CIPF maintains a substantial fund. CIPF determines the size of the fund based on the customer assets held by each of its approximately 175 Members and also determines the amount that each Member has to contribute.
Since 1969, there have been 21 insolvencies and all eligible customer claims were reimbursed by CIPF. In total CIPF has paid or provided for claims and related expenses of $47 million after recoveries.
Even though the total client assets of most CIPF Members exceeds the size of the CIPF Fund, it is unlikely that the shortfall in assets available to be distributed to customers will exceed the size of the CIPF Fund. In any event, CIPF is able to assess Members (within limits) to cover any unlikely shortfall. What if my account has assets exceeding $ 1 Million?