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Below is a basic overview of the ASI primary share insurance program. For more specific details, please contact us.
Coverage up to $250,000 per account.
Per account, not per member. It’s an important distinction. Instead of insuring individual members, as is the case with federal insurance, ASI insures accounts. This encourages members to maintain all their insured savings at one credit union.
Routine monitoring and examination.
ASI reviews the financial statements of member credit unions no less than quarterly. This process assures constant evaluation of a credit union’s performance. The result: ASI limits its losses to an industry-low level.
We take a cooperative approach to our examinations and focus on “safety and soundness.” We understand one size does not fit all and we work to maintain the financial integrity of our member credit unions.
Cost of coverage.
The funding structure of ASI‘s primary share insurance coverage is similar to the federal deposit insurance program for credit unions. Each member credit union, as a condition of insurability, is required to place a non-interest bearing, refundable capitalization deposit with the corporation which is at-risk.
Currently, the deposit requirement for all member credit unions is 1.3% of a credit union‘s total shares.
Proven performance since 1974.
ASI has been insuring credit unions since 1974. We have been successful because of sound underwriting and risk management policies. We believe in state sovereignty and the primary mission of state-chartered credit unions to meet changing member needs without undue interference in day-to-day operations.
Financially sound and dual-regulated.
ASI is licensed by the Ohio Department of Insurance and dual regulated by the Ohio Departments of Insurance and Commerce. Credit union examiners from each state in which ASI operates are invited to participate in a thorough annual exam of the company. In addition, the Ohio Department of Insurance conducts a statutory examination of ASI and a “big four” accounting firm annually audits ASI’s financial statements.