This website hints that DICO is:
Credit unions have deposit insurance, but it's probably weaker
Credit unions across the country generally have deposit insurance, too. For instance Ontario credit unions have coverage by the Deposit Insurance Corporation of Ontario (DICO), and other provinces have their own. Each of these deposit insurance corporations maintain an insurance pool to cover potential future losses. However, as far as I can tell, there is no explicit backing either by the provincial or federal governments. Deposit Insurance Corporation of Ontario (DICO)
I don't know Canadian corporate or insurance law, and fancy your outlook.
One difference is that DICO insures $250k, but CDIC $100k:
The Deposit Insurance Corporation of Ontario (DICO) is an Ontario Provincial Agency established under the Credit Unions and Caisses Populaires Act, 1994 . [...]
• Your deposits are automatically insured up to the $250,000