Definition of "Securities investor protection corporation (sipc)"
Margaret York, Broker, Real Estate Agent
Margaret York Premier Properties
Federal insurance fund that protects assets in client accounts held by registered securities broker-dealers. The SIPC is a nonprofit corporation created by Congress in 1970 under the Securities Investor Protection Act. Membership in SIPC is mandatory for all broker-dealers registered with the securities and exchange commission and with the national stock exchanges. When the SIPC is unsuccessful in finding a healthy firm to acquire a failed brokerage, it pays off account holders of the failed brokerage for losses up to the coverage limit. Maximum coverage for cash and securities in a customer's account is $500,000, with a limit of $100,000 on the amount of cash that is insured
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