I have heard that “excess SIPC” protection is being eliminated or reduced. What is happening with excess SIPC protection?
Some insurance carriers that have provided excess SIPC in the past recently advised their customers (securities firms) that they are making changes. Some will no longer offer excess SIPC, while others will provide coverage only on an aggregate-limit basis. As a result, some securities firms may change existing or negotiate new coverage. Each firm will be responsible for notifying its customers of any changes. The underlying SIPC protection is not affected by these changes. The NASD issued a “Notice To Members” reminding member-firms that some private insurance companies are discontinuing their excess Securities Investor Protection Corporation coverage. NASD members must give their customers 30-days prior notice to discontinuing or reducing this coverage. See: http://www.nasdr.com/mem_alert2003_06.htm.
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- I Have Heard That "Excess SIPC" Protection Is Being Eliminated Or Reduced. What Is Happening With Excess SIPC Protection?
- I have heard that "excess SIPC" protection is being eliminated or reduced. What is happening with excess SIPC protection?
