deposit insurance fund created in 1989 by the federally funded thrift industry bailout. The SAIF, managed by the Federal Deposit Insurance Corporation, assumed the assets, liabilities, and obligations of the defunct Federal Savings And Loan Insurance Corporationfor financially sound savings and loans and federal savings banks. In 2006 the SAIF and the corresponding Bank Insurance Fund for commercial bank depositors were merged into a new FDIC-managed fund, the Deposit Insurance Fund.
U.S. government entity created by Congress in 1989 as part of its Federal Savings and Loan Insurance Corporation (FSLIC) as the provider of deposit insurance for thrift institutions. SAIF, pronounced to rhyme with safe, was administered by the Federal Deposit Insurance Corporation (FDIC) separately from its bank insurance program, called the Bank Insurance Fund (BIF). In 2005, Congress passed legislation merging the SAIF and BIF into one insurance fund called the Deposit Insurance Fund (DIF). The same law also raised the federal deposit insurance level from $100,000 to $250,000 on retirement accounts and gave the FDIC the option to increase insurance ceilings on regular bank accounts from $100,000 by $10,000 a year, based on inflation, every five years thereafter starting April 1, 2010.
