Which crown corporation protecting financial institution in the event of loss by providing insurance? Discuss the...

Which crown corporation protecting financial institution in the event of loss by providing insurance? Discuss the role in detail and how is it different from Assuris?

Expert Solution

Canadian Deposit Insurance Corporation(CDIC) is a Canadian fedral crown corporation which protect financial institution in the event of loss by providing insurance.The CDIC is a private insurance company and not a bank .CDIC is funded by premiums paid by member instituitions and does not receive public funds to operate.It provide insurance against the loss of deposits and contribute to the stability of the financial system in Canada.

Difference between CDIC and Assuris can be understand by the following definition of protecting by:

a)CDIC:By law,the maximum basic protection for eligible deposits is $100,000 per depositor in each memeber institution.Depositor is not insured separately in each branch office of a member institution.

b)Assuris:If your life insurance company fails,Assuris guarantee that you will retain upto $60,000 or 85% of the promised guaranteed amounts,whichever is higher.

The amount guaranteed by both organisation create difference between them.

jeff jeffy answered 1 year ago

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