Consumer Protection

Consumers are often protected against financial losses caused by the failure of a financial institution. The following are sites to visit for information of this nature.

Assuris (formerly known as CompCorp) -

Assuris is a not for profit organization that protects Canadian policyholders in the event that their life insurance company should become insolvent. Their 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.

Canadian Investor Protection Fund (CIPF) -

The Canadian Investor Protection Fund 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.

Property & Casualty Insurance Compensation Corporation (PACICC)

The PACICC is a private non-profit corporation formed to provide a reasonable level of recovery for policyholders and claimants in the event of the failure of a property and casualty insurance company. Unless covered by another authorized plan, all property and casualty insurers licensed to write the classes covered by PACICC are required to be members of the corporation.

Deposit Insurance

Deposit insurance protects eligible deposits at CDIC or CUDIC member institutions in case of the failure of a member institution. If a member institution should fail, CDIC or CUDIC will reimburse you for any insured deposits you have with the failed institution.

Canada Deposit Insurance Corporation (CDIC)

The Canadian Deposit Insurance Corporation 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. 

Credit Union Deposit Protection Organizations

Credit unions are provincially regulated and in each province there 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. The Financial Institutions Commission (FICOM), an agency of the Government of British Columbia, is responsible for administering CUDIC and for the regulation of financial institutions operating in the province.

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.