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The Purchase Power Deposit Guarantee Program in Canada is not insurance. Pensio's Indemnity in respect of the Purchase Power Deposit Guarantee Certificate is not triggered by any specific insurance peril. Pensio directly self-procured an indemnity in the form of a Performance Bond from a Surety to secure Pensio’s performance to the applicant and the guaranteed party in accordance with the Home Buyer Purchase Power Deposit Guarantee Certificate. In Canada, the Surety is not licensed under the Insurance Companies Act and the Province of where the Property is located or the applicant, and guaranteed party reside. Payment of demands in the event of Pensio’s failure to perform its obligations to the applicant and the guaranteed party may be more difficult with Pensio's directly self-procured foreign insurer (Surety)  than with an insurer licensed under the Insurance Companies Act. A foreign insurer is defined in Part XIII of the Insurance Companies Act (Canada) as an entity incorporated or formed by or under the laws of a country other than Canada that insures risks, including an association and an exchange (as those terms are defined in section 571 of the ICA). The Superintendent of Insurance has no authority under the Insurance Act in respect of Pensio's directly self-procured foreign insurer (Surety). Applicants and guaranteed parties are advised to seek professional or legal advice before entering an agreement with Pensio. The applicant and the guaranteed party should not enter into an agreement with Pensio unless the program agreements are fully understood. Pensio’s Purchase Power Deposit Guarantee programs may be subject to provincial restrictions and may only be provided in such locations where permitted by law.