Canadian consumers and policyowners are protected against financial losses caused by the failure of a financial institution. The following are sites to visit for information pertaining to the different consumer protection programs offered in Canada:
- Assuris (formerly known as CompCorp) is a not for profit organization that protects Canadian policyholders in the event that their life insurance company should become insolvent. Assuris' role is to protect policyholders by minimizing loss of benefits and ensuring a quick transfer of their policies to a solvent company where their benefits will continue to be honoured. Assuris is funded by the life insurance industry and endorsed by government. There is no cost to policyholders.
- Canada Deposit Insurance Corporation (CDIC) is a Crown Corporation governed by the Canada Deposit Insurance Corporation Act and was created to insure deposits in banks, trust and loan companies against loss in case of member failure. Insurance through CDIC is financed entirely through premiums paid by the more than 100 member institutions.
- Canadian Investor Protection Fund (CIPF) is a private trust fund established to protect customers in the event of the insolvency of a member of any of the following: Toronto Stock Exchange, Canadian Venture Exchange, Bourse de Montreal and the Investment Dealer's Association of Canada. It is financed entirely by members of the securities industry.
- Credit Union Deposit Protection Organizations are provincially regulated and in each province ther are one or more organizations that exist to protect the deposits of credit union members in the event of failure. Most of these organizations have powers beyond the collection of premiums and the payout of funds, giving priority to stabilization and prevention roles aimed at averting the potential payout of claims.
The Credit Union Deposit Insurance Corporation was established in 1958 to protect credit union members against the loss of deposits held by British Columbia credit unions. CUDIC's responsibility is to administer and operate a deposit insurance fund. CUDIC guarantees that money on deposit and money invested in non-equity shares will be repaid up to a maximum of $100,000.00 per "separate deposit" in each credit union.
