Consumer alert: Caution against unlicensed insurer
The Alberta Insurance Council (AIC) is warning consumers about Assureway Protection Corporation.
The Superintendent of Insurance has issued a Notice about Assureway, an unlicensed company that has been offering Guaranteed Asset Protection (GAP) insurance in Alberta without the required authorization under provincial insurance legislation.
What consumers should know
- Assureway is not licensed to conduct insurance business in Alberta under the Insurance Act.
- Assureway’s TrueGap Membership Program is not underwritten by an insurer licensed in Alberta.
- Despite being marketed as a “membership program”, the product is considered GAP insurance, which is a form of property insurance.
- Albertans are advised not to purchase the product from Assureway or from any of its agents or representatives.
Insurance products sold outside Alberta’s regulatory framework can expose consumers to serious financial risk, including the risk that claims may not be paid.
What is GAP insurance?
GAP insurance is designed to cover the difference between what your primary auto insurance pays after a total loss and either the manufacture’s suggested retail price of a replacement vehicle, or the outstanding balance on a vehicle loan or lease.
In Alberta, GAP insurance must be underwritten by a licensed insurer and sold in compliance with the Insurance Act, regardless of how it is branded or marketed.
What affected consumers can do
If you have purchased GAP insurance or another insurance product from an unlicensed provider, the AIC encourages you to report it to the Superintendent either by phone 780-643-2237 or email tbf.insurance@gov.ab.ca
For full details and additional steps consumers can take, read the Superintendent of Insurance Notice 02-2026.
Do you have a complaint?
As part of its work to protect the public, AIC investigates complaints against insurance agents, brokers & independent adjusters
Make a complaint