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This section provides information to consumers on the policies and practices of Assumption Life and insurance industry regulations.

Fight Fraud

If you were approached or solicited by individuals attempting to sell you our products and services in a questionable way, or if these individuals made suspicious promises, please contact us at 1-800-455-7337 to inform us of the situation.

Have you been a victim of telephone fraud?
The agencies that regulate financial institutions in Canada and the United States are reporting more and more cases of fraud committed through telephone solicitation. The perpetrators illegally use the names of well-known financial institutions to get money from their victims. If you think you may have been the victim of a fraudulent telephone call in an attempt to solicit money from you in a suspicious or illegal manner, please contact PhoneBusters, a call centre that specializes in handling this type of criminal activity.
PhoneBusters works closely with provincial police forces and the RCMP. You can call them toll-free at 1-888-495-8501 from anywhere in Canada.

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Unclaimed Property

Unclaimed property legislation for British Columbia, Alberta, and Quebec regards finding the beneficiaries of unclaimed property under an insurance policy or annuity contract and requires that Assumption Life exercise reasonable efforts in order to locate beneficiaries to whom amounts are payable.

This legislation applies provided that:
  • The owner’s last known address is in British Columbia, Alberta, or Quebec; and/or
  • The owner’s address is unknown and the transaction through which property was put into force was carried out and concluded in British Columbia, Alberta, or Quebec
 Assumption Life is required to make available to the public its policies and procedures regarding the ”reasonable efforts” implemented.
The term “property” includes any amount of money payable to a beneficiary pursuant to the terms of an insurance contract.

Reasonable Efforts
  • The law outlines the circumstances under which reasonable efforts must be made in order to find those to whom amounts are payable:
    • A letter, document, or check is returned because it was undeliverable.
    • A beneficiary fails to follow up on a correspondence within the required time limit.
    • A payment has not been cashed after 6 months.
    • No request for payment or reimbursement of property is made when an amount is due or payable.
    • Property value is $1,000 or more in life insurance or $200 or more in securities or in insurance other than life insurance for British Columbia residents, $100 or more for Quebec residents and $250 or more for Alberta residents.
On the basis of the above-mentioned factors, Assumption Life must take one or more of the following steps to locate those to whom amounts are payable:
  • Try to contact the beneficiary at last known address.
  • Try to locate a beneficiary using a local telephone directory.
  • Use Canada 411, the online directory assistance.
  • Use online search directories.
  • Ask for directory assistance.
  • Use online reverse lookup telephone directories.
  • Use a service specialized in locating people.​
Unclaimed Property Registry
Assumption Life keeps a registry of unclaimed property for which we are unable to find an owner. If you believe that you may have unclaimed property at Assumption Life, please contact us.

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Consumer Publications

Here are information and services provided to consumers by the Canadian Life and Health Insurance Association Inc. (CLHIA).

CLHIA Consumer Code of Ethics
Assumption Life is a member company of the Canadian Life and Health Insurance Association Inc. (CLHIA). As a condition of CLHIA membership, all companies are required to comply with the Consumer Code of Ethics applicable to member companies.
Information Guides
These information guides contain a broad range of information and advice on the products and types of protection available and are provided to assist Canadian consumers in making informed choices.

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Consumer Protection

Assumption Life is a member of Assuris (formerly CompCorp) which provides protection to Canadian policyholders in the event of the insolvency of their personal insurance company.


Canadian Regulatory Authorities

Visit the following links for information on regulations and practices relating to the insurance industry in your province:

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Governance Practices

As a financial institution, sound governance is a top priority for Assumption Life. To this end, numerous policies, procedures and programs based on best practices in the industry have been established.

Role of Board of Directors
The role of the Board of Directors is to oversee management of the Company's affairs. Its responsibilities include defining the Company's strategic direction and ensuring that the management team is competent, focused and capable of managing the Company successfully. The Board of Directors is also responsible for ensuring that the Company's activities are carried out in compliance with applicable laws and that the necessary systems are in place for identifying and managing the main risks associated with its activities.
Composition of Board of Directors
The Board of Directors is currently made up of ten members. Only the president and CEO is also a member of the Company's management team. The Board is chaired by one of the other nine independent members. The maximum duration of a chair's term is three consecutive years.
The Board of Directors follows a formal process for selecting new members. Board members are chosen based on their integrity, sense of responsibility, knowledge about financial matters and professional expertise in areas relating to the Company's activities.
The Board of Directors has in place and reviews periodically a Code of Ethics applicable to its members as well as to all Company managers and employees. The Code of Ethics contains guidelines governing:

  • Compliance with applicable laws, regulations, policies and procedures
  • Handling of information (confidentiality, protection of personal information)
  • Conflicts of interest
  • Workplace ethics
  • Ethics in business relations

The Code of Ethics states that all Board members, managers and employees of the Company must avoid any situation in which their personal interests compromise, or could potentially compromise, in any manner whatsoever, the Company's interests as well as any situation that might be perceived as creating a conflict of interest. The directors are also subject to a conflict of interest policy. In addition, any Board member having a direct or indirect interest in any contract with the Company must declare this interest and may neither attend nor participate in the vote on a motion to approve the associated contract.
Board members, managers and employees are required to complete a conflict of interest questionnaire on an annual basis, in which they must disclose any existing conflicts and confirm that they have not used or disclosed confidential information concerning the Company without its authorization.
The Board of Directors has five standing committees: the Governance Committee, Audit Committee, Review Committee, Human Resources Committee and Investment Committee. Each committee functions in accordance with a written mandate reviewed on an annual basis and is subject to an annual evaluation in regard to this mandate.
The Governance Committee is made up of the chair of the Board, the vice-chair, the president and CEO and the chair of each standing committee. Its mandate is to oversee the establishment, development and optimal operation of the Board of Directors and its committees and to ensure that the Company's mission and strategic directions serve the best interests of the Company and its clients and insureds. It represents the Board of Directors when it is impractical for the Board to meet.
The Audit Committee is made up of four independent Board members with knowledge about financial matters. Its mandate is to assist the Board of Directors in fulfilling its responsibilities with respect to financial audits and monitoring. It is also responsible for reviewing all transactions between the Company and related parties with a view to gauging their impact on the Company's solvency and stability and ensuring compliance with applicable laws.
The Review Committee is made up of independent directors. Its mandate is to look at transactions between the Company and related parties to assess the impact on the Company’s solvency and stability and ensure applicable laws are respected.
The Human Resources Committee defines the human resources management philosophy and ensures that appropriate policies and practices are in place in this regard and monitors their implementation. It recommends compensation policies to the Board and carries out the performance evaluation of the president and CEO.
The Investment Committee oversees the development and monitoring of the Company's investment policies.
Orientation is provided to new Board members in the form of a Guide for New Board Members including information on the Company, its organizational structure, its internal operations, its strategic directions and the regulatory framework as well as on the obligations of Board members. New Board members are also encouraged to discuss various matters with senior managers to increase their knowledge about the Company's activities and the regulatory context during an orientation day. In addition, Board members are provided ongoing training during their terms concerning the Company's primary activities and recent trends in the financial services industry.
The Board of Directors has processes in place for annual evaluations of the Board, its committees and all committee chairs. These evaluations take the form of self-evaluation questionnaires. The Board and its committees are evaluated in terms of their mandates. Evaluation results are submitted to the Board, which proposes improvements and develops action plans. Directors are evaluated by other directors using a peer-evaluation questionnaire. A formal process also exists for the performance evaluation of the president and CEO, who is evaluated annually in terms of the annual objectives and personal skills described in the skills profile.
Board members (other than the chair of the Board and the CEO) receive fees of $12,500 per year; the chair of the Board receives fees of $25,000; committee chairs receive fees of $2,500 per year; and the chair of the Audit Committee receives an additional fee of $1,500 per year.
Board members also receive attendance fees of $400 for the Investment Committee and of $650 for the other committee or Board meetings that they attend.

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Fair Consumer Treatment Policy

Assumption Life’s commitment to ensure fair treatment to its clients and customers
At Assumption Life, our clients are at the heart of our practices, our procedures, our products and our daily life.
Assumption Life thus undertakes to respect the following nine (9) principles:
1. Including fair client treatment at the heart of our corporate culture and governance, to enhance the quality of service delivery;
2. Avoiding certain practices which could be of a conflicting nature, or which would give the appearance of a conflict with the consumers’ interests;
3. Ensure the outsourcing of functions relating to the conduct of activities to avoid compromising service quality and impairing the ability to treat clients fairly;
4. Considering the interest of clients in the creation of compensation structures while developing new insurance products or during any important adaptation of existing products;
5. Adapting product distribution strategies according to the interests of the targeted groups of consumers, and offering a uniform protection to the consumers, regardless of the chosen distribution model;
6. Enabling clients to make informed decisions by sharing relevant documents and clear information, to enter a contract and for the complete duration of their contract;
7. Processing claims and compensation claims diligently, and settling them fairly through a simple and accessible procedure;
8. Processing complaints requests by following clear and defined procedures, and treating them diligently and fairly; and
9. Protecting the confidentiality of personal information according to best practices and in accordance with legislation relating to the protection of privacy.

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