Assuris Member Companies (pdf - 1 MB)This link will open in a new windowUpdated on 19 February 2020The Intervention Guidelines (the “Guidelines”) for Québec Life insurers and Assuris Member Companies (the “Insurers”) outline the actions and measures that can be implemented by the Autorité des marchés financiers (the “AMF”) and by Assuris respectively, or by both organizations jointly, as soon as an Insurer experiences difficulties that may jeopardize its ability to meet its commitments to its Policyholders. The Guidelines allow effective and efficient collaboration to ensure that the Insurers are able to meet their commitments to their policyholders.
Intervention Guidelines for Quebec Chartered P&C Insurers and PACICC Member Companies (pdf - 733 KB)This link will open in a new windowUpdated on 21 April 2016intervention, insurer, supervisory, Assuris, deposit insurance, right of practice, insolvency, life insurers