The Deposit Insurance Corporation of Ontario (DICO) protects members of Ontario credit unions against the loss of deposits held in credit unions. Deposit insurance covers eligible deposits up to the prescribed statutory limit of $100,000 in each of the following categories - deposits held in one name, jointly in more than one name, or in a trust account.
DICO provides unlimited insurance for Canadian deposits in each eligible registered savings plan or contract. Registered savings plans include registered retirement savings plans (RRSP), registered retirement income funds (RRIF) and registered education savings plans (RESP).
The deposit insurance fund is financed by insurance premiums paid by each credit union.
DICO has wide-ranging regulatory powers to ensure credit unions act in a manner that protects deposits. Insured institutions that meet certain risk-based criteria may be placed under DICO's supervision.
More information is available at www.dico.com