Unlimited deposit insurance coverage legislation passed

On November 27, 2008, the Provincial legislature passed amendments to the Financial Institutions Act to provide unlimited deposit insurance protection on all deposits in British Columbia's credit unions. All money on deposit with and money invested in non-equity shares of a BC credit union is 100% guaranteed, including foreign currencies and accrued interest, regardless of the length of the term to maturity. Deposit insurance applies automatically—it is not necessary to apply for deposit insurance.
FICOM is responsible for administering the Credit Union Deposit Insurance Corporation (CUDIC) and more information is available on their website:

http://www.fic.gov.bc.ca/responsibilities/CUDIC/overview.htm